MCTC Holdings, Inc. (OTCPK:MCTC) entered into an agreement to acquire Lelantos Biotech, Inc. from Mount Fire, LLC, Ma Helen M. Am Is, Inc., East West Pharma Group, Inc. and New Horizons Laboratory Services, Inc. for $0.61 million on February 12, 2020. MCTC will pay 0.4 million of its common shares to Mount Fire and $0.5 million in the form on acquisition notes to Ma Helen M. Am Is, East West Pharma Group and New Horizons Laboratory Services in the amounts of $0.23 million, $0.05 million and $0.23 million respectively. The first one hundred thousand shares are eligible at any time. The remaining 0.3 million will be available at the rate of 0.1 million shares during any thirty day period. The leak out can be canceled at any time by the MCTC board of directors based on majority vote of the Directors. The transaction is subject to the unanimous approval of the Board of Directors of both of MCTC and Lelantos. The transaction is approved by the Board of Lelantos Biotech. MCTC Holdings, Inc. (OTCPK:MCTC) completed the acquisition of Lelantos Biotech, Inc. from Mount Fire, LLC, Ma Helen M. Am Is, Inc., East West Pharma Group, Inc. and New Horizons Laboratory Services, Inc. for $0.5 million on February 16, 2020. Lelantos technologies and trade secrets are now integrated into MCTC Holdings. On May 31, 2020, the Company and East West agreed to cancel the $50,000 note. All principal and interest were forgiven. The Company did not incur any penalty or other costs associated with the cancellation of the East West note. On May, 30, 2020, the Company, New Horizons and Helen M. entered into forbearance agreements concerning their respective notes payable, The forbearance agreements resulted in new notes amending the maturity dates to November 15, 2020, and increased the interest rates on the notes to 9% respectively. On May 31, 2020, the Company, New Horizons and Helen M, entered into material modification agreements cancelling the original February 4, 2020 notes, as amended, completely, and the obligation to issue 400,000 shares to Lelantos under the acquisition agreement. The modification agreement required the Company, as consideration for the acquisition of Lelantos, to issue a new single note to Lelantos in the sum of $500,000.