Canadian Cannabis Corp (OTCMKTS:CCAN) recently finalized a Settlement Agreement with Avonlea-Drewry Holdings Inc. and Avonlea Ventures Inc. The following firms were also party to the Settlement Deal: Canada Cannabis Corp., a wholly-owned subsidiary of the firm, The Clinic Network, which is a 100% owned subsidiary of Canada Cannabis, and 2264793 Ontario Inc. It is a corporation affiliated with the Canadian Cannabis and consolidated as a Variable Interest Entity owned by several of company’s directors, shareholders and officers.
Pertaining to the Settlement Deal, an Escrow Agreement was also implemented by and among the Avonlea Group, the CCC Group and the “Escrow Agent”. In addition, TCN finalized a Grid Promissory Note and Security Agreement with ADH in connection with and as a form of the Settlement Agreement. Each of the Escrow Agreement, Note, Security Agreement and Settlement Deal were dated and effective March 27, 2017.
As of the date of the Settlement Deal, Canadian Cannabis, its subsidiary Canada Cannabis and 2264793 are in breach of numerous deals with the ADH Group and obligated to the ADH Group following to those several separate deals amongst the different parties in the total amount of around CAD$3.635 million. The debt is secured and cross guaranteed by all the existing and after-acquired resources of the firm, Canada Cannabis and 2264793. After a demand for payment and warning to foreclose on the debt done by the ADH Group, the parties discussed and finalized a Settlement Deal to fill the gaps and work out the Debt.
Pursuant to the Settlement Deal, the CCC Group have to assign certain resources of TCN, including service contracts and intellectual property to ADH; finalize restrictive covenant deals that will ban the CCC Group from contending with the segment that was the matter of the assignment; and make certain outflows to or on behalf of the ADH Group.
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