Trees Corp subsidiary assigns Denver retail marijuana license to director Timothy Brown in debt-for-asset swap

TREES Corp (Colorado)

Trees Colorado transfers Denver retail marijuana store license (402R-00884) and related assets to Station 2, LLC and director Timothy Brown.
Consideration includes extinguishment of all debt/obligations under Oct 2022 APA and repayment of certain company debts by Brown.
Timothy Brown is a board member, Chief Visionary Officer, and sole owner of Station 2; transaction is a related-party deal.
Closing subject to approval by Colorado Marijuana Enforcement Division and local regulatory authorities.
Assignment reverses prior acquisition of these assets in Oct 2022; Trees Corp ceases ownership of the dispensary.

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 Assignment of Assets with Station 2, LLC and Timothy Brown valued at extinguishment and satisfaction of debt and repayment of certain debts (effective 2023-08-17).

Action: entry
Agreement: asset purchase
Counterparty: Station 2, LLC and Timothy Brown
Value: extinguishment and satisfaction of debt and repayment of certain debts
Effective: 2023-08-17

Exact text from the filing

On August 17, 2023, Trees Colorado, LLC, an indirect wholly-owned subsidiary of the Company (“Trees Colorado”), Station 2, LLC, a Colorado limited liability company (“Station 2”), and Timothy Brown (“Brown” and collectively with Station 2, “Assignees”) entered into an Assignment of Assets (“Assignment”), pursuant to which Trees Colorado agreed to transfer and assign to Station 2 and Brown, a State of Colorado and corresponding City and County of Denver retail marijuana store cannabis license and related assets owned by Trees Colorado relating to the licensed cannabis dispensary located at 468 S. Federal Boulevard, Denver, Colorado

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Source: SEC EDGAR

accession 0001558370-23-015225

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