Cronos Group (TSX: CRON) (NASDAQ: CRON) by all accounts appears unable to get a firm hold on its financial results. The firm on Friday evening again delayed the release of its third quarter 2021 financial results.
Originally due back in early November, the firm has been incapable of filing the financial results as a result of certain impairments that the company is required to make related to its second quarter results – which were previously filed. As a result, the company has been in the process of reworking its second quarter results, while also delaying its third quarter results, for a period of three months now.
Impairments of at minimum $220 million related to the firms goodwill and intangible assets are expected to be posted on its second quarter results, with further impairments expected for the three month period ended September 30, 2021.
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At the time of the initial delay, the company commented that it expected to make the filings “within 60 days,” which placed the filings around January 9. At the end of December however, the company changed that text to January 31 within its biweekly management cease trade order status update. On Friday, days before that second deadline, the firm within the biweekly status update changed that date to February 18 – the third such date estimate now provided by the company.
Despite the continuous delays in the filing, the firm maintains that there is no information in relation to the announcement.
Cronos Group last traded at $4.38 on the TSX.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization unless otherwise mentioned. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
