True Leaf lives to fight another day

Published on November 11, 2020 by oz. staff

True Leaf Campus - contributed okanaganz Photo: Contributed
True Leaf's facility in Lumby.

True Leaf continues to fight for its life.

The North Okanagan pet company, which sells hemp infused products, announced this week it has approval from the BC Supreme Court to complete the final steps of its refinancing and restructuring.

“The approval brings the company one step closer to successfully emerging from creditor protection,” says a statement from True Leaf’s interim CEO, Darcy Bomford.

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The company says it made applications to the court on Nov. 6 in the respective restructuring proceedings of True Leaf Brands (TLB), True Leaf Cannabis Inc. and True Leaf Investments Corp.

It received a number of approvals, including refinancing the transaction pursuant to a term sheet between the parties dated Sept. 11, 2020, as well as the sale of the shares of True Leaf Investments.

Still, the application to approve TLB’s proposal to its creditors was adjourned and will be heard at a later date.

“The True Leaf companies are now working towards the closing of the transaction and implementation of the proposals,” says the statement.

The closing is expected by Nov. 16, 2020.