The Canadian Securities Exchange suspended shares of Alliance Growers Corp. (CSE:ACG) earlier today.
According to a CSE release earlier today, "Alliance Growers Corp. is in default of CSE requirements. Effective immediately, Alliance Growers will be suspended pursuant to CSE Policy 3. The suspension is considered a Regulatory Halt as defined in National Instrument 23-101 Trading Rules."
According to CSE Policy 3, there can only be a few reasons why Alliance was suspended:
3.1 The Exchange will automatically and without any prior notice suspend from qualification for listing a Listed Issuer’s securities if, at any time, the Listed Issuer fails to meet any of the requirements for continued qualification for listing; or the Exchange considers it in the public interest to do so.
3.2 If a Listed Issuer which has had its securities suspended from qualification for listing pursuant to this Policy 3 or otherwise has, within 90 days from the date of such suspension, cured the default or breach that gave rise to the suspension and paid the requalification fee set out in fee schedule of the Exchange, the CNSX Issuer’s securities will automatically requalify for listing.
3.3 Throughout the period during which a Listed Issuer’s securities are suspended, the Trading System will not allow quotation or trading by Dealers in the securities of the Listed Issuer; the Exchange website will indicate that the Issuer’s securities have been suspended. Dealers may quote or trade the securities of the Listed Issuer on other marketplaces or over-the-counter unless prohibited under securities legislation or UMIR.
3.4 Throughout the period during which a Listed Issuer’s securities are suspended, the Listed Issuer must continue to comply with all applicable Exchange Requirements. "
We'll be watching the situation closely, and we'll be sure to update readers as more developments occur. Be sure to subscribe to one or more of our free e-mail newsletters so you never miss an important marijuana stock update. Also, connect with The Daily Marijuana Observer on Facebook, Twitter, StockTwits and Instagram!