GreenSpace Brands Inc. announced that it has entered into a new credit facility with Pivot Financial Inc. to replace its previous ABL facility. The structure and conditions of the new debt facility (the "New Facility") include a $3.5 million term loan and a $4.0 million full recourse accounts receivable factoring.

The Company is also pleased to announce that it has re-negotiated the terms of its loans with Primary Capital Inc. ("Primary") and with MW1 LLC ("MW1"). The details of the amendments are as follows:

Under the previous terms of the Promissory Note with Primary (the "Primary Note"), during June 2020, the Company was to have made a 10% repayment of the Primary Note and was to have repaid the Primary Note in full by December 2020. The Company failed to make the 10% repayment and its failure to do so, put the Company in default of that loan. The Primary Amending Agreement provides that the terms of the Primary Note shall be amended to extend the maturity date to September 23, 2021 and requiring a 10% prepayment of the outstanding amount by January 4, 2021. The Primary Amending Agreement further provides that the consideration for these extensions shall be as follows: (i) the Company shall pay to Primary an extension fee in the amount of $56,572 (which shall be added to the total indebtedness of the Primary Note); (ii) the Company shall pay an additional extension fee in the amount of $18,857 (which shall be added to the total indebtedness of the Primary Note) in the event that the Company fails to make a 10% prepayment of the outstanding amount of the Primary Note by January 4, 2021; and (iii) at Primary's option, the Company shall pay to Primary an additional extension fee in the amount of $37,715 (which shall be added to the total indebtedness of the Primary Note) to be paid only in the event that the Company fails to repay the remaining principal and interest remaining on the Primary Note, in full, by September 23, 2021. In the event that this final extension fee is paid, the maturity date of the Primary Note shall be extended for an additional year on the same terms and conditions.