The Applicants, operating a fully integrated cannabis business across the United States, sought an Initial Order under the CCAA due to severe liquidity constraints and an inability to meet interest obligations on senior notes.
The court granted the Initial Order, including a 10-day stay of proceedings, which was extended to non-applicant subsidiaries to maintain stability and preserve value for pending sale transactions.
The court also appointed FTI Consulting Canada Inc. as Monitor, authorized the payment of certain pre-filing arrears to critical suppliers, approved Administration and Directors' Charges, granted a limited sealing order for confidential commercial information, and authorized the Parent Company to act as foreign representative for Chapter 15 proceedings in the United States.
