BellRock Brands Secures $861,757 Promissory Note With High Street Capital Partners To Reorganize Debt, Announces General Counsel’s Exit

LOS ANGELES– BellRock Brands Inc., a leading player in the cannabis consumer packaged goods and intellectual property platform, has announced its entry into a secured promissory note and security agreement with High Street Capital Partners, LLC (HSCP). The note amounts to $861,757.00 (USD), carries an interest rate of 25%, and matures on November 17, 2023.

The company’s decision to issue the promissory note is part of its ongoing efforts to reorganize its maturing debt and reduce interest expenses while pursuing various cash flow-enhancing measures. However, the proceeds from the note will not fully cover the company’s obligations under the Private Lenders Note that matured in January 2023. Nevertheless, BellRock has maintained positive relations with the consortium and is actively working on additional measures to address its obligations.

In a separate announcement, the company revealed that General Counsel and Corporate Secretary, Eduardo Provencio, will be leaving the company effective June 2, 2023. Mr. Provencio has served in this role since July 2022, and he began his journey as the General Counsel of Mary’s Brands in 2016. The company will start searching for his replacement immediately, and Mr. Provencio will assist the organization in the process.

Brian Jansen, the CEO and President of BellRock, expressed his gratitude towards Eduardo Provencio and stated that he left an indelible mark on the organization. Mr. Provencio, in turn, thanked the leadership team and board members for entrusting him with the responsibility of leading the company. He also expressed his confidence in BellRock’s future, stating that it is and will continue to be one of the premier cannabis companies in North America.

Overall, BellRock’s recent announcements indicate that the company is committed to addressing its debt obligations while continuing to capitalize on its successes. The departure of Mr. Provencio, however, adds a layer of uncertainty to the company’s future leadership. Nonetheless, BellRock’s positive relationships with the consortium of private lenders and its ongoing efforts to restructure its debt position may provide a stable foundation for the company to continue its growth trajectory.