Less than two years after constructing an 18,000-square-foot facility in Lumby, a North Okanagan-based cannabis company now finds itself in the middle of bankruptcy proceedings.

In a Monday, Oct. 5 press release, True Leaf Cannabis Brands Inc. updated shareholders on its recent efforts to exit bankruptcy.

The company91裸聊视频檚 three subsidiaries 91裸聊视频� True Leaf, True Leaf Cannabis Inc. and True Leaf Investments Corp. 91裸聊视频� filed proposals to creditors with the Office of Superintendent in Bankruptcy Canada between Sept. 23 and Oct. 2.

The purpose of the proposals is to allow Canguard Mortgage Investment Corporation to 91裸聊视频渁cquire the assets and the shares of the companies and allow for the companies to emerge from their respective proposal proceedings,91裸聊视频� the press release states.

The True Leaf Campus in Lumby was designed to cultivate, process and sell cannabis, and the company obtained Health Canada licences to do so in November 2019.

True Leaf is under a temporary management cease trade order, which it requested from the B.C. Securities Commission after missing the Sept. 14 deadline for filing its audited financial statements. The company says it is working with its auditor to complete its annual filings.

True Leaf91裸聊视频檚 CEO and CFO are prevented from trading shares in the company for as long as the cease trade order remains in effect.

The company has cited the COVID-19 pandemic and internal reorganizations as reasons for missing the deadline.

91裸聊视频淏oth events have impacted the company91裸聊视频檚 ability to complete its audited annual financial statements and has consequently caused a delay in completion of the annual filings,91裸聊视频� a Sept. 15 company press release reads.

The company91裸聊视频檚 efforts to restructure and refinance debt include selling its pet supplement business, True Leaf Pet Inc., in a deal announced in late August.

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