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La Vida Verde Files Counterclaims Against International Cannabrands Inc.

for
Breach of Contract, Breach of Fiduciary Duty, Fraud, and Declaratory Relief

Santa Cruz, CA, January 28, 2020 --(PR.com)-- On January 24, 2020, La Vida Verde, Inc. (“La Vida”)
filed counterclaims against International Cannabrands, Inc. (“ICI”) for breach of contract, breach of
fiduciary duty, fraud, and declaratory relief in the Federal District Court of the Northern District of
California - San Jose Division (Case No. 5:19-cv-07781).

Allegedly, in 2018, La Vida and ICI entered into a Purchase and Sale Agreement that required ICI to
make $2 million in capital contributions to La Vida and pay the La Vida Shareholders for a controlling
interest in La Vida.

La Vida alleges that ICI breached the agreement and breached its fiduciary duty by failing to make
$650,000 in capital contributions to La Vida. La Vida alleges that it relied on this agreed-upon
contribution in taking steps to expand its operations, and it suffered significant financial losses when ICI
failed to make the contribution.

The counterclaim alleges: Because ICI continues to represent to its shareholders and the public that it
owns 51 percent of La Vida's shares, La Vida requested that the Court issue an order declaring that ICI
only owns 34 percent of La Vida; Under the Purchase and Sale Agreement, ICI agreed to pay the La Vida
Shareholders $2 million for shares that would give ICI a controlling interest; ICI issued promissory notes
to the La Vida Shareholders to secure this purchase; The promissory notes stated that if ICI failed to pay
any amounts owed, La Vida could clawback the shares; After ICI allegedly failed to pay $1.2 of the $2
million owed, La Vida clawed back shares representing 17 percent of La Vida; Because of this dispute,
La Vida has asked the Court to confirm that ICI owns only 34 percent of La Vida's shares.

La Vida alleges mismanagement by ICI's senior officers and board members, including extravagant pay
raises and travel expenses during a period when ICI was not paying on its obligations to La Vida and
other creditors, including Julian Marley for royalties owed on Juju Royal intellectual property. La Vida
also alleges that ICI made false representations to induce La Vida to enter into the agreement.

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Contact Information:
La Vida Verde
Bryce Berryessa
(831) 295-0505
Contact via Email
lavidaverde.com

Online Version of Press Release:


You can read the online version of this press release at: https://www.pr.com/press-release/804404

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