Another Canadian cannabis producer is entering court-supervised restructuring amid cut-throat competition and heavy government taxation of the 4-year-old industry.
In an email to MJBizDaily, British Columbia-based Tantalus Labs confirmed it has filed a Notice of Intent for Restructuring in Canadian federal court.
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“This filing comes with the difficult reality of laying off the substantial majority of our team, retaining only a few key employees to navigate the complexity of this restructuring process,” CEO Dan Sutton said in the email.
Sutton said the company is initiating “the process of restructuring with the mission to find a path forward for our brand and winning products to continue to deliver value to customers and distributors nationwide.”
Tantalus Labs becomes the latest casualty in the Canadian cannabis space.
Toronto-based retailer Fire & Flower Holdings recently received an order for creditor protection from a Canadian court, putting approximately 1,400 full- and
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