CanadaBis Capital Inc., 1998643 Alberta Ltd., Stigma Pharmaceuticals Inc., 2103157 Alberta Ltd., and Full Spectrum Labs Ltd.
Follow- Proceeding
- CCAACompanies’ Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended
- File
- 2601-07007
- Industry
- Cannabis · Cannabis producers
CanadaBis Capital Inc. and four subsidiaries — 1998643 Alberta Ltd., Stigma Pharmaceuticals Inc., 2103157 Alberta Ltd. and Full Spectrum Labs Ltd. — commenced CCAA proceedings in Alberta on April 17, 2026, reporting combined liabilities of $19,250,525 on an unaudited basis against approximately $1,340,000 of available cash as at April 14, 2026. The largest claim is the Canada Revenue Agency's excise tax exposure of approximately $7,621,000; CRA had demanded $5,732,843 within 14 days by letter dated March 4, 2026, received March 25, and threatened enforcement. Connect First Credit Union Ltd. is owed $3,592,324 on a commercial mortgage maturing July 2026 and $631,587 on a $750,000 line of credit, and has waived a debt service coverage covenant breach outstanding since July 31, 2025 only until July 31, 2026. The applicants recorded a net loss of $835,204 for the year ended July 31, 2025.
Put before the Court the Monitor's fees of $572,215.90 for March 23 to August 16, 2026, excluding $28,610.81 in taxes, and Fasken's $209,481.62 from March 27, 2026.
Source: Stay Extension Order
Approved the share transaction with 2208318 Alberta Ltd. under the August 19, 2026 Subscription Agreement; excluded assets and liabilities vest in a ResidualCo, with closing effected on delivery of the Monitor's Certificate.
Third Report recorded 128 parties solicited, seven NDAs and two LOIs in Phase I and two qualified bids by August 10; declared related party 2208318 Alberta Ltd. Successful Bidder.
Source: Third Report of the Monitor
Approval and Reverse Vesting Order and Stay Extension and Termination Order Application was filed.
Source: Approval and Reverse Vesting Order and Stay Extension and Termination Order Application
Authorized FTI Consulting Canada Inc. to act as sale agent in running the process, which began implementation with no bids then received.
Source: SISP Notice
Set the Phase I deadline at July 15, 2026 and the Phase II bid deadline at August 10, 2026.
Source: SISP Order
Approved the sale and investment solicitation process to identify purchasers or investors for the companies, their business and their assets.
Second Report reported actual receipts of $3,214,639 for the seven weeks ended May 29, 2026 against a $2,889,599 forecast, operating disbursements of $2,677,654 and closing cash of $1,338,086.
Source: Second Report of the Monitor
Same order increased the court-ordered charges, giving the applicants time to develop and seek approval of a sale and investment solicitation process.
Monitor's First Report backed the proposed amended and restated initial order, including increased charges and a stay extension, to allow a going-concern sale process to be developed.
Source: First Report of the Monitor
Granted CCAA protection to the five applicants in Court of King's Bench file 2601-07007, appointed FTI Consulting Canada Inc. as Monitor and stayed proceedings to April 27, 2026.
Source: Initial Order
CanadaBis Capital Inc., 1998643 Alberta Ltd., Stigma Pharmaceuticals Inc., 2103157 Alberta Ltd., and Full Spectrum Labs Ltd. — CCAA filed, Alberta.
Source: Initial Order
Case update
CanadaBis: the licence is the asset, so the company is what gets sold
Excise duty ran at 41 to 47 per cent of gross revenue and the CRA wanted $5,732,843 in fourteen days. Four months later the sale process produced one bid, from a company whose director sits on the debtor's own board — and because a cannabis licence cannot be assigned, the deal is structured so the licence never moves.
Debtor
CanadaBis Capital Inc., 1998643 Alberta Ltd., Stigma Pharmaceuticals Inc., 2103157 Alberta Ltd., and Full Spectrum Labs Ltd.
Monitor
FTI
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Armstrong | Court of King's Bench of Alberta | 4 orders, Apr 2026 – Jun 2026 | 30 cases on record |
| Justice Simard | Court of King's Bench of Alberta | 3 orders, Aug 2026 | 35 cases on record |
| Justice Marion | Court of King's Bench of Alberta | 2 orders, Oct 2026 | 28 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| MonitorFTI | Fasken Martineau DuMoulin LLP | 20 Apr 2026 | Service list · 20 Apr 2026 |
| ApplicantCanadaBis Capital Inc., 1998643 Alberta Ltd., Stigma Pharmaceuticals Inc., 2103157 Alberta Ltd., and Full Spectrum Labs Ltd. | Thornton Grout Finnigan LLP | 20 Apr 2026 | Service list · 20 Apr 2026 |
| CreditorServus Credit Union / Connect First Credit Union | Burnet Duckworth & Palmer LLP | 20 Apr 2026 | Service list · 20 Apr 2026 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 3 | Deemed trusts (CRA and other) | Canada Revenue Agency (CRA) · in 985 casesOutstanding excise tax liabilities; quasi-governmental deemed-trust class claim. Figure is approximate as stated ("approximately $7,621,000"). A prior CRA Demand letter dated March 4, 2026 (received March 25, 2026) demanded an exact amount of $5,732,843, payable within 14 days; enforcement threatened absent payment arrangement. — debtor: 1998643 Alberta Ltd. ("199") and the Applicants generally · as of 14 Apr 2026 | $7.62M | Originating Application |
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured |
4 more claims in 1 class The stack holds Deemed trusts (CRA and other) and Secured claims.
