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Canada OKs Green Growth Asset Sale Plan

Jordan Webber

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Green Growth

Toronto-based cannabis company Green Growth Brands is ready to hit the auction market after the Canadian court cleared its asset sale plan last Tuesday, June 2. It will join other Canadian cannabis companies in the thriving legal weed market.

It hasn’t been easy to buy weed online in Canada or in-store, however the growth of the legal cannabis market in Canada has forced legislation to revisit some of it’s antiquated laws and allow for more flexibility in the market.

The high court granted Green Growth Brands a ‘stalking horse bid’ to see its creditors and buy it for an estimated $105 million. This was after the company filed insolvency protection under the CCAA last month.

The Canadian court initially granted the application for protection for a 10-day period until May 29, 2020, but it was pushed until June 12, 2020. On Tuesday, the court once again issued Amended and Restated Order to extend the period until August 15 this year.

All Green Growth’s assets, properties, and undertakings in connection with the debtor-in-possession should be approved under the stalking horse agreement. The aggregate principal amount of 15 percent matured on May 17, with US$23,717,000 secured convertible debentures.

According to the court, Green Growth Brands has more than $100 million in secured debt to lender All Js Greenspace as of May 2020. The company is said to have ‘very limited cash on hand’ and only relies on lender Greenspace for financing.

Negative Cash Flow

Early April, the company recalled financial struggle after it had put all CBD business into receivership, shortly after former CEO Peter Horvath stepped down from his position. The company tried to focus on its marijuana operations in the United States but the pandemic slowed down sales altogether.

Green Growth’s operations in Nevada, Florida, and Massachusetts were ‘fueled by debt’ and expansion plans was put to an end. For the early months of 2020, the company’s cash flow were reported negative, which led to the piling of debt.

While the situation in early 2020 is not improving, former CEO Horvath didn’t blunt and continued pushing for an aggressive growth strategy. Horvath super headed Green Growth’s hostile takeover of Aphria Inc., which is a known pot producer in Canada.

Despite the change in strategies and an impressive network of kiosks, the company ventured into a turnaround plan in February before Horvath decided to step down in March. The splashy entrance to the CBD market isn’t enough to sustain the increasing debt of the company.

Part of Green Growth’s plan is to sell its CBD business but the pandemic shattered the sales from mall kiosks, as the government ordered the closure of establishments. The damage was huge and cost the company $34.8 million.

Green Growth is also facing a number of lawsuits including the failed merger with Moxie, which is seeking $19 million.

Benefits of Medical Marijuana

The State of Cannabis in Washington State: Things To Know in 2021

Jordan Webber

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The Pacific Northwest is well known for its beautifully lush landscapes, crisp apples, fresh air, and progressive lifestyle/health views. Being the only state named after a United States president(George Washington), Washington is a place many happily and willingly call home or their sanctuary.  

In terms of other well-knowns, Washington state was one of the first to legalize cannabis for recreational use nearly a decade ago (2012 to be exact). As long as you are 21 years old or older and reside in the state, you can privately partake in the consumption of cannabis without any legal ramifications. This has been an appeal to many across the country, with some actually moving to the state for this reason.

In 2021, and with the dawn of a new administration in the White House, marijuana looks to have a very bright few years ahead. We’ve already seen an emergence of pot stocks and hometown dispensaries budding up all around the United States and the rest of North America, and that only looks to continue into the near future.

If you’re in the mood to finally take the leap into using cannabis, now could be a great time to learn more about this wonderful plant and its many healing and rejuvenating properties. 

What is it used for mainly in 2021?

Cannabis was once thought only to be good for “getting high.” There has been a plethora of scientific research giving us a better understanding of this miracle plant. It has been used to treat Cancer, Epilepsy, Seizures, Glaucoma, PTSD, Multiple Sclerosis, Inflammation, and even Alzheimer’s disease. In 2021 after a rough 2020, many have been using it as a healthier way to indulge at home, protecting themselves from the ongoing pandemic. Instead of frequent alcohol consumption, there has been a larger shift towards the consumption of cannabis as it has been stated to be less harmful to vital organs like the heart and liver. Alcohol also creates a lot of inflammation within the body, whereas cannabis reportedly fights inflammation. 

