MJ Biz
Canadian hashish firm BZAM, which is merging with The Inexperienced Natural Dutchman in 2022, has been granted creditor safety. restructure the enterprise and pursue a gross sales course of.
The Ontario Superior Court docket of Justice has granted the request for creditor safety for BZAM and its Canadian subsidiaries below the Firm Collectors Association Act (CCAA), the Pitt Meadows, British Columbia firm stated in a press launch Thursday.
In an affidavit filed with the appliance for creditor safety, CEO Matthew Milich stated the corporate had amassed 112.9 million Canadian {dollars} ($83.2 million) in consolidated liabilities.
“The candidates have struggled with money movement, and since January 31, 2024 particularly, the candidates' money place has deteriorated considerably,” based on the affidavit, which says the money place of the corporate fell to CA$1.9 million for the week of February 25, 2024.
A few of BZAM's greatest liabilities embody unpaid excise obligation and different taxes.
Court docket paperwork say BZAM had excise duties payable of CA$9.5 million
