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Gold Flora files for receivership after loan default, mounting debt

(Image by Romolo Tavani/stock.adobe.com)

Another one of California's largest cannabis operators plans to liquidate assets after mounting financial losses and operational challenges.

Gold Flora Corp., one of the state's largest cannabis retail chains, is entering receivership after defaulting on a $11.5 million loan.

The company said in a press release its seeking court protection as a result of lawsuits related to its 2023 acquisition of TPCO Holdings, rising business expenses and high-yield debt.

The deal for TPCO, which operated as The Parent Co., was positioned to streamline operations while generating annual savings of $20 million to $25 million, Gold Flora said at the time. The deal also had high visibility because of The Parent Co's affiliation with rap mogul "Jay-Z"  Carter. Read story >

More Headlines

• Michigan processor surrenders permit, barred from industry. Read story >
• D.C. cannabis regulator shutters another unlicensed retailer amid crackdown. Read story >

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Colorado operator stumbles onto 'blueprint for laundering marijuana'

(Photo by Morgan Miller for MJBizDaily/Emerald)

Justin Trouard thought he was doing a favor when he agreed in January to look at the books of a struggling, licensed Colorado marijuana cultivation company to see if he could help turn the business around.

Instead, the CEO of licensed outdoor cultivator Mammoth Farms stumbled onto "the blueprint for how to launder marijuana" in and out of the state's regulated industry, he told MJBizDaily.

While examining the cultivator's track-and-trace records in Metrc, a widely used software program that's Colorado's mandated seed-to-sale compliance tool, Trouard noticed some suspicious activity. Read story >

The road ahead for cannabis lending in 2025

(Photo by Lane Erickson/stock.adobe.com)

As cannabis banking becomes increasingly competitive - particularly in states with mature markets - financial institutions are being pushed to rethink their strategies.

While cannabis accounts offer the ability to add core deposits, the real opportunity is in lending.

For banks and credit unions willing to embrace the risks of this high-growth industry, the rewards can be substantial for lenders and borrowers alike. Read story >

More Headlines

• Humboldt County extends deadline to pay marijuana cultivation taxes. Read story >
• Hawaii lawmakers weighing proposals to boost medical marijuana program. Read story >
• Pennsylvania might tighten medical marijuana recommendation rules. Read story >
• DC's medical marijuana market set for shake-up as 'gifting' shops transition. Read story >

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