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One-time Aphria suitor Green Growth Brands sells CBD business amid ‘serious financial difficulty’

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Shares tumbled as much as 42 per cent, the most ever, to 25 US cents in Toronto

Green Growth Brands Inc., once a suitor of Aphria Inc., is selling its CBD business and restructuring debt amid what the company is calling “serious financial difficulty.”

It also made a splashy attempt to enter the Canadian cannabis industry with a $2.4-billion hostile bid for Aphria in January 2019 after a short-seller attack triggered a plunge that erased more than half of Aphria’s market value. Since then, Aphria has posted three consecutive quarters of Ebitda profitability.

Green Growth reported a net loss of US$34.8 million for the quarter ended Dec. 28. The company declined further comment.

 

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Welcome to Canada. 5% of the population holds veto over the 95%, the Prime Minister is impotent, and you lose money selling pot.

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