RE:RE:This is getting crazy...Offical newsletter ...
VANCOUVER, British Columbia, February 3, 2021: Wildflower Brands Inc. (CSE: SUN, OTC:
WLDFF) (the “Company”) announces that the cease trade order issued today by the British Columbia Securities Commission is a result of the Company not filing its 2020 financial statements. The issue is that the Company’s auditor, Charlton & Company (“Charlton”), was audited by the Chartered Professional Accountants of British Columbia (“CPAB”), the governing body of auditors in British Columbia. In auditing Charlton & Company, the Wildflower audit file for 2019 was chosen. This began in March 2020, and the Company assisted Charlton with remediation work throughout the year.
As the process was prolonged, the Company retained another national auditing firm to advise the Company and assist Charlton with its own audit. The Company was advised that there was nothing it could do as Charlton was the one being audited. However, this prevented the Company from doing its 2020 audit.
We were advised the issue was the cash sales in California, representing less than 15% of the Company’s business, and providing sufficient audit evidence to meet CPAB’s standards as the Company had no banking available due to banking regulations in the sector. Despite no evidence or allegation of fraud, Charlton concluded their audit was not complete and must be qualified. Without an unqualified audit report for 2019, the 2020 audit cannot be completed.
Management is working with another auditing firm, its legal advisors and in discussions with the British Columbia Securities Commission on how the Company will move forward. In the meantime, business continues, and the Company looks forward to launching its Wildflower topicals into the Canadian market in the next couple of months.
Management will host a conference call for shareholders on Thursday, February 4, 2021 at 1:30 pm PST to discuss details about the CTO, answer any questions regarding the CTO, and give a brief overview of the company’s operations and strategies. Call in information: 1-226-317-9527, dial in code: 252822493