GL Brands, Inc. filed plan of reorganization with related disclosure statement in the US Bankruptcy Court on March 22, 2021. As per the plan filed, Administrative Claim, Priority Tax and Wage Claims, Priority Claims, Secured Tax Claim of Ad Valorem Taxing Authorities, and Pre-Petition Secured Claim of Merida Capital Partners III, LP shall be paid in full allowed amount under the plan. Unsecured Claims against GL Brands, Inc. will receive 75% recovery of its allowed amount in the form of pro rata in cash, Unsecured Claims against The Texas Wellness Center, LLC, Unsecured Claims against ECS Labs, LLC, Unsecured Claims against B & B Aesthetics Labs, LLC, and Unsecured Claims against Leafceuticals, Inc. will receive 10% recovery of its allowed amount in the form of pro rata in cash. Equity Interests will be cancelled under the plan. The plan shall be funded through cash in hand and sale of assets.