DENVER, CO / ACCESSWIRE / April 28, 2020 / CBD Global Sciences Inc. (CSE:CBDN) (the "Company") would like to provide an update on COVID-19 matters and the status of the filing of annual and interim financial statements, accompanying management discussion and analysis and related CEO and CFO certifications.
The COVID-19 pandemic is creating unprecedented challenges to the global economy and stock markets. The Company's Board of Directors and Management are taking all necessary precautions to ensure the health of its employees and best manage the short-term challenges to the business.
On March 18, 2020, the Canadian Securities Administrators ("CSA") issued a notice stating that securities regulators will be providing coordinated relief consisting of a 45-day extension for certain periodic filings required to be made on or prior to June 1, 2020 as a result of the COVID-19 pandemic. As such the Alberta Securities Commission ("ASC") has enacted Blanket Order 51-517 – Temporary Exemption from Certain Corporate Finance Requirements ("ASC 51-517"). The Company will be relying on this extension period due to delays experienced as result of the COVID-19 pandemic.
The Company will be relying on the temporary exemption pursuant to ACS 51-517 in respect to the following provisions:
- the requirement to file audited financial statements for the year ended December 31, 2019 (the "Annual Financial Statements") within 120 days of the Company's financial year end as required by section 4.2(b) of NI 51-102;
- the requirement to file interim financial statements for the three month period ended March 31, 2020 (the "Interim Financial Statements") within 60 days of the Company's first quarter as required by section 4.4(b) of NI 51-102
- the requirement to file management discussion and analysis (the "Annual MD&A") for the period covered by the Annual Financial Statements within 120 days of the Company's financial year end as required by section 5.1(2) of NI 51-102;
- the requirement to file management discussion and analysis (the "Interim MD&A") for the period covered by the Interim Financial Statements within 60 days of the Company's first quarter as required by section 5.1(2) of NI 51-102;
- the requirement to file certifications of the Annual Financial Statements (the "Certificates" and together with the Annual Financial Statements, the "Annual Filings") pursuant to section 4.1 of National Instrument 52-109; and
- the requirement to file certifications of the Interim Financial Statements (the "Certificates" and together with the Interim Financial Statements, the "Interim Filings") pursuant to section 5.1 of National Instrument 52-109.
The Company confirms that since the filing of its interim consolidated financial statements for the period ended September 30, 2019, there have been no material business developments other than those disclosed through Company press releases.
The Company is continuing to work diligently and expeditiously with its auditors to file the Annual Filings and Interim Filings together on or before June 14, 2020. In the interim, management and other insiders of the Company are subject to a trading black-out policy as described, in principle, in section 9 of National Policy 11-207 – Failure to File Cease Trade Orders and Revocations in Multiple Jurisdictions.
ABOUT CBD GLOBAL SCIENCES INC.
CBD Global Sciences Inc., is a vertically integrated hemp-based CBD producer, extractor, and branding investment vehicle which currently owns two product categories, branded under the name AETHICS (www.aethics.com) and CANNAOIL (www.cannaoilshop.com), which include CBD Oil tinctures (liquid products), CBD capsules, CBD topicals and CBD hydration products. CBD Global's hemp-derived CBD extracts are sold through select distributors, brick and mortar retailers, and online.
CBD Global Sciences, through its wholly owned subsidiary, Strasburg Pharms, grows and operates irrigated land in Colorado that grows hemp with only all-natural Colorado water, soil, sun and nutrients that is NEVER sprayed with pesticides or chemicals. Our genetics are hand selected and maintained to present the best cannabinoid profile with extremely high CBD. The extraction/processing facility, operated by CBD Global, is located approximately 40 minutes from the farm.
For further information, please contact Bruce Nurse, Investor Relations, (303) 919-2913, info@cbdglobalsciences.com.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to future developments and the business and operations of the Corporation after the CSE listing. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to general business, economic, competitive, political and social uncertainties; and delay or failure to receive board, shareholder or regulatory approvals. Readers should not place undue reliance on forward-looking statements. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
NOT FOR DISTRIBUTION OR DISSEMINATION INTO THE UNITED STATES
SOURCE: CBD Global Sciences Inc.
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