The US Bankruptcy Court approved the second amended plan of reorganization and related disclosure statement of GL Brands, Inc. on May 24, 2021. The debtor has filed its second amended plan in the Court on April 16, 2021. As per the amended plan, administrative claim of $75,000 million, priority tax of $18,603.75 and wage claims, priority claims, secured tax claim of Ad valorem taxing authorities less than $4,000, and pre-petition secured claim of Merida Capital Partners III, LP shall be paid in full allowed amount under the plan. Unsecured claims against GL Brands, Inc. will receive 78.18% recovery of its allowed amount in the form of pro rata in cash, unsecured claims against The Texas Wellness Center, LLC will receive 13.88% recovery of their claim, unsecured claims against ECS Labs, LLC will receive recovery of 5.29%, unsecured claims against B & B Aesthetics Labs, LLC will receive recovery of 1.03%, and unsecured claims against Leafceuticals, Inc. will receive 1.61% recovery of its allowed amount in the form of pro rata in cash. Equity Interests will be cancelled under the plan and new equity shall be issued to purchaser of the assets. The plan shall be funded through cash in hand and sale of assets.