Annual report pursuant to Section 13 and 15(d)

Subsequent Events

v3.23.1
Subsequent Events
 12 Months Ended
Dec. 31, 2022
Subsequent Events [Abstract]  
Subsequent Events [Text Block]
Note 18 - Subsequent Events
Legal Proceedings
Please refer to Note 14 for further discussion.
Issuance of common shares
On January 
5, 2023, the Company issued 7,853 common shares for vested RSUs. The Company withheld 7,776 common shares to satisfy employees’ tax obligations of $0.2 million.
On March 3, 2023, the Company issued 27,929 common shares for vested RSUs to Mr. Kalcevich as per the December Separation Agreement.
Extension of INJ Senior Secured Bridge Notes
On February 2, 2023, the Company through its wholly-owned subsidiary, INJ, entered into the Amendment with all the holders of the Senior Secured Bridge Notes, pursuant to which the maturity date of the Senior Secured Bridge Notes was extended until February 2, 2024, the interest on the principal amount outstanding was increased to a rate of 12.0% per annum, and an amendment fee equal to 10.0% of the principal amount outstanding of the Senior Secured Bridge Notes as of February 2, 2023 or $1.4 million in the aggregate, was added to such notes such that it will become due and payable on the maturity date.
Disposition of Vermont Operations
On February 6, 2023, the Company entered into the
MIPA
pursuant to which the Company
agreed
to sell its membership interests in Grassroots Vermont Management Services, LLC, the sole owner of all issued and outstanding authorized common stock of FWR, Inc., which owns and operates a dispensary and cultivation/processing facility in Vermont. The aggregate proceeds to be received for the sale are $0.2 million in cash, subject to adjustments to be determined on date of closing. The closing of the Purchase Agreement is subject to, among other conditions, a Change of Control Approval from the Vermont Cannabis Control Commission.