Vernon, British Columbia–(Newsfile Corp. – September 15, 2020) – True Leaf Brands Inc. (CSE: MJ) (OTC Pink: TRLFF) (FSE: TLA) (“True Leaf” or the “Company“) announces today that it will miss its filing deadline of September 14, 2020 to file its audited annual financial statements and accompanying management’s discussion and analysis and related CEO and CFO certificates for the year ended March 31, 2020 (collectively, the “Annual Filings“), as required under applicable Canadian securities laws.
In connection with the Company’s inability to file the Annual Filings on time, the Company has applied for a Management Cease Trade Order (“MCTO“) under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203”) and is waiting for the British Columbia Securities Commission approval. There is no guarantee that an MCTO will be granted.
The Company is applying for a MCTO as a result of complexities caused by the COVID-19 pandemic and its reorganization. Both events have impacted the Company’s ability to complete its audited annual financial statements and has consequently caused a delay in completion of the Annual Filings.
The Company expects to file the Annual Filings as soon as they are available, but in any event no later than October 14, 2020. Until the Company files the Annual Filings, it will comply with the alternative information guidelines set out in NP 12-203. The guidelines, among other things, require the Company to issue bi-weekly default status reports, in the form of news releases, for so long as the Annual Filings have not been filed.
During the MCTO, the general investing public will continue to be able to trade in the Company’s common shares listed on the Canadian Securities Exchange. However, the Company’s Chief Executive Officer and Chief Financial Officer and such other directors, officers and persons as determined by the applicable regulatory authorities will not be able to trade in the Company’s shares, nor will the Company be able to, directly or indirectly, issue securities to or acquire securities from an insider or employee of the Company except in accordance with legally binding obligations to do so existing as of September 14, 2020, being the date of the Company’s anticipated continuous disclosure default.
The Company is currently undergoing a reorganization procedure. If the Company provides any information to any of its creditors during the period in which it is in default of filing the Annual Financial Statements, the Company confirms that it will also file material change reports on SEDAR containing such information.
Update on Restructuring Process
The Company also announced today that, on August 28, 2020, True Leaf and its subsidiaries obtained Orders from the Supreme Court of British Columbia (the “Court“) extending the stay of proceedings in the companies’ restructuring proceedings under the Bankruptcy and Insolvency Act (Canada). The stay of proceedings has been extended to October 2, 2020.
On August 28, 2020, the Court also approved the Sale Agreement for True Leaf Pet Inc. (“TLP“). As previously announced on August 19, 2020, TLP entered into a purchase and sale agreement dated August 11, 2020, with 4033001 and Hemp Technology Inc. for the sale of substantially all of the assets of TLP.
Other Corporate Matters
True Leaf Brands Inc.
Effective September 10, 2020, Allen Fujimoto resigned as interim Chief Executive Officer and Chief Restructuring Officer of True Leaf Brands Inc. Melissa Vettoretti resigned as Corporate Secretary. Darcy Bomford was appointed interim Chief Executive Officer and Corporate Secretary of the Company.
Sylvain Toutant, Michael Mardy, and Jodi Watson resigned from the Company’s board of directors. Jennifer Pace was appointed to the board as a director effective September 13, 2020. Michael Harcourt will remain as Chairman of True Leaf Brands Inc.
True Leaf Pet Inc.
Kevin Cole resigned as President of True Leaf Pet Inc., and Allen Fujimoto resigned as Senior Vice President, Supply Chain.
About True Leaf
True Leaf Brands Inc. is a wellness company. True Leaf Cannabis Inc., a division of True Leaf Brands Inc., is a Licensed Producer and owns True Leaf Campus, an 18,000 square foot facility located on a 40-acre site zoned for the cultivation, processing, and sale of cannabis, as well as general industrial use, in Lumby, British Columbia.
Interim Chief Executive Officer
Media Inquiries: email@example.com
This news release contains forward-looking statements, and management may make additional forward-looking statements in response to your questions. Such written and oral disclosures are made pursuant to the Safe Harbor provision of the Private Securities Litigation Reform Act of 1995 and True Leaf hereby claims such safe harbour protection for all forward-looking statements. Forward-looking statements in this news release include, but are not limited to, statements regarding the Company’s conclusion of a successful restructuring process. The statements are dependent on a number of assumptions and risk factors, which include, but are not limited to, (i) the outcome of the review process of all strategic alternatives available to the Company, (ii) the ability of the Company to submit a proposal acceptable to its creditors; (iii) the ability of the Company to continue its activities; (iv) the ability of the Company to secure additional funds, (v) general business and economic uncertainties, (vi) third party events and adverse market conditions and (vii) those risks set out in the Company’s public documents filed on SEDAR. Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected effects on True Leaf. These forward-looking statements are made as of the date of this press release. Except as required by applicable securities legislation, the Company assumes no obligation to update publicly or revise any forward-looking statements to reflect subsequent information, events, or circumstances.
