Green Growth Issued Notice Of Default On Moxie Debt

It appears that the entirety of Green Growth Brands (CSE: GGB) might come crashing down after all, and not just its CBD operation. This morning the company quietly announced that it had received a notice of default from MXY Holdings.

Green Growth Brands Logo

The notice of default is related to a US$5.0 million note issued by MXY last year while the proposed merger of the two parties was still on the table. While the note was extended to GGB Beauty LLC which is now being restructured, Green Growth as a whole issued a guaranty in connection with the note.

The note itself was due months ago on January 31, 2020, and the parties have not been able to meet an agreement on an extension. Green Growth also owes MXY $4.0 million in the form of a termination fee, which has now been accelerated as a result of the prior default.

The company has indicated that it will continue to work towards reaching a refined agreement in relation to the funds owed. The ability of GGB to successfully negotiate altered terms is questionable however given that the company has already started the receivership process on a major business unit.

Green Growth last traded at $0.10 on the CSE.


Information for this briefing was found via Sedar and Green Growth Brands. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

2026 Could Be Gold’s Biggest Year Yet!? | Ryan King – Equinox Gold

Gold Is Screaming Higher While Currencies Burn | Simon Ridgway – Rackla Metals

We Have the Highest-Grade Antimony Deposit in North America!? | Jim Atkinson -Antimony Resources

Recommended

Canadian Copper Secures $8 Million Lead Order From Ocean Partners As Part Of Larger Funding Round

Northern Superior Expands Philibert With 350 Metre Step Out Testing 1.10 g/t Gold Over 25.5 Metres

Related News

Green Growth Brands Sees Florida Assets Secured By Creditors

Green Growth Brands (CSE: GGB) announced last night after the bell that it has essentially...

Saturday, June 27, 2020, 08:30:00 AM

Green Growth Brands Sells CBD Operation, Faces “Severe Financial Difficulty”

It appears that Green Growth Brands (CSE: GGB) is nearing the end of its lifespan....

Monday, February 24, 2020, 06:41:57 PM

Green Growth Brands Terminates Nearly Entire Staff

Last Thursday, cannabis and CBD retailer Green Growth Brands (CSE: GGB) issued a news release,...

Sunday, March 22, 2020, 11:58:20 AM

Green Growth Brands Closes on Henderson, Nevada Dispensary

Green Growth Brands (CSE: GGB) announced this morning that it has completed the acquisition of...

Wednesday, August 28, 2019, 10:07:14 AM

Green Growth Brands Conducts Raise After Completing Share Buyback

Green Growth Brands (CSE: GGB) investors had an eyebrow raising moment yesterday after the close,...

Wednesday, July 24, 2019, 07:00:21 AM