COLUMBUS, Ohio, June 26, 2020 (GLOBE NEWSWIRE) — Green Growth Brands Inc. (CSE: GGB) (OTCQB: GGBXF) (“GGB” or the “Company“) announced today the expiry of the forbearance period (“Forbearance Period”) pursuant to the terms of the forbearance agreement (the “Forbearance Agreement”) with Green Ops Group LLC (“Green Ops”) previously announced on May 20, 2020. The expiration of the Forbearance Period entitles Green Ops to exercise any and all of its rights under the loan documents and applicable law, and GGB is precluded from contesting any such enforcement action under a separate Voluntary Surrender of Collateral in Satisfaction of Debt and Release Agreement among the parties. The Company has also received a letter from legal counsel to Green Ops notifying the Company of the acceleration of all secured obligations of the Company under the Forbearance Agreement and that all guaranteed obligations of the Company owing to Green Ops are immediately due and payable in full. The Company has been notified that Green Ops intends to enforce its righs under such loan documents and applicable law through the seizure of collateral granted by the Company and the Grantors (as defined in the Forbearance Agreement).
About Green Growth Brands Inc.
Green Growth Brands creates remarkable experiences in cannabis. The company’s brands include CAMP, The+Source, and 8 Fold. GGB is continuing its cannabis operations throughout the U.S., via dispensaries in Nevada and Massachusetts. Learn more about the vision at GreenGrowthBrands.com.
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Green Growth Brands Inc.