Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) ("Verano" or the "Company"), a leading multi-state cannabis company, announced today that it will release U.S. GAAP financial results for the fourth quarter and full year that ended on December 31, 2021, before the market opens on Wednesday, April 27, 2022, and release first-quarter results for the quarter ended on March 31, 2022, before the market opens on May 25, 2022.
Additionally, the Company is submitting an application to the Alberta Securities Commission (the "ASC"), the Company's principal securities regulator in Canada, requesting that a management cease trade order ("MCTO") be granted in respect of the expected late filing of the Company's 2021 audited annual financials prepared in accordance with IFRS and the related management's discussion and analysis of financial results and officer certifications (collectively, the "IFRS 2021 Annual Financials"). There is no guarantee that an MCTO will be granted.
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Fourth Quarter and Full Year 2021 Conference Call Information
A conference call and audio webcast with analysts and investors will be held on April 27, 2022, at 8:30 a.m. ET / 7:30 a.m. CT to discuss the Company's U.S. GAAP financial results and answer investor and participant questions.
- Investors and participants can register in advance for the call by visiting: https://www.directeventreg.com/der/validateConferenceId.action
- After registering, instructions will be shared on how to join the call for those who wish to dial in.
- On April 27, 2022, the live webcast can be accessed via the following link: https://event.on24.com/wcc/r/3761012/1BCCCCB97645E2AA93B10FB364E208AD
The first quarter 2022 conference call information will be issued at a later date. The live and archived webcasts will be available on the Events and Presentations page of the Company's investor relations website at investors.verano.com.
Management Cease Trade Order Application
Given the Company's approaching May 2, 2022, deadline for the filing of the IFRS 2021 Annual Financials as required under applicable Canadian securities laws, the Company is submitting an application to the ASC under National Policy 12-203 - Management Cease Trade Orders ("NP 12-203") requesting that an MCTO be granted in respect of the expected late filing of the IFRS 2021 Annual Financials.
If an MCTO is granted, until the Company cures the late filing obligation, it is expected that certain members of the Company's management will be prohibited from trading the Company's securities. The MCTO is not expected to affect the ability of other persons to trade in the Company's securities. The Company confirms it will comply with the provisions of the alternative information guidelines under NP 12-203 for so long as an MCTO remains in effect, including the issuance of bi-weekly default status reports by way of news releases. The Company is taking action to remedy its May 2, 2022, filing obligation. Other than as disclosed herein, the Company believes it is up to date in its filing obligations under Canadian securities laws.