May 19, 2022 – Cansortium Inc. (CSE: TIUM.U) (OTCQX: CNTMF) (“Cansortium” or the “Company”), a vertically-integrated cannabis company operating under the Fluent™ brand, is providing a bi-weekly default status report in accordance with National Policy 12-203 – Management Cease Trade Orders (“NP 12-203”).
On May 2, 2022, the Company announced that it applied for a management cease trade order (“MCTO”) with the Ontario Securities Commission (“OSC”) in connection with the delay in filing of its audited annual financial statements for the year ended December 31, 2021, and related management discussion and analysis and CEO and CFO certificates (collectively, the “Required Documents”) by the prescribed filing deadline (the “Original Announcement”). The MCTO was issued on May 9, 2022 and restricts its Chief Executive Officer and Chief Financial Officer from trading in securities of the Company, whether direct or indirect, until two full business days following the receipt by the OSC of all filings the Company is required to make under Ontario securities law (including the Required Documents). The MCTO does not affect the ability of other shareholders, including the public, to trade in securities of the Company.
The Company’s management continues to work diligently to complete the Required Documents and, as previously disclosed by the Company on May 9, 2022, anticipates, but cannot assure, that the Required Documents will be filed by May 27, 2022.
The Company confirms that since the date of the Original Announcement: (i) other than as described above, there has been no material change to the information set out in the Original Announcement that has not been generally disclosed; (ii) there has been no failure by the Company in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines set out in NP 12-203; (iii) there has not been any other specified default by the Company under NP 12-203; and (iv) there is no other material information concerning the affairs of the Company that has not been generally disclosed.
The Company confirms it will continue to satisfy the provisions of the alternative information guidelines set out in NP 12-203 so long as it remains in default of the requirement to file the Required Documents.
Cansortium is a vertically-integrated cannabis company with licenses and operations in Florida, Pennsylvania, Michigan and Texas. The Company operates under the Fluent™ brand and is dedicated to being one of the highest quality cannabis companies for the communities it serves. This is driven by Cansortium’s unrelenting commitment to operational excellence in cultivation, production, distribution and retail. The Company is headquartered in Miami, Florida.
Cansortium Inc.’s common shares trade on the CSE under the symbol “TIUM.U” and on the OTCQX Best Market under the symbol “CNTMF”. For more information about the Company, please visit www.getfluent.com.
