Hollister Announces Receipt of Ontario Securities Commission Decision
VANCOUVER, BC, November 2, 2021 / PRNewswire / – Hollister Biosciences Inc. (CSE: HOLL) (OTC: HSTRF) (FRANKFURT: HOB) (the “Society“,”Hollister Cannabis Co.” Where “Hollister“) is pleased to announce that in connection with its forthcoming Annual General and Special Meeting of Shareholders (the”AGM“), the Company has received an order from the Ontario Securities Commission granting Hollister relief from certain disclosure provisions and other matters applicable to issuers with outstanding” restricted securities “.
As more fully described in the Company’s Management Information Circular dated October 18, 2021, if the shareholders of the Company approve the creation of a new class of shares designated as proportional voting shares, the ordinary shares of the Company will become “restricted securities” upon filing a notice of amendment of the Articles of Association of Hollister in accordance with the provisions of the Business Corporations Act (British Columbia). Even though the shares with proportional voting rights will have more voting rights, per share, than the ordinary shares, the voting rights will be proportional to the economic rights of this category.
If approved at the AGM, holders of Proportional Voting Shares will be entitled to 1,000 votes in respect of each Proportional Voting Share held. No dividends will be declared or paid on the Proportional Voting Shares unless the Company simultaneously declares or pays, as the case may be, equivalent dividends (on a basis converted into ordinary shares) on the ordinary shares. In addition, each proportional voting share will be convertible into 1,000 common shares.
About Hollister Biosciences Inc.
Hollister Biosciences Inc. is a multi-state cannabis brand house with a portfolio of innovative, high-quality consumer products. The Company manufactures its own branded products and provides white label manufacturing for other major brands. The Company’s products are sold in 370 dispensaries across Arizona and California. Venom Extracts, a wholly owned subsidiary of the Company, is a category leader which sold over 4 million grams of cannabis in 2020, accounting for up to 30% of sales in the dabbing concentrate category in Arizona.
The Company’s products include the Venom Extracts brand concentrates; shatter, budder, crumble, distillates and HashBone, an artisanal hash-infused pre-roll, as well as solvent-free bubble hash, branded and white-label pre-rolls, tinctures, vape products and tinctures for animals full spectrum, high CBD pet.
CAUTION REGARDING FORWARD-LOOKING INFORMATION:
This press release includes certain “forward-looking information” as defined by applicable Canadian securities legislation, including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to business activities. and future operating performance. Forward-looking information is often identified by the words “could”, “would”, “could”, “should”, “expect” or similar expressions and includes information concerning: the creation of proportional voting shares at the AGM; and expectations regarding other economic, business and / or competitive factors. Forward-looking information is necessarily based on a number of estimates and assumptions which, although considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events differ materially from those expressed or implied. by this forward-looking information.
Investors are cautioned that forward-looking information is not based on historical facts but rather reflects management’s expectations, estimates or projections regarding future results or events based on management’s opinions, assumptions and estimates considered reasonable to the date on which the declarations are made. Although the Company believes that the expectations reflected in this forward-looking information are reasonable, such information involves risks and uncertainties, and such information should not be relied upon because unknown or unforeseeable factors could have material adverse effects on the Company. the future results, performance, or achievements of the Company. Key factors that could cause actual results to differ materially from those projected in the forward-looking information include: regulatory and licensing risks; changes in consumer demand and preferences; changes in economic, trade and general political conditions, including changes in financial markets; the global cannabis regulatory landscape and enforcement, including political risks and risks associated with regulatory change; compliance with extensive government regulations; public opinion and perception of the cannabis industry; the impact of COVID-19; and the risk factors set out in the Company’s annual information form dated August 28, 2020, filed with Canadian securities regulatory authorities 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 market by United States. The laws of the local states in which the Company operates permit such activities. However, investors should note that there are important legal restrictions and regulations that govern the cannabis industry in United States. Cannabis remains a Schedule I drug under the United States Controlled Substances Act, making it illegal under federal law in United States to, among other things, cultivate, distribute or possess cannabis in United States. Financial transactions involving products generated by, or intended to promote, commercial activities related to cannabis in United States may form the basis of prosecution under applicable US federal money laundering law.
Although the approach to the enforcement of these laws by the federal government in United States tends not to be enforced against individuals and businesses who comply with recreational and medicinal cannabis programs in states where such programs are legal, strict compliance with state cannabis laws will not exempt the company from its liability. liability under US federal law, nor will it provide a defense to any federal proceeding that may be brought against the Company. The application of federal laws in United States constitutes a significant risk to the activities of the Company and any proceedings brought against the Company under it may adversely affect the operations and financial performance of the Company.
If one or more of these risks or uncertainties materialize, or if the assumptions underlying the forward-looking information turn out to be incorrect, actual results could differ materially from those described in this document as being intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify risks, uncertainties and important factors that could cause actual results to differ materially, there may be others that could cause results not to be as anticipated. , estimated or planned. Therefore, readers should not place undue reliance on forward-looking information, which speaks only as of the date of this press 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.
SOURCE Hollister Biosciences Inc.