Stony Hill Corp. (OTCMKTS:STNY) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into Material Definitive Agreement
On May 31, 2017, Stony Hill Corp., a Nevada corporation (the
Company), announced it had entered into a Subscription Agreement
(the Agreement), with Hightimes Holding Corp., a Delaware
corporation (Hightimes), to which, the Company acquired 59,524
shares of Class A Common Stock of Hightimes, at a purchase price
of $4.20 per share, for an aggregate purchase price of $250,000.
The Class A Common Stock of Hightimes has voting rights.
The 59,524 shares of Common Stock represent less than 5% of the
equity securities of Hightimes, and the Company has no agreement,
arrangement or understanding with Hightimes or any holder of
securities of Hightimes with respect to the operations or
management of Hightimes.
The Company understands that Hightimes has entered into a
definitive stock purchase agreement dated as of December 12,
2016, to purchase 50% of the capital stock of Trans-High
Corporation. Additionally, Hightimes owns Hight Times Magazine
and hosts festivals, events and competitions including the High
Times Cannabis Cup and multiple e-commerce properties, including
HighTimes.com, CannabisCup.com and 420.com.
About Stony Hill Corp. (OTCMKTS:STNY)
Stony Hill Corp. is a vertically integrated company focused on multiple areas of the cannabis and hemp industry. The Company is engaged in exploring involvement in the consumer, health and wellness, recreational, medical, media and nutraceutical industry. The Company has made a strategic investment in Cannabi-Tech Ltd. (Cannabi-Tech), a provider of lab-grade medical cannabis quality control testing systems based in Israel. Cannabi-Tech is developing a non-destructive detection device for the precise testing of the composition and potency of cannabis flowers. Cannabi Tech’s technology features optical and image processing tools for testing of medical marijuana flowers. The technology includes access to an integrated cloud database, traceable packaging, sorting and labeling mechanisms and smartphone applications. Stony Hill Corp. (OTCMKTS:STNY) Recent Trading Information
Stony Hill Corp. (OTCMKTS:STNY) closed its last trading session 00.00 at 2.10 with shares trading hands.