Tokyo Smoke
Tokyo Smoke has been under Companies' Creditors Arrangement Act protection in the Ontario Superior Court of Justice since August 28, 2024, and the proceedings, carried on the Commercial List in court file CV-24-00726584-00CL, remain active. On the unaudited list of creditors as at that date, TS Investments Corp holds a secured claim of $52,530,766 and Bank of Montreal one of $38,622,235. Unsecured creditors are reported at $2,855,155 in total, led by Open Field - 10926671 Canada Inc. at $380,694, The Cadillac Fairview at $370,688, Newfoundland Labrador Liquor Corporation at $351,152, National Cannabis Distribution at $339,047 and Manitoba Liquor & Lotteries at $228,938. PwC is listed at $120,910 and IDX Systems Corp at $116,481.
The officer filed report no. Third Report. Tokyo Smoke completed its SISP resulting in a stalking horse transaction with TS Investments implemented via a reverse vesting structure, while continuing to restructure store leases, close underperforming locations, and reduce headcount, aiming to emerge as a smaller but more efficient going-concern retailer.
Source: Third Report of the Monitor
Compendium of the Applicants (Further Amended and Restated Initial Order – Extended Stay) — Amended and restated initial order
The officer filed report no. Supplement to the Second Report of the Monitor. The Applicants are carrying out an operational restructuring (closing underperforming stores and negotiating lease amendments) alongside a court-supervised sale and investment solicitation process, with management's attention focused on both. The Monitor supports staying the Canopy Arbitration against related party DAK so management is not distracted.
The court approved a sale and investment solicitation process. A bid deadline of 2024-11-11.
Source: Sale Process Approval Order
The officer filed report no. Second Report of the Monitor. The Applicants continue operating their cannabis retail business under CCAA protection while closing underperforming stores, negotiating lease amendments with landlords, and launching a court-supervised sale and investment solicitation process underpinned by a related-party stalking horse bid.
Source: Second Report of the Monitor
The officer filed report no. First Report of the Monitor. Tokyo Smoke continues to operate its retail cannabis business under CCAA protection while closing underperforming stores (leases disclaimed for 36 locations), terminating roughly 102 employees, and preparing a sale and investment solicitation process underpinned by a related-party stalking horse bid.
Source: First Report of the Monitor
Factum of the Applicants (Re Amended and Restated Initial Order) — Amended and restated initial order
Debtor
Tokyo Smoke
Monitor
Alvarez & Marsal
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Black | Ontario Superior Court of Justice | 5 orders, Nov 2024 | 198 cases on record |
| Justice Cavanagh | Ontario Superior Court of Justice | 4 orders, Aug 2024 – Sep 2024 | 318 cases on record |
Counsel of record
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | TS Investments CorpRelated party name (TS Investments Corp) suggests possible affiliate/related-party secured creditor; not confirmed in text — debtor: Tokyo Smoke · as of 28 Aug 2024 | $52.5M | List of Creditors |
| 4 | Secured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured |
71 more claims in 2 classes The stack holds Secured and Unsecured claims.
Every creditor and every amount, drawn to scale.
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See all plans3 transactions · 2 approved · 1 proposed — Monitor supports approval of the Transaction as contemplated by the Approval and Reverse Vesting OrderThird Report of the Monitor · 26 Nov 2024
| Purchaser | Price | Status | Source |
|---|---|---|---|
| 2675970 Ontario Inc.Stalking horsethe Property · share subscription | Subscribers | Proposedoutside 6 Dec 2024 | Sale Process Approval Order |
| TS Investments Corp.a contemplated share subscription agreement · share sale · agreement 12 Sep 2024 | Subscribers | Approved | Third Report of the Monitor |
| TS Investments Corp.Purchased Shares of Amalco 2 (reverse vesting subscription; Excluded Assets and Excluded Liabilities vest in ResidualCo) · share sale · ResidualCo: 1001065113 Ontario Inc. · agreement 26 Nov 2024 | Subscribers | Approved28 Nov 2024 | Approval and Reverse Vesting Order |
2 engagements · 2 firms — latest: Alvarez & Marsal Canada Inc., 28 Aug – 16 Nov 2024, in feesThird Report of the Monitor · 26 Nov 2024
| Firm | Period | Hours | Fees | Rates | Source | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Alvarez & Marsal Canada Inc.Monitor | 28 Aug – 16 Nov 2024 | 5 people | Third Report of the Monitor · 26 Nov 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5 people — Alvarez & Marsal Canada Inc., 28 Aug – 16 Nov 2024 · 15 blurred figures
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stikeman Elliott LLPCounsel to the monitor | 14 Aug – 8 Nov 2024 | 12 people | Third Report of the Monitor · 26 Nov 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12 people — Stikeman Elliott LLP, 14 Aug – 8 Nov 2024 · 24 blurred figures
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
45 blurred figures above
What each firm billed, and each person’s hours and rate — each as the filing states it, with its source.
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See all plansCumulative receipts
$18.1M
As at 26 Nov 2024Third Report of the Monitor
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 |
|---|---|---|
| Monitor’s Certificate | PDF · Subscribers | |
Approval and Reverse Vesting Order
| PDF · Subscribers | |
Endorsement of Justice Black (Approval and Reverse Vesting Order)
| PDF · Subscribers | |
Factum (Franchisee Recission Claimants)
| PDF · Subscribers | |
| Motion Record of the Applicants | PDF · Subscribers | |
| Responding Motion Record (Franchisee Recission Claimants) | PDF · Subscribers | |
| Supplemental Motion Record of the Applicants | PDF · Subscribers | |
| Supplementary Factum of the Applicants | PDF · Subscribers | |
Order
| PDF · Subscribers | |
Third Report of the Monitor
| PDF · Subscribers | |
Service List
| PDF · Subscribers | |
WEPPA Order
| PDF · Subscribers | |
Endorsement of Justice Black
| PDF · Subscribers | |
Compendium of the Applicants (Further Amended and Restated Initial Order – Extended Stay)
| PDF · Subscribers | |
| Responding Book of Authorities of Canopy Growth Corporation | PDF · Subscribers | |
Supplement to the Second Report of the Monitor
| PDF · Subscribers | |
| Reply Factum of the Applicants | PDF · Subscribers | |
| Responding Factum of Canopy Growth Corporation | PDF · Subscribers | |
Transcripts Brief of Canopy Growth Corporation
| PDF · Subscribers | |
| Factum of the Applicants | PDF · Subscribers | |
| Transcripts Brief of the Applicants | PDF · Subscribers | |
Second Report of the Monitor
| PDF · Subscribers | |
Sale Process Approval Order
| PDF · Subscribers | |
Endorsement of Justice Cavanagh
| PDF · Subscribers | |
| Factum of the Applicants (Re Amended and Restated Initial Order) | PDF · Subscribers | |
First Report of the Monitor
| PDF · Subscribers | |
Amended and Restated Initial Order
| PDF · Subscribers | |
Further Amended and Restated Initial Order
| PDF · Subscribers | |
Initial Order
| PDF · Subscribers | |
List of Creditors
| PDF · Subscribers | |
Notice to Creditors
| PDF · Subscribers | |
| Application Record | PDF · Subscribers | |
| Pre-Filing Report of the Proposed Monitor | 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., “Tokyo Smoke” (CCAA), Ontario Superior Court of Justice. Retrieved 4 November 2026, https://proceedings.ca/case/tokyo-smoke