A Hexo Corp. employee examines cannabis plants in one of the company’s greenhouses, seen during a tour of the facility, Thursday, October 11, 2018 in Masson Angers, Que. Cannabis company Hexo Corp. says Zenabis Global Inc., its wholly owned subsidiary, has filed for protection under the Companies’ Creditors Arrangement Act. THE CANADIAN PRESS/Adrian Wyld

Cannabis company Hexo’s Zenabis subsidiary files for CCAA protection

June 17 2022 07:52:53

GATINEAU, Que. – Cannabis company Hexo Corp. says Zenabis Global Inc., a wholly owned subsidiary, has filed for protection under the Companies’ Creditors Arrangement Act.

The company says Zenabis made the filing in Quebec Superior Court to restructure its business and financial affairs.

Hexo says the petition is limited to the Zenabis Group.

Neither Hexo nor any of its subsidiaries, other than the members of the Zenabis Group, are petitioners or parties to the proceedings, the company says.

Hexo says Ernst and Young Inc. has been appointed as the monitor to oversee the CCAA proceedings.

Hexo bought Zenabis last year for $235 million.

This report by The Canadian Press was first published June 17, 2022.

Companies in this story: (TSX:HEXO)

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