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Cronos Group Inc. - CRON STOCK NEWS

Welcome to our dedicated page for Cronos Group news (Ticker: CRON), a resource for investors and traders seeking the latest updates and insights on Cronos Group stock.

Cronos Group Inc. (CRON) is a globally diversified and vertically integrated cannabis company with a significant presence across four continents. Headquartered in Toronto, Canada, Cronos operates two wholly-owned Canadian licensed producers, Peace Naturals Project Inc. based in Ontario, and Original BC Ltd. located in British Columbia's Okanagan Valley. These operations are regulated under Health Canada's Access to Cannabis for Medical Purposes Regulations.

Internationally, Cronos has established production and distribution platforms in Israel and Australia, and through an exclusive distribution agreement, has access to over 12,000 pharmacies in Germany. The company focuses on building an iconic brand portfolio and developing disruptive intellectual property, aiming to be a leader in the global cannabis market.

Cronos's medicinal brand, Peace Naturals, and recreational brands, Cove and Spinach, cater to a wide range of consumers. The company exports medical cannabis primarily to Israel, and in the U.S., it holds an option to acquire 10.5% of U.S. multistate operator PharmaCann upon the easing of federal restrictions.

Recently, Cronos has expanded its footprint in Australia, partnering with Vitura to supply high-quality cannabis products. This milestone is significant as the Australian medical cannabis market has grown impressively, with approvals for new patients increasing each year. Additionally, Cronos's Spinach brand has become a top seller in Canada, particularly in the flower and edibles categories.

With a strong emphasis on R&D, Cronos invests in tissue culture and cannabis genetics breeding programs to ensure premium quality. This commitment has enabled the company to produce high-quality products that meet the growing demand in international markets, including the UK and Germany.

The company is also known for its commitment to responsible cannabis research, technology, and product development. With a focus on advancing consumer experiences, Cronos continues to innovate and expand its product offerings globally.

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Cronos Group (NASDAQ: CRON, TSX: CRON) announced the reconvening of its 2024 Annual Meeting of Shareholders on July 19, 2024, at 11:00 a.m. ET. The meeting will be held virtually via a live audio webcast, allowing equal participation for all registered shareholders and proxyholders regardless of location. Attendees will have the opportunity to ask questions and vote. The record date for the Annual Meeting remains April 25, 2024. Detailed instructions and the proxy statement are available on Cronos’ investor relations website.

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Cronos Group's Spinach® brand is launching new cannabis products for summer 2024. The new offerings include the SOURZ by Spinach® Fully Blasted gummies, each containing 10 mg of THC, available in flavors such as Pink Lemonade, Blue Raspberry Watermelon, and Cherry Lime. Additionally, the SOURZ by Spinach® Tropical Party Pack features new dual-flavored gummies with 1 mg THC each, including Peach Passionfruit, Pineapple Coconut, and Strawberry Guava flavors.

The Spinach® brand also introduces Spinach Grindz™, ready-to-use milled flower options aimed at convenience-seeking consumers. Available strains include Citrus Crush and Cookie Dough. These new products aim to provide high-quality and enjoyable cannabis experiences for adult consumers.

CEO Mike Gorenstein expressed excitement about the new launches, highlighting the company's commitment to innovation and consumer satisfaction. For more information, visit the official Spinach® website.

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Cronos Group announced results from its 2024 Annual Meeting of Shareholders held on June 20, 2024. Shareholders representing 71.75% of the company's outstanding common shares voted. All nominated directors were elected, each receiving more than 93.4% of votes in favor. Notably, Jason Adler secured 98.33%, Murray Garnick 98.71%, and Michael Gorenstein 93.44% approval. Additionally, 96.19% of votes favored the advisory resolution on executive compensation. However, due to an incomplete search for a successor independent auditor, Proposal No. 3 was not presented, and the meeting was adjourned. Details on the successor auditor and the reconvened meeting will be provided in due course. Comprehensive voting results are available on SEDAR+ and EDGAR.

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Cronos Group announced an expansion of its joint venture, GrowCo, a cannabis cultivation company. Cronos will provide a $51 million secured non-revolving credit facility to fund the expansion of GrowCo's facility.

The expansion aims to meet growing global demand for high-quality cannabis. The GrowCo board will add two new Cronos appointees, increasing its size to five members. Additionally, Cronos will have the option to purchase up to 70% of the production from the expanded facility.

