TORONTO, Jan. 5, 2024 /CNW/ – Humble & Fume Inc. (CSE: HMBL) (OTC Pink: HUMBF) (“Humble” or the “Company“), today announces that the Company and its subsidiaries, Humble & Fume Inc. (Manitoba), P.W.F. Holdco, Inc., Windship Trading LLC, B.O.B. Headquarters Inc., Fume Labs Inc., and Humble Cannabis Solutions Inc. (together with the Company, collectively, the “Humble Group“) have initiated proceedings (the “CCAA Proceedings“) in the Ontario Superior Court of Justice (Commercial List) (the “Court“) under the Companies’ Creditors Arrangement Act (the “CCAA“).
The Humble Group’s application under the CCAA was heard earlier today. Following the hearing, the Court granted an order, which, among other forms of relief: (i) granted a stay of proceedings in favour of the Humble Group up to and including January 15, 2024; and (ii) appointed Deloitte Restructuring Inc. as Court-appointed monitor of the Humble Group (in such capacity, the “Monitor“).
After extensive consultation with legal and financial advisors, and thorough consideration of all available alternatives, the directors of the Humble Group determined that it was in the best interests of the Humble Group to seek creditor protection under the CCAA.
The Humble Group is scheduled to return to Court for a hearing on January 12, 2024 to seek, among other relief, the approval of a sale and investment solicitation process to facilitate a transaction that sees the Humble Group emerge from the CCAA Proceedings as a going concern. The Company believes that the protection afforded by the CCAA will allow the Humble Group to address its liquidity issues and stabilize operations.
The Company anticipates having sufficient liquidity to navigate the CCAA Proceedings and does not forecast a need for additional financing at this time.
Relevant court materials will be made available on the Monitor’s website.
Humble is a leading North American distributor of cannabis and cannabis accessories, supported by a customer-centric sales team and a strong fulfillment infrastructure. As the only fully integrated cannabis distribution solution, Humble bridges the gap for retailers, licensed cannabis producers, multi-state operators, and cannabis consumers to maximize sales penetration, and increase financial performance. With over 20 years of North American operating experience, Humble has cultivated extensive vendor and customer relationships, distributing premium cannabis consumables and consumption devices.
This news release contains “forward-looking information” within the meaning of applicable securities laws. Any such forward-looking statements may be identified by words such as “expects”, “anticipates”, “intends”, “contemplates”, “believes”, “projects”, “plans” and similar expressions. Readers are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements in this release include statements regarding Humble Group’s intention to complete proceedings under the CCAA, the Company’s intention to effect a sale and investment solicitation process to facilitate a transaction that sees the Humble Group emerge from the CCAA Proceedings as a going concern; Court approval of the sale and investment solicitation process; and that the protection afforded by the CCAA will allow the Humble Group to address its liquidity issues and stabilize operations. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance, or achievements to be materially different from those implied by such statements. Although such statements are based on management’s reasonable assumptions, there can be no assurance that such forward-looking statements will occur as described herein. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances or actual results unless required by applicable law. Readers are encouraged to refer to the Company’s disclosure available on its SEDAR profile (at www.sedarplus.com) for information as to the risks and other factors which may affect the Company’s business objectives and strategic plans.
For further information regarding the CCAA Proceedings of the Humble Group:
A copy of the Initial Order, and other information relating to the CCAA Proceedings will be available on the Monitor’s website at www.insolvencies.deloitte.ca/humble. Additional enquiries for the Monitor may be directed to Deloitte Restructuring Inc., in its capacity as Court-appointed monitor of the Humble Group.
Contact: Todd Ambachtsheer
Telephone: 416.607.0781
Email: [email protected]
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SOURCE Humble & Fume Inc.
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