Proceedings.

Ayurcann Holdings Corp. and Ayurcann Inc.

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Proceeding
CCAACompanies' Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended
Court
Ontario Superior Court of Justice
File
CL-26-00000039-0000
Industry
Cannabis · Cannabis producers
Filings held33
Last activity26 Aug 2026
On the record279 days
OverviewSummary updated

Ayurcann Holdings Corp. and Ayurcann Inc. have been under the Companies' Creditors Arrangement Act since January 30, 2026, on their own application to the Ontario Superior Court of Justice in Court File No. CL-26-00000039-0000, with Alvarez & Marsal Canada Inc. as monitor. The list of creditors filed as of that date, prepared without admission as to liability or quantum, puts the Canada Revenue Agency's claim at $9,539,045 and Health Canada's at $281,621. The largest trade claims listed are $240,023 to One Cannabis Market and $158,918 to Sichenzia Ross Ference Carmel LLP, followed by $59,885 to Uncle Sam's Cannabis and $58,114 to Astro Nova. The stay of proceedings has been extended.

Claims processIf you are owed money

A claims procedure has been established — see the order for deadlines.

Per the Claims Procedure Order dated 1 June 2026.

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Case updates34 dated entries
#Order

Ayurcann Holdings Corp. and Ayurcann Inc. — CCAA filed, Ontario.

AnalysisAll insights⁠

Outcome brief

Ayurcann: licences to Emblem, debts to a shell, and one pool for creditors

Emblem Cannabis took the Pickering vape and extract maker through a reverse vesting order at $5,004,200, the sale process's minimum overbid, after stalking horse Auxly declined to bid at auction; on August 26, 2026, Justice Cavanagh consolidated the parent and a 2024 merger shell into one estate, with $2,795,000 held by the Monitor against approximately $19.6 million in filed claims.

Parties

Debtor

Ayurcann Holdings Corp. and Ayurcann Inc.

Monitor

Alvarez & Marsal

Bench and counselPer the orders and service lists on the record

Bench

JudgeCourtOn this docketCases on record
Justice KimmelOntario Superior Court of Justice8 orders, Jan 2026 – Jun 2026198 cases on record
Justice CavanaghOntario Superior Court of Justice2 orders, Aug 2026318 cases on record

Counsel of record

PartyCounselFirst seenSource
MonitorAlvarez & MarsalReconstruct LLP28 May 2026Service list · 28 May 2026
ApplicantAyurcann Holdings Corp. and Ayurcann Inc.Bennett Jones LLP29 Jan 2026Order · 8 Feb 2026
Interim lenderAird & Berlis LLP28 May 2026Service list · 28 May 2026
CreditorEmblem Cannabis CorporationAird & Berlis LLP28 May 2026Service list · 28 May 2026
Capital structureAs asserted in the filings
stated amounts, drawn to scale · for subscribers
Priority classCreditorAmountSource
UnsecuredCanada Revenue Agency · in 985 casesDeemed trust class (CRA indebtedness) — debtor: Ayurcann Holdings Corp. and Ayurcann Inc. · as of 30 Jan 2026$9.54MList of Creditors
Unsecured
Unsecured
Unsecured
Unsecured
Unsecured
Unsecured
Unsecured
Unsecured
Unsecured

45 more claims in 1 class The stack holds Unsecured claims.

Every creditor and every amount, drawn to scale.

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Sale processAs stated in the filings

2 transactions · 1 not completed · 1 closed — The Emblem Transaction closedFifth Report of the Monitor · 19 Aug 2026

Parties solicited

82

Fourth Report of the Monitor

NDAs signed

10

Fourth Report of the Monitor

Qualified bids

2

Fourth Report of the Monitor

Bid deadline (round closed)

31 March 2026

Sale Process Approval Order

Break fee

Subscribers

Sale Process Approval Order

Stalking horse

Auxly Cannabis Group Inc.

