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Christina Lake Cannabis Announces Delay in Filing its 2024 Annual Financial Statements
Globenewswireยท 2025-07-03 04:45
Core Viewpoint - Christina Lake Cannabis Corp. (CLC) announced a delay in filing its annual financial statements for the fiscal year ended February 28, 2025, due to extended audit processes and resource limitations [1][2]. Group 1: Filing Delay - CLC will not file its annual financial statements by the prescribed deadline of June 30, 2025, due to the audit taking longer than expected [1][2]. - The delay is attributed to the high level of testing required and limited staff availability, particularly concerning inventory and biological assets [2]. - The increased production levels and new product lines following the Midway acquisition have complicated the costing and inventory allocation processes [2]. Group 2: Auditor and Compliance - CLC is collaborating with its auditor DMCL LLP to ensure timely submission of the annual filings, with an expected filing date no later than July 14, 2025 [3]. - The company has applied for a management cease trade order (MCTO) to prevent the CEO and CFO from trading in CLC securities until the filings are completed [3]. - The MCTO application is subject to the risk of not being successful, which could lead to further trading restrictions [3][4]. Group 3: Company Operations - CLC is a licensed cannabis producer with a focus on high-quality extracts and distillates, operating on a 32-acre property with over 950,000 square feet of outdoor grow space [5]. - The company has secured necessary licenses from Health Canada for cultivation, processing, and research and development [5]. - CLC's production strategy includes proprietary strains developed for outdoor cultivation to enhance extraction quality [5].