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ARTICLE · 10 FEBRUARY 2020

Cannabis Strains: Industry Risks And Warning Signs

Borden Ladner Gervais LLP
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Over the second half of 2019, headlines surrounding growth and product diversification in the Canadian cannabis industry gave way to speculation about its future potential failures

CanadaCannabis & Hemp
David Wood
David Wood
Lisa Hiebert
Lisa Hiebert
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Over the second half of 2019, headlines surrounding growth and product diversification in the Canadian cannabis industry gave way to speculation about its future potential failures, insolvencies and consolidations.

In 2019, five Canadian cannabis companies became subject to formal insolvency proceedings under the Companies’ Creditors Arrangement Act (CCAA) or the Bankruptcy and Insolvency Act (the BIA). The first was Ascent Industries Corp. in March of 2019, which filed for protection under the CCAA. Followed by secured creditors applying under the BIA to appoint receivers over the property and assets of each of 2368523 Ontario Ltd. (dba Curative Cannabis) and DionyMed Brands Inc. In December 2019, Wayland Group Corp. and AgMedica Bioscience Inc. each filed for protection under the CCAA.

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