Indiva Limited (TSXV:NDVA) et al., CCAA

Indiva Limited (TSXV:NDVA) et al., a group of Ontario-based cannabis companies, obtained CCAA protection on June 13.

The companies list assets of approximately $37.8 million and liabilities of approximately $39.1 million, including approximately $17.8 million to SNDL Inc.

In 2021, SNDL became a shareholder of and provided an $11 million loan to Indiva, secured by a promissory note that has since been amended on a couple of occasions. Its most recent iteration required repayment of tax arrears owing to CRA by May 31, which was extended to June 13. 

Indiva could not repay the tax arrears by the deadline, which SNDL is no longer willing to extend. The purpose of the CCAA proceedings is to undertake a SISP with SNDL acting as stalking horse bidder and DIP lender. 

PwC is the monitor.

Counsel is Bennett Jones for Indiva, Osler for the monitor and McCarthys for SNDL.