Delta 9 seeking creditor protection
The future isn’t green for a Winnipeg-based cannabis company.
In a media release sent late Monday night, Delta 9 says it is seeking creditor protection. In order to do it, another cannabis retailer is looking to acquire the business.
Delta 9 made the announcement after being given the initial order from the Court of Kings bench in Alberta.
It’s entered a plan sponsorship term with cannabis retailer FIKA.
That plan includes $16 million in interim financing, and FIKA proposing to repay $27.86 million of Delta 9’s debt.
In return, FIKA is seeking to acquire Delta 9.
A monitor has been assigned to oversee the case.
Delta 9 was established in 2012 as a medical cannabis distributer. It became a publicly-traded company in 2017.
In January, 2023 the company laid off 40 employees. It was part of Delta 9’s plan to streamline cultivation and capacity at its Winnipeg facilities. At the time, the company said it was to also reduce company and investor costs.
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