In an agreed judgment [PDF] issued yesterday by the US District Court for the Eastern District of Texas, Sherman Division, Judge Richard A. Schell returned control of Cannex Therapeutics to Steve Kubby and associates.
The judgment notes that stock certificates allegedly issued for the purchase of Cannex Therapeutics, LLC by Cannabis Science, Inc., f/k/a Gulf Onshore, Inc. cannot be produced and cancels those certificates. The judgement further decrees that:
The Purchase Agreement and Control Shareholder Agreements are rescinded and cancelled, nunc pro tunc to the dates of execution, for any and all purposes.
Readers of IPR will recall (see previous stories here, here and here) that Kubby’s departure as CEO Cannabis Science, Inc. took place amid various claims and counterclaims — he claimed he resigned due to improprieties on the part of other company officials, the board claimed that he was fired under a cloud; CSI claimed to have purchased Cannex, Kubby claimed to have never received the shares he was entitled to for that purchase; etc.
Perhaps most importantly, CSI claimed ownership, due to the purchase, of intellectual properties developed by Kubby for Cannex. Kubby, along with fellow 2008 Libertarian Party presidential nomination candidate Dr. Mary Ruwart, has continued to develop those properties and has since filed patent applications on one or more of them.
This judgment seems to substantially support Kubby’s version of events, and to give Cannex clear title to the products and processes he’s developed.