Exhibit
10.1
PROMISSORY
NOTE
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$300,000.00
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November
2nd, 2021
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FOR
VALUE RECEIVED, WEED, INC., a Nevada corporation (“Borrower”),
hereby promises to pay to the order of Glenn Edward Martin (together with any and all of her successors and assigns and/or any
other holder of this Note, “Lender”), at 4920 N. Post Trail, Tucson, Arizona 85750, or at such other place as Lender
may from time to time designate, the principal sum of Three Hundred Thousand Dollars ($300,000) (the “Loan Amount”),
together with interest, in the manner provided below. PLUS all expenses, costs, fees, penalties or other charges from the $300,000 loan
taken out on his personal residence loaned to Company under this note. See attached Addendum “A” is made part of this Promissory
Note.
1. FUNDAMENTAL
PROVISIONS.
The
following terms will be used as defined terms in this Promissory Note (as it may be amended, modified, extended and renewed from time
to time, the “Note”):
“Lender”
shall have the meaning set forth in the preamble of this Note.
“Borrower”
shall have the meaning set forth in the preamble of this Note.
“Loan
Amount” shall have the meaning set forth in the preamble of this Note.
“Interest
Rate” shall mean a fixed rate of interest at all times equal to five percent (5%) per annum.
“Default
Interest Rate” shall mean two (2%) per annum above the Interest Rate.
“Maturity
Date” shall mean December 31st, 2022.
“Loan”
shall mean the loan from Lender to Borrower in the Loan Amount and evidenced by this Note.
2. INTEREST;
PAYMENTS.
(a) Except
as otherwise provided herein and absent an Event of Default hereunder, the outstanding principal amount of the Loan made hereunder shall
bear interest at the Interest Rate from the date of this Note until the Loan is paid in full, whether at maturity, upon acceleration,
by prepayment, or otherwise. All computations of interest shall be made on the basis of a year of 365/366 days, as the case may be, and
the actual number of days elapsed.
3. PREPAYMENT.
Borrower may prepay the Loan, in whole or in part, at any time without penalty or premium.
4. LAWFUL
MONEY. Principal and interest are payable in lawful money of the United States of America.
5. APPLICATION
OF PAYMENTS/LATE CHARGE.
(a) Absent
the occurrence of an Event of Default hereunder, any payments received by Lender or the holder hereof pursuant to the terms hereof shall
be applied first to the payment of all interest accrued to the date of such payment, next to principal, and the balance, if any, to the
payment of sums, other than principal and interest, due the holder hereof, all in accordance with Schedule A attached hereto.
Any payments received by the holder hereof after the occurrence of an Event of Default hereunder shall be applied to the amounts specified
in this Paragraph 5(a) in such order as the holder hereof may, in its sole discretion, elect.
(b) If
any payment of interest and/or principal is not received by the holder hereof when such payment is due, then in addition to the remedies
conferred upon the holder hereof pursuant to Paragraph 7 hereof, a late charge of five percent (5%) of the amount
of the installment due and unpaid or $10.00, whichever is greater, will be added to the delinquent amount to compensate the holder hereof
for the expense of handling the delinquency for any payment past due in excess of ten (10) days, regardless of any notice and cure periods.
If any payment of interest and/or principal is not received by the holder hereof when such payment is due, then in addition to the remedies
conferred upon the holder hereof pursuant to Paragraph 7 hereof, the amount due and unpaid (including, without limitation,
the late charge, if any) shall bear interest at the Default Interest Rate, computed from the date on which the amount was due and payable
until paid, regardless of any notice and cure periods.
6. EVENT
OF DEFAULT. The occurrence of any one or more of the following shall constitute an “Event of Default” under
this Note:
(a) Failure
by Borrower to pay any monetary amount when due under this Note.
(b) Failure
by Borrower to perform any obligation not involving the payment of money, or to comply with any other term or condition applicable to
Borrower hereunder and the expiration of ten (10) days after written notice of such failure by Lender to Borrower.
(c) Borrower
(i) is unable or admits in writing Borrower’s inability to pay Borrower’s respective monetary obligations as they become
due, (ii) makes a general assignment for the benefit of creditors, or (iii) applies for, consents to, or acquiesces in, the
appointment of a trustee, receiver, or other custodian for Borrower or the property of Borrower or any part thereof, or in the absence
of such application, consent, or acquiescence, a trustee, receiver, or other custodian is appointed for Borrower or the property of Borrower
or any part thereof, and such appointment is not discharged within sixty (60) days.
