Silver Phoenix Resources (TSE:ATL) has released an update.
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Atlas Global Brands Inc., a Canadian-Israeli cannabis company, is facing a legal challenge as Stoke Canada Finance Corp. has filed an application for a receivership order over GreenSeal Cannabis Company Ltd.’s assets, a subsidiary of Atlas Global. Additionally, a judgment is sought against Atlas Global for an unsecured guarantee related to a receivables purchase agreement. Amidst these developments, Atlas Global is actively reviewing strategic alternatives due to financial pressures, including tax arrears demanded by the Canada Revenue Agency.
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