PharmHouse Inc. Announces Sale and Investment Solicitation Process

TORONTO, Oct. 30, 2020 /CNW/ - On September 15, 2020 PharmHouse Inc. ("PharmHouse") was granted protection pursuant to an order (as amended and restated, the "Initial Order") issued under the Companies' Creditors Arrangement Act by the Ontario Superior Court of Justice (the "Court"). Ernst & Young Inc. ("EY") was appointed Monitor.

PharmHouse is a licensed producer of cannabis in Staples, Ontario. PharmHouse has a cultivation license that allows it to cultivate, store, and sell cannabis to other licensed producers under the Cannabis Act.

Pursuant to an order dated October 29, 2020 (the "SISP Approval Order"), PharmHouse has initiated a sale and investment solicitation process (the "SISP") and engaged BMO Capital Markets as advisor to PharmHouse in respect of the SISP (the "SISP Advisor").

All qualified interested parties will be provided with an opportunity to participate in the SISP. The SISP is intended to solicit interest in, and opportunities for, a sale of, or investment in, all or part of the assets and/or the business of PharmHouse (the "Opportunity"). The Opportunity may include one or more of a sale of all, substantially all or one or more components of PharmHouse's property and business as a going concern or otherwise or a potential restructuring, recapitalization or other form of reorganization of the business and affairs of PharmHouse as a going concern.

The SISP is a two-phased process. Qualified interested parties who wish to submit a bid must deliver a non-binding letter of interest to the SISP Advisor, the Monitor and PharmHouse in accordance with the SISP, no later than 5:00 p.m. (Eastern Time) on November 30, 2020.

Copies of the Initial Order, the SISP Approval Order, the SISP and all related materials may be obtained from the website of the Monitor at www.ey.com/ca/pharmhouse.

Those interested in participating in the SISP should contact the SISP Advisor to receive additional information at:

SOURCE PharmHouse Inc.