Document:

Exhibit
10.3

 

Form
of Intercreditor and Subordination Agreement

 

INTERCREDITOR
AND SUBORDINATION AGREEMENT

 

This
INTERCREDITOR AND SUBORDINATION AGREEMENT (this “Agreement”) is made and entered into as of September 9,
2020, by and among Cookies Retail LLC, a California limited liability company (“Senior Lender”), E2T2,
LLC, a Colorado limited liability company (“Borrower”), Diego Pellicer Worldwide, Inc, a Delaware
corporation (“DPW”), Colorado Wellness, Inc. (“CWI”), a Colorado corporation, and Royal
Asset Management, LLC (“RAM”), a Colorado limited liability company, (DPW, CWI and RAM each referred to
herein as a “Subordinate Lender” and collectively as “Subordinate Lenders”). Each of
Borrower, Senior Lender, DPW, CWI and RAM may be referred to in this Agreement individually as “Party” or
collectively “Parties.”

 

RECITALS:

 

WHEREAS,
as a condition to closing under that Certain Membership Interest Purchase Agreement, dated September 9, 2020 (the “MIPA”)
by and between Blue Bronco, LLC, a Colorado limited liability company (“Blue Bronco”), Borrower, Itachi Capital,
Inc., a Colorado Corporation, and Erin Turoff, an individual, and as an inducement for Senior Lender to (i) assume ownership in
Blue Bronco, LLC, an affiliate of Borrower, and (ii) become a party to that certain secured Non- Revolving Line of Credit Promissory
Note dated September 9, 2020 whereby Borrower may borrow up to Six Hundred Thousand Dollars ($600,000.00) from Senior Lender (as
amended, supplemented, or modified from time to time, the “Note”), the Subordinate Debt shall be subordinated
to the Senior Debt, as specified herein; and

 

WHEREAS,
the Senior Lender has required the execution and delivery of this Agreement by the Borrower and the Subordinate Lenders in order
to set forth the relative rights and priorities of the Senior Lender and Subordinate Lenders under the Senior Documents and the
Subordinate Documents.

 

NOW,
THEREFORE, in consideration of the forgoing premises, and for other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged and agreed, the Parties agree as follows:

 

ARTICLE
I DEFINITIONS

 

As
used in this Agreement, the following terms shall have the following meanings:

 

1.1             
“Agreement” has the meaning set forth in the introductory paragraph and includes any amendment, modification or
restatement of this Agreement.

 

1.2             
“Bankruptcy Code” means the United States Bankruptcy Code (11 U.S.C. §101 et seq.), as amended from time to
time.

 

1.3             
“Blue Bronco” has the meaning set forth in the Recitals to this Agreement and includes any successor or assigns.

 

1.4                “Borrower”
has the meaning set forth in the introductory paragraph to this Agreement
and includes any successor or assigns.

 

    1

     

    

 

1.5             
“CWI” has the meaning set forth in the introductory paragraph to this Agreement and includes any successor or assigns.

 

1.6             
“Distribution” means, with respect to any indebtedness, obligation or security (a) any payment or distribution
of cash, securities or other property, by set-off or otherwise, on account of such indebtedness, obligation or security or (b)
any redemption, purchase or other acquisition of such indebtedness, obligation or security by the Borrower.

 

1.7             
“DPW” has the meaning set forth in the introductory paragraph to this Agreement and includes any successor or assigns.

 

1.8             
“DPW UCC Financing Statement” means that certain UCC Financing Statement filed with the Colorado Secretary of State
on April 7, 2020, which lists Borrower as the Debtor and DPW as the Secured Party.

 

1.9             
“Enforcement Action” means (a) to take from or for the account of the Borrower or any guarantor of the Borrower,
by set-off or in any other manner, the whole or any part of any moneys which may now or hereafter be owing by the Borrower, or
such guarantors, with respect to the Subordinate Debt, (b) to sue for payment of, or to initiate or participate with others in
any suit, action or proceeding against the Borrower or any guarantor of the Borrower, to (i) enforce payment of or to collect
the whole or any part of the Subordinate Debt, (ii) enforce payment of or to collect the whole or any part of any guaranty of
the Subordinate Debt, or (iii) commence judicial enforcement of any of the rights and remedies under the Subordinate Debt, or
any guaranty or applicable law with respect to the Subordinate Debt, (c) to accelerate the Subordinate Debt, (d) to enforce any
guaranty or security agreement securing a guaranty, (e) to exercise any put option or to cause the Borrower to honor any redemption
or mandatory prepayment obligation under the Subordinate Debt, (f) to notify account debtors or directly collect accounts receivable
or other payment rights from the Borrower or (g) to take any action under the provisions of any state or federal law, or under
any contract or agreement, to enforce, foreclose upon, take possession of or sell any property or assets of the Borrower, or any
guarantor.

 

1.10         
“License Agreement” means that certain License Agreement between the Company and Cookies Retail, LLC dated September
9, 2020.

 

1.11         
“License Fee” means the license fee of $75,000 due to Cookies Retail, LLC under the License Agreement.

 

	 	1.12	“MIPA”
    has the meaning set forth in the Recitals to this Agreement.

 

	 	1.13	“Note”
    has the meaning set forth in the Recitals to this Agreement.

 

1.14         
“Net Profits” means income of the Company, less ordinary and normal business expenses, taxes, overhead, and retained
profits for inventory purchases and capital expenditures. For clarity, business expenses for purposes of Net Profits does not
include (i) the Senior Debt, the Subordinate Debt or any debt service thereof or (ii) any money paid by Company to Cookies Retail,
LLC under the License Agreement.

 

1.15         
“Person” shall mean any natural person, corporation, general or limited partnership, limited liability company,
firm, trust, association, government, governmental agency or other entity, whether acting in an individual, fiduciary or other
capacity.

 

1.16         
“Paid in Full” or “Payment in Full” means the indefeasible payment in full in cash of all Senior Debt
under the Senior Debt Documents.

 

1.17         
“Proceeding” means any voluntary or involuntary insolvency, bankruptcy, receivership, custodianship, liquidation,
dissolution, reorganization, assignment for the benefit of creditors, appointment of a custodian, receiver, trustee or other officer
with similar powers or any other proceeding for the liquidation, dissolution or other winding up of a Person, whether initiated
under the Bankruptcy Code or any other similar federal or state statute.

 

1.18         
“RAM” has the meaning set forth in the introductory paragraph to this Agreement and includes any successor or assigns.

