Canna North Consulting Corporation

Canna North Consulting Corporation filed a Division 1 Proposal to creditors on April 21, 2023 with total debt of $491,562, before claims for the existing shareholder and related companies.

The Company was incorporated in February 2019 and started operations shortly after at 3 locations. The business did not qualify for COVID-19 relief supported by various Federal and Provincial programs and was required to limp through the numerous lockdowns using advances from the shareholder and related corporations.

As result of reduced cashflows, one location has been closed permanently and the remaining two stores have been temporarily closed and will reopen in May 2023 when an injection of shareholder advances will allow the Company to purchase inventory from Ontario Cannabis Retail Corporation.

The planned 25% repayment is much better than what creditors will receive should the Company cease operations permanently.