Mera Cannabis Obtains CCAA Protection; EY Appointed Monitor

The Ontario Superior Court of Justice (Commercial List) granted initial CCAA relief for Mera Cannabis Corp. and various affiliates on October 23, 2025, appointing Ernst & Young Inc. (EY) as Monitor and approving a short-term DIP to fund the first ten days of the proceeding. The application was brought by senior secured creditor Aggregated Investments Inc., owed more than $87.6 million, with interest and costs continuing to accrue. The debtors consented to the relief.

The Mera Group is a fully integrated cannabis operator—cultivation, extraction, production, and testing—employing approximately 180 people. The group works out of owned real property at 27 Sparling Road, St. Thomas, Ontario, as well as certain leased properties.

Mera pursued EU market expansion, projecting nearly $6 million in Q2 2025 EU sales, but recorded no EU sales. Following inspections in late July 2025, Mera lost its EU-GMP certification, which constituted a material adverse change under its debenture with Aggregated.

Mera has not made required payments to Aggregated since June 2023 and has incurred an approximately $1.9 million quarterly operating deficit (before debt service) over the past year; interest alone to Aggregated is about $1 million per month. Demands and s. 244 notices issued September 24, 2025 remain unsatisfied.

Justice Cavanagh found the criteria for CCAA relief met and granted an initial stay to preserve the status quo and allow stabilization and negotiations ahead of a comeback hearing on November 3, 2025. A Chief Restructuring Officer (CRO)—Darren Karasiuk—was appointed as an officer of the Court in order to act as a “responsible person” under cannabis regulations.

Counsel is Thornton Grout Finnigan LLP for Aggregated Investments Inc., Aird & Berlis LLP for the Mera Group, and Bennett Jones LLP for the monitor.