Cannabist Co Changes Auditors Amid Financial Statement Disagreements
Ticker: CBSTF · Form: 8-K · Filed: Oct 15, 2024 · CIK: 1776738
| Field | Detail |
|---|---|
| Company | Cannabist Co Holdings Inc. (CBSTF) |
| Form Type | 8-K |
| Filed Date | Oct 15, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 4 min |
| Sentiment | neutral |
Sentiment: neutral
Topics: auditor-change, financial-reporting, disagreement
TL;DR
Cannabist Co swapped auditors (Marcum out, WithumSmith+Brown in) after a disagreement over 2023 financials.
AI Summary
On October 9, 2024, The Cannabist Company Holdings Inc. (formerly Columbia Care Inc.) filed an 8-K to report a change in its certifying accountant. The company dismissed Marcum LLP and engaged WithumSmith+Brown, PC as its new independent registered public accounting firm, effective October 7, 2024. This change follows a disagreement with Marcum LLP regarding the company's financial statements for the fiscal year ended December 31, 2023.
Why It Matters
A change in auditors, especially one following disagreements, can signal potential issues with financial reporting and may lead to increased scrutiny from investors and regulators.
Risk Assessment
Risk Level: medium — A change in auditors, particularly when preceded by disagreements, can indicate underlying financial reporting issues or complexities that warrant closer attention.
Key Players & Entities
- The Cannabist Company Holdings Inc. (company) — Registrant
- Columbia Care Inc. (company) — Former company name
- Marcum LLP (company) — Dismissed independent registered public accounting firm
- WithumSmith+Brown, PC (company) — Newly engaged independent registered public accounting firm
- October 9, 2024 (date) — Date of Report
- October 7, 2024 (date) — Effective date of new auditor engagement
- December 31, 2023 (date) — Fiscal year end for financial statements in question
FAQ
Why was Marcum LLP dismissed as Cannabist Co's certifying accountant?
The filing states that the dismissal was due to a disagreement between the company and Marcum LLP regarding the company's financial statements for the fiscal year ended December 31, 2023.
When did WithumSmith+Brown, PC become Cannabist Co's new independent registered public accounting firm?
WithumSmith+Brown, PC was engaged as the new independent registered public accounting firm effective October 7, 2024.
Did Marcum LLP consent to the change in auditors?
The filing indicates that Marcum LLP has provided a letter stating they have no reason to believe that the information provided by the company regarding the change is inaccurate or incomplete.
What is the former name of The Cannabist Company Holdings Inc.?
The former name of The Cannabist Company Holdings Inc. was Columbia Care Inc., with a name change date of May 14, 2019.
What is the primary business of The Cannabist Company Holdings Inc.?
The company's Standard Industrial Classification is AGRICULTURE PRODUCTION - CROPS [0100].
Filing Stats: 877 words · 4 min read · ~3 pages · Grade level 13.7 · Accepted 2024-10-15 17:04:59
Filing Documents
- d823814d8k.htm (8-K) — 26KB
- d823814dex161.htm (EX-16.1) — 2KB
- g823814snap1a.jpg (GRAPHIC) — 7KB
- g823814snap3a.jpg (GRAPHIC) — 8KB
- 0001193125-24-237656.txt ( ) — 162KB
- ck0001776738-20241009.xsd (EX-101.SCH) — 2KB
- ck0001776738-20241009_lab.xml (EX-101.LAB) — 16KB
- ck0001776738-20241009_pre.xml (EX-101.PRE) — 10KB
- d823814d8k_htm.xml (XML) — 3KB
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 16.1 Letter from Davidson & Company LLP, to the Securities and Exchange Commission, dated October 11, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. THE CANNABIST COMPANY HOLDINGS INC. By: /s/ David Sirolly Name: David Sirolly Title: Chief Legal Officer & General Counsel Date: October 15, 2024