Vancouver, BC, August 15, 2023 – YourWay Cannabis Brands Inc. (CSE: YOUR)(OTC: YOURF)(FSE: HOB) (the “Company” or “YourWay”), a leading consumer-centric House of Brands, is pleased to announce the appointment of Semple, Marchal & Cooper, LLP as its new auditor effective August 11, 2023. With a four-decade track record of professional service, Semple, Marchal & Cooper, LLP is a reputable Certified Public Accounting firm in the Southwest of the United States. Their expertise in accounting, auditing, tax planning, compliance, and management consulting complements YourWay’s focus on robust financial governance.
“We have carefully chosen Semple, Marchal & Cooper, LLP as our new auditor to reinforce our commitment to accountability and transparency,” says Jakob Ripshtein, the Acting CEO of YourWay. “This partnership marks a significant step forward, and we look forward to working together to strengthen our financial reporting processes.”
YourWay is dedicated to working diligently with Semple, Marchal & Cooper, LLP to complete the audit for the financial years ended December 31, 2021 (“FY21”) and December 31, 2022 (“FY222”) efficiently. This marks the first step in advancing toward the Company’s goal of re-listing on the Canadian Securities Exchange (“CSE”). After finalizing the FY21 and FY22 audit and filing the audited financial statements for FY21 and FY22 on SEDAR along with the unaudited financial statements for the Company for the quarters ended subsequent to FY22, YourWay will apply for the revocation of the general “failure to file” cease trade order dated May 9, 2022, issued through the British Columbia Securities Commission and the Ontario Securities Commission, in accordance with National Policy 11-207 – Failure to File Cease Trade Orders and Revocations in Multiple Jurisdictions. The Company looks forward to re-establishing its presence on the CSE and reaffirming its commitment to providing value to its shareholders and stakeholders.
“We extend our gratitude to our shareholders for their continued support,” adds Mr. Ripshtein. “With Semple, Marchal & Cooper, LLP by our side, we are well-positioned to navigate the path ahead and strengthen our position in the Arizona cannabis market.”
YourWay looks forward to the positive impact of this engagement, fostering trust and confidence among its shareholders.
The board of directors of the Company (the “Board”) and the audit committee of the Company (the “Audit Committee”) each approved the appointment of Semple, Marchal & Cooper, LLP as the auditor of the Company, effective August 11, 2023 until the close of the next annual meeting of the shareholders of the Company or until its successor is appointed. The Notice of Change of Auditor was approved by the Board and in accordance with National Instrument 51-102 – Continuous Disclosure Obligations, the Notice of Change of Auditor, together with the required letter from Semple, Marchal & Cooper, LLP as the Company’s new auditor, will be reviewed by the Audit Committee and Board and filed on SEDAR.
About YourWay Cannabis Brands Inc.
YourWay is a publicly traded, multi-state and consumer-centric House of Brands committed to redefining the way consumers and cannabis brands interact with sales and operations in Arizona. By building their own brands, partnering with others, and supporting retail partners’ control brand strategy, they are dedicated to expanding their reach; remolding the cannabis industry, and ultimately redefining consumers and cannabis brands interact.
YourWay aims to connect with the cannabis consumer on a deeper level, utilizing decades of brand-building expertise and an integral understanding of the customer experience to create an intuitive suite of branded products that closely align with consumer need states. The YourWay portfolio is an all-encompassing house of brands designed to create a sense of belonging for every cannabis consumer regardless of their relationship with the plant.
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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:
This news release includes certain “forward-looking information” as defined under applicable Canadian securities legislation, including statements regarding the plans, intentions, beliefs, and current expectations of the Company with respect to future business activities and operating performance. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions and includes information regarding: reinforcing the Company’s commitment to accountability and transparency; strengthening the Company’s financial reporting processes; completion of the FY21 and FY22 audit and filing of the audited financial statements for FY21 and FY22 on SEDAR along with the unaudited financial statements for the Company for the quarters ended subsequent to FY22; re-listing on the CSE; the Company’s intention to apply for the revocation of the cease trade order; re-establishing the Company’s presence on the CSE and reaffirming the Company’s commitment to providing value to its shareholders and stakeholders; strengthening the Company’s position in the Arizona cannabis market; the anticipated positive impact of the engagement ofh Semple, Marchal & Cooper, LLP; and expectations for other economic, business, and/or competitive factors. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information.
Investors are cautioned that forward-looking information is not based on historical fact but instead reflects management’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance, or achievements of the Company. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information are the following: changes in consumers demand and preferences; changes in general economic, business and political conditions, including changes in the financial markets; the global regulatory landscape and enforcement related to cannabis, including political risks and risks relating to regulatory change; compliance with extensive government regulation; public opinion and perception of the cannabis industry; and the risk factors set out in the Company’s annual information form dated August 28, 2020, filed with Canadian securities regulators and available on the Company’s profile on SEDAR at www.sedar.com.
The Company, through several of its subsidiaries, is indirectly involved in the manufacture, possession, use, sale, and distribution of cannabis in the recreational and medicinal cannabis marketplace in the United States. Local state laws where the Company operates permit such activities however, investors should note that there are significant legal restrictions and regulations that govern the cannabis industry in the United States. Cannabis remains a Schedule I drug under the US Controlled Substances Act, making it illegal under federal law in the United States to, among other things, cultivate, distribute or possess cannabis in the United States. Financial transactions involving proceeds generated by, or intended to promote, cannabis-related business activities in the United States may form the basis for prosecution under applicable United States federal money laundering legislation.
While the approach to enforcement of such laws by the federal government in the United States has trended toward nonenforcement against individuals and businesses that comply with recreational and medicinal cannabis programs in states where such programs are legal, strict compliance with state laws with respect to cannabis will neither absolve the Company of liability under United States federal law, nor will it provide a defense to any federal proceeding which may be brought against the Company. The enforcement of federal laws in the United States is a significant risk to the business of the Company and any proceedings brought against the Company thereunder may adversely affect the Company’s operations and financial performance.
Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated, or expected. Although the Company has attempted to identify important risks, uncertainties and factors that could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information, which speak only as of the date of this news release. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.