Plant-Based Investment Corp CWWBF

$GRIN Grown Rogue Issues Promissory Note to $PBIC! 800k$USD

[QcTrader]

Medford, Oregon, September 14, 2021 – Grown Rogue International Inc. (“Grown Rogue” or the “Company”) (CSE: GRIN) (OTC: GRUSF), a multi-state cannabis company with operations and assets in Oregon and Michigan, has announced that it has issued an unsecured non-convertible promissory note to Plant-Based Investment Corp. (the “Lender”) for a principal amount of US$800,000. The entire principal amount is to be advanced in separate tranches on or before September 30, 2021 and is due to be fully repaid by December 15, 2022 (“Maturity Date”). No interest is payable under the note provided there is no event of default.

 

The terms of the note require the Company to make certain participation payments to the Lender based on a percentage monthly sales of cannabis flower sold from the Company’s sun-grown A-flower 2021 harvest (the “Harvest”), less 15% of such amount to account for costs of sales. The percentage will be determined by dividing 2,000 by the total volume of pounds of the Harvest. A portion of these payments will be used to pay down the outstanding principal on a monthly basis. The note will automatically terminate when the full amount of any outstanding principal plus the applicable participation payments are paid prior to the Maturity Date. Should the participation payments fully repay the principal amount prior to the Maturity Date then the note will automatically terminate.