Canada: CubicFarms’ Cease Trade Order Lifted as Key Sales Agreements Finalized in Q4

CubicFarms Resumes Trading on TSX Venture Exchange Following Regulatory Compliance

CubicFarms Systems Corp. announced today the lifting of a cease trade order by regulatory authorities and the reinstatement of its shares for trading on the TSX Venture Exchange, effective immediately. The decision follows the successful completion of the company’s 2023 audit and the filing of unaudited financial statements for the first three quarters of the fiscal year. These filings ensure CubicFarms’ compliance with all regulatory requirements and underscore the company’s dedication to operational transparency and accountability.

Michael Kyne, CFO of CubicFarms Systems Corp., expressed gratitude to the company’s investors and stakeholders for their patience during the process. “We are pleased to have fulfilled our regulatory obligations and to resume trading for the benefit of our shareholders,” Kyne stated. “Moving forward, we remain committed to timely and accurate financial reporting and do not anticipate any further delays in meeting filing deadlines.”

In a related development, CubicFarms’ wholly owned subsidiary, HydroGreen Inc., reported the successful completion of three previously announced sales agreements during the fourth fiscal quarter. The deals, secured with Agrotopia Ireland, Golden Rule Dairy of Arizona, and Advanced Dairy Systems of Arizona, collectively amount to $629, 242.82 U S D (a pp ro x ima t e l y$ 906,109.66 CAD).

CubicFarms recognizes revenue from equipment sales upon the transfer of risks and control to the customer, typically occurring at the time of delivery or title transfer. Revenue from installation services is recognized once the service is completed and formally approved by the customer.

The company reaffirmed its commitment to providing regular updates and maintaining transparency as it advances its strategic business objectives. “We look forward to keeping our investors informed about corporate activities and key developments in the weeks and months ahead,” Kyne added.

CubicFarms’ return to the TSX Venture Exchange marks a significant milestone as the company continues to focus on growth and innovation in the agricultural technology sector. Investors and stakeholders are encouraged to stay tuned for further updates on the company’s progress.

About CubicFarms Systems Corp.
CubicFarms Systems Corp. is a leading agricultural technology company specializing in innovative solutions for sustainable farming. Through its subsidiaries, including HydroGreen Inc., the company delivers cutting-edge equipment and services designed to optimize crop production and resource efficiency.