CannAmerica Brands : Audited annual financial statements – English – marketscreener.com

CANNAMERICA BRANDS CORP.

ANNUAL REPORT

For the Year Ended

March 31, 2021

CannAmerica Brands Corp.

Management’s Discussion and Analysis for the Year Ended March 31, 2021

All amounts expressed in CAD dollars, unless otherwise stated)

INTRODUCTION

The following management discussion and analysis (“MD&A”) of the results of operations and financial condition of CannAmerica Brands Corp. (“CannAmerica”) should be read in conjunction with the consolidated financial statements for the years ended March 31, 2021 and 2020 of CannAmerica and the accompanying notes thereto for CannAmerica, CannAmerica Holdings Corp. and DAFF International, LLC. The consolidated financial statements comprise the financial statements of CannAmerica and its legal subsidiaries (collectively referred to as the “Company”).

The financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”) and all amounts are expressed in Canadian dollars unless noted otherwise. The effective date of this MD&A is October 5, 2021.

DESCRIPTION OF BUSINESS

CannAmerica Brands Corp. (formerly Transform Capital Corp.) (“CannAmerica”) was incorporated in the province of British Columbia on March 13, 2017, under the Business Corporations Act of British Columbia. CannAmerica’s head office and its registered and records office is located at 10th Floor, 595 Howe Street, Vancouver, British Columbia, V6C 2T5.

On May 30, 2018, CannAmerica entered into an agreement with the shareholders of CannAmerica Holdings Corp. (“CannAmerica Holdings”) whereby 100% of the common shares and warrants of CannAmerica Holdings were exchanged for common shares of CannAmerica (the “CannAmerica Holdings Acquisition”). The CannAmerica Holdings Acquisition is considered a reverse takeover of a non-operating company whereby CannAmerica Holdings, the legal subsidiary, has been determined to have acquired control of CannAmerica and

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