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March 2, 2020, 4:48 p.m. EST

Cronos unable to complete annual report due to internal review

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    Cronos Group Inc. (CRON)
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By Max A. Cherney

Cronos Group Inc. /zigman2/quotes/206842762/composite CRON -1.93% /zigman2/quotes/202715342/delayed CA:CRON -2.48% said late Monday that it was unable to complete its financial statements for fiscal 2019 because of an ongoing review by an internal audit committee, outside lawyers and forensic accountants, according to a filing with the Securities and Exchange Commission. The filing said that the review is over accounting practices and revenue recognition related to several purchases of bulk resin and sales of products through the "wholesale channel." The company said in February that it was postponing the release of its December-quarter financial statements but did not specify a reason at the time. The Monday filing also said that the company expects to record a material inventory write-down, a gain in revaluation of its financial liabilities, restructuring charges and an increase in net income. Cronos stock fell 2.8% in the extended session, and closed up 2.9% to $6.02 during regular trading. The Cannabis ETF /zigman2/quotes/213173823/composite THCX +0.66% closed up 1.5% during the regular session Monday.

US : U.S.: Nasdaq
$ 8.63
-0.17 -1.93%
Volume: 9.24M
Dec. 4, 2020 4:00p
P/E Ratio
Dividend Yield
Market Cap
$3.07 billion
Rev. per Employee
CA : Canada: Toronto
$ 11.02
-0.28 -2.48%
Volume: 1.80M
Dec. 4, 2020 5:40p
P/E Ratio
Dividend Yield
Market Cap
$3.93 billion
Rev. per Employee
US : U.S.: NYSE Arca
$ 13.72
+0.09 +0.66%
Volume: 355,768
Dec. 4, 2020 8:00p

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