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Alberta & Prairies  + Industrial  | 
The Alberta Court of Queen's Bench has authorized a receiver to sell a Calgary cannabis business and production facility.

Court Permits Sale of Calgary Cannabis Facility

The Alberta Court of King’s Bench has cleared the way for a Calgary cannabiis business and production facility to be sold.

The court has authorized receiver Alvarez and Marsal to commence a sale and investment solicitation process on financial troubled Ogen and its assets. Either or both may be sold. Ogen was placed in receivership in November.

Located at 5430 30th Street S.E., the large-scale indoor production facility spans 57,000 square and is equipped with 16 grow rooms. According to an Alvarez & Marsal news release, the facility was formerly one of the largest of its kind in Alberta. The newly renovated facility can grow plants other than cannabis and includes office, warehouse and distribution spaces.

The property also includes the land on which the facility is based.

Alvarez & Marsal said in a court filing that it plans to engage sales and marketing agents and conduct the SISP in two phases. John Hripko and his team at Royal LePage Benchmark are listing the asset.

The receiver will accept letters of intent from prospective buyers and then consider formal binding offers from parties shortlisted to bid.

Any sale agreement will be subject to court approval.

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Inside The Story

Alvarez & MarsalJohn Hripko

About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

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