FinCanna Capital Corp. (“FinCanna”, “company”) withdrew foreclosure proceedings against CTI and negotiated a new royalty agreement. FinCanna is now entitled to receive 10% (5% in cash and 5% deferred) of CTI’s revenue in perpetuity. As part of the agreement, FinCanna forgave CTI’s outstanding loan amount and its profit-sharing agreement. CTI commenced commercial operations in March 2020 at its 5,200 sq. ft. facility in Palm Desert, California.
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