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.

For further information, please visit the Company’s website at www.transcanna.com or email the Company at info@transcanna.com.

Bob Blink, CEO

604-349-3011

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO
U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE
AN OFFER OF ANY SECURITIES DESCRIBED HEREIN

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/58200

copyright (c) newsfile corp. 2020
Newsfile Corp.
June 18, 2020 – 7:19 PM PDT
News by QuoteMedia

BevCanna Enterprises (CSE:BEV,OTCQQ:BVNNF,FWB:7BC) CEO Marcello Leone shared how the company is scaling up its products to forge partnerships and explore opportunities across Canada, the US and Western Europe. 

“Getting your standard processing license and being fully compliant at a federal level is critical in Canada, and we were successful in getting that done. Now we’re getting ready to launch our Keef line of beverages within the next 45 days,” Leone said. 

As a young company, Leone said BevCanna has only started, but it took a four-pronged approach to make sure that it is a revenue-generating company prepared for the opening of many jurisdictions for CBD-based products.

“We are blessed that we have a beautiful infrastructure of our own, a state-of-the-art bottling facility with a capacity of almost 200 million bottles per annum and a strong balance sheet of $55 million. We are in a strong position to scale and grow this company.”

BevCanna has received a Standard Processing License from Health Canada and is now fully authorized to begin production at its full-service, high-capacity beverage manufacturing facility. The company will begin production of its white-label products, number one US cannabis beverage brand Keef and its in-house beverages through licensed Canadian retailers, positioning the company to fully capitalize on the burgeoning Canadian cannabis-infused beverage sector.

Watch the full interview with CEO Marcello Leone above.

Keep reading... Show less

BioHarvest Sciences (CSE: BHSC) will be presenting at the Benzinga Cleantech Small Cap Conference taking place on April 22, 2021. We invite our shareholders and all interested parties to explore cleantech small cap investment opportunities through two days of networking, dealmaking and discovery.

Sign up to get a free spectator pass for the event: https://www.benzinga.com/events/small-cap/clean-tech/

Keep reading... Show less

Positive distributor feedback and strong consumer interest accelerating launch with distributors

Emerging leader in innovative health and wellness beverages and products, BevCanna Enterprises Inc. ( CSE:BEV , Q:BVNNF , FSE:7BC ) (“ BevCanna ” or the “ Company ”) announces today that its wholly-owned subsidiary Naturo Group has successfully completed its initial shipment of TRACE plant-based products to one of Japan’s largest beverage distributors.

Keep reading... Show less

Cresco Labs (CSE:CL) (OTCQX:CRLBF) (“Cresco Labs” or the “Company”), a vertically integrated multistate operator and the number one U.S. wholesaler of branded cannabis products, today announced an additional refreshment of its board of directors to further strengthen its leadership in the cannabis industry.

Keep reading... Show less