Phoena Holdings Inc., Phoena Inc., Elmcliffe Investments Inc., Elmcliffe Investments [No 2] Inc., and CTI Holdings (Osoyoos) Inc
- Proceeding
- CCAAsections 243(1) of the Bankruptcy and Insolvency Act and 101 of the Courts of Justice Act
- Court
- Ontario Superior Court of Justice · Commercial List
- File
- CV-23-00697285-00CL
- Industry
- Cannabis · Cannabis producers
Phoena Holdings Inc. and four related companies — Phoena Inc., Elmcliffe Investments Inc., Elmcliffe Investments [No 2] Inc. and CTI Holdings (Osoyoos) Inc. — obtained an initial order under the Companies' Creditors Arrangement Act on April 4, 2023 from the Ontario Superior Court of Justice, Commercial List. The proceeding is carried under court file no. CV-23-00697285-00CL and remains active.
The officer filed report no. Seventh Report. The Remaining Applicants have no employees and are winding down, with the Monitor and tax counsel pursuing recovery of Excluded Tax Assets via an HST Appeal and residual D&O Trust funds.
Source: 09. Seventh Report of the Monitor, dated April 21, 2026
The officer filed report no. Supplement to the Sixth Report. The supplement attaches the Department of Justice's April 24, 2025 response reaffirming Service Canada's disallowance of certain former Phoena Inc. employees' WEPPA claims; 22 former employees have retained counsel, and the Monitor is considering next steps.
Source: 08. Supplement to the Sixth Report of the Monitor, dated April 28, 2025
The officer filed report no. Sixth Report. The Remaining Applicants (two ResidualCos) have no employees and are winding down the estate after the reverse vesting transaction closed, pursuing GST/HST appeals and the Excluded Tax Assets, awaiting residual D&O Trust funds, filing outstanding tax returns, and administering WEPPA claims.
Source: Sixth Report of the Monitor
The court granted a reverse vesting order in favour of T'IITSK'IN Spirit Ventures Ltd. as assigned to 1000832157 Ontario Ltd.
Source: Approval and Reverse Vesting Order, dated March 21, 2024
A distribution was authorized.
Source: Distribution Order, Stay Extension, etc. dated March 21, 2024
The officer filed report no. Fifth Report. The Applicants have ceased cannabis cultivation and production, exited the Langstaff Premises and left the Fenwick Premises idle; only two salaried employees remain and the business is winding down pending a reverse vesting transaction sale of the Phoena entities to a purchaser intending to resume cultivation.
Source: 06. Fifth Report of the Monitor, dated 18 March 2024
The officer filed report no. Fourth Report. The Applicants have ceased cannabis cultivation and closed the Langstaff Premises, are conducting an orderly wind-down, marketing the Fenwick Premises for sale (now under a receivership for insurance purposes), and retain only two salaried employees plus six contractors.
Source: 05. Fourth Report of the Monitor dated 26 October 2023
The officer filed report no. Third Report. The Applicants have sold or destroyed all cannabis inventory and ceased growing operations at the Fenwick Premises by early July 2023, while marketing the property for sale with CBRE; insurance on the Fenwick Premises lapsed July 31, 2023, and the limited services to Pinnrz Inc. at the Vaughan Premises continue.
Source: 04. Third Report of the Monitor dated 10 August 2023
Order re Approval of Listing Agreement, Approval of Auction Agreement, Approval of KERP and Extension of Stay Period to October 31, 2023 was filed.
The officer filed report no. Second Report of the Monitor. The Applicants are conducting an orderly wind-down while exploring other restructuring options, having shipped about 8,209 kg of cannabis inventory in bulk sales, downsized greenhouse operations at Pelham, and prepared equipment auctions and a real estate listing. They employ approximately 78 employees, with approximately 169 having been terminated or quit since filing.
The stay of proceedings was extended to 2023-06-02.
Source: Amended and Restated Initial Order dated April 4, 2023
The officer filed report no. First Report. The Applicants are conducting an orderly wind-down while exploring other restructuring options. They have terminated about 111 of 238 employees, are selling finished inventory in the bulk market, and are running a liquidation process for equipment and seeking brokers for the Fenwick Facility sale. They are also pursuing a sale of equipment to Pinnrz and a transition arrangement at the Vaughan Facility.
