Cannabis Sativa, Inc. Retires $3 Million in Debt
MESQUITE, NV / ACCESSWIRE / July 1, 2015 /Cannabis Sativa, Inc. (OTCQB:CBDS) (referred to collectively with its subsidiaries as "CBDS" or the "Company") has negotiated retirement of approximately $3 million in debt owed to its Chairman Steve Kubby in exchange for 1.5 million shares of the Company's Series A convertible preferred stock. The conversion feature allows Mr. Kubby to exchange his preferred stock for the Company's common stock on a one to one basis at the end of a two year holding period or at the time a spinoff of Kush is effected, whichever occurs first.
Coinciding today with the retirement of debt in exchange for the preferred stock, the CBDS Board of Directors also voted affirmatively to begin the process of effecting a spinoff of Kush as a separate fully reporting public entity. At the culmination of the spinoff, Steve Kubby will receive 51% of the Kush common stock...
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