Hempsana Inc.

On March 11, 2024, Hempsana Inc. (the “Company“) filed a Notice of Intention to Make a Proposal (“NOI”) under Section 50.4 of the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3, as amended (the “BIA”), and GlassRatner Inc. (“GlassRatner) was appointed as proposal trustee in the Companies’ NOI proceedings (in such capacity, the “Proposal Trustee”).

The NOI filing provides for a stay of proceedings against the Company, pursuant to s. 69(1) of the BIA, subject to certain limitations, while the Company formulates a restructuring plan and attempts to develop a viable proposal for its creditors.

The Ontario Superior Court of Justice (Commercial List) (the “Court”) has recently issued an order extending the time within which the Company is to make a proposal to May 24, 2024.

Sale and Investment Solicitation Process

The Court, pursuant to the Order of Justice Cavanagh dated April 9, 2024, approved among other things, a sale and investment solicitation process (the “SISP“), including the biding procedures for the SISP (the “Bidding Procedures“). Details on the SISP and Bidding Procedures are posted below

Interested parties are able to obtain a non-disclosure agreement by contacting the Proposal Trustee. The deadline for submitting bids is May 7, 2024, 4:00 p.m. (EDT)

Relevant documents can be found below.

Status Updates

The Company failed to file a Proposal with the Trustee on or before May 24, 2024, resulting the Company being deemed to have made an assignment in bankruptcy on May 27, 2024. The Proposal Trustee was appointed as Trustee (the “Trustee“) of the Estate of the Bankrupt by the Official Receiver, subject to affirmation by the creditors of the Trustee’s appointment or substitution of another Trustee by the creditors.

The First Meeting of Creditors will be held via ZOOM videoconference on June 17, 2024, at 11:00AM. To join the meeting, please use the following details:

Meeting ID: 957 7518 3603

Passcode: 653847

Relevant documents can be found below.

Creditor Inquiries

For creditor inquiries, please contact:

Sara Corcoran
Corporate Insolvency Administrator | Restructuring
T: 437.294.4650
E: scorcoran@glassratner.com

The case updates and court filed documents on this website are for information purposes only and you should consult your financial or legal adviser if you have any questions or concerns about your rights or obligations. Additional updates on the status of these proceedings may become available in the future.