VANCOUVER, BC, — (September 29, 2022) – Isracann Biosciences Inc. (CSE: IPOT) (XFRA: A2PT0E) (OTC: ISCNF) (the “Company”) announces that the filing of its audited annual financial statements for the year ended May 31, 2022, including the related management discussion and analysis, and CEO and CFO certifications (collectively, the “Annual Financial Filings”) were not filed by the required filing deadline of September 28, 2022 (the “Filing Deadline”). The Annual Financial Filings are late due to unforeseen delays in the completion of the Company’s audit. The unforeseen delay is due to the fact that the Company acquired operations in Israel and in Canada during the fiscal period and the auditors are trying to consolidate the audit and have lack of time to complete procedures.
The Company’s staff are working diligently with its auditors and the Company anticipates that it will be in a position to file the Annual Financial Filings within the next seven weeks.
The Company has voluntarily applied to the applicable securities regulatory authorities and received a management cease trade order related to the Company’s securities to be imposed the management of the Company to trade securities of the Company. The management cease trade order will be in effect until the Annual Financial Filings are filed. All other securityholders will still be able to trade in the securities of the Company in accordance with applicable securities laws.
Until the Annual Financial Filings are filed, the Company intends to provide information in accordance with National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults.
ON BEHALF OF THE BOARD OF DIRECTORS
Chief Executive Officer and President
About Isracann Biosciences Inc. (CSE: IPOT) (XFRA: A2PT0E) (OTC: ISCNF)
Isracann is a multidisciplinary cannabis focused producer and product developer with Israeli-based cannabis production farm assets and a Canadian natural health medicine development and production arm. Concurrently focused on initial retail sales in Canada and in becoming a premier cannabis producer offering low-cost domestic Israeli production, the Company aims to commercialize natural health medicines in Canada and to leverage agreements within Israel for import/export opportunities and medicinal marijuana cultivation. For more information visit: www.isracann.com.
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