Atlas Global Brands Seeks Restructuring Under Canadian Law While Faces Financial Struggles
Atlas Global Brands, a prominent player in the cannabis industry known for brands like D*gg Lbs, GreenSeal, and Electric Lettuce, has secured an initial order under the Companies’ Creditors Arrangement Act (CCAA).
This legal maneuver allows the company and its numerous subsidiaries, including GreenSeal Cannabis Company Ltd. and AgMedica BioScience Inc., to restructure their business and financial operations amidst mounting financial challenges, reported Stratscann.
Atlas Global Restructuring Process
Headquartered in Ontario, Canada, Atlas Global operates through its wholly-owned subsidiaries in Canada, managing cultivation, extraction, manufacturing, marketing, and distribution processes. The company boasts two licensed cannabis facilities in Canada, with one holding European Union GMP certification. Atlas Global’s reach extends beyond Canada, operating in Israel and distributing products to countries like Australia, Germany and the UK.
Financial Challenges and Restructuring Efforts
Facing the economic downturn of the cannabis market, the company started a restructuring process. In early 2023, …