TORONTO – Humble & Fume Inc. (CSE: HMBL) (OTC Pink: HUMBF), a North American distributor of cannabis and cannabis accessories, has initiated creditor protection proceedings under the Companies’ Creditors Arrangement Act (CCAA).
The Ontario Superior Court of Justice granted the company a stay of proceedings until January 15, 2024, and appointed Deloitte Restructuring Inc. as the Court-appointed monitor.
The decision to seek protection was made after the company’s board of directors, advised by legal and financial experts, concluded it was in the best interest of all parties involved. The CCAA protection aims to address liquidity issues and stabilize operations for the Humble Group, which includes several subsidiaries such as Windship Trading LLC and Fume Labs Inc.
The company is set to return to court on January 12, 2024, to seek approval for a sale and investment solicitation process. This process is intended to facilitate a transaction that will allow the Humble Group to continue operations as a going concern post-proceedings.
Currently, Humble & Fume believes it has sufficient liquidity to manage throughout the CCAA proceedings without the need for additional financing.
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