LAS VEGAS, NV / ACCESSWIRE / February 22, 2016 / CannaVEST Corp. (CANV) is focused on drug development activities on products containing the hemp plant extract cannabidiol (CBD) as the active pharmaceutical ingredient, recently announced that it had prepaid investors holding a series of its Convertible Promissory Notes in advance of conversion, in the amount of $535,081 in principal and interest. Since that time, one of the investors who acquired certain of the notes by assignment from the lead investor and received the company's prepayment, sent the prepayment back to the company purportedly rejecting the company's prepayment. As a result, $267,604 in principal and interest under the notes has currently been prepaid.
On February 8, 2016, the company delivered a prepayment notice to its lead investor to prepay the fourth and final tranche of the company's outstanding convertible promissory notes. Pursuant to the terms of the transaction documents, the company may prepay the debt after a 10 day period, provided the investor does not earlier convert the debt. At this time, the company expects its lead investor to accept prepayment. The company's lead investor accepted prepayment on the prior tranche, and continuing with its supportive efforts for the company, it has expressed willingness to accept prepayment of the fourth tranche.
For a full detailed research report with analyst comments CannaVEST Corp. (CANV) Pharma and Cannabis; please follow the link. There is no cost obligation required to view analyst brief: http://bit.ly/1Tu7KpZ-CANV-CannabisReport.
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