Cansortium Inc. (CSE: TIUM.U) (OTCQB: CNTMF) (“Cansortium” or the “Company“), a vertically integrated cannabis company with operations in Florida, Texas, Michigan and Pennsylvania, announced today it is aware of the filing of a statement of claim by MXY Holdings, LLC and its affiliates (collectively “MXY“) regarding the Management Services Agreement (“MSA“) between MXY and the Company. The terms of the MSA provided MXY with a fee for management consulting services, which services were supposed to include the creation and implementation of management plans and solutions, the provision of MXY personnel with industry expertise, and intellectual property.
MXY’s refusal or inability to materially deliver on its obligations prompted Cansortium to consider termination of the MSA and Cansortium sent MXY a default notice on July 8, 2020. Cansortium has now become aware that MXY has filed suit, seeking amounts it claims it is due under the MSA.
Cansortium denies all of MXY’s claims, has a valid defense to such claims, and is vigorously defending the suit. Notwithstanding the foregoing, Cansortium is open to considering finding a business resolution with MXY with a view to potentially avoiding protracted litigation.
About Cansortium Inc.
Headquartered in Miami, Florida, and operating under the Fluent™ brand, Cansortium is focused on being the highest quality cannabis company in the State of Florida driven by unrelenting commitment to operational excellence from seed to sale. Cansortium has developed strong proficiencies in each of cultivation, processing, retail, and distribution activities, the result of successfully operating in the highly regulated cannabis industry. In addition to Florida, Cansortium is seeking to create significant shareholder value in the attractive markets of Texas, Michigan and Pennsylvania, where the Company has secured licenses and established operations.
Cansortium Inc.’s common shares and warrants trade on the CSE under the symbol “TIUM.U” and “TIUM.WT.U”, respectively, and on the OTCQB Venture Market under the symbol (OTCQB: CNTMF). Investors can find current financial disclosure and Real-Time Level 2 quotes for the Company on www.otcmarkets.com.