Proceedings.

True Leaf Brands, Inc.

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Proceeding
ProposalPart III, Division I of the Bankruptcy and Insolvency Act
Court
Supreme Court of British Columbia
File
B-200196
Industry
Cannabis · Cannabis brands, wholesale & services
Filings held71
Last activity24 Nov 2020
On the record2,380 days
OverviewSummary updated

True Leaf Brands, Inc. is the subject of a Division I proposal proceeding under the Bankruptcy and Insolvency Act, commenced 30 April 2020 and filed in the Supreme Court of British Columbia as court file B-200196. True Leaf Investments Corp. is the applicant. The list of creditors owing $250 or more, compiled from the company's books and records as at the date of the notice of intention, records True Leaf Investments Corp. as owing USD 5,840,000 to Lind Asset Management XV, LLC, with the caveat that the books and records may not be complete and accurate and the figure may differ from the creditor's own records. The proceeding remains active.

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Case updates71 dated entries
#Report

The officer filed report no. Sixth Report. The sales process produced no binding offers for the Facility or TLC's shares. The Companies' proposals were unanimously accepted by creditors. A term sheet refinancing will pay out the DIP Lender so TLB, TLI and TLC can exit the proceedings as going concerns. TLP's assets were sold for $300,000 and TLP was deemed bankrupt.

Source: Sixth Report of the Proposal Trustee - TLB

#Report

The officer filed report no. Sixth Report of the Proposal Trustee. TLP's assets were sold for $300,000 gross and TLP is deemed bankrupt; the Facility and TLC shares drew no binding offers, so a Term Sheet with Canguard/InvestorCo refinances the DIP Lender's roughly $7 million debt, the proposals of TLC, TLB and TLI were unanimously accepted, and the Companies are to continue as going concerns and emerge from the proceedings.

Source: Sixth Report of the Proposal Trustee - TLI

Parties

Debtor

True Leaf Brands, Inc.

Proposal trustee

FTI

Bench and counselPer the orders and service lists on the record

Bench

JudgeCourtOn this docketCases on record
Justice FitzpatrickSupreme Court of British Columbia19 orders, May 2020 – Nov 202060 cases on record

Counsel of record

PartyCounselFirst seenSource
DebtorTrue Leaf Brands, Inc.Clark Wilson LLP11 Jun 2020Application · 11 Jun 2020
Interim lenderStikeman Elliott LLP11 Jun 2020Application · 11 Jun 2020
Capital structureAs asserted in the filings
Priority classCreditorAmountSource
UnsecuredLind Asset Management XV, LLCas of NOI filing date — Company's books and records may not be complete and accurate; amount may differ from creditor's own books — debtor: True Leaf Investments Corp.$5.84M USD4) Notice of NOI with List of Creditors - True Leaf Investment Corp.
Sale processAs stated in the filings

4 transactions · 2 approved · 2 closed — The Transactions, including the sale of TLI shares to a nominee of InvestorCo, closed on November 16, 2020.Supplemental Sixth Report - True Leaf Brands · 24 Nov 2020

Parties solicited

60

Report of the Trustee on the Proposal - True Leaf…

Bid deadline (round closed)

15 June 2020

4) Sales Process Order - True Leaf Brands Inc.

PurchaserPriceStatusSource
4033001 (a Wyoming Corporation)the assets described in the Sale Agreement (the "Purchased Assets") · asset sale · agreement 11 Aug 2020SubscribersApproved28 Aug 2020Extension of Stay Order and Approval of Sales…
1273096 B.C. Ltd.the shares of TLC as described in the Sale Agreements (the "Purchased Shares") · share sale · agreement 4 Nov 2020not statedApproved6 Nov 2020Approval and Vesting Order - True Leaf Brands
1263815 B.C. Ltd.all the issued and outstanding shares of TLI from TLB · share sale · nominee/assignee: a nominee of InvestorCoSubscribersClosed16 Nov 2020Supplemental Sixth Report - True Leaf Brands
InvestorCoall of the shares of TLC owned by TLI · share salenot statedClosedSupplemental Sixth Report - True Leaf Brands
AdvisorsColliers (listing broker); FTI Consulting Canada Inc. (sale agent)4) Sales Process Order - True Leaf Brands Inc.
Closing termsPayments to Lind at ClosingApproval and Vesting Order - True Leaf Investments
RecoveriesAs stated in the filings

