Ikänik Farms Confirms Issuance of Failure-to-File Cease Trade Order

CORONA, Calif., May 7, 2021 /CNW/ - Ikänik Farms, Inc. (CSE: IKNK.U) (FSE: DFMA) (the "Company" or "Ikänik Farms") announces that further to its press release dated May 5, 2021, the Ontario Securities Commission (the "OSC") has issued a Failure-to-File Cease Trade Order against the Company (the "FFCTO") as a result of the Company not having filed audited financial statements on or before April 30, 2021 for the year ended December 31, 2020 (the "Audited Financial Statements") of Ikänik Farms, Inc., the reverse takeover acquirer in connection with the Company's reverse takeover transaction which closed March 30, 2021 (the "Transaction").

The FFCTO, a copy of which has been made available for review on the Canadian Securities Administrators website, orders that trading, whether direct or indirect by any person, cease in respect of each security of the Company, which includes trades in the Company's subordinate voting shares made through the Canadian Securities Exchange. The Company expects the FFCTO to remain in place until such time as the Annual Financial Statements have been filed and the FFCTO is revoked.  

Despite the FFCTO, a beneficial security holder of the Company who is not, and was not as at May 6, 2021, an insider or control person of the Company, may sell securities of the Company acquired before May 6, 2021 if both of the following apply: (a) the sale is made through a "foreign organized regulated market", as defined in section 1.1 of the Universal Market Integrity Rules of the Investment Industry Regulatory Organization of Canada and (b) the sale is made through an investment dealer registered in a jurisdiction of Canada in accordance with applicable securities legislation.

The Company confirms that its business has not changed and there are no changes to its current business plans.

The Company's management and board of directors are working expeditiously to ensure the completion of the audit and filing of the Audited Financial Statements on or before May 25, 2021.

About Ikänik Farms

Ikänik Farms is a California based, Multi-National Operator (MNO) who is building a dynamic portfolio of brands, inspired by its passion for health and wellness, action sports, and supported by its vertically integrated retail, distribution and cultivation in CA and its medical grade cultivation and laboratory in Colombia. The Company's leadership brings decades of expertise in R&D, cultivation, retail, branding, and corporate finance. Ikänik Farms' operation in Colombia, through its pharma division Pideka, holds a GMP-PHARMA, (GACP) Good Agricultural and Collection Practice, (GPTCP) Good Production Transformation & Commercialization Practices Cannabis Pharma and ISO-9001:2015 certifications for its Casa Flores operating facility.

Forward Looking Statements

This news release includes "forward-looking information" and "forward-looking statements" within the meaning of Canadian securities laws and United States securities laws (together, "forward-looking information). All information, other than statements of historical facts, included in this news release that address activities, events or developments that the Company expects or anticipates will or may occur in the future is forward-looking information. When used in this news release, words such as "will", "could", "plan", "estimate", "expect", "intend", "may", "potential", "believe", "should", and similar expressions, are forward-looking information, including, but not limited to: statements with respect to the Audited Financial Statements, including the anticipated delay in filing the Audited Financial Statements and timing to complete the Company's audit and the anticipated closing date of the proposed private placement financing.

Although the Company has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking information, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended, including, but not limited to: changes in laws, a change in management and the inability to obtain additional financing.

There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. As a result of these risks and uncertainties, the results or events predicted in the forward-looking information may differ materially from actual results or events.

Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information in this news release is made as of the date of this news release. The Company disclaims any intention or obligation to update or revise such information, except as required by applicable law, and the Company does not assume any liability for disclosure relating to any other company mentioned herein.

On behalf of the Board of Directors of Ikänik Farms Inc.

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SOURCE Ikanik Farms Inc.

on Ikänik Farms, please contact: Investor Relations, [email protected], [phone]

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https://ikanikfarms.com/