MJ Biz: Struggling cannabis companies turn to Canadian insolvency law

MJ Biz reports

An unusual number of cannabis companies have used a Canadian corporate insolvency law called the Companies’ Creditors Arrangement Act (CCAA) in 2022, a trend that demonstrates both the marijuana industry’s financial challenges and one possible solution to keep businesses from slipping completely underwater.

Fourteen of the 35 CCAA filings in Canada – or 40% – between Jan. 1 and Dec. 22 have involved companies operating in the cannabis space in one way or another:

  • Eve & Co. and related companies.
  • Choom Holdings and related companies.
  • MJardin Group, GrowForce Holdings and related companies.
  • Zenabis Global and related companies.
  • Sproutly and Toronto Herbal Remedies.
  • MPX International Corp. and related companies.
  • Speakeasy Cannabis Club.
  • Medipure Pharmaceuticals and Medipure Holdings.
  • Superette and related companies.
  • Flower One Holdings and related companies.
  • The Flowr Corp.
  • CannaPiece Group.
  • Trichome Financial Corp. and related companies.
  • Lightbox Enterprises (Dutch Love Cannabis).

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