Skip to content
MMJ Gazette
  Tuesday 5 August 2025
  • About
  • Contact Us
  • Privacy Policy
  • Terms and Conditions
  • Authors
  • Home
  • News
  • CBD
  • Cannabis
  • Drugs
  • Marijuana
  • Tobacco
  • Law
Trending
August 4, 2025Cannabis Businesses Face Tightrope Act as Rules Shift State to State August 3, 2025Cannabis Dispensaries Rethink Retail: Design That Sells, Not Just Serves August 2, 2025Legal Weed’s Tax Nightmare: How Cannabis Firms Are Pushing Back Against 280E August 2, 2025Kentucky Gears Up for First Legal Medical Marijuana Sales by Autumn July 31, 2025Hemp THC Ban Pulled from Senate Bill After McConnell–Paul Face-Off July 30, 2025Oklahoma’s Marijuana Legalisation Fight Is Back—And It’s Getting Personal July 30, 2025Starting a Cannabis Business? Here’s What You Really Need to Know First July 29, 2025New York’s Legal Weed Market Nears $1.5 Billion, But How Many Shops Can It Really Handle? July 29, 2025Texas Lawmaker Pushes Cannabis Legalisation Bill During Heated Hemp Debate July 28, 2025Cannabis Shops Are Getting a Makeover – and Sales Are Going Up
MMJ Gazette
MMJ Gazette
  • About
  • Contact Us
  • Privacy Policy
  • Terms and Conditions
  • Authors
MMJ Gazette
  Cannabis  Alberta-based cannabis producer seeks buyer amid financial troubles
Cannabis

Alberta-based cannabis producer seeks buyer amid financial troubles

Lars BeckersLars Beckers—February 10, 20240
FacebookTwitterPinterestLinkedInTumblrRedditVKWhatsAppEmail

314 Pure Cannabis Ltd., a licensed cannabis producer based in Crossfield, Alberta, is looking for a potential buyer after being placed under receivership by the Court of King’s Bench of Alberta. The company, which operates a 21,700 sq. ft. cultivation and hydroponic growing facility on a 3-acre lot, has been struggling with financial and operational challenges since its inception in 2019.

The court order, issued on January 11, 2024, appointed Harris & Partners Inc. as the receiver of all the assets, undertakings, and properties of 314 Pure Cannabis. The receiver is responsible for managing the company’s affairs, preserving its assets, and conducting a sales process to find a suitable purchaser.

cannabis

The sales process launched to attract interested parties

On February 9, 2024, the receiver commenced a sales process to solicit offers from qualified bidders who wished to acquire the company or its assets. The sales process is being conducted by the procedures, which can be found on the receiver’s website.

Interested parties who want to participate in the sales process and receive additional diligence materials are required to execute a confidentiality agreement, which can be obtained by contacting Avison Young, the exclusive agent for the receiver. The deadline for submitting non-binding letters of intent is March 15, 2024, at 5:00 p.m. (Calgary Time).

314 Pure Cannabis aims to produce premium cannabis products

314 Pure Cannabis was founded with the vision of using sustainable methods to produce small batches of premium cannabis products for the Canadian market. The company sells its products under its consumer brand Poolboy, which offers a range of dried flowers, pre-rolls, and oils.

The company’s facility, located in Crossfield, a town about 50 km north of Calgary, is equipped with cutting-edge grow rooms, automated irrigation systems, and advanced climate control technology. The facility also has the potential to expand to 42,500 sq. ft. on the adjacent 12.61 acres of land owned by the company.

314 Pure Cannabis owns the facility and related production equipment, as well as the licenses and authorizations from Health Canada to cultivate, process, and sell cannabis for medical and recreational purposes.

The cannabis industry faces oversupply and competition

The cannabis industry in Canada has been facing several challenges in recent years, such as oversupply, price erosion, regulatory uncertainty, and fierce competition from both legal and illegal markets. Many cannabis producers have been forced to cut costs, lay off staff, or shut down operations due to financial difficulties.

According to a report by Brightfield Group, a cannabis market research firm, the Canadian cannabis market is expected to grow by 15% in 2024, reaching $3.6 billion in sales. However, the report also warns that the market is still oversaturated and that consolidation and restructuring are inevitable.

The report suggests that cannabis producers who want to survive and thrive in the industry need to focus on product differentiation, innovation, and branding, as well as expanding into new markets and segments.

FacebookTwitterPinterestLinkedInTumblrRedditVKWhatsAppEmail

Lars Beckers

Lars Beckers is a distinguished senior content writer at MMJ Gazette, bringing a wealth of experience and expertise to the realm of medical marijuana and cannabis-related content. With a deep understanding of the industry and a passion for sharing knowledge, Lars's articles offer readers comprehensive insights and engaging narratives in the dynamic world of cannabis. Known for his meticulous research, clarity of expression, and commitment to delivering high-quality content, Lars brings a seasoned perspective to his work, educating and informing audiences on the latest trends and developments in the field.

Cannabis Industry in Massachusetts Booms with Record Sales in 2023
Canopy Growth Faces Another Quarter of Losses Despite Revenue Growth
Related posts
  • Related posts
  • More from author
Cannabis

Cannabis Businesses Face Tightrope Act as Rules Shift State to State

August 4, 20250
Cannabis

Cannabis Dispensaries Rethink Retail: Design That Sells, Not Just Serves

August 3, 20250
Cannabis

Hemp THC Ban Pulled from Senate Bill After McConnell–Paul Face-Off

July 31, 20250
Load more
Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

SEARCH
PROMOTIONS
RECENT POSTS
  • Cannabis Businesses Face Tightrope Act as Rules Shift State to State
  • Cannabis Dispensaries Rethink Retail: Design That Sells, Not Just Serves
  • Legal Weed’s Tax Nightmare: How Cannabis Firms Are Pushing Back Against 280E
  • Kentucky Gears Up for First Legal Medical Marijuana Sales by Autumn
  • Hemp THC Ban Pulled from Senate Bill After McConnell–Paul Face-Off
  • Oklahoma’s Marijuana Legalisation Fight Is Back—And It’s Getting Personal
  • Starting a Cannabis Business? Here’s What You Really Need to Know First
  • New York’s Legal Weed Market Nears $1.5 Billion, But How Many Shops Can It Really Handle?
  • Texas Lawmaker Pushes Cannabis Legalisation Bill During Heated Hemp Debate
  • Cannabis Shops Are Getting a Makeover – and Sales Are Going Up
    © MMJ Gazette. 2024
    • About
    • Contact Us
    • Privacy Policy
    • Terms and Conditions
    • Authors