Accessories distributor Humble & Fume granted creditor protection
Published on January 12, 2024 by oz. staff
Canadian cannabis accessories distributor Humble & Fume has been granted creditor protection.
Founded in Brandon, Man., in 1988, the smoke shop supplier is yet another company that flourished in prohibition and dwindled post-legalization.
“After extensive consultation with legal and financial advisors, and thorough consideration of all available alternatives, the directors of the Humble Group determined that it was in the best interests of the Humble Group to seek creditor protection under the CCAA,” says the company in a statement announcing the move.
The case is being heard in the Ontario Superior Court of Justice. The court has so far granted a stay of proceedings in favour of the Humble Group until Jan. 15, and Deloitte Restructuring has been named court-appointed monitor.
Humble & Fume is scheduled to appear today (Jan. 12) for a hearing to seek approval of a sale and investment solicitation process to give the company a chance to address its liquidity issues and stabilize operations.
The company trades on the Canadian Securities Exchange (CSE) as HMBL.