Hempsana Inc.
Follow- Proceeding
- NOIBANKRUPTCY AND INSOLVENCY ACT, R.S.C., 1985, C. B-3, AS AMENDED
- File
- BK-24-03054351-0031
Hempsana Inc. filed a notice of intention to make a proposal under the Bankruptcy and Insolvency Act on March 11, 2024, with B. Riley Farber Inc. as Proposal Trustee, in the Ontario Superior Court of Justice (in Bankruptcy & Insolvency) (Commercial List) under court file BK-24-03054351-0031. A DIP term sheet dated the same day sets a facility limit of CAD 500,000 from related party Movengo Developments Inc., secured by a senior secured super-priority DIP Charge over all present and future property, assets, rights and undertaking of the borrower, ranking behind a court-ordered Administration Charge of up to CAD 200,000 for the Proposal Trustee, its counsel and the borrower's counsel, and ahead of other security interests, claims and deemed trusts. DIP Loan proceeds are intended to pay out the existing first mortgage on the company's real property in full. The proceeding remains active.
The court approved a sale and investment solicitation process. A bid deadline of 2024-05-07.
Source: Bidding Procedures
Motion Record of Hempsana Inc. – returnable April 9, 2024 — Application / notice of application
Application filed April 8, 2024 in the Ontario Superior Court of Justice under the existing insolvency file.
Source: Supplementary Motion Record f Hempsana Inc. – returnable April 9, 2024
Court officer report filed on the day the notice of intention was given, alongside the DIP term sheet setting the CAD 500,000 facility and proposed charges.
Certificate of Filing of a Notice of Intention to Make a Proposal — NOI certificate of filing
Undated filings1 — no date appears on the document · show
Debtor
Hempsana Inc.
Proposal trustee
GlassRatner
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 3 | Deemed trusts (CRA and other) | Movengo Developments Inc. (DIP Lender)as of DIP Term Sheet dated March 11, 2024 — Senior secured super-priority DIP Charge over all present and future property, assets, rights and undertaking of the Borrower (the Collateral), ranking behind the Administration Charge but ahead of other security interests, claims and deemed trusts — Facility limit (maximum amount of DIP Loan), not an outstanding balance; related-party/DIP financing arrangement — debtor: Hempsana Inc. | $500K | First Report of the Proposal Trustee |
| 4 | Secured | Proposal Trustee (B. Riley Farber Inc.), its counsel, and counsel to the Borrower · in 5 casesas of DIP Term Sheet dated March 11, 2024 — Court-ordered Administration Charge, ranking ahead of the DIP Charge — Maximum amount of proposed charge, not an outstanding balance — debtor: Hempsana Inc. | $200K | First Report of the Proposal Trustee |
| 4 | Secured | Existing first mortgagee (unnamed)first mortgage on the Borrower's real property — Pre-filing mortgage; DIP Loan proceeds intended to pay it in full; not named or quantified in these pages — debtor: Hempsana Inc. | — | First Report of the Proposal Trustee |
“not stated” means the record names the claim without a figure; “—” means not in the extracted record.
Sale process approved — the SISP, in relation to all of Hempsana's current and future assets, undertakings and properties of every nature and kind whatsoever and wherever situate... is approvedOrder of Justice Cavanagh · 9 Apr 2024
Unsecured creditors: a distribution. Malvin Mana paid in full.EstimatedTrustee’s Preliminary Report
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Secured | Malvin Mana | — | paid in full | Finalper the trustee | Trustee’s Preliminary Report |
| Unsecured | — | — | a distributionconditional | Estimatedper the trustee | Trustee’s Preliminary Report |
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.
| Date | Document | File |
|---|---|---|
| Newspaper Adv | ||
| Affidavit of Mailing | ||
| Creditors Package | ||
| Certificate of Assignment | ||
Bidding Procedures
| ||
Endorsement of Justice Cavanagh
| ||
Motion Record of Hempsana Inc. – returnable April 9, 2024
| ||
Order of Justice Cavanagh
| ||
Supplementary Motion Record f Hempsana Inc. – returnable April 9, 2024
| ||
| Supplementary Factum of Hempsana Inc. | ||
First Report of the Proposal Trustee
| ||
| Certificate of Filing of a Notice of Intention to Make a Proposal | ||
Opportunity Teaser
| ||
Trustee’s Preliminary Report
| ||
Filing titles, dates, and extracted key facts are public.
CiteProceedings., “Hempsana Inc.” (NOI), Ontario Superior Court of Justice. Retrieved 20 September 2026, https://proceedings.ca/case/hempsana-inc