CBD Global Issues Second Bi-Weekly Status Report Regarding Management Cease Trade Order
CBD Global Sciences Inc. has issued a second bi-weekly default status report regarding the delay in filing its audited annual financial statements for the year ended December 31, 2020. The management cease trade order (MCTO) from the Alberta Securities Commission limits trading for executives due to these delays but allows public trading. The Company aims to file the annual statements by June 30, 2021. Interim financial statements for Q1 2021 will also be delayed until after the annual filings. The Company continues to comply with alternative information guidelines.
- The Company is actively addressing the delayed Annual Filings and expects to submit them by June 30, 2021.
- Continues to comply with alternative information guidelines as stipulated by NP 12-203.
- Delayed filing of annual financial statements raises concerns about the Company's financial transparency.
- The MCTO places additional restrictions on executive trading, potentially affecting investor confidence.
DENVER, CO, May 28, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- CBD Global Sciences Inc. (CSE: CBDN) (the "Corporation") further to its press release dated May 14, 2021 provides this second bi-weekly default status report in accordance with National Policy 12-203 – Cease Trade Orders for Continuous Disclosure Defaults (“NP 12-203”). In the Corporation’s initial default announcement of April 14, 2021 (the “Default Notice”), the Corporation announced the delay in the filing of its audited annual financial statements for the year ended December 31, 2020 (the “Annual Financial Statements”) and related management’s discussion and analysis and CEO and CFO certifications (collectively, the “Annual Filings”) by the prescribed filing deadline.
As previously announced in the Corporation’s press releases, the Corporation applied for and was granted a management cease trade order in respect of the delayed Annual Filings (the “MCTO”) by the Alberta Securities Commission. The MCTO prohibits the chief executive officer and the chief financial officer from trading in the Corporation’s securities for so long as there are filings that are outstanding under applicable securities laws. The MCTO does not affect the ability of the general investing public to trade in the Corporation’s listed common shares.
The audit of the Annual Financial Statements is in progress and the Corporation expects to file the Annual Filings on or before June 30, 2021, which is the date that the Alberta Securities Commission has indicated that the MCTO will stay in effect until.
The Corporation confirms that since the Default Notice: (i) there is no material change to the information set out in the Default Notice that has not been generally disclosed; (ii) there has been no failure by the Corporation in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines set out in NP 12-203; (iii) there has not been any other specified default by the Corporation under NP 12-203; and (iv) there is no other material information concerning the affairs of the Corporation that has not been generally disclosed.
Furthermore, the Corporation anticipates that its interim financial statements for the three months ended March 31, 2021, the accompanying management’s discussion and analysis and the related CEO and CFO certifications will not be filed by the prescribed filing deadline and will be filed after the Annual Filings are completed and filed.
The Corporation will continue to comply with the provisions of the alternative information guidelines under NP 12-203 by issuing bi-weekly default status reports in the form of news releases for so long as it remains in default of the filing requirements set out above.
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, (303) 919-2913, 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 the status of CBD Global Sciences' annual financial filings?
What impact does the management cease trade order have on CBD Global Sciences?
When will CBD Global Sciences file its interim financial statements for Q1 2021?
Has there been any material change in CBD Global Sciences since the initial default announcement?
What does NP 12-203 entail for CBD Global Sciences?
