VANCOUVER, Aug. 7, 2019 /CNW/ - Pasha Brands Ltd. ("Pasha" or "Company") (CSE: CRFT) (OTC:CRFTF) (FSE:ZZD), today announced that the Company has secured eligibility by the Depository Trust Company (DTC) for its shares on the OTC Markets.
The DTC is a subsidiary of the Depository Trust & Clearing Corporation (DTCC), which manages the electronic clearing and settlement of publicly traded companies in the United States. Securities that are eligible to be electronically cleared and settled through the DTC are considered DTC-eligible. Pasha's common shares are now fully DTC-eligible, and trade under the symbol "CRFTF" on the OTC Markets. This electronic method of clearing securities speeds up the receipt of stock and cash, and thus accelerates the settlement process for investors.
"We are very pleased to have obtained DTC eligibility," said Patrick Brauckmann, Executive Chairman of Pasha Brands. "This status will make the process of trading our stock in the United States much easier. We expect that this will make our shares available to a larger percentage of the investment market, which should improve the liquidity of our shares and therefore benefit Pasha and our shareholders."
Established in 1973 under the incorporation laws of New York for trust companies, the DTC has grown to one of the largest securities depositories in the world holding securities valued at upwards of $54 trillion (2017).
About Pasha Brands
Based in Vancouver, British Columbia, Pasha is a vertically integrated, prohibition-era brand house firmly rooted in BC's craft cannabis industry, which boasts an international reputation. With proven capabilities in cannabis cultivation, genetic research and development, product processing, and retail, Pasha is uniquely positioned in the new legal cannabis market through its network of hundreds of craft cannabis suppliers under the Pasha umbrella.
Pasha subsidiary, Medcann Health Products Ltd., is a Health Canada licensed cultivator and processor with a license to sell medical cannabis products in Canada.
Pasha and BC Craft are also developing a craft cannabis campus, which is dedicated to bringing craft quality into the newly legal cannabis market in Canada. BC Craft is driven to assist craft growers in obtaining security clearance and licensing to grow as micro-cultivators, specializing in education and compliance to bring growers into the regulated cannabis supply market.
Pasha's common shares trade on the CSE under the symbol "CRFT" and on the FSE under the symbol "ZZD".
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management.
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation, including statements with respect to the representation of Pasha Brands' products across Canada and the expansion of Pasha Brand's business outside of Canada. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Pasha disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE Pasha Brands Ltd.
For further information: Media & Investor Relations Contact: Emerald Asuncion, [email protected], (236) 521-5135; Pasha Brands Ltd., Jason Longden, Chief Executive Officer, [email protected], 236-521-5136