RAMM Pharma Corp. is providing an update on its dispute with Sergio Martines and NATURALE SCIENCE INC. (together the plaintiffs), the former Chief Executive Officer of Canapar Corp. and a former director of the Company as reported in its audited financial statements for the year ended October 31, 2023. The trial in respect of the dispute, as further described below, occurred from April 29th, 2024, to May 16th, 2024. The judge has reserved his decision.
In connection with the dispute, Mr. Martines and NATURALE SCIENCE INC., an entity controlled by Mr. Martines, have filed pleadings demanding payment from RAMM of an aggregate amount of approximately C$ 3 million comprised of damages: (i) for breach of contract at the time of Mr. Martines’ termination for cause as a director of RAMM; (ii) specific performance of RAMM’s obligation to purchase shares according to the plaintiff; and (iii) out-of-pocket expenses. RAMM has filed a counterclaim for payment from Mr. Martines of approximately C$14 million in damages for fraudulent misrepresentation in connection with RAMM’s acquisition of Canapar in June 2021, among other matters. RAMM has accrued C$300,000 in its audited financial statements for the year ended October 31, 2023. The amount of the accrual may be increased or reduced in future financial statements.
About RAMM Pharma Corp.
RAMM Pharma is a leader in the field of cannabinoid formulation for certain cannabis-based pharmaceuticals and other botanical-based products. RAMM currently has multiple approved and registered products that have been authorized for sale, as well as other products in various stages of development. RAMM also operates a state-of-the-art GMP certified cannabis formulation facility in Uruguay and another GMP (food and cosmetic grade) facility in Poland. RAMM also operates a medical device business in Uruguay and a cosmetic and nutraceutical business in the European Union.
