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HempFusion Wellness Inc. (CBDHF) has provided an update on its management cease trade order (MCTO) issued on April 1, 2022, due to challenges in auditing its annual financial filings. The company is consolidating the financial statements of its subsidiaries, Sagely Enterprises Inc. and APCNA Holdings LLC, acquired in 2021. Despite these complexities, HempFusion anticipates filing the annual financials by May 30, 2022. The MCTO only affects the company's CEO and CFO, while other shareholders can continue trading.
Positive
Pending financial filings expected to be completed by May 30, 2022.
No material issues identified in the audit process.
Continued compliance with National Policy 12-203.
Negative
MCTO affects trading for CEO and CFO, potentially impacting investor confidence.
DENVER--(BUSINESS WIRE)--
HempFusion Wellness Inc. (TSX:CBD.U) (OTCQB:CBDHF) (FWB:800) (“HempFusion” or the “Company”) a leading health and wellness company offering premium probiotic supplements and products containing CBD, provides an update regarding the previously announced management cease trade order (the “MCTO”) voluntarily requested by the Company and issued by the British Columbia Securities Commission on April 1, 2022 in connection with the Company’s annual financial filings (the “Annual Financial Filings”).
Given capacity challenges experienced by the Company’s auditor, and due to the complexity of the audit which requires the consolidation of the financial statements of two material subsidiaries, Sagely Enterprises Inc. and APCNA Holdings LLC, acquired by the Company during the year ended December 31, 2021, the Company's staff and audit team has advised that its process is proceeding without any known material issue. The Company expects that the Annual Financial Filings will be filed by no later than May 30, 2022.
The Company is providing this status update in accordance with National Policy 12-203 - Management Cease Trade Orders (“NP 12-203”). The Company reports that: (i) there are no changes to the information contained in its default announcement on April 4, 2022 that would reasonably be expected to be material to an investor; (ii) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines set out under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Annual Financial Filings is continuing, which will be issued in the form of a news release; (iii) there has not been any other specified default by the Company under NP 12-203 and no such other default is anticipated; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.
The MCTO relates to trading of securities of the Company by the Chief Executive Officer and Chief Financial Officer of the Company. All other securityholders continue to be able to trade in the securities of the Company in accordance with applicable securities laws.
About HempFusion Wellness Inc.
One of a select few hemp-derived CBD companies that are today fully prepared to meet or exceed expected global guidance, HempFusion Wellness Inc. is a leading health and wellness company whose family of premium consumer brands include HempFusion™, Sagely Naturals™, Apothecanna™, and Probulin Probiotics™, one of the fastest-growing probiotics companies in the United States according to SPINs reported data.
Among the handful of CBD companies who have achieved Self-Affirmed GRAS status, the HempFusion family of brands’ product portfolio comprises 112 SKUs including USDA Organic Certified Tinctures, proprietary FDA Drug Listed Over-The-Counter (OTC) Topicals, probiotic supplements and skin care products, a White Label division and more. With a strong focus on research and development, HempFusion Wellness has 43 products under development.
Available from more than 18,000 US retail locations across all 50 states, HempFusion Wellness products are also available in China, Mexico, Ireland, United Kingdom, United Arab Emirates, South Korea and Canada and may be purchased online from each brand’s website, The Probulin Store on Amazon.com, Alibaba’s Tmall.com, the world’s largest cross-border online marketplace, and a multitude of additional e-commerce sites.
