If you are currently looking into cannabis companies then it could be a good move to take a look into Unrivaled Brands Inc (OTCMKTS:UNRV), which is a cannabis company that operates throughout the lucrative California market.
Unrivaled Brands Enters Into Binding Debt Settlement Term Sheet Reducing Debt by $3.25M
The company was in focus yesterday after it announced that it inked a binding settlement term sheet with regards to indebtedness to the tune of as much as $3,250,000 to some of the noteholders of the company. It was back in 2021 that Unrivaled Brands issued as many as four promissory notes for a total amount of $4,500,000. Recently, the note holders and the company mutually agreed to cut down the total amount of interest and amount of principal owed to $1,250,000.
The amount would be paid over the course of a period of 60 months and would bear an interest rate of 10% per annum. The Chief Executive Officer of the company Sabas Carrillo spoke about it as well. He thanked the company’s creditors and partners for working together for the purpose of restructuring the debt. More details with regards to the agreement between the parties could be found on the 8-K that had been filed yesterday.