Lift & Co. Corp., Toronto-based cannabis events and marketing firm, announced they have filed for bankruptcy. Lift said it had been “negotiating a significant equity investment in its events division by a global strategic investor” before the COVID-19 pandemic hit. The proceeds of that deal would have used to grow its marketing operations. “The onset of the pandemic resulted in that potential transaction being aborted and also in cash flow from the events division essentially ceasing,” said Lift. Although Lift said it was “on the cusp” of selling its marketing division to an interested buyer. However, it was unable to reach an agreement on the deal with holders of its secured convertible debentures. Then, those debentures matured on Sept. 10, and Lift lacked the capital to repay them “or to continue carrying on its business.”
Marijuana Business Daily, 09/17/2020 11:52:21
Open article: https://mjbizdaily.com/canadian-cannabis-events-firm-lift-co-files-for-bankruptcy/