Mera Cannabis Corp., an Ontario-based fully integrated cannabis operator, and certain affiliates obtained protection under the Companies’ Creditors Arrangement Act (CCAA) on October 23, 2025, on application by senior secured creditor Aggregated Investments Inc., to which Mera was indebted for $87.6 million under an amended and restated convertible debenture. This debt was secured by a $29 million mortgage over Mera’s St. Thomas cultivation facility. Both amounts were denominated in Canadian dollars. The Court approved the relief sought, noting that the stay of proceedings was necessary to stabilize the cannabis operator, which employed approximately 180 people, after it lost its EU-GMP certification and fell $1 million per month in interest arrears. A comeback hearing was scheduled for November 3. Ernst & Young (EY) was appointed as monitor, and Darren Karasiuk was appointed as Chief Restructuring Officer (CRO).

Legal counsel included Aird & Berlis for Mera Cannabis Corp., Thornton Grout Finnigan LLP (TGF) for Aggregated Investments Inc., and Bennett Jones LLP for the monitor.