The assets of Kitchener, Ontario-based cannabis cultivator James E. Wagner Cultivation Corp. (JWC) are up for sale for at least 11.95 million Canadian dollars ($8.61 million), the company said Monday.
The company, which recently entered creditor protection as part of a debtor-in-possession loan deal with cannabis sector lender Trichome Financial, saw its sales and investor-solicitation process plan approved by an Ontario court.
The court also extended a stay of proceedings against JWC until June 26.
JWC is one of several Canadian cannabis firms to enter creditor protection in recent months, including Wayland Group, AgMedica Bioscience, Invictus Group and CannTrust.
Trichome Financial has been approved by the Ontario court as the stalking horse bidder in the sales and investor-solicitation process.
The process will be carried out by Stoic Advisory.
The stalking horse bid for JWC’s assets has been set at CA$11.95 million.
Bankruptcy monitor filings show those assets include cash, property, inventory, supplies and government licenses and permits “to the extent they are assignable.”
“Interested parties will be given an opportunity to submit an offer for all of JWC’s assets for a purchase price estimated to be equal to or greater than $11.95 million,” according to the news release.
JWC might also consider separate offers for some of its assets.
The due date for bids and deposits is 5 p.m. local time on May 19.
