Cannapany on August 25, 2020 No Comments
The leading hemp and CBD company is making final adjustments to the deal that closed in June
After a slow period, more acquisitions are taking place among cannabis companies. Back in June, Charlotte’s Web Hemp (CNQ: CWEB. announced the intention of purchasing the cannabis venture Abacus Health Products Inc., a leader in over-the-counter topical products made with hemp extract as one of the active ingredients, and a new update on the process was shared recently. Charlotte’s Web, a leader in hemp-extracted cannabidiol (CBD) products, will be using the temporary 45-day extension granted by the Ontario Securities Commission (OSC) in response to a COVID-19-related disposition, and other similar dispositions from the corresponding agencies in other provinces of Canada. This extension will give the company time to file the business acquisition report (BAR) of Abacus Health following the closing of the deal on June 11.
Unexpected circumstances brought by the COVID-19 pandemic resulted in the company requiring more time to complete the pending filing that would have been due on August 25. This BAR is related to the purchase of all issued and outstanding shares of Abacus2020. Now, the company hopes to have everything ready for the report to be presented in September. This delay will be for both the OSC and the Canadian Securities Administrators in the other provinces.
Charlotte’s Web has made a similar request to postpone the presentation of its second-quarter results, which are now scheduled for September 14, and a conference call to discuss the results the following day. The company is relying on a similar measure called OI-51-505 to gain extra time due to COVID-19 related delays, as well. This call will be hosted by Charlotte’s Web CEO Deanie Elsner, CFO Russ Hammer and Director of Investor Relations Cory Pala, and it includes a question and answer period right after. A recording of the call will be posted on the company’s website through the investor relations sector, and it will be available until September 24.
Congratulation!