Ecofibre - Voluntary Administration

Ecofibre (ASX:EOF), an Australian biotechnology company that produces and sells hemp-derived products to consumers and retailers in the US and Australia, entered voluntary administration on 2 May.

The company's products include cannabinoid oil and nutraceuticals as well as hemp derived food and textiles. 

Ecofibre started out strong, with profits hitting $13 million in 2020. However, it has more recently reported major losses ($38 million in the full year to June 2024).

Scott Langdon and John Mouawad of KordaMentha were appointed administrators.