SEC Contract Filing

Filing Date: 2022-09-19

Document Content:
<DOCUMENT>
<TYPE>EX-10.10
<SEQUENCE>11
<FILENAME>cann-20220913xex10d10.htm
<DESCRIPTION>EX-10.10
<TEXT>
<!--Enhanced HTML document created with Toppan Merrill Bridge 9.14.0.96--><!--Created on: 9/19/2022 03:25:56 AM (UTC)--><!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head><meta charset="UTF-8"><title></title></head><body><div style="margin-top:30pt;"></div><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">Exhibit 10.10</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">INITIAL ESCROW AGREEMENT</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;"><font style="font-size:11pt;">THIS ESCROW AGREEMENT (this &#8220;</font><u style="font-size:11pt;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Agreement</u><font style="font-size:11pt;">&#8221;) is entered into as of September 15, 2022, by and among TCM Tactical Opportunities Fund II LP (&#8220;</font><u style="font-size:11pt;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Purchaser</u><font style="font-size:11pt;">&#8221;), TREES Corporation, a Colorado corporation (the &#8220;</font><u style="font-size:11pt;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Company</u><font style="font-size:11pt;">&#8221;) and Day &amp; Associates, LLC, a New Jersey limited liability company (the &#8220;</font><u style="font-size:11pt;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Escrow Agent</u><font style="font-size:11pt;">&#8221;, and together with Purchaser and Company, sometimes referred to individually as &#8220;</font><u style="font-size:11pt;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Party</u><font style="font-size:11pt;">&#8221; and collectively as the &#8220;</font><u style="font-size:11pt;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Parties</u><font style="font-size:11pt;">&#8221;).</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">RECITALS:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;"><font style="font-size:11pt;">WHEREAS, Company and Purchaser have entered into a Securities Purchase Agreement of even date herewith (the &#8220;</font><u style="font-size:11pt;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Securities Purchase Agreement</u><font style="font-size:11pt;">&#8221;), pursuant to which the Company agreed to sell to Purchaser and Purchaser agreed to purchase from the Company, a certain Senior Secured Promissory Note(s) and a certain Warrant (as each term is defined in the Securities Purchase Agreement) &#160;for up to $13,500,000.00 (the &#8220;</font><u style="font-size:11pt;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Principal Amount</u><font style="font-size:11pt;">&#8221;); and</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;"><font style="font-size:11pt;">WHEREAS, pursuant to the terms of the Securities Purchase Agreement, the Parties have agreed to enter into this Agreement and deposit the entirety of the Principal Amount with the Escrow Agent as set forth in the Securities Purchase Agreement for the purposes set forth herein; and</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;"><font style="font-size:11pt;">WHEREAS, the execution and delivery of this Agreement is a condition to the obligations of the Parties under the Securities Purchase Agreement.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">AGREEMENTS:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-in