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Dutch medical cannabis production company employee files for bankruptcy

In the Netherlands, an unpaid Maripharm Production employee filed for the company's bankruptcy. So writes the facility's trustee in the initial bankruptcy report. The Rotterdam-based medicinal cannabis grower was declared insolvent on October 18.

The trustee says the business was mainly active in researching 'medical cannabis, among other things.' It also had a webshop where it sold CBD products, which it sold to drug stores and pharmaceutical wholesalers too.

Loss
Financial statements from 2019 and 2020 and the company's balance sheet show a clear loss for the last four years. That was at its highest - €1.1 million - in 2020. For 2022, the report shows a minus of more than €23,000. The business employed an average of four people.

Thirteen unpaid creditors have reported to the trustee; they are owed more than €458,000. Not all creditors have yet responded to a letter from the trustee, who is still trying to get an overall debt burden picture.

Stock sale
The grower's facility has items like cannabis plants and laboratory and cultivation equipment. According to the trustee, Maripharm Production does not own all these assets. These have been valued, and there is an ongoing ownership investigation. The trustee suspects there are business assets the tax authorities are allowed to seize.

The trustee seized a stock of CBD oil-filled vials, which will be sold, in consultation with the bankruptcy judge.

When the company went under, its website stated that its director - Mr. M. de Wit - passed away earlier this year. The trustee calls him "the driving force" behind the business. His son, R. de Wit, was appointed director in September.

The bankruptcy reference is 10.rot.22.227.F.1300.1.22.
Mr. M. Kooiman is the appointed trustee.


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