VANCOUVER, British Columbia, April 3, 2024 (GLOBE NEWSWIRE) — Christina Lake Cannabis Co. (“CLC” or “company“) (CSE: CLC) today announced that it will not file its annual financial statements following discussion and analysis by management and the relevant Chief Executive Officer (“CEO“) and Chief Financial Officer (“CFO“) Certification for the fiscal year ended November 30, 2023 (collectively “annual declaration“), within the period prescribed for the filing of such documents under Parts 4, 5, and 6 of National Instrument 51-102. Continuous disclosure obligation Compliant with National Instrument 52-109 Certification of disclosures in the issuer's annual and interim returnsi.e. within 120 days of the end of the year, i.e. March 31, 2024 (“Submission Deadline“).
Delays at CLC are due to high levels of testing with limited staff resources, resulting in audits taking longer than expected. Key items on our balance sheet are inventory and biological assets, and due to increased production levels and the introduction of additional product lines over the last year, costing and inventory allocation are taking longer than originally anticipated. . In addition, the level of work required for our audits also increased due to the financing we completed in the fourth quarter of our fiscal year and the real estate acquisition we completed in early 2024, requiring additional time to ensure the accuracy of our financial statements. It becomes.
CLC is working closely with its auditor, DMCL LLP, and is making every effort to file its annual filings in a timely manner and expects to do so no later than May 31, 2024.
CLC CEO Mark Aiken said: “We support providing additional time for the auditors to satisfactorily complete the 2023 audit and ensure that the financial statements are accurate in all respects.”
The Company is making this default announcement pursuant to National Policy 12-203 Managed Trade Cessation Order (“NP12-203The Company has applied for a cease-and-desist order with the British Columbia Securities Commission, as the Company's principal regulator (“M.C.T.O.“) Pursuant to NP 12-203 with respect to annual report failures, the MCTO prohibits the CEO and CFO from trading in the securities of CLC unless the annual report is filed. The issuance of the MCTO This does not affect the ability of persons other than the CFO to trade our securities, and MCTO filings remain subject to the risk factors described in .Forward-Looking Information and Risk FactorsThis includes the risk that the MCTO application may not be successful or that the application may not be completed before the Securities Commission issues a non-declaration cease trading order against us after the filing deadline.
The Company confirms that it intends to meet the provisions of the Alternative Information Guidelines in Sections 9 and 10 of NP 12-203 regarding Cease and Desist Orders for Failure to Continue Disclosure. Annual submissions. During periods of default, the Company will issue bi-weekly default status reports in the form of further news releases, which will also be filed on SEDAR. The Company confirms that no bankruptcy proceedings have been initiated against the Company as of the date of this news release. The Company also confirms that, as of the date of this news release, there is no other material information about the Company's business that is not publicly disclosed.
About CLC
Christina Lake Cannabis is a cannabis producer licensed under the Cannabis Act. The company secured a standard cultivation license and corresponding processing amendments (March 2020 and August 2020, respectively) and a research and development license (early 2020) from Health Canada. The Christina Lake Cannabis facility consists of 32 acres including over 950,000 square feet of outdoor cultivation space, offices, propagation and drying rooms, research facilities, and facilities dedicated to processing and extraction. Christina Lake Cannabis also owns 99 acres of land adjacent to the main property. CLC focuses its production on creating high-quality extracts and distillates for its B2B customer base using proprietary strains developed specifically for outdoor cultivation to enhance extraction quality .
For more information about CLC, please visit www.christinalakecannabis.com.
jennifer smith
Investor Relations and Media Inquiries
investor@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 laws. This includes statements identified by the use of words such as “intends,” “expects,” “stands,” and “believes.” “Possibility” and similar words (including their negatives) or other similar expressions regarding matters that are not historical facts.
Such forward-looking information does not represent historical facts or information or current conditions, but only represents our beliefs regarding future events, plans or objectives, many of which may differ in nature. are inherently uncertain and beyond our control. Generally, such forward-looking information may be referred to as “planned,” “expected,” “not expected,” “anticipated,” “budgeted,” “scheduled,” or “estimated.” You can identify them by the use of forward-looking terminology such as; , “anticipates,” “intends,” “anticipates,” “does not anticipate,” or “believes” or variations of such words or phrases, or words that indicate that a particular action, event, or result “might” It may include the words “not” and “may”. “will,” “may,” or “take place,” “continue,” “will occur,” or “will be accomplished.” The forward-looking information contained herein may include information regarding the expected filing dates of our annual filings and whether the British Columbia Securities Commission will grant our MCTO application; but not limited to.
By identifying such information and statements in this manner, we are aware that such information and statements are subject to known and unknown risks, uncertainties that may cause our actual results, level of activity, performance or achievements. Readers are cautioned that this information may be influenced by gender, gender, and other factors. be materially different from that expressed or implied by such information or statements; These risks include, but are not limited to, the risk that the annual return will be filed later than expected and the company's MCTO application unsuccessful for any reason. In this case, there is a risk that the trade will take place. Our securities may be suspended by the TSX Venture Exchange and/or temporarily suspended from trading by the Canadian Securities Commission after the filing deadline and until annual 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 forward-looking information, results may not be as anticipated, estimated or intended. There may be other contributing factors.
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, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements; We cannot give such guarantees. Such forward-looking information and statements may 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 or referenced in this news release is made as of the date of this news release and, except as follows: We undertake no obligation to update forward-looking statements. Comply with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to us or our agents are expressly acknowledged in their entirety by this notice.
