Connect with us

Business

Green Growth Brands Inc. (OTCMKTS:GGBXF) Confirms the Expiration of its Forbearance Agreement with Green Ops Group LLC

Published

on

Marijuana is legalized in Canada for both medicinal and recreational purposes. However, not everyone can purchase, use, or possess it because the legal age varies in each state, but the minimum is 19years. According to Green Growth Brands Inc. (OTCMKTS:GGBXF), non – restriction on age has been a platform of remarkable experiences in the cannabis industry. It has been doing in most of the regions; it has its operations, including remarkable experiences in cannabis.

However, the company says that its forbearance period with Green Ops Group LLC has expired. The expiration gives Green Ops mandate to implement any or all of its rights under the loan documents whereby GGB cannot contest any such enforcement. GGB will also be required to fast-track any obligations it has secured under the Forbearance Agreement.

Green Growth Brands Inc. Has Been Under a Severe Liquidity Crisis

The Columbus, Ohio-based company has been struggling with various challenges. Apart from the impact of COVID-19, it has had a severe liquidity crisis and ended up filing for insolvency protection under the Companies’ Creditors Arrangement Act (CCAA). On May 20, the Ontario Superior Court of Justice granted an initial creditor protection order of 10days, which expired on May 29. However, it was extended again to August 15.

As of late May, GGB owed more than $100 million in secured debt with very limited cash. This is according to the court filings, which also confirmed that the company was depending on All Js Greenspace for financing.

GGB’s had business operations in CBD and marijuana. However, at some point, it halted the CBD business citing overhead costs and undisclosed constraints on liquidity. The troubled marijuana retailer diverted its focus on marijuana operations in Nevada, Florida, and Massachusetts. Unfortunately, in tuning its new focus, the company’s CEO, Peter Horvath, stepped down.

Green Growth Brands has some of the nation’s largest chain of CBD retail kiosks

The company has notable brands, including CAMP, The+Source, and 8 Fold. It also owns a wide range of CBD topical products and some of the largest CBD retail kiosks. The whole of its business was hit hard by the coronavirus pandemic, resulting in some kiosks’ temporal closure.

*Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.

FEATURED STORIES

Uncategorized1 day ago

Post Views: 148 Can you spot the difference between the hemp plant and marijuana plant? Hint: It’s not in the...

Business2 weeks ago

Stem Holdings Inc (OTCMKTS:STMH) Reports A Growth Of 960% In Q3 2020: Unveils TJGardens Branded Tinctures

Post Views: 378 Stem Holdings Inc (OTCMKTS:STMH) posted an increase of 960% YoY to $6.7 million in Q3 2020. It...

Business3 weeks ago

Indiva Ltd (OTCMKTS:NDVAF) Signs Three Provincial Agreements: Expands Distribution Network To Eight Provinces: Reports A Robust Growth Of 1273.7% In Q2 2020 Revenues

Post Views: 401 Indiva Ltd (OTCMKTS:NDVAF) posted a robust growth of 1273.7% YoY to CAD 2.826 million in revenues in...

Business3 weeks ago

4Front Ventures Corp (OTCMKTS:FFNTF) Receives Approval From CCC For Mission Dispensary and Cultivation Facilities In Worcester: Will Commence Adult-Use Cannabis Sales

Post Views: 376 CCC (Cannabis Control Commission) in Massachusetts approved cultivation and processing facilities and Mission Dispensary of 4Front Ventures...

Business3 weeks ago

Pure Sunfarms, A Joint Venture Of Village Farms International Inc (NASDAQ:VFF), Ships Bottled Oil Products TO British Columbia

Post Views: 500 Pure Sunfarms, which is a Village Farms International Inc (NASDAQ:VFF) JV, commenced shipment of Cannabis 2.0 products...

INDUSTRIAL HEMP3 weeks ago

Health Canada Grants Cannabis 2.0 License To Abba Medix Corp, An Auxiliary Of Canada House Cannabis Group Inc (OTCMKTS:SARSF)

Post Views: 396 Abba Medix Corp., a wholly-owned subsidiary of Canada House Cannabis Group Inc (OTCMKTS:SARSF), received an amended cannabis...