BZAM Ltd. (CSE) and associated cannabis companies, employing approximately 440 employees and 90 independent contractors nationwide, obtained protection under the Companies' Creditors Arrangement Act (CCAA) on February 28, 2024. The group listed liabilities totaling around $68.9 million, including $32.3 million owed to Cortland Credit. They own cannabis cultivation and processing facilities in Ontario and Alberta, lease production facilities in Ontario, British Columbia, and Québec, a retail store in Saskatchewan, and maintain corporate offices in Ontario and British Columbia.

Facing insufficient cash flow to meet obligations, the companies urgently filed for CCAA to access financing necessary for payroll and continued operations. They plan to seek approval for a stalking horse Sale and Investment Solicitation Process (SISP) with Bassam Alghanim, the largest shareholder and current Chairman of BZAM, at the comeback hearing.

FTI Consulting Inc. was appointed as the monitor. Legal advisors involved include Bennett Jones for BZAM, Stikeman Elliott for the monitor, Cassels as counsel for Cortland Credit, with KSV as financial advisors for Cortland Credit, and Chaitons representing Stone Pine Capital.