MediPharm Labs' wholly owned subsidiary, MediPharm Labs, has filed a statement of claim in the Ontario Superior Court of Justice against a licensed producer.
"The Claim relates to, among other things, the payment of outstanding amounts of approximately $9.8 million pursuant to the private label cannabis oil sale agreement referenced in MediPharm Labs’ February 11, 2019 news release."
In that press release, the company stated that "Under the terms of the agreement, the Licensed Producer will immediately purchase upfront $7.66 million of cannabis oil concentrate from MediPharm Labs’ inventory in February 2019. In addition, the Licensed Producer will purchase a minimum of $27 million of cannabis oil concentrate over a 12-month period commencing March 2019, with an option to purchase an additional $13.5 million over the same period, bringing the total potential aggregate value of the agreement to over $48 million to February 2020."
For more information:
MediPharm Labs
151 John Street, Barrie
+1 705 719 7425
medipharmlabs.com