Rocky Mountain High Brands Inc (RMHB)

[oilsleuth]

Rocky Mountain High Brands Completes Global Settlement Agreement with Raw Pharma, LLC; Huge Savings for Company

December 02, 2020 09:00 ET | Source: Rocky Mountain High Brands, Inc.

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PLANO, Texas, Dec. 02, 2020 (GLOBE NEWSWIRE) -- Rocky Mountain High Brands, Inc. (OTCPK: RMHB) announced today that the Company has finalized a Global Settlement Agreement with Raw Pharma, LLC.

On April 30, 2020, Rocky Mountain Productions, Inc. entered into an Asset Purchase Agreement with Raw Pharma, LLC to purchase all the assets of Raw Pharma, including all machinery, equipment, and components for a total purchase price of $3,250,000. A portion of the purchase price included $500,000 non-assessable shares of Purchaser’s common stock, which stock was issued under Rule 144 of the Securities Act, to Raw Pharma at Closing, and the assumption of certain loans secured by the machinery and equipment. Raw Pharma agreed to finance the balance of the purchase price per the terms and conditions established in the Asset Purchase Agreement. Since Closing, a total of $255,000 has been paid to Raw Pharma, leaving an unpaid balance of $2,495,000.

The Asset Purchase Agreement provided for Raw Pharma to assign its sublease agreement to Rocky Mountain Productions but unfortunately, and through no fault of either party, the landlord refused to consent to such assignment due to co-packing of CBD beverages on its leased premises even though Raw Pharma co-packed CBD beverages for almost a year at this location. This uncertainty, together with other issues relating with and to the Asset Purchase Agreement, resulted in Raw Pharma having to renegotiate the Asset Purchase Agreement.


ronnie, you yourself said there would be no real problem obtaining another canning facility. You have a short memory.