(d) Commencement
of any case under the Bankruptcy Code, Title 11 of the United States Code, or commencement of any other bankruptcy arrangement, reorganization,
receivership, custodianship, or similar proceeding under any federal, state, or foreign law by or against Borrower and with respect to
any such case or proceeding that is involuntary, such case or proceeding is not dismissed with prejudice within sixty (60) days of the
filing thereof.
(e) The
occurrence of any default hereunder which continues beyond any applicable notice and cure period.
7. REMEDIES.
(a) Upon
the occurrence of an Event of Default (unless all Events of Default have been cured or waivers in writing by the Lender), then at the
option of the Lender or the holder hereof, the entire balance of principal together with all accrued interest thereon shall, without
demand or notice, immediately become due and payable. Upon the occurrence of an Event of Default (and so long as such Event of Default
shall continue), all amounts due and payable by Borrower hereunder shall bear interest at the Default Interest Rate, subject to the limitations
contained in Paragraph 12 hereof. No delay or omission on the part of the Lender or holder hereof in exercising any right
under this Note shall operate as a waiver of such right.
(b) All
of the rights and remedies hereunder of the Lender or the holder of this Note are cumulative of each other and of any and all other rights
at law or in equity, and the exercise by Lender or the holder hereof of any one or more of such rights and remedies shall not preclude
the simultaneous or later exercise of any or all such other rights and remedies. No single or partial exercise of any right or remedy
shall exhaust it or preclude any other or further exercise thereof, and every right and remedy may be exercised at any time and from
time to time. No failure by Lender to exercise, or delay in exercising, any right or remedy shall operate as a waiver of such right or
remedy or as a waiver of any Event of Default.
8. WAIVER.
Borrower hereby waives diligence, demand for payment, presentment for payment, protest, notice of nonpayment, notice of protest, notice
of intent to accelerate, notice of acceleration, notice of dishonor, and notice of nonpayment, and all other notices or demands of any
kind (except notices specifically provided for herein) and expressly agrees that, without in any way affecting the liability of Borrower,
the Lender or holder hereof may extend any maturity date or the time for payment of any installment due hereunder, otherwise modify this
Note, release any person liable, and release any security or guaranty. Borrower waives, to the full extent permitted by law, the right
to plead any and all statutes of limitations as a defense.
9. CHANGE,
DISCHARGE, TERMINATION, OR WAIVER. No provision of this Note may be changed, discharged, terminated, or waived except in a writing
signed by the party against whom enforcement of the change, discharge, termination, or waiver is sought. No failure on the part of the
Lender or holder hereof to exercise, and no delay by the Lender or holder hereof in exercising any right or remedy under this Note or
under the law, shall operate as a waiver thereof.
10. ATTORNEYS’
FEES. If this Note is not paid when due or if any Event of Default occurs, Borrower promises to pay all costs of enforcement
and collection and preparation therefor, including but not limited to, reasonable attorneys’ fees, whether or not any action or
proceeding is brought to enforce the provisions hereof (including, without limitation, all such costs incurred in connection with any
bankruptcy, receivership, or other court proceedings (whether at the trial or appellate level)).
11. SEVERABILITY.
If any provision of this Note is unenforceable, the enforceability of the other provisions shall not be affected and they shall remain
in full force and effect.
12. INTEREST
RATE LIMITATION. Borrower hereby agrees to pay an effective rate of interest that is the sum of the Interest Rate provided for
herein, together with any additional rate of interest resulting from any other charges of interest or in the nature of interest paid
or to be paid in connection with the Loan. Lender and Borrower agree that none of the terms and provisions contained herein shall be
construed to create a contract for the use, forbearance or detention of money requiring payment of interest at a rate in excess of the
maximum interest rate permitted to be charged by the laws of the State of Arizona. In such event, if any holder of this Note shall collect
monies which are deemed to constitute interest which would otherwise increase the effective Interest Rate on this Note to a rate in excess
of the maximum rate permitted to be charged by the laws of the State of Arizona, all such sums deemed to constitute interest in excess
of such maximum rate shall, at the option of the holder, be credited to the payment of other amounts payable under hereunder or returned
to Borrower.
13. NUMBER
AND GENDER. In this Note the singular shall include the plural and the masculine shall include the feminine and neuter gender,
and vice versa.
14. HEADINGS.
Headings at the beginning of each numbered section of this Note are intended solely for convenience and are not part of this Note.
15. DISHONORED
ITEM FEE. In addition to any other fees that may be assessed hereunder, a fee may be assessed if a payment by check or preauthorized
charge is later dishonored.
16. BINDING
EFFECT; ASSIGNMENT. The terms of this Note shall be binding upon, and inure to the benefit of the heirs, devisees, representatives,
successors and assigns of the parties. The foregoing sentence shall not be construed to permit Borrower to assign the Loan or this Note
except with the prior written consent of Lender or the holder hereof.
