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TORONTO, June 11, 2021 (GLOBE NEWSWIRE) – Avicanna Inc. (the “Business“OR”Avicanna“) (TSX: AVCN) announced today that a trade stop order has been issued (“CTO“) By the Ontario Securities Commission (the”OSC“) Since you no longer expect to submit the following periodic disclosure documents (collectively, the”Documents”) By June 11, 2021, as previously reported:
- audited annual financial statements for the year ended December 31, 2020;
- management’s discussion and analysis in relation to the audited annual financial statements for the year ended December 31, 2020;
- annual information form for the year ended December 31, 2020;
- interim financial statements for the period ended March 31, 2021;
- management’s discussion and analysis regarding the interim financial statements for the period ended March 31, 2021; other
- Certification of previous filings as required by National Instrument 52-109 – Disclosure Certification in Issuers’ Annual and Provisional Submissions.
The Company continues to operate normally and is working diligently with its auditors, MNP LLP, to be in a position to present its Documents on or before June 30, 2021.
Among other things, the CTO revokes the cessation of management operations order issued by the OSC on April 9, 2021 with respect to certain members of the Company, which prohibited those persons from trading in the Company’s securities until now that the Documents are presented.
Notwithstanding the CTO, a beneficial owner of company securities who is not, and was not at the date of the CTO, an insider or controlling person of the company, may sell issuer securities acquired before the date of the CTO. of the CTO if the sale is made through an investment agent registered in a Canadian jurisdiction in a “foreign organized regulated market”, as defined in section 1.1 of the Investment Industry Regulatory Organization of Canada Universal Market Integrity Rules. Holders of Avicanna securities are encouraged to consult with their own investment advisers or legal advisers regarding the implications of the CTO.
A copy of the CTO has been posted on the Canadian Securities Administrators website at cto-iov.csa-acvm.ca.
About Avicanna Inc.
Avicanna is a diversified and vertically integrated Canadian biopharmaceutical company that focuses on the research, development and commercialization of plant-derived cannabinoid-based products for the global pharmaceutical, medical and consumer market segments.
SOURCE Avicanna Inc.
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Cautionary Note Regarding Forward-Looking Information and Statements
This press release contains “forward-looking information” within the meaning of applicable securities laws. The forward-looking information contained in this press release can be identified by the use of words such as “may”, “could”, “could”, “will be”, “likely”, “expect”, “anticipate”, “believe,” Purpose “,” Plan “,” Forecast “,” Project “,” Estimate “,” Outlook “and other similar expressions, and includes statements regarding the time for the presentation of the documents. The forward-looking information is not a guarantee of future performance and is based on a series of management estimates and assumptions in light of management’s experience and perception of trends, current conditions and expected developments, as well as other relevant factors in the circumstances, including assumptions regarding current conditions and future market conditions, the current and future regulatory environment, and the availability of licenses, approvals and permits.Although the Company believes that the expectations and assumptions on which such prospective information is based If they are reasonable, you should not place undue reliance on forward-looking information because the Company cannot guarantee that they will be correct. Actual results and developments may differ materially from those contemplated in these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Said risks and uncertainties include, among others, current and future market conditions, including the market price of the Company’s common shares and the risk factors established in the Company’s annual information form dated April 15. 2020 and the abbreviated final form. prospectus dated November 27, 2020, filed with Canadian securities regulators and available under the Company’s profile on SEDAR at www.sedar.com. The statements in this press release are made as of the date of this release. The Company disclaims any attempt or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.