Peachland, British Columbia–(Newsfile Corp. – June 24, 2022) – Craftport Cannabis Corp. (CSE: CFT) (“Craftport Cannabis“or the”Company“) announces that it has entered into a loan agreement (the “Loan agreement“) with an independent party (the “Lender“) for the purpose of documenting numerous advances, for an aggregate principal amount of $1,450,000 (the “Ready“), previously received by the Company between January 2021 and December 2021. In addition, the Company has set December 31, 2023 as the maturity date of the Loan (the “Due date“) and granted the lender a security interest in the loan.
The loan is repayable in full on the due date. The Loan bears interest at a rate of 10% per annum in respect of each advance under the Loan, calculated from the date of each advance and payable on the due date. As security for payment of the Company’s obligations under the Loan Agreement, the Company has, in conjunction with the Loan Agreement, granted the Lender a general security agreement; a warranty of Potanicals Green Growers Inc. (the “Guarantor“), a wholly owned subsidiary of the Company; a security interest in all personal property of the Company; and a mortgage by the Guarantor in the principal amount of $1,450,000, together with the assignment of rents, land located at 4715 Paradise Valley Drive, Peachland, BC.
The loan proceeds were used by the Company to fund general working capital.
About Craftport Cannabis
Craftport Cannabis is a Canadian licensed cannabis producer operating out of Peachland, British Columbia. The company is focused on the Canadian recreational, high-end craft cannabis market, using an outsourced cultivation model. The company leverages its inherited roots and expertise to introduce unique genetics and strains to the Canadian market.
For more information about Craftport Cannabis, please see the information available under the company’s profile on SEDAR at www.sedar.com and the CSE website.
Chief executive officer
Craftport Cannabis Corp.
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