James E. Wagner Cultivation Corporation announced that, in connection with its creditor protection proceedings under the Companies’ Creditors Arrangement Act (CCAA) and previously announced Sales and Investor Solicitation Process (SISP) that concluded on May 19, 2020 with Trichome Financial Corp. emerging as the “Successful Bidder”, the Corporation and its subsidiaries (the “JWC Group”) today received authorization from the Ontario Superior Court of Justice (Commercial List) (the “Court”) to complete the sale of substantially all of the JWC Group’s assets, as contemplated by the SISP, to an affiliate of Trichome Financial. The closing of the Transaction is currently set to occur on or before June 30, 2020, provided that all remaining conditions are satisfied.
Further details of the SISP and the asset purchase agreement are available under the Corporation’s profile on the System for Electronic Document Analysis and Retrieval (www.sedar.ca) and are also available, along with additional information respecting the CCAA proceedings, on the website of KSV Kofman Inc., the Court-appointed CCAA monitor (the “Monitor”) (https://www.ksvadvisory.com/insolvency-cases/case/james-e-wagner-cultivation-corporation). Readers are urged to consult the full text of all documents available on SEDAR and the Monitor’s website for further, more detailed, information.
James E. Wagner Cultivation Corporation’s wholly owned subsidiary is a Licensed Producer under the Cannabis Regulations, formerly the Access to Cannabis for Medical Purposes Regulations (“ACMPR”).