Fire & Flower Holdings and its subsidiaries have received an initial order for creditor protection from a Canadian court after raking up significant net losses of more than 200 million Canadian dollars ($150 million) since 2018.
The Toronto-based company said it was granted the order by the Ontario Superior Court of Justice under the Companies’ Creditors Arrangement Act (CCAA), allowing it to maintain the status quo and consult with stakeholders with a view to continuing operations.
ADVERTISEMENT
To that end, the court approved Fire & Flower’s debtor-in-possession loan of CA$9.8 million from an affiliate of Alimentation Couche-Tard, a large Canadian operator of convenience stores, which owns a stake in the cannabis retailer.
In a news release, Fire & Flower said creditor protection allows the company to work with the monitor – FTI Consulting Canada – to streamline its operations and conduct a court-supervised sales process to obtain
Read full article on Marijuana Business Daily
