The Jamaica Stock Exchange (JSE) has suspended Tree of Knowledge International Corporation (TOKI), a company listed on both USD and J-Dollar exchanges.
The JSE advised that further to 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”.
Tree of Knowledge is currently listed on the Canadian Securities Exchange and has three primary business segments.
The first is multidisciplinary specialty pain clinics with a focus on the treatment of chronic pain, including controlled applications of medical cannabis in Canada. The company also has research agreements with multiple universities for medical cannabis research and development of new medical grade products.
Finally, TOKI is engaged in the distribution and sale of hemp-based Cannabidiol (CBD) products in the United States, Canada, Europe, Brazil and China. The CBD product line contains EVR Premium Hemp Oil, which is organically grown and non-GMO.
TOKI cross-listed its ordinary shares on the USD Equities Market of the Jamaica Stock Exchange (JSE) for US$0.0105 on April 9, 2020.
On October 21, the Exchange outlined that 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.”
The company also failed to provide, in accordance with the JSE Rule – Appendix 8, Policy Statement on Timely Disclosure, as it pertains to Management and Board changes since its listing on the JSE, which should include the effective date of resignations and appointments.
It has also failed to provide the current composition of its Audit Committee.
The JSE noted that should TOKI should address all matters mentioned before the suspension is lifted.