CannTrust Holdings Inc. (the “Company”) (unlisted) today announced that its subsidiary, CannTrust Equity Inc. (“CannTrust Equity”), has completed its previously announced financing for aggregate cash proceeds of approximately CAD $17 million, as approved by the Ontario Superior Court on February 25, 2022 (the “Financing”). A group of investors led by Marshall Fields International B.V., a subsidiary of Kenzoll B.V., a Netherlands-based private equity investment company, has invested CAD $11.2 million to acquire a 90% equity interest in CannTrust Equity and provided a CAD $5.5 million secured credit facility to CannTrust Equity, which is subordinated to the existing $22.5 million credit facility arranged by Cortland Credit Lending Corporation. The Company retains the remaining 10% of the common shares of CannTrust Equity. With the completion of the Financing, the companies comprising the CannTrust Group, have emerged from their court-supervised proceedings under the Companies Creditors Arrangement Act (“CCAA”), effective immediately. “This marks the end of one long journey and the beginning of a new, exciting era for CannTrust.
Cannabis Law Report, 03/16/2022 00:04:00
Open article: https://cannabislaw.report/canntrust-completes-cad-17-million-financing-exits-ccaa/