Ontario · CCAA
Application Record Part 1
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 filing7 verified
- secured creditorsnote: Listed as 'Tax Lien Secured Creditor' on the service list (Account Management and Collections Branch); amount not stated in the pages provided. · page: 7 · creditor: His Majesty the King in Right of Ontario, as represented by the Minister of Finance · currency: CAD · security: Tax lien registration
- secured creditorsnote: Listed as 'PPSA Secured Creditor' on the service list; amount not stated in the pages provided. · page: 7 · creditor: Bank of Montreal/Banque de Montreal · currency: CAD · security: PPSA registration
- secured creditorsnote: Listed as 'PPSA Secured Creditor' on the service list; amount not stated in the pages provided. · page: 7 · creditor: His Majesty in Right of Ontario, represented by the Minister of Finance · currency: CAD · security: PPSA registration
- financial positionnote: Total assets of approximately $38.5 million stated to consist of, 'among other things': $16 million property, plant and equipment; $11.6 million inventory; and $3.7 million receivables (components do not sum to the stated total; other unspecified assets exist). No total liabilities figure stated in these pages. · page: 30 · as at: 2025-05-31 · basis: Unaudited, internal financial statements of the Mera Group ending May 2025; CRO states he has not received adequate reporting of inventory and other assets and has had difficulty understanding the Mera Group's true financial position given the significant delay in preparing up-to-date audited statements (draft FY2023 statements only; FY2024/2025 not yet complete). · scope: Mera Group (the Respondents collectively, as described by the proposed CRO) · currency: CAD · total assets: 38500000
- secured creditorsnote: Approximate figure stated as 'approximately $5.6 million' in Excise Tax Arrears under the Excise Act, 2001, subject to a repayment plan of $250,000/month entered into in 2023; current excise duties additionally averaged approximately $1.6 million/month in 2025 (not included in this figure). · page: 32 · as of: 2025-08-30 · amount: 5600000 · debtor: Mera Cannabis Corp. · creditor: His Majesty the King in Right of Canada, as represented by the Minister of National Revenue (Canada Revenue Agency) · currency: CAD · security: Tax lien (per service list, listed as 'Tax Lien Secured Creditor')
- secured creditorsnote: Prose approximation in Notice of Application states debt as 'more than $87 million, plus interest and costs', with interest accruing at more than $1 million/month (p.15). Exact dated balance per Forbearance Agreement, as amended, acknowledged by Respondents as of August 31, 2025, comprised of Loan Facility (Original Advance, November 2022 Advance and Operating Advance principal & accrued interest) plus the Revolving/Factoring Facility principal & accrued interest, plus further accruing interest and costs. Debtors are in acknowledged default. A personal guarantee is also given by an individual guarantor, Zubin Jasavala (per Forbearance and Amending Agreement #1). · page: 53 · as of: 2025-08-31 · amount: 87652818.44 · debtor: Mera Cannabis Corp. (borrower); guaranteed by Greenleaf Productions Inc., Avana Labs Inc., CannaWay Clinics Inc., Countryside Cannabis Corp. and Vivariant Laboratories Inc. · creditor: Aggregated Investments Inc. · currency: CAD · security: First-ranking PPSA security interest (General Security Agreements) over all present and after-acquired property of each Respondent, other than a vehicle registration and a cash-collateralized registration; first-ranking charge over the Sparling Facility (27 Sparling Road, St. Thomas, Ontario)
- secured creditorsnote: Distinct facility: Royalty Agreement dated December 18, 2023, advanced for EU GMP accreditation applications and equipment, repayable via 10% royalty on Gross Revenues; amount acknowledged by Respondents in amendment to Forbearance Agreement. · page: 54 · as of: 2025-08-31 · amount: 880000 · debtor: Mera Cannabis Corp. · creditor: Aggregated Investments Inc. · currency: CAD · security: Secured by the General Security Agreements per ss.2.6 and 4.1, Schedules A and B of the Royalty Agreement