Atlas Global Brands (CSE:ATL) et al., CCAA

Atlas Global Brands (CSE:ATL) et al., a group of Ontario-based cannabis companies which sell medical cannabis internationally and a small amount of cannabis for the adult recreational market in Canada, obtained CCAA protection on June 20.

The companies explain that their liquidity issues were caused by certain events including a cease-trade order issued by the OSC as a result of Atlas’ failure to file certain continuous disclosure documents; a dispute with a company in which Atlas was to acquire a majority interest; enforcement steps taken by CRA, including garnishment actions and a refusal to supply excise stamps; and demands received from certain lenders.

EY is the monitor.

Counsel is Osler for Atlas, Reconstruct for Stoke Canada Finance, and Fogler and TGF for Hillmount Capital.