IONIC Brands Provides MCTO Update

Rhea-AI Summary

IONIC Brands Corp. (CSE:IONC)(OTC:IONKF) announced an update regarding its management cease trade order (MCTO) from the Ontario Securities Commission, initially issued on May 3, 2021, due to delays in filing annual financial statements for 2020. The MCTO has been extended to July 19, 2021, as the company works to complete its first-quarter financial filings. The company confirms no material changes since the last default announcement and intends to provide regular updates as per National Policy 12-203 guidelines. IONIC is focused on premium cannabis products in key U.S. markets.

Positive

• IONIC is one of the top three vaporizer and concentrate brands in Washington State.
• The brand has expanded operations across the West Coast, including Oregon, Illinois, and Massachusetts.

Negative

• Delays in financial filings may raise concerns about the company's compliance and financial health.

TACOMA, WA / ACCESSWIRE / July 5, 2021 / IONIC Brands Corp. (CSE:IONC)(FRA:IB3)(OTC PINK:IONKF) ("IONIC BRANDS" or the "Company") a multi-state, consumer focused, premium and luxury cannabis brand portfolio Company, provides an update with respect to the management cease trade order ("MCTO") issued by the Ontario Securities Commission ("OSC") effective May 3, 2021. The MCTO was initially issued in connection with the filing of its audited annual financial statements for the year ended December 31, 2020, including the related management discussion and analysis, and CEO and CFO certifications (collectively the "Annual Financial Filings"). The Company filed it Annual Financial Filings on June 22, 2021. The MCTO has been extended to July 19, 2021 as the Company is working on the steps required to complete the first quarter financial filings for the three month period ended March 31, 2021 ( the "Quarterly Filings"). The Company expects to file the Quarterly Filings before July 19, 2021.

The Company is providing this status update in accordance with National Policy 12-203 Management Cease Trade Orders ("NP 12-203"). 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.

The Company confirms as of the date of this news release that there has been no material change in the information contained in the default announcement issued on May 3, 2021 and there is no other material information concerning the affairs of the Company that has not been generally disclosed.

About IONIC BRANDS Corp.

The Company is focused on building a multi-state consumer-focused cannabis concentrate brand portfolio focusing on the premium and luxury segments. The cornerstone Brand of the portfolio, IONIC, is one of the top three vaporizer and concentrate brands in Washington State along with Zoots portfolio of high quality edibles and has aggressively expanded throughout the West Coast of the United States. The brand is currently operating in Washington and Oregon with licensing agreements in Illinois and Massachusetts. IONIC BRANDS' strategy is to be the leader of the highest-value segments of the cannabis market and expand nationally.

On behalf of IONIC BRANDS CORP.

John Gorst
Chief Executive Officer & Chairman

For further information, please contact John Gorst, Chairman & CEO
Email: info@ionicbrands.com| Website: www.ionicbrands.com | Phone: 253-248-7927.

The CSE does not accept responsibility for the adequacy or accuracy of this release.

All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The risks are without limitations: the price for cannabis and related products will remain consistent and the consumer demand remains strong; availability of financing to the Company to develop the retail locations; retention of key employees and management; changes in State and/or municipal regulations of retail operations and changes in government regulations generally. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the Canadian Securities Exchange, the British Columbia Securities Commission, the Ontario Securities Commission and the Alberta Securities Commission.

SOURCE: IONIC Brands Corp.

View source version on accesswire.com:
https://www.accesswire.com/654282/IONIC-Brands-Provides-MCTO-Update

FAQ

What is the management cease trade order status for IONKF?

The MCTO for IONKF was extended to July 19, 2021, as the company works to complete first-quarter financial filings.

Why was the MCTO issued for IONIC Brands?

The MCTO was issued due to delays in filing the audited annual financial statements for the year ended December 31, 2020.

What does the MCTO update mean for IONIC Brands investors?

The update indicates delays in financial reporting, which could impact the perception of the company's financial compliance.

What are IONIC Brands' market positions?

IONIC is recognized as one of the top three cannabis vaporizer and concentrate brands in Washington State.

Where does IONIC Brands operate?

IONIC currently operates in Washington and Oregon, with licensing agreements in Illinois and Massachusetts.