CBD Global Announces Delayed Filing of Annual Financial Statements and MD&A and Application for Management Cease Trade Order
CBD Global Sciences Inc. announced delays in filing its annual financial statements and related documents due to COVID-19-related logistical complications. The new anticipated deadline for these filings is June 15, 2021, extending beyond the required date of April 30, 2021. The company is also applying for a Management Cease Trade Order (MCTO) from the Alberta Securities Commission, which would not affect trading for other shareholders. There have been no significant business developments since the last financial statements were filed.
- The company is actively working with auditors to resolve filing delays.
- The anticipated new filing date is set for June 15, 2021, providing a clear timeline for investors.
- The company faces potential regulatory consequences from the delayed filing, including the application for a Management Cease Trade Order.
- The delay may raise concerns among investors regarding the company's operational transparency.
DENVER, CO, April 14, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- CBD Global Sciences Inc. (CSE: CBDN) (the "Company") would like to provide an update on the status of the filing of its annual financial statements, accompanying management’s discussion and analysis and related CEO and CFO certifications for the year ended December 31, 2020 (collectively, the "Annual Filings").
Due to the continued impact of COVID-19, and the logistical complications for its auditor to conduct the audit of certain operations, the Company anticipates the Annual Filings will be delayed beyond the required filing deadline: (i) under Parts 4 and 5 of National Instrument 51-102 – Continuous Disclosure Obligations and pursuant to National Instrument 52-109 – Certification of Disclosure in Issuer’s Annual and Interim Filings, being April 30, 2021 (the "Filing Deadline").
The Company intends to continue to work diligently and expeditiously with its auditors and expects to file the Annual Filings as soon as possible, and in any event no later than June 15, 2021.
Other than as previously disclosed by the Company and herein with this press release, the Company confirms that there have been no material business developments since the date of its last financial statements that were filed.
Management Cease Trade Order Application
In light of the delay in filing of the Annual Filings prior to the Filing Deadline, the Company is providing this default announcement in accordance with National Policy 12-203 Management Cease Trade Orders ("NP 12-203"). The Company has made an application to the Alberta Securities Commission (the "ASC"), as principal regulator of the Company, for a management cease trade order ("MCTO") under NP 12-203 in respect of the anticipated default regarding the Annual Filings. The granting of the MCTO is at the discretion of the Alberta Securities Commission and there is no guarantee that this will be granted. The issuance of the MCTO will not affect the ability of persons who have not been directors, officers, or insiders of the Company to trade in their securities. In the event that the MCTO is granted, it will be in effect until the default is remedied. The Company intends to follow the provisions of the Alternative Information Guidelines set out in NP 12-203, including the issuance of bi-weekly default status reports in the form of news releases, for as long as the Company remains in default.
ABOUT CBD GLOBAL SCIENCES INC.
CBD Global Sciences Inc., is a vertically integrated hemp-based CBD producer, extractor, and branding investment vehicle which currently owns two product categories, branded under the name AETHICS (www.aethics.com) and CANNAOIL (www.cannaoilshop.com), which include CBD Oil tinctures (liquid products), CBD capsules, CBD topicals and CBD hydration products. CBD Global’s hemp-derived CBD extracts are sold through select distributors, brick and mortar retailers, and online.
CBD Global Sciences, through its wholly owned subsidiary, Strasburg Pharms, grows and operates irrigated land in Colorado that grows hemp with only all-natural Colorado water, soil, sun, and nutrients that is NEVER sprayed with pesticides or chemicals. Our genetics are hand selected and maintained to present the best cannabinoid profile with extremely high CBD.
For further information, please contact, Investor Relations, (888) 401-2239, info@cbdglobalsciences.com.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to future developments and the business and operations of the Corporation. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to general business, economic, competitive, political and social uncertainties; and delay or failure to receive board, shareholder or regulatory approvals. Readers should not place undue reliance on forward-looking statements. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
FAQ
What is causing the delay in CBD Global Sciences' annual financial filings for the year ended December 31, 2020?
When is the new deadline for CBD Global Sciences to file its annual financial statements?
What is a Management Cease Trade Order and why has CBD Global Sciences applied for one?
Will the Management Cease Trade Order affect all shareholders of CBD Global Sciences?
Have there been any significant business developments at CBD Global Sciences since its last financial filing?
