According to the Complaint, Cronos Group Inc., formerly known as PharmaCan Capital Corp., is a principal investment firm. Cronos seeks to invest in companies either licensed, or actively seeking a license, to produce medical marijuana pursuant to Canada’s Marijuana for Medical Purposes Regulations (MMPR). The Company typically invests in companies based in Canada.

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations and compliance policies. Specifically, the Complaint alleges Defendants made false and/or misleading statements and/or failed to disclose that: (i) Cronos had engaged in significant transactions for which its revenue recognition was inappropriate; (ii) the foregoing would foreseeably necessitate reviews that would delay the Company’s ability to timely file its periodic reports; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.

On October 22, 2020, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. Lead Plaintiff filed a consolidated amended Complaint on November 23.

Defendants filed a Motion to Dismiss the consolidated amended Complaint on April 22, 2021. On November 11, 2023, the Court issued an Order granting Defendants' Motion to Dismiss. The case was dismissed with prejudice.