TheraCann International Benchmark Corporation (TheraCann International), the controlling shareholder of Sprout AI Inc (SAI), which is publicly listed on the Canadian Security Exchange (CSE) under the symbol BYFM, wish to inform the public and our stakeholders of the Civil Action (Court of King’s Bench of Alberta #2301 – 05347) between The K2 Principal Fund LP (K2), a debenture holder of TheraCann International and a founder of SAI.
The Plaintiff, K2, alleges that TheraCann International owes $2,843,792 CDN on two debenture agreements from 2018 and 2019. TheraCann International denied the Claim and responded with a Counterclaim.
Counterclaim by TheraCann
The Plaintiff by Counterclaim, TheraCann International, is the founder and major shareholder of SAI. TheraCann International alleges that K2 engaged in a scheme to interfere with the operations of both TheraCann International and SAI, resulting in significant financial harm. The Counterclaim alleges that K2 unlawfully engaged in market manipulation (i.e., pump and dump), causing significant losses of market valuation and other financial harm to TheraCann International and SAI.
TheraCann International claims damages in excess of $140 million, alleging loss of capitalization in the amount of $90 million and economic opportunity in the amount of $50 million; TheraCann International seeks punitive damages and full indemnification of costs.
We expect that TheraCann International’s experience might resonate with others. We encourage anyone who has faced similar adversities with K2 to reach out to our legal team at Torres Arteaga Lawyers, ATTN: Francisco Torres ([email protected]).