Plus Products, a prominent California edibles brand, has filed for creditor protection and canceled today’s annual meeting, according to a press release: “The slow rollout of legal dispensary licenses in California, and the structure of the California market have made it difficult for independent brands to remain competitive in this state,” the statement said, despite Plus having “one of the strongest brands in cannabis.”
The company says business will not be interrupted as it pursues a restructuring.
- Trading in the company’s Canadian stock has been halted in anticipation of delisting.
- Related documentation is available here.
The company has filed for protection under Canada’s Companies’ Creditors Arrangement Act. PotCos are not eligible for bankruptcy protections in the U.S.
Also in California: