December 16, 2022

Filing Type:

Trustee: BDO

Applicant: 113 Royal Investments Ltd. ("113")

Applicant Counsel: Owen Bird

Industry:

Province:

Geyser Brands Inc., the ultimate parent company of 0957102 BC Ltd. (d.b.a. Apothecary Botanicals) ("095"), which holds a license from Health Canada for the cultivation, processing and sale of medical cannabis, was placed in receivership on December 16, on application by 113 Royal Investments Ltd. ("113"), owed over $1.8 million, plus interest, on a secured basis. Since 2020, 113 has been providing financing to Geyser, which Geyser has used to maintain 095's business. 095 requires cash injections of approximately $70,000 per month in order to remain operating. 113 is not willing to provide financing to Geyser or 095 indefinitely, and wishes to realize on its security. BDO was appointed Receiver. Owen Bird is counsel for 113.

By Dina Milivojevic