Craftport Cannabis Corp. announces that the Company has been issued a cease trade order (“CTO“) from the British Columbia Securities Commission effective as of May 8, 2023. The CTO was issued in response to the Company’s failure to file its audited annual financial statements, accompanying management’s discussion and analysis, and certifications for the year ended December 31, 2022 (the “Required Filings“) by the filing deadline of May 1, 2023.
The failure to file the Required Filings is due to the Company not having sufficient capital at this time to begin the year end audit process. The Company is working diligently to remedy the default by securing additional capital to start the audit process and with its auditor to ensure the filing of its Required Filings as soon as possible.
The Company also announces that the mortgage holder of the property located at 13460 Rippington Road, Pitt Meadows BC (the “Property“), has applied to start foreclosure of the Property, pursuant to a mortgage loan agreement dated January 24, 2020 to secure repayment of loans made by the mortgage holder. The Property is owned by 1139000 B.C. Ltd., of which the Company owns 51%. The Company does not intend to defend this action.
About Craftport Cannabis
Craftport Cannabis is a Canadian cannabis licensed producer operating out of Peachland, British Columbia. The Company is focused on the Canadian premium craft cannabis recreational market by utilizing an outsourced cultivation model. For more information about Craftport Cannabis, please refer to information available under the Company’s profile on SEDAR at www.sedar.com and the CSE website.
