Denver, Colorado - 
(NewMediaWire) - April 14, 2021 - CBD
Global Sciences Inc. (CSE: CBDN) (the "Company")
would like to provide an update on the status of the filing of its annual
financial statements, accompanying management’s discussion and analysis and
related CEO and CFO certifications for the year ended December 31, 2020
(collectively, the "Annual Filings").
Due to the continued impact of
COVID-19, and the logistical complications for its auditor to conduct the audit
of certain operations, the Company anticipates the Annual Filings will be
delayed beyond the required filing deadline: (i) under Parts 4 and 5 of
National Instrument 51-102 – Continuous
Disclosure Obligations and pursuant to National Instrument 52-109 – Certification of Disclosure in Issuer’s Annual
and Interim Filings, being April 30, 2021 (the "Filing
Deadline").
The Company intends to continue
to work diligently and expeditiously with its auditors and expects to file the
Annual Filings as soon as possible, and in any event no later than June 15,
2021.
Other than as previously
disclosed by the Company and herein with this press release, the Company
confirms that there have been no material business developments since the date
of its last financial statements that were filed.
Management
Cease Trade Order Application
In light of the delay in filing of the Annual Filings
prior to the Filing Deadline, the Company is providing this default
announcement in accordance with National Policy 12-203 Management Cease Trade
Orders ("NP 12-203").
The Company has made an application to the Alberta Securities Commission (the "ASC"), as principal regulator of the
Company, for a management cease trade order ("MCTO")
under NP 12-203 in respect of the anticipated default regarding the Annual
Filings. The granting of the MCTO is at the discretion of the Alberta
Securities Commission and there is no guarantee that this will be
granted. The issuance of the MCTO will not affect the ability of persons
who have not been directors, officers, or insiders of the Company to trade in
their securities. In the event that the MCTO is granted, it will be in effect
until the default is remedied. The Company intends to follow the
provisions of the Alternative Information Guidelines set out in NP 12-203,
including the issuance of bi-weekly default status reports in the form of news
releases, for as long as the Company remains in default.
ABOUT
CBD GLOBAL SCIENCES INC.
CBD Global Sciences Inc., is a
vertically integrated hemp-based CBD producer, extractor, and branding
investment vehicle which currently owns two product categories, branded under
the name AETHICS (www.aethics.com) and CANNAOIL (www.cannaoilshop.com),
which include CBD Oil tinctures (liquid products), CBD capsules, CBD topicals
and CBD hydration products. CBD Global’s hemp-derived CBD extracts are
sold through select distributors, brick and mortar retailers, and online.
CBD Global Sciences, through its
wholly owned subsidiary, Strasburg Pharms, grows and operates irrigated land in
Colorado that grows hemp with only all-natural Colorado water, soil, sun, and
nutrients that is NEVER sprayed with pesticides or chemicals. Our
genetics are hand selected and maintained to present the best cannabinoid
profile with extremely high CBD.
For
further information, please contact, Investor Relations, (888) 401-2239, info@cbdglobalsciences.com.
NEITHER THE CANADIAN SECURITIES
EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
CAUTIONARY
STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes
certain "forward-looking statements" under applicable Canadian
securities legislation. Forward-looking statements include, but are not limited
to, statements with respect to future developments and the business and
operations of the Corporation. Forward-looking statements are necessarily
based upon a number of estimates and assumptions that, while considered
reasonable, are subject to known and unknown risks, uncertainties, and other factors
which may cause the actual results and future events to differ materially from
those expressed or implied by such forward-looking statements. Such factors
include, but are not limited to general business, economic, competitive,
political and social uncertainties; and delay or failure to receive board,
shareholder or regulatory approvals. Readers should not place undue
reliance on forward-looking statements. The Corporation disclaims any
intention or obligation to update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise, except as required
by law.
