Cannabis retailer Fire & Flower Holdings Corp. says it has received a court order for creditor protection under the Companies’ Creditors Arrangement Act.
The company had been pursuing additional financing to raise capital to fund its operations.
It says the board determined that it was in the best interests of the company to file an application for creditor protection following a review of its strategic options and a consideration of all of its available alternatives.
(Sponsored)
New Sprott School of Business Strategic Plan based on shared community prosperity
Montreal-born finance professor Howard Nemiroff says he didn’t necessarily expect to take a leadership role after returning to Canada in 2006, following several years abroad. Nemiroff says he was content
New 84,000 SF build at Sheffield South aims to fill Ottawa’s midsize-bay industrial gap
Richcraft Properties has officially launched leasing for a soon-to-be newly constructed 84,012 square foot high-bay industrial facility at 2774 Sheffield Road, part of its growing Sheffield South Industrial Hub in
Fire & Flower operates under several banners including the Fire & Flower, Friendly Stranger and Firebird Delivery brands and has one Ottawa storefront at 129 York St.
The company says its board will remain in place and management will remain responsible for the day-to-day operations, under the oversight of a court-appointed monitor while it works to streamline operations and conduct a sales process for the business.
In order to fund the CCAA proceedings and other short-term working capital requirements, Fire & Flower says it has signed an agreement with an affiliate of Alimentation Couche-Tard Inc. for a $9.8-million debtor-in-possession loan.
