Canadian Cannabis Cases
On March 31, 2020, CannTrust Holdings Inc., CannTrust Inc., CTI Holdings (Osoyoos) Inc., and Elmcliffe Investments Inc. sought and obtained an Initial Order under the Companies’ Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended from the Ontario Superior Court of Justice.
The Court has granted orders that, amongst other things extended the stay period to October 30, 2020.
Case Resources
Monitor: Ernst & Young Inc.
Chief Restructuring Officer: FTI Consulting Canada Inc.
iAnthus Capital Holdings, Inc. owns and operates licensed cannabis cultivation, processing, and dispensary facilities throughout the United States. iAnthus has a presence in 11 states and operates 36 dispensaries.
On August 7, 2020, iAnthus announced that the Supreme Court of British Columbia issued an interim order authorizing, among other things, a meeting of holders of 13% senior secured convertible debentures issued by iAnthus Capital Management, LLC, the Company's wholly-owned US subsidiary, to consider and vote upon a corporate plan of arrangement under the British Columbia Business Corporations Act to implement a recapitalization transaction.
On October 6, 2020, iAnthus announced that it had received final approval from the Supreme Court of British Columbia for the Company's plan of arrangement approved by the requisite security holders on September 14, 2020.
The Court issued its Reasons for Judgment on October 5, 2020 and approved the Revised Plan.
A copy of the Court's decision is available online here.
The key documents relating to the recapitalization transaction, arrangement agreement, and restructuring support agreement are available under the Company's SEDAR profile at www.sedar.com.
On February 13, 2020, Invictus MD Strategies Corp., Greener Pastures MD Ltd., Acreage Pharms Ltd., and 2015059 Alberta Ltd. sought and obtained an Initial Order under the Companies’ Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended from the British Columbia Supreme Court.
On October 9, 2020, Sunniva Inc., Sunniva Medical Inc., 11111035 Canada Inc., and 1167025 B.C. Ltd. sought and obtained an Initial Order under the Companies’ Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended from the British Columbia Supreme Court.