U.S. hemp oil operator Entoura (AVF CBD, LLC) has purchased the entrails of Kentucky-based Atalo Holdings from bankruptcy courts, Entoura recently announced. The value of Atalo was put at $500,000 in a court order that governed the company’s assets after it went under in March 2020. Atalo at the time had said its assets were worth $10 – $50 million against liabilities of $1 million to $10 million.
Entoura, which lists offices in Old Hickory, Tennessee, and on Madison Avenue in New York City, said it will add Atalo’s existing brands and products to its portfolio of private label products and services in genetics, biomass and hemp oil extraction. Atalo, which previously identified itself as a food, CBD and fiber producer, had developed interests in technology, crop science, agronomics, harvesting and processing before its collapse.
Entoura claims to have a total of 1,200 acres (487 sq. hectares) of hemp planted, and 90,000 sq. feet (8,361 sq. meters) of greenhouse space in Nevada, New York, Kentucky, South Carolina and Alabama, as well as processing facilities in Nevada and Tennessee.
Atalo got caught in the downdraft when its partner, CBD giant GenCanna, also based in Kentucky, went into bankruptcy earlier this year, roiling the hemp scene in that state. Atalo blamed its fall on “a failed capital commitment, which left the company unable to pay its creditors.”
Kevin Murray, Founder and CEO of Entoura, is also President of Pilgrim Financial Consultants, LLC, an asset management company in private equity, hedge funds, direct investments, mergers and acquisitions, and venture capital, according to his Linked-In page.