BZAM Ltd. (CSE:BZAM) et al., CCAA

BZAM Ltd. (CSE:BZAM) et al., a group of cannabis companies which employ approximately 440 employees and 90 independent contractors across the country, obtained CCAA protection on February 28, listing approximately $68.9 million in liabilities, including approximately $32.3 million to Cortland Credit.

The companies own cannabis cultivation and processing facilities in Ontario and Alberta, lease production facilities in Ontario, British Columbia and Québec, lease a retail store in Saskatchewan, and have their corporate offices in Ontario and British Columbia.

The companies’ current cash position was not sufficient to meet their obligations, and they filed the CCAA application on an urgent basis to access financing to meet payroll obligations and maintain business operations. They intend to seek approval of a stalking horse SISP with Bassam Alghanim, BZAM’s largest shareholder and current Chairman at the comeback hearing.

FTI is the monitor.

Counsel is Bennett Jones for BZAM, Stikeman Elliott for the monitor, Cassels as counsel and KSV as financial advisors for Cortland Credit, and Chaitons for Stone Pine Capital.

By: Dina Milivojevic