Cannapiece Group Inc., Cannapiece Corp., Canadian Craft Growers Corp., 2666222 Ontario Ltd., 2580385 Ontario Inc. and 2669673 Ontario Inc. (collectively “Cannapiece”  or “debtors”)


On November 3, 2022, Cannapiece Group Inc., Cannapiece Corp., Canadian Craft Growers Corp., 2666222 Ontario Ltd., 2580385 Ontario Inc. and 2669673 Ontario Inc. (collectively “Cannapiece” or “debtors”) sought and obtained an initial order (the “Initial Order”) from the Ontario Superior Court of Justice (Commercial List) (the “Court”) pursuant to the Companies’ Creditors Arrangement Act (the “CCAA”). Pursuant to the Initial Order, BDO Canada Limited, (“BDO”) was appointed as monitor of the Companies (the “Monitor”).

The Monitor has also posted on its website a list showing the names of the Known Creditors and amounts owing according to the books and records of the debtors in accordance with the CCAA.

Court Documents

Notices


Sale and Investment Solicitation Process

On November 10, 2022, the Court granted an order (the “Sale Process Approval Order”) which approved, among other things, a sale and investment solicitation process (the “SISP”) and the Stalking Horse Agreement as the Stalking Horse Bid in the SISP. 

The SISP is intended to solicit interest in an acquisition or refinancing of the business of the Applicants, or a sale of the assets and/or the business of the Applicants by way of merger, reorganization, recapitalization, primary equity issuance or other similar transaction. The Stalking Horse Bid is intended to provide a degree of certainty in the marketplace for the Applicants, including CPC’s customers and its employees, that a going-concern sale of CPC is a viable outcome of the SISP.

December 1, 2022 – SISP Update: In accordance with the Order of Penny J. issued November 10, 2022 and the approval of the sale and investment solicitation process (“SISP”), the Stalking Horse Purchaser has confirmed that it is assuming the debt owed to secured creditor 2125028 Ontario Inc., which amount is equal to approximately $4,000,000 as of November 8, 2022. The Stalking Horse Purchaser continues to negotiate with secured creditor Carmela Marzilli and has requested an extension to December 7. The Monitor and the Applicants have approved this request and will provide an update on or before December 8, 2022.


Should you have any questions or concerns please contact the Monitor at Cannapiece@bdo.ca





 
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