LFTD Partners Lowers Its Secured Debt, Here Are The Details
LFTD Partners Inc. (OTCQB: LIFD) has prepaid an additional $916,666 of the principal of its $1,833,334 note payable relating to the purchase of its subsidiary Lifted Made, Kenosha, WI, using free cash flow generated by Lifted Made's operations. The prepayment, which follows LFTD Partners' earlier prepayment of the same amount in June 2022, leaves LFTD Partners Inc. with only $916,668 of secured debt.
William C. "Jake" Jacobs, LFTD Partners Inc.'s president and CFO, stated, "We are relentlessly paying down our secured debt, using just free cash flow from operations. Kudos to Nick Warrender and his talented team at Lifted Made."
Gerard M. Jacobs, LFTD Partners Inc.'s chairman and CEO, stated, "Nick, Jake and I are continuing to have discussions with potential lenders and acquisition candidates. However, we are living through challenging times, both on a macro level and within the cannabis industry. In this environment, we place great value on having a significant amount of working capital on hand, with only a small amount of secured debt that is rapidly diminishing."
About LFTD Partners Inc.
Publicly-traded LFTD Partners Inc., Jacksonville, FL is the parent corporation of Lifted Made, Kenosha, WI, which manufactures and sells psychedelic products under its Silly Shruum brand, and hemp-derived cannabinoid products under its Urb Finest Flowers brand. LFTD Partners Inc. also owns 4.99% of CBD-infused beverage and products maker Ablis Holding Company, and of craft distillers Bendistillery Inc. d/b/a Crater Lake Spirits and Bend Spirits, Inc. all located in Bend, OR.
Photo by Giorgio Trovato on Unsplash
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