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8 December 2020
Sativa Wellness Group Inc.
(“Sativa Wellness” or the “Company”)
Sativa Wellness Announces Corporate Update
We are pleased to announce that the board of directors have resolved to change the Company’s fiscal year end from July 31 to December 31, effective immediately.
By moving the Company’s reporting cycle to a calendar quarter basis in line with the operating subsidiaries of the Company, Sativa Wellness aims to reduce the time constraints and administrative expenses with having to reconcile multiple reporting periods among other related corporations. The notice for the year-end change required under National Instrument 51-102 has been filed under the Company’s profile on www.sedar.com.
As a result of the year end change, the Company will now report interim financial statements for the three month period ended October 30, 2020 by the end of December 2020 and audited financial statements for the year ended December 31, 2020 by the end of April 2021. Afterwards, the Company will revert to a customary reporting calendar based on a December 31 year end, with fiscal quarters ending on the last day of March, June, September and December each year. The change in the Company’s financial year end is subject to approval by the Canada Revenue Agency.
The Directors of the Company accept responsibility for the contents of this announcement.
Further information regarding the Company can be found at www.sedar.com.
On behalf of the Board of Directors,