It’s a precarious world, the business of CBD. This company even had a distribution deal with giant retailer Dicks Sporting Stores… It hasn’t saved them though.
Business Den reports..
An Englewood-based CBD cream company has filed for Chapter 11 bankruptcy.
Myaderm said in its June 28 filing that it owes $3 million to creditors and also has assets worth $3 million, of which $50,000 is in cash.
The company did not respond to a request for comment.
Companies use Chapter 11 bankruptcy protection to reorganize and help keep the business alive, paying creditors over time.
Myaderm, led by CEO Eric Smart, sells therapeutic cannabinoid products, according to its website. The CBD company, which launched in 2018, sells lines of pharmacist-formulated, transdermal CBD creams and topical CBD products for skincare at national retailers, such as Dick’s Sporting Goods.
The company’s office is located at 88 Inverness Circle East Suite A-101 in Englewood.
Five of Myaderm’s 20 largest creditors are local businesses, according to the filing. The company owes Golden-based W&O Enterprises $46,864; it owes $376,207 to Englewood-based Dempsey International Packaging; and $168,411 to Michael Barish, owner of Denver-based Lazarus Investment Partners, according to his LinkedIn.
Myaderm lost $1.2 million on revenue of $916,000 so far this year, according to financial documents included in the filing.
Michael Jaurigue with California-based Jaurigue Law Group is representing the business in bankruptcy proceedings.
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