Nabis Holdings Inc. (“Nabis”) raised capital in the public markets to finance its subsidiaries, including those in Michigan, Washington and Arizona. Nabis invested over $30 million in the cannabis sector, including licensed cannabis retail and production operations in Canada, the United States and elsewhere. The shares of Nabis were publicly traded on the Canadian Securities Exchange under the symbol “CNSX:NAB” and the OTCQX under the symbol “OTC:NABIF”.
Nabis commenced insolvency proceedings by filing a Proposal pursuant to the Bankruptcy and Insolvency Act. KSV was appointed as the Proposal Trustee. The principal purpose of the proceeding was to restructure Nabis’s financial affairs by completing and implementing the recapitalization transactions contemplated by its Proposal so that it could continue to operate as a going concern.
Nabis’s business was restructuring around “Perpetual Healthcare”, which operates a medical cannabis dispensary located in Phoenix, Arizona known as Emerald Phoenix. KSV assisted legal counsel representing the holders of Nabis’ unsecured convertible debentures in the principal amount of approximately $35 million to design the process to recapitalize Nabis and to develop a support agreement among the debentureholders.