YOURF - Shareholders Rally For New Directors As Cannabis MSO Enters $3M Asset Sale Deal | Benzinga
YourWay Cannabis Brands Inc. (CSE: YOUR) (OTC: YOURF) announced Thursday that it has entered into a definitive agreement to sell Labtronix, Inc.
Under the terms of the deal, YourWay has agreed to sell a 100% ownership interest in Labtronix, which sale will effectively allow the company to separate itself from:
- all lawsuits both existing and unknown against Labtronix;
- all existing liabilities of Labtronix both known and unknown; and
- all tax liabilities about Labtronix (where essential all operations of the company have been conducted).
As consideration for the sales deal, which would close upon receipt of all necessary approvals - YourWay will receive $3 million. The sum will be structured as a 5% secured note with a $300,000 payment due on closing and the balance paid in equal installments of principal and interest over the following 60 months.
'Kickback Schemes'
In October, marijuana giant Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF), Harvest Health & Recreation and Randy Taylor Consulting filed a verified complaint in the Arizona Superior Court against, among others, the company, Labtronix and YourWay Cottonwood. The plaintiffs claim that the defendants, their related entities and employees, participated in unlawful kickback schemes ...