Organigram Reaches Proposed Settlement In 2016 Class Action

Organigram Holdings Inc. OGI OGI, and its subsidiary Organigram Inc., a leading licensed producer of cannabis in Canada, has reached a proposed settlement in a class action related to medical cannabis that was voluntarily recalled in December 2016 and January 2017. The Supreme Court of Nova Scotia approved notice of settlement will be sent to class members beginning on June 24, 2022.

As part the settlement, the company has agreed to pay an aggregate of $2.31 million, which amount has been previously accrued in the company’s financial statements for the prior fiscal year.

For the proposed settlement to become effective, it must be approved by the Court. The Court must be satisfied that the settlement is fair, reasonable and in the best interest of the class. On August 31, 2022, the Court will hold a hearing to consider whether to approve the settlement. If the settlement is approved by the Court, the settlement amount will be used to provide class members a refund of the amounts paid to purchase the voluntarily recalled product, less any refunds they have already received, as well as the payment of legal fees. In addition, the company has agreed to pay the third-party claims administration costs.

Photo by Tingey Injury Law Firm on Unsplash

Related News

Leisuretown: Diplo And Rob Dyrdek's New Cannabis Seltzers Launch In California Via Agreement With HERBL

Cannabis & Burdensome Excise Tax: Canadian Operators Urge Changes As Pot Prices Drop

Here's Why OrganiGram Shares Are Rising

 

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: CannabisNewsPenny StocksSmall CapMarketsOrganigram Inc.
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!
CCC-Oct-24-Banner-1

Click on the image for more info.

Cannabis rescheduling seems to be right around the corner

Want to understand what this means for the future of the industry?

Hear directly for top executives, investors and policymakers at the Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9. 

Get your tickets now before prices surge by following this link.