Cronos Group has filed its annual report for the fiscal year ended December 31, 2019 with the Securities and Exchange Commission, which is not complete. The company is unable to file the complete annual report “at this time without unreasonable effort or expense because of delays in finalizing its audited financial statements.” Cronos 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, 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 intends to file a complete version of its annual report with the SEC “as soon as practicable and currently expects to do so within the fifteen-day extension period.”
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