Simply Solventless files Q2 2026 financials amid restructuring process

Simply Solventless Concentrates Ltd. (TSXV: HASH) filed its unaudited financial statements for the quarter ended June 30, 2026, on SEDAR+, the company announced Sept. 1, 2026.

The Calgary, Alberta-based cannabis company entered a restructuring process on Feb. 27, 2026, under CCAA proceedings. The company has estimated potential debt reductions of up to $19.9 million and annual cost reductions of up to $7.1 million as part of the expected restructuring outcomes.

President and CEO Jeff Swainson said the company achieved a third consecutive quarter of net revenue in the approximately $5.0 million to $5.3 million range. He also noted that Humble Grow Co., a company subsidiary, reported a 75% to 80% increase in cannabis flower yields since June 2026, bringing its current annual run rate to approximately 8.0 to 9.0 metric tonnes. Swainson said the incremental production is expected to increase cash flow by approximately $0.3 million to $0.4 million per month.

The Alberta Securities Commission extended the company's management cease trade order to Aug. 28, 2026. The company said the filing of the Q2 financials was the last item creating a default under National Policy 12-203, and it expects the order to be revoked within approximately two business days. The MCTO restricts only company management from trading in SSC securities.

Simply Solventless also announced an extension of a non-brokered private placement of up to 20,000,000 units at $0.05 per unit, targeting gross proceeds of up to $1.0 million. Each unit consists of one common share and one warrant exercisable at $0.10 per share for two years. As of the announcement date, the company had received $0.5 million in subscriptions and elections to convert $2.2 million in debentures.

The company also disclosed amendments to its convertible debentures, reducing the conversion price from $1.00 to $0.15 per share and the warrant exercise price from $1.20 to $0.25 per share. The financing, debt settlement, and debenture amendment are expected to close on or before Sept. 30, 2026, subject to TSX Venture Exchange approval.

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