One other one in every of California’s largest hashish operators plans to liquidate property after mounting monetary losses and operational challenges.
Gold Flora Corp., one of many state’s largest hashish retail chains, is getting into receivership after defaulting on a $11.5 million mortgage.
The corporate mentioned in a press launch its searching for court docket safety as a results of lawsuits associated to its 2023 acquisition of TPCO Holdings, rising enterprise bills and high-yield debt.
“There’s a particular degree of M&A consolidation issues when you could have a merger of equals. Most M&A offers fail within the first place, however particularly these mergers of equals,” mentioned Frank Colombo, managing director at Viridian, a New York-based, cannabis-focused funding banking and knowledge analytics agency, in an interview with MJBiz. “It’s extraordinarily tough to merge two actually huge corporations like these.”
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