Cannoleum Inc.
- Proceeding
- ProposalBANKRUPTCY AND INSOLVENCY ACT, R.S.C. 1985 C. B-3 AS AMENDED
- File
- 31-2754590
- Industry
- Cannabis
Cannoleum Inc. filed a Notice of Intention to make a proposal under subsection 50.4(1) of the Bankruptcy and Insolvency Act on July 26, 2021, in the Ontario Superior Court of Justice (Commercial List), Court File No. 31-2754590, with Grant Thornton Limited named trustee. The company had entered a forbearance agreement with the holder of a first mortgage over its property at 194 Woolvert Road, Grimsby, Ontario, and proposed a debtor-in-possession facility from Cardinal Advisory Limited with a maximum principal amount of $150,000, to be secured by a first-priority charge over its assets.
Report of Trustee on Refusal by Creditors to Approve Proposal dated May 24, 2022.pdf — Court officer report
The court granted an approval and vesting order for the sale to Woolverton Road Holdings Limited. Closing terms, as extracted: Vesting effective upon delivery of the Proposal Trustee's Certificate confirming payment of the Purchase Price and satisfaction of closing conditions.
The officer filed report no. Second Report. The Company's primary asset, a parcel of real property, was listed and marketed for sale under a court-supervised process, and the report seeks approval of a sale transaction to a purchaser with proceeds to repay the DIP facility and address secured claims; the Company otherwise remains in proposal proceedings under a Holding Proposal.
Source: Proposal Trustee’s Second Report to Court January 17, 2022 (incl appendices)
Cannoleum’s Motion Record returnable January 20, 2022.PDF — Application / notice of application
Cannoleum’s Motion Record returnable August 5, 2021.pdf — Application / notice of application
Certificate of Appointment.pdf was filed. Court file 31-2754590.
Source: Certificate of Appointment.pdf
The Notice of Intention was dated at the City of Toronto, in the Province of Ontario, on July 26, 2021.
Debtor
Cannoleum Inc.
Proposal trustee
Doane Grant Thornton
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Koehnen | Ontario Superior Court of Justice | 2 orders, Aug 2021 | 83 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| DebtorCannoleum Inc. | Miller Thomson LLP | 5 Aug 2021 | Order · 5 Aug 2021 |
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | Lien holdersLiens against the Company's property (unspecified) — Referred to collectively as potentially affected by proposed DIP Lender's Charge; amount and identities not stated — debtor: Cannoleum Inc. | — | Proposal Trustee's First Report to Court - August 3, 2021.pdf |
| Secured | |||
| Secured |
2 more claims in 1 class The stack holds Secured claims.
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See all plans“not stated” means the record names the claim without a figure; “—” means not in the extracted record.
3 transactions · 2 approved · 1 not completed — The Transaction is hereby approvedCourt Order AVO January 20, 2022.pdf · 20 Jan 2022
| Purchaser | Price | Status | Source |
|---|---|---|---|
| Wolverton Road Holdings Ltdthe sale of the Real Property · real property · agreement 24 Dec 2021 | Subscribers | Approved | Proposal Trustee’s Second Report to Court… |
| unsuccessful competing offer, referred to as 'Offer 1'the Real Property · real property | Subscribers | Not completed | Proposal Trustee’s Second Report to Court… |
| Woolverton Road Holdings Limitedthe Debtor's right, title and interest in and to the real property legally described in Schedule 'B' hereto and municipally known as 194 Woolverton Road, Grimsby, Ontario · real property · agreement 24 Dec 2021 | not stated | Approved20 Jan 2022 | Court Order AVO January 20, 2022.pdf |
Professional fees
$67K
As at 31 Dec 2021Proposal Trustee’s Second Report to Court January 17, 2022 (incl appendices)
| Date | Document | File |
|---|---|---|
| Certificate of Assignment dated May 24, 2022.pdf | PDF · Subscribers | |
Report of Trustee on Refusal by Creditors to Approve Proposal dated May 24, 2022.pdf
| PDF · Subscribers | |
Court Order AVO January 20, 2022.pdf
| PDF · Subscribers | |
Court Order Ancillary Order January 20, 2022.pdf
| PDF · Subscribers | |
Proposal Trustee’s Second Report to Court January 17, 2022 (incl appendices)
| PDF · Subscribers | |
| Cannoleum’s Motion Record returnable January 20, 2022.PDF | PDF · Subscribers | |
| Proposal Package to Creditors - October 25, 2021.pdf | PDF · Subscribers | |
Court Order - August 5, 2021.pdf
| PDF · Subscribers | |
Endorsement August 5, 2021.pdf
| PDF · Subscribers | |
Proposal Trustee's First Report to Court - August 3, 2021.pdf
| PDF · Subscribers | |
Cannoleum’s Motion Record returnable August 5, 2021.pdf
| PDF · Subscribers | |
Certificate of Appointment.pdf
| PDF · Subscribers | |
Form 33 Notice of Intention to Make a Proposal.pdf
| 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., “Cannoleum Inc.” (Proposal), Ontario Superior Court of Justice. Retrieved 5 November 2026, https://proceedings.ca/case/cannoleum-inc