Icanic Brands Company Inc (OTCMKTS: ICNAF) Receives a Cease Trade Order From the British Columbia Securities Commission

Icanic Brands Company Inc (OTCMKTS: ICNAF) has received a Cease Trade Order (CTO) under the Nation Policy 11-207 from the British Columbia Securities Commission.

 The company had previously announced on November 30, 2021, that it would delay filing financial statements, management’s analysis, and discussion of the year ended July 31, 2021. The delay would extend past the period which Canadian securities law prescribes.

Because of the initial delay, Icanic’s financial statements and management discussion and analysis for the three months ended October 31, 2021, is also late. Moreover, the British Columbia Securities Commission allowed it to extend the Cease Trade Order to February 11, 2022.

Reasons for the delay

The company explains that its delay is because of its inability to complete financial auditing.  This has, in turn, been caused by COVID-19, which makes it difficult for Icanic to obtain the relevant information from its subsidiaries. Its decision to change its auditors last year has worsened the situation.

Because of the change in auditors and the acquisition of new subsidiaries, the company has had to file some expert reports. They had also caused the company to expand its audit scopes. These factors are responsible for the company delaying financial statements.

Icanic has stated that it is finishing the audits and will release the financial statements. After this, the company will revoke the CTO and trade on the Canadian Securities Exchange. Icanic claims that it has disclosed all relevant information on this matter.

The company will complete its acquisition of LEEF Holdings Inc. after it completes auditing

Meanwhile, Icanic Brands is moving forward with its acquisitions. Recently, the company announced that it is trying to acquire LEEF Holdings Inc. It has announced its intent to purchase the company on January 25, 2022.

 Oceanic will have to disclose its annual filings and revoke its CTO before it can close the transaction of LEEF. Additionally, it will require regulatory and shareholder approval.

Icanic Brands Company is a cannabis company with operations in Nevada and California. These two states are the largest markets globally for the cannabis industry. Icanic’s goal is to create safe and high-quality products that make cannabis more approachable to consumers.

Icanic sells its products under the Ganjagold and Taylor’s brands.