VANCOUVER, BC, July 2, 2024 – The BC Bud Corporation (CSE: BCBC) (OTCQB: BCBCF) (“The BC Bud Co” or the “Company”), a house of high-quality cannabis brands based out of British Columbia, Canada, announces today that it is delayed in filing its financial statements for the year ended February 29, 2024 and the related management's discussion and analysis ("MD&A") and certifications (collectively, the "Annual Filings").
The Company has been granted a management cease trade order (the “MCTO”) by the British Columbia Securities Commission under National Policy 12-203 – Management Cease Trade Orders ("NP 12-203"). he MCTO restricts the Company's management from all trading in securities of the Company until such time as the Annual Filings have been filed by the Company and the MCTO is no longer in effect. The MCTO does not affect the ability of investors who are not insiders to trade in the securities of the Company. The MCTO will remain in effect until the Annual Filings are filed or until it is revoked or varied.
The Company will work with its auditors to complete the audit of the Company's consolidated financial statements and expects to file the Annual Filings by July 31, 2024. The delays in completing the Annual Filings stem from the enforcement actions against the Company’s former auditor, BF Borgers CPA PC, as the Company’s new auditor, Davidson & Company LLP, has determined that it will re-audit the fiscal year ended February 28, 2023 as part of its overall engagement procedures. (Please see the Company’s news release dated May 27, 2024).
Until the Company completes the Annual Filings, the Company will comply with the alternative information guidelines set out in NP 12-203 for issuers who have failed to comply with a specified continuous disclosure requirement within the times prescribed by applicable securities laws. The guidelines, among other things, require the Company to issue bi-weekly default status reports by way of a news release so long as the Annual Filings have not been filed.
The Company reports that: (i) there has not been any other specified default by the Company under NP 12-203, and no such default is anticipated; (ii) the Company is not subject to any insolvency proceedings; and (v) there is no material information concerning the affairs of the Company that has not been generally disclosed.
About The BC Bud Co.
The BC Bud Co. is a publicly traded Canadian cannabis company headquartered in British Columbia. Renowned for its responsibility, maturity, and unwavering commitment to quality, the company is steadfastly dedicated to overcoming the challenges inherent in the cannabis sector while striving for sustained growth.
Investor Relations
Phone: 1-(778)-656-0377
Email: info@thebcbc.com
Web: www.thebcbc.com
Disclaimer & Forward-Looking Statements
Certain statements included in this press release constitute forward-looking information or statements (collectively, "forward-looking statements"), including those identified by the expressions "anticipate", "believe", "plan", "estimate", "expect", "intend", "may", "should" and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts but reflect current expectations regarding future results or events. This press release contains forward looking statements. These forward-looking statements are based on current expectations and various estimates, factors and assumptions and involve known and unknown risks, uncertainties, and other factors.
Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Factors that could cause the actual results to differ materially from those in forward-looking statements include failure to obtain regulatory approval, the continued availability of capital and financing, and general economic, market or business conditions. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance, or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, there can be no assurance that the statements will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law. Readers should not place undue reliance on the Company's forward-looking statements.
Neither the Canadian Securities Exchange (the "CSE") nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
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