 

1.19         
“Senior Debt” means the obligations, liabilities and indebtedness of every nature of the Borrower, from time to
time, of up to Seven Hundred Fifty Thousand Dollars ($750,000.00), owed to the Senior Lender under the Senior Debt Documents,
including, without limitation, the principal amount of all debts, claims and indebtedness, accrued and unpaid interest accruing
thereon (including, without limitation, interest accruing after the commencement of a Proceeding, without regard to whether or
not such interest is an allowed claim) and all fees, costs and expenses, whether primary, secondary, direct, contingent, fixed
or otherwise, heretofore, now and from time to time hereafter owing, due or payable, whether before or after the filing of a Proceeding
under the Bankruptcy Code.

 

1.20         
“Senior Debt Documents” means the Note and all other agreements, documents and instruments executed from time to
time in connection therewith, as the same may be amended, restated, supplemented or otherwise modified from time to time.

 

1.21         
“Senior Lender” has the meaning set forth in the introductory paragraph to this Agreement and includes any successor
or assigns.

 

1.22         
“Subordinate Debt” means all of the obligations, liabilities and indebtedness of the Borrower to the Subordinate
Lenders evidenced by or incurred pursuant to the Subordinate Debt Documents.

 

1.23         
“Subordinate Debt Default” means a default in the payment of the Subordinate Debt or in the performance of any
term, covenant or condition contained in the Subordinate Debt Documents or any other occurrence permitting Subordinate Lenders
to accelerate the payment of, put or cause the redemption of, all or any portion of the Subordinate Debt or any Subordinate Debt
Document.

 

1.24          “Subordinate
Debt Documents” means all documents, agreements and instruments now existing or hereinafter entered into evidencing or
pertaining to all or any portion of any amounts due to CWI, DPW or RAM by Borrower, including without limitation (i) the DPW
UCC Statement; (ii) that certain promissory note dated July 25, 2019 by and between Borrower and DPW, (iii) that certain
promissory note dated November 8, 2019 by and between Borrower and RAM, (iv) that certain second amended and restated seller
carry promissory note dated November 8, 2019 by and between Borrower and CWI, (v) that certain secured convertible promissory
note dated February 27, 2020 by and between Borrower and DPW and (vi) that certain security agreement dated February 27, 2020
by and between Borrower and DPW.

 

    2

     

    

 

1.25         
“Subordinate Lenders” has the meaning set forth in the introductory paragraph to this Agreement and includes any
successor or assigns.

 

1.26         
“U.S. Federal Marijuana Laws” means any U.S. federal laws, civil, criminal or otherwise, as such relate, either
directly or indirectly, to the cultivation, harvesting, manufacturing, production, marketing, commercialization, distribution,
transfer sale and/or possession of marijuana or related substances, or products, activities or services containing or relating
to the same, including, without limitation, the prohibition on drug trafficking under 21 U.S.C. Ch. 13, et seq., the conspiracy
statute under 18 U.S.C. § 846, the bar against aiding and abetting the conduct of an offense under 18 U.S.C. § 2, the
bar against misprision of a felony (concealing another’s felonious conduct) under 18 U.S.C. § 4, the bar against being
an accessory after the fact to criminal conduct under 18 U.S.C. § 3, and federal money laundering statutes under 18 U.S.C.
§§ 1956, 1957, and 1960, and any other U.S. federal law the violation of which is predicated on the violation of any
of the foregoing as it applies to the cultivation, harvesting, manufacturing, production, marketing, commercialization, distribution,
transfer sale and/or possession of marijuana or related substances, or products, activities or services containing or relating
to the same and all orders, decrees, rules and regulations promulgated under any of the foregoing.

 

ARTICLE
II SUBORDINATION AND PRIORITY

 

	 	2.1	Subordination
    and Priority of Debts.

 

(a)               
The Borrower and the Subordinate Lenders hereby covenant and agree, and by their acceptance of the Subordinate Debt Documents
(whether upon original issue or upon transfer or assignment) likewise covenant and agree, notwithstanding anything to the contrary
contained in any of the Subordinate Debt Documents, that, in accordance with this Article II, the payment of any and all of the
Subordinate Debt, and amounts due thereunder, subject to Section 2.3(b), shall be subordinate and subject in right and time of
payment, to the extent and in the manner hereinafter set forth, to the Payment in Full of all Senior Debt. Any holder of the Senior
Debt, whether now outstanding or hereafter created, incurred, assumed or guaranteed, shall be deemed to have acquired the Senior
Debt in reliance upon the provisions contained in this Agreement.

 

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(b)              
Borrower and the Subordinate Lenders hereby covenant and agree, and by their acceptance of the Subordinate Debt Documents (whether
upon original issue or upon transfer or assignment) likewise covenant and agree, notwithstanding anything to the contrary contained
in any of the Subordinate Debt Documents, that, in accordance with this Article II, in any Proceeding the payment of any and all
of the Subordinate Debt, and amounts due thereunder, shall have the following priority among the Subordinate Lenders: (i) first,
to the payment in full of all outstanding Subordinate Debt held by DPW; (ii) second, to the payment in full of all outstanding
Subordinate Debt held by CWI; and (iii) third, to the payment in full of all outstanding Subordinate Debt held by RAM. (the “Debt
Priority”).

 

2.2             
Liquidation, Dissolution, Bankruptcy. In the event of any Proceeding involving the Borrower:

 

(a)   
All Senior Debt shall first be Paid in Full before any Distribution, whether in cash, securities or other property, shall be
made to the Subordinate Lenders on account of the Subordinate Debt.

 

(b)  
Any Distribution, whether in cash, securities or other property which would otherwise, but for the terms hereof, be payable
or deliverable in respect of the Subordinate Debt shall be paid or delivered directly to the Senior Lender (to be applied by the
Senior Lender in accordance with the terms of the Senior Debt Documents) until all Senior Debt is Paid in Full. The Subordinate
Lenders irrevocably authorize, empower and direct any debtor, debtor in possession, receiver, trustee, liquidator, custodian,
conservator or other Person having authority, to pay or otherwise deliver all such applicable Distributions to the Senior Lender,
for the benefit of the Senior Lender, for application to the Senior Debt until Payment in Full of all Senior Debt. The Subordinate
Lenders also irrevocably authorize and empower the Senior Lender, in the name of the Subordinate Lender, to demand, sue for, collect
and receive any and all such Distributions.

