Financially distressed Canadian cannabis retail company Fire & Flower Holdings is being delisted from the Toronto Stock Exchange after filing for creditor protection earlier this month.
The delisting of the company’s shares will take place July 14, according to a news release.
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Fire & Flower, which operates 90 cannabis stores across Canada, was granted an initial creditor protection order by a Canadian court on June 5 after announcing a strategic review in late May.
It is the latest in a string of troubled Canadian cannabis companies to turn to the Companies’ Creditors Arrangement Act (CCAA) to resolve its financial challenges.
Fire & Flower said Thursday that the court-ordered stay period under CCAA had been extended until Sept. 1.
The court also approved a key employee retention plan (KERP), with a “priority charge against the company’s assets for security for payments under the KERP,” among other
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