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Green Growth Brands Appoints CBD Subsidiaries As Receivers, Continues Operations In FL, MA And NV

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Green Growth Brands Appoints CBD Subsidiaries As Receivers, Continues Operations In FL, MA And NV

Green Growth Brands (CSE: GGB) (OTCQB: GGBXF) announced it will place its CBD businesses into receivership.

In the past two weeks, the company announced the resignation of CEO Peter Horvath — who also left his position as board member — and the laying off of employees on account of not being able to fund payroll.

On March 19, the Toronto-based company also announced that it would be shutting down its CBD business, with the closing of mall-based CBD kiosks and its CBD e-commerce platform.

Green Growth Brands Appoints CBD Companies as Receivers

On April 3, Green Growth confirmed that the Board of Directors had finished reviewing its CBD business and concluded that it will be subject to the receivership order. These are the companies that operated Green Growth’s CBD business before its shutting down.

The move comes weeks after announcing an intention to complete an exit strategy on the struggling CBD business, which currently represents the largest chain of mall-based CBD kiosks in the country.

Consent to the appointment of the receiver was filed with the Franklin County Court of Common Pleas, in Franklin County, Ohio. 

The company’s MSO subsidiaries will continue to run business in Florida, Nevada and Massachusetts, and will not be subject to the receivership order. 

Photo courtesy of Green Growth Brands

 

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