 

(c)   
Subject to Section 2.3(b), after the Senior Debt is Paid in Full, the Subordinate Debt shall be Paid in Full only in the order
of the Debt Priority.

 

(d)  
The Subordinate Lenders agree not to initiate, prosecute or participate in any claim, action or other proceeding challenging
the enforceability, validity, perfection or priority of the Senior Debt or any liens and security interests securing the Senior
Debt and further agree not to oppose or object to any adequate protection sought by or granted to the Senior Lender with respect
to any collateral associated with the Senior Debt.

 

(e)   
The Subordinate Lenders agree that the Senior Lender may consent to the use of cash collateral or provide (or consent to any
other Person providing) financing to the Borrower (or trustee) on such terms and conditions and in such amounts as the Senior
Lender, in its sole discretion, may decide and, in connection therewith, the Borrower (or trustee) may grant to the Senior Lender
(or such other Person providing financing) liens and security interests upon all of its property, which liens and security interests
(i) shall secure payment of all Senior Debt (whether such Senior Debt arose prior to the commencement of any Proceeding or at
any time thereafter) and all other financing provided by the Senior Lender (or such other Persons providing financing) during
the Proceeding, all of which shall be on commercially reasonable terms and (ii) shall be superior in priority to the liens and
security interests, if any, in favor of the Subordinate Lenders on the property of the Borrower. If the Senior Lender objects
to any motion by the Borrower (or trustee) for use of cash collateral or to incur financing in a Proceeding, then, upon the Senior
Lender's written request, the Subordinate Lenders will not support such opposition to the Senior Lender’s objection, provided,
however, that such written request is based upon commercially reasonable grounds. The Subordinate Lenders agree that they will
not object to or oppose, and will consent to, a sale process, sale or other disposition of any property securing all of any part
of the Senior Debt free and clear of security interests, liens or other claims of the Subordinate Lenders under Section 363 of
the Bankruptcy Code or any other provision of the Bankruptcy Code if the Senior Lender have consented to such sale or disposition
(and, if requested by Senior Lender in writing, the Subordinate Lenders will object to any such sale or other disposition). The
Subordinate Lenders shall not, directly or indirectly, seek to provide any financing in any Proceeding secured by liens equal
or senior to the liens securing the Senior Debt without the Senior Lender's prior written consent, which consent shall not be
unreasonably withheld. The Subordinate Lenders agree not to assert any rights under Sections 362, 363 or 364 of the Bankruptcy
Code with respect to the property of the Borrower, except any rights they may have to adequate protection of their interest in
any property of the Borrower in any Proceeding. Any claim of the Subordinate Lenders arising during a Proceeding, including a
claim under Section 507(b) of the Bankruptcy Code, shall constitute a claim under this Agreement. The Subordinate Lenders waive
any claim they may now or hereafter have arising out of the Senior Lender’ election, in any Proceeding instituted under
the Bankruptcy Code, of the application of Section 1111(b)(2) of the Bankruptcy Code, and/or any borrowing or grant of a security
interest under Section 364 of the Bankruptcy Code by the Borrower, as debtor in possession, provided, however, that all such actions
taken by the Senior Lender . The Subordinate Lenders further agree that they will not seek to participate on any creditor’s
committee without the Senior Lender's prior written consent, which consent shall not be unreasonably withheld.

 

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(f)    
The Senior Debt shall continue to be treated as the Senior Debt and the provisions of this Agreement shall continue to govern
the relative rights and priorities of the Senior Lender and the Subordinate Lenders even if all or part of the Senior Debt or
the security interests securing the Senior Debt are subordinated, set aside, avoided, invalidated or disallowed in connection
with any such Proceeding, and this Agreement shall be reinstated if at any time any payment of any of the Senior Debt is rescinded
or must otherwise be returned by any holder of Senior Debt or any representative of such holder.

 

(g)  
The parties acknowledge and agree that (i) the claims and interests of the Senior Lender under the Senior Debt Documents are
substantially different from the claims and interests of the Subordinate Lenders under the Subordinate Debt Documents and (ii)
such claims and interests should be treated as separate classes for purposes of Section 1122 of the Bankruptcy Code.

 

(h)  
It is acknowledged and agreed that this Agreement shall constitute a “subordination agreement” within the meaning
of Section 510(a) of the Bankruptcy Code.

 

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	 	2.3	Debt
    Payment Restrictions.

 

(a)    The
Borrower hereby agrees that it may not make, and the Subordinate Lenders hereby agree that they will not accept, any
Distribution with respect to the Subordinate Debt except as provided in this Agreement. Further, the Subordinate Lenders
shall not accept any Distribution if they know that, either at the time of such payment or after giving effect thereto a
Senior Debt Default exists and such Senior Debt Default shall not have been cured or waived.

 

(b)  
The Borrower shall pay the Senior Debt and Subordinate Debt only in the following manner:

 

(i)            
Borrower shall pay 35% of Borrower’s Net Profits to the Senior Debt until the Senior Debt is Paid in Full.

 

(ii)            
Until the Senior Lender has received the License Fee under the License Agreement, Borrower shall pay 65% of Borrower’s
Net Profits to the Senior Lender.

 

(iii)           
After the Borrower has paid the License Fee under the License Agreement in full, Borrower shall pay 35% of its Net Profits
to the Senior Debt and 65% of its Net Profits to the Subordinate Debt.

 

(iv)            
After the Senior Debt is Paid in Full, if the Subordinate Debt remains outstanding, Borrower shall pay 35% of Borrower’s
Net Profits to the Senior Lender pursuant to the License Agreement.

 

(v)            
After the date of Closing, as that term is defined in the MIPA, Borrower shall pay 35% of its Net Profits to the Senior Debt
and 65% of its Net Profits to the Subordinate Debt.

 

(vi)            
Notwithstanding anything to the contrary in this Agreement, if Borrower has insufficient funds to pay the Senior Debt and the
Subordinate Debt, Borrower shall first pay its debt service to CWI before making the Distributions specified in this Section 2.3(b).

 

(vii)            
If Closing, as that term is defined in the MIPA, does not occur, Borrower shall pay the Senior Debt and the Subordinate debt
in the ordinary course pursuant to the Senior Debt Documents and Subordinate Debt Documents, notwithstanding this Section 2.3(b),
and this Agreement will otherwise remain in full force and effect.

 

(c)   
No Senior Debt Default shall be deemed to have been waived for purposes of this Section 2.3 unless and until the Borrower shall
have received a written waiver from the Senior Lender.

