Kelowna, British Columbia and Las Vegas, Nevada–(Newsfile Corp. – June 15, 2021) – Fiore Cannabis Ltd. (CSE: FIOR) (OTCQX: FIORF) (“Fiore” or the “Company”), a licensed multi-state cannabis cultivator, producer and retailer, today announced it has agreed to a debt settlement agreement (the “Agreement”) related to a convertible bond certificate issued May 1, 2017.
Fiore has issued to certain bondholders of the Company 3,846,153 common shares in the capital of the Company (“Shares”) with a deemed price of C$0.15 per Share and 3,846,153 common share purchase warrants (“Warrants”) at an exercise price of C$0.22 for a period of 18 months to settle C$576,923 in indebtedness of the Company. The Shares issued in connection with the Transaction are subject to a statutory hold period of 4 months and a day from the date of issuance.
“I’m satisfied with the settlement with our bondholders which enables us to focus all energies on pursuing our forward-looking business strategy. With our balance sheet further cleaned up from past activity, we can push forward to advance the strategic initiatives that focus on growth and expansion in the Nevada and California cannabis markets. We thank our investors for the continued support and commitment to Fiore,” said Erik Anderson, President and CEO of Fiore Cannabis.
About Fiore Cannabis
Fiore Cannabis Ltd. (CSE: FIOR) (OTCQX: FIORF) is a publicly traded company that has been investing in the development of recreational and medical cannabis products since 2014. The Company has expanded its operations to include cultivation, production and retail offerings in the key North American legal jurisdictions of Nevada and California. Fiore’s portfolio of brands caters to diverse consumer and patient experiences, with brands and products that address recreational, medical, wellness as well as new consumer experience preferences. Current brands include Fiore Cannabis, Diamante Labs, PureCloud 9, Surfer and The Weekender. The Company