Simply Solventless Commences Restructuring Process for the Benefit of Shareholders and Stakeholders

Executive Summary

• Simply Solventless Concentrates Ltd. (“SSC”) has initiated a court‑supervised restructuring process under the Companies’ Creditors Arrangement Act (CCAA) for its four wholly owned subsidiaries.
• Three subsidiaries (Massive Hash Factory Ltd., CannMart Inc., and ANC Inc.) have been granted creditor protection, with an extended stay also applied to Humble Grow Co. and SSC itself; MNP Ltd. has been appointed monitor.
• The company plans to seek court approval for a sale‑and‑investment solicitation process for the three protected subsidiaries and will pursue debtor‑in‑possession financing to fund the proceedings.

Key Details

• Restructuring Initiation: SSC announced commencement of a CCAA restructuring aimed at maximizing value and balance‑sheet strength for shareholders, creditors, and other stakeholders.
• Subsidiaries Affected:
• Massive Hash Factory Ltd. (MHF) – granted creditor protection.
• CannMart Inc. – granted creditor protection.
• ANC Inc. – granted creditor protection.
• Humble Grow Co. – stay of proceedings extended to this subsidiary as well as SSC itself (“Stayed Entities”).
• Court Involvement: The Court of King's Bench of Alberta issued an Initial Order appointing MNP Ltd. as monitor and granting a 10‑day stay (subject to extension).
• Operational Continuity: Business operations of all subsidiaries are expected to continue without interruption despite the CCAA proceedings.
• Sale & Investment Process: SSC intends to seek court approval to launch a sale and investment solicitation process (“Sale Process”) for MHF, CannMart, and ANC; Humble Grow Co. and SSC will be excluded from this Sale Process.
• Financing Plans: The company expects to request debtor‑in‑possession (DIP) financing at a future court hearing to fund the CCAA proceedings.
• Disclosure Access: All court filings, the Initial Order, and additional information are available on the monitor’s website: https://mnpdebt.ca/en/corporate/corporate-engagements/ssc

Notable Quotes

“After careful consideration of all reasonably available alternatives, the board of directors determined that the restructuring is in the best interests of stakeholders.” – Jeff Swainson, President and CEO, Simply Solventless Concentrates Ltd.