A syndicate of parties including the second-largest shareholder of Fire & Flower Holdings Corp. is opposing a proposed stalking-horse agreement between the cannabis retailer and its largest shareholder, an affiliate of convenience store operator Alimentation Couche-Tard.
Fire & Flower entered bankruptcy protection earlier this month.
In an affidavit filed with the Ontario Superior Court of Justice, the major shareholder, Shawn Dym, called the proposed sale and investment solicitation process (SISP) “truncated” and a “fire sale.”
ADVERTISEMENT
“I believe that (Fire & Flower’s) underlying business is strong and that a fire sale at this time is not necessary and not in the best interests of all stakeholders,” Dym wrote.
Dym is co-founder and director of Green Acre Capital Fund II (Canada), which owns approximately 5% of the outstanding common shares of Fire & Flower Holdings. He is Fire & Flower’s No. 2 shareholder.
The syndicate opposing the Couche-Tard
Read full article on Marijuana Business Daily
