C21 Investments Announces Delay in Filing Annual Financial Results and Application for Management Cease Trade Order
Vancouver, British Columbia–(Newsfile Corp. – May 30, 2022) – C21 Investments Inc. (CSE: CXXI) (OTCQX: CXXIF) (“C21“or the”Company“), a vertically integrated cannabis company, today announced a delay in filing its audited annual financial statements and MD&A for the fiscal year ended January 31, 2022, as well as certificates from the CEO and Chief Financial Officer, all as required by National Instrument 51-102- Continuous disclosure obligations and National Instrument 52-109 – Declaration of disclosure in the annual and interim documents of issuers (collectively, the “Documents“).
The Company previously announced that it will transition from International Financial Reporting Standards (IFRS) to United States Generally Accepted Accounting Principles (US GAAP) for its fiscal year ended January 31, 2022 (see press release from the November 18, 2021). The delay in filing the documents is due to the Company’s auditors requiring additional time to complete their audit of the annual financial statements for the year ended January 31, 2022, in part due to the transition from Company from IFRS to US GAAP accounting. Accordingly, the Company has notified the British Columbia Securities Commission (the “BCSC“) of his anticipated delay in filing the Documents and requested a management cease trade (“MCTO“) of the BCSC in accordance with National Policy 12-203 – Management cease trade orders (“NP 12-203“), pending the filing of the Documents, that the MCTO would prohibit management of the Company from trading in the securities of the Company until the Documents are filed. The MCTO will not affect the ability of other shareholders of the Company to trade securities of the Company There is no guarantee that an MCTO will be granted.
During the Default Period and until the Filing of the Documents, the Company intends to satisfy the provisions of the “Alternative Disclosure Guidelines” as set forth in NP 12-203, including the requirement to file bi-weekly progress reports in the form of press releases containing prescribed update information. The Company intends to work diligently and diligently with its auditors and expects to file the Documents by June 9, 2022.
Until the Company has filed the Materials, officers of the Company and other insiders are subject to an insider trading prohibition. The Company confirms that, except as disclosed in previous press releases and material change reports, there have been no material business developments since the filing of the Company’s last interim financial report. The Company is not currently subject to any insolvency proceedings.
For more information, please contact:
+1 833 289-2994
Company details :
Chief Financial Officer and Administrator
About C21 Investments Inc.
C21 is a vertically integrated cannabis company that grows, processes and distributes quality cannabis and hemp-derived consumer products in the United States. The Company is focused on creating value through the disciplined acquisition and integration of retail, manufacturing and distribution assets in strategic markets, leveraging peak retail revenues with multi-market branded consumer packaged goods with high growth potential. The company owns Silver State Relief and Silver State Cultivation in Nevada, including former Oregon brands Phantom Farms, Hood Oil and Eco Firma Farms. These brands produce and distribute a wide range of THC and CBD products from cannabis flowers, pre-rolls, cannabis oil, vaporizer cartridges and edibles. Based in Vancouver, Canada, additional information about C21 can be found at www.sedar.com and www.cxxi.ca.
Certain statements contained in this press release may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking information in this press release may include statements about the expected filing of the documents, the company’s continued ability to meet the disclosure guidelines set forth in NP 12-203, as well as the duration of the OCTM.
These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in these forward-looking statements.
The forward-looking statements contained in this press release are based on certain key expectations and assumptions made by the Company, including, without limitation, information based on the current state of the Documents and discussions with the Company’s auditors. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements as the Company can give no assurance that they will prove to be accurate. Because forward-looking statements address future events and conditions, they, by their very nature, involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the risks and uncertainties arising from any delay in the filing of documents, the Company’s ability to meet the requirements of NP 12-203, the revocation of the OCTM and its replacement by a cease trade order, general business, economic conditions, competitive, political and social uncertainties, the impact of the COVID-19 pandemic on the Company’s operations and other factors, many of which are beyond under the control of the Company.
The forward-looking statements contained in this press release represent the Company’s expectations as of the date hereof and are subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable securities regulations.
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.
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