MJBiz - July/August 2024 - 17

COMPANY NEWS
Brunswick-based company
expects to use the proceeds to
fund growth initiatives and for
general corporate purposes.
Shares of Organigram trade as
OGI on the Nasdaq and Toronto
Stock Exchange.
BZAM Granted
Creditor Protection
Vancouver,
British
Columbia-based cannabis firm
BZAM, which merged with The
Green Organic Dutchman in
2022, has been granted creditor
protection to restructure the
business and pursue a sale process.
The Ontario Superior Court of
Justice granted the request for
creditor protection for BZAM
and its Canadian subsidiaries
under the Companies' Creditors
Arrangement Act, the Pitt
Meadows, British Columbiabased
company said in a news
release.
In an affidavit filed with
the application for creditor
protection, CEO Matthew
Milich said the company had
accumulated CA$112.9 million
($83.2 million) in consolidated
liabilities.
" The applicants have
struggled with cash flow, and
since Jan. 31, 2024, in particular,
the cash position of the
applicants has deteriorated
significantly, " according to
the affidavit, which says the
company's cash position had
fallen to CA$1.9 million for the
week of Feb. 25, 2024.
Some of BZAM's biggest
liabilities included unpaid excise
and other tax. Court filings say
BZAM had excise duties payable
of CA$9.5 million.
Monthly excise tax obligations,
meanwhile, amounted to
about CA$4 million-almost
two times more than the
company's monthly payroll of
approximately CA$2.3 million.
Sales tax payable were
CA$2.2 million.
Have a company announcement
you want us to consider? Send
a news release or general
information to magazine@
mjbizdaily.com.
(Note: We're looking for news
about expansions, financing,
deals, partnerships and similar
developments, not productrelated
announcements.)
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MJBiz - July/August 2024

Table of Contents for the Digital Edition of MJBiz - July/August 2024

MJBiz - July/August 2024 - 1
MJBiz - July/August 2024 - 2
MJBiz - July/August 2024 - 3
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