 

(d)  
If the Subordinate Lenders are prohibited from taking an act, or seeking or receiving a payment herein, or enforcing their
rights, all terms, conditions and agreements herein apply to all guaranty agreements that relate to guaranty the payment and/or
performance of any obligation or agreement in the Subordinate Debt Documents.

 

(e)   
Until the Senior Debt is Paid in Full, the Subordinate Lenders shall not, without the prior written consent of Senior Lender,
which consent shall not be unreasonably withheld, take any Enforcement Action with respect to any Subordinate Debt Document. Notwithstanding
the foregoing, subject to the provisions of this Article 2, the Subordinate Lenders may file proofs of claim against the Borrower
in any Proceeding involving the Borrower.

 

2.4             
Incorrect Payments. If any Distribution on account of the Subordinate Debt not permitted to be made by the Borrower or accepted
by the Subordinate Lenders under this Agreement, is made and received by the Subordinate Lenders, such Distribution shall be held
in trust for the benefit of, and immediately paid over to Senior Lender, with any necessary endorsement, for application (in accordance
with the Senior Debt Documents) to the payment of the Senior Debt then remaining unpaid, until all of the Senior Debt is Paid
in Full. The Senior Lender is hereby authorized to make any such endorsements as agent for each of the Subordinate Lenders. This
authorization is coupled with an interest and is irrevocable.

 

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2.5             
Subordination of Liens and Security Interests; Agreement Not to Contest; Agreement to Release Liens; Agreement to Provide Collateral
Notice.

 

(a)   
Until the Senior Debt has been Paid in Full, any liens and security interests of the Subordinate Lenders in any property of
the Borrower shall be and hereby are subordinated for all purposes and in all respects to the liens and security interests of
the Senior Lender in such property, regardless of the time, manner or order of perfection of any such liens and security interests,
and the Senior Lender is hereby authorized by the Subordinate Lenders to file, at the sole cost and expense of the Borrower, such
UCC financing statement amendments as may be reasonably desired by the Senior Lender to reflect the priorities established herein.

 

(b)  
Except as expressly set forth to the contrary in this Agreement, The Subordinate Lenders agree that they will not at any time,
including without limitation in connection with any Proceeding, contest the validity, perfection, priority or enforceability of
the Senior Debt, the Senior Debt Documents, the liens and security interests of the Senior Lender in any property of the Borrower,
or the Debt Priority

 

(c)   
In the event that the Senior Lender releases or agrees to release any of its liens or security interests in any property of
the Borrower in connection with the sale or other disposition thereof, or any property of the Borrower is sold or retained pursuant
to a foreclosure or similar action, (i) the Senior Lender shall be deemed authorized by the Subordinate Lenders to file UCC termination
statements in respect of the liens and security interests in favor of the Subordinate Lenders with respect to such property, (ii)
the Subordinate Lenders shall be deemed to have consented to such sale or other disposition under the provisions of the Subordinate
Debt Documents, free and clear of any liens or security interests in favor of the Subordinate Lenders and (iii) the Subordinate
Lenders shall promptly execute and deliver to the Senior Lender such releases and terminations as the Senior Lender shall reasonably
request to effect the release of the liens and security interests of the Subordinate Lenders in such property, provided, however,
that such sale or other disposition is based on commercially reasonable grounds. In furtherance of the foregoing, the Subordinate
Lenders hereby irrevocably appoint the Senior Lender their attorney-in-fact, with full authority in the place and stead of the
Subordinate Lenders and in the name of the Subordinate Lenders or otherwise, to execute and deliver any document or instrument
which the Subordinate Lenders may be required to deliver pursuant to this Section 2.5.

 

(d)  
Proceeds of any property of the Borrower include insurance proceeds, and therefore, anything contained in the Subordinate Debt
Documents to the contrary notwithstanding, the priorities set forth in this Agreement govern the ultimate disposition of insurance
proceeds. Until the Senior Debt has been Paid in Full, the Senior Lender shall have the sole and exclusive right, as against the
Subordinate Lenders, to adjust settlement of insurance claims in the event of any covered loss, theft or destruction of such property.
All proceeds of such insurance shall inure to the Senior Lender, to the extent of the Senior Debt, and the Subordinate Lenders
shall cooperate (if necessary) in a reasonable manner in effecting the payment of insurance proceeds to the Senior Lender (or
any representative thereof). In the event the requisite holders of the Senior Debt (or any representative thereof), in their or
its sole discretion or pursuant to agreement with the Borrower, permits the Borrower to utilize the proceeds of insurance to replace
any applicable property of Borrower, the consent of the holders of the Senior Debt (or any representative thereof) shall be deemed
to include the consent of the Subordinate Lenders.

 

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(e)   
The Borrower agrees to provide the Senior Lender and Subordinate Lenders prompt written notice of Borrower entering into any
Subordinate Debt Document following the date hereof, which Subordinate Debt Document (or the agreements and documents contemplated
thereby) provides for the granting of liens or security interests by any Person to secure all or any portion of the Subordinate
Debt.

 

	 	2.6	Sale,
    Transfer or other Disposition of the Subordinate Debt.

 

(a)   
The Subordinate Lenders shall not sell, assign, pledge, dispose of or otherwise transfer all or any portion of the Subordinate
Debt or any Subordinate Debt Document: (i) without giving prior written notice of such action to the Senior Lender, and (ii) unless,
prior to the consummation of any such action, the transferee thereof shall execute and deliver to the Senior Lender an agreement
substantially identical to this Agreement, providing for the continued subordination of the Subordinate Debt to the Senior Debt
as provided herein and for the continued effectiveness of all of the rights of the Senior Lender and the Senior Lender arising
under this Agreement or otherwise be bound to this Agreement as a Subordinate Lender.

 

(b)  
Notwithstanding the failure of any transferee to execute or deliver an agreement substantially identical to this Agreement
or otherwise agree to be bound to this Agreement as a Subordinate Lender, the subordination effected hereby shall survive any
sale, assignment, pledge, disposition or other transfer of all or any portion of the Subordinate Debt Documents, and the terms
of this Agreement shall be binding upon the successors and assigns of any Subordinate Lender, as provided in Section 6.5 hereof.

 

2.7             
Application of Proceeds from Sale or other Disposition of Borrower’s Property. Subject to the provisions of this Article
II, in the event of any sale, transfer or other disposition (including a casualty loss or taking through eminent domain or expropriation)
of any property of the Borrower, the proceeds resulting therefrom (including insurance proceeds) shall be applied in accordance
with the terms of the Senior Debt Documents or as otherwise consented to by the Senior Lender until such time as the Senior Debt
in Paid in Full.

