Business
Green Growth Brands Announces Receipt of Notices of Default From MXY Holding LLC
Green Growth Brands Announces Receipt of Notices of Default From MXY Holding LLC.
About this update from Green Growth Brands Inc
[{"type":"text","content":"\n COLOMBUS, Ohio, April 07, 2020 (GLOBE NEWSWIRE) -- Green Growth Brands Inc. (CSE: GGB) (OTCQB: GGBXF) (\"GGB\" or the \"Company\") announced today that is it has received a notice of default from MXY Holdings LLC (“Moxie”) related to a US$5,000,000 note (the “Moxie Note”) for which the Company provided a guaranty as a condition to Moxie extending the loan to GGB Beauty LLC on July 8, 2019. The Moxie Note had a maturity date of January 31, 2020, and the parties were unable to reach agreement as to an extension. In conjunction with the notice related to the Moxie Note, the Company also received notice that its obligations with respect to the previously announced US$4,000,000 termination fee (the “Termination Fee”) owed to Moxie would also be accelerated and be deemed immediately due and payable. The Company is reviewing the notices and will continue working with Moxie to reach resolution on a restructuring solution as to both the Moxie Note and the Termination Fee. About Green Growth Brands Inc. Green Growth Brands creates remarkable experiences in cannabis. The company’s brands include CAMP, The+Source, and 8 Fold. GGB is expanding its cannabis operations throughout the U.S., via dispensaries in Nevada, Massachusetts and Florida. Learn more about the vision at GreenGrowthBrands.com. Cautionary Statements Forward Looking Information Certain information in this news release constitutes forward-looking statements under applicable securities law. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as “may”, “should”, “anticipate”, “expect”, “intend”, “forecast” and similar expressions. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; marketing costs; loss of markets; future legislative and regulatory developments involving medical and recreational marijuana; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; the marijuana industry in the United ...