Trulieve Loses Foreign Private Issuer Status, Must Transition To US GAAP Reporting Standards
Evidently, recent buying activity in Trulieve Cannabis Corp (CSE: TRUL) has come largely from South of the border. The company announced this morning that as of June 30, more than 50% of the firms shares were owned by shareholders domiciled in the United States. The result, is the company loses its “foreign private issuer” status.
The result of this declaration effectively means that it is now classified as a US domestic issuer. Trulieve will now be subject to SEC reporting requirements, and must file the required documents by January 1, 2021.
Financial statements must now be presented under US GAAP versus that of IFRS, a transition that may require restatement of recent financials to meet the different accounting standard. The most significant change here will be the reporting of fair values of biological assets, which is treated different by the two accounting standards, and thereby will have an impact on the perceived earnings of the company.
Trulieve will continue to be listed on the CSE while being technically headquartered in British Columbia.
Trulieve Cannabis Corp last traded at $21.00 on the CSE.
Information for this briefing was found via Sedar and Trulieve Cannabis Corp. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.
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