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FIGR Brands, Inc.

On January 21, 2021 FIGR Brands, Inc., Canada's Island Garden Inc., and FIGR Norfolk Inc. (together, the "Applicants") sought and obtained an order (as amended from time to time, the ("Initial Order")) from the Ontario Superior Court of Justice (the "Court") under the Companies' Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended (the "CCAA"). The Initial Order provides, among other things, a stay of proceedings until January 29, 2021 (the "Stay Period") which may be extended by the Court from time to time. Pursuant to the Initial Order, FTI Consulting Canada Inc. has been appointed as monitor (the "Monitor").

On June 10, 2021, the Court granted an order (the "CIG Approval and Vesting Order") which provide that on closing of the transaction contemplated by that order, Canada's Island Garden Inc., would cease to be an Applicant in these CCAA Proceedings and 1307849 B.C. Ltd. ("Residual Co.") would be added as an Applicant to these CCAA Proceedings. On June 28, 2021, the transaction contemplated by the CIG Approval and Vesting Order closed such that all references in any Order of this Court in respect of these CCAA Proceedings to an "Applicant" or the "Applicants" shall refer to and include Residual Co. and not Canada's Island Garden Inc.

On April 21, 2022, the CCAA Termination Order was granted. A copy of the CCAA Termination Order can be accessed in the Court Orders section of this website.

Pursuant to the CCAA Termination Order, the Applicants filed for bankruptcy on May 13, 2022. FTI Consulting Canada Inc. was appointed as the trustee in bankruptcy for each of the entities. Certificates of Appointment were granted on the same day and can be accessed in the Bankruptcies section of this website.

The Monitor filed its Discharge Certificate on June 13, 2022

Upon filing of the Discharge Certificate, the relief set out in paragraphs 11 and 13 the Order of Justice McEwen dated April 21, 2022 (the "CCAA Termination Order") will be deemed effective immediately, namely:
(a) FTI shall be discharged as Monitor and shall have no further duties, obligations or responsibilities as Monitor;
(b) the CCAA Proceedings and the Stay Period shall be terminated without any other act or formality;
(c) the Charges, to the extent applicable, shall be terminated, released and discharged; and
(d) the releases and discharges from liability set out in paragraph 17 of the CCAA Termination Order shall be deemed to be effective up to and including the CCAA Termination Time.

All capitalized terms used herein and not otherwise defined shall have the meaning set out in the CCAA Termination Order.

Further details relating to this matter may be accessed by using the menu to the left, or contacting the Monitor using the information below:
Phone: 1-416-649-8128
Toll Free: 1-844-669-6345
Fax: 416-649-8101
Email: figr@fticonsulting.com


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FTI Consulting
TD Waterhouse Tower
79 Wellington Street West
Suite 2010, P.O. Box 104
Toronto, Ontario M5K 1G8

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