By Durrant Pate

The Jamaica Stock Exchange (JSE) has suspended Canada-based medical ganja company, Tree of Knowledge International Corporation (TOKI).

The JSE said it took the decision after the company missed the deadline for overdue filing of financial statements for its second quarter and indicated that it was forced to take this action given “several correspondence and telephone communications with the company regarding overdue filings of TOKI’s 2nd Quarter Financial Statements for the period ended June 30, 2020”.

“The Jamaica Stock Exchange (JSE) has taken the decision to suspend TOKI effective October 16, 2020, for failing to file the aforementioned financial statements, which are currently more than Forty-five (45) days overdue,” the JSE pointed out in a statement on its website.

According to the equities regulator, “the decision to suspend TOKI is based on the fact that the Company has breached Rule 407 – Quarterly Financial Statements, which states ‘Companies with quarterly financial statements which are Forty-five (45) days overdue shall have trading in their shares suspended until the reports are submitted to the JSE’”.

It pointed out that TOKI, which is the first medical ganja company to trade on the local exchange has also failed to provide, “in accordance with the JSE Rule – Appendix 8, Policy Statement on Timely Disclosure, as it pertains to:

“(i) Management and Board changes since its listing on the JSE, which should include the effective date of resignations and appointments; and

“(ii) The current composition of its Audit Committee.”

The JSE said it has mandated TOKI to address all the issues raised before the suspension is lifted.

TOKI is a public company registered in Canada that delivers pathways to innovative, science-based health and wellness solutions. 

The company has a focus on pain management, spanning from seed to patient. 

Built on an extensive network of scientific and medical research, TOKI brands itself as an advanced leader in the development, processing, and distribution of focused products and treatments for pain relief.

The company says it spans the globe with its multidisciplinary pain clinics, research partners, consumer CBD products, and education and advocacy programmes – all aimed at working in harmony to bring health and wellness to the world, while creating value for shareholders and partners.