TREES CORPORATION FILES FOR CCAA PROTECTION
TORONTO – Trees Corporation (CBOE: TREE) today announced that the Company and its subsidiaries, Ontario Cannabis Holdings Corp., Miraculo Inc., 2707461 Ontario Ltd., OCH Ontario Consulting Corp., and 11819496 Canada Inc., have received an order for creditor protection from the Ontario Superior Court of Justice under the Companies’ Creditors Arrangement Act (the “CCAA”). The Trees Group has been actively pursuing additional financing to raise capital to fund its operations, and engaged a financial advisor to assist the Trees Group with reviewing strategic options, including financing options. Following such review and after careful consideration of all available alternatives, and consultation with legal and financial advisors, the directors of the Trees Group determined that it was is in the best interests of the Trees Group to file an application for creditor protection under the CCAA. The Initial Order includes, among other things: (i) a stay of proceedings in favour ...