Item 1.01 Entry into a Material Definitive Agreement
On August 20, 2021 (the "Agreement Date"), Green Hygienics Properties, LLC
("GHP") executed a Purchase and Sale Agreement (the "PSA") to acquire 95,625+-
acres, located in Lincoln County, North Carolina (the "Lincoln Property"). Green
Hygienics Holding, Inc. ("GRYN" or the "Company") is the sole member of GHP, and
Mr. Loudoun, the Company's CEO is the Manager of GHP.
The property located just outside of Charlotte, North Carolina, includes
approximately 170,000 square feet of industrial buildings. The Company will
utilize the Lincoln Property to launch its industrial hemp manufacturing
division, with a goal to produce hemp derived food grade products and fiber for
textiles. North Carolina leads the nation in total value of textile
manufacturing and exports with over $2 billion in textile exports in 2019.
Pursuant to the PSA, the closing for the purchase of the Lincoln Property is to
occur on or before October 31, 2021, subject to due diligence, for a cash
payment of $2,400,000, of which $25,000 has been put into an escrow account. The
foregoing description of the PSA does not purport to be complete and is
qualified in its entirety by reference to the full text of the PSA, a copy of
which is filed as Exhibit 10.1, to this Current Report on Form 8-K and
incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits.
(c) Exhibits.
Exhibit
Number Description
10.1 Purchase and Sale Agreement
2
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