Initial order granted, commencing CCAA proceedings for Phoena Holdings Inc. and its four co-applicants on the Commercial List under file CV-23-00697285-00CL.
Debtor
Phoena Holdings Inc., Phoena Inc., Elmcliffe Investments Inc., Elmcliffe Investments [No 2] Inc., and CTI Holdings (Osoyoos) Inc
Monitor
EY
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Cavanagh | Ontario Superior Court of Justice | 6 orders, Aug 2023 – Mar 2024 | 318 cases on record |
| Justice Morawetz | Ontario Superior Court of Justice | 3 orders, Apr 2023 – May 2023 | 141 cases on record |
| Justice Conway | Ontario Superior Court of Justice | 2 orders, Apr 2025 | 310 cases on record |
| Justice Steele | Ontario Superior Court of Justice | 2 orders, Oct 2023 | 245 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| MonitorEY | Thornton Grout Finnigan LLP | 4 Apr 2023 | Service list · 4 Apr 2023 |
| ApplicantPhoena Holdings Inc., Phoena Inc., Elmcliffe Investments Inc., Elmcliffe Investments [No 2] Inc., and CTI Holdings (Osoyoos) Inc | Miller Thomson LLP | 4 Apr 2023 | Order · 12 May 2023 |
| Interim lenderCortland Credit Lending Corporation | Cassels Brock & Blackwell LLP | 4 Apr 2023 | Service list · 4 Apr 2023 |
| Secured creditorBalfour Energy Corp | Fogler, Rubinoff LLP | 4 Apr 2023 | Service list · 4 Apr 2023 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 3 | Deemed trusts (CRA and other) | Receiver General for Canada · in 52 casesdeemed-trust class (source deductions/remittances) — debtor: Phoena Holdings Inc., Phoena Inc., Elmcliffe Investments Inc., Elmcliffe Investments [No 2] Inc., and CTI Holdings (Osoyoos) Inc. · as of 31 Mar 2023 | $912K | List of Creditors |
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured |
208 more claims in 2 classes The stack holds Deemed trusts (CRA and other), Secured and Unsecured claims.
Every creditor and every amount, drawn to scale.
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See all plans3 transactions · 2 approved · 1 closed — The Transaction closed on April 16, 2024.09. Seventh Report of the Monitor, dated April 21, 2026 · 21 Apr 2026
| Purchaser | Price | Status | Source |
|---|---|---|---|
| purchaser of the equipment offer related to lab equipment, unnamedspecific equipment located at the Langstaff Premises and the Pelham Premises · asset sale | Subscribers | Approved | Second Report of the Monitor dated May 10, 2023 |
| Pinnrz Inc.a portion of the Applicants' equipment located at the Langstaff Premises and hire certain employees that had been terminated by the Applicants · auction · agreement 8 May 2023 | Subscribers | Approved | 06. Fifth Report of the Monitor, dated 18 March… |
| T'IITSK'IN Spirit Ventures Ltd. as assigned to 1000832157 Ontario Ltd.all of the issued and outstanding shares of the Company (the 'Purchased Shares') · share subscription · nominee/assignee: 1000832157 Ontario Ltd. · ResidualCo: 15861217 Canada Inc. · agreement 14 Mar 2024 | Subscribers | Closed16 Apr 2024 | 09. Seventh Report of the Monitor, dated April… |
Secured creditors: no recovery.Estimated06. Fifth Report of the Monitor · 18 Mar 2024
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Secured | creditors beyond the secured claims held by Cortland | — | no recovery | Estimatedper the monitor | 06. Fifth Report of the Monitor · 18 Mar 2024 |
| SecuredCortland (Credit Agreement) | Cortland Credit Lending Corporation | shortfall | Finalper the monitor | Sixth Report of the Monitor · 22 Apr 2025 |
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.
1 blurred figure above
The claims and what each class or creditor recovers — each as the filing states it, with its source.
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See all plansCumulative receipts
$821K
As at 21 Apr 202609. Seventh Report of the Monitor, dated April 21, 2026
Cumulative disbursements
As at
Cash on hand
As at
Professional fees
As at
3 more reported figures
Each one as the filing states it, with its source.
