On September 26, 2022, each of SugarBud Craft Growers Corp., Trichome Holdings Corp., and 1800905 Alberta Ltd. filed a Notice of Intention to Make a Proposal (each, an “NOI”) pursuant to Section 50.4(1) of the Bankruptcy and Insolvency Act (Canada), R.S.C. 1985, c. B-3 (the “BIA”) and Alvarez & Marsal Canada Inc. (“A&M”) was appointed as Proposal Trustee of the Companies.

On September 29, 2022, an Order (the “NOI Order”) was granted by the Court of King’s Bench of Alberta (the “Court”), extending the stay of proceedings under the NOI proceedings (“NOI Proceedings”) to December 10, 2022.

On October 18, 2022 the Debtors were granted two Orders (the “Initial Order” and the “Amended and Restated Initial Order”) by the Court under the Companies’ Creditors Arrangement Act, R.S.C. 1985, c. C36, as amended (the "CCAA"), which provided that the NOI Proceedings under the BIA were to be taken up and continued under the CCAA. A&M was appointed pursuant to the CCAA as monitor (the "Monitor") of the business and financial affairs of the Sugarbud.

The Amended and Restated Order provides for, among other things, an extension of the stay of proceedings to December 10, 2022 (the "Extended Stay Period"). The Stay Period may be further extended by the Court from time to time.

On July 25, 2023, the Debtors were adjudged bankrupt by Order (the “Bankruptcy Order”) of the Court, and A&M was appointed as the licensed insolvency trustee (the “Trustee”) of the estates of the bankrupts pursuant to the Bankruptcy Order, subject to affirmation by the creditors of the trustee’s appointment or substitution of another trustee by the creditors. The Debtors are now considered bankrupt entities.