Unsecured creditors: a distribution.Under the plan · sanctionedSupplemental Sixth Report - True Leaf Brands · 24 Nov 2020

ClassCreditorClaimsRecoveryBasisSource
PreferredCreditors with Priority Claims—paid in fullUnder the plansanctionedper the proposal trusteeReport of the Trustee on the Proposal - True Leaf Brands · 7 Oct 2020
Unsecured——Under the plansanctionedper the proposal trusteeSupplemental Sixth Report - True Leaf Brands · 24 Nov 2020

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

As at ·

Cumulative receipts

$300K

As at 22 Oct 2020Report of Trustee's Preliminary Administration - True Leaf Pet

The 2 totals the debtor stated at filing

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

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Documents
71 filings
DateDocumentFile
Supplemental Sixth Report - True Leaf Brands
  • Closing confirmed Closed · 16 Nov 2020 · 1263815 B.C. Ltd. (InvestorCo or its nominee)
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 8 more extracted facts
PDF · Subscribers
Approval and Vesting Order - True Leaf Brands
  • Closing terms Closing occurs upon delivery of the Proposal Trustee's Certificate
  • Order date 6 November 2020
  • Presiding officer Justice Fitzpatrick
  • Purchaser 1273096 B.C. Ltd. · the shares of TLl as described in the Sale Agreements (the "Purchased Shares") · share sale · approved
  • + 1 more extracted fact
PDF · Subscribers
Approval and Vesting Order - True Leaf Investments
  • Closing terms Payments to Lind at Closing
  • Order date 6 November 2020
  • Presiding officer Justice Fitzpatrick
  • Purchaser 1273096 B.C. Ltd. · the shares of TLC as described in the Sale Agreements (the "Purchased Shares") · share sale · approved
  • + 1 more extracted fact
PDF · Subscribers
Order Approving Proposal - True Leaf Cannabis
  • Recovery outcome Entries: per liquidation_alternative · Table missing:
PDF · Subscribers
Order Approving Proposal - True Leaf Investments
  • Recovery outcome Entries: per liquidation_alternative · Table missing:
PDF · Subscribers
Order for Adjournment of Proposal Approval - True Leaf Brands
  • Presiding officer Justice Fitzpatrick
PDF · Subscribers
Sixth Report of the Proposal Trustee - TLB
  • Cash on hand · Disbursements · Financial position · Operational summary Subscribers
  • + 8 more extracted facts
PDF · Subscribers
Sixth Report of the Proposal Trustee - TLI
  • Cash on hand · Disbursements · Financial position · Operational summary Subscribers
  • + 7 more extracted facts
PDF · Subscribers
Notice of Application for Approval of Proposal - True Leaf Brands
  • Recovery outcome Entries: per plan; per liquidation_alternative; per plan; per liquidation_alternative · Table missing:
PDF · Subscribers
Notice of Application for Approval of Proposal - True Leaf Cannabis
  • Recovery outcome Entries: per liquidation_alternative; per liquidation_alternative; per plan · Table missing:
PDF · Subscribers
Notice of Application for Approval of Proposal - True Leaf Investments
  • Recovery outcome Entries: per plan; per liquidation_alternative; per liquidation_alternative · Table missing:
PDF · Subscribers
Report of Trustee's Preliminary Administration - True Leaf Pet
  • Operational summary TLP sold all of its assets during the NOI proceedings (closing September 14, 2020), so it has no remaining assets and no business to carry on; it was deemed bankrupt on October 3, 2020 with an expected NIL distribution to unsecured creditors.
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 4 more extracted facts