Best places to buy it in 2021?

The best places to purchase your cannabis are from state-licensed retailers in Washington. Purchasing weed through private means(aka black-market) is still illegal and should be avoided at all costs. Make sure to do your due diligence when seeking reputable dispensaries as there are “pop-up shops” that claim being licensed but are not, and purchasing from them could result in a hefty fine or even jail time. 

Per WeedMaps, Medical marijuana patients may purchase and possess up to:

  • 3 ounces of marijuana, or 85 grams;
  • 48 ounces, or 1.36 kilograms of marijuana-infused products in solid form;
  • 1.69 gallons, or 6.4 liters of marijuana-infused products in liquid form, or; 
  • 21 grams of marijuana concentrate.

Washington state cannabis Legislation in 2021

As far as growing and cultivation of marijuana for personal use, this is still illegal. Washington cannabis laws are more liberal than other states, but there are still many restrictions, such as not being able to consume it in “public view”. The most notable push in the cannabis space in Washinton state is a bill for home cultivation.

Conclusion

Washington is a great place to visit and, for many, is one of the best places to call home due to its stance on cannabis consumption. With 2021 being a year of progression, it looks like the state of cannabis in Washington will only continue to shine.

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Benefits of Medical Marijuana

Could CBD Help Fight Severe Cases Of COVID-19? [VIDEO]

Carissa Stevens

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CBD Help Fight Severe Cases Of COVID-19

Scientists are now investigating how the inflammatory properties of CBD could treat the cytokine storm that comes along during severe cases of Covid-19 infections. According to research, there are a few strains of cannabis that are worth looking at. Watch this video to learn more.

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Cannabis Business

Social Equity Partners is Available For Arizona Applicants

Stacey Wellington

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With the passage of prop 207, legal cannabis sales for recreational purposes become a new norm for Arizona residents. The legal cannabis market is a multi-billion dollar industry with a projected worth of $73 billion globally by 2027. That’s why it is important for local residents of Arizona to look for partnerships that benefit local communities within Arizona instead of foreign corporations.

Social Equity Partners’ mission is to assist Arizona residents who were convicted of non-violent cannabis felonies to apply for adult-use marijuana dispensary and cultivation establishment licenses through the program offered by Social Equity Partners. Their goal is to offer Arizona residents with cannabis convictions extensive support in receiving a license and establishing a cannabis business through the Social Equity Program. The founder Thomas Lopez was convicted in 2001 by the State of Arizona with a felony for marijuana possession. He understands the obstacles of what it takes to have personal and professional growth after a criminal conviction which is why he founded Social Equity Partners.

Under the ELEVATE brand label, one of the services that Social Equity Partners offers is access to their fully conceptualized dispensary. ELEVATE is a boutique dispensary with the aim to modernize and deliver the highest-quality marijuana products, with locations planned for Sunnyslope, Glendale and Tempe. ELEVATE aims to serve the local communities of Arizona as a small independent business that keeps money in the community instead of generating profits for foreign corporations while forgetting about the concerns of the local citizens.

Applicants will receive assistance with developing a broad web presence, social media campaigns, and professional branding once accepted into partnering with Social Equity Partners. They will also have access to their pool of local investors who are local community members looking to provide capital for starting dispensaries that benefit local residents instead of funneling money into corporations.

Social Equity Partners will be there to offer assistance during the application process for Arizona residents who are applying with felony cannabis convictions by helping them complete the application, create a compelling business plan, and verify financial requirements.  The goal for Social Equity Partners is to ensure that all funding remains local and stays in the community. With this partnership, they believe that applicants have a chance to positively impact their neighborhoods and take part in reinvigorating local economies with locally-based investors’ support.

With a partnership like Social Equity Partners, applicants will have access to full support from land-use lawyers, Realtors, and permitting specialists to help with identifying a site for your cannabis business. Their real estate brokers and lawyers understand the legal requirements for zoning laws for spaces all over Arizona and will help assist partners with finding the right property for their needs. Their partnership increases the likelihood of eligibility for the Social Equity Ownership Program with their proven funding and business plans already in place.

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