Investors shouldn't hold their breath waiting for Acreage Holdings (ACRGF) to report earnings for its recently completed quarter. The marijuana company revealed in a regulatory filing Wednesday that it will not file its 10-Q -- the quarterly earnings form required of all public companies by the Securities and Exchange Commission -- by its May 15 deadline.
The marijuana company puts the blame for the delay on the COVID-19 pandemic. According to Acreage, the efforts being made to stem the disease's spread have wrought significant havoc on its operations.
Image source: Getty Images.
"In particular, these changes have affected the collaboration of our financial reporting team and the accessibility of the Company's books and records, resulting in delays in the review, preparation and completion of its financial statements for the first quarter of 2020 due to guidance from authorities for employees to follow work from home procedures," Acreage wrote in the filing.
Acreage said it now plans to release the Q1 numbers to the public on June 25 after market close, with a conference call to discuss the results taking place the following morning.
Like many other companies, Acreage has taken steps to mitigate the effects of coronavirus-related shutdowns and stay-in-place mandates on its business. In updating the "risk factors" section required in certain SEC filings, the company noted that it had furloughed employees, and temporarily ceased retail operations in Maryland and North Dakota, and manufacturing activities on the U.S. West Coast.
Investors seemed pleased with the overall picture. On Wednesday, the company's stock rose by almost 10%, well ahead of the gains enjoyed by the broader equities market.
