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“By taking the steps that it did, and failing to take others as contractually obligated, 420 breached numerous provisions of the arrangement agreement and fundamentally breached that agreement,” the defence states.
“The defendants pursued the implementation of the arrangement agreement with all reasonable diligence, in compliance with the agreement, in good faith and honestly. The defendants exercised a contractual right to terminate and were lawfully entitled to do so.”
The Calgary-based retailer filed a lawsuit last month seeking total damages of $130 million, alleging poor pot sales were behind the defendants’ motive for not following through on a deal to purchase its commercial operations.
“It is acknowledged that the cannabis industry is experiencing industry-wide challenges, however such challenges were specifically contemplated in the arrangement agreement and are not grounds to terminate (the deal),” the statement of claim says.
In the counterclaim Tilray and High Park are seeking $7 million for the bridge loan, interest and costs.
None of the claims in any of the documents have been proven in court.
On Twitter: @KMartinCourts
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April 23, 2020 at 06:12AM
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Pot lawsuit a 'defensive tactic' to allow Calgary marijuana retailer to default on a loan, B.C. company claims - Calgary Herald
"tactic" - Google News
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