Tikun Announces Successful Financial Restructuring and New Chief Executive Officer
17 Jan 2023
Executive Change
MIAMI, Jan. 17, 2023 /PRNewswire/ -- T.O. Global LLC ("Tikun" or the "Company") – the U.S. affiliate of Israel's pioneer in medical cannabis research and wellness products, announced today the restructuring of its balance sheet with senior creditors fully converting $14 million debt into new equity. Having led the restructuring, Oliver Kruze was appointed by the Company as its new Chief Executive Officer. Synergy Enterprises LLC ("Synergy") advised the Company on the transaction.
"The cannabis industry has been unforgiving to operators and investors alike but there is everything yet to play for in this blue-sky opportunity." said Kruze. "Brands are becoming increasingly important for both medical and adult-use consumers and represent the future of the cannabis industry. Tikun has built an unparalleled legacy of quality behind a rapidly expanding portfolio of intellectual property, global reach, and premium products prized by patients and consumers."
Gary Nacht, Synergy's founder, commenting on Tikun's prospects, noted "Free of senior debt and cash flow positive, Tikun is now well-positioned to grow in its Florida home market and select new markets across the country. Under experienced executive leadership, and with the added focus on the rapidly expanding adult-use market, the Company will now pursue fresh capital to fuel a relaunch of the Tikun brand."
About Tikun:
Tikun is an international cannabis wellness brand sold across Europe, the U.S., Canada, Australia, and Israel. The Company's licensor, Tikun Olam Ltd (Israel), is recognized globally as the pioneer of modern medical cannabis. Since 2007, its proprietary strains and products have been employed in the care of patients suffering from Cancer, PTSD, AIDS, Epilepsy, Crohn's Disease/Colitis, Multiple Sclerosis, Cerebral Palsy, and Chronic Pain and subject to 30+ clinical trials, peer-reviewed studies, and white papers.
Visit www.tikunolam.com, and follow us on Facebook, Twitter, and Instagram.
About Synergy Enterprises:
Synergy Enterprises, LLC is a Fort Lauderdale-based firm owned by Gary Nacht, its Chairman and CEO. Founded in 1995, Synergy has acquired and advised companies for over 25 years across a wide diversity of industries, including retail, distribution and manufacturing.
SOURCE Tikun Olam
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