Aurora Cannabis Sued By CTT Pharma Over Denial Of Contractual Commitments

It seems Aurora Cannabis (TSX: ACB) (NYSE: ACB) has found itself in some hot water. It was announced this morning by CTT Pharmaceutical Holdings that a statement of claim has been filed against the cannabis giant in the Ontario Superior Court of Justice in relation to what amounts to a breach of contract related to sublingual cannabis-infused strips.

CTT Pharma is currently seeking compensation for Aurora’s denial of contractual commitments. The company has alleged that it is owed expenses, royalties, lost royalties and damages in connection with an agreement entered into in October 2019. Despite what is referred to as “rapid sales” CTT has claimed that Aurora has denied further resources for the partnership and has since claimed that the original agreement is no longer in force.

The original commercialization agreement was entered into between CTT Pharma and that of CanniMed, whom was subsequently acquired by Aurora. Following the acquisition, its stated that the two parties worked towards commercialization, with the first product run selling out within 60 days of launch.

To add further salt to the wound, the company has since appointed Dr Shane Morris, the former Chief Product Officer at Aurora to its advisory board.

Financial figures being sought in connection with the lawsuit were not released by the company. Aurora Cannabis has yet to respond to the announcement of the filing.

Aurora Cannabis last traded at $9.36 on the NYSE.


Information for this briefing was found via Sedar and Aurora Cannabis. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Silver’s Finally Breaking the System | Keith Neumeyer – First Majestic

The Best News for Gold Was the Drop! – Peter Grandich

McEwen Copper: The Los Azules Feasibility Study

Recommended

Steadright To Conduct Multi-Phased Exploration At Historic Goundafa Polymetallic Mine

Goliath Resources Drills 10.72 g/t Gold Over 7.83 Metres At Surebet

Related News

Aurora Cannabis Posts Loss of $158 Million for Third Quarter

Aurora Cannabis (TSX: ACB; NYSE: ACB) reported its third quarter 2019 earnings last night, posting...

Wednesday, May 15, 2019, 07:00:27 AM

Black Thursday in The Cannabis Sector

It was a black day for the cannabis sector today after numerous firms reported declining...

Thursday, November 14, 2019, 07:26:33 PM

Aurora Cannabis Sells Stake In Cann Group At Estimated 58.7% Loss

Aurora Cannabis (TSX: ACB) (NYSE: ACB) has taken a loss on yet another investment, with...

Monday, October 12, 2020, 12:32:32 PM

Aurora Offers Early Conversion of $230 Million in Debt at Significantly Reduced Price

Aurora Cannabis (TSX: ACB) (NYSE: ACB) announced this evening that it will be conducting a...

Thursday, November 14, 2019, 08:52:52 PM

Aurora Cannabis Sees Q4 Growth In Medical Cannabis While Consumer Segment Declines Materially

Aurora Cannabis (TSX: ACB) saw revenue of $67.4 million in its fiscal fourth quarter on...

Thursday, June 20, 2024, 08:27:10 AM