CBD Global Sciences Inc. would like to provide an update on the status of the filing of its annual financial statements, accompanying management’s discussion and analysis and related CEO and CFO certifications for the year ended December 31, 2020 (collectively, the “Annual Filings“).
Due to the continued impact of COVID-19, and the logistical complications for its auditor to conduct the audit of certain operations, the Company anticipates the Annual Filings will be delayed beyond the required filing deadline: (i) under Parts 4 and 5 of National Instrument 51-102 – Continuous Disclosure Obligations and pursuant to National Instrument 52-109 – Certification of Disclosure in Issuer’s Annual and Interim Filings, being April 30, 2021 (the “Filing Deadline“).
The Company intends to continue to work diligently and expeditiously with its auditors and expects to file the Annual Filings as soon as possible, and in any event no later than June 15, 2021.
Other than as previously disclosed by the Company and herein with this press release, the Company confirms that there have been no material business developments since the date of its last financial statements that were filed.
Management Cease Trade Order Application
In light of the delay in filing of the Annual Filings prior to the Filing Deadline, the Company is providing this default announcement in accordance with National Policy 12-203 Management Cease Trade Orders (“NP 12-203“). The Company has made an application to the Alberta Securities Commission (the “ASC“), as principal regulator of the Company, for a management cease trade order (“MCTO“) under NP 12-203 in respect of the anticipated default regarding the Annual Filings. The granting of the MCTO is at the discretion of the Alberta Securities Commission and there is no guarantee that this will be granted. The issuance of the MCTO will not affect the ability of persons who have not been directors, officers, or insiders of the Company to trade in their securities. In the event that the MCTO is granted, it will be in effect until the default is remedied. 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, for as long as the Company remains in default.
