CBD Global Sciences Inc. — Regulatory Filings 2021

Apr 15, 2021

CBD GLOBAL SCIENCES INC.

April 14, 2021

DEFAULT ANNOUNCEMENT

CBD Global Sciences Inc. (the " Corporation ") provides this default announcement indicating the Corporation’s anticipated failure to file its annual financial statements for the year ended December 31, 2020 and related management discussion and analysis and certifications (collectively, the " Financial Statements ") before the prescribed filing deadlines.

The Corporation's failure to file its Financial Statements on time is due to the following circumstances:

• Due to the COVID-19 lockdown restrictions, the auditors of the Corporation have been unable to access the facilities of the Corporation and its operating subsidiaries in order to complete their audit procedures including. As restrictions are relatively consistent, the auditors expect that they will now able to accomplish these tasks and thereby proceed with completing the Corporation’s year end audit.

Considering the foregoing factors, it is the Corporation’s submission that the present circumstances warrant the imposition of a management cease trade order (“ Management CTO ”), rather than a cease trade order (“ CTO ”), as contemplated under National Policy 12-203 – Cease Trade Order Orders for Continuous Disclosure Defaults (" NP 12-203 "). The Corporation has applied for a Management CTO, however there is no assurance that it will be granted.

The Corporation’s Financial Statements are required to be filed within 45 days of the prescribed deadline which is June 15, 2021 (“ Extended Deadline ”). The Corporation’s failure to file such within this period may result in the securities commissions or regulators imposing an Issuer Cease Trade Order.

The Corporation has confirmed that it intends to satisfy the provisions of the alternative information guidelines described in NP 12-203 for so long as it remains in default for failure to file the Financial Statements.

The Corporation proposes to remedy the default by diligently working with its auditor to ensure the filing of its Financial Statements by the prescribed timeline herein. The timeframe is ultimately dependent upon the Auditor’s response and delivery, which the Corporation was expecting to be completed by April 30, 2021 but is now expecting to complete this by the Extended Deadline.

Further, The Corporation confirms that it intends to satisfy the requirements to provide Default Status Reports as prescribed by NP 12-203 so long as it remains in default of its requirements to file its Financial Statements within the prescribed period of time. Should the Corporation fail to file the appropriate Default Status Reports as prescribed by NP 12-203, the securities commissions or regulators may, as a result of such failure, impose an Issuer Cease Trade Order.

The Corporation confirms that it is not subject to any insolvency proceeding as of the date hereof. The Corporation also confirms that there is no other material information concerning the affairs of the Corporation that have not been generally disclosed as of the date herein.