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MJ - ETFMG ALTERNATIVE HARVEST ETF News Story

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BUZZ-Pot producer Cronos to restate financials, shares drop

Tue 31st March, 2020 6:03pm
** U.S.-listed shares of Cronos Group  CRON.O   CRON.TO 
drop 10.7% to $5.66 
    ** Pot producer says it will restate financials for Q1, Q2
and Q3 2019 after its audit committee reviewed some bulk
purchases and sales from last year
    ** Co reduces revenue for the prior qrtrs as part of
restatement  urn:newsml:reuters.com:*:nGNX54cxqr
    ** CRON also takes a $24 mln inventory write-down in Q4,
expects further write-downs in the short term due to lower
prices for cannabis
    ** Reports consolidated rev of $7.3 mln for Q4, missing
analysts' estimates of C$16.2 million ($11.44 million) -
Refinitiv IBES Data
    ** So far this year, CRON shares down ~26%, while the
alternative harvest ETF that tracks cannabis stocks  MJ.P  has
fallen ~32%


($1 = 1.4166 Canadian dollars)

 (Reporting by Shariq Khan in Bengaluru)
 ((Shariq.Khan@thomsonreuters.com; Twitter: @shariqrtrs))
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