The Cannabis Producer Cronos Posts Strong Revenue Growth But A Bigger Loss

marijuana cannabis cost Canada United States

The Canadian cannabis grower Cronos Group on Tuesday reported third-quarter results that saw its revenue grow but loss widen. Shares were down as much as 5% in early trading.

Here are the key numbers:

  • Revenue: $3.8 million, +186% year-over-year.
  • Earnings per share: -$0.04, previous $0.01
  • Kilograms of cannabis sold: 514 kilograms, +213% YoY

According to the company, the main drivers for the growth in revenue and kilograms sold were increased demand in the domestic medical and international markets, as well as initial shipments into the domestic adult-use recreational market after Canada officially legalized marijuana in October.

“The recent legalization of cannabis sales for adult recreational use in Canada was a watershed moment for our industry and our Company,” CEO Mike Gorenstein said in a press release.

“As excited as we are about this milestone and our participation in this new market, it’s truly just the beginning. Cronos Group is building an innovative global cannabinoid company. The opportunities for our Company extend across the globe as regulations evolve and markets open.”

Shares were up 12% this year through Monday.

CRON

2 thoughts on “The Cannabis Producer Cronos Posts Strong Revenue Growth But A Bigger Loss

  1. fellclive says:

    Very pleased with the fast delivery of my fist order with MJNExpress , cosidering our postal slowdown here in ontario. Who needs to wait for the government to for supply.
    Thanks very much and

  2. fellclive says:

    Very pleased with the fast delivery of my fist order with MJNExpress , cosidering our postal slowdown here in ontario. Who needs to wait for the government to for supply.
    Thanks very much and I will continue to re-order from MJNExpress
    even though I am 77. Stigma? WHO CARES.

Leave a Reply

Your email address will not be published. Required fields are marked *