Red White & Bloom Brands Inc. (CSE: RWB and OTC: RWBYF) (the “Company” or “RWB”) announces that, as a result of delays to its audit, the Company’s annual financial statements and accompanying management’s discussion and analysis for the fiscal year ended December 31, 2021 (the “Annual Filings”) were not finalized by May 2, 2022, the filings due date. The Company applied for, and has been granted, a management cease trade order (the “MCTO”) by the British Columbia Securities Commission.
The delay is due to the complexity of acquisition transactions, dispositions, and various delays caused by COVID-19, resulting in the Company and auditor not having adequate time and resources available to complete the audit in the allotted time. The Company is working with its auditor, Macias Gini & O’Connell LLP, to complete the audit as soon as possible. RWB will issue a news release announcing completion of such filings and rescheduling of the Earnings Conference call at such time.
Until the Company files the Annual Filings, it will comply with the alternative information guidelines set out in National Policy 12-203 – Management Cease Trade Order for issuers who have failed to timely comply with a specified continuous disclosure requirement. As required, the Company will issue press releases with bi-weekly default status reports until the Annual Filings are filed.
During the MCTO, the general investing public will continue to be able to trade in the Company’s listed common shares. However, the Company’s chief executive officer and chief financial officer will not be able to trade in the Company’s common shares.
