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Notes Receivable (Tables)
12 Months Ended
Dec. 31, 2020
Receivables [Abstract]  
Schedule of Notes Receivable

 

 

December 31, 2020

 

 

December 31, 2019

 

Accucanna Note (1)

 

$

 

 

$

1,597

 

NWCS and 7 Point Notes (2)

 

 

355

 

 

 

586

 

Related Party Notes (3)

 

 

 

 

 

696

 

Other

 

 

 

 

 

41

 

Total

 

$

355

 

 

$

2,920

 

Less: notes receivable, current

 

 

(264

)

 

 

(1,871

)

Notes receivable, long term

 

$

91

 

 

$

1,049

 

 

(1)

Accucanna Note

The Company, as part of the Cannex acquisition (Note 11), acquired a loan receivable from Accucanna, LLC (“Accucanna”), a California cannabis dispensary licensee which shared significant common ownership with Pure Ratios. The $1,500 loan was evidenced by a secured convertible promissory note. The note bore interest of 10% for the first six months and 18% thereafter. The loan was restructured in 2020 and the remaining balance was repaid prior to December 31, 2020.

(2)

NWCS and 7Point Notes

The Company acquired three notes receivable in the Cannex business combination (Note 11).  The notes bear interest ranging from 10% - 13% per annum and are repayable in installments totaling $22 per month, maturing in 2022.

(3)

Related Party Notes

The Company held various loans totaling $nil and $696 at December 31, 2020, and December 31, 2019, respectively, from related parties that hold cannabis licenses, have applied for cannabis licenses, or control real estate that can be used for a cannabis facility. The parties are related because a Company executive is a member of the Board of Managers of the party, or employees of the Company have a significant ownership of the party.  The loans are unsecured, non-interest bearing, and are payable on demand. The loans were written-off during 2020.