Cronos Group Inc. (NASDAQ:CRON) Q4 2019 Earnings Conference Call - Final Transcript

Mar 30, 2020 • 05:30 pm ET

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Cronos Group Inc. (NASDAQ:CRON) Q4 2019 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good evening. My name is Ryan and I will be your conference operator today. I'd like to welcome everyone to the Cronos Group 2019 Fourth Quarter and Full Year Earnings Conference Call. Today's call is being recorded. At this time, I would like to turn the call over to Anna Shlimak, Investor Relations. Please go ahead.

Executive
Anna Shlimak

Thank you, Ryan and thank you for joining us today to review Cronos Group's 2019 fourth quarter and full year financial and business performance. Today, I'm joined by our Chairman, President and CEO, Mike Gorenstein; our CFO, Jerry Barbato; and Xiuming Shum, EVP, Legal and Regulatory Affairs. Cronos Group issued a news release announcing our financial results, which are filed on our EDGAR and SEDAR profile. This information as well as the prepared remarks will also be posted on our website under Investor Relations. Before I turn the call over to Mike, I'd like to remind you that our discussion during this conference call will include forward-looking statements that are based on assumptions that are subject to risks and uncertainties that could cause actual results to differ materially from those projected in the forward-looking statements including as a result of the factors described in the cautionary statement and risk factors included in the company's earnings release and regulatory filings including the company's most recent Annual Report on Form 10-K by which any forward-looking statements made during this call are qualified in their entirety.

In addition, during this call, certain financial measures may be discussed that are not recognized under U.S. Generally Accepted Accounting Principles referred to by the Securities and Exchange Commission as non-GAAP measures. We believe that these non-GAAP measures assists management in planning, forecasting, and evaluating business and financial performance including allocating resources. Reconciliations of these non-GAAP measures to their closest reported GAAP measures are included in our earnings press release furnished to the SEC. I'd also like to note that we are conducting our call today from our respective remote location. As such, there may be brief delays, cross-talk or minor technical issues during this call. We thank you in advance for your patience and understanding. We'll now make our prepared remarks and then we'll move to our question-and-answer session. With that, I'll pass it over to Cronos Group CEO, Mike Gorenstein.

Executive
Mike Gorenstein

Thank you, Anna and good afternoon everyone. These are certainly unprecedented times and we are doing our best to adapt to our current situation and make the most of the challenges we face. I hope everyone on the line is staying safe and healthy and a little later I will address the actions we are taking in response to COVID-19. First, I want to address recent developments related to our financial reporting and internal controls as well as the remediation actions we are taking in response to our review. We completed a thorough review of our financial controls and we are committed to making things right and implementing the best practices of financial reporting. I want to thank our finance