Thoughtful Brands, a Vancouver-based cannabis and psychedelics firm, has moved to dissolve its German-based subsidiary, which had pursued creditor protection under German laws.
Thoughtful Brands, which fully owns Verrian Germany GmbH, recently announced that Verrian is no longer capable of maintaining current operations and meeting creditor demands due to insufficient working capital. Consequently, the subsidiary has no option but to initiate insolvency proceedings in line with Germany’s insolvency regulation.
Verrian uses clinical research to produce psychedelic compounds for managing opiate addiction. The company runs a pharmaceutical facility in Radebeul.
Verrian suspended all production operations after the filing of the insolvency proceedings. Speaking about the process, Thoughtful Brands said that its subsidiary awaits the appointment of a preliminary administrator ordered by a court to supervise creditor interest and come up with the next course of action.
According to Thoughtful Brands, the decision to dissolve Verrian was arrived at after due consideration. The company now intends to concentrate on its main operations, including eCommerce technology, direct to consumer brands, and vertically integrating its supply chain.
Thoughtful Brands recently signed an acquisition deal of the American CBD Extraction Corp., a leading producer of cannabinoids in Kentucky. Thoughtful Brands intends to begin managing every aspect of its supply chain, such as production, distribution, and value chain. Acquiring the Kentucky CBD firm provides Thoughtful Brands with the opportunity to achieve its plans.
The Vancouver-based company announced plans to launch new high-quality CBD brands offering hemp-based products fully produced in its facilities. It also intends to develop products with future clients in mind.
Formerly operating under the name Mota Ventures, Thoughtful Brands distributes natural health products online. The firm sells CBD ingestibles and topicals under its popular brand Nature’s Exclusive and trades as the symbol TBI on the Canadian Securities Exchange.