Cannabis company Hexo Corp. HEXO-T says Zenabis Global Inc., a wholly-owned subsidiary, has filed for protection under the Companies’ Creditors Arrangement Act.
The company says Zenabis made the filing in Quebec Superior Court to restructure its business and financial affairs.
Hexo says the petition is limited to the Zenabis Group.
Neither Hexo nor any of its subsidiaries, other than the members of the Zenabis Group, are petitioners or parties to the proceedings, the company says.
Hexo says Ernst and Young Inc. has been appointed as the monitor to oversee the CCAA proceedings.
Hexo bought Zenabis last year for $235 million.
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