VANCOUVER, BC / ACCESSWIRE / July 3, 2020 / Stillcanna Inc. (OTC:SCNNF)(CSE:STIL)(FRANKFURT:A2PEWA) ("STIL" or the "Company"), is providing an update on the status of the filing of its interim financial statements, including the accompanying management's discussion and analysis, and related CEO and CFO certifications for its third quarter ending April 30, 2020.
On May 20, 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 during the Period from June 2 to August 31, 2020, as a result of the COVID-19 pandemic. Accordingly, the British Columbia Securities Commission ("BCSC") has enacted BC Instrument 51-517, Temporary Exemption from Certain Corporate Finance Requirements ("BCI 51-517").
The Company will be relying on this extension period due to delays experienced as a result of the COVID-19 pandemic. Stillcanna will be relying on the temporary exemption pursuant to BCI 51-517 with respect to the following provisions:
- the requirement to file quarterly financial statements for the period ended April 30, 2020 (the "Financial Statements") within 60 days of the Company's quarter ending as required by section 4.4 of NI 51-102;
- the requirement to file management discussion and analysis (the "MD&A") for the period covered by the Financial Statements within 60 days of the Company's financial year end as required by section 5.1(2) of NI 51-102; and
- the requirement to file certifications of the Financial Statements (the "Certificates" and together with the Financial Statements, the "Interim Filings") pursuant to National Instrument 51-102.
The Company continues to work diligently to file the April 30, 2020 Interim Filings on or before August 13, 2020 (+45 days from June 29, 2020). Trading of shares of Stillcanna have been halted since the April 21, 2020 announcement of the acquisition of The Sativa Group, which will constitute a "Fundamental Change" of Stillcanna under the policies of the Canadian Securities Exchange (the "CSE").
The Company confirms that since the filing of its interim consolidated financial statements for the period ended January 31, 2020, there have been no material business developments other than those disclosed through news releases and filed under the Company's SEDAR profile at www.sedar.com
About Stillcanna Inc.
Stillcanna Inc. (CSE: STIL) www.stillcanna.com is a Canadian early-stage life sciences Company focused on the large scale manufacturing of CBD in Europe. The Company believes its proprietary intellectual property allows it to extract CBD at a lower cost. The Company has signed an initial extraction contract in Europe to be the exclusive extractor for Dragonfly Biosciences LLC, a United Kingdom-based supplier of CBD. The Company also recently completed the acquisition of Olimax NT SP. Z .O.O, a multi-generational hemp agricultural firm that is expected to increase the Company's market share in the European CBD industry.
On Behalf of the Board
Jason Dussault, CEO
CONTACT:
inquiries@stillcanna.com
Neither the Canadian Securities Exchange nor its Market Regulator (as defined in the policies of the Canadian Securities Exchange) accept responsibility for the adequacy or accuracy of this release.
This news release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of Stillcanna's control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved".
The forward-looking information and forward-looking statements contained herein include, but are not limited to information concerning the Definitive Agreement, the Proposed Transaction, the anticipated completion of the Proposed Transaction, the approval of the Proposed Transaction by the Canadian Securities Exchange and certain shareholder and regulatory requirements, the ability of the Company to meet the cannabis market demand in the medium term, the composition of the board following completion of the Proposed Transaction, the listing of the Company's common shares on the AQSE, the ability to secure a steady availability of hemp biomass for the Company's NEXUS facility, the Company's farming initiatives, whether the hemp biomass will be farmed organically, agricultural partnerships and the Company's readiness to submit its active ingredients for both stability and toxicology. Although Stillcanna believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements.
In particular, there is no guarantee that that the parties will successfully complete the Proposed Transaction on the terms contemplated herein or at all, that either will be satisfied with the results of their proposed due diligence, or that any required shareholder or regulatory approvals will be obtained. The forward-looking information and forward-looking statements contained in this news release are made as of the date of this press release, and Stillcanna does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.
SOURCE: Stillcanna Inc.
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