Page last updated: March 31, 2020
This page is for information purposes only and you should consult your professional adviser if you have any questions or are uncertain as to your rights or obligations.
As noted in the February 24, 2020 update the stay of proceeding was extended to May 29, 2020. We are preparing this brief update for stakeholders and other interested parties.
Since February 24, 2020 the Invictus Group has finalized its interim financing agreement, securing $3,000,000 of funding to pay amounts pursuant to the Amended and Restated Initial Order as contemplated in the Company’s Cash Flow Statement filed in these proceedings.
On March 27, 2020 the Invictus Group received their renewed license under the Cannabis Act and Cannabis Regulations from Health Canada.
The Invictus Group continues to operate in the ordinary course during the CCAA proceedings.
The Chief Restructuring Officer, Pam Boparai on behalf of the Company, with the assistance of the Monitor commenced the SISP on March 19, 2020. The SISP was advertised in the Globe and Mail on March 24, 2020 and the Company issued a press release on the same day.
The deadline to submit non-binding expressions of interest to the CRO and the Monitor is 5:00 PM (Pacific Time) on April 24, 2020.
More information on the SISP can be found under the SISP tab above.
On February 24, 2020, the Court granted an Amended and Restated Initial Order and Sealing Order, which among other things,
A Court hearing is scheduled for Monday, February 24, 2020. At the hearing, the Invictus Group will be seeking Court approval on the following matters:
Application materials pertaining to these matters can be found under the Motion Materials tab.
The Monitor has posted its First Report to Court (found under the Monitor’s Reports tab), which speaks to the approvals that the Invictus Group is seeking from the Court. A summary of the hearing and any orders made by the Court will be posted to this website shortly after the hearing.
On February, 13, 2020, Invictus MD Strategies Corp., Greener Pastures MD Ltd., Acreage Pharms Ltd. and 2015059 Alberta Ltd. (collectively the "Invictus Group“) sought and obtained an Initial Order of the Supreme Court of British Columbia pursuant to the Companies’ Creditors Arrangement Act ("CCAA"). PricewaterhouseCoopers Inc. LIT was appointed as Monitor for the CCAA Proceedings.
As a result of the CCAA filing, all creditors are stayed from commencing or continuing any proceedings against the Invictus until February 24, 2020, subject to any extensions that the Court may grant upon further application by the Invictus Group.
Notice of the CCAA filing and the Monitor’s appointment will be emailed or mailed to all affected creditors by February 21, 2020.
The initial application materials have been posted under the Motion Materials tab. The entered Court Order will be posted under the Court Orders tab once it is available.
The Monitor will post regular status updates to this website and post future Monitor reports and court materials, as they become available during the CCAA proceedings.
More information will be posted to this website, as soon as it becomes available.
For more information, please contact: Kiran Chahal, Telephone: +1 604 806 7787, Fax: +1 604 806 7806, or via Email.
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