TORONTO, ONTARIO, Sept. 17, 2019 (GLOBE NEWSWIRE) -- Canadian Cannabis Corp ("CCAN" (OTC PINK: CCAN), or the "Company") has received a Statement of Allegations (herein the “Statement of Allegations”) from the Ontario Securities Commission (herein the “Commission”) alleging:
- that between January 20, 2014 and August 29, 2016 the Company and certain former directors and officers of the Company directly or indirectly engaged in or participated in acts, practices or courses of conducts relating to securities that they knew or reasonably ought to have known perpetrated a fraud on persons or companies, contrary to Section 126.1 (1) (b) of the Securities Act. RSO 1990 c. S.5 (the “Act”);
- that by reason of their authorization or acquiescence in breaches of Section 126.1 (1) (b) of the Act, certain former directors or officers of the Company have failed to comply with Section 129.2 of the Act; and
- that the Company has engaged in conduct that is contrary to the pubic interest.
The Company and its current directors are studying the Statement of Allegations and intend to co-operate as fully as possible with the Commission. Management is considering what remedies the Company may have.
Cautionary Note Regarding Forward-Looking Statements
Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise