Santa Cruz, CA, October 08, 2019 --(PR.com
)-- After unsuccessful attempts to remedy the delinquent notes and obligations due to La Vida Verde by International Cannabrands, the founding shareholders of La Vida Verde in accordance with the terms of the promissory notes that were due on March 30, 2019 (the “Notes”) from International Cannabrands, the holders have exercised their right to irrevocably retain the collateral, namely the 170,000 shares of La Vida Verde that secured the Notes.
Retention of the collateral extinguishes, in full, any remaining principal payments related to the Notes and results in International Cannabrands current holdings (through LVV Holding Company Ltd. (the “Holding Company”)) to be adjusted to 42.50% of the issued and outstanding stock of La Vida Verde. Remaining obligations include a delinquent $650,000 payment from International Cannabrands Inc. to La Vida Verde (due on April 30, 2019) and the future payments of $1,000,000 to the principal of those certain promissory notes due on October 31, 2019.
Finally, the founding shareholders of La Vida Verde and its management are not aware of any discussions that have taken place between International Cannabrands and La Vida Verde as it relates to the repricing of the transaction between La Vida Verde and International Cannabrands as was stated by International Cannabrand's CEO Steve Gormely in his open letter to shareholders published on September 26, 2019. It is La Vida Verdes Position that there is no justification to re-price the transaction between La Vida Verde and International Cannabrands.