VANCOUVER, BC, May 27, 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 that it has appointed Davidson & Company LLP as its auditor commencing with the financial year ended February 28, 2024.
The Company became aware of an enforcement report (the "Enforcement Report") dated December 7, 2023 as issued by the Canadian Public Accountability Board ("CPAB") against the Company’s former auditor, BF Borgers CPA PC (the “Former Auditor”). Pursuant to the Enforcement Report, the Former Auditor is prohibited from accepting Canadian reporting issuers as clients. The Former Auditor was asked to resign by the Company which finally occurred on March 12, 2024. Subsequently, on May 3, 2024, the U.S. Securities and Exchange Commission permanently suspended the Former Auditor and its owner from
appearing and practicing with the SEC.
The board of directors of the Company has appointed Davidson & Company LLP (the “Successor Auditor”) as the Company’s auditor effective March 25, 2024, until the next annual general meeting of shareholders of the Company.
The Company confirms that, at this time, there have been no reservations or modified opinions in the Former Auditor's reports for any period during which the Former Auditor was the auditor of the Company. The Board approved the resignation of the Former Auditor and the appointment of the Successor Auditor in place of the Former Auditor.
At the request of the British Columbia Securities Commission (the “BCSC”), the Company was asked to amend and restate its audited consolidated financial statements for the fiscal year ended February 28, 2023 and in light of the Enforcement Report, the Company has requested the Successor Auditor to review the matters raised by the BCSC and their impact on the scope of the audit for the fiscal 2024 year end. The Successor Auditor expects to re-audit the fiscal year ended February 28, 2023 as part of this engagement. The Company does not currently anticipate any delays in the filing of its audited consolidated financial statements for the financial year ended February 28, 2024, but will remain on the list of issuers in default
maintained by the BCSC until such time as those financial statements have been filed and the BCSC is satisfied that the prior deficiencies giving rise to the restatement request have been rectified.
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.
Sign up for our newsletter to receive exclusive updates, insights, and offers.