Several marijuana companies have postponed releasing their annual financial statements in the past months, and their number seems to be growing. Most notably Sundial Growers Inc. (NASDAQ:SNDL) got a MCTO because of their late filings, which were released on April 28, almost a month late.
YourWay Cannabis Brands Inc. (OTCQB:YOURF), was not as lucky and they expect full MCTO will ensue. HempFusion Welness Inc. (OTCQB:CBDHF) is already under the MCTO and Cansortium Inc. (OTCQX:CNTMF) has requested it.
This group is now joined by, Entourage Health Corp. (TSXV:ENTG) (OTCQX:ETRGF) (FSE:4WE) and Ikänik Farms, Inc. (CSE:IKNK) (FSE: DFMA) as they both delayed filing their financial statements. Additionally Red White & Bloom (OTCQX:RWBYF) (CSE:RWB) postponed year-end earnings call, with no details provided.
Ikänik Farms
Ikänik Farms has been informed by the Ontario Securities Commission that it is not eligible for a management cease trade order under National Policy 12-302 – Cease Trade Orders for Continuous Disclosure Defaults and, accordingly, the OSC will be issuing a failure-to-file cease trade order under National Policy 11-207 – Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions affecting all the company's securities following the deadline.
"The timing of this cease trade order does not take away from the company's momentum and recent results to transition operations away from its assets in California to the production and sale of certified pharmaceutical grade THC dry cannabis flower and derivatives from its indoor cultivation facility "Pideka" in Bogotá, Colombia, where Pideka has market leadership" stated Sanz de Madrid, CEO of Ikänik Farms.
Entourage
In accordance with Entourage’s trading policy, directors, officers, and other insiders of the company are currently restricted from trading in the company’s securities until after it files its full-year 2021 financials. The company expects the trading window to open subsequent to the filing of first quarter 2022 financial results, expected by no later than May 31, 2022.
Entourage reaffirmed that its previously reported full-year 2021 record preliminary unaudited total revenue improved slightly and is now $55.2 million together with preliminary gross margins of 7.0%.
