marijuana stock news

Form 8-K for INERGETICS INC


1-May-2015

Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement.On April 25, 2015, Inergetics, Inc. (the “Company”) received a letter dated April 16, 2015 (the “Notice”) from Martha Stewart Living Omnimedia, Inc. (“MSLO”) terminating the License Agreement (the “Agreement”) dated May 7, 2013 between MSLO and the Company. The Company’s management made the decision not to make payments under the Agreement. Pursuant to the Notice, the Agreement shall terminate on May 16, 2015. There is a six month period for the Company to sell through product inventory. The Company will continue to support sales and marketing during this period.

During the last quarter of 2014 and the fiscal year ended December 31, 2014, sales of products under the Agreement represented, respectively, approximately 20% and 52% of total sales. Accordingly, management does not believe that the termination of the Agreement will have a material adverse effect.


MAPH Enterprises, LLC | (305) 414-0128 | 1501 Venera Ave, Coral Gables, FL 33146 | new@marijuanastocks.com
Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

mCig, Inc. (MCIG) Closes Escrow in California City, California to Grow and Process Cannabis

MCIG Closes Escrow in California City, California to Grow and Process Cannabis…

Trulieve Cannabis Corp. (TCNNF) Opening New Medical Marijuana Dispensary in Hollywood, FL

Trulieve Opening New Medical Marijuana Dispensary in Hollywood, FL Trulieve Cannabis Corp.…

$EAPH Announces Letter of Intent with Canadian Medical Marijuana Club Inc.

Easton Pharmaceuticals Executes Letter of Intent and Provides Details on Green Patient…

TILT Holdings Inc. (TLLTF) Receives Approval for Additional Cultivation Expansion

TILT Holdings Inc. Receives Approval for Additional Cultivation Expansion at its Massachusetts…