Cronos Group shares lose 27 per cent after report raises concerns
TORONTO — Shares of cannabis company Cronos Group Inc. plummeted nearly 27 per cent after a U.S. short-seller raised concerns about the Torontobased company’s disclosures. The company’s stock fell $4.38 to $11.99 with nearly 10 million shares traded on the Toronto Stock Exchange after a brief halt in afternoon trading. The sell-off came after U.S.-based Citron Research published a report accusing the company of deceiving investors by purposely not disclosing the size of distribution agreements with provinces, unlike other major cannabis players. Citron managing editor Andrew Left says unnamed sources have indicated the agreements are too small to justify the premium investors are paying for the stock.