T.O. Global has announced the restructuring of its balance sheet, with senior creditors fully converting $14 million in debt into new equity. Having led the restructuring, Oliver Kruze was appointed by the Company as its new Chief Executive Officer. Synergy Enterprises LLC ("Synergy") advised the Company on the transaction.
"The cannabis industry has been unforgiving to operators and investors alike, but there is everything yet to play for in this blue-sky opportunity," said Kruze. "Brands are becoming increasingly important for both medical and adult-use consumers and represent the future of the cannabis industry. Tikun has built an unparalleled legacy of quality behind a rapidly expanding portfolio of intellectual property, global reach, and premium products prized by patients and consumers."
Gary Nacht, Synergy's founder, commenting on Tikun's prospects, noted, "Free of senior debt and cash flow positive, Tikun is now well-positioned to grow in its Florida home market and select new markets across the country. Under experienced executive leadership, and with the added focus on the rapidly expanding adult-use market, the Company will now pursue fresh capital to fuel a relaunch of the Tikun brand."
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