Acquisition Opportunity - CANDRE CANNABIS INC.

CALGARY, AB, March 29, 2023 /PRNewswire/ - On March 6, 2023 (the "Receivership Date"), the Court of King's Bench of Alberta (the "Court") granted an order (the "Receivership Order") appointing Alvarez & Marsal Canada Inc. ("A&M") as the receiver and manager (the "Receiver") of Candre Cannabis Inc. ("Candre" or the "Company") and its current and future assets, undertakings and properties of every nature and kind whatsoever, and wherever situate, including all proceeds thereof (the "Property").

Candre is an Alberta-based company that engaged in the business of cultivation and production of cannabis with property and a manufacturing facility and operations near Sundre, Alberta. As at the Receivership Date, Candre's main assets were its real property including the land, building and equipment located at 819, 5th Avenue SW, Sundre Alberta (the "Facility"). The 34,335 square foot Facility has been equipped with industry-leading mechanical and electrical systems to facilitate the reliable and large-scale production of agricultural products, including but not limited to cannabis. The Facility hosts fifteen grow rooms, each with a 32-foot ceiling height.

On March 24, 2023, the Court granted an order (the "SISP Order") allowing the Receiver to commence a Sale and Investment Solicitation Process (the "SISP"). The SISP has been designed to solicit interest in an acquisition, investment in, restructuring of or refinancing of the business or sale of the assets and/or business of Candre. The SISP is being conducted in accordance with the procedures included in the SISP Order, which is included on the Receiver's website: www.alvarezandmarsal.com/candre.

Interested parties who wish to pursue a transaction and receive additional diligence materials will be required to sign a non-disclosure agreement, which can be obtained by contacting the Receiver at the email addresses noted below. 

As per the SISP, non-binding letters of intent must be submitted no later than 5:00 pm MT on April 28, 2023 (Phase 1 Non-Binding Bid Deadline).

SOURCE Alvarez & Marsal Canada ULC