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A cannabis company listed on the Canadian Securities Exchange, Chalice Brands Ltd. (CSE:CHAL), has recently obtained an order from the Ontario Superior Court of Justice for protection under the Companies Creditors Arrangement Act (CCAA) of Canada.
In addition, the company has initiated a process in the Circuit Court of the State of Oregon to appoint a state receiver over certain subsidiaries of Chalice.
"The Initial Order provides for a stay of proceedings in favor of the Company and the Non-Filing Affiliates for an initial period of 10 days, subject to such extensions as the Court may subsequently order, and the appointment of KSV Restructuring Inc. as Monitor in the CCAA proceeding," per a press release.
Meanwhile, the receivership order, if granted, will authorize the appointment of Kenneth Eiler as receiver over the businesses, assets, and property of the Receivership Entities. It will also provide a broad stay of proceedings against them or their property. The purpose of the State Receivership proceeding is to facilitate a coordinated restructuring effort and support the CCAA proceeding.
Chalice's board of directors carefully evaluated various options and concluded that commencing the CCAA proceeding and state receivership proceedings would be in the best interests of the company and its stakeholders.
Chalice aims to emerge from the CCAA protection with a solid foundation to regain stakeholders' trust and deliver high-quality, farm-to-table cannabis products to its customers.
Trading of Chalice's common shares on the CSE has been halted since May 2022 due to the company's failure to file its audited annual financial statements. The trading halt is expected to continue indefinitely.
A comeback hearing, where the relief granted by the initial order will be reviewed, will be scheduled within ten days. Interested parties wishing to bring a motion at the hearing must comply with the notice requirements outlined in the initial order.
Stock movement: Chalice Brands stock was trading neutral at 0.00 % at $0.0001 per share on Thursday afternoon.
Photo: Courtesy Of Hermes Rivera On Unsplash
Posted In: CSE:CHAL
