CLS HOLDINGS USA, INC. (OTCMKTS:CLSH) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.
CLS Holdings USA, Inc. (the “Company”) has a civil action pending in the Superior Court Business Litigation Session of the Suffolk County Superior Court known as CLS Massachusetts, Inc. and CLS Holdings USA, Inc. v. In Good Health Inc. (the “Action”). On June 14, 2021, the parties to the Action entered into a Confidential Settlement Agreement to resolve the Action and a Secured Promissory Note dated and executed by In Good Health Inc. (“IGH”) in favor of the Company effective on June 11, 2021 (the “Promissory Note”). to the Promissory Note, IGH shall pay to the Company the total sum of Three Million Dollars ($3,000,000)(the “Note Payment”). Five Hundred Thousand Dollars ($500,000) of the Note Payment shall be due and payable on or before June 21, 2021. A second payment of Five Hundred Thousand Dollars ($500,000) of the Note Payment shall be due and payable on or before July 12, 2021. The remaining Two Million Dollars ($2,000,000) of the Note Payment and accrued interest shall be paid in equal, monthly installments for each of the twelve (12) months, beginning on August 12, 2021, and to the terms set forth in the Promissory Note.
The foregoing description of the Promissory Note is a summary description and is qualified in its entirety by reference to the full text of the Promissory Note, which is incorporated by reference hereto and filed as Exhibit 10.1 to this Current Report on Form 8-K.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
CLS Holdings USA, Inc. Exhibit
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About CLS HOLDINGS USA, INC. (OTCMKTS:CLSH)
CLS Holdings USA, Inc., is engaged in developing a method of extracting cannabinoids from cannabis plants and converting the resulting cannabinoid extracts into concentrates. The Company’s concentrates include oils, waxes, edibles and shatter. These concentrates may be ingested in various ways, including through vaporization through electronic cigarettes (e-cigarettes), and used for a range of pharmaceutical and other purposes. The Company intends to monetize extraction method through the licensing of its methods and processes to others, as in the Colorado Arrangement; the processing of cannabis for others, and the purchase of cannabis and the processing and sale of cannabis-related products. The Company’s products and services include Licensing Operations, Processing Revenue, Processing Facilities and Sale of Products and Brand Creation. As of May 31, 2016, the Company had not generated any revenues.
