Champignon Brands (CSE: SHRM) (FWB: 496) (OTCQB: SHRMF) has announced that, after review, it will refile its condensed interim consolidated financial statements and management’s discussion & analysis (“MD&A”) for the three- and six-month periods ended March 31, 2020. In earlier versions of the MD&A, Champignon had recognized intangible assets that had resulted from the acquisitions of Artisan Growers Ltd., Novo Formulations Ltd. and Tassili Life Sciences Corp.; those assets totaled an estimated $12 million. Following the issuance of the original MD&A and other financial statements, it was determined that some information contained in the financial statements needed to be restated, specifically as it pertained to accounting for the acquisitions. In the announcement, the company noted that the assets do not meet the definition of intangible assets for the purposes of international financial reporting standards. In the revised MD&A, those assets will be recorded as transaction costs in Champignon’s statement of loss and comprehensive loss. The proposed changes do not change the company’s cash position. Furthermore, the announcement noted that a company shareholder and contracted consultant was a related party to the acquisitions, so the company intends to add that disclosure in the restated condensed interim consolidated financial statements and MD&A. Champignon will also file condensed interim consolidated financial statements and related MD&A’s for the three months ended June 30, 2020, and for the six months ended September 30, 2020. In addition, the company announced that it has filed a draft of a new listing statement that reflects the acquisition of Altmed and the RTO with the Commission and the Canadian Securities Exchange (“CSE”) for review.
To view the full press release, visit https://ibn.fm/kQUrz
About Champignon Brands Inc.
Champignon Brands is focused on the formulation and manufacturing of novel ketamine, anesthetics and adaptogenic delivery platforms for the nutraceutical and psychedelic medicine while being supported by a leading psychedelics medicines clinic platform. The company is pursuing the development and commercialization of rapid onset treatments capable of improving health outcomes, such as depression and post-traumatic stress disorder (“PTSD”), as well as substance and alcohol use disorders. Under a collaborative research agreement with the University of Miami’s Miller School of Medicine, the company is conducting preclinical studies and eventual human clinical trials, with the objective of demonstrating safety and efficacy of the combination of psilocybin and cannabidiol in treating mild traumatic brain injury (“mTBI”) with PTSD or stand-alone PTSD. Champignon continues to be inspired by sustainability, as its medicinal mushroom-infused SKUs are organic, non-GMO and vegan certified. For more information, visit the company’s website at www.ChampignonBrands.com.
NOTE TO INVESTORS: The latest news and updates relating to SHRM are available in the company’s newsroom at http://ibn.fm/SHRM
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