Cannasouth has announced that it will be placed into voluntary administration.
The decision was made by the directors after considering the company's circumstances, including the challenges of securing additional funding and balancing the interests of shareholders and convertible note holders.
The appointment of joint administrators, Ben Francis and Garry Whimp from Blacklock Rose, has been undertaken in consultation with the note holders who nominated them.
The administrators will now be responsible for preparing a plan to achieve cashflow positive results and will conduct a detailed review of Cannasouth's operations, with a focus on identifying profitable lines of products and services.
They will also seek financial support from shareholders and note holders to implement the plan.
Cannasouth assured that it will continue to provide customers with quality products that comply with regulatory requirements.
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