Ayurcann Holdings Corp.
(
CSE: AYUR,
OTCQB: CDCLF,
FSE: 3ZQ0) (“
Ayurcann” or the
“
Company”), a leading Canadian cannabis extraction
company specializing in the processing and co-manufacturing of
pharma grade cannabis and hemp to produce various derivative
cannabis 2.0 and 3.0 products in the medical and recreational
market, is pleased to announce that it has fulfilled its first
shipment of pre-rolled products to the Ontario Cannabis Store (the
“
OCS Shipment”). The OCS Shipment
marks the entry of Ayurcann into the Canadian cannabis flower
segment.
The Company has also been working with
provincial boards across the country, overseeing retail sales and
distributions of cannabis in each Canadian province and territory,
and has been rewarded with new stock-keeping units
(“SKUs”). New SKUs will provide high potency
flower, distillate vapes, concentrates and tinctures.
Early Warning
Disclosure
On October 17, 2022, the Company settled debt
owing to 2388765 Ontario Inc. (“238”) and IIPAC
Inc. (“IIPAC”) in the amount of $60,000 (the
“Transaction”). As part of the Transaction, 238
and IIPAC each converted $30,000 of their respective debt owed by
the Company into 475,435 common shares in the capital of the
Company (“Common Shares”), at a deemed price of
$0.0631 per Common Share. The Common Shares issued in connection
with the Transaction are subject to a statutory hold period of four
months and a day from the date of issuance.
Prior to the closing of the Transaction, 238,
together with its joint actor (Igal Sudman), beneficially owned an
aggregate of 26,419,989 Common Shares (of which 12,487,887 Common
Shares were owned by 238 directly and 13,932,102 Common Shares were
owned by its joint actor), representing approximately 17.12% of the
total issued and outstanding Common Shares on a non-diluted and
partially diluted basis. IIPAC, together with its joint actor
(Roman Buzaker), beneficially owned an aggregate of 26,127,707
Common Shares (of which 12,487,887 Common Shares were owned
directly by IIPAC and 13,639,820 Common Shares were owned by its
joint actor), representing approximately 16.93% of the total issued
and outstanding Common Shares on a non-diluted basis and partially
diluted basis.
Following the completion of the Transaction,
238, together with its joint actor, now has ownership and control
over an aggregate of 26,895,424 Common Shares (of which 12,963,322
Common Shares are owned directly by 238 and 13,932,102 Common
Shares are owned by its joint actor), representing approximately
17.43% of the total issued and outstanding Common Shares on a
non-diluted basis and partially diluted basis. IIPAC, together with
its joint actor, now has ownership and control over an aggregate of
26,603,142 Common Shares (of which 12,963,322 Common Shares are
owned directly by IIPAC and 13,639,820 Common Shares are owned by
its joint actor), representing approximately 17.24% of the total
issued and outstanding Common Shares on a non-diluted basis and
partially diluted basis.
Mr. Sudman and Mr. Buzaker each most recently
filed an early warning report pursuant to National Instrument
62-104 – Take-Over Bids and Issuer Bids on March 26, 2021
(collectively, the “Prior EWRs”). Since then, the
Company has issued Common Shares in a variety of transactions,
which has resulted in each of 238, together with its joint actor,
and IIPAC, together with its joint actor, holdings decreasing by
more than 2%. As at the date of the Prior EWRs, 238 and IIPAC
directly, or indirectly, or exercised control or direction over,
respectively, 23,816,919 Common Shares and 23,144,624 Common
Shares, representing, respectively, 23.59% and 22.92% of the issued
and outstanding Common Shares.
The Common Shares acquired pursuant to the
Transaction were acquired by each of 238 and IIPAC for investment
purposes, and depending on market and other conditions, each of 238
and IIPAC, may from time to time in the future increase or decrease
their respective ownership, control or direction over securities of
the Company through market transactions, private agreements, or
otherwise.
An early warning report pursuant to the
requirements of applicable securities laws will be issued by each
of 238 and IIPAC, separately, and will be posted to SEDAR at
www.sedar.com and available on request at the number and addresses
below. For further information, including a copy of the early
warning reports required under applicable Canadian securities laws
to be filed by each of 238 and IIPAC as a result of the
Transaction, please contact Igal Sudman, Chief Executive Officer,
at 905-492-3322 or Roman Buzaker, Chief Financial Officer, at
905-492-3322. For the purposes of this notice, the address of 238
and IIPAC is 1080 Brock Road, Unit 6, Pickering, Ontario L1W
3H3.
