Robert Cohen has been quoted in the article “Marijuana Financial Restatements Show Industry Still Maturing, Insiders Say,” published by MJBiz Daily.
Writes Kate Robertson: “The marijuana industry has an accounting problem, with a number of companies correcting errors in financial statements in recent years through restatements. Restating financial results is a rare occurrence for most public companies … But a disproportionate number of them have come from the cannabis industry over the past few years, making it harder for investors to gauge the financial health of a company. Restatements also can lead to potentially costly class action lawsuits.”
Says Robert: “The restating of a public company’s financial statements is like ringing the alarm bell for class action lawyers. It doesn’t necessarily mean that a class action will ensue or be successful, but it typically means that there is smoke to be investigated, and often when there is smoke, there is fire.”