Weeks after emerging from creditor protection, Pheona’s rising was short-lived as former CannTrust cannabis company goes down same road
Ontario Superior Court Chief Justice Geoffrey Morawetz issued the order under the Companies Creditors’ Arrangement Act at the request of Vaughan, Ont.-based Phoena Holdings Inc. and affiliated entities just 55 weeks after it emerged from creditor protection.rebound under chief executive officer Greg Guyatt
But Phoena brought in just $13.2-million in revenues in 2022 while losing $24.8-million. It then lost $317,000 on $1.2-million in revenue in January, according to court filings. Mr. Guyatt resigned in February. Phoena has $77-million in liabilities and has not made any of its required payments on a $22.5-million revolving credit facility since November.
This is the latest trouble to hit the cannabis sector, which has seen early investor enthusiasm after the legalization of the drug CannTrust was an early success of Canada’s cannabis industry, even predating legalization of recreational use in 2018. By early 2019 its products were used by 68,000 registered patients and prescribed by more than 2,500 physicians.
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