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The Company believes this matter will eventually be dismissed but there is no timeline on when the FDA or Congress will take action so the case is expected to be stayed indefinitely.
−Removed: As previously disclosed, the Company’s subsidiary, CBD Industries, LLC, initiated a trademark cancellation proceeding in 2019 against Majik Medicine, LLC regarding Majik Medicine’s “CBD MD” trademark.
−Removed: In a Settlement, Purchase, and Release Agreement, effective August 23, 2024, the Company acquired the trademark, resolving all related legal claims.
−Removed: The agreement included a $100,000 initial payment, four additional annual payments of $50,000, the issuance of 75,000 shares of common stock, and 50,000 more shares on the one-year anniversary.
−Removed: Failure to make the additional payments would reassign the trademark to Majik Medicine.
−Removed: We believe that this acquisition strengthens the Company’s IP portfolio, avoids litigation costs, and expedites trademark issuance.
−Removed: Majik Medicine also appointed board member William Raines III as a voting proxy for the Initial Shares for a period of 12 months.
MINE SAFETY DISCLOSURES.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.