Ontario’s securities regulator said it entered into settlement agreements with cannabis producer Cronos Group and one of its former top executives over allegations involving a breach of securities law and conduct contrary to the public interest.
The Capital Markets Tribunal will hold a hearing Oct. 24 to weigh approval of the settlement agreements. The details of those agreements are not public.
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Cronos is accused of failing to file interim financial statements prepared in accordance with applicable generally accepted accounting principles (GAAP) and acting in a manner contrary to the public interest.
The Ontario Securities Commission (OSC) alleges William Hilson, who was Cronos’ chief financial officer and later chief commercial officer, acted in a manner contrary to the public interest.
“When public cannabis companies issue financial statements that do not provide accurate information about their financial performance and condition and fail to have adequate controls, they undermine confidence in
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