Post by
sunrize on Nov 26, 2019 10:54pm
More problems, more severe problems
"On November 25, 2019, the Company received a 30-day notice of termination and a notice of default from Sunniva Production Campus, LLC for items related to payment of outstanding balances and failure to meet certain conditions of the build to suit lease agreement for Cathedral City Glasshouse. In addition, the Company received a notice of default from a promissory note holder for not applying a certain portion of the note proceeds to agreed upon outstanding amounts. The Company is currently consulting with its legal counsel and intends to defend its position. The ramifications of these notices are uncertain at this time. As a result of these notices, the timing of receipt of the Company's certificate of occupancy for the Cathedral City Glasshouse cannot be estimated at this time."