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A federal judge resolved and dismissed a lawsuit against Canadian cannabis giant Tilray Brands. Inc (NASDAQ:TLRY) (TSX:TLRY) in relation to a Bob Marley-branded marijuana products deal. U.S. District Judge Tana Lin in Washington state dropped the case and ruled that neither side has to pay the other’s legal fees, writes Green Market Report, citing Law360.
Earlier this year, Docklight Brands Inc. sued Tilray for dropping out of the Bob Marley cannabis products licensing deal.
Docklight and Tilray subsidiary High Park Holdings entered into a licensing agreement some five years ago that would have allowed High Park to sell and advertise Bob Marley-branded cannabis products. According to the lawsuit, after Tilray merged with Aphria in 2021, creating a company with a combined market cap of $3.3 billion, High Park stopped making quarterly payments per the contract.
Docklight claimed that High Park was selling Marley-branded products without paying royalties, among other agreement violations. All this led to Docklight being unable to afford the licensing fees to the Marley estate, which resulted in the termination of the license.
Financial details of the settlement were not disclosed.
Tilray shares were trading 1.63% lower at $1.81 during Monday’s pre-market session.
Related Links:
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Tilray CEO Says US Cannabis Consumers Are Confused About Regulation, 'Something's Got To Happen'
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