TORONTO, May 31, 2021 (GLOBE NEWSWIRE) – Red White & Bloom Brands Inc. (CSE: RWB and OTCQX: RWBYF) (“RWB“or the”Company”), A multi-state cannabis operator and premium brand house, provides an update to its 2020 and Q1 2021 audited financial statements:
Ahead of the year-end audit and Q1 results, the Company will release certain financial and operational highlights tomorrow, June 1, 20211.
The company’s audit firm, MNP LLP (“MNP), has not completed the required audited financial statements for 2020 by the mutually agreed deadline of May 31, 2021.
MNP was appointed auditor of the Company in September 2020.The Company was informed in mid-April that MNP would need more time to complete the audit due to the integration of the acquired subsidiaries into the Company, the complexity of acquisition operations and various delays caused by Covid-19 which collectively led the company and MNP not to have the time and resources to complete the audit in the allotted time. As a result of these delays, the company has filed an extension request with the BCSC and a management cease trade order has been granted, giving it until July 2, 2021 to file the financial statements.
Our auditor, MNP, informed the company on May 20, 2021 that the engagement partner responsible for the audit of the company required a sudden and unexpected medical leave of unknown duration. Unfortunately, MNP has now informed the company that despite its best efforts over the next week to examine alternatives, including moving existing resources, reorganizing work schedules, and changing other commitments, it was ultimately unable to find a workable solution that would provide both. coverage required for an extended period and meet the audit standards requirements of the Accounting Oversight Board of Public Enterprises in the United States and complete its audit procedures within an acceptable timeframe.
The Company has identified a successor auditor, which MNP has undertaken to assist, so that the Company can complete its audit. The Company will file a change of auditor file with the securities commissions in due course.
About Red White & Bloom Brands Inc.
The company is positioned as one of the top three multi-state cannabis operators active in the legal cannabis and hemp industry in the United States. RWB primarily focuses its investments in major US markets including Michigan, Illinois, Massachusetts, Arizona and California for cannabis, as well as the US and globally for CBD products. based on hemp.
For more information on Red White & Bloom Brands Inc., please contact:
Brad Rogers, CEO and President
Tyler Troup, Managing Director
IR circadian group
Visit us on the web: www.RedWhiteBloom.com
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This press release contains forward-looking statements and information which are based on the beliefs of management and reflect the current expectations of the company. When used in this press release, the words “estimate”, “plan”, “believe”, “anticipate”, “intend”, “expect”, “plan”, “anticipate”, “May” or “should” and the negation of these words or such variations or comparable terminology is intended to identify forward-looking statements and information. There can be no assurance that these transactions will yield results in accordance with management’s expectations. These statements and information reflect the Company’s current view with respect to the risks and uncertainties that may cause actual results to differ materially from those contemplated in such forward-looking statements and information.
By their nature, forward-looking statements involve risks, uncertainties and other known and unknown factors that may cause our actual results, performance or achievements, or other future events, to be materially different from the results, performance or performance. or future achievements expressed or implied by these forward-looking statements. These factors include, among others, the following risks: risks associated with the implementation of the Company’s business plan and related matters, risks associated with the cannabis industry, competition, regulatory changes, the need for additional funding, dependence on key personnel, the market size and volatility of the price and volume of the company’s common stock. Forward-looking statements are made based on the beliefs, estimates and opinions of management at the date the statements are made, and the Company assumes no obligation to update any forward-looking statements if such beliefs, estimates and opinions or other circumstances had to change. Investors are cautioned against assigning undue certainty to forward-looking statements.
A number of important factors could cause the actual results of the Company to differ materially from those indicated or implied by forward-looking statements and information. These factors include, among others, risks associated with the activities offered by the company, such as failure of business strategy and government regulation; risks related to the company’s activities, such as additional financing needs and access to capital, dependence on key and qualified personnel, insurance, competition, intellectual property and chains reliable supply; risks associated with the company and its activities in general; risks associated with regulatory approvals. The Company cautions that the foregoing list of important factors is not exhaustive. When relying on the Company’s forward-looking statements and information in making decisions, investors and others should carefully consider the above factors as well as other uncertainties and potential events. The Company has assumed a certain progression, which may not materialize. It also assumed that the important factors mentioned in the preceding paragraph would not cause these forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that these assumptions will reflect the actual result of such items or factors. Although the Company may choose to do so, it does not undertake to update this information at any given time.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT ATTRIBUTE UNDUE IMPORTANCE TO FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY ON SUCH INFORMATION AT ANY OTHER DATE. AS SOON AS THE COMPANY CAN CHOOSE, IT DOES NOT COMMIT TO UPDATING THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED UNDER APPLICABLE LAW.
1 Subject to regulatory review.