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Home 🌿 Marijuana Business News 🌿 CannaVest Settles Pending Litigation With Medical Marijuana, Inc. 🌿

CannaVest Settles Pending Litigation With Medical Marijuana, Inc.

Submitted by Marijuana News on Wed, 07/22/2015 - 10:50

LAS VEGAS, NV--(Marketwired - July 21, 2015) - CannaVest Corp. (OTCBB: CANV), a leading manufacturer and distributor of hemp-derived Cannabidiol (CBD) oil products, announced today that it has entered into a Settlement Agreement with Medical Marijuana, Inc. and its affiliated companies (the "MJNA Parties") to resolve all pending litigation. Pursuant to the settlement, the MJNA Parties will pay CannaVest the sum of $750,000, $150,000 of which has been received and the remaining $600,000 is payable pursuant to the terms of a Secured Promissory Note payable in six equal monthly installments. Also pursuant to the settlement, CannaVest received by assignment certain domain names associated with CannaVest's business from the MJNA Parties, and assigned all of its right and interest in certain trademarks affiliated with the RSHO™ and Real Scientific Hemp Oil™ brands.

CannaVest's Chairman and Chief Executive Officer, Michael Mona, Jr., stated, "We are very pleased to achieve a...

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