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One of the state’s four active cannabis producers has new ownership following foreclosure proceedings, according to a filing with the Securities and Exchange Commission.
The new owners of Theraplant is a company called NewCo, which is a subsidiary of East Hampton N.Y.-based DXR Holdco, according to a report filed on July 21 with the SEC.
Theraplant was owned by the Greenrose Holding Company, which bought the cannabis producer in 2021. The foreclosure agreement wipes $4,107,400 of debt off the books and puts Theraplant into NewCo’s hands, according to the filing.
Greenrose will maintain an additional $5 million in debt, which will be satisfied following completion of the foreclosure agreement. Bernard Wang, named CFO of Greenrose in 2022, will exit the company per the agreement.
According to a report by Bloomberg Law, Greenrose investors have filed a lawsuit against the company’s board and its largest creditors, Silver Point Capital LP, to stop the foreclosure.
Neither Greenrose nor Theraplant replied to requests for comment.
Theraplant is one of four cannabis producers currently in operation in Connecticut, the first to legally cultivate medical cannabis. “In September 2014, we were the first producer to release cannabis onto the Connecticut market,” according to the company’s website. [Read More @ News Times]
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