Thoughtful Brands, a cannabis and psychedelics company in Vancouver, British Columbia, has dissolved its subsidiary in Germany to focus on its direct-to-consumer brands, including a CBD maker in Kentucky.
Thoughtful Brands says its subsidiary Verrian Germany GmbH has sought creditor protection and institute insolvency proceedings in Germany.
Verrian focused on researching psychedelic compounds in Radebeul, Germany. Verrian lacks sufficient working capital to sustain current operations and pay creditors, Thoughtful Brands announced.
In September, Thoughtful Brands closed the acquisition of American Extraction CBD Corp., a privately held hemp grower and processor in Pikeville, Kentucky, in a stock-and-cash deal valued at $9 million.
Thoughtful Brands, formerly called Mota Ventures, distributes health products online. The company sells CBD topicals and ingestibles under the Nature’s Exclusive brand and trades on the Canadian Securities Exchange as TBI.
Also on Monday, Thoughtful Brands announced the appointment of consultant Geoff Balderson as the firm’s new CFO.