COSTA MESA, Calif. – The Court of Chancery of the State of Delaware has granted a stipulation and order, and an interim report (the “Report”) has been filed, staying the previously announced temporary appointment of a limited purpose receiver for Gold Flora Corporation. The appointment was made for the purpose of negotiating a payment plan for law firm fees relating to the matter between two groups of former directors of Left Coast Ventures (LCV), a subsidiary of the Company. The limited receivership was stayed conditioned upon the Company’s compliance with the payment plan and satisfaction of any future advancement demands brought by the former directors.
The Company has not been subject to a full or general receivership at any point.
About Gold Flora Corporation
Gold Flora Corporation is a female and founder led, vertically-integrated cannabis leader that owns and operates multiple premium indoor cannabis cultivation facilities, 16 retail dispensaries in strategic geographies, a distribution business selling first party and third party brands into hundreds of dispensaries across California, and a robust portfolio of cannabis brands and SKUs aimed at different consumer segments, including Gramlin, one of the fastest growing brands in the state across the key categories of flower, vapes, concentrates, and prerolls. The Company’s retail operations include Airfield Supply Company, Caliva, Coastal, Calma, King’s Crew, Varda, Deli, and Higher Level dispensaries, and its distribution company operates under the name Stately Distribution.
