Green Growth Brands Provides CCAA and Other Updates – GlobeNewswire

COLUMBUS, Ohio, Dec. 18, 2020 (GLOBE NEWSWIRE) — Green Growth Brands Inc. (CSE: GGB) (OTCQB: GGBXF) (“GGB” or the “Company”) and certain of its direct and indirect wholly owned subsidiaries (collectively, the “Applicants”) today provided an update on their insolvency proceedings under the Companies’ Creditors Arrangement Act (Canada) (“CCAA”).
As previously announced, the Applicants sought and were initially granted protection under the CCAA by the Ontario Superior Court of Justice (the “Court”) on May 20, 2020.On December 18, 2020, the Court granted two orders that, among other things, (a) approved an amendment dated December 17, 2020 (the “DIP Amendment”) to the debtor-in-possession term sheet between the Company and All Js Greenspace LLC (“All Js”) dated May 19, 2020, as amended; and (b) extended the stay of proceedings under the CCAA until and including March 26, 2021.A copy of the orders issued and entered by the Court, the DIP Amendment, and other Court materials and information related to the Applicants’ CCAA proceedings, all as may be updated or amended from time to time, are available on the website maintained by Ernst & Young Inc., in its capacity as the Court-appointed monitor (“Monitor”) of the Applicants, at www.ey.com/ca/ggbi. All inquiries about the CCAA proceedings should be directed to the Monitor. The Applicants intend to provide further updates on the CCAA proceedings when there are significant developments.Approval of Transfer of Florida LicenseThe Company previously announced the expiry of the forbearance period pursuant to the terms of the forbearance agreement with Green Ops Group LLC (“Green Ops”) and the subsequent commencement by Green Ops of the approval process from the State of Florida to transfer the cannabis license held by Spring Oaks Greenhouses, Inc. The transfer of the cannabis license to Green Ops was approved by the State of Florida on December 15, 2020.Approval of

Read More Here...

Share on facebook
Share on twitter
Share on reddit
Share on pinterest
Share on email

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top