COSTA MESA, Calif. –
The Los Angeles County Superior Court, Santa Monica Division, issued an order March 28 granting Gold Flora Corporation’s application for voluntary receivership and appointed Stone Blossom Capital LLC, through its principal Richard Ormand, as the receiver.
The receiver took possession of all assets of the company and is authorized to take any action he deems reasonable and appropriate to manage and operate such assets, including marketing and selling the assets.
The order also stays all pending and potential actions and litigation brought against Gold Flora or its subsidiaries unless the court orders such stay lifted, extended, or otherwise modified upon a showing of good cause.
The receiver has broad powers and authority to seize, collect, manage, control, preserve, protect, maintain, liquidate, or conserve value of all the company’s assets in accordance with California law. Accordingly, the receiver is empowered to sell all the company’s assets (together or separately) and distribute the proceeds to the company’s creditors in a manner approved by the court.
On April 2, the company’s securities were halted from quotation on the OTCQB marketplace operated by OTC Markets Group Inc. On April 3, they were transferred to the OTC Pink Market.
About Gold Flora Corporation
Gold Flora Corporation is vertically-integrated cannabis company that owns and operates multiple premium indoor cannabis cultivation facilities, 16 retail dispensaries in strategic geographies, a distribution business selling first party and third party brands into hundreds of dispensaries across California, and a portfolio of cannabis brands and SKUs aimed at different consumer segments. The company’s retail operations include Airfield Supply Company, Caliva, Coastal, Calma, King’s Crew, Varda, Deli, and Higher Level dispensaries, and its distribution company operates under the name Stately Distribution.
