Item 1.03 Bankruptcy or Receivership

On April 20, 2020 United Cannabis Corporation and its wholly-owned subsidiary, UC Colorado Corporation (together as "Debtors"), filed voluntary petitions for reorganization under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Colorado (Case Nos. 20-12692-JGR and 20-12689-JGR, respectively).

The Debtors are operating their businesses as "debtors-in-possession" under the jurisdiction of the Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Court. The Debtors expect to continue their existing operations without interruption during the pendency of the Chapter 11 cases.

Court filings and other information relating to the Debtors' bankruptcy are available free of charge at https://www.pacer.gov/.

Item 2.04 Triggering Events that Accelerate or Increase a Direct Financial Obligation or an Obligations under an Off-Balance Sheet Arrangement

The commencement of the Chapter 11 cases described in Item 1.03 of this report constitute an event of default under certain of the Company's debt instruments, which results in automatic acceleration of the Company's obligations under such debt instruments.

Any efforts to enforce payment obligations under these debt instruments are automatically stayed as a result of the filing of the Chapter 11 cases and the creditors' rights of enforcement in respect of the debt instruments are subject to the applicable provisions of the Bankruptcy Code.

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