SEC requested Cronos to file paperwork – firebird-cbdoil
Marketwatch reports… ..
Cronos receives SEC request
The SEC enforcement department has asked Cronos to keep records of bulk purchases of resin and wholesale sales based on internal communications while the company is investigating revenue recognition practices.
The Securities and Exchange Commission sent a request to Cronos Group Inc., one of the largest cannabis producers in Canada, asking the company to keep a record of how certain earnings are recorded. This is evident from internal Cronos releases that have been reviewed by MarketWatch.
In an email sent by a company lawyer to employees on March 10, Cronos CRON, + 2.80% CRON, + 4.77% instructed employees to do certain records related to a "Confidential and non-public investigation by the Securities and Exchange Commission". ”The SEC Enforcement Department asked the company to keep and keep all records of revenue recognition related to wholesale resin purchases and wholesale sales of biomass or other products, as per the email and an accompanying document. Bulk resin is a type of cannabis concentrate, and biomass is marijuana, from which companies typically extract oil for vape products or food.
Cronos and the SEC declined to comment.
Read the full article at https://www.marketwatch.com/story/exclusive-pot-company-cronos-receives-sec-inquiry-2020-03-19?mod=nextup_bomw