Christina Lake Cannabis Announces Filing of Audited Financial Statements

Rhea-AI Summary

Christina Lake Cannabis (CLC) has filed its audited financial statements, management discussion, and analysis for the year ended November 30, 2023, on SEDAR. This follows a series of news releases and aims to lift the management cease trade order granted on April 3, 2024. The company anticipates that directors and officers will soon be permitted to trade its securities. CLC also plans to file its interim financial statements for the period ended February 28, 2024, by June 24, 2024.

Positive

• Audited financial statements for the year ended November 30, 2023, are now filed on SEDAR.
• Expected lifting of the management cease trade order, allowing directors and officers to trade securities.
• Upcoming interim financial statements for the period ended February 28, 2024, expected by June 24, 2024.

Negative

• Management cease trade order granted on April 3, 2024, indicating previous compliance issues.
• Delay in filing interim financial statements, indicating potential operational or financial challenges.

VANCOUVER, British Columbia, June 18, 2024 (GLOBE NEWSWIRE) -- Christina Lake Cannabis Corp. ("CLC" or the "Company") (CSE: CLC) is pleased to confirm that further to its news releases dated April 3, 2024, April 17, 2024, May 1, 2024, May 15, 2024, May 29, 2024 and June 3, 2024, the Company has filed on SEDAR its audited financial statements, accompanying management discussion and analysis and related CEO and CFO certifications for the year ended November 30, 2023 (the "Annual Filings"). The Annual Filings can be obtained on the Company's SEDAR profile at www.sedarplus.ca.

As a consequence of the Annual Filings, the Company expects that the management cease trade order formerly granted on April 3, 2024, by applicable securities regulatory authorities, will be revoked and that directors and officers of the Company will be permitted to trade securities of the Company.

The Company wants to thank all of those who worked diligently in assisting with the finalization of the Annual Filings.

The Company expects to file its interim financial statements for the period ended February 28, 2024 by no later than June 24, 2024 (the "Interim Filings").

ABOUT CLC

Christina Lake Cannabis is a licensed producer of cannabis under the Cannabis Act. It has secured a standard cultivation license and corresponding processing amendment from Health Canada (March 2020 and August 2020, respectively) as well as a research and development license (early 2020). Christina Lake Cannabis’ facility consists of a 32-acre property, which includes over 950,000 square feet of outdoor grow space, offices, propagation and drying rooms, research facilities, and a facility dedicated to processing and extraction. Christina Lake Cannabis also owns a 99-acre plot of land adjoining its principal site. CLC focuses its production on creating high quality extracts and distillate for its B2B client base with proprietary strains specifically developed for outdoor cultivation to enhance extraction quality.

For more information about CLC, please visit: www.christinalakecannabis.com

Jennifer Smith
Investor Relations and Media Inquiries
investors@clcannabis.com
902-229-7265

Forward Looking Information and Risk Factors

This news release contains statements and information that may constitute "forward-looking information" within the meaning of applicable securities legislation, including statements identified by the use of words such as "will", "expects", "positions", "believe", "potential" and similar words, including negatives thereof, or other similar expressions concerning matters that are not historical facts.

Such forward-looking information is not representative of historical facts or information or current condition, but instead represent only the Company's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company's control. Generally, such forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". The forward-looking information contained herein may include, but is not limited to, information concerning the estimated filing date of the Interim Filings.

By identifying such information and statements in this manner, the Company is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such information and statements. Some of these risks include, but are not limited to, the risk that the Interim Filings are filed later than anticipated or at all, or the Company does not comply with the provisions set out in NP 12-203, in which case there is a risk that trading in the Company’s securities may halted and/or cease traded temporarily by the Canadian securities commissions until such time as the Interim Filings are filed on SEDAR.

Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended.

In connection with the forward-looking information contained in this news release, the Company has made certain assumptions. Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information contained in this news release are made as of the date of this news release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by this notice.

FAQ

What significant update did Christina Lake Cannabis announce on June 18, 2024?

Christina Lake Cannabis announced the filing of its audited financial statements for the year ended November 30, 2023.

When did Christina Lake Cannabis expect to lift the management cease trade order?

The company expects to lift the management cease trade order following the filing of its audited financial statements.

What are the anticipated filings for Christina Lake Cannabis by June 24, 2024?

Christina Lake Cannabis anticipates filing its interim financial statements for the period ended February 28, 2024, by June 24, 2024.

What caused the management cease trade order for Christina Lake Cannabis?

The management cease trade order was granted on April 3, 2024, due to compliance issues with financial filings.