CANN 8-K
TREES Corp (Colorado) (CANN)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 2.01 | Completion of Acquisition or Disposition of Assets. |
On February 3, 2023, TREES Corporation (the “Company”), and its indirect wholly-owned subsidiary Trees Colorado LLC, completed the acquisition ("Station 2 Acquisition”) of substantially all of the assets of Station 2, LLC, a Colorado limited liability company (“Station 2”). At the closing, the Company delivered to Station 2 an aggregate of cash equal to $256,581.71. An additional $384,872.56 in cash will be paid by the Company to Station 2 in twenty-four (24) equal monthly payments of $16,036.36 each per month commencing on the first full calendar month following the closing.
Timothy Brown, a member of the Company’s Board of Directors and Nominating Committee, is the sole owner of Station 2. Mr. Brown indirectly received all of the consideration described above.
Reference is made to the Company’s Form 8-K filed on October 19, 2022 for a complete description of the Station 2 Acquisition, the information of which is incorporated herein by reference.
Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
Appointment of New Officer
On February 3, 2023, Edward Myers, 63, was appointed as the Interim Chief Financial Officer of the Company. The Board also designated Mr. Myers as the Company’s principal financial officer and principal accounting officer. Mr. Myers currently also serves as the Company’s Chief Operating Officer.
Mr. Myers has an existing Consulting Agreement with the Company; this agreement remains unchanged. Reference is made to the Company’s Form 8-K filed on September 19, 2022 together with Exhibit 10.13 thereof for a description of Mr. Myers’ compensatory arrangement with the Company, as well as his business background, the information of which is incorporated herein by reference.
There are no family relationships between Mr. Myers and any director, executive officer, or any person nominated or chosen by the Company to become a director or executive officer. No information is required to be disclosed with respect to Mr. Myers pursuant to Item 404(a) of Regulation S-K other than with respect to his employment with the Company, as summarized above.
Resignation of Officer
On February 3, 2023, Jessica Bast resigned as the Company’s Chief Financial Officer. Ms. Bast’s resignation was not related to any disagreement with the Company regarding any matter relating to the Company’s operations, policies or practices.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Dated: February 3, 2023
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| By: | /s/ Adam Hershey |
| Name: | Adam Hershey |
| Title: | Interim Chief Executive Officer |