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MediPharm Labs Awarded Payment Of $9.8M By Ontario Court Of Justice
MediPharm Labs Awarded Payment Of $9.8M By Ontario Court Of Justice
MediPharm Labs Corp. (OTCQX:MEDIF) (TSX:LABS) (FSE: MLZ) a pharmaceutical company specialized in precision-based cannabinoids, has been awarded a favorable summary of judgment in the Ontario Court of Justice in connection with a supply agreement dispute in the amount of $9.8 million.
On January 24, 2020, MediPharm Labs filed a statement of claim in the Ontario Superior Court of Justice against one of its long-term customers of cannabis concentrates. The claim related to, among other things, the payment of outstanding amounts due to the company for products shipped to and received by the customer and deposits owed to the company for committed amounts not yet shipped.
On February 26, 2020, the defendant in the claim filed a statement of defense and counterclaim. The Ontario Court of Justice has dismissed this counterclaim.
This summary judgment and subsequent payment, and recent conditional sale of the company's Australian facility, will add over $16 million in cash, strengthening the balance sheet.
David Pidduck, CEO of MediPharm Labs stated, "In the early days of the nascent cannabis industry many companies faced risks in collecting large receivables. This summary judgment will allow us to collect this $9.8 million, which will dramatically strengthen our balance sheet. MediPharm now has many customers across multiple channels and our accounts receivable are healthy. The collection of this cash will significantly improve MediPharm's cash position and give us flexibility to consider M&A opportunities."
Photo: Benzinga; Sources: courtesy of AJEL, lindsayfox via Pixabay
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MediPharm Labs Corp. (OTCQX:MEDIF) (TSX:LABS) (FSE: MLZ) a pharmaceutical company specialized in precision-based cannabinoids, has been awarded a favorable summary of judgment in the Ontario Court of Justice in connection with a supply agreement dispute in the amount of $9.8 million.
医疗药业实验室公司(多伦多证券交易所股票代码:MEDIF)(多伦多证券交易所股票代码:LABS)(多伦多证券交易所股票代码:MLZ)是一家专门生产精准大麻类化合物的制药公司,已经被授予了有利的判决摘要在安大略省法院,与一宗供应协议纠纷有关,金额为$9.8 百万.
On January 24, 2020, MediPharm Labs filed a statement of claim in the Ontario Superior Court of Justice against one of its long-term customers of cannabis concentrates. The claim related to, among other things, the payment of outstanding amounts due to the company for products shipped to and received by the customer and deposits owed to the company for committed amounts not yet shipped.
2020年1月24日,MediPharm Labs向安大略省高等法院提交了一份针对其大麻浓缩液的长期客户的索赔声明。索赔除其他事项外,涉及向该公司支付应付给该客户和由该客户收到的产品的未付款项,以及就尚未发货的承诺款项向该公司支付的保证金。
On February 26, 2020, the defendant in the claim filed a statement of defense and counterclaim. The Ontario Court of Justice has dismissed this counterclaim.
2020年2月26日,诉状中的被告提交了答辩书和反诉书。安大略省法院驳回了这一反诉。
This summary judgment and subsequent payment, and recent conditional sale of the company's Australian facility, will add over $16 million in cash, strengthening the balance sheet.
这项简易判决和随后的付款,以及最近有条件出售该公司在澳大利亚的设施,将增加1600多万美元的现金,加强资产负债表。
David Pidduck, CEO of MediPharm Labs stated, "In the early days of the nascent cannabis industry many companies faced risks in collecting large receivables. This summary judgment will allow us to collect this $9.8 million, which will dramatically strengthen our balance sheet. MediPharm now has many customers across multiple channels and our accounts receivable are healthy. The collection of this cash will significantly improve MediPharm's cash position and give us flexibility to consider M&A opportunities."
大卫·皮达克在大麻行业刚刚起步的时候,许多公司都面临着收取大笔应收账款的风险。这项简易判决将使我们能够收回这980万美元,这将极大地加强我们的资产负债表。MediPharm现在拥有多个渠道的许多客户,我们的应收账款状况良好。收集这些现金将显著改善MediPharm的现金状况,并使我们能够灵活地考虑并购机会。
Photo: Benzinga; Sources: courtesy of AJEL, lindsayfox via Pixabay
图片来源:阿杰尔,lindsayfox通过pixabay提供
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