- Cronos Group (CRON) has filed Form 12b-25 (Notification of Late Filing) with the U.S. Securities and Exchange Commission in connection with its quarterly report
- The company has been unable to complete its financial statements for the three and nine months ended September 30, 2021
- Cronos’ audit committee requires additional time to evaluate goodwill and indefinite-lived intangible assets in the U.S. reporting unit for impairment
- Cronos has applied for a management cease trade order in Canada
- Cronos Group is a global cannabinoid company
- Cronos Group Inc. (CRON) is down 1.9 per cent, trading at C$6.97 per share at 11:20 am ET
Cronos Group (CRON) has filed a Form 12b-25 (Notification of Late Filing) in connection with its quarterly report.
The company has been unable to complete its financial statements for the three and nine months ended September 30, 2021, because the company’s audit committee requires additional time to evaluate goodwill and indefinite-lived intangible assets in the U.S. reporting unit for impairment.
Cronos expects that it will record an impairment charge of not less than $220 million on goodwill and indefinite-lived intangible assets for the three and six months ended June 30, 2021, and may incur an additional impairment in the three months ended September 30, 2021.
The impairment charge is not expected to impact cash and cash equivalents or revenues.
The company is working diligently to complete these filings and anticipates, but cannot assure, that they will be finalized and filed within 60 days.
Cronos has applied for a management cease trade order in Canada until such time that the filings referred to above are made.
Cronos Group is a global cannabinoid company with international production and distribution across five continents.
Cronos Group Inc. (CRON) is down 1.9 per cent, trading at C$6.97 per share at 11:20 am ET.