On January 30, 2026 (the “Filing Date”), Ayurcann Holdings Corp., and Ayurcann Inc. (together, “Ayurcann” or the “Applicants”) made an application to the Ontario Superior Court of Justice (Commercial List) (the “Court”) and were granted an order (the “Initial Order”), which, among other things, provides for a stay of proceedings pursuant to the Companies’ Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended (the “CCAA”).

Pursuant to the Initial Order, Alvarez & Marsal Canada Inc. was appointed as monitor (the “Monitor”) of the business and financial affairs of the Applicants.

Sale Process

On February 13, 2026, the Court granted the Sale Process Approval Order, which among other things: (i) approved the Sale Process attached as Schedule “A” to the Sale Process Approval Order, and (ii) approved the Stalking Horse Purchase Agreement solely for the purposes of acting as the Stalking Horse Bid under the Sale Process.

More information about the Sale Process can be found here.

The Teaser Document can be found here.

The Sale Process is intended to solicit interest in, and opportunities for, higher and better offers than that set out in the Stalking Horse Bid.

Bidders must submit their Bid to the Monitor no later than 5:00 p.m. (Eastern Time) on March 31, 2026 (the “Bid Deadline”).

Interested parties who wish to participate in the Sale Process must provide the Monitor with an executed Non-Disclosure Agreement. Please contact the Monitor for additional information regarding the Sale Process and for a copy of the Non-Disclosure Agreement.

Sale Process Update – April 10, 2026

Capitalized terms used herein have the meaning given to them in the Sale Process Approval Order issued February 13, 2026, including the Sale Process attached thereto, as applicable.

On April 10, 2026, following a broad and robust canvassing of the market, Emblem Cannabis Corporation (“Emblem”) has been selected as the Successful Bidder following completion of the Sale Process. 

The transaction is subject to certain closing conditions, including approval from the Court.  At the motion scheduled for April 28, 2026, Ayurcann will seek an approval and vesting order and related relief.

April 28, 2026

On April 28, 2026, the Court granted the Approval and Reverse Vesting Order, which among other things approved the agreement of purchase and sale dated March 31, 2026 (the “Purchase Agreement”) between the Applicants and Emblem.

June 1, 2026

On June 1, 2026, the Court granted an order (the “Claims Procedure Order”) approving the claims process whereby persons who assert a claim against the Applicants must file a Proof of Claim with the Monitor or on before 5:00 p.m. (EST) on July 16, 2026 (the “Claims Bar Date”).

Restructuring Period Claims, which for greater certainty are Claims arising out of the restructuring, disclaimer, resiliation, termination or breach by the Applicants (or either of them) on or after the Filing Date, of any contract, lease or other agreement or arrangement whether written or oral, must be received by the Monitor by the later of (i) the Claims Bar Date, and (ii) 5:00 p.m. (EST) on the date that is twenty (20) Business Days after the date on which the Monitor sends a Claims Package with respect to a Restructuring Period Claim (the “Restructuring Period Claims Bar Date”).

Proof of Claim forms and additional information are available here: Claims Procedure Forms

June 5, 2026

On June 5, 2026, the previously Court-approved transaction between the Applicants and Emblem was completed, and the Monitor issued the Monitor’s Certificate.