Cannabis vape manufacturer The Blinc Group cited $1 million in liabilities in its Chapter 7 bankruptcy filing in New York.
The list of creditors included in the March 14 filing indicates the privately held company hasn’t paid taxes, suppliers, media or public relations firms, according to Green Market Report.
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Plant-touching marijuana companies are not eligible to file for Chapter 7, but Blinc identified itself as a vaping technology company.
In a Chapter 7 bankruptcy, a court-appointed trustee liquidates a debtor’s nonexempt assets to pay its creditors.
The debtor is then discharged from most unsecured debts, allowing a fresh financial start.
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According to Green Market Report, New York-based Blinc’s creditors include:
7Thirty Fund Arcview
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