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TORONTO, April 03, 2020 (GLOBE NEWSWIRE) — North Bud Farms Inc. (CSE:NBUD) (NOBDF) (“NORTHBUD” or the “Company“) announces, further to its news release of March 13, 2020, that the Company’s principal regulator, the Ontario Securities Commission (the “Commission”), granted a management cease trade order (the “MCTO”) on March 31, 2020, under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203“).
Pursuant to the MCTO, the Chief Executive Officer and the Chief Financial Officer may not trade in securities of the Company until such time as the Company files its annual audited financial statements for the year ended November 30, 2019, management’s discussion and analysis and related certifications (collectively the “Required Documents”) and the Commission revokes the MCTO. The MCTO does not affect the ability of shareholders to trade their securities.
The Company’s Board of Directors and management confirm that they are working expeditiously to file the Required Documents and confirm that since the Company’s latest press releases dated March 13, 2020, and March 16, 2020, there is no other material information respecting the Company’s affairs that has not been generally disclosed.
Until the Required Documents have been filed, the Company intends to continue to satisfy the provisions of the alternative information guidelines specified in NP 12-203 by issuing bi-weekly default status reports in the form of further press releases for so long as the Company remains in default of the financial statement filing requirement.
About North Bud Farms Inc.
NORTHBUD owns and operates, through its subsidiaries, licensed cannabis facilities in Canada, California and Nevada. Bonfire Brands USA, the Company’s U.S. subsidiary, acquired cannabis production facilities in Salinas, California and Reno, Nevada in late 2019. The Salinas, California 11-acre farm