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Subsequent events
12 Months Ended
Sep. 30, 2023
Subsequent Events [Abstract]  
Subsequent events

15. Subsequent events

 

451 Wallis , JVP3

 

On November 28, 2023, the Company executed an Asset Purchase Agreement in which the Company sold its assets in JV Production 3, LLC. The purchase price for all of its assets was $250 thousand which included the cannabis retail license. At closing, the Company received $250 thousand dollars less prepaid rent and expenses of $100,000 and other miscellaneous fees.

 

Opco P1, 42nd street

 

On December 20, 2023, the Company executed an Asset Purchase Agreement in which the Company sold its assets in Opco Production 1, LLC. The purchase price for all of its assets was $500 thousand which included both a cannabis production and processing license. Regulatory approval is pending and should close May 2024. At closing, the Company will have a net liquidity event.

 

Artifact, Chambers

 

On February 9, 2024, the Company executed on an Asset Purchase Agreement in which the Company sold its assets in JV Wholesale, LLC and JV Extraction. LLC, formerly known as Artifact. The purchase price for all of its assets was $200 thousand which included the cannabis licenses. Regulatory approval is pending and should close May 2024. At closing, the Company will have a net liquidity event.

 

JVR4

 

On May 22, 2024, the Company executed on an Asset Purchase Agreement in which the Company sold its assets in JV Retail 4, LLC. The purchase price for all of its assets was $425 thousand which included the cannabis licenses. Regulatory approval is pending and should close September 2024. At closing, the Company will have a net liquidity event.

 

KindCare / TJ’s Provisions

 

On April 19, 2024, the Company executed on an Asset Purchase Agreement in which the Company sold its assets in KindCare, LLC. The purchase price for all of its assets was $635 thousand which included the cannabis licenses. Regulatory approval is pending and should close September 2024. At closing, the Company will have a net liquidity event.

 

On December 1, 2023 Olympia Trust Company and Stem Holdings Inc. entered into a supplemental indenture amending the conversion price, to be $1.00 (effected for the 1 for 100 reverse stock split), and all of the outstanding principal and accrued interest in the amount of $2.6 million was converted to 2,642,426 Common shares at the new conversion price.