May 10, 2022 – CBD Global Sciences Inc., dba Global Sciences Inc. (OTC: CBDNF) (CSE: CBDN) (Frankfurt: GS3.F) (Munich: GS3.MU) (the “Company”) is pleased to announce that further to its press release dated April 19, 2022, the Company’s principal regulator, the Alberta Securities Commission, has accepted the Company’s application for, and granted, a management cease trade order (the “MCTO”). The application for the MCTO was made by the Company due to a delay in the filing of its audited annual financial statements, accompanying management discussion and analysis and related CEO and CFO certifications for the year ended December 31, 2021 (the “Annual Filings”). The Company is actively working with its auditors to file the Annual Filings, which the Company expects to be completed in due course.
During the period in which the MCTO is effective, the general investing public, who are not insiders of the Company, will continue to be able to trade in the Company’s securities. However, the Company’s CEO and CFO will not be able to trade the Company’s securities until such time as the Annual Filings and all continuous disclosure requirements have been filed by the Company, and the MCTO has been lifted.
The Company’s board of directors and its management confirm that they are working expeditiously to meet the Company’s obligations relating to the filing of the Annual Filings. At this time, the Company anticipates being able to complete the Annual Filings on or before July 1, 2022.
During the MCTO, the Company confirms that it will comply with the provisions of the alternative information guidelines set out in National Policy 12-203 – Cease Trade Orders for Continuous Disclosure Defaults for as long as it remains in default, including the issuance of bi-weekly default status reports, each of which will be issued in the form of a news release.
The Company confirms as of the date of this news release that there is no insolvency proceeding against it and there is no other material information concerning the affairs of the Company that has not been generally disclosed.
ABOUT GLOBAL SCIENCES INC.
CBD Global Sciences, Inc., dba Global Sciences Inc. has become a multifaceted company focused on utilizing the Industrial Hemp plant to create a Healthier Way of Living. Its website can be found at www.globalsciences.ca. Global Sciences, Inc. is a hemp-based CBD producer and branding investment vehicle which currently owns multiple brands like the name Aethics™ www.aethics.com and CANNAOIL™ www.cannaoilshop.com, offering CBD Oil tinctures (liquid products), CBD capsules, CBD topicals, Hydration products, and confectionery products. Global Sciences hemp-derived CBD extracts are sold online through select distributors and brick-and- mortar retailers.
Through its wholly-owned subsidiaries, Global Sciences Holdings, Resinosa LLC, www.resinosa.com, and Legacy Distribution Group, www.legacydistributiongroup.com, Global Sciences is delivering quality CBD products in retail and e-commerce formats nationwide. The Direct Store Delivery (DSD) provides distribution services for multiple vendors of CBD-infused products and non-CBD products throughout the Colorado and Wyoming territories servicing over 750 C-store and large box retailers with expansion plans to exceed 5,000 stores in the next 12-24 months. In addition to Legacy Distribution, it has a manufacturing division, Resinosa LLC www.Resinosa.com, with its capabilities to provide cGMP manufacturing to the CBD industry with both private label and white label CBD and non-CBD product lines.