Cronos to Restate 2019 Financial Statements, Board Member Leaves
Cronos Group (CRON) announced that it will be restating certain items for the first three quarters of FY 2019. It also stated that quarterly reports belonging to those periods ‘should no longer be relied upon.’ The restatement is being made at the recommendation of the company’s Audit Committee and KPMG, its accounting firm. It is believed that certain transactions related to bulk purchase of resin may be eliminated. A few transactions concerned with wholesale product sales may also be removed.
It is expected that