Trees Corporation, a Canadian cannabis retailer, is pleased to announce the opening of its latest retail location in Brampton, Ontario (131 Kennedy Rd, Brampton). There are currently 11 Trees-branded stores operational in Ontario and British Columbia, seven (7) stores of which are currently owned by Trees and four (4) stores owned and operated in British Columbia by 101 subject to the closing of the acquisition of the shares or assets of 101.
“We are excited to see the Trees brand grow across Canada, providing its authentic deeply rooted retail cannabis experience to each and every customer we serve. We expect the continued increase in our retail footprint in early 2022 will drive substantial revenue growth in 2022” stated Jon Conquergood, Chief Executive Officer.
Changes to the Board of Directors
The Company also announces the resignations of Meysam Soltani and Scott Cunningham from their role as directors of the Company with immediate effect.
“We thank Meysam and Scott for their contributions over the past number of months in helping Trees get to this important stage. With these resignations, the Company is actively seeking additional independent directors to join the board to help drive Trees in its next phase of growth,” said Fraser Clarke, Chairman of the board of directors.
Shares for Debt Agreement
The Company also announced that it has entered into an agreement (the “Debt Settlement“) with Mr. Cunningham with respect to the settlement of $18,000.00 in past consulting fees through the issuance of common shares in the capital of the Company (the “Common Shares“). Pursuant to the Debt Settlement, Mr. Cunningham will receive such number of Common Shares as may be issuable in order to settle the indebtedness in full at a deemed issuance per Common Share equal to the greater of (i) the closing price of the Shares on the Neo Exchange Inc. (the “NEO Exchange“) on January 27, 2022; and (ii) the closing price of the Common Shares at the close of business on the first trading day following the dissemination by the Company of its annual financial statements for the year ended December 31, 2021. The Common Shares issued will be subject to a four month and one day hold period in accordance with applicable Canadian securities laws.
About Trees
Trees is an independent retail cannabis operator that is deeply rooted in the cannabis community and has been a respected voice of advocacy that has helped usher in legalization across Canada. Through its trusted reputation, history and passion for the ‘plant’, Trees delivers a diferentiated and authentic consumer experience unlike any other. With 11 Trees branded storefronts in Canada, including seven (7) stores owned and operated in Ontario and four (4) stores operated in British Columbia (“B.C.”), subject to the closing of the acquisition of the shares or assets of 101 pursuant to the terms of the second amended and restated asset purchase agreement (the “101 Purchase Agreement“) entered into between Trees and 101. The closing of the B.C. transactions contemplated by the 101 Purchase Agreement is subject to certain conditions precedent, including the receipt of certain licensing approvals and related regulatory consents.