 

2.8             
DPW UCC-3 Termination Statement and UCC Financing Statements Concurrently with the execution of the Agreement, DPW shall file
a UCC-3 Termination Statement with the Colorado Secretary of State in relation to the DPW UCC Financing Statement. Immediately
thereafter, Senior Lender shall file a UCC Financing Statement with the Colorado Secretary of State in relation to the Senior
Debt, specifying Borrower as the Debtor and Senior Lender as the Secured Party. Each Subordinate Lender may file a UCC financing
statement thereafter, provided that such UCC financing statements preserve and recite the Debt Priority.

 

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2.9             
In the event of a Senior Debt Default or Subordinate Debt Default, Neil Demers shall be deemed to have resigned as CEO of Borrower.

 

ARTICLE
III MODIFICATIONS

 

3.1             
Modifications to the Senior Debt Documents. Subject to the terms of the Senior Debt Documents, the Senior Lender may at any
time and from time to time, with the written consent of Borrower, without the consent of or notice to the Subordinate Lenders,
without incurring liability to the Subordinate Lenders and without impairing or releasing the obligations of the Subordinate Lenders
under this Agreement, change the manner or place of payment or extend the time of payment of or renew or alter any of the terms
of the Senior Debt, or amend, restate, or otherwise modify in any manner any agreement, note, guaranty or other instrument evidencing
or securing or otherwise relating to the Senior Debt.

 

3.2             
Modifications to the Subordinate Debt Documents. Until the Senior Debt has been Paid in Full, and notwithstanding anything
to the contrary contained in the Subordinate Debt Documents, the Subordinate Lenders shall not, without the prior written consent
of the Senior Lender and Borrower, agree to any amendment, modification or supplement to the Subordinate Debt Documents the effect
of which is to (a) increase the maximum principal amount of the Subordinate Debt, (b) increase the rate of interest on any of
the Subordinate Debt, (c) accelerate the dates upon which payments of principal or interest on the Subordinate Debt are due or
terms upon which interest is required to be paid, (d) change or add any event of default or any covenant with respect to the Subordinate
Debt, (e) change any redemption or prepayment provisions of the Subordinate Debt, (f) alter the subordination provisions with
respect to the Subordinate Debt, including, without limitation, subordinating the Subordinate Debt to any other indebtedness,
or (g) change or amend any other term of the Subordinate Debt Documents if such change or amendment would result in a Senior Debt
Default, increase the obligations of the Borrower or confer additional material rights on the Subordinate Lenders or any other
holder of the Subordinate Debt in a manner adverse to the Borrower or Senior Lender.

 

ARTICLE
IV

 

WAIVER
OF CERTAIN RIGHTS BY SUBORDINATE LENDERS

 

4.1             
Waiver of Acceptance. The Subordinate Lenders hereby waive all notice of the acceptance by the Senior Lender of the subordination
and other provisions of this Agreement and all the notices not specifically required pursuant to the terms of this Agreement or
under the Uniform Commercial Code in connection with foreclosure on or sale of all or any portion of any property of the Borrower,
and the Subordinate Lenders expressly consent to reliance by the Senior Lender upon the subordination and other agreements as
herein provided. Notwithstanding anything to the contrary herein, the Senior Lender shall provide notice of foreclosure on or
sale of any or all property of the Borrower to the Subordinate Lenders when such foreclosure or sale shall be deemed to materially
affect the Subordinate Lenders’ interests.

 

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4.2             
Marshaling. The Subordinate Lenders hereby waive any rights they may have under applicable law to assert the doctrine of marshaling
or to otherwise require the Senior Lender to marshal any property of the Borrower for the benefit of the Subordinate Lenders.

 

4.3              Rights
Relating to the Senior Lender’s Actions with respect to the Borrower’s Property. Provided that all of the
following actions or measures taken or to be taken in this Section 4.3 are in full compliance with the terms and provisions
of this Agreement and undertaken upon a commercially reasonable basis, the Subordinate Lenders hereby waive, to the extent
permitted by applicable law, any rights which it may have (a) to enjoin or otherwise obtain a judicial or administrative
order preventing the Senior Lender from taking, or refraining from taking, any action with respect to all or any part of the
property of the Borrower and (b) to affect the method or challenge the appropriateness of any action by the Senior Lender.
Without limitation of the foregoing, the Subordinate Lenders hereby agree (a) that they have no right to direct or object to
the manner in which the Senior Lender applies the proceeds of any property of the Borrower resulting from the exercise by the
Senior Lender of rights and remedies under the Senior Debt Documents to the Senior Debt and (b) that the Senior Lender has
not assumed any obligation to act as the agent for the Subordinate Lenders with respect to any property of the Borrower.
Subject to this Agreement, the Subordinate Lenders hereby waive any and all rights of redemption with respect to any property
of the Borrower, and agree that the Senior Lender may deal with any property of the Borrower as if the Subordinate Lenders
held no lien on or security in such property. The Senior Lender shall not have any liability to the Subordinate Lenders for
any claims and liabilities at any time arising with respect to any property of the Borrower in its possession.

 

ARTICLE
V REPRESENTATIONS AND WARRANTIES

 

5.1             
Representations and Warranties of the Subordinate Lenders. To induce the Senior Lender to execute and deliver this Agreement,
the Subordinate Lenders hereby represent and warrant to the Senior Lender that as of the date hereof: (a) each Subordinate Lender
is an organization duly formed and validly existing under the laws of its jurisdiction of formation; (b) each Subordinate Lender
has the power and authority to enter into, execute, deliver and carry out the terms of this Agreement, all of which have been
duly authorized by all proper and necessary action; (c) the execution of this Agreement by any Subordinate Lender will not violate
or conflict with the organizational documents of such Subordinate Lender, any material agreement binding upon such Subordinate
Lender or any law, regulation or order or require any consent or approval which has not been obtained; (d) this Agreement is the
legal, valid and binding obligation of each Subordinate Lender, enforceable against each Subordinate Lender in accordance with
its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar
laws affecting the enforcement of creditors' rights generally and by equitable principles; and (e) the Subordinate Lenders, collectively,
are the sole owner, beneficially and of record, of the Subordinate Debt Documents and the Subordinate Debt.

