August 30, 2022
Superette Inc., Superette Ontario Inc. et al. - a retailer of premium cannabis brands operating in Ontario - obtained CCAA protection on August 30. Superette has been adversely impacted by the distressed state of the retail cannabis market in Canada which resulted in significant liquidity issues. On its comeback hearing, Superette will be seeking approval of a SISP which will be backstopped by a stalking horse bid and DIP financing from its existing secured lender, SNDL Inc. (formerly, Sundial Growers Inc.). PricewaterhouseCoopers Inc. was appointed monitor. Counsel is Cassels Brock for the companies, Bennett Jones for the monitor, and McCarthy Tétrault for SNDL.
BUSINESS FOR SALE / INVESTORS SOUGHT
PricewaterhouseCoopers Inc. (“PwC”), in its capacity as the court-appointed monitor, is launching a Court-approved sale and investment solicitation process (“SISP”) for the purpose of soliciting proposals to purchase or invest in some or all of Superette’s assets, business and operations. Superette is an established brand-first retailer of premium cannabis products in Ontario focused on an immersive yet familiar nostalgic retail experience.
In order to obtain detailed information on Superette, interested parties will be required to sign a non-disclosure agreement. The deadline for non-binding expressions of interest in the SISP is October 11, 2022 at 5:00 p.m. ET.
For further information, please refer to www.pwc.com/ca/superette or contact [email protected]
By Dina Milivojevic