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TORONTO, June 11, 2021 (GLOBE NEWSWIRE) — Avicanna Inc. (the “Firm” or “Avicanna”) (TSX: AVCN) introduced at this time that it has been issued a Stop Commerce Order (“CTO”) by the Ontario Securities Fee (the “OSC”) because it not expects to file the next periodic disclosure paperwork (collectively, the “Paperwork”) by June 11, 2021, as beforehand disclosed:
- audited annual monetary statements for the 12 months ended December 31, 2020;
- administration’s dialogue and evaluation regarding the audited annual monetary statements for the 12 months ended December 31, 2020;
- annual info type for the 12 months ended December 31, 2020;
- interim monetary statements for the interval ended March 31, 2021;
- administration’s dialogue and evaluation regarding the interim monetary statements for the interval ended March 31, 2021; and
- certification of the foregoing filings as required by Nationwide Instrument 52-109 – Certification of Disclosure in Issuers’ Annual and Interim Filings.
The Firm continues to function usually and is working diligently with its auditors, MNP LLP, to be able to file its Paperwork on or earlier than June 30, 2021.
Amongst different things, the CTO revokes the administration stop commerce order issued by the OSC on April 9, 2021 in respect to sure insiders of the Firm, which prohibited these individuals from buying and selling within the Firm’s securities till such time because the Paperwork are filed.
Regardless of the CTO, a helpful safety holder of the Firm who will not be, and was not on the date of the CTO, an insider or management individual of the Firm, might promote securities of the Issuer acquired earlier than the date of the CTO if the sale is made by means of an funding seller registered in a jurisdiction of Canada on a “overseas organized regulated market”, as outlined in part 1.1 of the Common Market Integrity Guidelines of the Funding Business Regulatory Group of Canada. Holders of Avicanna securities are urged to seek the advice of with their very own funding advisors or authorized counsel in regards to the implications of the CTO.
A replica of the CTO has been posted on the website of the Canadian Securities Directors at cto-iov.csa-acvm.ca.
About Avicanna Inc.
Avicanna is a diversified and vertically built-in Canadian biopharmaceutical firm targeted on the analysis, growth, and commercialization of plant-derived cannabinoid-based merchandise for the worldwide shopper, medical, and pharmaceutical market segments.
SOURCE Avicanna Inc.
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Cautionary Be aware Concerning Ahead-Trying Info and Statements
This information launch accommodates “forward-looking info” inside the which means of relevant securities legal guidelines. Ahead-looking info contained on this press launch could also be recognized by means of phrases equivalent to, “might”, “would”, “might”, “will”, “probably”, “count on”, “anticipate”, “consider, “intend”, “plan”, “forecast”, “challenge”, “estimate”, “outlook” and different comparable expressions, and contains statements with respect to the timing for the submitting of the Paperwork. Ahead-looking info will not be a assure of future efficiency and relies upon various estimates and assumptions of administration in mild of administration’s expertise and notion of developments, present circumstances and anticipated developments, in addition to different elements related within the circumstances, together with assumptions in respect of present and future market circumstances, the present and future regulatory surroundings; and the provision of licenses, approvals and permits. Though the Firm believes that the expectations and assumptions on which such ahead trying info relies are affordable, undue reliance shouldn’t be positioned on the ahead trying info as a result of the Firm may give no assurance that they may show to be appropriate. Precise outcomes and developments might differ materially from these contemplated by these statements. Ahead-looking info is topic to quite a lot of dangers and uncertainties that might trigger precise occasions or outcomes to vary materially from these projected within the forward-looking info. Such dangers and uncertainties embody, however are usually not restricted to present and future market circumstances, together with the market worth of the widespread shares of the Firm, and the danger elements set out within the Firm’s annual info type dated April 15, 2020 and ultimate quick type prospectus dated November 27, 2020, filed with the Canadian securities regulators and accessible beneath the Firm’s profile on SEDAR at www.sedar.com . The statements on this press launch are made as of the date of this launch. The Firm disclaims any intent or obligation to replace any forward-looking info, whether or not on account of new info, future occasions or outcomes or in any other case, aside from as required by relevant securities legal guidelines.