TORONTO , June 16, 2020 /CNW/ - Beleave Inc. (BE.CN) (BLEVF) ("Beleave" or the "Company") announced today that the Company, together with its affiliated entities, Beleave Kannabis Corp., Seven Oaks Inc., 9334416 Canada Inc. O/A Medi-Green and My-Grow, Beleave Kannabis Abbotsford Inc. and Beleave Kannabis Chilliwack Inc. (collectively, the "Beleave Group") received an order approving of a Stalking Horse Sale Process where Grant Thornton Limited (the "Monitor") will commence a process to seek offers to purchase/invest in the assets/shares of the Company.
The issuance of the Stalking Horse Sale Process Court Order follows the appointment of Bill Panagiotakapoulos as the Company's Chief Restructuring Officer (formerly the Company's Interim CEO and COO) to assist both the Company and the Monitor in respect of the Company's CCAA proceedings which commenced on June 5, 2020 , and the Stalking Horse Sale Process which was approved on June 15, 2020 .
The Beleave Group sought creditor protection under the CCAA in order to receive a stay of proceedings that will allow the Beleave Group to facilitate a going concern transaction with Hegedus Consulting Services Inc. (the Stalking Horse Purchaser) or identify and conclude a transaction with a superior offer (the Stalking Horse Sale Process).
About Beleave Inc.
Beleave is an ISO certified, Canadian cannabis company headquartered in the Greater Toronto Area that cultivates high-quality cannabis flower, oil and extracts for medical and recreational markets. Beleave is fully licenced to cultivate and sell medical and recreational cannabis and is leading the way through research partnerships with universities to develop pharma-grade extracts and derivatives.
Beleave is developing new product lines, including cannabis-infused products, oils, vape pens, and other novel cannabis delivery methods for 2020. Beleave has developed a network of medical cannabis clinics in Ontario and Quebec under the Medi-Green banner.
Forward Looking Information
This news release contains "forward-looking information" within the meaning of applicable securities law ("forward-looking statements"). The use of any of the words "plan", "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and other similar words, or statements that certain events or conditions "may" or "will" occur are intended to identify forward-looking information. These statements are only predictions. Although the Company believes that the expectations and assumptions on which the forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Since forward-looking information addresses future events and conditions, by its very nature it involves inherent risks and uncertainties. This information speaks only as of the date of this news release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's disclosure documents, which can be found under the Company's profile on www.sedar.com.
For more information regarding the Company's CCAA Proceedings and the Stalking Horse Sale Process
Copies of the Company's CCAA materials and information regarding the Stalking Horse Sale Process is available on the Monitor's website at www.grantthornton.ca/beleave
Additional enquiries for the Monitor may be directed to:
Grant Thornton Limited
In its capacity as proposed Court-appointed Monitor of the Beleave Group.
SOURCE Beleave Inc.
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