Bulletin
Investor Alert

Market Pulse Archives

March 17, 2020, 5:27 p.m. EDT

Cronos stock falls after marijuana company says it will restate 2019 financials

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    Cronos Group Inc. (CRON)
  • X
    Cronos Group Inc. (CRON)
  • X
    S&P 500 Index (SPX)

or Cancel Already have a watchlist? Log In

By Max A. Cherney

Cronos Group Inc. /zigman2/quotes/206842762/composite CRON -1.93% /zigman2/quotes/202715342/delayed CA:CRON -2.48% said late Tuesday that it would have to re-state three quarters of financial statements for 2019 because the company has been conducting an internal review of its bulk resin purchases and wholesale revenues. Shares of Cronos fell 4.8% in the extended session Tuesday. Cronos said in a statement that it was eliminating several wholesale transactions that would reduce its revenue by C$2.1 million for the March, 2019 quarter and C$5.1 million for the September quarter. The company said its previously issued financial statement should not be relied on and the company's Form 10-K will likely report one "or more" weaknesses in its internal controls related to financial reporting. The company aims to file its fiscal 2019 financial statements by March 30 but cautioned that the COVID-19 pandemic could impact the deadline. Cronos previously disclosed that it had engaged external legal counsel, forensic accountants and put together an internal audit committee to look into revenue recognition issues. Cronos stock has fallen 70% in the past year, as the S&P 500 index /zigman2/quotes/210599714/realtime SPX +0.88% slid 23%.

/zigman2/quotes/206842762/composite
US : U.S.: Nasdaq
$ 8.63
-0.17 -1.93%
Volume: 9.24M
Dec. 4, 2020 4:00p
P/E Ratio
35.82
Dividend Yield
N/A
Market Cap
$3.07 billion
Rev. per Employee
$37,520
loading...
/zigman2/quotes/202715342/delayed
CA : Canada: Toronto
$ 11.02
-0.28 -2.48%
Volume: 1.80M
Dec. 4, 2020 5:40p
P/E Ratio
36.08
Dividend Yield
N/A
Market Cap
$3.93 billion
Rev. per Employee
$49,785
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
3,699.12
+32.40 +0.88%
Volume: 2.59B
Dec. 4, 2020 5:11p
loading...

This Story has 0 Comments
Be the first to comment
More News In
Industries

Story Conversation

Commenting FAQs »
Link to MarketWatch's Slice.