DionyMed Leaves OTC Market; Receiver Appointed

Having failed to restructure its debt or find a strategic buyer to purchase its assets, cannabis brand DionyMed Brands Inc. DYME, previously traded over-the-counter under the ticker "DYMEF," said Monday that it will not oppose the appointment of a receiver.

Previously, a collateral agent under the company’s credit agreement from January, GLAS America, served DionyMed with a petition to the Supreme Court of British Columbia demanding the appointment of a receiver over all of the company’s assets and properties.

See Also: DionyMed CEO, COO Resign

The company announced Friday the receivership petition was heard on Oct. 29, and that the Supreme Court of British Columbia admitted an order assigning FTI Consulting Canada Inc. as receiver of the company’s properties, assets and undertakings.

DionyMed’s four directors resigned effective upon granting of the receivership order, the company said, in line with a previous announcement. 

In addition, on Oct. 30, the company said it received a notice that it no longer qualifies for the OTCQB market.