HempFusion Wellness Inc., a leading health and wellness company offering premium probiotic supplements and products containing CBD, provides an update regarding the previously announced management cease trade order (the “MCTO”) voluntarily requested by the Company and issued by the British Columbia Securities Commission on April 1, 2022 in connection with the Company’s annual financial filings (the “Annual Financial Filings”).
Consistent with the last update, the Company’s staff and audit team continue to make progress and are proceeding without any known material issue. However, due to continued capacity challenges faced by the Company’s auditors, the complexity of the audit and the time required to collect the requisite information, the Company applied for and was granted an extension to file its audited financial statements and related management discussion and analysis, related CEO and CFO certifications and annual information form for the year ended December 31, 2021. The Company expects to file the Annual Financial Filings by no later than June 29, 2022.
The Company is providing this status update in accordance with National Policy 12-203 – Management Cease Trade Orders (“NP 12-203”). The Company reports that: (i) there are no changes to the information contained in its default announcement on April 4, 2022 that would reasonably be expected to be material to an investor; (ii) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines set out under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Annual Financial Filings is continuing, which will be issued in the form of a news release; (iii) there has not been any other specified default by the Company under NP 12-203 and no such other default is anticipated; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.
The MCTO relates to trading of securities of the Company by the Chief Executive Officer and Chief Financial Officer of the Company. All other securityholders continue to be able to trade in the securities of the Company in accordance with applicable securities laws.
One of a select few hemp-derived CBD companies that are today fully prepared to meet or exceed expected global guidance, HempFusion Wellness Inc. is a leading health and wellness company whose family of premium consumer brands include HempFusion™, Sagely Naturals™, Apothecanna™, and Probulin Probiotics™, one of the fastest-growing probiotics companies in the United States according to SPINs reported data.