Green Growth Brands (CSE: GGB) (OTCQB: GGBXF) today
announced its receipt of a notice of default from MXY Holdings LLC (“Moxie”)
related to a US$5,000,000 note for which it provided a guaranty as a condition
to Moxie extending the loan to GGB Beauty LLC on July 8, 2019. According to the
update, the note had a January 31, 2020, maturity date and the parties were
unable to reach agreement as to an extension. In conjunction, the company also
received notice that its obligations with respect to the previously announced
US$4,000,000 termination fee owed to Moxie would also be accelerated and deemed
immediately due and payable. Green Growth Brands is reviewing the notices and
will continue working with Moxie to reach resolution on a restructuring
solution as to both the note and the termination fee.
To view the full press release, visit http://ibn.fm/9cRQ1
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. For more information, visit the company’s
website at www.GreenGrowthBrands.com.
NOTE TO INVESTORS: The latest news and updates
relating to GGBXF are available in the company’s newsroom at http://ibn.fm/GGBXF
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