Proceedings.

Good Buds inc.

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Proceeding
NOIsection 50.4(9) of the BIA
File
11-3052361
Industry
Cannabis · Cannabis producers
Filings held10
Last activity21 Jan 2025
On the record974 days
OverviewSummary updated

Good Buds inc. filed a notice of intention to make a proposal under section 50.4 of the Bankruptcy and Insolvency Act in British Columbia, under estate no. 11-3052361. The list of creditors with claims of $250 or more filed with the notice shows $10,564,888.54 owed to Good Buds Company International Inc., a related company and the largest listed claim, $3,197,532.18 to the Receiver General for Canada on excise duty, $2,260,391.61 to Farm Credit Canada and $2,015,310.24 to Eric and Suzanne Rumi. Health Canada is listed at $26,182.94 and the Canada Revenue Agency at $5,440.33 for GST/HST. The proceeding is active.

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Case updates10 dated entries
#Report

The officer filed report no. Second Report to Court. The Company has stabilized and continued operations, paid post-filing obligations in the ordinary course, and is negotiating with CRA over excise tax arrears while preparing a proposal; management projects sufficient funds for the 13-week projection period.

Source: Trustee’s Second Report to Court dated May 7, 2024

#Report

The officer filed report no. First Report. The company continues to operate its licensed organic cannabis farm on Salt Spring Island with about 29 employees under the NOI stay, seeking an extension to May 20, 2024 to stabilize operations and formulate a proposal.

Source: Trustee’s First Report to Court dated March 25, 2024

Parties

Debtor

Good Buds inc.

Proposal trustee

Crowe MacKay

Capital structureAs asserted in the filings
stated amounts, drawn to scale · for subscribers
Priority classCreditorAmountSource
UnsecuredGood Buds Company International Inc.as of NOI filing date — Related company; largest listed claim — debtor: Good Buds Company Inc.$10.6MCreditor’s Package – Notice of Intention to Make a Proposal
Unsecured
Unsecured
Unsecured
Unsecured
Unsecured
Unsecured
Unsecured
Unsecured
Unsecured

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

Every creditor and every amount, drawn to scale.

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Estate financialsReported figures — never derived
Total assets at filing
Total liabilities at filing

As at ·

Cumulative receipts

$1.04M

As at 7 May 2024Trustee’s Second Report to Court dated May 7, 2024

Cumulative disbursements

As at

Cash on hand

As at

Professional fees

As at

3 more reported figures, and the 2 totals the debtor stated at filing

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

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Documents
10 filings
DateDocumentFile
Notice of Application (approval of the New Proposal) dated January 21, 2025PDF · Subscribers
Notice to Creditors – New Proposal dated December 20, 2024
PDF · Subscribers
Order Made After Application (Stay of Bankruptcy) dated July 18, 2024
  • Presiding officer Justice Shergill
PDF · Subscribers
Order Made After Application (the Second Extension) dated May 17, 2024PDF · Subscribers
Trustee’s Second Report to Court dated May 7, 2024
  • Operational summary The Company has stabilized and continued operations, paid post-filing obligations in the ordinary course, and is negotiating with CRA over excise tax arrears while preparing a proposal; management projects sufficient funds for the 13-week projection period.
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 4 more extracted facts
PDF · Subscribers
Order Made After Application (the First Extension) dated April 4, 2024PDF · Subscribers
Affidavit of Eric Tyler Rumi dated March 25, 2024PDF · Subscribers
Notice of Application dated March 25, 2024
  • Commencement date 6 March 2024
  • Statutory basis section 50.4(9) of the BIA
PDF · Subscribers
Trustee’s First Report to Court dated March 25, 2024
  • Operational summary The company continues to operate its licensed organic cannabis farm on Salt Spring Island with about 29 employees under the NOI stay, seeking an extension to May 20, 2024 to stabilize operations and formulate a proposal.
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 4 more extracted facts
PDF · Subscribers
Creditor’s Package – Notice of Intention to Make a Proposal
  • Court file no 11-3052361
  • Financial position · Secured creditors · Unsecured creditors Subscribers
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., “Good Buds inc.” (NOI). Retrieved 4 November 2026, https://proceedings.ca/case/good-buds-inc

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Sources last checked · summary updated 1 September 2026 · Report a correction · Printed from proceedings.ca/case/good-buds-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.