Fifth Report of the Monitor

PurchaserPriceStatusSource
Auxly Cannabis Group Inc.Stalking horsetransactions contemplated by the Back-Up Agreement, effective only if the Emblem Transactions do not close · asset sale · ResidualCo: Ayurcann Holding Corp. · agreement 8 Feb 2026SubscribersNot completedApproval and Reverse Vesting Order
Emblem Cannabis Corporationall issued shares of Ayurcann Inc. (the Purchased Shares) via reverse vesting; Excluded Assets, Contracts and Liabilities vest in Residual Co. · share sale · nominee/assignee: its assignee in accordance with the terms of the Agreement · agreement 31 Mar 2026SubscribersClosed5 Jun 2026outside 15 May 2026Fifth Report of the Monitor
AdvisorsAlvarez & Marsal Canada Inc. (financial advisor)Third Report of the Monitor
Closing termsClosing occurs on delivery of the Monitor's Closing Certificate; steps occur in sequence from the day prior to the Closing Date through 12:20 a.m. on the Closing Date, with the Purchase Price and Cure Costs paid to the Monitor in trustApproval and Reverse Vesting Order
Sealed materialsSchedule 'I' to the Agreement, sealed until the earlier of 30 days after the Closing Time or further OrderApproval and Reverse Vesting Order
RecoveriesAs stated in the filings

Unsecured creditors: a distribution.EstimatedFifth Report of the Monitor · 19 Aug 2026

ClassCreditorClaimsRecoveryBasisSource
UnsecuredUnsecured Creditors (consolidated scenario)—of proven claimsEstimatedper the monitorFifth Report of the Monitor · 19 Aug 2026

Each row is one filing's statement, copied as it reads and never computed. "Estimated" is the officer's forecast; "Under the plan" is the plan's or proposal's own term; "Final" is a declared or paid distribution; a row with no chip states no footing. A range is the two numbers stated; "of proven claims" is the document's own denominator.

1 blurred figure above

The claims and what each class or creditor recovers — each as the filing states it, with its source.

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Estate financialsReported figures — never derived
Total assets at filing

As at ·

The total the debtor stated at filing

Each one as the filing states it, with its source.

