Heritage Cannabis Holdings Corp. (CSE:CANN) (OTCQX:HERTF) announced on Tuesday that alongside its subsidiaries itsought and obtained an order for creditor protection from the Ontario Superior Court of Justice under the Companies Creditors Arrangement Act.

"The difficult but necessary decision to commence CCAA proceedings was made after careful consideration of the Company's financial position while evaluating all available alternatives and engaging in significant consultation with legal and financial advisors," the company said in a press release.

The Toronto-based cannabis producer also said thatBJK Holdings Ltd., its senior secured lender, made a demand to the company...