Business
TransCanna Announces Cease Trade Order Issued By the British Columbia Securities Commission
Vancouver, British Columbia--(Newsfile Corp. - March 31, 2023) - TransCanna Holdings Inc. (CSE:...
About this update from Transcanna Holdings, Inc.
[{"type":"text","content":"TransCanna Announces Cease Trade Order Issued By the British Columbia Securities CommissionVancouver, British Columbia--(Newsfile Corp. - March 31, 2023) - TransCanna Holdings Inc. (CSE: TCAN) (FSE: TH8) (\"TransCanna\" or the \"Company\") today announces that it expects to be issued a cease trade order (\"CTO\") by the British Columbia Securities Commission (the \"BCSC\") under National Instrument 51-102 Continuous Disclosure Obligations (the \"Instrument\") as a result of not filing its audited annual financial statements, accompanying management's discussion and analysis, and certifications for the year ended November 30, 2022 (the \"Annual Filings\") by the filing deadline of March 30, 2023. The BCSC has rejected the Company's application for a management cease trade order (the \"MCTO\") as the Company is not viewed as having met all of the criteria for an MCTO. The Company filed the MCTO with the BCSC due to an anticipated delay in filing its Annual Filings.The Company's 2022 audit currently remains ongoing. The Company is working diligently with its consultants and auditors to complete the remaining audit and make the required filings as soon as possible. Once complete, a news release will be issued indicating that the Annual Filings have been submitted. The Company anticipates that it will complete the Annual Filings on or before June 28th, 2023. Upon remedying the default within 90 days of the date of the CTO, the filing of the Annual Filings, including all other filings and certifications that subsequently become due, constitutes the application to revoke the CTO. In the interim, the Company continues to operate normally and without disruption.The Company also confirms, as of the date of this news release, that there is no other material information concerning the affairs of the Company that have 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.TransCanna's wholly owned subsidiary Lyfted Farms is California's authentic cannabis brand whose pioneering spirit has been continuously providing the finest cannabis flower genetics and cultivation methods since 1984. The Lyfted Farms brand of exclusive cannabis flower is sold at premium...