One of California’s leading legal cannabis companies announced Thursday that it is seeking receivership, looking to sell off all of its assets as it faces mounting financial losses and eventually to shut down the sprawling business.
Gold Flora CEO Laurie Holcomb said in a Thursday news release that it was “a difficult but correct decision” to sell off the company’s 16 dispensaries and 100,000-square-foot cultivation campus through a voluntary receivership in Los Angeles. Holcomb said the company has over $100 million in annual revenue but is facing mounting lawsuits related to a business merger and debts that make the company unsustainable.
Source: https://www.sfgate.com/cannabis/article/california-cannabis-company-failure-gold-flora-20246355.php