Chalice Obtains Initial Order under Companies’ Creditors Arrangement Act (Canada) and Commences State Receivership under Oregon State Law
TORONTO, May 23, 2023 (GLOBE NEWSWIRE) — Chalice Brands Ltd. (CSE: CHAL) (“Chalice” or the “Company”) announced today that the Company has obtained an order (the “Initial Order”) from the Ontario Superior Court of Justice (Commercial List) (the “Court”) granting protection under the Companies’ Creditors Arrangement Act (Canada) (“CCAA”) as well as commenced a process in the Circuit Court of the State of Oregon for an order (the “Receivership Order”) granting the appointment of an Oregon state receiver over certain of Chalice’s subsidiaries (the “Receivership Entities” and the process, the “State Receivership”).