Ontario · CCAA
Application Record Part 2
Application / notice of application · 17 October 2025
AI summary
A plain-English summary drawn only from this filing: what it is, why it matters, and the parties, amounts and dates it turns on.
What we verified from this filing2 verified
- secured creditorsnote: The Debenture's stated 'principal sum' (facility ceiling, not a confirmed outstanding balance) was increased through successive amending agreements: $19,106,164.62 (orig.) -> $21,106,164.62 (Amending Agmt #2, Mar 21 2023) -> $32,618,807.00 (Amending Agmt #7, Oct 30 2023) -> $35,618,807.00 (Amending Agmt #9, Dec 21 2023) -> $37,543,807.00 (Amending Agmt #11, Mar 1 2024) -> $45,043,806.62 (Amending Agmt #13, Jul 2024). This figure represents 'the total amount that may be advanced' (includes both already-funded tranches and discretionary/unfunded 'Op Advance' tranches which the Creditor 'may arbitrarily withhold'), not a stated outstanding balance, so it is not reported as 'amount' per facility-limit convention. A personal guarantee was also provided by an individual (Zubin Jasavala, President of the corporate guarantors) - see guarantor signature pages. · page: 176 · as of: Amending Agreement #13 (dated July 2024; day left blank in document, referencing Twelfth Op Advance Closing Date of July 29, 2024) · debtor: Mera Cannabis Corp. · creditor: Aggregated Investments Inc. · currency: CAD · security: Amended and restated convertible debenture (originally dated March 2, 2022, amended by Amending Agreements #1-#13); secured by, among other things, a first-priority security interest in the Corporation's Eligible Accounts Receivable and other property of the Obligors; guaranteed by Greenleaf Productions Inc., Avana Labs Inc., CannaWay Clinics Inc. and Countryside Cannabis Corp. Also includes a separate Revolving Borrowing facility (Revolving Commitment of $2,000,000, Revolving Effective Date March 21, 2023).
- secured creditorsnote: Deemed trust class - excise taxes owing on cannabis sales under the Excise Tax Act (Canada). Figure evolved across successive disclosure schedules: $9,209,662.97 (Oct 26, 2023), $8,386,345.82 (Feb 8, 2024), $8,231,409.36 (Mar 25, 2024), $7,669,434.89 (Jul 15, 2024 - most recent). Company has submitted Return-To-Vendor (RTV) refund claims of $339,137.83 which are under CRA audit and expected to reduce the balance, but have not yet been applied. · page: 186 · as of: 2024-07-15 · amount: 7669434.89 · debtor: Mera Cannabis Corp. · creditor: Canada Revenue Agency · currency: CAD