17. TIME
OF THE ESSENCE. Time is of the essence with regard to each provision of this Note as to which time is a factor.
18. SURVIVAL.
The representations, warranties, and covenants of the Borrower herein shall survive the execution and delivery of this Note and the making
of the Loan.
19. NOTICES.
All notices, requests, consents, approvals or demands (collectively, “Notice”) required or permitted by this Note
to be given by any party to any other party hereunder shall, unless specified otherwise, be in writing and shall be given to such party
at its address set forth below, or at such other address as such party may hereafter specify for the purpose of receiving Notice. Each
such Notice shall be effective when actually received by the addressee:
If
to Borrower:
WEED,
Inc.
4920
N. Post Trail
Tucson,
Arizona 85750
Attention:
Nicole M. Breen, Secretary/Treasurer
If
to Lender:
Glenn
Edward Martin
4920
N. Post Trail
Tucson,
Arizona 85750
20. GOVERNING
LAW; JURISDICTION.
(a) THIS
NOTE HAS BEEN DELIVERED IN ARIZONA, AND SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF ARIZONA, WITHOUT
GIVING EFFECT TO CONFLICT OF LAWS PRINCIPLES.
(b) Borrower
irrevocably and unconditionally agrees that it will not commence any action, litigation or proceeding of any kind or description, whether
in law or equity, whether in contract or in tort or otherwise, against the Lender or any affiliate of the Lender in any way relating
to this Note or the transactions relating hereto or thereto, in any forum other than the courts of the State of Arizona sitting in Pima
County, and of the United States District Court of the District of Arizona, and any appellate court from any thereof, and each of the
parties hereto irrevocably and unconditionally submits to the jurisdiction of such courts and agrees that all claims in respect of any
such action, litigation or proceeding may be heard and determined in such Arizona State court or, to the fullest extent permitted by
applicable law, in such federal court. Each of the parties hereto agrees that a final judgment in any such action, litigation or proceeding
shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing
in this Note shall affect any right that the Lender may otherwise have to bring any action or proceeding relating to this Note against
the Borrower or its properties in the courts of any jurisdiction.
21. JURY
WAIVER. BORROWER AND LENDER (BY ITS ACCEPTANCE HEREOF) HEREBY VOLUNTARILY, KNOWINGLY, IRREVOCABLY AND UNCONDITIONALLY WAIVE ANY
RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE (WHETHER BASED UPON CONTRACT, TORT OR OTHERWISE) BETWEEN OR AMONG BORROWER
AND LENDER ARISING OUT OF OR IN ANY WAY RELATED TO THIS NOTE OR ANY OTHER RELATED DOCUMENT. THIS PROVISION IS A MATERIAL INDUCEMENT TO
LENDER TO PROVIDE THE FINANCING DESCRIBED HEREIN.
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IN
WITNESS WHEREOF, Borrower has executed this Note as of the date first written above.
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BORROWER:
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WEED,
INC., a Nevada corporation
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By:
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Name:
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Title:
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Exhibit 99.1
WEED, Inc. (OTC:BUDZ) PAYS OFF BIG, Laying
Groundwork to Enter the New York Cannabis Marketplace
TUCSON, AZ / ACCESSWIRE / December 2, 2021 / WEED, Inc.
(OTCQB:BUDZ) ("WEED" or the "Company"), a cannabis and hemp bioresearch company based in the USA, announced today
that it has completed the purchase of the Sugar Hill Golf Course with the Final Payment of ~$250,000 including all back taxes owed. The
property was appraised by an independent appraisal company for $1.9 million in 2019. WEED plans to move forward, preparing filings for
licenses in Hemp and eventually high THC research when funds are available, for strain identification, cultivation, processing and manufacture
of compounds to assist in clinical trials and product development in Israel, Australia and USA.
WEED believes the CURES are out there!
"WEED is extremely excited to pay off its 4 year commitment
to acquire the Sugar Hill Golf Course and begin executing on its plans to open up the New York marketplace. WEED didn't buy the golf course
to go golfing. The golf course is situated on the shores of Lake Erie with ~2000 ft. of lake frontage. The property comes with ‘Unlimited
Water Extraction Rights' already in WEEDs name along with a full waste water management system. Thanks to the Company's extensive R&D
history in cannabis and hemp markets globally, we believe WEED is on the verge of explosive expansion in New York", stated Mr. Martin.
"The New York property was purchased to develop a new, ‘Infused Beverages & Edibles' Division. This has been part of WEED'S
long term global vertical integration plan."
