Cronos Group Files Form 12b-25
March 02 2020 - 4:43PM
Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) (“Cronos Group” or the
“Company”) today announced that it has filed a Form 12b-25 with the
U.S. Securities and Exchange Commission, providing the Company a
15-day extension of the due date for filing its Annual Report on
Form 10-K for the year ended December 31, 2019 (the “Form 10-K”).
The Company 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. As previously announced, the Company has delayed its
fourth quarter and full year 2019 earnings release and investor
conference call, previously scheduled for Thursday, February 27,
2020. The Company plans to release fourth quarter and full year
2019 earnings results and to file its Form 10-K promptly within the
extension period of 15 calendar days. However, no assurance can be
given that the Company will be able to meet the extended filing
deadline.
About Cronos Group Inc.Cronos Group is an
innovative global cannabinoid company with international production
and distribution across five continents. Cronos Group is
committed to building disruptive intellectual property by
advancing cannabis research, technology and product
development. With a passion to responsibly elevate the
consumer experience, Cronos Group is building an iconic
brand portfolio. Cronos Group’s portfolio includes PEACE
NATURALS™, a global health and wellness platform, two adult-use
brands, COVE™ and Spinach™, and two hemp-derived CBD brands, Lord
Jones™ and PEACE+™. For more information about Cronos Group and its
brands, please visit: www.thecronosgroup.com
Forward-Looking Statements This news release
contains “forward‐looking information” and “forward‐looking
statements” within the meaning of applicable Canadian and U.S.
securities laws. All information contained herein that is not
clearly historical in nature may constitute forward‐looking
information. In some cases, forward‐looking statements can be
identified by words or phrases such as “may”, “will”, “expect”,
“plan”, “anticipate”, “intend”, “potential”, “estimate”, “believe”
or the negative of these terms, or other similar expressions
intended to identify forward‐looking statements. Some of the
forward‐looking statements contained in this press release include
the Company’s ability to complete the filing of the Form 10-K
within the 15-day extension period. Forward‐looking
statements are necessarily based upon a number of estimates and
assumptions that, while considered reasonable by management, are
inherently subject to significant business, economic and
competitive risks, uncertainties and contingencies that may
cause the actual filing time of the Form 10-K, financial results,
performance or achievements to be materially different from the
estimated future filing time, results, performance or achievements
expressed or implied by those forward‐looking statements and the
forward‐looking statements are not guarantees of future
performance. A discussion of some of the material risks
applicable to the Company can be found in the Company’s current
Management’s Discussion and Analysis and Annual Information Form,
both of which have been filed on SEDAR and EDGAR and can be
accessed at www.sedar.com and www.sec.gov/edgar,
respectively. The forward‐looking information included in
this news release is made as of the date of this news release and,
except as required by law, Cronos Group disclaims any obligation to
update or revise any forward‐ looking statements. Readers are
cautioned not to put undue reliance on these forward‐looking
statements.
Cronos Group ContactAnna ShlimakTel: (416)
504-0004investor.relations@thecronosgroup.com
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