Cronos Group Stock Price, News & Analysis

Cronos Group, in partnership with Ginkgo Bioworks, has achieved a significant productivity milestone in producing cannabigerolic acid (CBGA), paving the way for its upcoming CBG product launch this fall. This collaboration aims to create eight cultured cannabinoids, leveraging Ginkgo’s expertise in cell programming. As a result of reaching the productivity target, Cronos Group will issue approximately 1.5 million shares to Ginkgo. This milestone reflects a commitment to innovation and expands access to rare cannabis molecules.

Cronos Group announced that Executive Chairman Mike Gorenstein will present at the Canaccord Genuity 41st Annual Growth Conference on August 10, 2021, at 1:30 p.m. EDT. This event will focus on the company’s innovative approach to cannabinoid products and brand development across five continents. A recording will be accessible through the Investors section of the Cronos Group website following the presentation. The company continues to push boundaries in cannabis research and product development, aiming to elevate consumer experiences with its diverse brand portfolio.

Cronos Group Inc. (NASDAQ: CRON), a global cannabinoid company, appointed Bob Madore as Chief Financial Officer, effective August 9, 2021. He succeeds Jerry Barbato, whose contributions in finance and procurement were acknowledged. Bob has a 30-year financial leadership background, previously serving as CFO at American Eagle Outfitters and Ralph Lauren. His role is expected to enhance Cronos's growth opportunities and shareholder value. The announcement coincided with the release of the Company's second-quarter financial results, marking a significant leadership transition at Cronos Group.

Cronos Group Inc. reported its 2021 Q2 results, highlighting a consolidated net revenue of $15.6 million, a 58% increase year-over-year. Significant growth was driven by the Canadian adult-use cannabis market, particularly the Spinach™ brand. However, the company faced a gross loss of $15.8 million, attributed to inventory write-downs and start-up costs. A strategic investment in PharmaCann aims to bolster U.S. market presence. The company launched new products, including SOURZ by Spinach™ gummies, and amended its agreement with Ginkgo Bioworks to enhance cannabinoid production.

Cronos Group has launched SOURZ by Spinach™ gummies, a new line of cannabis edibles designed for adult consumers. The gummies feature bold dual flavors and proprietary flavor masking technology, enhancing the taste experience. Each gummy contains 2 mg of THC, available in flavors like Peach Orange and Blue Raspberry Watermelon. A recent survey indicated that 46% of Canadian cannabis users favor gummies over other edibles. Cronos aims to innovate in the growing edibles market, enhancing consumer experiences as pandemic restrictions ease across Canada.

Cronos Group Inc. (NASDAQ: CRON) will host its 2021 Second Quarter Earnings Conference Call on August 6, 2021, at 8:30 a.m. EDT. Senior management will review the Company’s financial results and address questions from investors. A live audio webcast will be accessible on the Company’s website, and the call will be archived for later listening. Cronos Group focuses on developing cannabinoid products globally, with brands like PEACE NATURALS™, COVE™, and Spinach™ in its portfolio.

Cronos Group held its Annual Meeting of Shareholders on June 25, 2021, with 75.35% of outstanding shares represented. All proposed directors were elected, receiving over 94.38% of votes. Notable votes included Kendrick Ashton, Jr. with 99.61% support and Jody Begley with 94.38%. An advisory resolution on executive compensation was approved by 93.64% of votes. KPMG LLP was re-appointed as independent auditors. For complete voting results, refer to the Company’s filings on SEDAR and EDGAR.

Cronos Group has entered into a strategic agreement to purchase an option for a 10.5% stake in PharmaCann for approximately $110.4 million. This investment positions Cronos to benefit from the expanding U.S. cannabis market, particularly in states where PharmaCann operates, which includes six limited-license states. Both companies plan to collaborate on product distribution and governance rights following the option's exercise, contingent on regulatory approvals and U.S. federal cannabis legalization.

Cronos Group (NASDAQ: CRON) and Ginkgo Bioworks have amended their collaboration agreement to expedite the commercialization of cultured cannabinoids. The new terms allow Cronos to market products using cultured cannabinoids before meeting previously defined productivity targets, enhancing their market position in Canada. Following the receipt of necessary licenses, Cronos has commenced commercial production of CBG. The agreement maintains the original share issuance structure tied to productivity milestones, with the potential to produce rare cannabinoids reliably and economically.