Trees Corp restructures $6.75M debt, acquires Chronic Therapy dispensary, amends CEO comp

TREES Corp (Colorado)

Debt restructuring cancels WC/M&A notes; issues $6.749M First Senior Note at 18% interest, 2x liquidation preference, matures Mar 15, 2026.
Acquired all membership interests of Beddor Claude LLC (Chronic Therapy) for $1.7M; includes dispensary and cultivation in Wheat Ridge, CO.
Interim CEO Adam Hershey gets A&R agreement: $200k/year, 10% of fully-diluted shares over 2 years, plus 7.5% liquidation fee on change of control.
New financial covenants: maintain minimum cash >= -$550k; mandatory payment to investors when available cash >= $1.5M.
All conversion features removed from Original Notes; notes amended to mature Sept 15, 2026, interest payable quarterly beginning June 15, 2026.

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