WeedMD Inc. Provides Bi-Weekly Status Report Regarding Management Cease Trade Order and Update Regarding Interim Financial Statements
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TORONTO, May 14, 2021 (GLOBE NEWSWIRE) -- WeedMD Inc. (TSX-V:WMD) (OTCQX:WDDMF) (FSE:4WE) (“WeedMD” or the “Company”), a federally licensed producer and distributor of medical-grade cannabis, is providing a bi-weekly update on the status of the management cease trade order granted on May 3, 2021 (the "MCTO") by its principal regulator, the Ontario Securities Commission, in accordance with the alternative information guidelines set out in National Policy 12-203 - Management Cease Trade Orders ("NP 12-203"), following the Company's announcement on April 21, 2021 (the "Default Announcement"), that it would be unable to file its annual audited financial statements, annual management's discussion and analysis and related certifications for the year ended December 31, 2020 (the "Required Annual Filings") on or before April 30, 2021, as required under applicable securities laws. The Company's CEO and newly appointed CFO confirm they are working expeditiously to file the Required Annual Filings and expect to do so on or about May 28, 2021.
The Company also announces that the filing of its unaudited interim financial statements, management's discussion and analysis and related CEO and CFO certifications for the three-months ended March 31, 2021 (the "Required Interim Filings"), will be delayed beyond the filing deadline of May 31, 2021.
Update on 2021 Interim Financials
The delay in the completion of the Required Interim Filings is also as a result of certain personnel changes in the Company's finance department, including the Company's previous Chief Financial Officer tendering his resignation on April 13, 2021 and which resignation has prevented the Company's officers and directors from preparing the Company's regulatory filings in a timely fashion. The Company is working expeditiously to complete the Required Interim Filings as soon as possible. The Company expects the Required Interim Filings to be filed on or prior to June 30, 2021. It is expected that, following the Company's filing of the Required Annual Filings, pursuant to the terms of the MCTO, the MCTO will remain in effect until two full business days following the filing of the Required Interim Filings, or further order of the Director of the Ontario Securities Commission.