Avicanna Announces Change of Auditor
16 Juli 2021 - 11:25PM
Avicanna Inc. ("
Avicanna" or the
"
Company") (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN) a
biopharmaceutical company focused on the development, manufacturing
and commercialization of plant-derived cannabinoid-based products,
announces the appointment of Kingston Ross Pasnak LLP (the
“Successor Auditor”) as its independent registered public
accounting firm, effective July 15, 2021, to hold office until the
next annual meeting of the shareholders of the Company. The
Successor Auditor was appointed following the resignation of MNP
LLP (the “Former Auditor”) as the Company’s independent registered
public accounting firm.
There were no reservations or modified opinions
in the Former Auditor’s audit report for the fiscal year ended
December 31, 2019. However, there is a reportable event with
respect to an unresolved issue, as such terms are defined in
National Instrument 51-102 — Continuous Disclosure Obligations (“NI
51-102”), related to the audit of the Company’s financial
statements for the year ended December 31, 2020 (the “2020
Financial Statements”) as the internal control issues it identified
are such that the Former Auditor has concluded that it will not be
in a position to issue an opinion on 2020 Financial Statements. The
Company has authorized the Former Auditor to respond fully to
inquiries by the Successor Auditor concerning the issue.
The change of the auditor and the recommendation
to appoint the Successor Auditor was approved by the Audit
Committee and the Board of Directors of the Company. In accordance
with NI 51-102, the notice of change of auditor, together with the
required letters from the Former Auditor and the Successor Auditor,
have been reviewed by the board of directors of the Company and
filed on SEDAR.
About Avicanna
Avicanna is a diversified and vertically
integrated Canadian biopharmaceutical company focused on the
research, development and commercialization of plant-derived
cannabinoid-based products for the global consumer, medical, and
pharmaceutical market segments.
SOURCE Avicanna Inc.
Stay Connected
For more information about Avicanna, visit
www.avicanna.com, call 1-647-243-5283, or contact Setu Purohit,
President by email at info@avicanna.com.
The company posts updates through videos from
the official company YouTube
channel https://www.youtube.com/channel/UC5yBclNIsNf7VrE34iwt8OA.
Cautionary Note Regarding
Forward-Looking Information and Statements
This news release contains "forward-looking
information" within the meaning of applicable securities laws.
Forward-looking information contained in this press release may be
identified by the use of words such as, "may", "would", "could",
"will", "likely", "expect", "anticipate", "believe, "intend",
"plan", "forecast", "project", "estimate", "outlook" and other
similar expressions. Forward-looking information is not a guarantee
of future performance and is based upon a number of estimates and
assumptions of management in light of management's experience and
perception of trends, current conditions and expected developments,
as well as other factors relevant in the circumstances, including
assumptions in respect of current and future market conditions, the
current and future regulatory environment; and the availability of
licenses, approvals and permits.
Although the Company believes that the
expectations and assumptions on which such forward-looking
information is based are reasonable, undue reliance should not be
placed on the forward-looking information because the Company can
give no assurance that they will prove to be correct. Actual
results and developments may differ materially from those
contemplated by these statements. Forward-looking information is
subject to a variety of risks and uncertainties that could cause
actual events or results to differ materially from those projected
in the forward-looking information. Such risks and uncertainties
include, but are not limited to current and future market
conditions, including the market price of the common shares of the
Company, and the risk factors set out in the Company's annual
information form dated April 15, 2020, and final short form
prospectus dated November 27, 2020, filed with the Canadian
securities regulators and available under the Company's profile on
SEDAR at www.sedar.com.
The statements in this press release are made as
of the date of this release. The Company disclaims any intent or
obligation to update any forward-looking information, whether as a
result of new information, future events or results or otherwise,
other than as required by applicable securities laws.
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