Cronos Group Stock Price, News & Analysis

Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) is expanding its Lord Jones® brand portfolio in Canada with new cannabis product innovations. The company has introduced new cultivars for Lord Jones® Ice Water Hash Fusions Pre-Rolls and Live Resin Vapes, now available nationwide. Since its Canadian launch in November 2023, Ice Water Hash Fusions Pre-Rolls have become the best-selling hash-infused pre-rolls in the country. As of July 2024, Lord Jones® has also become the third best-selling live resin vape brand in Canada.

New offerings include Sour Blueberry and Snow Lotus x Animal Mints pre-rolls, featuring 35-41% THC content. The Live Resin Vapes, available in all-in-one devices and 510-cartridges, offer 70+% THC with the new Gorilla Z flavor. These products aim to provide premium, potent experiences for adult consumers, reinforcing Cronos' commitment to product innovation in the Canadian cannabis market.

Cronos Group (NASDAQ: CRON) reported strong Q2 2024 results, with net revenue increasing 46% year-over-year to $27.8 million. The growth was driven by a 46% increase in Canada, 27% in Israel, and new sales in Germany and the UK. The company's gross profit rose 103% to $6.3 million, while Adjusted EBITDA improved by $4.9 million to -$11.1 million. Cronos maintains a strong balance sheet with $848 million in cash and cash equivalents.

Key highlights include the expansion of Cronos GrowCo, intended to fuel global growth, and the success of brands like Spinach®, which leads in Canada's edibles and flower categories. The company reiterated its operating expense savings target of $5-$10 million for 2024 but no longer anticipates a positive net change in cash due to the $51 million investment in Cronos GrowCo.

Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) has announced its upcoming 2024 second quarter earnings conference call, scheduled for Thursday, August 8, 2024, at 8:30 a.m. ET. The company's senior management team will present financial results and be available for questions from the investment community. Participants are encouraged to register online at the Cronos Group website to attend the call or webcast. To ensure a smooth experience, attendees are advised to dial in fifteen minutes before the scheduled start time. For those unable to attend live, a replay of the webcast will be archived on the company's website for later viewing.

Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) has announced the results of its reconvened 2024 Annual Meeting of Shareholders held on July 19, 2024. The key highlight is the overwhelming approval of Davidson & Company LLP as the Company's independent auditor for fiscal year 2024, with approximately 98.6% of shareholders voting in favor. This decision also authorizes the Board of Directors to determine the auditor's remuneration.

Shareholders interested in the complete voting results can access the Report of Voting Results on the Company's SEDAR+ profile and the Form 8-K filed on EDGAR. This high approval rate suggests strong shareholder confidence in the company's choice of auditor and financial oversight.

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.

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.

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.

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.

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.