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Item 1.01.Entry into a Material Definitive Agreement.
On April 1, 2021, Good Hemp, Inc., a Nevada corporation (the “Company”), entered into a Membership Interest Purchase Agreement (the “MIPA”) with Kenneth M. Morgan, Blue Water & Rooster, Inc., and Creekside Springs, LLC (collectively the “Sellers”), pursuant to which the Company agreed to purchase (the “Acquisition”) all of the membership interests of Diamond Creek Group, LLC, a North Carolina limited liability company (“Diamond Creek”), for $690,000 (the “Purchase Price”), $410,000 of which will be paid by the Company to the Sellers within 24 hours of closing, $90,000 of which will be paid by the Company to Diamond Creek within 24 hours of closing (with all $90,000 being used by Diamond Creek as agreed by the parties in the MIPA), and $190,000 of which will be paid by the Company to the Sellers by April 21, 2021.
The foregoing description of the MIPA does not purport to be complete and is qualified in its entirety by reference to the full text of the MIPA, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated by reference herein.
Item 2.01.Completion of Acquisition or Disposition of Assets.
The information provided above in Item 1.01 herein is incorporated by reference into this Item 2.01. On April 2, 2021, the Company closed the Acquisition and paid the initial $500,000 portion of the Purchase Price.
Item 2.03.Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information provided above in Item 1.01 herein is incorporated by reference into this Item 2.03.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
GOOD HEMP, INC.
Dated: April 7, 2021
By:
/s/ William Alessi
William Alessi
Chief Executive Officer
3
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