The Company plans to form a NY Division in the coming months as
funds become available, to create and expand its global research & development programs to include hemp, and in particular the cannabinoids,
to develop pharma, non-pharma OTC and their derivative product for worldwide distribution in our networks. Currently, WEED Inc. subsidiaries
are in Australia, Israel, Hong Kong, and the USA. In 2022, the Company plans to launch an aggressive Arizona hemp program to identify,
acquire, cultivate and develop new more powerful CBD, CBN, & CBG strains.
"As WEED expands horizons, WEED is in the process of forming
the WEED ‘Social Equity Advisory Council'. WEED looks to create and instill the rights of Equality for ALL: Diversity = Equality
/ Equality = Diversity. All indications are that there may never be a better time to go ‘all-in' on the future of Cannabis and
Hemp markets, globally," said Glenn E. Martin, CEO of WEED, Inc. "WEED is where stoners meet Wall Street"
More to come…WEED Rules !
WEED, Inc.'s Subsidiaries past comments
WEED Israel (Cannabis) Ltd. "After over
2 years of putting human clinical trials and product development on hold due to COVID, WEED Israel is poised and anxious to build out
our global brands in both pharmaceutical and non-pharmaceutical categories, starting with women's health and veterans' ailments (PTSD)
to healthy green alternative medicines" stated Elliot Kwestel, Managing Director of WEED Israel (Cannabis) Ltd. based outside Jerusalem.
Kwestel further commented, "WEED Israel looks to enrich and expand our clinical trials with both THC and Cannabinoid studies to promote
healthy living for generations to come."
WEED Australia Ltd. and The Cannabis Institute
of Australia (C.I.A.), our Australian non-profit arm, based in Queensland on the Gold Coast. Managing Director Patrick Brodnik
stated, "With the new rules out governing cannabis & hemp in Australia and the announcement on 1st of February 2021
to allow over-the-counter CBD medicines in pharmacies, timing is perfect to begin our clinical trials in Israel and bring new curative
products to market as we close out COVID mandates this year. Managing Director Brodnik continues, "Next year 2022, the future of
decriminalizing cannabis and hemp globally will prove to be a giant leap forward for worldwide cannabis legalization."
WEED Hong Kong Ltd. Director Nicole Breen
agrees, "The pandemic has affected all of us on a worldwide basis. Healing our planet with natural therapies, treatments and eventual
"cures" utilizing natures' own Cannabaceae plant with its many properties, both with high tetrahydrocannabinol (THC) and cannabidiol
(CBD) compounds, I believe will change the force of medicine forever in the years to come. We look forward to an exciting year end and
a Prosperous 2022."
Caution Regarding Cannabis Operations in the United States
Investors should note that there are significant legal restrictions
and regulations that govern the cannabis industry in the United States. While legal in certain states, cannabis remains a Schedule I drug
under the U.S. Controlled Substances Act, making it illegal under federal law in the United States to, among other things, cultivate,
distribute or possess cannabis. Financial transactions involving proceeds generated by, or intended to promote, cannabis-related business
activities in the United States may form the basis for prosecution under applicable U.S. federal money laundering legislation. Investors
should carefully read the risk factors and disclosures contained in our offering circular before making any decision to invest in our
company.
Forward Looking Information
This news release contains "forward-looking information"
within the meaning of applicable securities laws. Forward-looking information contained in this press release may be identified by the
use of words such as, "may", "would", "could", "will", "likely", "expect",
"anticipate", "believe, "intend", "plan", "forecast", "project", "estimate",
"outlook" and other similar expressions, and include statements with respect to future revenue and profits. Forward-looking
information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management in light of
management's experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the
circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment;
and the availability of licenses, approvals and permits.
Although the Company believes that the expectations and assumptions
on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information
because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from
those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause
actual events or results to differ materially from those projected in the forward-looking information. The statements in this press release
are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether
as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
Legal Notice
The information is provided for convenience only, is not investment
advice and may not be relied upon in considering an investment in WEED, Inc. No representation or warranty, express or implied, is made
as to the accuracy or completeness of any information contained herein, and any investment decision should be based solely on the information
contained in the offering circular and related materials, and the investors independent research. No representation or warranty, express
or implied, is made as to the future performance of any investment in WEED, Inc. or that investors will or are likely to achieve favorable
results, will make any profit at all or will be able to avoid incurring a loss on their investment. In addition, prospective investors
are encouraged to consult with their financial, tax, accounting or other advisors to determine whether an investment in WEED, Inc. is
suitable for them.
Media Contact:
Glenn E. Martin, CEO
1-520-818-8582
Glenn@WEEDincUSA.com
SOURCE: WEED, Inc.