OGEN Ltd. and OGEN Holdings Ltd., Receivership
OGEN Ltd. and OGEN Holdings Ltd. (collectively, “OGEN”), the largest Alberta-based cannabis producer and one of the largest operational indoor cultivating facilities in Canada, were placed in receivership on November 3, on application by Connect First Credit Union Ltd., owed approximately $22 million. OGEN filed an NOI under the BIA in June and presented a proposal to creditors in September. The creditors’ meeting was adjourned on a number of occasions, most recently on November 2, but Connect and CRA made it known that they would not vote in favour of the proposal. An order terminating the NOI proceedings was made on the same day as the receivership order. A&M was appointed receiver. Counsel is BDP for Connect, Bennett Jones for OGEN, and MLT Aikins for A&M as receiver.
By: Dina Milivojevic