GreenSpace Brands Inc. announced that it has reached agreements with certain of the Company's debt providers to renew their soon-to-mature debt facilities with the Company. The debt providers include Pivot Financial I Limited Partnership (Pivot), MW1 LLC (MW1) and Primary Capital Inc. (Primary). The Company, Pivot and MW1 have agreed to renew their current facilities through June 30, 2023, subject to customary conditions precedent.

As a result of the renewal of the Pivot debt, the Primary debt has automatically renewed to July 1, 2023. The Company and Pivot have agreed to maintain the current Factor Facility and to increase the Term Loan available to the Company from its current $5,000,000 to $6,000,000. The additional $1,000,000 will be used to increase the Company's working capital position and for general and administrative purposes.

This addition to the Term Loan may be required to be repaid before June 30, 2023, depending upon the outcome of the Company's ongoing strategic review, that was announced on June 2, 2022. Both parties have agreed that renewal fees of $60,000 will be paid to Pivot in cash. As consideration for renewing the MW1 vendor take back arrangement (VTB Promissory Note), both parties have agreed that the amount owed to MW1 shall be increased by 1% on each of the following dates: (i) September 30, 2022, (ii) December 31, 2022, and (iii) March 31, 2023.