Invictus MD Strategies Corp., Greener Pastures MD Ltd., Acreage Pharms Ltd. and 2015059 Alberta Ltd.


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.

Status Update as at March 31, 2020


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.

Status Update as at February 24, 2020

On February 24, 2020, the Court granted an Amended and Restated Initial Order and Sealing Order, which among other things,

  1. Extended the Stay Period until and including May 29, 2020;
  2. Authorized the Invictus Group to obtain and borrow under the Interim Lending Facility up to $3,000,000;
  3. Approved the engagement between the Invictus Group and Boparai Consulting Inc. (“BCI”), pursuant to which BCI will make available the services of Pam Boparai to act as the CRO of the Invictus Group;
  4. Approved the Retention Plan contained in the KERP and sealed from the public record certain commercially sensitive and personal information relating to the KERP;
  5. Approved the SISP in respect of the Invictus Group’s business and assets (details of which are provided under the SISP tab); and
  6. In addition to the Administration Charge and a Director’s Charge originally granted under the Initial Order, granted charges in respect of the above, with the following priorities:
  • First (pari passu) - Administration Charge to the maximum amount of $500,000;
  • First (pari passu) – CRO Charge to the maximum amount of $125,000;
  • Third – Interim Lender’s Charge to the maximum principal amount of $3,000,000;
  • Fourth - Employee KERP Charge to the maximum amount of $192,000;
  • Fifth – Directors’ Charge to the maximum amount of $130,000; and
  • Sixth – CRO Success Fee Charge to the maximum amount of $100,000.

Status Update as at February 20, 2020

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:

  1. Extension of the initial stay of proceedings to May 29, 2020
  2. Approval of the Interim Lending Facility
  3. Approval of the Sales, Investment and Solicitation Process (“SISP”)
  4. Engagement of a Chief Restructuring Officer (“CRO”)
  5. Approval of the Key Employee Retention Plan (“KERP”)

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.  

Status Update as at February 13, 2020

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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