New Zealand medical cannabis company Cannasouth Limited has entered voluntary administration, a process that allows for an administrator to review and rearrange the financial affairs of insolvent or near-insolvent companies.
The company’s board made the decision in light of the challenges of securing additional funding and in the interest of shareholders and convertible note holders, according to a news release.
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As the process unfolds, Cannasouth said it will continue to support its customers.
The appointment to voluntary administration was undertaken in consultation with the company’s note holders, who at the invitation of the board, nominated the administrators, Cannasouth said.
Ben Francis and Garry Whimp from Blacklock Rose Limited have been appointed joint administrators and are responsible for preparing a plan for the
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