Mr. Sudhanshu Marwaha of Zeifman Partners reports

DELIC CORP. ANNOUNCES APPOINTMENT OF RECEIVER AND RESIGNATION OF DIRECTORS

On June 26, 2023, Delic Holdings Corp. and certain of its affiliates and subsidiaries were placed in receivership by order of the Supreme Court of British Columbia of Justice Marzari. Zeifman Partners Inc. was appointed as Court Appointed Receiver ("Receiver"). 

Delic had filed for protection under the Companies' Creditors Arrangement Act ("CCAA") on July 14, 2004 while it sought time to reorganize and seek a new investor. Those efforts were ultimately unsuccessful and came to an end on June 26, 2023. 

The Court Appointed Receiver plans to continue to operate the business in its present form, with the goal of ensuring stability of operations and improving Delic's performance, which has recently been impacted by operational changes which have taken longer than expected to transition. The Receiver is expected to continue with Delic's initiatives including trimming non- performing locations, revamping supply contracts, and investing in brand identification and store update programs. It is anticipated that Delic will be remarketed to investors within a relatively short period. 

Delic's five directors, being Martin Tobias, Sashko Despotvski, Matt Slang, Paul Rosen, and Kevin Nicholson resigned effective upon granting of the Receivership Order.

About Delic Corp

Delic is a leader in new medicines and treatments for a modern world, improving access to health benefits across the country and reframing the conversation on psychedelics. The company owns and operates an umbrella of related businesses, including the largest chain of psychedelic wellness clinics in the country, Ketamine Wellness Centers; the only licensed entity by Health Canada to focus exclusively on research and development of psilocybin vaporization technology, Delic Labs; the premier psychedelic wellness event, Meet Delic; and trusted media and e-commerce platforms Reality Sandwich and Delic Radio. Delic is backed by a team of industry and cannabis veterans and a diverse network, whose mission is to provide education, research, high-quality products, and better access to effective and affordable treatment options. 

We seek Safe Harbor.

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