CBD Global Issues Third Bi-Weekly Report and Provides Update on Delayed Annual Filings

Rhea-AI Summary

CBD Global Sciences Inc. (OTC: CBDNF) has released its third bi-weekly default status report, following a previous announcement regarding delays in filing its audited annual financial statements for the year ended December 31, 2021. The corporation received a management cease trade order from the Alberta Securities Commission, limiting trading by executive officers. The audit is ongoing, with plans to file the necessary documents by July 1, 2022. There are no significant changes to previous disclosures, and interim financial statements for Q1 2022 will also be filed post the annual filings.

Positive

• The Corporation continues to be compliant with alternative information guidelines under NP 12-203.
• The audit of the Annual Financial Statements is ongoing, indicating progress towards compliance.

Negative

• The Corporation has delayed filing its Annual Financial Statements, which is a regulatory concern.
• Interim financial statements for Q1 2022 are also expected to be delayed.

DENVER, CO, June 13, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – CBD Global Sciences Inc., dba Global Sciences Inc. (OTC: CBDNF) (CSE: CBDN) (Frankfurt: GS3.F) (Munich: GS3.MU) (the "Corporation") provides this third 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 19, 2022 (the "Default Notice"), the Corporation announced the delay in the filing of its audited annual financial statements for the year ended December 31, 2021 (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 securities.

The audit of the Annual Financial Statements is in progress and the Corporation continues to expect to file the Annual Filings on or before July 1, 2022.

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, 2022, 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.

For further information on the Company please contact:
Investor Relations: 720-881-2541 or by email at info@globalsciences.ca
Website: www.globalsciences.ca   

ABOUT GLOBAL SCIENCES INC.

CBD Global Sciences, Inc., dba Global Sciences Inc. has become a multifaceted company focused on utilizing the Industrial Hemp plant to create a Healthier Way of Living. Its website can be found at www.globalsciences.ca. Global Sciences, Inc. is a hemp-based CBD producer and branding investment vehicle which currently owns multiple brands like the name Aethics™ www.aethics.com and CANNAOIL™ www.cannaoilshop.com, offering CBD Oil tinctures (liquid products), CBD capsules, CBD topicals, Hydration products, and confectionery products. Global Sciences hemp-derived CBD extracts are sold online through select distributors and brick-and- mortar retailers.

Through its wholly-owned subsidiaries, Global Sciences Holdings, Resinosa LLC, www.resinosa.com, and Legacy Distribution Group, www.legacydistributiongroup.com, Global Sciences is delivering quality CBD products in retail and e-commerce formats nationwide. The Direct Store Delivery (DSD) provides distribution services for multiple vendors of CBD-infused products and non-CBD products throughout the Colorado and Wyoming territories servicing over 750 C-store and large box retailers with expansion plans to exceed 5,000 stores in the next 12-24 months. In addition to Legacy Distribution, it has a manufacturing division, Resinosa LLC www.Resinosa.com, with its capabilities to provide cGMP manufacturing to the CBD industry with both private label and white label CBD and non-CBD product lines.

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.

NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

FAQ

What is the current status of CBD Global Sciences Inc.'s financial filings?

CBD Global Sciences Inc. is currently in default for its audited annual financial statements, with delays reported. The filings are expected to be completed by July 1, 2022.

Why was a management cease trade order issued for CBD Global Sciences Inc.?

The management cease trade order was issued by the Alberta Securities Commission due to delays in filing the annual financial statements for the year ended December 31, 2021.

What are the implications of the management cease trade order for CBD Global Sciences Inc.?

The management cease trade order prohibits only the CEO and CFO from trading in the Corporation's securities, while allowing the general public to continue trading.

When will CBD Global Sciences Inc. file its interim financial statements for Q1 2022?

The interim financial statements for Q1 2022 will be filed after the annual filings are completed.