CannTrust obtains C$22.5 million debtor-in-possession financing

Date Closed

April 29, 2021

Lead Office

Toronto

Value

22.50 Million CAD

On April 30, 2021, CannTrust Holdings Inc. obtained approval from the Ontario Superior Court of Justice under the Companies' Creditors Arrangement Act (CCAA) for its "debtor-in-possession" and CCAA Exit Credit Facility arranged and agented by Cortland Credit Lending Corporation.

The credit facility consists of a revolving loan under which repayments and additional drawdowns will be permitted from time to time, and allows for a borrowing limit of up to C$22.5 million.

CannTrust is a Canadian federally regulated licensed cannabis producer.

McCarthy Tétrault advised CannTrust with a team led by D.J. Lynde that included Ranjeev Dhillon (Cannabis/Business Law), Jamey Gage, Trevor Courtis and Alexander Steele (Bankruptcy & Restructuring), Bob Richardson, Andrea Kareclas and Nishant Jain (Business), and Shane D'Souza and Paul Steep (Litigation).

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