As previously announced, on September 26, 2022, Sugarbud Craft Growers Corp. together with its subsidiaries (collectively “Sugarbud”) commenced a restructuring process by filing notices of intention to make a proposal (the “NOI Proceedings”) under the Bankruptcy and Insolvency Act (Canada), as amended (the “BIA”). Alvarez & Marsal Canada Inc. (“A&M”) was appointed as proposal trustee.
Sugarbud announces today that, pursuant to an order granted by the Court of King’s Bench of Alberta on October 18, 2022 (the “Order”), its NOI Proceedings have been continued under the Companies’ Creditor Arrangement Act (the “CCAA”), with A&M transitioning from its role as proposal trustee to the role of monitor under the CCAA. Sugarbud will continue in its efforts to restructure its debt and conduct its sale and investment solicitation process under the protection of the CCAA. The interim financing obtained by Sugarbud under the NOI is continued under the CCAA. The initial stay of proceedings under the CCAA will expire on December 10, 2022 and may be renewed thereafter.
A copy of the Order is available at: www.alvarezandmarsal.com/sugarbud.
About Sugarbud
Sugarbud is a consumer-driven craft cannabis company focused on the cultivation and production of superior, select-batch, craft cannabis products. Federally licensed in Cannabis 1.0 and Cannabis 2.0, Sugarbud operates out of a 100% owned, 29,800 square foot cultivation and processing facility in Stavely, Alberta. Our vision and mission are to become a trusted and well-respected consumer brand renowned for providing exceptional high-quality craft cannabis products to legal markets by delighting the most discerning of cannabis consumers. Websites: http://www.sugarbud.ca/ http://craftcannabiscollection.ca/
