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Flower One Holdings Inc. (OTCEM:FLOOF) (CSE:FONE) (FSE:F11), the Canadian parent company of the cannabis cultivator and producer in Nevada, announced that the Canadian company and its Canadian subsidiaries sought and obtained an initial order of the Supreme Court of British Columbia pursuant to the Companies’ Creditors Arrangement Act. PricewaterhouseCoopers Inc. was appointed as the monitor.
The decision to commence CCAA proceedings was made after careful consideration of the Canadian company’s financial position and significant consultation with certain key creditors of Flower One. The CCAA proceedings are intended to facilitate a restructuring of the Canadian company’s balance sheet and the injection of additional capital, with a view of Flower One going private by the end of the 2022 calendar year, thereby eliminating the administrative burden and significant expense associated with being a publicly listed company.
During the CCAA process, the US operations of Flower One are expected to continue in the ordinary course and without interruption.
The next court hearing is scheduled for October 25, 2022 at 9:00 PST.
Photo: Benzinga; Sources: courtesy of Matthias Zomer via Pexels, squarefrog via Pixabay
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