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MedMen Enterprises Inc. (OTCMKTS: MMNF) Terminates Investment Agreement With Ascend Wellness Holdings

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MedMen Enterprises Inc. (OTCMKTS: MMNF) has terminated an Investment  Agreement by and among MedMen NY, Inc., Delaware limited liability firm, MM Enterprises USA, LLC, Ascend Welleness Holdings Inc., and AWH New York, LLC dated  February 25, 2021.

MedMen terminates Investment Agreement with AWH

AWH had earlier announced the Investment Agreement, under which AWH would have invested in MedMen’s New York operations, in a news release dated February 25, 2021.

MedMen is contesting and disregarding the Office of Cannabis Management and the State of New York’s Cannabis Control Board’s approval of the deal. MedMen had originally sought New York State regulators to approve the acquisition in March 2021. The regulators have since obliged their request. Still, MedMen is now challenging the Office of Cannabis Management’s unequivocal regulatory permission, refusing to close the transaction and attempting to terminate it.

Ascend Wellness accuses MedMen of breaching investment agreement 

Ascend Wellness indicated that MedMen has materially breached the definitive investment agreement. Following receipt of the relevant regulatory clearances, the AWH Parties renounced all closing conditions in their favor and asked to close the transactions envisaged by the Investment Agreement within five business day period specified as per the Investment Agreement. AWH has attempted to complete the purchase several times. Following that, AWH learned that MedMen had attempted to unilaterally cancel the Investment Agreement, notwithstanding having acquired final permission from New York state and having waived all of AWH’s closing conditions. This is a substantial breach of MedMen’s investment agreement duties to complete the acquisition.

AWH is committed to ending the New York Medical Cannabis Program and treating its patients. As the New York Medical Marijuana Program grows and the adult-use program starts, AWH plans to cooperate with the  Cannabis Control Board and the Office of Cannabis Management of New York to increase patient access.

As more states legalize cannabis for adult use, MedMen’s actions convey the worst impression that some cannabis companies can’t be trusted. AWH urges MedMen to keep its word to New York, its own investors, and AWH and to complete the transaction as soon as possible.

*Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.
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BUSINESS

Medipharm Labs Corp (OTCMKTS: MEDIF) Completes Payment Of Its 2020 Convertible Debt Of $41 Million

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Medipharm Labs Corp (OTCMKTS: MEDIF) has announced that it has finalized all payments necessary under its 2020 unsecured convertible debt of $41 million. 

Medipharm pays off the convertible debt in the path towards profitability 

CEO MediPharm Labs Bryan Howcroft said, “MediPharm continues on its plan and path to profitability, and paying off our convertible debt in full is a major milestone on that path. Being essentially debt free with a strong cash position adds even more longevity to our business. As part of our growing nascent industry, this advantageous position differentiates us from some of our peers who may not have the runway to realize the industry’s full potential.”

The company executed a $37.8 million private placement with a US institutional investor on June 8, 2020, via the issuing of 2 senior unsecured convertible notes. The notes began to be amortized in October 2020, with bi-monthly installment payments due on the 1st and 10th business days of every month before the maturity period of June 8, 2023, in cash or shares. 

The note holder had the alternative of converting accelerated installment amounts in part or in full at an installment price determined computed in line with the provisions of the notes during the time between payment dates. The total debt had already been serviced in full via cash payments and share excitations as of December 31, 2021. As a result, the debt is fully extinguished eighteen months ahead of the maturity date.

Medipharm doesn’t have any major debt, and its balance sheet is clean 

MediPharm has no additional major debt and full control of its assets, which comprises two GMP facilities in Ontario, Canada, and another in the state of Victoria in Australia. Production infrastructure and machinery are also significant assets.

The company is currently debt arrangement-free and has a clean balance sheet with a solid cash position. This position, along with a thorough plan to minimize overhead, operational expenditures, and general and administrative expenses, allows MediPharm sustainability to deliver on its pipeline and sales contracts. 

*Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.
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Digital Asset Monetary Network Inc. (OTCMKTS: DATI) Partners To Acquire Top-Level-Domain .hiphop

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Digital Asset Monetary Network Inc. (OTCMKTS: DATI)  has announced that in collaboration with experienced domain Name sector executive-entrepreneurs, it has bought Top-Level-Domain .hiphop rights via Dot HipHop LLC, whose collaboration is listed in DAMN’s third-quarter 2021 financial disclosures. 

DAMN acquired .hiphop domain rights 

Initially, the company had made the disclosure without revealing the name of the Top-Level-Domain as .hiphop. The move was to protect the Internet Corporation for Assignment of Names and Numbers (ICANN) integrity. Interestingly, just like in the case with most gTLD assignments, the .hiphop gTLD Registry Agreement will be subject to ICANN authorization that might not be withheld arbitrarily.  

Dot HipHop acquired ICANN authorization to finalize the .hiphop TLD assignment from the former holder, and DAMN wanted to reveal the gTLD name after  Hip Hop had been given approval. Although this is yet to happen, Domain Incite has identified and revealed the relationship between DAMN and .hiphop. 

Ajene Watson, CEO of DigitalAMN, said, “We are truly excited about .hiphop for so many reasons. One being, that we get the opportunity to partner and work with several incredibly experienced, well known and highly respected figures in the domaining space. Another is… this is Hip Hop.”

Hip Hop culture brings awareness to inequalities and inequities 

Watson continued, “As a culture, Hip Hop has helped to break down barriers, bring awareness to inequities and inequalities, and give both the undervalued and unvoiced platforms to stand, grow and flourish. And of course, this venture gives us the opportunity to work with ‘thought leaders’, artists, entertainers, designers, business leaders and the Icons of Hip Hop. The .hiphop gTLD fits our mission to help everyday people establish and grow transferable wealth, through financial literacy and access to economic opportunities. We believe that our PAI Ecosystem, coupled with the exciting prospects the company should see due to the Dot Hip Hop venture, will truly be effective in achieving this goal in 2022.”

Despite ICANN approval taking longer, the company is not concerned with the delay and is working with industry veterans to rectify the issue. 

*Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.
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Icanic Brands Company Inc. (OTCMKTS: ICNAF) offers updates regarding the management cease trade order filed on November 30, 2021

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Icanic Brands  Company Inc. (OTCMKTS: ICNAF) has offered an update regarding the status of the management cease trade order issued by the British Columbia Securities Commission on November 30, 2021, as per National Policy 12-203 – Management Cease Trade Order.

Icanic Brands filed a Management Cease Trade Order.

On November 30, 2021, the company revealed that the submission of financial statements for the fiscal year ending July 31, 2021, and accompanying management discussions and analysis would be delayed past the prescribed periods as per the Canadian securities laws because of various reasons. The company was expected to finalize the financial statements and accompanying management discussions and analysis by November 29, 2021, which is the date it was supposed to file the filings as per relevant Canadian securities law requirements. Additionally, because of the delay in filing the yearly financial statements, the preliminary financial statement and associated management discussions and analysis for the quarter ending October 31, 2021, have been postponed beyond the required timeframe. The delay in filing of audited financial accounts was due to COVID-19 related delays in receiving information associated with subsidiaries the company obtained during that fiscal period.

Icanic expects to file annual financial statements by January 29, 2022

The company expects to file the Annual and Interim Filings for the fiscal year ending October 31, 2021, on or by January 29, 2022. Icanic Brands will give additional timetable updates as needed.

The general investing community will be allowed to trade in Iconic Brands’ listed common shares during the MCTO. Interestingly, the company’s chief finance officer and chief executive officer, on the other hand, will be unable to trade in the stock.

Most importantly, there are no major amendments to the facts provided in the Default Announcement other than those revealed in this press release. However, for as long as the company is in default of the Annual Filings stipulation, the company acknowledges that it intends to comply with the provisions of NP 12- 203 and will continue to produce bi-weekly default progress reports.

*Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.
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