Humble & Fume, a Canadian cannabis and accessories distributor with operations in Texas and California, received an initial creditor protection order from an Ontario court and intends to go private.
The distribution company will seek a sale and investment solicitation process in order to exit creditor protection as a going concern, according to a news release.
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“The company believes that the protection afforded by the CCAA (Companies’ Creditors Arrangement Act) will allow the Humble Group to address its liquidity issues and stabilize operations,” Humble & Fume said in a Friday news release.
The Toronto-headquartered firm reported having enough liquidity to undergo the CCAA process, “and does not forecast a need for additional financing at this time.”
Humble employs 73 people, a court filing
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