- B.C. Craft Supply (CRFT) has received court approval for its creditor proposal
- The company will pay 25 per cent of each creditor claim over a two-year period, half of which may be converted into equity
- It intends to resume the commercialization of its brands – including Grizzlers, Role Model and Earth Dragon Organics – as soon as is feasible
- B.C. Craft Supply is a diversified wellness company advancing innovations in cannabinoids, psychedelics and psychotherapy
- B.C. Craft Supply (CRFT) halted trading on February 3, 2022, last trading at $0.50 per share
B.C. Craft Supply (CRFT) has received court approval for its creditor proposal.
The British Columbia Supreme Court ruled that the company will pay affected creditors a cash distribution of 25 per cent of each proven claim over eight equal quarterly tranches starting in June 2023.
Each claim is subject to the following options:
a) By no later than June 1, 2023, either the creditor or B.C. Craft Supply may elect to convert 50 per cent of the aforesaid cash distribution to CRFT common shares priced at $0.50 once trading resumes on the CSE
b) Each creditor may also elect to receive a cash payment equaling 12.5 per cent of the respective claim
The company will fund cash distributions from sales revenue.
Payments may be accelerated in the event of capital raises or other successful ventures.
“This is a momentous step forward for the company, our stakeholders and the entire Canadian cannabis community,” stated Matthew Watters, B.C. Craft Supply’s CEO. “The proposal provides the best possible outcome for the company’s stakeholders and the ability for the company to scale its winning brands like Grizzlers, Role Model and Earth Dragon Organics.”
B.C. Craft Supply is a diversified wellness company advancing innovations in cannabinoids, psychedelics and psychotherapy.
B.C. Craft Supply (CRFT) halted trading on February 3, 2022, last trading at $0.50 per share.