Denver, Colorado - 
(NewMediaWire) - June 15, 2021 - CBD
Global Sciences Inc. (CSE: CBDN) (the "Corporation")
further to its press releases dated May 14, 2021, and May 28, 2021 provides
this third bi-weekly default status report in accordance with National Policy
12-203 – Cease Trade Orders for
Continuous Disclosure Defaults (“NP
12-203”). In the Corporation’s initial default announcement of April 14,
2021 (the “Default Notice”), the
Corporation announced the delay in the filing of its audited annual financial
statements for the year ended December 31, 2020 (the “Annual
Financial Statements”) and related management’s discussion and analysis and
CEO and CFO certifications (collectively, the “Annual
Filings”) by the prescribed filing deadline.
As previously announced in the
Corporation’s press releases, the Corporation applied for and was granted a
management cease trade order in respect of the delayed Annual Filings (the “MCTO”) by the Alberta
Securities Commission. The MCTO prohibits the chief executive officer and the
chief financial officer from trading in the Corporation’s securities for so
long as there are filings that are outstanding under applicable securities
laws. The MCTO does not affect the ability of the general investing public to
trade in the Corporation’s listed common shares.
The audit of the Annual Financial
Statements is in progress and the Corporation expects to file the Annual
Filings on or before June 30, 2021, which is the date that the Alberta
Securities Commission has indicated that the MCTO will stay in effect until.
The Corporation confirms that
since the Default Notice: (i) there is no material change to the information
set out in the Default Notice that has not been generally disclosed; (ii) there
has been no failure by the Corporation in fulfilling its stated intentions with
respect to satisfying the provisions of the alternative information guidelines
set out in NP 12-203; (iii) there has not been any other specified default by
the Corporation under NP 12-203; and (iv) there is no other material
information concerning the affairs of the Corporation that has not been
generally disclosed.
Furthermore, the Corporation
anticipates that its interim financial statements for the three months ended
March 31, 2021, the accompanying management’s discussion and analysis and the
related CEO and CFO certifications will not be filed by the prescribed filing
deadline and will be filed after the Annual Filings are completed and filed.
The Corporation will continue to
comply with the provisions of the alternative information guidelines under NP
12-203 by issuing bi-weekly default status reports in the form of news releases
for so long as it remains in default of the filing requirements set out above.
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, 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.