PDF · Subscribers
Notice of Hearing of Application for Court Approval of Proposal - True Leaf BrandsPDF · Subscribers
Notice of Hearing of Application for Court Approval of Proposal - True Leaf InvestmentsPDF · Subscribers
Notice of Hearing of Application for Court Approval of Proposal - True Leaf CannabisPDF · Subscribers
Notice to Creditors - True Leaf Pet
PDF · Subscribers
Notice to Creditors - True Leaf Investments
  • Recovery outcome Entries: per plan; per liquidation_alternative; per liquidation_alternative; per plan · Stated on: 2020-10-09 · Table missing:
  • Financial position Subscribers
PDF · Subscribers
Report of the Trustee on the Proposal - True Leaf Investments
  • Operational summary TLI had no employees as at the date of the Proposal. Its primary asset is its ownership interest in True Leaf Cannabis Inc. (TLC); the sales process for the Lumby Facility produced no approvable offer above the DIP Lender's debt. The Proposal would let the Canguard entities acquire TLI's shares and let the Company emerge from the proceedings.
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 4 more extracted facts
PDF · Subscribers
Notice to Creditors - True Leaf Brands
  • Recovery outcome Entries: per plan; per plan; per liquidation_alternative · Stated on: 2020-10-07 · Table missing:
PDF · Subscribers
Report of the Trustee on the Proposal - True Leaf Brands
  • Recovery outcome Entries: per plan; per plan; per liquidation_alternative · Stated on: 2020-10-07 · Table missing:
PDF · Subscribers
Proposal - True Leaf Investments Corp.
  • Recovery outcome Entries: per liquidation_alternative · Table missing:
PDF · Subscribers
Proposal - True Leaf Brands Inc.
  • Recovery outcome Entries: per plan; per liquidation_alternative · Table missing:
PDF · Subscribers
Notice to Creditors - True Leaf Cannabis
  • Recovery outcome Entries: per plan; per plan; per liquidation_alternative; per liquidation_alternative · Stated on: 2020-09-24 · Table missing:
PDF · Subscribers
Report of the Trustee on the Proposal - True Leaf Cannabis
  • Process results 60 solicited · as of 18 May 2020
  • Purchaser Purchaser under form of agreement of purchase and sale for the Shares/Property; name not stated in text provided · the Shares · share sale · proposed
  • Recovery outcome Entries: per plan; per plan; per liquidation_alternative; per liquidation_alternative · Stated on: 2020-09-24 · Table missing:
  • Sale advisor Colliers Macauley Nicolls Inc. (listing broker)
  • + 2 more extracted facts
PDF · Subscribers
Proposal - True Leaf Cannabis
  • Recovery outcome Entries: per liquidation_alternative · Table missing:
PDF · Subscribers
Extension of Stay Order - True Leaf Brands
  • Presiding officer Justice Fitzpatrick
PDF · Subscribers
Extension of Stay Order - True Leaf Cannabis
  • Presiding officer Justice Fitzpatrick
PDF · Subscribers
Extension of Stay Order - True Leaf Investments
  • Order date 30 July 2020
  • Presiding officer Justice Fitzpatrick
  • Stalking horse Subscribers
PDF · Subscribers
Extension of Stay Order - True Leaf Pets
  • Presiding officer Justice Fitzpatrick
PDF · Subscribers
Extension of Stay Order and Approval of Sales Transaction - True Leaf Pets
  • Closing terms Closing Date may be extended by consent up to 30 days from the order
  • Order date 28 August 2020
  • Purchaser 4033001 (a Wyoming Corporation) · the assets described in the Sale Agreement (the "Purchased Assets") · asset sale · approved
  • Sale outcome Sale approved — sale transaction approved
  • + 1 more extracted fact
