DionyMed Brands Inc. Announces Restatement of Certain Historical Financial Statements for Prior Fiscal Period Ended February 28, 2018

TORONTO--()--DionyMed Brands Inc. (“DionyMed”, “DYME” or the “Company”) (CSE: DYME) (OTCQB: DYMEF), a multi-state cannabis brands, distribution and direct-to-consumer delivery platform, announced today that due to a change in application of an accounting treatment, its predecessor corporation, DionyMed Holdings Inc., has completed and filed the restatement of its audited financial statements for the periods ended February 28, 2018 and July 31, 2018, and the interim quarters ended May 31, 2018, August 31, 2018 and November 30, 2018.

Previously, DionyMed Holdings Inc. reported the acquisition of DionyMed Inc. and Herban Industries, Inc. as business acquisitions utilizing IFRS 3, however it was determined that continuity of interest accounting was more appropriate under the circumstances. This required the restatement of the Company’s financial statements for the above-mentioned periods. The restatements were non-cash in nature. The changes included eliminating previously recognized fair value adjustments, including the associated intangible assets and goodwill recognized initially upon acquisition.

To be added to the DionyMed e-mail distribution list, please e-mail DionyMed@kcsa.com with DionyMed in the subject line.

About DionyMed

Founded in 2017, DionyMed is a multi-state cannabis brands platform, supporting cultivators, manufacturers and award-winning brands in the medical and adult-use cannabis markets. DionyMed sells branded products in every category from flower to vape cartridges, concentrates and edibles. DionyMed serves cannabis consumers through retail dispensary distribution and direct-to-consumer fulfillment with its growing portfolio of award-winning brands. Learn more at dionymed.com and follow @DYME_Inc on Twitter and LinkedIn.

Contacts

Edward Fields, CEO
edward.fields@dyme.com
669-232-5270

Peter Kampian, CFO
peter.kampian@dyme.com
647-948-8387

Investors:
Phil Carlson / Erika Kay
KCSA Strategic Communications
Phone: (212) 896-1233
Email: pcarlson@kcsa.com / ekay@kcsa.com

Media:
Kate Tumino / Brittany Tibaldi
KCSA Strategic Communications
212-896-1252 / 347-487-6794
ktumino@kcsa.com / btibaldi@kcsa.com

Release Summary

DionyMed Brands Inc. Announces Restatement of Certain Historical Financial Statements for Prior Fiscal Period Ended February 28, 2018

Contacts

Edward Fields, CEO
edward.fields@dyme.com
669-232-5270

Peter Kampian, CFO
peter.kampian@dyme.com
647-948-8387

Investors:
Phil Carlson / Erika Kay
KCSA Strategic Communications
Phone: (212) 896-1233
Email: pcarlson@kcsa.com / ekay@kcsa.com

Media:
Kate Tumino / Brittany Tibaldi
KCSA Strategic Communications
212-896-1252 / 347-487-6794
ktumino@kcsa.com / btibaldi@kcsa.com