Illumination Brands Announces Plans to Pay off Creditors

DENVER, Colo., Oct. 13, 2024 (GLOBE NEWSWIRE) — Illumination Brands, formerly known as CBD Global Sciences Inc. (“CBDN”); (the “Company”), announces its proposed plans to pay off all secured and unsecured creditors of CBDN, with any remaining shares/funds distributed as a return of capital to shareholders proportionately, as of the record date of such event.

CBDN was delisted from trading on the Canadian Securities Exchange (“CSE”) on December 5, 2023. The Company had been under a Cease Trade Order (“CTO”) since July 7, 2022, and has not traded for over two years. Despite its attempt to shift its focus away from the CBD industry and into more profitable sectors, CBDN has continued to face significant cash flow challenges.

These proposed plans by Illumination Brands mark a significant turning point for the company after facing challenges in the past few years. By paying off all creditors, the company aims to clear its financial obligations and focus on its future growth and success.

The decision to distribute any remaining shares/funds as a return of capital to shareholders shows a commitment to providing value to investors who have supported the company throughout its journey. This move could potentially improve investor confidence and pave the way for new opportunities for Illumination Brands.

As the company transitions away from the CBD industry and explores new sectors for growth, it will be interesting to see how these strategic decisions will impact its overall performance in the market. With a clear focus on addressing its financial challenges, Illumination Brands is poised to emerge stronger and more resilient in the future.

How This Will Affect Me

As a shareholder of Illumination Brands, the proposed plans to pay off creditors and return capital proportionately could have a positive impact on my investment. By clearing its financial obligations, the company may be in a better position to pursue growth opportunities and enhance shareholder value. This move could potentially lead to a more stable and profitable future for the company, which could benefit me as an investor.

How This Will Affect the World

The steps taken by Illumination Brands to address its financial challenges and focus on future growth could have broader implications for the business world. By demonstrating a proactive approach to financial management and strategic decision-making, the company sets an example for other organizations facing similar difficulties. This move by Illumination Brands could inspire confidence in the market and showcase the importance of taking proactive steps to ensure long-term sustainability and success.

Conclusion

In conclusion, Illumination Brands’ proposed plans to pay off all creditors and return capital to shareholders signify a new chapter for the company. By addressing its financial challenges and setting a course for future growth, the company is positioning itself for a more prosperous and stable future. These strategic decisions not only benefit shareholders but also have the potential to inspire positive change in the business world, demonstrating the importance of proactive financial management and strategic planning.