On May 24, 2018, Players Network (the “Company”), through its newly-formed wholly-owned subsidiary, Players Michigan LLC (“Players Michigan”), acquired substantially all of the assets of LCG Business Enterprises, LLC (“LCG”), pursuant to an Asset Purchase Agreement (the “Purchase Agreement”) between Players Michigan and LCG. The assets include LCG’s leasehold interest in a 56,000 square foot commercial cannabis agricultural facility located at 25600 Encinal Road in Salinas, California (the “Facility”), and the tangible assets related to the cannabis cultivation activities previously conducted by LCG at the Facility.
The consideration for the acquisition is (i) $5,000,000 in cash, of which $1,000,000 was paid at closing, with the remaining $4,000,000 to be paid in four monthly installments of $1,000,000 each; and (ii) the assumption of LCG’s trade payables.
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