On May 29, 2024, 420 Premium Markets Ltd., 420 Investments Ltd., and Green Rock Cannabis (EC1) Ltd., collectively known as Four20 Premium Markets, filed a Notice of Intention (NOI) to make a proposal. These Alberta-based companies, recognized as one of the largest cannabis retailers in Alberta with over 30 retail stores, recently expanded into Ontario.

The filing stemmed from financial difficulties following a failed $110 million transaction with Tilray Inc. in 2020. Subsequently, Four20, supported by litigation funder Nomos Capital, initiated litigation against Tilray, seeking approximately $130 million in damages. In early 2024, Tilray, through its subsidiary High Park Shops Inc., secured an approximately $9.8 million judgment against Four20 for the repayment of a bridge loan, including related interest and costs. Four20 is currently appealing this judgment.

KSV was appointed as the proposal trustee, with legal counsel provided by Stikeman Elliott for Four20 and Bennett Jones for the proposal trustee.