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Flower One Holdings, the former Canadian parent company of Nevada cannabis company Flower One, closed a restructuring deal and implemented a plan of arrangement under the Companies’ Creditors Arrangement Act (CCAA).

Toronto-based Flower One Holdings said in a news release it would seek restructuring and that it obtained an initial creditor protection order under the CCAA in October 2022.

After the restructuring, “the Canadian company has ceased to own any U.S. operating subsidiaries,” the release noted.

The company’s Canadian subsidiaries Flower One Corp. and FO Labour Management will make bankruptcy assignments.

Flower One said a U.S. restructuring plan has also been executed but remains subject to approvals by Nevada’s cannabis regulator.

Flower One Holdings is one of 14 cannabis companies that filed for creditor protection via the CCAA in 2022, marking a trend among financially struggling marijuana operators.