CALGARY, AB, May 1, 2024/CNW/ - The Hempshire Group, Inc. (TSXV: HMPG) ("Hempshire" or the "Company"), a California-based non-tobacco and non-nicotine smokables alternatives company that formulates and sells its own proprietary brand of cannabidiol hemp smokes ("CBD Hemp Smokes") under the MOUNTAIN® Smokes label, announces that due to recent management changes it will not be in a position to file its audited annual financial statements for the year ended December 31, 2023, the related management's discussion and analysis and related CEO and CFO certificates by the required deadline of April 29, 2024. The Company is working diligently and expeditiously with its auditors and expects to file its 2023 annual financial statements and related management's discussion and analysis on or before May 29, 2024.
The Company has applied to the Alberta Securities Commission, as principal regulator for the Company, for the imposition of a management cease trade order under National Policy 12-203 – Management Cease Trade Orders ("NP 12-203") throughout the duration of the default.
The management cease trade order, if approved, will generally not affect the ability of persons who are not or have not been management of the Company to trade in its securities.
As previously announced, the Company's Chief Executive Officer and Chief Financial Officer were replaced on February 14, 2024. For a start-up company with a small staff, the recent management changes caused a late start to the year end audit and other timing issues. The Company has engaged additional accounting assistance on a consulting basis to complete the financial statements by May 29, 2024.
The Company confirms that it will satisfy the provisions of the alternative information guidelines under NP 12-203 by issuing biweekly default status reports in the form of news releases for so long as it remains in default of the above-noted filing requirements.
The Company confirms that it is not subject to any insolvency proceedings and there is no other material information relating to its affairs that has not been generally disclosed.
Other than as disclosed herein, the Company is up to date in its filing obligations.
About Hempshire
Hempshire formulates and markets its own proprietary brands under the MOUNTAIN® Smokes brand name, including MOUNTAIN® Originals hemp smokes ("Hemp Smokes") with <0.3% THC.
Information about the Company's MOUNTAIN® Smokes line of Hemp Smokes can be found at the Company's ecommerce website at https://mountainsmokes.com.
Reader Advisory
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. More particularly, and without limitation, this news release contains forward-looking statements and information concerning the anticipated filing of the financial statements and the approval of the management cease trade order by the ASC.
Hempshire believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because Hempshire can give no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to inherent risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed.
Neither the TSXV nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
SOURCE The Hempshire Group, Inc.
View original content: http://www.newswire.ca/en/releases/archive/May2024/01/c2399.html