Releaf Group and certain related entities - Receivership

Releaf Group and certain related entities, a leading Australian cannabis franchise group, were placed in receivership on 29 October.

An announcement on the company’s website cites current economic challenges and working capital issues, but the company has recently made headlines over legal action taken by franchisees for bricks and mortar clinics and pharmacies that allegedly failed to open.

Various Releaf entities entered voluntary administration on October 30. 

Daniel Juratowitch and Shaun Matthews of Cor Cordis were appointed receivers and managers, while Domenico Calabretta and Trajan Kukulovski of Mackay Goodwin were appointed voluntary administrators.

The receivers are conducting an urgent expressions of interest campaign and assessing solutions to stabilise the business in the short term.