Hempsana Inc., NOI

Hempsana Inc., a Toronto, Ontario-based cannabis company, filed an NOI on March 11.

The company has experienced severe financial stress due to oversupply and falling prices in the cannabis market. This has been further exacerbated by intense industry competition, pandemic-related challenges and a significant increase in costs and litigation.

Hempsana has been unable to raise funds to support its operations and is now insolvent, with approximately $2.9 million in assets and $3.3 million liabilities, including $3.1 to unsecured creditors.

B. Riley Farber is the proposal trustee.

Counsel is Fogler Rubinoff for Hempsana, Sutherland Law for secured creditor Malvina Mala, WeirFoulds for the proposal trustee and Torkin Manes for Feel Ventures.

By: Dina Milivojevic