North Okanagan-based cannabis company True Leaf has filed for bankruptcy. 

The company first made headlines in 2018 after completing construction on an 18,000 square foot cannabis facility in Lumby. 

Photo Credit: Contributed.

The facility was originally intended to cultivate, process and sell cannabis, however, the company then pivoted to creating hemp-infused products for pets.

True Leaf sold off its pet care division in a deal announced at the end of August after listing its facility and the 40-acre site it sits on in November of 2019.

File Photo

According to True Leaf’s announcement to shareholders on Monday, the company has made a  series of proposals made to creditors in an effort to exit bankruptcy. 

True Leaf remains under a temporary management cease trade order, which it requested from the BC Securities Commission after missing the deadline to file audited financial statements. 

The order prevents True Leaf’s CEO and CFO from trading shares in the company.

The management stop-trade order does not prevent regular trading of the stock, which is currently sitting at four cents on the CSE.