420 Premium Markets Ltd., 420 Investments Ltd. and Green Rock Cannabis (EC1) Ltd., CCAA

420 Premium Markets Ltd., 420 Investments Ltd. and Green Rock Cannabis (EC1) Ltd., Alberta-based cannabis companies, had their NOI proceedings continued under the CCAA on September 19. The CCAA proceedings added an affiliate applicant, 420 Dispensaries Ltd. 

The companies do business under the brand of Four20 Premium Markets, one of the largest cannabis retailers in Alberta with over 30 retail stores in Alberta and a recent expansion into Ontario.

As a result of a failed $110 million transaction in 2020 with Tilray Inc., the company initiated litigation, backed by litigation funder Nomos Capital, against Tilray seeking damages of approximately $130 million.

In early 2024, Tilray, through its subsidiary High Park Shops Inc., obtained an approximately $9.8 million judgment against 420 for repayment of a bridge loan and related interest and costs. 420 is currently appealing the judgment. A SISP and claims process were also approved on the same day that the initial order was granted.

KSV is the monitor.

Counsel is Stikeman Elliott for 420, Bennett Jones for the monitor, Blakes for Tilray, Loopstra Nixon for Nomos Capital, Witten for Palisades Edmonton Holdings, Swainson Miki Peskett for Strathcona Building Inc., Miller Thomson for FIKA Cannabis, Courtyard Law for Meadowlands Development Corporation and McLennan Ross for Certus Developments Inc.