Simply Solventless Provides Update on Filing of 2025 Annual Financial Statements, Q1 Financial Statements, Related Management's Discussion and Analysis and Management Cease Trade Order
Once a high‑flying roll‑up, now flatlining under creditor protection as filing delays deepen balance‑sheet opaqueness.
On May 28, 2026, Simply Solventless Concentrates (SSC) announced it will miss the May 31 deadline for its audited 2025 annual financials and Q1 2026 interim financials, now targeting June 18, 2026. The company requested an extension of the Management Cease Trade Order (MCTO) already in place. The delay is blamed on management time constraints from the Companies’ Creditors Arrangement Act (CCAA) proceedings involving three wholly owned subsidiaries (ANC Inc., CannMart Inc., Massive Hash Factory Ltd.). BDO Canada’s role as new auditor is not cited as a cause. Management remains prohibited from trading SSC stock; other shareholders can trade. Bi‑weekly default status reports will continue.
The update is entirely expected and incremental. The original MCTO was applied for on April 30 and granted on May 4; the company had already signaled that CCAA complexities might push filings beyond the initial May 11 target. The new June 18 deadline is only a few weeks later, and the bi‑weekly reporting mechanism remains unchanged. No new adverse event (e.g., auditor resignation, CRA license cancellation, failed DIP financing) is disclosed. The stock price has been stuck at $0.04–$0.05 for three months, indicating the market already priced in severe distress and an inability to meet filing deadlines. While steady news of delays reinforces the negative narrative, it adds no genuine, unexpected market‑moving information. Thus, the release is routine negative.
Simply Solventless Concentrates Ltd. operates in the Canadian cannabis market with a focus on solventless extracts (Astrolab), core extracts (Roilty), and dried flower/prerolls (Lamplighter, Uncommon Cannabis). Over the past 18 months it completed four acquisitions – Lamplighter, CannMart, ANC, and Humble Grow Co. – growing revenue 199% YTD to $34.5 M (9 mo ending Sept 30, 2025). The flagship project is the Humble retrofit: a $1.5 M net capital LED lighting upgrade to a 98,000 sq ft indoor cultivation facility in Winnipeg, projected to add $17.5–$29.5 M in annual gross revenue and lift adjusted EBITDA to $10.7–$18.7 M. However, the CCAA proceedings now cloud whether that retrofit will be completed and by whom.