One World Cannabis Ltd. (“OWC Ltd”), a wholly-owned Israeli subsidiary of OWC Pharmaceutical Research Corp (OTCMKTS:OWCP), entered into a loan agreement with Medmar LLC , organized under the laws of the State of Maryland (“Medmar”), effective as of September 22, 2016 pursuant to which Medmar has agreed to loan OCW Ltd a total of $300,000 on a non-interest bearing basis, with no conversion rights. Medmar agreed to fund the Loan in six equal installments of $50,000 each. To date, OWC Ltd. has received $100,000 of the total Medmar loan commitment.
As a result of the Medmar loan, the Registrant, effective October 14, 2016, served notice on Kodiak Capital Group, LLC (“Kodiak”) that it was: (i) terminating the Equity Purchase Agreement between the Registrant and Kodiak dated December 17, 2015 and amended on May 17, 2016; and (ii) withdrawing the pending registration statement on Form S-1 that had been filed with the SEC on June 16, 2016.