- Colorado-based Myaderm has filed for Chapter 11 bankruptcy protection with around $3 million owed to creditors.
- Myaderm, who sell therapeutic cannabinoid products, reported an asset value of around $3 million.
- The company has yet to comment on the matter publicly.
Myaderm, a Colorado-based CBD company, has filed for Chapter 11 bankruptcy protection. The filing reported that it owed around $3 million to creditors, with estimated assets ranging between $2.5 million and $3 million.
A Chapter 11 bankruptcy protection can allow companies to reorganize and pay their creditors back over time.
According to the financial documents attached to the filing, Myaderm lost $1.2 million on revenue of $916,000 so far in 2020. Five of Myaderm’s biggest creditors are local businesses, with some of their debts owed to:
- W&O Enterprises (Golden, CO) – $46,864
- Michael Barish (Owner of Lazarus Investment Partners) – $168,411
- Dempsey International Packaging (Englewood, CO) – $376,207
Michael Jaurigue will be representing Myaderm through the bankruptcy proceedings.
Myaderm sold cannabidiol products in Dick’s Sportings Goods locations all across the country, and released their CBD Sport Cream in December of last year that made its way into 200 locations. They also had products in 35 Golf Galaxy stores.
Dick’s Sporting Goods senior buyer Regan Drew stated back when Myaderm first released its products in their store that the company was “excited to now offer CBD products as part of our sports-medicine offering.”
Founded in 2018, Myaderm is led by their CEO Eric Smart. They specialize in therapeutic CBD products and sell product lines of pharmacist-formulated topicals and transdermal creams.