Cronos announced it would delay its Q4 and full-year reporting, but did not explain why, except to say it had suffered a delay in finishing its financial statements. CBC Business, The Star
- Cronos’s largest shareholder is Marlboro parent Altria, which paid $2.4B for 45% of Cronos stock. Cronos is now worth roughly $2.3B.
Extractors didn’t have as rough a year as cultivators, which explains why Valens celebrated financials featuring Q4 revenue of $30.6M and $17.7M in adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA). As BNN Bloomberg‘s David George-Cosh said, a profitable quarter is “a rarity in the pot industry.” NewsWire, BNN Bloomberg
Cowen downgraded Tilray, Aurora, and Sundial from “outperform” to “market perform,” though Cantor Fitzgerald’s Pablo Zuanic is still optimistic Aurora’s on the mend. Business Insider, Seeking Alpha, MarketWatch
EY’s Ashley Chiu tweeted the “Common misconception [is] that all [publicly held companies] have an effective internal control environment. The reality is that only NYSE and NASDAQ requires listed companies to prove that their [internal control over financial reporting] and governance programs are effective. Other exchanges [only] provide guidance and suggestions.” Twitter—Ashely Chiu
- Chiu warned me this summer not to presume that because someone’s listed on the Canadian Securities Exchange, they necessarily have, for example, a legal department. “Or even a lawyer,” she joked ominously.
Alberta REC retailer 420 Investments (parent of Four20 Premium Markets) sued Tilray for $110M for breach of contract after Tilray “had a change of heart and no longer wished to proceed” with acquire 11 Four20 Premium Market locations in Alberta for $110M in cash and stock. BNN Bloomberg