Every creditor and every amount, drawn to scale.
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See all plansSale approved — The Court approved the share Transaction under the Subscription Agreement with 2208318 Alberta Ltd. and authorized the Applicants to complete it; closing awaits delivery of the Monitor's Certificate.Approval and Reverse Vesting Order · 27 Aug 2026
| Purchaser | Price | Status | Source |
|---|---|---|---|
| 2208318 Alberta Ltd.the share transaction in respect of CanadaBis: issuance of the New Common Shares and the Post-Consolidation Shares vest in the Purchaser, with Excluded Assets and Excluded Liabilities vested in ResidualCo · share subscription · nominee/assignee: its permitted nominee (receives the Vested Assets) · ResidualCo: a corporation to be incorporated in advance of the Closing Date of the Transaction · agreement 19 Aug 2026 | Subscribers | Approved27 Aug 2026outside 8 Oct 2026 | Approval and Reverse Vesting Order |
1 engagement · 1 firm — Fasken Martineau DuMoulin LLP, 27 Mar – 16 Aug 2026Third Report of the Monitor · 19 Aug 2026
| Firm | Period | Hours | Fees | Rates | Source |
|---|---|---|---|---|---|
| Fasken Martineau DuMoulin LLPCounsel to the monitor | 27 Mar – 16 Aug 2026 | — | — | Third Report of the Monitor · 19 Aug 2026 |
1 blurred figure above
What the firm billed — each as the filing states it, with its source.
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See all plansAs at ·
Cumulative receipts
$3.21M
As at 3 Jun 2026Second Report of the Monitor
Cumulative disbursements
As at
Cash on hand
As at
Professional fees
As at
3 more reported figures, and the total the debtor stated at filing
Each one as the filing states it, with its source.
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See all plans| Date | Document | File |
|---|---|---|
Amending Approval and Reverse Vesting Order
| PDF · Subscribers | |
Stay Extension Order
| PDF · Subscribers | |
| Fourth Report of the Monitor | Trustee site | |
Second Affidavit of Jeffrey Holmgren
| PDF · Subscribers | |
Approval and Reverse Vesting Order
| PDF · Subscribers | |
| First Affidavit of Dannallyn Salita | PDF · Subscribers | |
Stay Extension and CCAA Termination Order
| PDF · Subscribers | |
Approval and Reverse Vesting Order and Stay Extension and Termination Order Application
| PDF · Subscribers | |
| First Affidavit of Jeffrey Holmgren | PDF · Subscribers | |
Third Report of the Monitor
| PDF · Subscribers | |
SISP Notice
| PDF · Subscribers | |
SISP Order
| PDF · Subscribers | |
SISP Procedures
| PDF · Subscribers | |
Second Amended and Restated Initial Order
| PDF · Subscribers | |
Second Report of the Monitor
| PDF · Subscribers | |
| Bench Brief of the Applicants | PDF · Subscribers | |
| Book of Authorities | PDF · Subscribers | |
SISP Order and Second ARIO Application
| PDF · Subscribers | |
| Second Affidavit of Travis McIntyre | PDF · Subscribers | |
Amended and Restated Initial Order
| PDF · Subscribers | |
Bench Brief - Amended and Restated Initial Order
| PDF · Subscribers | |
First Report of the Monitor
| PDF · Subscribers | |
Application - Amended and Restated Initial Order
| PDF · Subscribers | |
Service List
| PDF · Subscribers | |
Affidavit of Travis McIntyre
| PDF · Subscribers | |
| CCAA FAQs | PDF · Subscribers | |
Initial Order
| PDF · Subscribers | |
List of Known Creditors
| PDF · Subscribers | |
Notice to Creditors
| PDF · Subscribers | |
Originating Application
| PDF · Subscribers | |
Pre-Filing Report of the Proposed Monitor
| 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., “CanadaBis Capital Inc., 1998643 Alberta Ltd., Stigma Pharmaceuticals Inc., 2103157 Alberta Ltd., and Full Spectrum Labs Ltd.” (CCAA), Court of King's Bench of Alberta. Retrieved 4 November 2026, https://proceedings.ca/case/canadabis-capital-inc-1998643-alberta-ltd-stigma-pharmaceuticals-inc-2103157-alb