The Canadian Securities Exchange (operated by CNSX Markets Inc.) has in no way passed upon the merits of the proposed Transaction and has neither approved nor disapproved of the contents of this press release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/63915
Successful completion of feasibility study for the development of topical medical cannabis products based on AKVANO® technology
Cannassure Therapeutics Ltd (TASE: CSURE) (“Cannassure”), an Israel based developer and producer of innovative medical cannabis products, announces today the successful completion of a feasibility study for the development of IP protected, homogeneous, topical medical Cannabis products for the treatment of skin inflammation, including psoriatic lesions.
Product development of such topical medical Cannabis products based on AKVANO® is being conducted under a collaboration between Cannassure and Lipidor AB (“Lipidor”), a Swedish topical drug development company, owner of the proprietary drug delivery platform technology AKVANO™, which was signed in December 2019. The development project budget is partially funded by the Israeli Innovation Authority, by a non-dilutive grant.
The product under development is an incorporation of cannabinoids with AKVANO®, a topical drug delivery platform. Successful development of the product will allow localized administration of a precise dosage of cannabinoids using a spray, in a technology that allows for prolonged contact and optimal penetration of the active ingredient into the skin.
As part of the feasibility study, AKVANO® technology and cannabinoids were tested for compatibility, and it was found that the cannabinoids can be successfully combined in the AKVANO® system for a homogeneous, uniform and stable formulation. Cannassure tested the degree of product penetration into the skin by using known and acceptable models and found significant penetration of active ingredients into the skin tissue. This enhanced penetration may increase the therapeutic potential of the product. Based on these results, Cannassure will proceed to accelerated development stages and more advanced testings.
According to the agreement, Cannassure has informed Lipidor on its intention to start negotiating an exclusive global license for the use of Lipidor’s technology for the development of cannabinoids based topical therapeutics products for the treatment of indications to be chosen by Cannassure.
The main guidelines for the licencing agreement, including royalties to be paid to Lipidor on product sales, were defined in the collaboration agreement.
According to estimates, the global market for products for the treatment of psoriasis is expected to reach 21.1 billion dollars by 20221. The current global market for topical products for the treatment of psoriasis is valued at 7 billion dollars2, and the global market for topical pain treatment products is projected to reach 13 billion dollars3.
The product development of topical treatments based on cannabinoids is in line with Cannassure’s strategy focused on the development and commercialisation of innovative medical cannabis products based on established drug delivery systems and formulations for enhanced therapeutic value. The product development is performed under the Israeli Medical Cannabis regulation, which allows a short development process.
Lipidor announces positive outcome of feasibility study for development of topical medical cannabis products based on the company’s AKVANO® technology
Lipidor AB (Nasdaq First North:LIPI) today announces a positive outcome of the feasibility study into the development of topical medicinal cannabis products for the treatment of skin inflammations and psoriatic lesions. The study was conducted in collaboration with Cannassure Therapeutics Ltd. , an Israeli company specializing in the development and manufacture of innovative medicinal cannabis products. Under the joint development agreement signed in December 2019, Cannassure has now announced that it intends to exercise its option and begin the negotiation of an exclusive licensing agreement for the use of AKVANO®, Lipidor’s proprietary drug delivery technology, for the indications chosen by Cannassure. The main guidelines for the licencing agreement, including royalties (double digit) to be paid to Lipidor on product sales, were defined in the collaboration agreement.
The collaboration began with an evaluation of the possibility of incorporating various active drug substances from the cannabis plant into AKVANO®. The formulation work has been carried out in Israel at Cannassure’s state-of-the-art facilities with support from Lipidor’s formulation experts.
The product under development is based on a topical medical cannabinoid that has been incorporated into the AKVANO® formulation platform. The successful development of the product will make it possible to administer the medical cannabinoid as a spray, locally and in the exact desired amount, which together ensures improved contact and optimal penetration of the active substance into the skin.
