Insolvent Canadian recreational marijuana retailer Trees Corp. has entered creditor protection, becoming the latest debt-laden cannabis company to keep its creditors at bay while seeking restructuring.
Trees announced its initial creditor protection order from an Ontario court on Dec. 22.
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Toronto-headquartered Trees is not the same as a U.S.-based marijuana company also named Trees Corp., which operates in Colorado and Oregon.
Alongside the creditor protection order, Trees has taken a debtor-in-possession loan worth up to 800,000 Canadian dollars (roughly $600,000).
The lender is One Plant Retail Corp., an Ontario retailer with more than 40 stores.
Trees operates 13 cannabis stores, including nine in Ontario and four in British Columbia.
The company “suffered significant losses in the tens of millions of dollars” over the
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