Lineage Grow Company Ltd. (the “Company” or “Lineage”) (CSE:BUDD) announced that it has refiled restated unaudited condensed interim consolidated financial statements for the three and six months ended July 31, 2018 and 2017 (the “Revised Q2 2019 Financials”) and related management’s discussion and analysis (the “Revised MD&A”).
A review of the unaudited condensed interim consolidated financial statements was completed by the Company’s auditor in connection with a Canadian Securities Exchange (the “CSE”) application of the proposed reverse take-over of Lineage by Harborside (FLRish Inc., a California corporation d/b/a Harborside). The review identified that certain financial results and disclosures required updating, which prompted the refiling.
The Revised Q2 2019 Financials and the Revised MD&A replace and supersede the previously filed original financial statements and MD&A (the “Original Financials”).
The material revisions to the Revised Q2 2019 Financials are the following:
- Correction of a loss previously recognized on the settlement of common shares issued on March 7, 2018, which reduced the loss for the six months period ended July 31, 2018 by $341,235; and
- Inclusion in the condensed interim consolidated statements of loss and comprehensive loss, to account for the cumulative effect of the embedded derivative liabilities of the convertible debentures issued in May 12, 2017, on the comparative period.
The aforementioned revisions have no impact on the Company’s financial position, and do not reflect any events that occurred after the date of filing of the Original Financials.
About Lineage Grow Company Ltd.
Lineage Grow Company Ltd. is a reporting issuer that is listed on the Canadian Securities Exchange (“CSE”). Lineage is focused on assembling licensed operators with good growth potential and superior management, either through direct acquisition or through joint ventures, with an aim towards a dominant vertically-integrated cannabis business that leverages best-in-class cultivation, brands, distribution, and retail assets. Lineage is targeting legalized cannabis markets across multiple jurisdictions in the United States and Canada and is seeking to deploy best practices in cultivation, branding, distribution, and retail management to drive performance across the Company’s asset base. Lineage engages in the marketing and sale of cannabis flower, edibles, and oil through its chain of two retail dispensaries in Oregon operating under the “Terpene Station” banner with locations in southeast Portland and downtown Eugene. In addition, the Company has entered into a binding letter of intent to purchase one cannabis dispensary in San Jose, California, an agreement under agreed term sheet to purchase one cannabis cultivation facility in Northern California, and a binding letter of intent with respect to the proposed reverse take-over of Lineage by FLRish Inc.
For updates on the Company’s activities and highlights of the Company’s press releases, investor deck and other media coverage, please visit Lineage’s web site at www.lineagegrow.com
For further information, please contact:
Peter Bilodeau, Director & CEO
Lineage Grow Company Ltd.
Phone: (519) 919-6500
This news release may contain “forward-looking” statements and information based on current expectations. These ”forward looking” statements may use such words as ”may”, ”will”, ”expect”, ”believe”, ”plan” and other similar terminology. Forward looking statements in this press release include: management’s plan to develop a dominant vertically-integrated cannabis business that leverages best-in-class cultivation, brands, distribution, and retail assets; management’s intention to target legalized cannabis markets across multiple jurisdictions in the United States and Canada; and management’s plan to deploy best practices in cultivation, branding, distribution, and retail management to drive performance across the Company’s asset base. These statements reflect management’s current expectations regarding future events and operating performance and speak only as of the date of this press release. These statements should not be read as guarantees of future performance or results. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. For details of the risks faced by the Company, please see the Company’s listing statement dated February 26, 2018 and the Company’s annual management’s discussion and analysis dated May 29, 2018 for the year ended January 31, 2018 available at www.sedar.com under the Company’s profile. There is no certainty that any of these events will occur. Although such statements are based on management’s reasonable assumptions, there can be no assurance that such assumptions will prove to be correct. All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by applicable securities laws.