Canadian company bankrupts German unit

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Canada’s Thoughtful Brands Inc. (OTC) filed for bankruptcy on behalf of subsidiary Verrian Germany GmbH, a pharmaceutical manufacturing facility in Radebeul, Germany. The company had announced in July 2020, at the time operating as Mota Brands, that it entered a joint venture with Franchise Cannabis Corp., Vancouver, Canada, to set up Verrian as part of a strategy to sell hemp and cosmetic products in Switzerland, Norway and the United Kingdom. Thoughtful Brands recently entered an “amalgamation agreement” with Kentucky, USA-based American CBD Extraction Corp. in a non-cash deal based on ~$2.5 (€2 million) in Thoughtful Brands shares. Thoughtful Brands is traded on the Canadian Securities Exchange.

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