BC Craft Supply Co. Ltd. announced that it has filed a Notice of Intention (“NOI“) to make a Proposal under the Bankruptcy & Insolvency Act (Canada) (the “BIA“). The filing of the NOI has the effect of imposing an automatic 30-day stay of proceedings that will protect the Company and its assets from the claims of creditors while the Company pursues its restructuring efforts. This 30-day period may be renewed with the authorization of the Supreme Court of British Columbia for a period not exceeding six months from the date of filing the NOI.
Crowe MacKay & Company Ltd., a licensed trustee, has consented to act as trustee under the Proposal of the Company. Further information about the proceedings will be available on the trustee’s website at https://www.crowemackayco.ca/.
The Company’s day-to-day operations will continue uninterrupted throughout the NOI process while the Company undertakes to restructure and put forward a proposal to its creditors. The objective of filing the NOI is to regain the Company’s financial footing although there can be no guarantee that the Company will be successful in securing further financing or achieving its restructuring objectives. Failure by the Company to achieve its financing and restructuring goals will likely result in the Company becoming bankrupt. The Company will provide further updates as to the next steps of the process when these have been determined.
About BC Craft Supply Co. Ltd.
BC Craft Supply Co. Ltd. is a diversified wellness company advancing cannabinoid and psychedelic innovation and psychotherapy. The Company offers a reimagined vision for craft markets through collaboration, expertise, and adaptation. Its operations include:
- CRFT a curator and aggregator of craft cannabis, providing advocacy and access for premium small-batch growers to Canada’s cannabis market;
- Medcann Health Products – a cultivation and processing facility in Chemainus BC;
- Feelwell Brands, a successful cannabinoid brand house licensed in the state of California; and
- AVA Pathways a pre-clinical biotech company focused on neuroplasticity and mental health applications using psilocybin and compounds derived from mushrooms.
BC Craft works with local artists cross-sector and remains fervently committed to keeping the art, technique, and purity of their pursuit.
