25 Nov

Update on Price and Volume Query Response

ABN: 89 609 406 911 25 November 2021 Update on Price and Volume Query Response Creso Pharma Limited (ASX:CPH, OTC:COPHF, FRA:1X8) (‘Creso Pharma’ or ‘the Company’) advises that, further to the Company’s price and volume query response to the ASX on 16 November 2021, and by way of update: • On 22 November 2021, Creso Pharma was served with a notice issued by ASIC under Section 33 of the ASIC Act, requiring it to produce certain documents to ASIC in connection with an ASIC investigation ( Notice ) . • The N otice identified for the first time that ASIC’s investigation includes suspected contraventions by the Company, its officers, agents, employees and representatives in relation to trading in its securities. • The N otice confirmed that it should not be construed as an indication by ASIC that a contravention of the law has occurred, nor should it be considered a reflection upon any person or entity . Creso Pharma takes its legal obligations seriously, and is treating this matter accordingly , including to comply with ASIC ’ s Notice. Creso Pharma appears to have become involved in the ASIC investigation because of common directorships between it and its corporate adviser, EverBlu Capital. In order to distance Creso Pharma’s operations and gove rnance from the ASIC investigation, Mr Blumenthal has today offered to stand aside from his role as chairman of Creso Pharma (which Creso Pharma has now accepted). Creso Pharma’s Executive Director, Dr. James Ellingford, will act as interim chairman of Cre so Pharma . In addition, the board of directors has established a standalone sub - committee, comprising of Dr Ellingford and Mr Wachtel, to address and respond to the ASIC notice and otherwise to cooperate with ASIC in its investigation . Importantly, t he existence of the ASIC investigation does not impact on Creso Pharma’s ability to continue to operate efficiently. The Company notes that its key business operations in Canada and Switzerland are each managed by in - country senior executives who have been quarantined from this matter and , as such, those operations remain unaffected and are operating as usual. The Company appreciates and is grateful for the continued support of all of its stakeholders. - Ends - Authority and Contact Details This announcement has been authorised for release by the Board of Directors of Creso Pharma Limited. Should you have any questions , please contact: ABN: 89 609 406 911 Investor Enquiries Creso Pharma Limited E: info@cresopharma.com P: +61 (0) 497 571 532 Enquiries can be texted to +61 (0) 497 571 532 Released through: Ben Jarvis, Six Degrees Investor Relations: Ph: +61 (0) 413 150 448 About Creso Pharma Creso Pharma Limited (ASX:CPH) brings the best of cannabis to better the lives of people and animals. It brings pharmaceutical expertise and methodological rigor to the cannabis world and strives for the highest quality in its products. It develops cannabis and hemp derived therapeutic, nutraceutical, and life style products with wide patient and consumer reach for human and animal health. Creso Pharma uses GMP (Good Manufacturing Practice) development and manufacturing standards for its products as a reference of quality excellence with initial product registrations in Switzerland. It has worldwide rights for a number of unique and proprietary innovative delivery technologies which enhance the bioavailability and absorption of cannabinoids. To learn more please visit: www.cresopharma.com Creso Pharma offices : Australia Suite 5 CPC, 145 Stirling Hwy, Nedl a nds, WA, 6009 Switzerland Allmendstrasse 11, 6310 Steinhausen, Schweiz Canada 59 Payzant Driver, Windsor, Nova Scotia, B0N 2TO Canada 50 Ivey Ln, Windsor, Nova Scotia, B0N 2TO Forward Looking statements This announcement contains forward - looking statements with respect to Creso and its respective operations, strategy, investments, financial performance and condition. These statements generally can be identified by use of forward - looking words such as "may ", "will", "expect", "estimate", "anticipate", "intends", "believe" or "continue" or the negative thereof or similar variations. The actual results and performance of Creso could differ materially from those expressed or implied by such statements. Such st atements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Some important factors that could cause actual results to differ materially from expectations include, among other things, general economic an d market factors, competition and government regulation. ABN: 89 609 406 911 The cautionary statements qualify all forward - looking statements attributable to Creso and persons acting on its behalf. Unless otherwise stated, all forward - looking statements speak only as of the date of this announcement and Creso has no obligation to up - date such statements, except to the extent required by applicable laws.
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