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Cronos Group Commits to Releasing Q4 Results in March

By Eric Volkman - Mar 2, 2020 at 6:21PM

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The company also provided an explanation as to why it's delayed reporting.

Cronos Group's (CRON 1.42%) fourth-quarter and full-year results for fiscal 2019 might be coming any day now, if a new set of regulatory filings is anything to go by.

In the filings with the Securities and Exchange Commission (SEC) submitted on Monday, Cronos said it was tacking on a 15-day extension to its filing deadline, as per federal securities law. It added that it plans to release the quarterly and annual figures "promptly."

"However," it warned, "no assurance can be given that the Company will be able to meet the extended filing deadline."

Wilted marijuana plants.

Image source: Getty Images.

Among Cronos' new SEC filings was a 10-K, the requisite annual report. But significant sections of this document have been omitted. 

In an accompanying document, the company said the reason for its reporting delay, and by extension the omissions, is that it

has been unable to complete its financial statements for fiscal 2019 due to a continuing review by the Audit Committee of the Company's Board of Directors, with the assistance of outside counsel and forensic accountants, of several bulk resin purchases and sales of products through the wholesale channel and the appropriateness of the recognition of revenue from those transactions.

Cronos was originally slated to publish its quarterly and annual results on Feb. 27. At that time, it provided neither a time frame for the release, nor an explanation for the delay.

Investors will be hoping that the company's latest quarter is an improvement over its third-quarter results, which featured a miss on the top line and a net profit due almost entirely to a one-time accounting gain.

On Monday, a good day for equities generally, shares of the marijuana stock ended the day almost 3% higher. 

 

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