February 14, 2020
Eureka 93 (CSE:ERKA), an Ottawa, Ontario-based cannabis company that operates one of the largest hemp cultivation and CBD extraction operations in North America, along with its subsidiaries - Artiva, LiveWell Foods Canada, and Vitality CBD Natural Health Products (collectively, the "Group") - filed an NOI on February 14, listing approximately $28.2 million in liabilities. At the end of December 2017, Artiva, Eureka 93's only operating company, acquired a large vegetable farm that it intended to retrofit for the cultivation, processing, and distribution of cannabis, but it has run out of cash and cannot complete construction. Believing that its business will become viable once construction is complete and production begins, the company filed for creditor protection in order to, among other things, obtain interim financing and simplify its capital structure. Deloitte is the proposal trustee. Counsel is Gowling WLG for the Group, Blaney McMurtry for the proposal trustee and Bennett Jones for a group of secured noteholders.