Eden Empire Announces Michigan USA Dispensary Nearing Completion and Debt Settlement with Service Providers – GlobeNewswire

BATTLE CREEK, Mich. and VANCOUVER, British Columbia, Feb. 02, 2021 (GLOBE NEWSWIRE) — Eden Empire Inc. (“EDEN™” or the “Company”) (EDEN:CSE) is excited to announce the near completion of its first retail dispensary location in the United States in Battle Creek, Michigan and that the Company will begin planning its grand opening date shortly thereafter. The Company is also pleased to announce that it has entered into debt settlement agreements (the “Debt Settlement”) with two arm’s length service providers (each, a “Service Provider” and, collectively, the “Service Providers”) of the Company to settle outstanding invoices for legal and construction services related to the Battle Creek dispensary in the aggregate amount of CAD$174,655.13 (the “Outstanding Amounts”).
In full settlement and satisfaction of the Outstanding Amounts, the Company has agreed to issue (a) 356,320 common shares of the Company at a deemed price of $0.178 per Common Share to one Service Provider; and (b) 695,188 common shares of the Company at a price of $0.16 per Common Share to the other Service Provider (collectively, the “Debt Shares”).The issuance of the Debt Shares is subject to approval by the Canadian Securities Exchange. All Debt Shares issued in connection with the Debt Settlement are subject to a statutory hold period of four months plus a day from the date of issuance of the Debt Shares in accordance with applicable securities legislation.Gerry Trapasso, CEO & Director commented, “We are elated to enter the U.S. cannabis market with our first retail dispensary in Battle Creek, Michigan. We are confident that the launch of EDEN’s street-style brand in the Michigan market will amass an even greater customer base whose needs have not been met by any other retail dispensary. We believe the return will be massive after cannabis sales in the State neared the $1B mark in 2020.

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