Canadian cannabis grower and processor Safari Flower Group is insolvent and has received an initial creditor protection order under Canada’s Companies’ Creditors Arrangement Act (CCAA).
Fort Erie, Ontario-based Safari described itself in a Jan. 11 court filing as a bulk supplier of cannabis products to other licensed producers as well as a producer of white-label products for marijuana retail brands.
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International medical cannabis shipments have also “become a major focus” of the company, according to the filing, “as the margins can range anywhere from two to three times higher than the average price in Canada.”
However, Safari reported liabilities of 55.2 million Canadian dollars ($41 million) as of Dec. 31.
The company said “its financial success has, unfortunately, become difficult to maintain,” citing
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