As part of the feasibility study, AKVANO® technology and cannabinoids were tested for compatibility, demonstrating that cannabinoids can be combined in the AKVANO® system as a homogeneous, uniform and stable formulation. Cannassure tested the degree of product penetration into the skin using known and accepted models and found significant penetration of active ingredients into skin tissue. This improved penetration may increase the therapeutic potential of the product. According to Cannassure, based on these results, the company will go ahead, accelerating the pace of development steps and conducting more advanced testing. Cannassure will implement the technology for the development and commercialization of sprayable medicinal cannabis products based on AKVANO®.
The common goal is to introduce innovative topical treatments to the fast-growing global market for medical cannabis products.
“We are very pleased with the positive outcome of the feasibility study, which confirms our previous high hopes. The result is an important milestone for Lipidor and for our unique formulation platform, showing that cannabinoids can be incorporated into AKVANO®. The collaboration with our partner Cannassure represents significant commercial potential for Lipidor,” says Ola Holmlund, CEO of Lipidor AB.
“We look forward to continued successful cooperation with Cannassure in the field of medical cannabis.”
This disclosure contains information that Lipidor is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 30-09-2020 08:00 CET.
Christina Lake Announces Commencement of Trading on the CSE
VANCOUVER, British Columbia, Sept. 29, 2020 (GLOBE NEWSWIRE) — Christina Lake Cannabis Corp. (the “Company” or “CLC” or “Christina Lake Cannabis”), a premier producer of high-quality, low-cost, sun-grown cannabis flower, oil cannabinoids, as well as hemp-based extracts and derivatives, serving domestic and international markets, is pleased to announce that its common shares will begin trading on the Canadian Securities Exchange (“CSE”) at 9:30 am EDT on Thursday October 1, 2020 under the ticker symbol “CLC”.
In October 2018, CLC began its roadmap to becoming one of the largest firms in the country for outdoor cannabis cultivation and extraction by purchasing a cultivation building and fully-serviced 32-acre site in the Christina Lake region of British Columbia. CLC received approval for a standard cultivation license from Health Canada in early 2019, with a research and development license granted in the beginning of 2020. In summer 2020 the Company began harvesting more than 22,500 plants of eight unique cannabis strains, which is expected to yield a minimum of 22,500 kg/49,500 lb. With over 30 full-time staff members and seasonal workers, CLC is also the largest employer in its region. To date, the Company’s successive investment rounds have raised a total of approximately CAD $16,000,000, which enables CLC to maintain a reserve of funds for ongoing operations.
Nicco Dehaan, a founder of the Company and its Chief Operating Officer commented, “Having been part of CLC from the beginning, I am very proud of the progress made since 2018 for both the Company and the cannabis industry in general. We were very confident in the amount of growth potential this industry had, and we knew Christina Lake would be the perfect region in which to conduct outdoor growing of cannabis. As with any regulated industry, there were many hoops to jump through in order to obtain license approvals and build out a compliant operating structure. Further, applying to have CLC’s equity traded on a public stock exchange introduces a whole other set of requirements to meet and satisfy on an ongoing basis. Between obtaining our licensed producer status from Health Canada, hiring on full-time personnel for several key professional roles, and beginning to harvest our first crop for the 2020 growing season, receiving approval for trading on the CSE is an excellent addition to our momentum as we prepare to bring our first crop to market. We look forward to a productive Q4 2020, with very exciting developments to be had in 2021 and beyond.”
About Christina Lake Cannabis Corp.
Christina Lake Cannabis Corp is a Licensed Producer of cannabis under the Cannabis Act which also received a Research and Development License from Health Canada on May 20, 2020. CLC’s facility is comprised of a 32-acre property, which includes over 950,000 square feet of outdoor grow space, offices, propagation and drying rooms, as well as research facilities, and a facility dedicated to processing and extraction. CLC cultivates cannabis using strains specifically developed for outdoor cultivation and expects to produce 22,500 kg or more from its 32-acre facility before developing its adjacent 99-acre expansion property, which will bring its cultivation footprint to over 4.35 million square feet or over 88,000 kg of low-cost, high-quality, sun-grown cannabis annually.
For more information about CLC, please visit: www.clcannabis.com
On behalf of Christina Lake Cannabis Corp.:
Joel Dumaresq, CEO and Director
Forward-Looking Information: This news release includes certain statements that may be deemed “forward-looking statements”. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “would”, “project”, “should”, “believe” and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this News Release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company’s disclosure documents which can be found under the Company’s profile on www.sedar.com.
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