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Over cannabis IP related acquisition
US: Indoor Harvest issues default notice to Head North
In June of this year, the Indoor Harvest Board of Directors voted to begin efforts to divest their cannabis operations and assets. The company’s Board had determined that their operations in cannabis added complexity with investor discussions and certain global partners needed to grow their vertical farming business. Also, with the recent DEA decision to open up cannabis research and to provide a very limited but regulated pathway for pharmaceutical use, management believes there is an opportunity to capitalize the company’s vertical farming efforts through the sale of its cannabis assets to a pharmaceutical group.
Head North, a Minnesota limited liability Company, originally approached them to design-build a pharmaceutical production facility for cannabidiol production using their HPA technology. Head North presented itself as an emerging player in the pharmaceutical industry that was backed by seasoned business leaders and funding groups. After a few weeks of talks, Head North presented Indoor Harvest with an official offer to acquire the company. Due diligence, based on the information provided, suggested they were not only willing, but capable.
On August 22, 2016, Indoor Harvest entered into an agreement with Head North in which they agreed to purchase $375,000 of the company’s Series A Preferred shares in exchange for exclusivity to negotiate an acquisition of cannabis assets and operations. On September 2, 2016 the Company received an executed subscription agreement for $375,000 from Head North related to this agreement. As of this release however, Head North has failed to fund its subscription despite providing Indoor Harvest with multiple closing dates and assurances that funds were in route.
“In our discussions with Head North, we were very clear about our intent and situation. Despite having several groups interested in acquiring our cannabis assets, we agreed to provide Head North exclusivity in exchange for providing us funds to pay off our promissory notes. Head North was aware of the potential negative effects conversion of our notes would have should they default on September 22, 2016. Due to the various representations and warranties provided to us by Head North and our faith in them to execute, we now find ourselves with limited time and options to prevent a default of our promissory notes. I have informed Head North that we will attempt to seek legal remedies for shareholders for any damages that may result from Head North’s misrepresentations, negligence and breach of contract," stated Chad Sykes, CEO and founder of Indoor Harvest.
The company has reached out to its Promissory Note holders, Rockwell Capital Partners, Inc. and FirstFire Global Opportunities Fund, LLC, and has requested to negotiate extended terms due to circumstances beyond the control of management.
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