Calgary, Alberta--(Newsfile Corp. - April 30, 2026) - Simply Solventless Concentrates Ltd. (TSXV: HASH) ("SSC" or the "Company"), announces that it will not be in a position to file its audited annual financial statements for the year ended December 31, 2025, the related management's discussion and analysis and related CEO and CFO certificates (the "Financials") by the required deadline of April 30, 2026. SSC is working to file its Financials on or around May 11, 2026, and will provide further updates on timing if required.

The Company reports that the audit is in progress and that its finance team and the auditors are working diligently to complete the audit. The delay is due to:

1. The appointment of new auditor BDO Canada LLP, a member of BDO International Limited which required additional audit procedures;
2. The complexity of certain accounting matters which require additional time to resolve to ensure accurate financial statement reporting; and
3. The complexities arising from, and the management time required, for the Companies' Creditors Arrangement Act (Canada) ("CCAA") proceedings commenced by the Company's subsidiaries, Massive Hash Factory Ltd. ("MHF"), CannMart Inc. ("CannMart"), and ANC Inc. ("ANC"), which, when combined with the point above, has impacted the Company's ability to complete the final audit in a timely manner.

The management cease trade order, if approved, will generally not affect the ability of persons who are not or have not been management of the Company to trade in its securities.

SSC is using its best efforts to work with its new auditor to complete the audit as soon as possible, while also managing the demands arising from the CCAA proceedings involving MHF, CannMart and ANC.

As disclosed in the Company's news release dated February 27, 2026, MHF, CannMart, and ANC filed a petition with the Court of Kings Bench of Alberta for protection under the CCAA in order to restructure their business and financial affairs. For additional details regarding the CCAA proceedings, please refer to the Company's news releases dated February 27, 2026, March 2, 2026, and April 6, which are available on the Company's SEDAR+ profile at www.sedarplus.ca.

The Company has applied to the Alberta Securities Commission, as principal regulator for the Company, and to the British Columbia Securities Commission, the Financial and Consumer Affairs Authority of Saskatchewan and the Ontario Securities Commission for the imposition of a management cease trade order under National Policy 12-203 - Management Cease Trade Orders ("NP 12-203") throughout the duration of the default.

The Company confirms that it will satisfy the provisions of the alternative information guidelines under NP 12-203 by issuing biweekly default status reports in the form of news releases for so long as it remains in default of the above-noted filing requirements.

The Company confirms that it intends to file with the CSA regulators throughout the period in which it is in default, the same information it provides to its creditors when the information is provided to the creditors and in the same manner as it would file a material change report under Part 7 of National Instrument 51-102 - Continuous Disclosure Obligations.

The Company confirms that there is no other material information relating to its affairs that has not been generally disclosed. While the Company itself is not subject to any insolvency proceedings, MHF, CannMart, and ANC are currently subject to proceedings under the CCAA, as disclosed herein.

Other than as disclosed herein, the Company is up to date in its filing obligations.

Management Update

As announced on April 6, 2026, Lachlan McLeod, CPA, is expected to join the Company as Chief Financial Officer in the coming weeks, subject to requisite approvals. William Macdonald, a member of SSC's board of directors, has been appointed as Interim Chief Financial Officer of the Company, until Lachlan joins as planned.

About Simply Solventless Concentrates Ltd.

SSC is a public company incorporated under the Business Corporations Act (Alberta). SSC's mission is to provide pure, potent, terpene-rich ready to consume cannabis products to discerning cannabis consumers. For more information regarding SSC, please see www.simplysolventless.ca.

Reader Advisory

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. More particularly, and without limitation, this news release contains forward-looking statements and information concerning the anticipated filing of the financial statements and the approval of the management cease trade order by the ASC.

SSC believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because SSC can give no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to inherent risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed.

Neither the TSXV nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/295123