Bankrupt GenCanna drops suit against MedTerra, calls CBD company ‘long-term partner’

Briefs, CBD Products & CBD Business News, Company News, GenCanna, Hemp Legalization & Regulatory News for Hemp Businesses, Kentucky Hemp Business & Legal News, MedTerra

GenCanna, a Kentucky hemp and CBD company that filed for Chapter 11 bankruptcy in February, has dropped a suit against CBD company Medterra for unpaid invoices worth $4.5 million.

GenCanna, now known as OGGUSA Inc., had sued Medterra last month, alleging that the latter failed to pay for shipments of CBD extracts and other products it accepted, Law360 reported.

The complaint said Medterra was on the hook for more than a dozen unpaid invoices dating back to June 2019. The biggest bill, for a shipment of crystaline CBD, came in at just under $3 million.

The lawsuit was dropped on Dec. 30, court documents show.

According to the Law360 report, GenCanna said the lawsuit was “based on a misconstruction of facts and circumstances” and that the company had resolved the dispute, saying in a statement it would cooperate with Medterra as “long-term partners.”

The company declined to comment further, the report said.

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