Lender Expresses Concern Over Cannabist Company’s ‘Pray And Hope’ Approach
FiSai US Management, a major creditor of The Cannabist Company (OTC:CBSTF) is growing increasingly concerned over the company’s management.
FiSai, which holds $50 million in secured notes due in 2026, has taken the unusual step of publicly airing its frustrations, reported Debra Borchardt of Green Market Report (GMR).
The lender sent a letter to New York-based The Cannabist on September 26, citing concerns about liquidity issues, underperformance, and a lack of strategic direction. FiSai accused CEO David Hart and chairman Michael Abbott of using a “pray and hope” approach, banking on favorable external factors, such as a positive presidential election outcome, to bail the company out.
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