Cronos settles SEC and OSC investigations over accounting errors; pays C$1.34M, loses WKSI status

Cronos Group Inc.

SEC order imposes cease-and-desist; no monetary penalty but Cronos loses WKSI status for 3 years and Regulation A/D exemption use for 5 years.
OSC settlement requires C$1.34M payment; Cronos acknowledged non-compliance with Ontario Securities Act reporting requirements.
Both settlements resolve improper revenue recognition ($5.8M overstated in 2019) and delayed impairment charge of $234.9M in 2021.
Cronos agrees to retain independent consultant to review internal accounting controls under both settlements.

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