A Michigan circuit court has appointed a receiver for the assets of PharmaCo, a property of Canada-based cannabis multistate operator Red White & Bloom Brands.
PharmaCo, which was acquired in February 2022 by Red White & Bloom subsidiary RWB Michigan, has operated licensed medical and adult-use marijuana stores and conducted limited cultivation in Michigan.
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Circuit Court Judge Michael Warren appointed Trust Street Advisors, through agent Gen Kohut, as receiver for PharmaCo’s assets, according to a Tuesday news release.
The receivership order was issued after continued and uncured defaults under a loan agreement between PharmaCo and its senior secured lender.
The receivership is expected to generate savings by reducing operating expenses, working capital demands and debt-service obligations associated with PharmaCo’s operations, which no
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