Item 1.01. Entry into a Material Definitive Agreement.
On
Pursuant to the terms of the MSA, SugarRush will be responsible for all business
operations, including all commercial cannabis activities, at the Facility.
SugarRush agreed to pay Canndis a license fee of (i) 2% of gross retail sales
and 1.5 percent of gross wholesale sales during the initial six months following
commencement of operations (the "Introductory Period"), and (ii) after the
Introductory Period, the greater of (a)
The MSA has a term of 12 months and can be terminated as follows: (i) SugarRush may terminate for any reason upon 180 days' written notice to Canndis; and (ii) either party may immediately terminate if the other party has materially breached any representation, warranty or covenant made by the breaching party and the breach has not been cured within 30 days. The MSA contains representations and warranties customary for an agreement of this type.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits. Exhibit No. Description 10.1 Management Services Agreement, dated as ofAugust 12, 2022 , by and betweenSugarRush, Inc. andCanndis, Inc. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
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