Christina Lake Cannabis Announces Late Filing of Annual Financial Statements and Management Cease Trade Order
March 31 2022 - 5:56PM
Christina Lake Cannabis Corp., (CSE: CLC)(the
“Company” or “CLC”) announces today that as a result of
delays to its audit, the Company’s annual financial statements and
accompanying management's discussion and analysis for the fiscal
year ended November 30, 2021 (the “Annual Filings”) were not
finalized by March 30, 2022, being the date that such filings are
due under applicable Canadian securities law requirements. The
Company has applied for, and has been granted, a management cease
trade order (the "MCTO") by the British Columbia Securities
Commission.
The reason for the anticipated delay is due to
the complexity of the valuation process of biological assets and
inventory as a result of significant operational growth in the
fiscal year and enhanced quality controls by the issuers auditors.
The auditors have requested more time for partner and consultant
review as part of those enhanced measures. The Company is working
with its auditor (DMCL LLP) to complete the audit in a timely
manner.
The Company currently expects to file the Annual
Filings on or before April 14, 2022 and will issue a news release
announcing completion of such filings at such time. Until the
Company files the Annual Filings, it will comply with the
alternative information guidelines set out in National Policy
12-203 – Management Cease Trade Order for issuers who have failed
to comply with a specified continuous disclosure requirement within
the times prescribed by applicable securities laws. The guidelines,
among other things, require the Company to issue bi-weekly default
status reports by way of a news release so long as the Annual
Filings have not been filed.
During the MCTO, the general investing public
will continue to be able to trade in the Company's listed common
shares. However, the Company's chief executive office and chief
financial officer will not be able to trade in the Company's common
shares.
About Christina Lake Cannabis
Corp.
Christina Lake Cannabis is a licensed producer
of cannabis under the Cannabis Act. It has secured a standard
cultivation licence and corresponding processing amendment from
Health Canada (March 2020 and August 2020, respectively) as well as
a research and development licence (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 32-acre
site, which allows for future expansion. Christina Lake Cannabis
cultivates cannabis using strains specifically developed for
outdoor cultivation and in its second harvest season produced over
38,000 kg (83,776 lb) of dried biomass. For more information,
please visit www.christinalakecannabis.com and www.sedar.com
(CLC.CN).
ON BEHALF OF THE BOARD
“Joel Dumaresq”Joel Dumaresq, CEO
For more Information, please contact:
Jamie FrawleyInvestor Relations and Media
Inquiriesjamie@clccanabis.com416-268-9432
Visit us on the
web: www.ChristinaLakeCannabis.com
Cautionary Note Regarding Forward-Looking
Statements: Information in this press release that involves CLC’s
expectations, plans, intentions or strategies regarding the future
are forward-looking statements that are not facts and involve a
number of risks and uncertainties. CLC generally uses words such as
“outlook,” “will,” “could,” “would,” “might,” “remains,” “to be,”
“plans,” “believes,” “may,” “expects,” “intends,” “anticipates,”
“estimate,” “future,” “plan,” “positioned,” “potential,” “project,”
“remain,” “scheduled,” “set to,” “subject to,” “upcoming,” and
similar expressions to help identify forward-looking statements. In
this press release, forward-looking statements include statements
regarding: the timing and completion of necessary accounting and
review procedures to complete the Annual Filings and other factors
beyond our control. Forward-looking statements reflect the
then-current expectations, beliefs, assumptions, estimates and
forecasts of CLC’s management. The forward-looking statements in
this press release are based upon information available to CLC as
of the date of this press release. Forward-looking statements
believed to be true when made may ultimately prove to be incorrect.
These statements are not guarantees of the future performance of
CLC and are subject to a number of risks, uncertainties and other
factors, some of which are beyond its control and may cause actual
results to differ materially from current expectations, including
without limitation: failure to negotiate and enter into a
definitive agreement with Molecular You; failure to meet regulatory
requirements; changes in the market; potential downturns in
economic conditions; and other risk factors described in CLC’s
public filings available on SEDAR at www.sedar.com. Accordingly,
readers should exercise caution in relying upon forward-looking
statements and CLC undertakes no obligation to publicly revise them
to reflect subsequent events or circumstances, except as required
by applicable law.
The CSE and Information Service Provider
have not reviewed and does not accept responsibility for the
accuracy or adequacy of this release.
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