Cannabis Companies Postpone Earnings Releases Due To Coronavirus

While some cannabis companies have experienced an increase in demand and decided to reinforce staff as a result of the coronavirus pandemic, others either fired or furloughed staff. 

Another effect of the market disruption is delays in earnings releases, with both Canadian and American securities regulators offering extensions for filings to public companies. 

Nabis Holdings

Cannabis company Nabis Holdings Inc. NAB NABIF confirmed Friday that it will rely on the extensions offered by the BCSC and other members of the Canadian Securities Administrators for filing year-end and 2020 first-quarter statutory filings.

The Vancouver-based firm said an extra 45 days for filing was offered to the companies in the Canadian securities industry because of the market situation caused by the COVID-19 crisis.

Nabis was previously supposed to file its annual information form by April 29, and its March 31 financial statements by May 30. Both are now being postponed.

Bhang

Cannabis consumer packaged goods brand Bhang Inc. BHNG BHNGF, said Friday that it will delay the release of its annual financial statements for 2019 until June 13 at the latest. The company is allowed to postpone filing the release following the new Ontario Instrument 51-502 Temporary Exemption from Certain Corporate Finance Requirements of the Ontario Securities Commission, which was provided because of COVID-19-related challenges.

Acreage Holdings 

New York-based Acreage Holdings, Inc. ACRG ACRGF reported Wednesday through a regulatory filing that it will not meet its May 15 deadline for releasing its quarterly earnings results due to the circumstances caused by the COVID-19 outbreak.

Instead, the vertically integrated cannabis company said it plans to rely on an order released by the SEC “pursuant to its authority under Section 36 of the Securities Exchange Act of 1934 granting exemptions from certain provisions of that Act and the rules thereunder related to the reporting and proxy delivery requirements for certain public companies,” and release the results June 25.

Plus Products

Cannabis and hemp food company Plus Products Inc. PLUS PLPRF announced Friday it will also use the relief offered by the securities regulators in regards to a 45-day extension for specific filings, and it will postpone the release of its annual financial statements for 2019.

Plus Products said it will reveal a new date for the filing release in a future company update.

Cansortium

Cansortium Inc. TIUM CNTMF, a cannabis company known for its Fluent brand, confirmed Monday it is also planning to utilize the 45-day filing extension for the release of its annual financial statement for 2019, which had a previously set deadline of April 29.

The Miami-based company said the delay is caused by the difficulties imposed by the COVID-19 crisis and that it should be able to release the annual filing by May 31.