Heritage Cannabis Holdings Corp. (CSE: CANN) (OTCQX: HERTF) and its subsidiaries have launched a sale and investment solicitation process (SISP) as part of their ongoing restructuring efforts under the Companies’ Creditors Arrangement Act (CCAA), the company said this week.
The Toronto-based cannabis company, which operates in both the medical and recreational markets in the U.S. and Canada, obtained CCAA protection on April 2. The Ontario Superior Court of Justice approved the SISP on April 11, which will be overseen by court-appointed monitor KPMG Inc. and Heritage’s management team.
The SISP is to help find potential buyers or investors for the company’s business and assets. Interested parties have until May 10 to submit their proposals after signing a non-disclosure agreement and accessing a virtual data room containing information about the company.
Heritage has a portfolio of products under various brands, including Purefarma, Pura Vida, RAD, and Premium 5, and operates two licensed manufacturing facilities in Canada.
The court also approved a stalking horse agreement to set a baseline for the consideration of Heritage’s business and assets.
It comes as the cannabis industry faces challenges such as oversupply, falling prices, and regulatory obstacles. Heritage’s restructuring efforts will try to address some of the difficulties and attract new capital or ownership to continue its operations.
The post Heritage Cannabis begins sale process as part of restructuring appeared first on Green Market Report.
KahliBuds Tea News 
Leave a comment