Ontario · CCAA
Application Record - Part 3
Application / notice of application · 3 April 2024
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: Registration also names David Werner Paul Schwede as a debtor (individual - personal guarantor/related party); no balance stated. · page: 5 · debtor: Heritage Cannabis West Corporation (f/k/a Voyage Cannabis Corp.), Heritage Cannabis Holdings Corp. · creditor: Metro Leasing Corp. · currency: CAD · security: PPSA registration BC #592391N (exp. Mar 11, 2027) - Vehicle collateral (KIOTI tractor) plus general collateral (all present and after-acquired personal property)
- secured creditorsnote: Multiple PPSA registrations by same secured-party group; no balances stated in search results. · page: 6 · debtor: Heritage Cannabis Holdings Corp. · creditor: NFS Leasing Canada Ltd. (in various registrations, with Peoples United Bank, N.A. and/or M&T Bank Corporation) · currency: CAD · security: PPSA registrations (Ontario) over Inventory, Equipment, Accounts, Other / Equipment: #788089527 (exp. Nov 1 2027, with Peoples United Bank, N.A.), #788089608 (exp. Nov 1 2027), #797650083 (exp. Sept 29 2028, with M&T Bank Corporation), #798601032 (exp. Oct 31 2028)
- secured creditorspage: 8 · debtor: Heritage Cannabis West Corporation · creditor: Brown Bros Motor Lease Canada Ltd · currency: CAD · security: PPSA registration BC #391566N (exp. Nov 25, 2026) - Vehicle collateral (2021 Chevrolet Silverado, VIN 1GCUYBEF2MZ114019)
- secured creditorsnote: BMO Charge relates to a $50,000 credit-limit credit card secured by a pledge of Heritage Holdings' GIC account in the principal amount of $50,000; Borrowers covenant the amount owing to BMO will not exceed $50,000 at any time (facility limit, not a stated outstanding balance). · page: 25 · debtor: Heritage Cannabis Holdings Corp. · creditor: Bank of Montreal · currency: CAD · security: PPSA registration (Ontario #20190510 1441 1530 0647, exp. May 10, 2024) - Accounts, Other
- secured creditorsnote: Loan originally $7,000,000 (Mar 2021), increased to $14,775,000 (Loan Amendment #1, Oct 2021), then $19,775,000 aggregate facility ceiling comprising Facilities 1,2,3,4 (Loan Amendment #2, Sept 2022). Loan Amendment #3 (Oct 31, 2023) consolidated Facilities 1,2,4 into 'Facility 5' and confirmed exact outstanding balances as of that date: Facility 5 = $5,256,379 (after Lender received $9,714,475 from sale of 5450 Property and 333 Property); Facility 3 (revolving LOC, $5,000,000 max) = $2,047,261.32. Components not summed per document. Facility ceiling amounts ($7,000,000 / $14,775,000 / $19,775,000) are facility limits, not balances. · page: 51 · as of: 2023-10-31 · debtor: Heritage Cannabis Holdings Corp., Heritage Cannabis East Corporation (f/k/a CannaCure Corporation), Heritage Cannabis West Corporation (f/k/a Voyage Cannabis Corp.), 333 Jarvis Realty Inc., 5450 Realty Inc. (Borrowers); 1005477 B.C. Ltd., Purefarma Solutions Inc., Heritage Cannabis Exchange Corp., Calyx Life Sciences Corp., Premium 5 Ltd. (Guarantors) · creditor: BJK Holdings Ltd. · currency: CAD · security: Promissory note, mortgages/assignments of rents over 333 Jarvis and 5450 properties, general security agreements (all present and after-acquired personal property), share pledge agreements (1186360 B.C. Ltd., Stanley Park Digital Ltd., Heritage Cannabis Exchange Corp., Heritage US Holdings Corp.), unlimited guarantees; PPSA registrations BC #874130M (exp. Apr 1 2026) and Ontario #20210401 1255 1590 7890 (exp. Apr 1 2029)
- secured creditorsnote: Arrears on excise duty account 80553 2975 RD0001 under the Excise Act, 2001; deemed trust class. CRA Notice of Renewal letter dated Feb 26, 2024. · page: 126 · as of: 2024-02-20 · amount: 5286752 · debtor: Heritage Cannabis West Corporation · creditor: Canada Revenue Agency (Excise Duty) · currency: CAD
- secured creditorsnote: Arrears on GST account 80553 2975 RT0001; deemed trust class. Same CRA Notice of Renewal letter also notes a cannabis-licence security deficiency of $58,254 (security required $538,254 vs. posted $480,000) - regulatory security requirement, not an amount owed to CRA. · page: 126 · as of: 2024-02-20 · amount: 1126095 · debtor: Heritage Cannabis West Corporation · creditor: Canada Revenue Agency (GST) · currency: CAD