Simply Solventless Provides Restructuring Update, Including Expected Timing, and Announces Management Change
Rhea-AI Summary
Simply Solventless (OTC: SSLCF) provided a restructuring update and announced a CFO change on April 6, 2026. The Court of King's Bench of Alberta authorized a DIP financing up to $1,500,000 and approved a SISP with key bid deadlines of May 8 and May 15, 2026.
The SISP is expected to conclude by May 15, 2026, with an approval application hearing targeted as soon as practical thereafter. The company also named Lachlan McLeod as incoming CFO (subject to approvals) after Ananth Krishnan stepped down.
Positive
- Court-authorized DIP financing up to $1,500,000 (March 27, 2026)
- SISP timeline set with Phase 1 and Phase 2 bid deadlines (May 8; May 15, 2026)
- Planned CFO appointment of Lachlan McLeod to ensure financial continuity
Negative
- CCAA restructuring underway, indicating formal creditor protection
- Potential sale or investment into assets via SISP could alter corporate structure
- Ongoing financial uncertainty while approval application hearing remains pending
Not for distribution to U.S. news wire services or for dissemination in the United States.
Calgary, Alberta--(Newsfile Corp. - April 6, 2026) - Simply Solventless Concentrates Ltd. (TSXV: HASH) ("SSC") is pleased to provide an update regarding the previously announced restructuring of Massive Hash Factory Ltd. ("MHF"), CannMart Inc. ("CannMart"), and ANC Inc. ("ANC") (and collectively with MHF and CannMart, the "CCAA Applicants") ("Restructuring") (links: February 27, 2026 News Release, March 2, 2026 News Release), including expected timing, and announces management change.
RESTRUCTURING UPDATE: DIP & SISP APPROVAL
On March 27, 2026, the Court of King's Bench of Alberta (the "Court") granted orders to, among other things:
- Authorize SSC to borrow under a credit facility from 1001546386 Ontario Inc. up to
$1,500,000 unless permitted by further order of the Court (the "DIP Financing"). The DIP Financing is intended to finance the CCAA Applicants' working capital requirements, general corporate purposes and capital expenditures through the Restructuring (further information); - Authorize the Monitor, in close consultation with the CCAA Applicants, to conduct a sales and investment solicitation process ("SISP") to solicit investment into or offers for the business or property of the CCAA Applicants, in whole or in part (further information).
The SISP is expected to be concluded by May 15, 2026, with the approval application hearing expected to be undertaken in relatively short order thereafter.
| Date | Event |
| March 27, 2026 | Court Approval and Commencement of SISP |
| May 8, 2026 | Phase 1 Bid Deadline |
| May 15, 2026 | Phase 2 Bid Deadline |
| As soon as practical after May 15, 2026 | Target date for Approval Application Hearing |
For further information regarding the DIP & SISP, please see the Monitor's website.
Management Change
SSC announces that Ananth Krishnan has stepped down from his position as Chief Financial Officer to pursue a new opportunity. During his time at SSC, Ananth demonstrated strong leadership, commitment to the Company's financial and strategic goals, and dedication to our employees. SSC is grateful for Ananth's contributions to the business and for the fact that he has built a solid and capable finance team that has ensured a seamless transition as SSC moves forward. We wish him well in his future endeavours.
Lachlan McLeod, CPA, SSC's Financial Reporting Consultant since June 2025, will be appointed to the position of CFO in the coming weeks (subject to requisite approvals). Lachlan is the founder of the financial consultancy Stornoway Consulting Corp which provides CFO and accounting services. He previously served as the Chief Financial Officer, Corporate Secretary and Interim Chief Executive Officer of Adastra Holdings Ltd. and has over 10 years of accounting and finance experience. Mr. McLeod holds a BS in Economics and Business from the University of Victoria, along with a Diploma in Accounting from the Sauder School of Business at the University of British Columbia.
SSC is currently evaluating further streamlining and cost saving measures and will provide further updates as they become available.
About Simply Solventless Concentrates Ltd.
SSC is a public company incorporated under the Business Corporations Act (Alberta). SSC's mission is to provide pure, potent, terpene-rich ready to consume cannabis products to discerning cannabis consumers. For more information regarding SSC, please see www.simplysolventless.ca.
Simply Solventless Concentrates Ltd.
Jeff Swainson, President and CEO
Phone: 403-796-3640
Email: jeff@simplysolventless.net
Notice on Forward-Looking Information
This press release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable securities laws. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "will", "estimates", "believes", "intends", "expects", "projected" and similar expressions which are intended to identify forward-looking statements. More particularly and without limitation, this press release contains forward looking statements concerning the timing of the Restructuring, the impact of the Restructuring on SSC and its subsidiaries, the timing of funding of the DIP Financing, the ultimate amount of the DIP Financing, the timing or outcome of the SISP, and the timing of Lachlan McLeod's appointment. SSC cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, assumptions and expectations, many of which are beyond the control of SSC, including expectations and assumptions concerning SSC, obtaining requisite Court approvals, the timing and scope of any SISP bids received, the timing and scope of DIP Financing draws, the ability to maintain relationships with customers, employees and suppliers, the timing and market acceptance of products, competition in SSC's markets, SSC's reliance on customers, fluctuations in interest rates, SSC's ability to maintain good relations with its customers, employees and other stakeholders, changes in law or regulations, SSC's ability to protect its intellectual property, as well as other risks and uncertainties, including those described in SSC's filings available on SEDAR+ at www.sedarplus.ca including SSC's most recent annual information form. The reader is cautioned that assumptions used in the preparation of any forward-looking statements may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties and other factors, many of which are beyond the control of SSC.
The reader is cautioned not to place undue reliance on any forward-looking statements. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
The forward-looking statements contained in this press release are made as of the date of this press release, and SSC does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities law.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/291259