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    Client Highlights

    S&C Advises Cronos in SEC Settlement

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    November 2, 2022

    Canadian cannabis company Cronos reached a settlement with the Securities and Exchange Commission over accounting issues. The company will not pay any financial penalty, and entered into a no-admit, no-deny settlement. It agreed to cease and desist from future violations of the charged provisions and to retain an independent compliance consultant for a 120-day review to make recommendations about the company’s financial reporting and accounting controls.

    The SEC praised the company’s cooperation in its October 24 announcement: “Cronos avoided penalties by promptly self-reporting its accounting misconduct as it came to light within the company, cooperating with our investigation, and promptly taking effective remedial steps.”

    The S&C team that advised Cronos’ Audit Committee throughout the investigation included Adam Paris, Tony Lewis, Alexa Cover, and Jonathan Kwortek.

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    Adam S. Paris Headshot Photo
    Adam S. Paris
    Los Angeles
    +1-310-712-6663
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    Anthony J. Lewis Headshot Photo
    Anthony J. Lewis
    Los Angeles
    +1-310-712-6615
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    Alexa M. Cover Headshot Photo
    Alexa M. Cover
    Los Angeles
    +1-310-712-6600
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