DionyMed Brands Inc. Announces Restatement of Certain Historical Financial Statements for Prior Fiscal Period Ended February 28, 2018
TORONTO--(BUSINESS WIRE)-- DionyMed Brands Inc. (“DionyMed”, “DYME” or the “Company”) (CSE: DYME) (OTCQB: DYMEF), a multi-state cannabis brands, distribution and direct-to-consumer delivery platform, announced today that due to a change in application of an accounting treatment, its predecessor corporation, DionyMed Holdings Inc., has completed and filed the restatement of its audited financial statements for the periods ended February 28, 2018 and July 31, 2018, and the interim quarters ended May 31, 2018, August 31, 2018 and November 30, 2018.
Previously, DionyMed Holdings Inc. reported the acquisition of DionyMed Inc. and Herban Industries, Inc. as business acquisitions utilizing IFRS 3, however it was determined that continuity of interest accounting was more appropriate under the circumstances. This required the restatement of the Company’s financial statements for the above-mentioned periods. The restatements were non-cash in nature. The changes included eliminating previously recognized fair value adjustments, including the associated intangible assets and goodwill recognized initially upon acquisition.
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Founded in 2017, DionyMed is a multi-state cannabis brands platform, supporting cultivators, manufacturers and award-winning brands in the medical and adult-use cannabis markets. DionyMed sells branded products in every category from flower to vape cartridges, concentrates and edibles. DionyMed serves cannabis consumers through retail dispensary distribution and direct-to-consumer fulfillment with its growing portfolio of award-winning brands. Learn more at dionymed.com and follow @DYME_Inc on Twitter and LinkedIn.
Edward Fields, CEO
Peter Kampian, CFO
Source: DionyMed Brands Inc.
Released June 4, 2019