Jushi Holdings Inc. (“Jushi” or the “Company”) (CSE: JUSH) (OTCMKTS: JUSHF), a vertically integrated, multi-state cannabis operator, announces that its previously announced application for a management cease trade order (“MCTO”) under National Policy 12-203 Management Cease Trade Orders (“NP 12-203”) has been approved by the Ontario Securities Commission (the “OSC”).
The Company had previously announced that it had filed an application seeking an MCTO from the OSC as it was delayed in filing of its audited annual financial statements for the year ended December 1, 2020, the related management’s discussion and analysis, related CEO and CFO certificates and annual information form for the year ended December 31, 2020 (collectively, the “Documents”) before the required deadline of April 30, 2021, as required under applicable securities laws. The Company’s delay in filing the Documents is due to delays with the Company’s auditors, not being able to complete their audit procedures in advance of the April 30, 2021 deadline. The Company continues to work closely with its auditor and expects to file the Documents by May 24, 2021.
The MCTO restricts trading in securities of the Company by the CEO and CFO of the Company until such time as the Documents have been filed by the Company and the MCTO is no longer in effect. The MCTO does not affect the ability of other persons to trade in the securities of the Company.
The Company is providing this status update in accordance with NP 12-203. The Company intends to follow the provisions of the alternative information guidelines set out in NP 12-203, including the issuance of bi-weekly default status reports in the form of news releases, for as long as the Company remains in default. The Company confirms as of the date of this news release that there has been no material change in the information contained in the default announcement issued on April 21, 2021 and there is no other material information concerning the affairs of the Company that has not been generally disclosed. Furthermore, the Company confirms that it is not subject to any insolvency proceedings and other than as disclosed herein, the Company is up to date in its filing obligations.