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Documents
33 filings
DateDocumentFile
Endorsement of Justice Cavanagh
  • Presiding officer Justice Cavanagh
PDF · Subscribers
Motion Record of the Monitor
  • Financial position · Secured creditors · Unsecured creditors Subscribers
PDF · Subscribers
Order (Distribution and Stay Extension)
  • Counsel Reconstruct LLP
  • Order date 26 August 2026
  • Presiding officer Justice Cavanagh
  • Stay extended to 5 March 2027
PDF · Subscribers
Factum of the Monitor
  • Counsel Reconstruct LLP
PDF · Subscribers
Fifth Report of the Monitor
  • Closing confirmed Closed · 5 Jun 2026 · Emblem Cannabis Corporation
  • Purchaser Emblem Cannabis Corporation · the company's business and assets · share sale · closed; Auxly Cannabis Group Inc. · the Company's business and assets · asset sale · not completed
  • Recovery outcome Entries: per estimated · Stated on: 2026-08-19 · Table missing:
  • Financial position Subscribers
  • + 4 more extracted facts
PDF · Subscribers
Claims Procedure Order
  • Presiding officer Justice Kimmel
PDF · Subscribers
Instruction Letter for the Claims ProcedurePDF · Subscribers
Motion Record of the ApplicantsPDF · Subscribers
Notice Letter for the Claims ProcedurePDF · Subscribers
Notice of Dispute of Revision or DisallowancePDF · Subscribers
Proof of ClaimPDF · Subscribers
Third Amended and Restated Initial Order
  • Applicant AYURCANN HOLDINGS CORP. and AYURCANN INC.
  • Appointee Alvarez & Marsal Canada Inc.
  • Appointee role monitor
  • Commencement date 30 January 2026
  • + 5 more extracted facts
PDF · Subscribers
Fourth Report of the Monitor
  • Process results 82 solicited · 10 NDAs · 2 qualified bids · 1 bids · as of 24 Apr 2026
  • Purchaser Auxly Cannabis Group Inc. (stalking horse) · Back-Up Transactions under the Stalking Horse Purchase Agreement · share sale · not completed
  • Stalking horse Subscribers
PDF · Subscribers
Service List
  • Counsel Bennett Jones LLP
PDF · Subscribers
Approval and Reverse Vesting Order
  • Closing terms Closing occurs on delivery of the Monitor's Closing Certificate; steps occur in sequence from the day prior to the Closing Date through 12:20 a.m. on the Closing Date, with the Purchase Price and Cure Costs paid to the Monitor in trust
  • Counsel Bennett Jones LLP
  • Order date 28 April 2026
  • Presiding officer Justice Kimmel
  • + 5 more extracted facts
PDF · Subscribers
Factum of the Applicants (Motion Returnable April 28, 2026)PDF · Subscribers
Third Report of the Monitor
  • Purchaser Emblem Cannabis Corporation · nominee/assignee its assignee, if any, under the Purchase Agreement · the Purchased Shares · share sale · proposed; Auxly Cannabis Group Inc. (stalking horse) · the Back-Up Transactions · share sale · back-up bid
  • Recovery outcome Entries: per estimated · Table missing:
  • Sale advisor Alvarez & Marsal Canada Inc. (financial advisor)
  • Sale outcome Approval pending — The Applicants seek approval of the Purchase Agreement with Emblem and, as a back-up, approval of the Stalking Horse Purchase Agreement
  • + 1 more extracted fact
PDF · Subscribers
Supplemental Report to the Second Report of the MonitorPDF · Subscribers
Factum of the Applicants (Motion Returnable February 13, 2026)PDF · Subscribers
Second Report of the Monitor
  • Purchaser Auxly Cannabis Group Inc. (stalking horse) · substantially all of the assets or shares of Ayurcann · assets and shares · proposed
  • Sale advisor Alvarez & Marsal Canada Inc. (financial advisor)
  • Sale outcome Approval pending — the proposed Sale Process and Stalking Horse Purchase Agreement seek Court approval
PDF · Subscribers
Sale Process Approval Order
  • Bid deadline 31 March 2026
  • Counsel Bennett Jones LLP
  • Order date 13 February 2026
  • Break fee Subscribers
  • + 5 more extracted facts
PDF · Subscribers
Factum of the Applicants (Motion Returnable February 9, 2026)PDF · Subscribers
First Report of the Monitor
  • Sale outcome Marketed — Sale Process is being developed; discussions ongoing with a Potential Stalking Horse Bidder, no agreement finalized yet.
  • Stalking horse Subscribers
PDF · Subscribers
Application Record of the ApplicantsPDF · Subscribers
Endorsement of Justice Kimmel
  • Presiding officer Justice Kimmel
PDF · Subscribers
List of Creditors
  • Financial position · Secured creditors · Unsecured creditors Subscribers
PDF · Subscribers
Monitor’s Certificate
  • Closing confirmed Closed · 5 Jun 2026 · Emblem Cannabis Corporation
  • Sale outcome Sale closed — Monitor certifies receipt of the Purchase Price, confirmation that closing conditions were satisfied or waived, and that the Transactions have been completed
PDF · Subscribers
Notice to CreditorsPDF · Subscribers
Amended and Restated Initial Order
  • Applicant AYURCANN HOLDINGS CORP. and AYURCANN INC.
  • Appointee Alvarez & Marsal Canada Inc.
  • Appointee role monitor
  • Commencement date 30 January 2026
  • + 6 more extracted facts
PDF · Subscribers
Factum of the Applicants (CCAA Application)PDF · Subscribers
Initial Order
  • Counsel Bennett Jones LLP
  • Presiding officer Justice Kimmel
PDF · Subscribers
Pre-Filing Report of the Proposed MonitorPDF · Subscribers
Second Amended and Restated Initial Order
  • Applicant AYURCANN HOLDINGS CORP. and AYURCANN INC.
  • Appointee Alvarez & Marsal Canada Inc.
  • Appointee role monitor
  • Commencement date 30 January 2026
  • + 4 more extracted facts
PDF · Subscribers

Filing titles and dates are public, and so is each filing's own page. The figures read from them are for subscribers.

CiteProceedings., “Ayurcann Holdings Corp. and Ayurcann Inc.” (CCAA), Ontario Superior Court of Justice. Retrieved 4 November 2026, https://proceedings.ca/case/ayurcann-holdings-corp-and-ayurcann-inc

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Sources last checked · summary updated 1 September 2026 · Report a correction · Printed from proceedings.ca/case/ayurcann-holdings-corp-and-ayurcann-inc

Facts and summaries are extracted automatically from the court filings linked on each page; the filings remain the authoritative record. Suggested corrections are reviewed against the source filings.