Thank you 18holes, In addition to the Lease Agreement, the Company is pleased to announce that it has executed an Option to Purchase Agreement ("Option") with Wildfire Cannabis Company, LLC. The Option gives the Company the right to purchase WFCC for three (3) times its net annual revenue - to be paid by half in cash and half in restricted stock of the Company - for the term of the Lease Agreement. Triggers for the Option include the Company's evaluation of current Federal regulations as they relate to the classification of marijuana as a Schedule I substance, versus the anticipated reclassification to a Schedule II substance. The Company will also continue to evaluate the progression of current banking regulations regarding cannabis, and the ability to provide proper audit accounting moving forward.
"There are so many new opportunities beginning to present themselves to our Company within the marijuana sector that we are beyond excited for what the future holds," stated Bill Wright, CEO of CGrowth Capital. "We are building on existing relationships in Colorado, California, Texas, and other progressive states for future expansion into the broader national marijuana market. By leading in with strong leasehold agreements and the ability to purchase the business at a later date, we are setting ourselves up to be a leader in this emerging market when the legal climate changes."
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