True Leaf Brands Inc. announced that it has received approval from the British Columbia Supreme Court (the “Court”) to complete the final steps in its refinancing and restructuring process. The approval brings the Company one step closer to successfully emerging from creditor protection. On November 6, 2020, TLB, True Leaf Cannabis Inc. (“TLC”) and True Leaf Investments Corp. (“TLI”) made applications to the Court in their respective restructuring proceedings. The Court granted an order in True Leaf’s restructuring proceedings approving the refinancing transaction (the “Transaction”) between TLB, TLC, TLI, Lind Asset Management XV, LLC (“Lind”), The Australian Special Opportunity Fund, LP, Canguard Mortgage Investment Corporation (“Canguard”) and its related acquisition entities pursuant to a term sheet between the parties dated September 11, 2020 (the “Term Sheet”) and the sale of the shares of True Leaf Investments Ltd. to Canguard’s acquisition company in accordance with the Transaction. The application to approve TLB’s proposal to its creditors was adjourned generally and will be heard at a later date simultaneously with the application for the Company’s plan of arrangement under the British Columbia Business Corporations Act, in accordance with the Company’s proposal to its creditors and the agreement reached with Canguard. The Court granted an order in TLI’s restructuring proceedings approving the Transaction and the sale of the shares of TLC to Canguard’s acquisition company in accordance with the Term Sheet. The Court also approved TLI’s proposal to its creditors. Finally, the Court granted an order in TLC’s restructuring proceedings approving TLC’s proposal to its creditors. The True Leaf companies are now working towards the closing of the Transaction and implementation of the proposals. The closing of the Transaction will be no later than by November 16, 2020, or such later date as agreed upon between Canguard, Lind, and the True Leaf parties.