Arrgh. I’d a couple of head-down-ass-up days planned as we come into earnings season. Here’s my annual rant on press release disclosure, accelerated by a couple of months this year.

You’ve heard us go off on companies that press release financial statements for awhile now. And this morning? Cresco Labs ($CL), Vireo Health ($VREO), Aleafia Health ($AH)….all issued ‘earnings’ in press releases…….. without putting out financial statements. And all had conference calls….on press releases no less.

Well, if you count $VREO’s powerpoint presentation on their financials as something, I’ve got a bridge for you. I can’t even ponder a CFO directing spending to make a fucking PowerPoint presentation on a press release when the financials are complete.

Maybe I’m old (check), but I expect ethical public companies to issue financials at market close, then host a conference call on them the following day, accepting analysts’ questions at the end of the call. Old fashioned? Shit no. It’s called ethical behaviour.

Marketing and communications management has become so pervasive in our modern world….its’ even infested the issuance of actionable documents, turning what *should* be a relatively formal and serious affair – ie: a conversation about the stewardship of your capital – into a bullshit Kabuki performed by management.

Ugh. Seriously: watch out for companies in your portfolio pulling this stunt. It blinds analysts (who have nothing to go on except selective disclosure), and it misdirects investors (by using selective disclosure).

There’s few reasons to do this (there are exceptions……to quash wild rumour or extraordinary events). Mainly, it’s a signal you’re being taken for granted, and that management has some things they don’t want you to think/know about.

Its’ unethical. Period.

The preceding is the opinion of the author, and is in no way intended to be a recommendation to buy or sell any security or derivative.