Plant-Based Investment Corp. (CNSX:PBIC), CCAA

Plant-Based Investment Corp. (CNSX:PBIC), a Toronto, Ontario-based investment company, obtained protection under the CCAA on May 1. The company historically invested exclusively in cannabis companies, which have suffered from depreciated stock prices across the industry. More recently, the company passed by-laws that allowed it to diversify its portfolio to permit investments in all plant-based industries. This change in strategy has not improved the company's financial performance. Its total asset value has declined $25.0 million over the past four years. The company is effectively out of cash and its remaining investments are rapidly losing value because it cannot financially support them. While under creditor protection, the company will search for a strategic investment partner. Spergel was appointed monitor. Counsel is Miller Thomson for the company and Gowling WLG for the monitor.