Heritage Cannabis is the latest Canadian marijuana producer to obtain an order for creditor protection as a wave of insolvencies continues to sweep across the nation’s adult-use market.
Heritage sought and obtained the order for creditor protection from the Ontario Superior Court of Justice, the company announced in a Wednesday news release.
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“The difficult but necessary decision to commence (Companies’ Creditors Arrangement Act) proceedings was made after careful consideration of the Company’s financial position, while evaluating all available alternatives and engaging in significant consultation with legal and financial advisors,” according to the company’s news release.
The initial order pursuant to the Companies’ Creditors Arrangement Act (CCAA) includes:
A stay of proceedings in favor of Heritage and its Canadian subsidiaries. The appointment
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