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DENVER, CO, April 19, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – CBD Global Sciences Inc., dba Global Sciences Inc., (OTC: CBDNF) (CSE: CBDN) (Frankfurt: GS3.F) (Munich: GS3.MU) (the "Company") would like to provide an update on the status of the filing of its annual financial statements, accompanying management’s discussion and analysis and related CEO and CFO certifications for the year ended December 31, 2021 (collectively, the "Annual Filings").

The Company was advised by its external auditors that they will require additional time to complete its internal review and audit procedures for the Company’s financial year ended December 31, 2021. The principal reason for the delay is the significant amount of additional work and in-depth procedures required to be performed by the Company and its external auditor in connection with the business combination of Resinosa, LLC, including but not limited to fair value assessments related thereto, the completion of historical financial statement audits of Resinosa, LLC, and the transition to International Financial Reporting Standards by Resinosa, LLC, thus the Company anticipates the Annual Filings will be delayed beyond the required filing deadline: (i) under Parts 4 and 5 of National Instrument 51-102 – Continuous Disclosure Obligations and pursuant to National Instrument 52-109 – Certification of Disclosure in Issuer’s Annual and Interim Filings, being May 2, 2022 (the "Filing Deadline").

Other than as previously disclosed by the Company and herein with this press release, the Company confirms that there have been no material business developments since the date of its last financial statements that were filed. The Company intends to continue to work diligently and expeditiously with its auditors and expects to file the Annual Filings as soon as possible, and in any event no later than July 1, 2022.

Management Cease Trade Order Application

In light of the delay in filing of the Annual Filings prior to the Filing Deadline, the Company is providing this default announcement in accordance with National Policy 12-203 Management Cease Trade Orders ("NP 12-203"). The Company has made an application to the Alberta Securities Commission (the "ASC"), as principal regulator of the Company, for a management cease trade order ("MCTO") under NP 12-203 in respect of the anticipated default regarding the Annual Filings. The granting of the MCTO is at the discretion of the Alberta Securities Commission and there is no guarantee that this will be granted. The issuance of the MCTO will not affect the ability of persons who have not been directors, officers or insiders of the Company to trade in their securities. In the event that the MCTO is granted, it will be in effect until the default is remedied. The Company intends to follow the provisions of the Alternative Information Guidelines set out in NP 12-203, including the issuance of bi-weekly default status reports in the form of news releases, for as long as the Company remains in default.