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Added: Wed, 12/18/2019 - 2:25pm
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François Carrier
(tr. AB)

LITCHFIELD – In a press release issued on December 4, Eureka 93 announced they’ve taken administrative and legal steps, including recording a $5 million impairment charge against the LiveWell Foods asset in Litchfield, because they are no longer able to invest in the development of their planned Cannabis Research and Innovation Centre project.
According to their website, the secured debt and registered liens of the project approach or exceed the fair value of the property given that contractors have filed claims with the Superior Court of Quebec amounting to $1.8 million and the secured lender holds an initial charge of $4,653,526.
In February 2018, newspapers across the province reported on the launch of the Litchfield project, which was expected to create about 500 jobs when complete. In recent months, Eureka 93 began a major restructuration due to administrative and financial difficulties.