TransCanna Makes Interim Financial Extension Application for COVID 19 Relief
Vancouver, British Columbia--(Newsfile Corp. - June 18, 2020) - TransCanna Holdings Inc. (CSE: TCAN) (FSE: TH8) ("TransCanna" or the "Company") today announces that it anticipates a delay in the filing of the interim financial statements required pursuant to Part 4 of National Instrument 51-102 Continuous Disclosure Obligations (the "Instrument") as a result of the completion by the Company of the recent acquisitions of Tres Ojos Naturals LLC (dba Soldaze), and Lyfted Farms, Inc. in the Fall of 2019, both US corporations, as new subsidiaries of the Issuer.
The delay is due to the Company's challenges in coordinating with the auditor the collection of all of the required data and documentation to complete the Company's audited financial statements on a consolidated basis, which has, in turn, delayed the completion of the Q1 interim financial statements. A key factor in the delay is the self-isolating requirements of certain key persons who were needed to complete the audit and the Q1 interim financial statements.
The Instrument requires that the Company's interim financial statements and MD&A for the quarter ended February 28, 2020 be filed by April 29, 2020. The Canadian securities regulators provided a temporary blanket relief to extend the original filing date by 45 days, which the Company has now deemed it will not be able to meet due to the required self-isolation requirements in the United States. The Company is working diligently to complete the interim financial statements and expects that the interim financial statements and MD&A for the quarter ended February 28, 2020 (collectively, the "Required Filings") will be completed and filed on or before June 30, 2020.
In connection with the anticipated delays in making the Required Filings within the time periods mandated by the Instrument, the Company has made an application under National Policy 12-203 Cease Trade Orders ("NP 12-203") to the British Columbia Securities Commission, as principal regulator for the Company, requesting that a management cease trade order ("MCTO") be issued. Once granted, the MCTO will restrict all trading by the Company's CEO and CFO in securities of the Company, whether direct or indirect. The issuance of the MCTO will not affect the ability of persons who are not directors, officers, or insiders of the Company to trade their securities. The MCTO will remain in effect until the Required Filings are filed or until it is revoked or varied.
The Company confirms that it intends to satisfy the provisions of the alternative information guidelines described in NP 12-203 by issuing bi-weekly default status reports in the form of a news release for so long as it remains in default of the requirement to make the Required Filings. The Company has no material information relating to its affairs that has not been generally disclosed.
About TransCanna Holdings Inc.
TransCanna Holdings Inc. is a California based, Canadian listed, company building Cannabis-focused brands for the California lifestyle, through its wholly-owned California subsidiaries.
Bob Blink, CEO
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