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See all plans| Date | Document | File |
|---|---|---|
Endorsement
| PDF · Subscribers | |
09. Seventh Report of the Monitor, dated April 21, 2026
| PDF · Subscribers | |
Endorsement of Conway, J., dated April 29, 2025
| PDF · Subscribers | |
Order re Stay Extension, dated April 29, 2025
| PDF · Subscribers | |
08. Supplement to the Sixth Report of the Monitor, dated April 28, 2025
| PDF · Subscribers | |
Motion Record of the Monitor
| PDF · Subscribers | |
Sixth Report of the Monitor
| PDF · Subscribers | |
| Monitor's Certificate, dated April 16, 2024 | PDF · Subscribers | |
Approval and Reverse Vesting Order, dated March 21, 2024
| PDF · Subscribers | |
Distribution Order, Stay Extension, etc. dated March 21, 2024
| PDF · Subscribers | |
Endorsement of Cavanagh, J., dated March 21, 2024
| PDF · Subscribers | |
| Factum of the Applicants, returnable | PDF · Subscribers | |
| Motion Record, returnable March 21, 2024 | PDF · Subscribers | |
WEPPA Order, dated March 21, 2024
| PDF · Subscribers | |
06. Fifth Report of the Monitor, dated 18 March 2024
| PDF · Subscribers | |
Endorsement of Steele, J., dated October 30, 2023
| PDF · Subscribers | |
Order re Stay Extension dated October 30, 2023
| PDF · Subscribers | |
05. Fourth Report of the Monitor dated 26 October 2023
| PDF · Subscribers | |
| Motion Record returnable 30 October 2023 | PDF · Subscribers | |
245 - 246 Notice
| PDF · Subscribers | |
Endorsement of Cavanagh, J., dated 11 August 2023
| PDF · Subscribers | |
Order re Appointing Receiver, dated 11 August 2023
| PDF · Subscribers | |
04. Third Report of the Monitor dated 10 August 2023
| PDF · Subscribers | |
| Motion Record returnable 11 August 2023 | PDF · Subscribers | |
Endorsement of Morawetz, J. dated May 12, 2023
| PDF · Subscribers | |
Order re Approval of Listing Agreement, Approval of Auction Agreement, Approval of KERP and Extension of Stay Period to October 31, 2023
| PDF · Subscribers | |
| Factum of the Applicants returnable May 12, 2023 | PDF · Subscribers | |
Second Report of the Monitor dated May 10, 2023
| PDF · Subscribers | |
| Motion Record returnable May 12, 2023 | PDF · Subscribers | |
Endorsement of Morawetz J. dated April 14, 2023
| PDF · Subscribers | |
| Pinnrz Approval Order dated April 14, 2023 | PDF · Subscribers | |
| Factum of the Applicants returnable April 14, 2023 | PDF · Subscribers | |
First Report of the Monitor dated April 12, 2023
| PDF · Subscribers | |
| Motion Record returnable April 14, 2023 | PDF · Subscribers | |
Amended and Restated Initial Order dated April 4, 2023
| PDF · Subscribers | |
| Application Record Part 1, dated April 4, 2023 | PDF · Subscribers | |
Application Record Part 2 dated April 4, 2023
| PDF · Subscribers | |
| Endorsement of J. Morawetz dated April 4, 2023 | PDF · Subscribers | |
| Factum of the Applicants returnable | PDF · Subscribers | |
Initial Order dated April 4, 2023
| PDF · Subscribers | |
List of Creditors
| PDF · Subscribers | |
Service List as of April 4, 2023
| PDF · Subscribers | |
Report of the Proposed Monitor dated April 3, 2023
| 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., “Phoena Holdings Inc., Phoena Inc., Elmcliffe Investments Inc., Elmcliffe Investments [No 2] Inc., and CTI Holdings (Osoyoos) Inc” (CCAA), Ontario Superior Court of Justice · Commercial List. Retrieved 4 November 2026, https://proceedings.ca/case/phoena-holdings-inc-phoena-inc-elmcliffe-investments-inc-elmcliffe-investments-n