After failed efforts to find a deal to restructure its debts, cannabis multistate operator Slang Worldwide is entering receivership to dispose of its Colorado assets and filing for bankruptcy in Canada.
Toronto-based Slang said in a news release it might also sell the assets of its Vermont subsidiaries.
ADVERTISEMENT
According to the release, Slang decided to wind down its operations after considering:
The financial condition of the company and its subsidiaries. Its inability to pay its liabilities as they become due. Negotiations with its lenders.
Slang has a $17.3 million loan coming due as well as multiple smaller loans.
Its creditors include Florida-based MSO Trulieve Cannabis Corp. and New York-headquartered financiers Pura Vida Investments and Seventh Avenue Investments.
Slang reported a
Read full article on Marijuana Business Daily
