JSE suspends cannabis firm for late submission of results

JSE suspends cannabis firm for late submission of results

Sunday, October 25, 2020

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The Jamaica Stock Exchange (JSE) has suspended shares of Tree of Knowledge International Corporation (TOKI) for failure to file the company's second quarter financial statements for the period ended June 30, 2020, effective October 16.

According to JSE, several correspondence and telephone communications were made with the company to address the overdue financial statements.

“The decision to suspend TOKI is based on the fact that the company has breached Rule 407 – Quarterly Financial Statements — which states 'Companies with quarterly financial statements which are 45 days overdue shall have trading in their shares suspended until the reports are submitted to the JSE',” the stock exchange said in a statement posted on its website Wednesday.

“The company has also failed to provide, in accordance with the JSE Rule Appendix 8, Policy Statement on Timely Disclosure, as it pertains to management and board changes since its listing on the JSE, which should include the effective date of resignations and appointments, and the current composition of its audit committee.”

JSE further stated that TOKI should address all matters mentioned above before the suspension is lifted.

Tree of Knowledge International Corp, formerly Courtland Capital Inc, is a Canada-based company that produces and sells hemp-based cannabidiol products in certain jurisdictions in the US, Europe, South America, and China.

The medical cannabis company is the first of its kind to be listed on JSE, and the first to be cross-listed between the Canadian Securities Exchange and JSE.

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