 

    10

     

    

 

5.2             
Representations and Warranties of the Senior Lender. To induce the Subordinate Lenders to execute and deliver this Agreement,
the Senior Lender hereby represents and warrants to the Subordinate Lenders that as of the date hereof: (a) the Senior Lender
has the power and authority to enter into, execute, deliver and carry out the terms of this Agreement, all of which have been
duly authorized by all proper and necessary action; (b) the execution of this Agreement by the Senior Lender will not violate
or conflict with the organizational documents of the Senior Lender, any material agreement binding upon the Senior Lender or any
law, regulation or order or require any consent or approval which has not been obtained; and (c) this Agreement is the legal,
valid and binding obligation of the Senior Lender, enforceable against the Senior Lender in accordance with its terms, except
as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting
the enforcement of creditors' rights generally or by equitable principles.

 

5.3             
Representations and Warranties of the Borrower. To induce the Senior Lender and the Subordinate Lenders to execute and deliver
this Agreement, the Borrower hereby represents and warrants to the Senior Lender and the Subordinate Lenders that as of the date
hereof: (a) the Borrower has the power and authority to enter into, execute, deliver and carry out the terms of this Agreement,
all of which have been duly authorized by all proper and necessary action; (b) the execution of this Agreement by the Borrower
will not violate or conflict with the organizational documents of the Borrower, any material agreement binding upon the Borrower
or any law, regulation or order or require any consent or approval which has not been obtained; and (c) this Agreement is the
legal, valid and binding obligation of the Borrower, enforceable against the Borrower in accordance with its terms, except as
such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting
the enforcement of creditors' rights generally or by equitable principles.

 

ARTICLE
VI MISCELLANEOUS

 

6.1             
Subrogation. Subject to this Agreement, the Subordinate Lenders shall be subrogated to the extent of any Distributions made
by the Borrower to the Senior Lender on behalf of the Subordinate Lenders, or otherwise applied to payment of such Senior Debt
solely by reason of the provisions of this Agreement, to any rights of the Senior Lender to receive payments and distributions
of cash, securities and other property applicable to the Senior Debt, if any, until the Subordinate Debt shall have been paid
in full. For purposes of such subrogation, no payments or distributions to the Senior Lender of any cash, securities or other
property to which the Subordinate Lenders would have been entitled, except for the provisions of this Agreement, and no payments
pursuant to the provisions of this Agreement to the Senior Lender on behalf of the Senior Lender by the Subordinate Lenders, shall
be deemed to be a payment or distribution by the Borrower to or on account of the Senior Debt, it being understood and agreed
that the provisions of this Agreement are solely for the purpose of defining the relative rights of the Senior Lender on the one
hand, and the Subordinate Lenders on the other hand.

 

    11

     

    

 

6.2             
Amendment and Modification. This Agreement may only be amended, modified or supplemented by an agreement in writing signed
by each Party.

 

6.3             
Further Assurances. Each party to this Agreement promptly will execute and deliver such further instruments and agreements
and do such further acts and things as may be reasonably requested in writing by any other party hereto that may be necessary
or desirable in order to effect fully the purposes of this Agreement.

 

6.4             
Notices. Any notice or communication to be given under the terms of this Agreement shall be in writing and shall be personally
delivered or sent by e-mail, overnight delivery, or registered or certified mail, return receipt requested, to the addresses provided
below:

 

	 	If
to the Senior Lender:	Cookies Retail LLC

4675
McArthur Court, Floor 15 New Port,

California 92660

ATTN:
Ryan Johnson and Brandon Johnson

e-mail:
ryan@cookiesre.com; bj@cookiesre.com

 

	 	with copies to:	Vicente Sederberg LLP

        455 Sherman St., Suite 390

Denver,
Colorado 80203

ATTN:
Charles S. Alovisetti, Esq. 

e-mail:
charlie@vicentesederberg.com

 

	 	If to the Borrower:	E2T2,
        LLC

2057
S Broadway 

Denver,
CO 80210

ATTN:
Neil Demers 

e-mail:
npdemers@gmail.com

 

	 	With copies to:	McAllister Garfield, P.C.

        501 S. Cherry St., Ste. 480

Denver,
Colorado 80246

ATTN: Daniel J. Garfield, Esq.

e-mail:
dgarfield@mcallistergarfield.com

 

	 	If to CWI:	Colorado
Wellness, Inc.

1248
S Eaton St Lakewood,

CO 80232

ATTN: Alex Arguello

e-mail:
al3xg@aol.com 

 

    12

     

    

 

	 	With copies to:	Rachael
Z. Ardanuy, P.C.

3570
E. 12th Ave. 

Denver,
CO 80206 

ATTN:
Rachael Z. Ardanuy, Esq.

e-mail: rachael@rzalegal.com

 

	 	If to DPW:	Diego
Pellicer Worldwide, Inc.

        6160 Plumas Street, Suite 100

Reno,
NV 89519 

ATTN:
Nello Gonfantini

e-mail:
nello@diego-pellicer.com

 

	 	With copies to:	Joseph
Tomasek, Esq.

74
Linden Avenue 

Verona,
NJ 07044 

ATTN:
Joseph Tomasek, Esq.

e-mail: jtoma4368@aol.com

 

	 	If to RAM:	Royal Asset Management, LLC

        2949 W Alameda Ave

Denver,

CO 80219

ATTN:
Neil Demers 

e-mail:
npdemers@gmail.com

 

	 	With copies to:	McAllister
        Garfield, P.C.

        501 S. Cherry St., Ste. 480

Denver,
Colorado 80246

ATTN: Daniel J. Garfield, Esq. 

e-mail:
dgarfield@mcallistergarfield.com

 

6.5              Successors
and Assigns. This Agreement shall inure to the benefit of, and shall be binding upon, the respective successors and assigns
of the Senior Lender, each Subordinate Lender and the Borrower. To the extent permitted under the Senior Debt Documents, the
Senior Lender may, from time to time, without notice to the Subordinate Lenders, assign or transfer any or all of the Senior
Debt or any interest therein to any Person and, notwithstanding any such assignment or transfer, or any subsequent assignment
or transfer, the Senior Debt shall, subject to the terms hereof, be and remain the Senior Debt for purposes of this
Agreement, and every permitted assignee or transferee of any of the Senior Debt or of any interest therein shall, to the
extent of the interest of such permitted assignee or transferee in the Senior Debt, be entitled to rely upon and be the third
party beneficiary of the subordination provided under this Agreement and shall be entitled to enforce the terms and
provisions hereof to the same extent as if such assignee or transferee were initially a party hereto.

