The spread of COVID-19 across North America couldn’t have come at a worse time for Green Growth Brands.
The Ohio-based cannabis company is in the process of selling an 80 per cent stake in its CBD business, which includes kiosk stores in about 195 malls in the United States. Green Growth Brands announced BRN Group as a potential buyer in late February, and expected a deal to close after a 30-day “go shop” period. So far, no buyer has been announced. Interim CEO Randy Whitaker recently told Yahoo Finance Canada that a deal is forthcoming despite the devastating hit to mall traffic caused by the unfolding COVID-19 pandemic.
The company announced the temporary closure of all its mall-based shops on March 19 to protect workers, as well as the suspension of online CBD sales. As a result, Whitaker said Green Growth Brands terminated 800 jobs. He said the reopening of the kiosks will be largely dependent on the decisions of a potential buyer.
“We did make a move to terminate all employees that were in that business,” Whitaker told Yahoo Finance Canada in an interview.
Read more at finance.yahoo.com