Hydrx Farms Ltd.
- Proceeding
- CCAAsection 11 of the CCAA
- File
- CV-21-00659187-00CL
- Industry
- Cannabis · Cannabis producers
Hydrx Farms Ltd. is proceeding under the CCAA, with Cobra Ventures Inc. holding a debenture as first secured creditor of the company, with indebtedness of $14,857,014.00 as of March 31, 2021. On July 12, 2021, the court ruled that Cobra could credit bid the full amount owing under the debenture in the SISP process. The Serafino Group has since served a Notice of Motion for Leave to Appeal from that decision.
The court granted an approval and vesting order for the sale to Cobra Ventures Inc. Closing terms, as extracted: Transaction closes upon delivery of Monitor's Certificate; SPA transactions won't close until 10 business days after the later of the order date and dismissal/abandonment of an appeal. Sealed: Confidential Appendix 1 to the Fifth Report.
Source: Order-Approval-and-Vesting-Order
Motion Record of the Monitor (Sale Approval) Returnable — Application / notice of application
The officer filed report no. Fourth Report. HydRx wound down its operations as of October 5, 2021 after ceasing sales through the Ontario Cannabis Store and other provincial channels, while the Monitor and CRO pursue a credit bid sale transaction with Cobra Ventures under the SISP.
Source: Fourth Report of the Monitor
Motion Record of the Applicant (Returnable October 26, 2021) — Application / notice of application
Motion Record of the Applicant (returnable July 26, 2021) — Application / notice of application
Responding Motion Record of the Applicant (returnable June 30, 2021) — Response / objection pleading
Motion Record of the Applicant (Returnable April 30, 2021) — Application / notice of application
Undated filings2 — no date appears on the document · show
Debtor
Hydrx Farms Ltd.
Monitor
Schwartz Levitsky Feldman Inc.
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Hainey | Ontario Superior Court of Justice | 4 orders, Mar 2021 – Apr 2021 | 211 cases on record |
| Justice Koehnen | Ontario Superior Court of Justice | 2 orders, Jul 2021 | 83 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| MonitorSchwartz Levitsky Feldman Inc. | Paliare Roland Rosenberg Rothstein LLP | 5 May 2021 | Service list · 5 May 2021 |
| ApplicantHydrx Farms Ltd. | Minden Gross LLP | 26 Jul 2021 | Order · 26 Jul 2021 |
| CreditorC-Tech Innovation Ltd | Scarfone Hawkins LLP | 5 May 2021 | Service list · 5 May 2021 |
| CreditorCobra Ventures Inc | Dickinson Wright LLP · Cassels Brock & Blackwell LLP | 5 May 2021 | Factum · 23 Jun 2021 |
| Creditorin Appeal | Minden Gross LLP | 14 Jul 2021 | Application · 14 Jul 2021 |
| CreditorPeter B | Samfiru Tumarkin LLP | 5 May 2021 | Service list · 5 May 2021 |
| CreditorZidane Capital | Nathanson Schachter & Thompson LLP | 5 May 2021 | Service list · 5 May 2021 |
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | Cobra Ventures Inc.Debenture — First secured creditor of HydRx; Court determined Cobra could credit bid the full amount of indebtedness owing under the debenture in the SISP process (Cobra Claims Decision, July 12, 2021); Serafino Group has served a Notice of Motion for Leave to Appeal from this decision. — debtor: HydRx Farms Ltd. · as of 31 Mar 2021 | $14.9M | THIRD REPORT OF THE MONITOR |
Successful bid selected — no reason to proceed with Phase 2 of the SISP; Monitor proceeding with Credit Bid Transaction documentationFourth Report of the Monitor · 22 Oct 2021
| Purchaser | Price | Status | Source |
|---|---|---|---|
| Cobra Ventures Inc.all of the right, title and interest in and to the New Shares · share sale · ResidualCo: 13404994 Canada Inc. · agreement 4 Nov 2021 | Subscribers | Approved23 Nov 2021 | Order-Approval-and-Vesting-Order |
| Date | Document | File |
|---|---|---|
Consent for the Respondent-dated
| PDF · Subscribers | |
Notice of Abandonment of Leave to Appeal
| PDF · Subscribers | |
| Motion Record of the Monitor (Sale Approval) Returnable | PDF · Subscribers | |
Order-Approval-and-Vesting-Order
| PDF · Subscribers | |
Book of Authorities - Re Sale Approval and RVO
| PDF · Subscribers | |
Factum of the Monitor
| PDF · Subscribers | |
Factum re Sale Approval and RVO
| PDF · Subscribers | |
Endorsement of Justice Mc Ewen
| PDF · Subscribers | |
Extension of Stay Period
| PDF · Subscribers | |
Fourth Report of the Monitor
| PDF · Subscribers | |
| Motion Record of the Applicant (Returnable October 26, 2021) | PDF · Subscribers | |
| Book of Authorities (July 26, 2021) | PDF · Subscribers | |
Extension of Stay Period Order
| PDF · Subscribers | |
Order Expanding Monitor's Powers
| PDF · Subscribers | |
| Factum of the Applicant (returnable July 26, 2021) | PDF · Subscribers | |
Factum of the Moving Party - Cobra Ventures Inc. - Expanding Monitor's Powers
| PDF · Subscribers | |
| Responding Motion Record (Cobra) | PDF · Subscribers | |
THIRD REPORT OF THE MONITOR
| PDF · Subscribers | |
| Motion Record of the Applicant (returnable July 26, 2021) | PDF · Subscribers | |
Notice of Motion for Leave to Appeal
| PDF · Subscribers | |
Serafino Endorsement - July 12-21
| PDF · Subscribers | |
| Brief of Authorities of the Applicant | PDF · Subscribers | |
| Responding Factum of the Applicant Domenico Serafino | PDF · Subscribers | |
| Book of Authorities | PDF · Subscribers | |
Factum of the Moving Party Cobra Ventures Inc.
| PDF · Subscribers | |
| Reply Motion Record | PDF · Subscribers | |
| Letter to the Service List | PDF · Subscribers | |
| Responding Motion Record of the Applicant (returnable June 30, 2021) | PDF · Subscribers | |
Service List as of
| PDF · Subscribers | |
CRO Appointment and SISP Approval
| PDF · Subscribers | |
Extension of Stay Period and Replacing the Responsible Person
| PDF · Subscribers | |
| Factum of the Applicant (Returnable April 30, 2021) (1) | PDF · Subscribers | |
| Motion Record Monitor Schwartz Levitsky Feldman | PDF · Subscribers | |
| Motion Record of the Applicant (Returnable April 30, 2021) | PDF · Subscribers | |
| Motion Record of Cobra Ventures Inc. | PDF · Subscribers | |
Amended and Restated Initial Order
| PDF · Subscribers | |
| Supplementary Responding Motion Record - Cobra Ventures Inc. | PDF · Subscribers | |
| Motion Record of the Applicant | PDF · Subscribers | |
| Responding Motion Record - Cobra Ventures Inc. | PDF · Subscribers | |
| Endorsement of Justice Hainey | PDF · Subscribers | |
| First Report of the Proposed Monitor (1) | PDF · Subscribers | |
HydRx Farms Ltd. Teaser Letter
| PDF · Subscribers | |
Initial Order
| PDF · Subscribers | |
Application Record
| PDF · Subscribers | |
| First Report of the Monitor (2) | PDF · Subscribers | |
Service-List
| 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., “Hydrx Farms Ltd.” (CCAA), Ontario Superior Court of Justice. Retrieved 5 November 2026, https://proceedings.ca/case/hydrx-farms-ltd