Hamilton, Ontario--(Newsfile Corp. - April 30, 2020) - Green Relief Inc. ("Green Relief") today announces that an Angel Investor has proposed a conditional $30 million credit facility to complete the restructuring process of Green Relief that was initiated by Dr. Neilank K. Jha just over a year ago when he assumed office. During this time, Green Relief was on the brink of insolvency and required a new vision and team in order to turn the company around. The management team needed to adjust accordingly as new information was brought to light.
The crucial decision to shift away from cultivation and reposition Green Relief's focus to developing treatments for patients, active pharmaceutical ingredients and patentable intellectual property ("IP") is what has attracted investment at a challenging time in the markets.
Green Relief can now play a significant role in the medicinal cannabis space leading to the development of therapeutics that will benefit patients for a wide array of medical conditions.
As a leading expert in the area of traumatic brain injury, Dr. Jha has worked with various professional sports leagues, physicians and researchers in this area. Through his network, Dr. Jha has organized a team of doctors to join Bodhi GRx, an affiliate of Green Relief that develops IP.
The focus of the current management team has been to protect the staff, legitimate creditors and genuine equity holders in the process.
Generally, shareholders do not fare well in a restructuring process, however, the Angel Investor has made a commitment to abandon this trend as recognition for Dr. Jha's sacrifices and tireless efforts to protect the shareholders. The investor has made it clear that the funding is contingent on Dr. Jha remaining in his position for a minimum of three years. The proposal will be subject to approval by the various stakeholders within a court-supervised restructuring process and Dr. Jha's commitment to the Angel Investor to execute the vision he has developed with his team.
As Green Relief formally restructures its business, the company will continue to operate under the direction of the current board and management. The end goal of this restructuring process will be a company that is profitable, sustainable, and well-positioned for long-term growth and success.
Communications, Green Relief
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