US SEC & Canada's OSC smoke Cronos in Cannabis sector reg action

The US Securities and Exchange Commission (SEC) has charged Nasdaq listed Cronos Group - active in the Cannabis sector - with "improperly accounting for millions of dollars of revenue and for other accounting misconduct in multiple reporting periods", although it did not apply a financial penalty. The SEC also charged Cronos's former chief commercial officer, William Hilson, with fraud and aiding and abetting the company's violations.  The company only avoided that penalty, the SEC said, because of  "its timely self-reporting, significant cooperation, and remediation. That did not ...