Trees Corp to acquire GMC assets for $1.2M cash, 4.5M shares, and $1.5M deferred payments

TREES Corp (Colorado)

Acquires two Colorado cannabis licenses, inventory, contracts via Asset Purchase Agreement dated Oct 28, 2022.
Total consideration: $1.2M cash at closing, 4,494,382 shares of common stock, and $1.5M in 18 monthly payments of $83,333 starting 12 months post-closing.
Closing conditioned on Final Governmental Approval from Colorado Marijuana Enforcement Division.
Hampden Property (real estate) to be transferred separately to an affiliate with ascribed value of $1M, not part of purchase price.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

TREES Corp (Colorado) entered into Asset Purchase Agreement with GMC, LLC and certain equity holders of GMC party thereto valued at $1,200,000 payable at closing; 4,494,382 shares of common stock; and an amount equal to $83,333.33 p (effective 2022-10-28).

Action: entry
Agreement: asset purchase
Counterparty: GMC, LLC and certain equity holders of GMC party thereto
Value: $1,200,000 payable at closing; 4,494,382 shares of common stock; and an amount equal to $83,333.33 p
Effective: 2022-10-28

Exact text from the filing

On October 28, 2022, TREES Corporation (the “Company”) and a newly-formed subsidiary thereof entered into an Asset Purchase Agreement (“APA”) with GMC, LLC (“GMC”) and certain equity holders of GMC party thereto, pursuant to which the Company agreed to purchase substantially all of the assets of GMC, including two cannabis licenses held by GMC, certain inventory, contracts and other related assets (“GMC Acquisition”).

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TREES Corp (Colorado) filing history →

Source: SEC EDGAR

accession 0001558370-22-016151

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