Acquisition Opportunity Ogen Ltd. and Ogen Holdings Ltd.

CALGARY, AB, Feb. 26, 2024 /CNW/ – On November 3, 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 Ogen Ltd. and Ogen Holdings Ltd. (“Ogen” 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, except for certain Excluded Assets (as defined in the Receivership Order) (the “Property“).

Ogen is an Alberta-based company that engaged in the business of cultivation and production of cannabis with property and a manufacturing facility in Calgary, Alberta. Ogen’s main asset is its real property including the land, building and equipment located at 5430 30 Street SE, Calgary AB (the “Facility“). The approximately 57,000 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 16 grow rooms and was formerly one of the largest indoor cannabis operations in Alberta.

On February 16, 2024, the Court granted an order (the “SISP Order“) allowing the Receiver to commence a Sale and Investment Solicitation Process (the “SISP“), with the assistance of the Canadian Cannabis Exchange (the “Marketing Agent“). 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 Ogen. 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/Ogen

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 Marketing Agent or the Receiver at the email addresses noted below.

As per the SISP, non-binding letters of intent must be submitted no later than 5:00pm MT on March 22, 2024 (Phase 1 Bid Deadline).

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