VANCOUVER, British Columbia, May 14, 2020 (GLOBE NEWSWIRE) -- Pasha Brands Ltd. (the “Company” or “Pasha”) (CSE: CRFT) (OTC:CRFTF) (FSE:ZZD1) announces that it has reached agreements with certain arms-length parties to settle outstanding indebtedness of $420,000 for consulting services (the “Debt Settlement”), in consideration for the issuance of 6,000,000 common shares (“Shares”) issued at a deemed price of $0.07 per Share.

All securities issued in connection with the Debt Settlement will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws.

Restructuring of Debt

The Company announces that it has reached an agreement with an arms-length creditor relating to certain expenses and amounts owing pursuant to an employment agreement entered into on February 1, 2019. The obligations totalled $398,000 and have been settled through the transfer of ownership of BC Craft Supply Laboratory Services Ltd. to the creditor.

The Company also announces that it has defaulted in its payment obligations pursuant to an agreement dated December 17, 2018 (the “Agreement”), between the Company and Baked Edibles Inc. (“Baked”). The Company and Baked have reached an agreement whereby the Company has agreed to return certain assets acquired pursuant to the Agreement and Baked has agreed to extinguish the final cash payment of $1,250,000 and the anti-dilution warrants owed by the Company to Baked.

For further information please contact Matthew Watters, Director, at (604) 687-2038.

About Pasha Brands

Based in British Columbia, Pasha is both North America’s largest network and aggregator of craft cannabis and Canada’s only prohibition-era brand house firmly rooted in the culture and made up by the people that created the original cannabis industry. With proven capabilities in cannabis cultivation, genetic research and development, product processing, and retail, Pasha is uniquely positioned in the new legal cannabis market through its network of hundreds of craft cannabis suppliers under the Pasha umbrella.

Pasha subsidiary, Medcann Health Products Ltd., is a Health Canada licensed cultivator and processor with a licence to sell medical cannabis products in Canada. Pasha, and its subsidiary BC Craft Supply Co. Ltd, assists micro cultivation farmers in bringing craft quality into the newly legal cannabis market in Canada by assisting them in both gaining access to licensing but also through its proprietary quality assurance and testing platform known as Craft Labs™, a proprietary platform bringing quality assurance to the craft industry, BC Craft Supply is driven to assist craft growers in obtaining security clearance and licensing to grow as micro-cultivators, specializing in education and compliance to bring growers into the regulated cannabis supply market.