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.
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