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Cronos Group Inc. (CRON) is a global leader in cannabis innovation, operating across medicinal and recreational markets with brands like Peace Naturals and Spinach. This page provides investors and industry observers with centralized access to official press releases, financial updates, and strategic developments.
Track CRON's progress through earnings reports, regulatory milestones, product launches, and partnership announcements. Our curated news collection ensures you stay informed about operational expansions, research breakthroughs, and market positioning in the evolving cannabis sector.
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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.
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.
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.
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.
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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