The moving party purchaser sought damages or a $350,000 abatement of the purchase price, alleging the court-appointed Receiver breached an Asset Purchase Agreement and a Share Purchase Agreement by failing to act in good faith and use best efforts to preserve a cannabis license.
The court dismissed the motion, finding the Receiver had no authority over the excluded cannabis assets under its appointment order, the purchaser failed to discover the license's expiry date during its own due diligence, and the Receiver fully complied with its contractual obligations to negotiate and assist with a change of control.
