June 29, 2022 — Red White & Bloom Brands Inc., (CSE: RWB)(OTCQX: RWBYF) (the “Company” or “RWB”) is providing this update on the status of a management cease trade order granted on May 3, 2022 (the “MCTO”) by the British Columbia Securities Commission under National Policy 12-203 – Management Cease Trade Order (“NP 12-203”). On May 3, 2022, the Company announced that, for reasons disclosed in the news release, there would be a delay in the filing of its financial statements and accompanying management’s discussion and analysis for the fiscal year ended December 31, 2021 (the “Annual Filings”) beyond the period prescribed under applicable Canadian securities laws (the “Default Announcement”).
The Company has previously advised that it expected to be in a position to file the Annual Filings on or before June 30, 2022.
The Company has been informed by its auditor, Macias Gini & O’Connell LLP (“MGO”), that it would not be in a position to complete the audit by June 30, 2022. The Company has been working diligently with MGO to ensure that the audit is completed as soon possible. The Company applied to extend the MCTO, which was subsequently approved by the BCSC, and anticipates filing the Annual Filings and Q1, 2022 on or before July 15, 2022. Further updates on timing will be provided by the Company as necessary.
The existing MCTO presently continues to be in effect.
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 interim chief financial officer will not be able to trade in the Company’s shares.
The Company also announces that Ryan Costello has resigned from the board of directors effective June 17, 2022 for personal reasons. The Company wishes Mr. Costello well with his future endeavors.
The Company is in the process of appointing additional directors to the Board upon completion of their regulatory clearance with applicable state cannabis regulators, which is ongoing and expected to be completed over the next few weeks. Details about future appointments shall be announced as they become effective.
Other than as disclosed in this news release, there are no material changes to the information contained in the Default Announcement. The Company confirms that it intends to satisfy the provisions of NP 12-203 and will continue to issue bi-weekly default status reports for so long as it remains in default of the Annual Filings requirement.
About Red White & Bloom Brands Inc.
Red White & Bloom is a multi-state cannabis operator and house of premium brands in the U.S. legal cannabis and hemp sector. RWB is predominantly focusing its investments on the major U.S. markets, including Arizona, California, Florida, Illinois, Massachusetts, and Michigan with respect to cannabis, and the U.S. and internationally for hemp-based CBD products. For more information, visit website: www.RedWhiteBloom.com, or follow RWB on social media:
