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CannaPharmaRx's GN Ventures sued over share block

2020-02-13 11:29 ET - Street Wire

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by Mike Caswell

GN Ventures Ltd., a cannabis producer that is partly owned by OTC Markets listing CannaPharmaRx Inc., is facing a lawsuit in the Supreme Court of British Columbia from a man who claims he was one of GN's founders and is entitled to 10 million shares of the company. According to the suit, GN agreed to issue him the shares in 2017, but he never received the stock. GN Ventures has since become partly owned by CannaPharmaRx in a deal that would value the disputed stock at $25-million, according to the suit.

The allegations are contained in a notice of claim filed at the Vancouver courthouse on Feb. 10, 2020. The suit was brought by Kelly Hucul of Kelowna. The defendants are GN Ventures and a subsidiary, which owns a licensed 60,000-square-foot growing operation in Stevensville, Ont.

The suit centres around a deal that Mr. Hucul claims goes back to June, 2017. That month, he met with a man named Dominic Colvin (who is now the president of CannaPharmaRx), with the men agreeing to form a cannabis distribution company, the suit claims. The plan was to take the company public once it had a licence from the federal government.

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