Gold Flora Corporation Files for Voluntary Receivership

COSTA MESA, Calif., March 27, 2025 /CNW/ - Gold Flora Corporation ("Gold Flora" or the "Company") (CboeCanada:GRAM) (OTC-BB:GRAM), a cannabis company with subsidiaries operating across California, today announced that it filed for a voluntary receivership pursuant under the laws of the State of California (the "Receivership Proceedings") on March 27, 2025 to seek court protection as a result of obligations from legacy lawsuits that arose out of Gold Flora's acquisition of TPCO Holding Corp (a/k/a The Parent Company) and mounting costs of operations and high yield debt. Additionally, the Company has received a notice of default from J.J. Astor & Co. ("Astor") with respect to senior secured promissory notes issued to Astor between August 2024 and December 2024, which events of default increased the aggregate amount of outstanding principal and interest under the notes to approximately $11.5 million. The Company anticipates being placed into receivership in the Los Angeles Superior Court, Santa Moncia Division and expects Richard Ormond of Stone Capital Blossom, LLC, one of California's most experienced cannabis receivers, to be appointed as the Company's receiver. While preparing for an orderly sale of its California operations, Gold Flora intends to continue operating as a going concern and expects to be sold as such as it retains a business consisting of 16 dispensaries and a 100,000 square foot cultivation campus.