Icanic Brands Company Inc. (OTCMKTS: ICAN) has provided an update regarding the status of the management cease trade order that the British Columbia Securities Commission issued on November 30, 2021, as per the National Policy 12-203-Management Cease Trade Order (NP 12-203).
The company missed the date for filing annual filings
The company announced on November 30, 2021, that the submission of its financial statements and supporting management’s discussions and analysis for the financial year ending July 31, 2021 (the “Annual Filings”) would be delayed beyond the prescribed time under relevant Canadian securities laws for reasons revealed in the news release (the “Default Announcement”). Furthermore, due to the delay in the yearly report, the preliminary financial statements and related management discussions and analysis for the quarter ending October 31, 2021, have been postponed beyond the deadline.
The company expects to file the Annual and Interim Filings for the financial year ending October 31, 2021, before or on January 29, 2022. The company will give additional timetable updates as needed.
The general investing community will be allowed to trade in the Icanic Brands’ listed common shares during the MCTO. The company’s chief financial officer, and chief executive officer, on the other hand, will be unable to trade in the stock.
There are no major changes to the facts provided in the Default Statement other than those revealed in this news release. The company acknowledges that it plans to comply with NP 12- 203 and will keep producing bi-weekly default progress reports as long as it is in default on the Yearly Filings requirement.
Icanic Brands failed to file financial information due to audit delays
The company failed to file annual financial statements and management discussions and analyses because of audit delays. In addition, as a result of Covid-19-related delays in receiving information concerning affiliates purchased during the fiscal period, the company has been late in completing its audited financial accounts. As a result, the general investing community will be allowed to trade in Icanic Brands’ listed common shares during the MCTO.
Orchid Ventures Inc. (OTCMKTS: ORVRF) Signs Agreement To Seek Approval For Disposable Vaporizer Device in Europe
Orchid Ventures Inc. (OTCMKTS: ORVRF) has announced the signing of an exclusive agreement with Germany-based pharmaceutical firm Eurox Pharma GmbH.
PurTec, Eurox, and JWEI are seeking approval for a disposable vaporizer device
PurTec, Eurox, and JWEI, Orchid Ventures’ OEM supplier and partner, shall submit one of the premium disposable vaporizer devices from PurTec for Medical Device Approval in Germany under the agreement terms. To establish the device’s safety and efficacy, all three firms will collaborate on many requirements as well as safety studies. Also, to expedite the clearance process, the firms have already started obtaining numerous certifications. Eurox will have exclusive sales and distribution rights to the PurTec disposable vaporizer device in the EU, the UK, and Brazil once the device is certified.
Interestingly the agreement marks the first project PurTec will undertake in Europe
Orchid Ventures founder, chairman, and CEO Corey Mangold states, “After months of planning and strategizing, we are pleased to announce our partnership with such an established group in Eurox. We’re thrilled to join forces with Eurox and to be submitting one of our most stringently tested vaping products for Medical Device Approval with German health authorities. Once the product is accepted, this will be a huge step forward in our ability to deliver one of the first vaping products to patients and consumers in Germany, along with several other European countries. We are confident that with the combined experience and expertise of Eurox and JWEI, we will succeed in getting approval and be among one of the first vaporizer products in-market and available to consumers throughout the EU.”
Partnership to expand Eurox’s portfolio
Eurox Pharma GmbH Co-CEO Bernhard Babel said, “We are excited about this partnership. We believe that PurTec and JEWI will be valuable, long term partners that can help us expand access to relevant and exciting new products that will compliment our portfolio and advance our growth trajectory. Our objective is to deliver with liquid vaping a controlled and consistent therapy form to patients with need for inhaling in Europe and beyond.”
Emerald Health Therapeutics Inc. (OTCMKTS: EMHTF) Signs Binding Agreement To Sell Patents And Related IP To FlowerPod
Emerald Health Therapeutics Inc. (OTCMKTS: EMHTF) has signed a binding term sheet to sell all patent and associated IP pertaining to its vaporizer cannabis puck concept to FlowerPod LLC for $1 million in cash plus a $0.5 million one-year interest-carrying secured promissory note.
Emerlad to finalize dela in Q1 2022
Emerald will return its ownership interest to FlowerPod LLC as part of the deal but will keep the $350,000 two-year interest-carrying promissory note it obtained from FlowerPod LLC on May 5, 2021. The deal is expected to finalize in late Q1 of 2022.
The company and HYTN Cannabis Inc. have also decided to wind down their strategic relationship, which was first disclosed on November 3, 2021, in a timely and cooperative manner. Emerald has equally taken measures to minimize its burn rate significantly.
Chair of Emerald’s Board Jim Heppell said, “As I mentioned at our AGM on December 30, 2021, since announcing on November 29, 2021, that Emerald was pivoting out of the cannabis industry and into pharmaceutical development, I have been very pleased with Emerald’s progress on negotiations to sell its cannabis industry assets for cash. The Board and management are looking forward to our meeting with Vantage Point later this week, where we will be focusing on prioritizing their shortlist of merger/acquisition candidates involved in pharmaceutical development.”
Emerald is exiting the medical and recreational cannabis market
Recently the company announced that it is exiting the medical and recreational cannabis business to pivot to pharmaceutical development. To further enhance its already solid capital position, Emerald seeks to sell its medical and recreational use cannabis businesses, as well as make major cost cutbacks to reduce its monthly net burn.
Emerald plans to optimize its financial position and pursue market opportunities in pharmaceutical research, an area in which the Emerald Board of Directors has extensive experience. Regulatory permission is required for any acquisitions or dispositions, and shareholder approval may be required as well. The company also announced the resignation of its CEO & President Riaz Bandali effective December 31, 2021.
Global Hemp Group Inc. (OTCMKTS: GBHPF) Finalizes Incorporation of its Mexican Subsidiary and Updates on R&D Division
Global Hemp Group Inc. (OTCMKTS: GBHPF) has offered an update regarding its research and development initiatives in Mexico. In addition, the company has finalized the incorporation of a subsidiary in Mexico.
Global Hemp Group receives recognition in Mexico
While this was a lengthy procedure that took the better part of the year to complete, GHG now has official recognition in Mexico. As a government-recognized company, the company can now explore its hemp license to cultivate and extract hemp material for primary use by the R&D Division and participate in more substantial collaborations throughout Mexico. In addition, the Mexican Senate is anticipated to pass hemp and cannabis legislation during the current parliamentary session, which began in September.
Also, the company is thrilled to disclose that it has hired a team of US and Mexican patent attorneys to finish the documentation required to file the R&D Division’s first patent. The patent covers a new process for creating a hemp-based composite substance that might be utilized as an alternative for Medium Density Fibreboard in the building industry.
GHG announced a Collaboration Agreement with the National Autonomous University of Mexico (Universidad Nacional Autonoma de Mexico – UNAM), one of the world’s premier Spanish-speaking institutions and Latin America’s most prestigious educational institution, on August 24, 2021. This relationship gives GHG access to the university’s cutting-edge laboratory equipment, and also UNAM’s research library, and the ability to connect with students and academics with diverse backgrounds. In addition, this has allowed the R&D Division to broaden its experimental and conceptual work.
Global Hemp Group cancels $2.3 million
Additionally, GHG has announced the cancellation of 2.3 million common shares in its capital and their return to treasury. The shares were initially issued in connection with GHG’s Scio Oregon hemp initiative. The company kept them in escrow until the project met certain financial benchmarks before being released to specific employees and consultants. However, the company has recently stopped its Oregon operations to create its Green Community in Hayden, Colorado, as the project did not meet these milestones.