Projects Cancelled / Terminated for "Business Reasons"

Pursuant to a cooperation agreement, dated June 5, 2019 (the “Cooperation Agreement”) , with a city within Croatia (the “City”), the Company and the City were  cooperating to explore opportunities to obtain a license to undertake activities for growing and selling cannabis for medical purposes. The cooperation agreement was recorded at a nominal value.

The Croatian city at no cost to the Company had constructed a complete laboratory and manufacturing facility for the Company’s use for the production and processing of the medical cannabis.

Due to delays caused by the Covid epidemic, Croatia was unable to pass the necessary regulations on a timely basis to implement the opening of the medical cannabis sector, being prior to Croatia’s full and complete entry into the European Union with Schengen zone (abolition of passports and other border controls at mutual borders comprising 28 countries) implemented in 2023.

As such, the Company terminated the Co-Operation Agreement, and is seeking new projects; “Projects of Tomorrow”.