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Bonify Holdings Corporation
Bonify Holdings Corporation, a Winnipeg, Manitoba-based cannabis company, made an assignment in bankruptcy on September 9, listing approximately $14.5 million in liabilities, including approximately $13.8 million to The Assiniboine Credit Union Limited. Three of the company's executives were dismissed in December 2018 after it was determined they had used a third party to buy cannabis from the black market, selling it in several Manitoba and Saskatchewan retail stores. The company's licence to sell cannabis was suspended at the time, but was reinstated in October 2019. An investigation found that the company had 200 kilograms of cannabis product in its facility that was not authorized for sale. The company undertook an orderly wind-down of its business operations prior to the bankruptcy filing, and cited a lack of access to capital as the cause of its inability to continue. EY is the bankruptcy trustee. Counsel is Taylor McCaffrey for The Assiniboine Credit Union Limited, and MLT Aikins acted as counsel for the company prior to the bankruptcy.