May 2, 2022
2706405 Ontario Inc. o/a Dimes Cannabis ("Dimes"), Cannoe Corp. ("Canoe") and CC Operations ON Corp. ("CC Ops"), a group of Toronto, Ontario-based cannabis companies, each filed an assignment in bankruptcy on May 2. The group is controlled by its ultimate parent company, Superette Inc. ("Superette"). Superette acquired Cannoe just after Cannoe acquired Dimes in February 2022. Since the acquisition, both the CC Ops and Dimes businesses have experienced a decline in revenue and significant losses. Despite efforts and financial support from Superette to affect an operational turnaround, the businesses continued to experience losses primarily due to lower than expected sales volume as a result of operating in highly saturated markets and significant lease and operating expenses. PwC is the bankruptcy trustee.
By Dina Milivojevic