Sproutly Confirms Board Shakeup As Kates And Bellas Resign

Cannabis supplier Sproutly Canada Inc. SPR SRUTF confirmed that Justin Kates and Michael Bellas have resigned from the company's board of directors.

According to the Thursday press release, resignations are effective June 22.

The company said Bellas would continue advising Sproutly CEO Arup Sen.

"On behalf of our board of directors, I want to thank Justin and Michael for their valuable service and contributions and wish them well in future endeavors," said Dr. Sen, in a prepared statement.

The Vancouver-based company intends to announce a new Board member's appointment, once the financing related to Infusion Biosciences' investment is finalized.

Sproutly secured $1 million in funding through a private loan in January.

The loan facility has an interest rate of 10% annually and is secured by a secured convertible debenture.

Pursuant to the financing deal, the loan's principal can be converted into the company's units at 19 cents per unit.

Earlier this year, the company's wholly-owned cannabis producer Toronto Herbal Remedies, received a Health Canada sales license for cannabis flower, which allowed the company to sell it across the country.

Courtesy photo