Financial consolidation of GrowCo's results into Cronos' financial statements begins in Q3 2024. In 2023, GrowCo showed strong performance with $21 million of biomass sales to Cronos and $20 million to third parties. The expansion targets markets including Canada, Israel, Germany, the UK, and Australia, with potential for further international growth.

The credit facility has a 10-year maturity, with repayment starting after sales from the new facility areas, expected in H2 2025. The agreement includes customary covenants and permits requirements for construction and operational licenses.

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Cronos Group announced that its Chairman, President, and CEO, Mike Gorenstein, will speak at Bernstein's 40th Annual Strategic Decisions Conference. The event is scheduled for May 30, 2024, at 2:30 PM ET. Attendees can access a live webcast on the Investors section of Cronos Group’s website. This participation underscores Cronos' commitment to investor engagement and strategic communication.

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Cronos Group (NASDAQ: CRON, TSX: CRON) announced on May 28, 2024, the termination of its sale-leaseback agreement with Future Farmco Canada for its Peace Naturals Campus in Stayner, Ontario. The Buyer failed to meet the due diligence and financing conditions by the May 27 deadline. As a result, all security deposit amounts held in trust were returned to the Buyer. Cronos is now evaluating other strategic options for the Peace Naturals Campus, which may include continuing and expanding operations at the facility.

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Cronos Group Inc. reported its 2024 first quarter results, showcasing a 30% year-over-year increase in net revenue to $25.3 million. The company's Spinach® brand excelled in Canada's retail market, ranking top-3 in various categories. Additionally, the launch of PEACE NATURALS® brand in the UK marked a strategic expansion. Cronos displayed a robust financial performance with a gross profit increase of 53% and $855 million in cash and cash equivalents. The company emphasized innovation, global growth, and cost-saving initiatives to drive sustainable growth.

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Cronos Group Inc. announced its expansion into the United Kingdom cannabis market by introducing its PEACE NATURALS brand through a partnership with GROW Pharma. The Company aims to provide high-quality cannabis products to patients in the UK, leveraging its R&D investments and genetics breeding program. This move marks Cronos' entry into the UK market, following successful expansions in Germany and Australia.

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Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) announces the virtual 2024 Annual Meeting of Shareholders on June 20, 2024, at 11:00 a.m. ET. The meeting will be held online via live audio webcast, allowing registered shareholders and proxyholders to participate regardless of location.

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Cronos Group Inc. will host its 2024 First Quarter Earnings Conference Call on May 9, 2024, where senior management will discuss financial results and take questions from investors.
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FAQ

What does Cronos Group Inc. do?

Cronos is a global cannabis company that cultivates and sells medicinal and recreational cannabis through its brands Peace Naturals, Cove, and Spinach.

Where is Cronos Group headquartered?

Cronos Group is headquartered in Toronto, Canada.

Which brands does Cronos Group own?

Cronos Group owns Peace Naturals, Cove, and Spinach.

What are Cronos Group's international operations?

Cronos Group operates in Israel, Australia, and Germany, and has access to over 12,000 pharmacies in Germany through an exclusive distribution agreement.

What recent achievement has Cronos made in Australia?

Cronos has partnered with Vitura to supply high-quality cannabis products to the growing Australian medical cannabis market.

What is the significance of the Spinach brand for Cronos?

The Spinach brand has become a top seller in Canada, particularly in the flower and edibles categories, contributing significantly to Cronos's market presence and growth.

Does Cronos export medical cannabis to other countries?

Yes, Cronos primarily exports medical cannabis to Israel and is expanding its international markets including the UK and Germany.

What research and development efforts is Cronos involved in?

Cronos invests in R&D, including tissue culture and cannabis genetics breeding programs, to ensure premium quality products and innovation in cannabis research and technology.

What is Cronos's goal in the cannabis market?

Cronos aims to build an international iconic brand portfolio and develop disruptive intellectual property to lead the global cannabis market.

What option does Cronos hold in the United States?

Cronos holds an option to acquire 10.5% of U.S. multistate operator PharmaCann upon the easing of federal prohibition.

Cronos Group Inc.

Nasdaq:CRON

CRON Rankings

CRON Stock Data

909.19M
382.01M
46.41%
15.88%
1.36%
Medicinal and Botanical Manufacturing
Manufacturing
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United States of America
TORONTO