Another one of California’s largest cannabis operators plans to liquidate assets after mounting financial losses and operational challenges.
Gold Flora Corp., one of the state’s largest cannabis retail chains, is entering receivership after defaulting on a $11.5 million loan.
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The company said in a press release its seeking court protection as a result of lawsuits related to its 2023 acquisition of TPCO Holdings, rising business expenses and high-yield debt.
The deal for TPCO, which operated as The Parent Co., was positioned to streamline operations while generating annual savings of $20 million to $25 million, Gold Flora said at the time. The deal also had high visibility because of The Parent Co’s affiliation with rap mogul “Jay-Z” Carter.
Gold Flora’s receivership filing followed a
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