 

    13

     

    

 

6.6             
Entire Agreement. This Agreement constitutes the full and entire understanding and agreement between the Parties with regard
to the subjects hereof and supersedes any prior understandings or agreements between the Parties with respect to the subjects
hereof.

 

6.7             
Relative Rights. This Agreement shall define the relative rights of the Senior Lender and the Subordinate Lenders. Nothing
in this Agreement shall (a) impair, as among the Borrower and the Senior Lender and as between the Borrower and the Subordinate
Lenders, the obligation of the Borrower with respect to the payment of the Senior Debt and the Subordinate Debt in accordance
with their respective terms, or (b) affect the relative rights of the Senior Lender or the Subordinate Lenders with respect to
any other creditors of the Borrower. The terms of this Agreement shall govern even if all or any part of the Senior Debt or the
liens or security interests in favor of the Senior Lender are avoided, disallowed, unperfected, set aside or otherwise invalidated
in any judicial proceeding or otherwise.

 

6.8             
Conflict. If there is any conflict between any term, covenant or condition of this Agreement and any term, covenant or condition
of any of the Subordinate Debt Documents or the Senior Debt Documents, the provisions of this Agreement shall control and govern.

 

6.9             
Severability. If any term or other provision of this Agreement is invalid, illegal, or incapable of being enforced by any applicable
law or public policy, all other terms or provisions of this Agreement shall nevertheless remain in full force and effect so long
as the economic or legal substance of the transaction contemplated herein is not affected in any manner materially adverse to
any Party. Upon such determination that any term or other provision is invalid, illegal, or incapable of being enforced, the Parties
shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible
in an acceptable manner in order that the transaction contemplated herein are consummated as originally contemplated to the greatest
extent possible.

 

6.10         
Continuation of Subordination; Termination of Agreement. This Agreement shall remain in full force and effect until Payment
in Full of both the Senior Debt and Subordinate Debt, after which this Agreement shall terminate without further action on the
part of the parties hereto.

 

6.11          Perfection
Agent. The Senior Lender and the Subordinate Lenders each agree that solely with respect to any property of the Borrower in
which a security interest may only be perfected by title, possession or "control", such party shall serve as the
contractual representative agent of the other party solely for purposes of perfecting (to the extent not otherwise perfected)
the liens in favor of the Subordinate Lenders or liens in favor of the Senior Lender, as applicable, subject in all events to
the relative priorities established pursuant to this Agreement and to the limitations set forth in this Agreement with
respect to such party’s liabilities, duties and obligations. Without limiting the generality of the foregoing, each
party shall be deemed to be an agent of the other party solely for purposes of perfection under the relevant Uniform
Commercial Code and shall not incur any liabilities, fiduciary duties or obligations whatsoever to the other party due to the
provisions of this Section 6.11. Promptly following the Payment in Full of the Senior Debt, the Senior Lender shall, (x)
deliver the remainder of such property of the Borrower, if any, in its possession to the designee of the Subordinate Lenders,
subject to Section 2.1(b), and (y) deliver any certificates of title held by it in respect of such property (such as motor
vehicle titles) and assign the liens of the Senior Lender on any such certificates of title, without representation, warranty
or recourse, in each case except as may otherwise be required by applicable law or court order.

 

    14

     

    

 

6.12         
Waiver. Any waiver of compliance with any obligation, covenant, agreement, provision, or condition of this Agreement or consent
pursuant to this Agreement shall not be effective unless evidenced by an instrument in writing executed by the Party to be charged.
Any waiver of compliance with any such obligation, covenant, agreement, provision, or condition of this Agreement shall not operate
as a waiver of, or estoppel with respect to, any subsequent or other non-compliance herewith.

 

6.13         
Counterparts. This Agreement may be executed in one or more counterparts, each of which will be deemed to be an original copy
of this Agreement and all of which, when taken together, will be deemed to constitute one and the same agreement

 

6.14         
Governing Law. This Agreement and all related documents and all matters arising out of or relating to this Agreement, whether
sounding in contract, tort, or statute are governed by, and construed in accordance with, the laws of the State of Colorado, without
giving effect to the conflict of laws provisions thereof to the extent such principles or rules would require or permit the application
of the laws of any jurisdiction other than those of the State of Colorado.

 

6.15         
Dispute Resolution. In the event of any dispute, claim or controversy arising out of or relating to this Agreement, the Parties
shall first attempt in good faith to resolve their dispute through in-person negotiation between authorized representatives of
each of the Parties with authority to settle the relevant dispute. Any Party may commence this negotiation by delivering written
notice to the other Parties pursuant to the terms outlined in this Agreement. The Parties may agree to engage the services of
a jointly agreed-upon mediator to facilitate this in-person meeting, in which case they agree to share equally in the costs of
the mediation. If the dispute cannot be settled amicably within fourteen (14) days of delivery of written notice or the in-person
meeting of authorized representatives, whichever comes later, then the dispute shall be resolved by binding arbitration as provided
in Section 6.16.

 

6.16         
Binding Arbitration. Any dispute, controversy, or claim arising out of or relating to this Agreement, including any determination
of the scope or applicability of this Section 6.16, shall be finally settled by arbitration and judgment on the award rendered
by the arbitrator may be entered in any court having jurisdiction thereof. The Parties shall share the costs of the arbitration
equally, unless otherwise provided for by the terms of this Agreement. The arbitration will be conducted in the English language,
in the city Denver, Colorado by a single arbitrator jointly selected by the Parties. If the Parties are unable to agree upon an
arbitrator within thirty (30) days of delivery of the notice of arbitration, the Parties agree to use the Judicial Arbiter Group
as an appointing authority. The arbitrator shall have the power to grant legal and equitable remedies, but they shall not grant
punitive damages. To the extent federal and state law conflict as regards to this contract, state law shall apply. Except as may
be required by Applicable Law, neither a Party nor an arbitrator may disclose the existence, content, or results of any arbitration
hereunder without the prior written consent of all of the Parties. The arbitrator shall issue an award in this dispute within
one year of their appointment. The award shall be final and binding upon all Parties as from the date rendered and shall be the
sole and exclusive remedy between the Parties regarding any claims, counterclaims, issues, or accounting presented to the arbitral
tribunal. THE PARTIES ACKNOWLEDGE THAT THE PARTIES ARE IRREVOCABLY WAIVING THE RIGHT TO A TRIAL IN COURT, INCLUDING A TRIAL BY
JURY AND THAT ALL RIGHTS AND REMEDIES WILL BE DETERMINED BY AN ARBITRATOR AND NOT BY A JUDGE OR JURY.

