TORONTOField Trip Health & Wellness Ltd. says it has entered creditor protection and is exploring a sale of its business.

The Toronto-based company which operates four psychedelic therapy clinics says the Ontario Superior Court of Justice granted it a creditor protection order today under the Companies’ Creditors Arrangement Act.

The order came after the company said its board of directors carefully considered the business's cash position and available alternatives only to determine creditor protection was in its best interest.

Field Trip now intends to conduct an expedited sale and investment solicitation process with the goal of reaching a deal that enables it to emerge from creditor protection.

It also says it carried out a "companywide" reduction impacting an unspecified number of corporate and clinical staff, and chairman and chief executive Ronan Levy stepped down.

Trading in the company's securities has been suspended and its common shares are being transferred to the NEX Board of TSX Venture Exchange during the suspension period.

This report by The Canadian Press was first published March 22, 2023.

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