PDF · Subscribers
Fifth Report of the Proposal Trustee
  • Purchaser 4033001, a Wyoming Corporation · the assets of TLP · asset sale · proposed
  • Sale advisor Colliers Macaulay Nicolls Inc. (listing broker)
  • Sale outcome Approval pending — Proposal Trustee recommends the approval of the Agreement and the granting of the vesting order
  • Stalking horse Subscribers
PDF · Subscribers
Notice of Application for an Extension of the Stay - True Leaf Brands
  • Counsel Clark Wilson LLP
PDF · Subscribers
Notice of Application for an Extension of the Stay - True Leaf Cannabis
  • Counsel Clark Wilson LLP
PDF · Subscribers
Notice of Application for an Extension of the Stay - True Leaf Investments
  • Counsel Stikeman Elliott LLP
PDF · Subscribers
Notice of Application for an Extension of the Stay and Approval of Sales Transaction - True Leaf PetsPDF · Subscribers
Fourth Report of the Proposal Trustee
  • Process results 3 bids · as of 20 Jun 2020
  • Sale advisor Colliers Macaulay Nicolls Inc. (listing broker)
  • Sale outcome Liquidation in progress — Sales Process for both the Facility and the pet supplement business ongoing, no definitive agreement yet reached for either
  • Stalking horse Subscribers
PDF · Subscribers
Notice of Application for an Extension of the Stay - True Leaf Brands Inc.PDF · Subscribers
Notice of Application for an Extension of the Stay - True Leaf Cannabis Inc.PDF · Subscribers
Notice of Application for an Extension of the Stay - True Leaf Investments Corp.PDF · Subscribers
Notice of Application for an Extension of the Stay - True Leaf Pet Inc.PDF · Subscribers
1) Extension of Stay Order - True Leaf Brands Inc.
  • Presiding officer Justice Fitzpatrick
PDF · Subscribers
2) Extension of Stay Order - True Leaf Cannabis Inc.
  • Presiding officer Justice Fitzpatrick
PDF · Subscribers
3) Extension of Stay Order - True Leaf Investments Corp.
  • Order date 16 June 2020
  • Presiding officer Justice Fitzpatrick
  • Stalking horse Subscribers
PDF · Subscribers
4) Extension of Stay Order - True Leaf Pet Inc.
  • Presiding officer Justice Fitzpatrick
PDF · Subscribers
Third Report of the Proposal Trustee
  • Process results 60 solicited · 60 NDAs · as of 12 Jun 2020
  • Sale advisor Colliers Macaulay Nicolls Inc. (listing broker)
  • Sale outcome Liquidation in progress — Sales Process approved and marketing steps underway; offers expected but not yet received
  • Stalking horse Subscribers
PDF · Subscribers
1) Notice of Application for an Extension of the Stay - True Leaf Brands Inc.
  • Counsel Stikeman Elliott LLP
PDF · Subscribers
2) Notice of Application for an Extension of the Stay - True Leaf Pet Inc.
  • Counsel Stikeman Elliott LLP
PDF · Subscribers
3) Notice of Application for an Extension of the Stay - True Leaf Cannabis Inc.
  • Counsel Clark Wilson LLP
PDF · Subscribers
4) Notice of Application for an Extension of the Stay - True Leaf Investment Corp.
  • Counsel Clark Wilson LLP
PDF · Subscribers
1) Sales Process Order - True Leaf Investments Corp.
  • Bid deadline 19 June 2020
  • Order date 13 May 2020
  • Presiding officer Justice Fitzpatrick
  • Break fee Subscribers
  • + 3 more extracted facts
PDF · Subscribers
2) Sales Process Order - True Leaf Cannabis Inc.
  • Bid deadline 15 June 2020
  • Order date 13 May 2020
  • Presiding officer Justice Fitzpatrick
  • Break fee Subscribers
  • + 3 more extracted facts
PDF · Subscribers
3) Sales Process Order - True Leaf Pet Inc.
  • Bid deadline 19 June 2020
  • Order date 13 May 2020
  • Presiding officer Justice Fitzpatrick
