Announces appointment of MNP LLP as Auditor of the Company
OTTAWA, Feb. 22, 2018 /PRNewswire/ - CannaRoyalty Corp. (CSE: CRZ) (OTCQX: CNNRF) ("CannaRoyalty" or the "Company"), an active investor and operator in the legal cannabis industry, today announced that it will host a conference call on Thursday, March 29, 2018 at 8:30 a.m. ET to discuss its 2017 fourth quarter and full year financial results and provide investors with key business highlights. The call will be chaired by Marc Lustig, Chief Executive Officer, François Perrault, Chief Financial Officer and Afzal Hasan, EVP Corporate Development and General Counsel. The Company plans to release its financial results at 6:30 a.m. ET on Thursday, March 29, 2018.
In addition, the Company announced that it has changed its auditors from Jackson & Company ("Former Auditor") to MNP LLP ("MNP"). At the request of the Company the Former Auditor has resigned and the board of directors of the Company has appointed MNP as the Company's auditor effective February 12, 2018 until the next Annual General Meeting of the Company.
"We would like to thank Jackson & Company for their service in the early stages of CannaRoyalty's evolution," said François Perrault, CFO of CannaRoyalty. "After extensive review by the board of directors and management, it was determined that the breadth and expertise of MNP was the right fit to support the Company's future growth."
There were no reservations in the Former Auditor's reports on any of the Company's audited financial statements and no reportable events between the Company and the Former Auditor.
In accordance with National Instrument 51-102 – Continuous Disclosure Obligations, the notice of change of auditor, together with the required letters from the former auditor and the successor auditor, have been reviewed by the audit committee and the board of directors of the Company and have been filed on SEDAR.
The Company has also issued an aggregate of 200,000 non-transferable warrants to an advisor in satisfaction of a prior commitment. The warrants are subject to a four month hold pursuant to applicable securities laws, have a three-year term, are non-transferable, and are exercisable at a price of CAD$4.00.
Further, the Company granted 20,000 options to a new employee on February 21, 2017. The options have a five-year term and are exercisable at a price of CAD$4.28.
Conference Call Details
(available for 2 weeks)
CannaRoyalty is an active investor and operator in the legal cannabis industry. Our focus is building and supporting a diversified portfolio of growth-ready assets in high-value segments of the cannabis sector, including research, consumer brands, devices and intellectual property. Our management team combines a hands-on understanding of the cannabis industry with seasoned financial know-how, assembling a platform of holdings via royalty agreements, equity interests, secured convertible debt, licensing agreements and its own branded portfolio. CannaRoyalty's shares trade on the Canadian Stock Exchange (CSE) under the symbol CRZ and internationally on the OTCQX under the symbol CNNRF.
Forward Looking Statements
Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in CannaRoyalty's periodic filings with Canadian securities regulators. When used in this news release, words such as "will, could, plan, estimate, expect, intend, may, potential, believe, should," and similar expressions, are forward- looking statements.
Forward-looking statements may include, without limitation, statements including the Company's expectations with respect to pursuing new opportunities and its future growth and other statements of fact.
Although CannaRoyalty has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended, including, but not limited to: dependence on obtaining regulatory approvals; investing in target companies or projects which have limited or no operating history and are engaged in activities currently considered illegal under US Federal Laws; changes in laws; limited operating history; reliance on management; requirements for additional financing; competition; hindering market growth and state adoption due to inconsistent public opinion and perception of the medical-use and adult-use marijuana industry and; regulatory or political change.
There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. As a result of these risks and uncertainties, the results or events predicted in these forward-looking statements may differ materially from actual results or events.
Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this release. CannaRoyalty disclaims any intention or obligation to update or revise such information, except as required by applicable law, and CannaRoyalty does not assume any liability for disclosure relating to any other company mentioned herein.
SOURCE CannaRoyalty Corp.