Isracann Biosciences Announces Delay in Filing Annual Financial Statements
Isracann Biosciences announced that its audited annual financial statements for the year ending May 31, 2022, were not filed by the September 28, 2022 deadline due to unforeseen delays related to their audit process. These delays stemmed from the recent acquisition of operations in Israel and Canada, affecting consolidation efforts. The company expects to file the necessary documents within the next seven weeks. A management cease trade order has been issued, affecting only the company's management while allowing other securityholders to continue trading.
- Management is actively working to resolve audit delays and anticipates filing within seven weeks.
- Annual financial statements were filed late, which may raise concerns about compliance.
- A management cease trade order limits trading for management, potentially affecting investor confidence.
VANCOUVER, British Columbia, Sept. 29, 2022 (GLOBE NEWSWIRE) -- Isracann Biosciences Inc. (CSE: IPOT) (XFRA: A2PT0E) (OTC: ISCNF) (the “Company”) announces that the filing of its audited annual financial statements for the year ended May 31, 2022, including the related management discussion and analysis, and CEO and CFO certifications (collectively, the “Annual Financial Filings”) were not filed by the required filing deadline of September 28, 2022 (the “Filing Deadline”). The Annual Financial Filings are late due to unforeseen delays in the completion of the Company’s audit. The unforeseen delay is due to the fact that the Company acquired operations in Israel and in Canada during the fiscal period and the auditors are trying to consolidate the audit and have lack of time to complete procedures.
The Company’s staff are working diligently with its auditors and the Company anticipates that it will be in a position to file the Annual Financial Filings within the next seven weeks.
The Company has voluntarily applied to the applicable securities regulatory authorities and received a management cease trade order related to the Company’s securities to be imposed the management of the Company to trade securities of the Company. The management cease trade order will be in effect until the Annual Financial Filings are filed. All other securityholders will still be able to trade in the securities of the Company in accordance with applicable securities laws.
Until the Annual Financial Filings are filed, the Company intends to provide information in accordance with National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults.
ON BEHALF OF THE BOARD OF DIRECTORS
“Phil Floucault”
Phil Floucault
Chief Executive Officer and President
About Isracann Biosciences Inc. (CSE: IPOT) (XFRA: A2PT0E) (OTC: ISCNF)
Isracann is a multidisciplinary cannabis focused producer and product developer with Israeli-based cannabis production farm assets and a Canadian natural health medicine development and production arm. Concurrently focused on initial retail sales in Canada and in becoming a premier cannabis producer offering low-cost domestic Israeli production, the Company aims to commercialize natural health medicines in Canada and to leverage agreements within Israel for import/export opportunities and medicinal marijuana cultivation. For more information visit: www.isracann.com.
Contact
Empire Communications Group
+1 (604) 343-2724
info@isracann.com
www.isracann.com
Forward-Looking Information
This release may contain forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Forward-looking statements may include, without limitation, statements relating to the Company’s plans or goals, the Offering and the proceeds of the Offering. The forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. All forward-looking statements in this press release are made as of the date of this press release. The forward-looking statements contained herein are also subject generally to assumptions and risks and uncertainties that are described from time to time in the Company's documents filed from time to time with the Canadian Securities Exchange, the British Columbia Securities Commission, the Alberta Securities Commission, and the Ontario Securities Commission. Although Isracann believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Isracann expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
The CSE does not accept responsibility for the adequacy or accuracy of this release.
FAQ
Why did Isracann Biosciences miss the financial filing deadline?
What is the current status of Isracann's annual financial filings?
What does the management cease trade order mean for Isracann's management?
Will other investors be able to trade Isracann's securities during the cease trade order?
