Beleave Inc. (CSE: BE) (OTC: BLEVF) announced that the Company, together with its affiliated entities, Beleave Kannabis Corp., Seven Oaks Inc., 9334416 Canada Inc. O/A Medi-Green and My-Grow, Beleave Kannabis Abbotsford Inc. and Beleave Kannabis Chilliwack Inc. received an order for creditor protection from the Ontario Superior Court of Justice (Commercial List) under the Companies’ Creditors Arrangement Act.
The Initial Order includes, among other things, a stay of proceedings in favour of the Beleave Group and the appointment of Grant Thornton Limited as monitor of the Beleave Group.
The Beleave Group sought creditor protection under the CCAA in order to receive a stay of proceedings that will allow the Beleave Group to facilitate a going concern transaction with Hegedus Consulting Services Inc. or identify and conclude a transaction with a superior offer.
The Beleave Group and the Purchaser have agreed to: (i) a debtor-in-possession loan to fund the proposed CCAA proceedings; and (ii) an offer by the Purchaser to purchase substantially all of the assets of the Beleave Group pursuant to an asset purchase agreement that will be the “stalking-horse” in a sale process designed to solicit higher and better offers.
It is expected that the Beleave Group’s day-to-day obligations to employees and key suppliers of goods and services, from and after the filing day, will continue to be met. While under CCAA protection, management of the Company would remain responsible for the day-to-day operations of the Company under the general oversight of the Monitor.
The monitor’s website for the proceedings: https://www.grantthornton.ca/beleave
Grant Thornton Limited
Attn: Daniel Wootton
200 King Street West,Box 11
Toronto, ON M5H 3T4
About Beleave Inc.
Beleave is an ISO certified, Canadian cannabis company headquartered in the Greater Toronto Area that cultivates high-quality cannabis flower, oil and extracts for medical and recreational markets. Beleave is fully licenced to cultivate and sell medical and recreational cannabis and is leading the way through research partnerships with universities to develop pharma-grade extracts and derivatives.