Kelowna cannabis company suing Indigenous Bloom alleging broken business deal
A Kelowna-based cannabis company is suing Indigenous Bloom alleging it wasn't paid $160,000 in share agreements.
Oakum Cannabis Corp. founders Lorna Marie Dumaresq, Julian Jacob Dumaresq-Gerein, and Anthony Charles Dumaresq-Gerein filed a notice of claim in BC Supreme Court on April 19 alleging that Indigenous Bloom defaulted on three separate share purchase agreements totalling almost $160,000.
The court document says in August 2022, Indigenous Bloom entered into three separate share-purchase agreements with the three Oakum Cannabis founders.
Indigenous Bloom was to buy 16,000 shares in Oakum Cannabis for $159,471 with a purchase date of February 2023.
The notice of claim says the shares were transferred to Indigenous Bloom in August 2022.
"Indigenous Bloom never provided the Security, nor did it pay the Purchase Price by the Deadline, contrary to the explicit terms of the Promissory Notes," the notice of claim reads. "These defaults constitute material breaches of the Agreements and the Promissory Notes."
The Oakum Cannabis founders also requested an injunction prohibiting Indigenous Bloom from "selling, transferring, encumbering, or otherwise disposing... of any shares, real property, or personal property pending the outcome of these proceedings."
Indigenous Bloom is a well-known cannabis company in the Interior and opened stores on Okanagan Indian Band land in 2018 and 2019 before the region had any licenced stores. The company's website says it is a "co-operative of First Nation and Indigenous People."
Oakum Cannabis has been a licenced producer by Health Canada since 2019. Outside of a slick promotional Youtube video saying Oakum has a state-of-the-art growing facility, it's difficult to find information on the company and its website no longer works.
The court document says the Oakum founders are "former investor shareholders" of the company.
Neither Indigenous Bloom nor the Oakum Cannabis founders returned iNFOnews.ca request for comment.
None of the allegations have been proven in court. Indigenous Bloom has not yet filed a statement of claim.
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