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ARTICLE · 22 SEPTEMBER 2023

BioSteel Files For Creditor Protection: Will The Budding Change In U.S. Bankruptcy Law Bloom?

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A recent Canadian insolvency filing could provide insight into how U.S. courts will approach Chapter 15 applications from foreign cannabis-related entities.

CanadaCannabis & Hemp
Samantha Hans
Samantha Hans
Steven Graff
Steven Graff
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A recent Canadian insolvency filing could provide insight into how U.S. courts will approach Chapter 15 applications from foreign cannabis-related entities.

BioSteel Sports Nutrition Inc. ("BioSteel"), a producer of sports nutrition and hydration beverages, obtained relief under the Companies' Creditors Arrangement Act (the "CCAA")1 on September 14, 2023, after experiencing liquidity issues and significant financial losses within the last fiscal year.2 BioSteel operates alongside two closely related entities, BioSteel Sports Nutrition USA LLC ("BioSteel Nutrition") and BioSteel Manufacturing LLC ("BioSteel Manufacturing") in order to manufacture, market and distribute their products. While BioSteel Nutrition and BioSteel Manufacturing are not applicants under the CCAA, certain protections have been extended to them. Given BioSteel's cross-border assets, the company has announced its intention to initiate Chapter 15 proceedings under the United States Bankruptcy

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