Trees Corporation

On December 22, 2023 Trees Corporation, Ontario Cannabis Holdings Corp., Miraculo Inc., 2707461 Ontario Ltd., OCH Ontario Consulting Corp., and 11819496 Canada Inc. (collectively, the "Applicants") sought and obtained an order (as amended from time to time, the ("Initial Order")) from the Supreme Court of Justice (Commercial List) (the "Court") under the Companies' Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended (the "CCAA").The Initial Order provides, among other things, a stay of proceedings until January 2, 2024 (the "Stay Period") which may be extended by the Court from time to time. Pursuant to the Initial Order, Ernst & Young Inc was appointed as monitor (the "Monitor").

On January 2, 2024, the Applicants obtained an Amended and Restated Initial Order (the "ARIO") from the Court. The ARIO provides, among other things, an extension of the Stay of Proceedings until February 29, 2024, which may be extended by the Court from time to time. Pursuant to the ARIO, FTI Consulting Canada Inc. has been appointed as Monitor.

On January 29, 2024, the Applicants obtained a Second Amended and Restated Initial Order (the "SARIO") from the Court. The SARIO provides, among other things, an extension of the Stay of Proceedings until April 12, 2024, which may be extended by the Court from time to time. On January 29, 2024, the Applicants also obtained an order from the Court approving the Sale and Investment Solicitation Process (the "SISP").

On February 21, 2024, the Alberta Securities Commission (the "ASC") issued a Failure-to-File Cease Trade Order under the securities legislation of Alberta (the "Legislation") to Trees Corporation (the "Issuer"). A copy of the Cease Trade Order can be found under Other Documents & Notices.

On April 5, 2024, the Applicants obtained an Approval and Reverse Vesting Order from the Court. Also on April 5, 2024, the Applicants obtained an order that provides, among other things, an extension of the Stay of Proceedings until May 31, 2024, which may be extended by the Court from time to time.

On May 28, 2024, Trees Corporation was sold pursuant to the Share Purchase Agreement approved in the Approval and Reverse Vesting Order dated April 5, 2024. Unfortunately, the sale price was not sufficient to pay off all secured creditors. There will be no funds available to pay unsecured creditors.

On May 31, 2024, 15892929 Canada Inc. filed an assignment pursuant to section 49(1) of the Bankruptcy and Insolvency Act (R.S.C., 1985, c.-3). The Certificate of Appointment was granted on June 3, 2024 and can be accessed in the Bankruptcy section of this website.

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