The head office of the Company is located at
1080 Brock Road, Unit 6, Pickering, ON L1W 3H3.
About
Ayurcann Holdings Corp.
Ayurcann is a leading post-harvest solution
provider focusing on providing and creating custom processes and
pharma-grade products for the adult use and medical cannabis
industry in Canada. Ayurcann is striving to become a partner of
choice for leading Canadian and international cannabis brands by
providing best-in-class, proprietary services, including
extraction, formulation, product development and custom
manufacturing.
For additional information, please
contact:
Ayurcann Holdings Corp.Igal Sudman, Chief Executive
Officer905-492-3322info@ayurcann.com
Investor Relations:
Email: ir@ayurcann.com
Neither the CSE nor its Regulation Services
Provider have reviewed or accept responsibility for the adequacy or
accuracy of this news release.
This press release contains “forward-looking
statements” within the meaning of applicable securities laws. All
statements contained herein that are not clearly historical in
nature may constitute forward-looking statements. Generally, such
forward-looking information or forward-looking statements can be
identified by the use of forward-looking terminology such as
“plans”, “strategy”, “expects” or “does not expect”, “intends”,
“continues”, “anticipates” or “does not anticipate”, or “believes”,
or variations of such words and phrases or may contain statements
that certain actions, events or results “will be taken”, “will
launch” or “will be launching”, “will include”, “will allow”, “will
be made” “will continue”, “will occur” or “will be achieved”. The
forward-looking information and forward-looking statements
contained herein include, but are not limited to, statements
regarding: the Company offering new SKUs of high potency flower,
distillate vapes, concentrates and tinctures; and the ability of
the Company to become the partner of choice for leading Canadian
and international cannabis brands by providing best-in-class,
proprietary services, including extraction, formulation, product
development and custom manufacturing.
Forward-looking information in this news release
are based on certain assumptions and expected future events,
namely: the Company will expand and be able to maintain production
capacity; continued approval of the Company’s activities by the
relevant governmental and/or regulatory authorities; the continued
growth of the Company; the Company’s successful implementation of
its strategy to expand market share in cannabis industry; the
Company’s continuing ability to meet the requirements necessary to
remain listed on the CSE and alternative exchanges; the Company
selling its products pursuant to applicable laws and regulations;
the Company successfully distributing the new SKUs; the Company
growing its exposure, consumer and retail partnerships and market
share throughout the country; Ayurcann maintaining a continuous
path of growth; the Company maintaining and forging relationships
with retail distributors and becoming the partner of choice for
leading Canadian and international cannabis brands; and the Company
offering best-in-class, proprietary service.
These statements involve known and unknown
risks, uncertainties and other factors, which may cause actual
results, performance or achievements to differ materially from
those expressed or implied by such statements, including but not
limited to: the Company’s inability to expand and/or maintain
production capacity; the potential inability of the Company to
continue as a going concern; the risks associated with the cannabis
industry in general; increased competition in the cannabis
extraction market; the potential future unviability of the cannabis
market; risks associated with potential governmental and/or
regulatory action with respect to the cannabis industry; the
Company’s inability to obtain continued regulatory approvals; the
Company’s inability to meet the requirements necessary to remain
listed on the CSE and alternative exchanges; the Company’s
inability to sell its cannabis flower products pursuant to
applicable laws and regulations; the Company’s inability to grow
and increase sales for Ayurcann; the Company’s inability to
maintain a continuous path of growth; the Company’s inability to
secure funds for the integration, development and distribution of
its new and existing SKUs; and the Company’s inability to secure
additional partnerships and become the partner of choice for
leading Canadian and international cannabis brands.
Readers are cautioned that the foregoing list is
not exhaustive. Readers are further cautioned not to place undue
reliance on forward-looking statements, as there can be no
assurance that the plans, intentions, or expectations upon which
they are placed will occur. Such information, although considered
reasonable by management at the time of preparation, may prove to
be incorrect and actual results may differ materially from those
anticipated.
Forward-looking statements contained in this
news release are expressly qualified by this cautionary statement
and reflect the Company’s expectations as of the date hereof and
are subject to change thereafter. The Company undertakes no
obligation to update or revise any forward-looking statements,
whether as a result of new information, estimates or opinions,
future events, or results or otherwise or to explain any material
difference between subsequent actual events and such
forward-looking information, except as required by applicable
law.
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