Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
On January 20, 2023, the Company issued 1,793 shares of restricted common stock, with an aggregate fair value of approximately $1,000, under a royalty agreement. On January 13, 2023, the Company issued 6,580,390 shares of restricted common stock, with a fair value of $3.0 million, as purchase consideration for the Ermont Acquisition. On March 29, 2023, the Company issued an aggregate of 70,000 shares of restricted common stock to two employees, with a fair value of approximately $39,000.
The issuance of the shares of common stock described above were deemed to be exempt from registration under the Securities Act of 1933, as amended (the "Securities Act") in reliance upon Sections 4(a)(2) and/or 4(a)(5) of the Securities Act. A legend restricting the sale, transfer, or other disposition of these securities other than in compliance with the Securities Act was placed on the securities issued in the foregoing transactions.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not applicable.
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