 

    15

     

    

 

6.17         
Equitable Remedies. Each Party acknowledges that a breach or threatened breach by such Party of any of its obligations under
this Agreement would give rise to irreparable harm to the other Parties, for which monetary damages would not be an adequate remedy,
and hereby agrees that in the event of a breach or a threatened breach by such Party of any such obligations, each of the other
Parties shall, in addition to any and all other rights and remedies that may be available to them in respect of such breach, be
entitled to equitable relief, including a temporary restraining order, an injunction, specific performance and any other relief
that may be available from a court of competent jurisdiction (without any requirement to post bond).

 

6.18         
U.S. Federal Marijuana Laws. The Parties agree and acknowledge that no Party makes, will make, or shall be deemed to make or
have made any representation or warranty of any kind regarding the compliance of this Agreement with any U.S. Federal Marijuana
Laws. No Party shall have any right of rescission or amendment arising out of or relating to any non-compliance with U.S. Federal
Marijuana Laws unless such non-compliance also constitutes a violation of applicable law, and no Party shall seek to enforce the
provisions hereof in federal court.

 

[SIGNATURE
PAGE FOLLOW]

 

    16

     

    

 

IN
WITNESS WHEREOF, the Parties have caused this Agreement to be executed as of the date first written above.

 

	Senior
    Lender	 	CWI
	 	 	 
	COOKIES RETAIL
    LLC	 	COLORADO
    WELLNESS, INC,
	 	 	 
	By:
        /s/ Brandon Johnson

        Brandon
        Johnson

        Title: Manager
	 	By:
        /s/ Alex Arguello

        Alex
        Arguello

        Title:
        President

	 	 	 
	Borrower
	 	DPW
	 	 	 
	E2T2, LLC	 	DIEGO PELLICER
    WORLDWIDE, INC,
	 	 	 
	By:
        /s/ Neil Demers

        Neil
        Demers

        Title:
        Manager
	 	By:
        /s/ Nello Gonfantini

        Nello
        Gonfantini

        Title:
        Director

	 	 	 
	 	 	RAM
	 	 	 
	 	 	ROYAL ASSET
    MANAGEMENT, LLC
	 	 	 
	 	 	By:
        /s/ Neil Demers

        Neil
        Demers

	 	 	Title: Managing
    Member

 

    17Exhibit 10.4

 

Copy of Side Letter between Registrant and
E2T2, LLC

  

Sign Envelope ID: D2A88F97-95B5-4364-882E-2B0009CDE16B

 

September 9, 2020

Diego Pellicer Worldwide, Inc. Cookies Retail,
LLC

Bites Enterprises, LLC

 

Re: Blue Bronco, LLC and
related transactions Ladies and Gentlemen:

The purpose of this letter
is to describe disbursement of sale proceeds, transfer of membership interests, and related transactions concerning the transfer
by Albatross Management Consulting, LLC, a Colorado limited liability company (“Albatross”), of portions of
its ownership of 65% of the membership interests of Blue Bronco, LLC, a Colorado limited liability company (“Blue Bronco”).

 

By signing below, the parties signing this letter consent
to the following agreements, transfers of assets and funds, and resulting ownership of Blue Bronco:

 

	 	1.	Membership Interest Purchase Agreement by and between Albatross and Diego Pellicer Worldwide, Inc. (“DPWW”), dated September 9, 2020 (the “DPWW MIPA”), in which Albatross will transfer 15.125% of the membership interests in Blue Bronco to DPWW.

 

	 	2.	Membership Interest Purchase Agreement by and between Albatross and Cookies Retail, LLC (“Cookies”), dated September 9, 2020 (the “Cookies MIPA”), in which Albatross will transfer 21.50% of the membership interests in Blue Bronco to Cookies.

 

	 	3.	Membership Interest Purchase Agreement by and between Albatross and Bites Enterprises, LLC, a Florida limited liability company (“Bites”), dated September 9, 2020 (the “Bites MIPA”), in which Albatross will transfer 5% of the membership interests in Blue Bronco to Bites.

 

	 	4.	Membership Interest Purchase Agreement by and between Blue Bronco, on the one hand, and Itachi Capital, Inc., a Colorado corporation (“Itachi”) and Erin Turoff (“Turoff”), on the other hand, dated September 9, 2020 (the “E2T2 MIPA”), in which Blue Bronco will purchase 100% of the membership interests of E2T2 from Itachi and Turoff.

 

	 	5.	Upon receipt of $408,000 from Cookies as provided in the Cookies MIPA, Albatross shall pay $300,000 to DPWW as partial payment for that certain promissory note executed by Itachi Capital, Inc. in the principal amount of $300,000, $8,000 to Black Legend Capital, and $100,000 for taxes owed by Itachi and various payables owed by E2T2, Itachi, and Albatross.

 

    1

     

    

  

	 	6.	Upon Cookies’ payment of $162,000 to Albatross as provided in the Cookies MIPA after governmental approval, Albatross shall pay $100,000 to Turoff with respect to the E2T2 MIPA, $39,589 to Royal Asset Management, and other amounts related to other payables, reserves or fees for the transactions and related transactions related to the agreements referenced herein.

 

	 	7.	Upon transfer of the various interests described in this letter, the parties will own membership interests in Blue Bronco as follows:

 

	Cap Table	Blue Bronco, LLC
	Albatross Consulting Management, LLC	23.375%
	Diego Pellicer Worldwide, Inc	15.125%
	Bites Enterprises, LLC	5.00%
	Cookies Retail, LLC	56.50%
	Total	100.00%

 

Sincerely,

 

Neil Demers Manager

Albatross Management Consulting, LLC

President

Itachi Capital, Inc.

 

Agreed to and accepted on this 9th day of September, 2020.

 

DIEGO PELLICER WORLDWIDE, INC.

 

By: /s/ Nello Gonfiantini III                         

Name: Nello Gonfiantini III

Title: Director

  

COOKIES RETAIL, LLC

 

By: /s/ Brandon Johnson                            

Name: Brandon Johnson

Title: Manager

 

BITES ENTERPRISES, LLC

 

By: /s/ Sharon
Pedrosa                             

Name: Sharon Pedrosa

Title: Manager

 

    2

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