Australis Capital Inc. (CSE: AUSA) (OTC: AUSAF) (“Australis”, “AUSA” or the “Company”) today announced that it intends to vigorously defend itself against claims made by Green Therapeutics LLC and Meridian Companies LLC (the “Plaintiffs”).
On June 29, 2020, the Plaintiffs served Australis with a lawsuit. It is the contention of Australis that the Plaintiffs’ complaint of breach of contract is without merit and is an opportunistic ploy to reverse two separate and legitimate, closed deals in which Green Therapeutics sold to Australis certain cannabis licenses, brands, and other assets in exchange for common shares of Australis, and Meridian sold to Australis certain real property. It is noteworthy that, with respect to the asset purchase agreement, the State of Nevada has placed a moratorium on cannabis license transfers since October of 2019, which has adversely impacted Australis’ ability to realize any investment returns and for which Australis has not sought remuneration or relief from Plaintiffs.
