Red White & Bloom Brands Still Under MCTO, Ryan Costello Resigns From The Board Of Directors

Red White & Bloom Brands Inc., RWBYF RWB provided an 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, 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 beyond the period prescribed under applicable Canadian securities laws.

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.

Ryan Costello has resigned from the board of directors for personal reasons.

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.

Photo by Esteban Lopez on Unsplash

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Posted In: Macias Gini & O'Connell LLPRyan CostelloCannabisNewsPenny StocksMarkets

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