An angel investor on April 30 proposed a $30 million loan to help restructure private medical cannabis company Green Relief.
Five things to know:
1. Neurosurgeon Neilank Jha, MD, MBA, became CEO of Green Relief one year ago and has been working to keep the company solvent.
2. Green Relief, based in Ontario, Canada, was on the brink of insolvency after two of its founders allegedly siphoned off millions of dollars for personal use over a six-year period, according to the Financial Post. The founders, Warren and Lyn Bravo, deny the allegations.
3. The funding will be provided on the condition that Dr. Jha, a traumatic brain injury specialist, remains as CEO for at least three years.
4. Green Relief has shifted away from cultivation and is focusing on developing treatments for patients and patentable intellectual property.
5. Dr. Jha’s restructuring aims to set the company up for sustained growth and profitability.