Green Growth Brands CBD Business Unit Enters Receivership

Well, it appears that there is little interest in buying Green Growth Brands (CSE: GGB) CBD operation after all. This morning, the company announced that the entire CBD business unit would be going into receivership after completing the strategic review of the operation.

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The announcement follows the news from the company that it would be suspending the operations of the CBD business unit as a result of the ongoing COVID-19 pandemic. However, further information gathered from employees painted a slightly different picture, with employees being told that they were laid off as a result of the business going under, and that only a handful of staff across the company would remain.

The receivership order, as per the news release, will only affect the firms six subsidiaries that operate the CBD business unit. Those subsidiaries include Green Growth Brands LLC, GGB Beauty LLC, GGB Licenses LLC, Green Growth Brands Realty LLC, GGB Kiosks LLC, and GGB GN LLC (collectively, the “CBD Subsidiaries”). Each of these subsidiairies will be going into receivership as a result.

The firms cannabis operations, which include Nevada organic Remedies, Henderson Organic Remedies, Wellness Orchards of Nevada, Just Healthy, and Spring Oaks Greenhouses have been indicated by the company to not be impacted.

Green Growth Brands last traded at $0.10 on the CSE.

Information for this briefing was found via Sedar and Green Growth Brands. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.