True Leaf Brands Inc. (
CSE.MJ) is now mired in bankruptcy proceedings. Share prices of Lumby, BC-based company have plummeted
in the wake of the announcement. On September 15
th, True Leaf announced that it had applied to the British Columbia Securities Commission (BCSC)
requesting a temporary management cease trade order.
According to the Company’s most recent news release, the goal of the proposals are to see Canguard Mortgage Investment Corporation, “acquire the assets and the shares of the companies and allow for the companies to emerge from their respective proposal proceedings.”
True Leaf says it is continuing to work with auditors to file financial statements. The management stop-trade order does not prevent regular trading of the stock, which is currently trading at $0.03 on the CSE at press time.
True Leaf has previously sold off its pet care division in a deal announced at the end of August.
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