June 2, 2022
MJardin Group, Inc. ("MJar"), Growforce Holdings Inc., 8586985 Canada Corporation and Highgrade MMJ Corporation, whose business represents the Ontario cannabis cultivation and processing activities of the larger MJardin Group, obtained an initial order under the CCAA on June 2, on application by PwC as the receiver of Bridging Finance (the "Bridging Receiver"). On March 23, the Bridging Receiver sought and obtained a receivership order appointing KSV as the receiver of MJar (excluding cannabis-related assets, such as permits and licences). Following a review of the available options to restructure and/or refinance the MJardin Group, the Bridging Receiver initiated the CCAA proceedings, which it believes provide the most appropriate forum to implement an operational restructuring of the companies’ business and ultimately a restructuring transaction that will preserve and maximize value for the benefit of stakeholders. KSV was appointed monitor. Counsel is TGF for the companies; Goodmans for the monitor; and Bennett Jones for Howards Capital Corp. as CRO.
By Dina Milivojevic