Cannabics defaults on $1.375M note, obtains forbearance; issues $280K demand note

CNBX Pharmaceuticals Inc.

Forbearance with institutional investor on $1.375M Senior Secured Note due Dec 21, 2021; forbearance through May 7, 2022.
Issued $280K demand promissory note ($240K net after $40K OID) for general working capital.
Demand note payable after earlier of May 16, 2022 or next securities offering; late charge 15% p.a.
Future securities offering proceeds must first repay demand note, then the February Note.
Company acknowledges defaults; waives defenses and holder waives registration rights during forbearance.

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