Vencanna Ventures updates on delayed financial statements for 2024

Vencanna Ventures Inc., a capital provider for early-stage cannabis initiatives based in Alberta, faced regulatory challenges when it was issued a management cease trade order by the Alberta Securities Commission on August 29, 2024. This order was a direct result of the company's inability to file its audited annual financial statements for the fiscal year ending April 30, 2024, by the required deadline of August 28, 2024. The company cited the need for additional time to complete the necessary documentation as the reason for the delay. In response to the order, Vencanna has been actively collaborating with its audit team to resolve outstanding questions and ensure a timely review. Additionally, the company has engaged third-party consultants to assist in preparing the purchase price adjustment and fair value assessments related to its recent acquisition of The Cannavative Group, LLC. This proactive approach aims to facilitate the completion of the required documents within the extended timeline. The company has also indicated that the delay will affect the filing of its interim financial report for the period ending July 31, 2024, which is due by September 30, 2024. Vencanna anticipates that all necessary filings, including the interim report, will be submitted by October 25, 2024. To maintain transparency during this period, Vencanna Ventures Inc. has committed to issuing biweekly default status reports until it meets its filing obligations. The company remains focused on its strategic investments and acquisitions within the cannabis sector, despite the current regulatory hurdles.