Medical Marijuana Inc (OTCMKTS:MJNA) reported that it finalized a final global settlement of all ongoing legal cases with CannaVEST Corp (OTCMKTS:CANV). Under the settlement terms, the Company has obtained its ownership of all branding and intellectual property associated with Cannabis Beauty Defined and Real Scientific Hemp Oil. It covers all trademark applications, trademarks and other branding indicia including RSHO, Real Scientific Hemp Oil, RSHO, Real Scientific, Cannabis Beauty and Cannabis Beauty Defined.
Stuart W. Titus, the CEO said that they are very delighted to find a solution to the lawsuit. After a recent review of Cannabis Beauty Defined by USA Today and with Real Scientific Hemp Oil reaching increases number of families in Brazil, this settlement is significantly important to Medical Marijuana’s future branding plans.
Under the settlement terms, both the companies released all charges against the other, and accepted to discharge with prejudice all outstanding proceedings. Following the settlement, CannaVest will obtain an amount $750,000, which will be payable over a six month period. However, the compensation has to be paid by a third-party following an indemnification deal between the company and the respective party.
The expert view
Dr. Titus said that this settlement closes all outstanding litigation between CannaVest and Medical Marijuana Inc (OTCMKTS:MJNA). As a result, the company has wiped out a considerable drain on its financial resources, and eliminated a cloud of uncertainty surrounding over the Company’s branding measures. The settlement puts an end to enormous distraction.
In last trading session, the stock price of CannaVest gained more than 1% to close the trading session at $0.900. The gains came at a share volume of 79,321 compared to monthly average share volume of 41,596. However, the stock price of Medical Marijuana consolidated and closed flat at $0.0500. The traded share volume was 5.81 million much higher than monthly average share volume of 3.69 million.