September 13, 2021
Plus Products Inc., a Vancouver, British Columbia-based parent company of a branded cannabis-infused edible manufacturing enterprise (the "Plus Group"), obtained CCAA protection on September 13. The company itself has limited assets and operations, but is the Plus Group's primary vehicle for raising debt and equity in the capital markets. It is a reporting issuer in British Columbia, Alberta and Ontario, and is listed on the Canadian Securities Exchange under the symbol "PLUS" and the OTC Market Group in the US under the symbol "PLPFT". The operating subsidiaries hold licences that permit them to manufacture, distribute and sell the Plus Group's products in California and Nevada. The Plus Group has significant funds on hand - likely sufficient to continue operating in the ordinary course until about February 2022. However, there is currently no expectation that the Plus Group will be able to generate sufficient revenue or raise additional funds to make the interest payments due under certain unsecured convertible debentures or to continue to meet its liabilities beyond that date. PwC was appointed monitor. Counsel is Blakes for the monitor and Fasken for the company.