In a recent development, Canadian cannabis giant Tilray Brands Inc (NASDAQ: TLRY) has settled a lawsuit related to a licensing deal for Bob Marley-branded marijuana products. The lawsuit, brought against Tilray by Docklight Brands Inc, accused the company of breaching the agreement by not making quarterly payments as required. According to the suit, the non-payment led to Docklight’s inability to afford the licensing fees to the Marley estate, resulting in the termination of the license. After a federal judge in Washington state dismissed the case, neither party is required to pay the other’s legal fees.
The licensing agreement between Tilray subsidiary High Park Holdings and Docklight Brands was established five years ago, allowing High Park to sell and advertise Bob Marley-branded cannabis products. However, after Tilray merged with Aphria in 2021, High Park allegedly stopped making the agreed-upon payments. Docklight claimed that High Park was selling Marley-branded products without paying royalties, among other violations. The financial terms of the settlement have not been disclosed.
As of Monday’s pre-market session, Tilray shares were trading 1.63% lower at $1.81.
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Original Source: Benzinga
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