  • Break fee Subscribers
  • + 3 more extracted facts
PDF · Subscribers
4) Sales Process Order - True Leaf Brands Inc.
  • Bid deadline 15 June 2020
  • Order date 13 May 2020
  • Presiding officer Justice Fitzpatrick
  • Break fee Subscribers
  • + 3 more extracted facts
PDF · Subscribers
1) Notice of Application for a Sales Process Order - True Leaf Brands Inc.PDF · Subscribers
2) Notice of Application for a Sales Process Order - True Leaf Pet Inc.PDF · Subscribers
3) Notice of Application for a Sales Process Order - True Leaf Cannabis Inc.PDF · Subscribers
4) Notice of Application for a Sales Process Order - True Leaf Investments Corp.PDF · Subscribers
Second Report of the Proposal Trustee
  • Process results 45 NDAs · 8 LOIs · as of 29 Nov 2019
  • Sale advisor Colliers Macaulay Nicolls Inc. (listing broker)
  • Sale outcome Sale process approved — the Proposal Trustee supports the Companies in their request to this Honourable Court for the approval of the Sale Process and the approval of the Listing Agreement
  • Stalking horse Subscribers
PDF · Subscribers
1) Order - True Leaf Brands Inc. Interim Facility and Financing Charge
  • Presiding officer Justice Fitzpatrick
PDF · Subscribers
2) Order - True Leaf Pet Inc. Interim Facility and Financing Charge
  • Presiding officer Justice Fitzpatrick
PDF · Subscribers
3) Order - True Leaf Cannabis Inc. Interim Facility and Financing Charge
  • Presiding officer Justice Fitzpatrick
PDF · Subscribers
4) Order - True Leaf Investment Corp. Interim Facility and Financing Charge
  • Order date 1 May 2020
  • Presiding officer Justice Fitzpatrick
  • Stalking horse Subscribers
PDF · Subscribers
1) Notice of Application of True Leaf Brands Inc. - Approval of Financing and ExtensionPDF · Subscribers
2) Notice of Application of True Leaf Cannabis Inc. - Approval of Financing and Extension
  • Applicant TRUE LEAF CANNABIS INC.
  • Appointee FTI Consulting Canada Inc.
  • Appointee role proposal trustee
  • Commencement date 30 April 2020
  • + 3 more extracted facts
PDF · Subscribers
3) Notice of Application of True Leaf Pet Inc. - Approval of Financing and ExtensionPDF · Subscribers
4) Notice of Application of True Leaf Investments Corp. - Approval of Financing and Extension
  • Applicant True Leaf Investments Corp.
  • Commencement date 30 April 2020
  • Court IN THE SUPREME COURT OF BRITISH COLUMBIA
  • Court file no B-200196
PDF · Subscribers
First Report of the Proposal Trustee
  • Sale outcome Sale process approved — The DIP Loan also requires the Companies to seek the approval of this Honourable Court prior to May 14, 2020 for a sale process providing for the separate marketing and sale of the Companies' pet business and its land and building.
  • Stalking horse Subscribers
PDF · Subscribers
1) Notice of NOI with List of Creditors - True Leaf Brands Inc.PDF · Subscribers
2) Notice of NOI with List of Creditors - True Leaf Pet Inc.PDF · Subscribers
3) Notice of NOI with List of Creditors - True Leaf Cannabis Inc.PDF · Subscribers
4) Notice of NOI with List of Creditors - True Leaf Investment Corp.
  • 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., “True Leaf Brands, Inc.” (Proposal), Supreme Court of British Columbia. Retrieved 5 November 2026, https://proceedings.ca/case/true-leaf-brands-inc

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Sources last checked · summary updated 20 August 2026 · Report a correction · Printed from proceedings.ca/case/true-leaf-brands-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.