UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 1.01. Termination of a Material Definitive Agreement.
On April 17, 2025, GT Cultivation LLC (“GT Cultivation”) and Green Tree Colorado, LLC (“GTC”), each a subsidiary of TREES Corp. (the “Company”), entered into a settlement agreement (“Settlement Agreement”) with Six Mile BP, LLC (“Six Mile”), pursuant to which the parties agreed to (i) terminate that certain lease dated May 1, 2023, as amended and assigned, by and between Six Mile, as landlord, and GT Cultivation, as tenant, for the premises located at 6859 North Foothills Highway, Building E, Unit E100, Boulder, CO 80302 (the “Lease”); and (ii) settle all claims among Six Mile, GT Cultivation and GTC relating to the Lease.
The terms of the Settlement Agreement provide that GT Cultivation and GTC will make cash payments to Six Mile in the aggregate amount of $171,760, in accordance with the following schedule:
| Date of Payment | Amount | |||
| Effective Date | $ | 50,000 | ||
| On the first day of each month commencing May 2025 for a period of eleven (11) months | $ | 10,000 per month for a total of $110,000 | ||
| Security deposit of $11,760 | Six Mile retains | |||
In exchange for such payments, the Company, GT Cultivation and GTC as well as all affiliates thereof shall be released from any and all further liabilities to Six Mile under the Lease or otherwise. Furthermore, Six Mile has agreed to dismiss the action for forcible eviction and detainer and damages that it filed in the Boulder County District Court in connection with the Lease.
GT Cultivation shall surrender the premises on or before June 1, 2025; and, upon such surrender, the Lease shall be terminated and any obligations thereunder shall be null and void.
The foregoing description of the above agreement does not purport to be complete and is qualified in its entirety by reference to the full text thereof, which is annexed hereto as Exhibit 10.1, and incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
| (b) | Exhibits. |
| Exhibit No. | Description | |
| 10.1 | Settlement Agreement dated April 17, 2025 by and among GT Cultivation LLC, Green Tree Colorado, LLC, and Six Mile BP, LLC. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Dated: April 23, 2025
| TREES CORPORATION | ||
| By: | /s/ Adam Hershey | |
| Name: | Adam Hershey | |
| Title: | Interim Chief Executive Officer | |
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