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True Leaf Brands updates shareholders on ongoing restructuring process

True Leaf's trustee FTI Consulting is soliciting offers for the company’s assets, a required step in its restructuring program

True Leaf Brands Inc. -
True Leaf’s assets include a 40-acre land package in Lumby, British Columbia, which houses an 18,000-square foot purpose-built cannabis facility

True Leaf Brands Inc (CSE:MJ) (OTCQX:TRLFF) has updated shareholders on the restructuring plan it announced in early April.

The Vernon, British Columbia-based company was one of the first to market hemp-based products for pets worldwide.

In a statement Friday, True Leaf told shareholders that its trustee FTI Consulting Canada Inc is soliciting offers for the company’s assets, a required step in its recently announced interim filing facility.

READ: True Leaf files for stay to secure creditor protection amid restructuring

The potential asset divesture is part of the company's restructuring actions under the Bankruptcy and Insolvency Act (Canada) along with efforts to refinance debt and raise funds.

True Leaf’s assets include a 40-acre land package in Lumby, British Columbia, which houses an 18,000-square foot purpose-built cannabis facility. The asset, which also includes a federal cannabis license from Health Canada, is up for bid until June 15, 2020.

In addition, the company’s pet care division True Leaf Pet Inc is available for bid until June 19, 2020. The pet supplement business has distribution and sales in 3,500 stores across North America and Europe.

Contact Angela at [email protected]

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Quick facts: True Leaf Brands Inc.

Price: 0.045 CAD

CSE:MJ
Market: CSE
Market Cap: $4.52 m
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