Cronos Group Stock Price, News & Analysis

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.

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.