Cannabis stock makes history at listing, and now suspension
The first and only cannabis stock so far to list on the Jamaica Stock Exchange, JSE, has been suspended six months after it entered the market.
Canadian company Tree of Knowledge International Corp cross-listed in Jamaica in April under the symbol TOKI. However, the stock, which made its debut a month after the outbreak of the coronavirus in Jamaica, has never traded. Its price has been flat at US$0.01 throughout, valuing the company at US$2.2 million.
TOKI describes its business as science-based health and wellness solutions, as well as pain management, “spanning from seed to patient”.
Not only did Tree of Knowledge make history as the first cannabis or marijuana stock to list on the JSE, it is also the first stock ever known to be suspended within a short period of its listing.
JSE said TOKI was suspended on October 16 for failing to file its second-quarter earnings report, which was due from around mid-August. TOKI had earlier indicated in a market release that it was taking advantage of extensions granted by the Canadian authorities, but would have filed the report by October 13. It also missed that deadline.
JSE also said the Canadian company failed to make timely disclosures on management and board changes, and the current composition of its audit committee. Earlier in August, the release from TOKI indicated that CEO Ommid John Faghani had assumed the role of company chairman and was also acting in the interim as chief financial officer.
The suspension won’t be lifted until all breaches are addressed, JSE said in a statement posted to its website.