亚洲天堂

Nations Cannabis (Nations), a cannabis production company near 亚洲天堂 Lake, is being sued for the repayment of three separate loan agreements, plus interest, by John Witt.

In a notice of application filed Dec. 3, 2021 to the Supreme Court of B.C. Vancouver court registry, Witt stated that in 2020 he and Nations entered into three separate loan agreements totalling $700,000, all with the same terms.

The loans included an agreed upon interest rate of 8.95 per cent, and each would be paid in two intervals such that the principal and interest were returned in two years.

The agreements also stated that Witt was entitled to immediate repayment of the principal of each loan, as well as interest, if Nations was in breach of the contract.

Witt claims that the contract was breached because Nations has made no payments on either of the three loans.

Witt is requesting the payment of the $700,000, along with interest of $99,626.98 as well as legal costs incurred of $4,659.28.

However, Nations is disputing it, stating in its response to the civil claim that while it admits to making no repayments, the company denies being in default.

This is, Nations continued, because Witt, in conjunction with Safetek Emergency Vehicles LTD., allegedly took steps to interfere with the operations in the limited partnership agreement they had struck regarding the proposed cannabis facility. The parties entered into that agreement prior to the loans.

Witt is the president of Safetek Emergency Vehicles LTD.

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Nations also stated that Safetek, in conjunction with Witt, attempted to seize control of the limited partnership agreement.

As a result of the alleged actions of Witt and Safetek, Nations stated it has been unable to obtain additional contributions that would be sufficient to pay any money that is in fact owing to Witt.

Court proceedings on the matter are ongoing and none of the claims have been proven in court.

鈥淪ince the onset of the pandemic, the entire industry has experienced a significant pause in growth and activity, and in some cases, closures, and bankruptcies. Investors became cautious and many companies, including Nations, were impacted significantly. In our case, to the extent that construction of our 亚洲天堂 Lake facility has been on hold for some time,鈥� said Nations co-founder Marc Storms.

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鈥淲e can confirm that we are working with Mr. Witt, an investor and lender, to address an outstanding matter, in which Mr. Witt took action to secure outstanding loan debt, and Nations consented. It is important to understand that Mr. Witt is not acting against Nations for damages, simply to collateralize his debt,鈥� he continued.

鈥淎s with all our investors, partners and lenders, Mr. Witt has been and always will be a valued partner. Mr. Witt and Nations are exercising our respective rights under our agreement and continue to work towards a solution that works for Mr. Witt, our investors, and Nations.鈥�

Lakes District 亚洲天堂 reached out to John Witt for comment but did not receive a response by press time.