GABY Inc., the parent company of San Diego's Mankind Dispensary, announced that it is “winding down operations” by the end of the month.
The company gave few details about its plan for ceasing operations, but it noted the company’s board of directors, as well as Interim CEO and President Simon Lileikis and Corporate Secretary Leanne Likness, have resigned their respective offices, effective immediately.
In April, the company reported that it had restructured debt with Miramar Professional Services, negotiating repayment of $22.5 million in principal by 2029.
"In addition to the $3 million reduction of principal, the terms of the settlement agreement provide an aggregate interest savings to GABY of $2.3 million over the next two years,” Paul Stacey, senior VP and CFO, said at the time. “We appreciate the willingness of the vendors of the Mankind Dispensary to work with us to create a mutually-beneficial resolution in this restructuring.”
A week later, GABY announced founder and CEO Margot Micallef would take a temporary leave of absence, citing personal reasons. She remained as chairperson of the company’s board, while Lileikis was named interim CEO.
In June, GABY reported it would not proceed with a proposed acquisition of HempFusion, Sagely Naturals and apothecanna brands through a share purchase agreement. The company said HempFusion had ceased its manufacturing and research and development operations and terminated the majority of its employees.
Financial statements show GABY Inc posted revenue of $21.8 million and a net loss of $29.3 million in 2022. In 2021, the company generated nearly $26 million in revenue, with a net loss of $9.7 million.