The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of certain assets of GL Brands, Inc. on March 31, 2021. The Court approved the asset purchase agreement between the debtor and Merida Capital Partners III LP, Merida Capital Partners III QP LP, and certain affiliates, the stalking horse bidders, for the sale of its certain assets for a purchase price of $1.31 million that includes $0.18 million in cash along with satisfaction of existing outstanding DIP facility, existing outstanding secured claims and subordination of existing general unsecured claims against the debtors. The debtor’s assets include 100% of the to-be-newly issued equity interests of each of the reorganized Debtors. To qualify as a qualified bidder, interested parties should submit their bids by April 16, 2021. The initial minimum overbid should be in the amount of $0.08 million more than the initial purchase price. If the debtor receives any qualified bids then it would hold an auction for its assets on April 21, 2021. At the auction, the subsequent bids would be in increments of $0.05 million. The stalking horse bidder would be entitled to a break-up fee of $0.03 million and expense reimbursement is allowed and included in DIP. The closing is expected on or before May 10, 2021.