SAN MATEO, Calif. – Plus Products Inc. (CSE: PLUS) (OTCQX: PLPRF) (the “Company” or “PLUS”), a cannabis and hemp branded products company in the U.S., announces that it has filed an application in the Supreme Court of British Columbia (the “Court”) in the Company’s Companies’ Creditors Arrangement Act (Canada) (the “CCAA”) proceedings, seeking an order (the “Sanction Order”) that, among other things: (i) sanctions the Company’s amended plan of compromise, arrangement and reorganization dated January 17, 2022 (the “Plan”); and (ii) extends the stay period in the CCAA proceedings until the date that PricewaterhouseCoopers Inc., in its capacity as court-appointed monitor of the Company (in such capacity, the “Monitor”) is discharged by further Court order.
The Company’s Sanction Order application is scheduled to be heard by the Court on January 21, 2022. Once granted, the Sanction Order will allow the Company to complete the restructuring transactions contemplated under the Plan and the Acquisition Agreement dated December 17, 2021 between the Company and Glass House Brands Inc. (the “Purchaser”) (NEO: GLAS.A.U) (NEO: GLAS.WT.U) (OTCQX: GLASF) (OTCQX: GHBWF), as amended by the Amendment to Acquisition Agreement dated January 17, 2022 (the “Acquisition Agreement”).
Pursuant to the Sanction Order, upon implementation of the Plan, and after distributions are made to the Company’s noteholders as set forth in the Plan, the Company will distribute common shares of the Purchaser to its securities-holders through Odyssey Trust Company. The details of such distributions, as well as of all distributions proposed to be made to the Company’s stakeholders under the Sanction Order, are set forth in the Plan. A copy of the Plan, along with all materials filed by the Company with the Court in support of the Sanction Order application, can be found on the Monitor’s website at https://www.pwc.com/ca/plusproducts.
PLUS is a cannabis and hemp food company focused on using nature to bring balance to consumers’ lives. PLUS’s mission is to make cannabis safe and approachable – that begins with high-quality products that deliver consistent consumer experiences. PLUS is headquartered in San Mateo, CA.