BUDZ WEED Inc (QB)

On November 22, 2021, we closed the purchase of property located in Westfield, New York known as the Sugar Hill Golf Course. The final purchase was pursuant to the terms of an amended foreclosure proceeding that began in July 2019 wherein we were the winning bidder. Under terms of our bid the total purchase price for the property was $597,000, of which we paid $120,000 as a deposit. Thereafter our agreement to purchase the property from foreclosure was amended and extended several times and we made numerous $10,000 monthly payments and several additional payments related to the extension to close the purchase, all of which led up to the December 1, 2021 deadline when approximately $172,000 was owed under the terms of the foreclosure. In mid-November 2021, we paid the final $172,000 and the final deed documents were recorded with the Chautauqua County, NY Clerk’s Office on November 22, 2021. We also paid approximately $50,000 in taxes and fees related to the property.

The property is approximately 43 acres and has unlimited water extraction rights from the State of New York. We plan to use this property as our inroads to the New York hemp and infused beverage markets in the future. There are no current plans or budget to proceed with operations in New York.

On November 2, 2021, we borrowed $300,000 from Glenn E. Martin, one of our officers and directors, in order to pay the final payment of $172,000 to acquire the Sugar Hill Golf Course. Under the terms of the promissory note, the principal amount bears interest at five percent (5%) per annum and matures on December 31, 2022.