Phoena Holdings Inc. plans to wind down its business and has obtained creditor protection for a second time.
Documents filed with the Ontario Superior Court of Justice, which granted the protection, show the Vaughan, Ont. cannabis company, previously called CannTrust Holdings Inc., is insolvent and plans to liquidate its assets.
Interim chief executive Cornelis Pieter Melissen says in an affidavit that the company is pursuing a wind-down because it has been unable to revive its business and generate a profit since emerging from creditor protection in March 2022.
He says Phoena was unable to recover because it could not bring back its previous patient base that was lost when the company’s licenses were suspended in September 2019 after it was accused of growing cannabis in unlicensed rooms.
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