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 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 Inc. announced the voluntary relinquishment of a warrant by Altria Group's subsidiary, Altria Summit LLC, allowing the purchase of up to 84,243,223 common shares at C$19.00 per share. This decision was made on December 16, 2022, without any financial consideration. Despite this, Altria retains ownership of 156,573,537 common shares and four board designees, ensuring continued influence. The relinquishment does not alter Altria's rights under the Investor Rights Agreement established in 2019.
Cronos Group has launched its innovative Spinach FEELZ™ THC+CBC Day Trip Mango Lime gummies, marking the first CBC gummy product in Canada.
Featuring a unique 3:1 ratio of CBC to THC, these gummies are available in Alberta and British Columbia, with plans for wider distribution.
The product contains 10mg of THC and 30mg of CBC per pack, targeting adults seeking enhanced experiences. Cronos is set to issue approximately 489,000 common shares to Ginkgo Bioworks for the commercialization of CBC, reflecting a strategic partnership for cannabinoid development.
Cronos Group, a leading global cannabinoid company, will have its CEO, Mike Gorenstein, speaking at the Stifel Canada’s 3rd Annual Future of Healthcare Conference on December 7, 2022, at 1:00 p.m. ET. The event will be available via webcast on Cronos' Investor website. The company is focused on innovative cannabis research and technology, developing an iconic brand portfolio that includes Spinach®, PEACE NATURALS®, Lord Jones®, Happy Dance®, and PEACE+®. For more information, visit thecronosgroup.com.
Cronos Group Inc. (NASDAQ: CRON) announced the appointment of James Holm as Chief Financial Officer, effective immediately, succeeding Bob Madore. Holm has nearly two decades of experience in finance, having previously worked at Vertiv, Worldpay, and Procter & Gamble. CEO Mike Gorenstein emphasized Holm's strategic thinking and financial expertise, which are expected to enhance Cronos' margin expansion and revenue growth strategies. Holm expressed enthusiasm for joining Cronos and contributing to the company's growth initiatives, signaling a potential positive shift in financial leadership.
Cronos Group announced its Q3 2022 results, with consolidated net revenue rising 3% YoY to $20.9 million, driven by an 88% increase in Israeli revenue. Adjusted EBITDA improved by $25.1 million YoY, indicating operational efficiencies. The company aims for $20-$25 million in operating expense savings for 2022. Notable product successes include SOURZ by Spinach™, a top edible in Canada. However, U.S. revenue fell by 76% to $514, and net income declined significantly. The appointment of Jeff Jacobson as Chief Growth Officer signals a focus on growth strategies moving forward.
Cronos Group has reached final settlement agreements with the SEC and the OSC regarding investigations into its previously disclosed financial statement restatements. The SEC's settlement, issued on October 24, 2022, imposes a cease-and-desist order but does not involve any civil penalties. Concurrently, the OSC requires Cronos to pay C$1.34 million and acknowledges non-compliance with Ontario's Securities Act. Additionally, Cronos will have restrictions on private offering exemptions for five years and will retain an independent consultant to improve its internal controls.
Cronos Group Inc. (NASDAQ: CRON) will host its 2022 third quarter earnings conference call on November 7, 2022, at 8:30 a.m. ET. Senior management will present the financial results and answer questions from investors after prepared remarks. Participants are encouraged to register online and dial in 15 minutes early to avoid delays. The conference call will be archived for replay on the company’s website. Cronos is focused on innovative cannabinoid research and product development, with a diverse international brand portfolio including Spinach®, Lord Jones®, and PEACE NATURALS®.
In Q2 2022, Cronos Group reported a consolidated net revenue of $23.1 million, a 48% increase year-over-year. The Israeli market saw a remarkable 212% revenue growth, reaching $7.2 million. Despite a net loss of $20.3 million, a significant improvement from $179.4 million in Q2 2021, gross profit surged to $4.1 million. The company is actively realigning its U.S. strategy, focusing on adult-use products and a direct-to-consumer approach. Additionally, Cronos achieved its equity milestone with THCV, indicating strong future growth potential.
Cronos Group Inc. (NASDAQ: CRON) will host its 2022 Q2 earnings conference call on August 9, 2022, at 8:30 a.m. ET. The management team will discuss financial results and answer questions from the investment community after prepared remarks. Interested participants can register for the call and access the archived webcast on the Company’s website. Cronos is focused on advancing cannabis research and product development, with a brand portfolio that includes Spinach®, PEACE NATURALS®, Lord Jones®, Happy Dance®, and PEACE+®.
Cronos Group (NASDAQ: CRON) has launched its first product utilizing the VESIsorb® delivery system, developed in partnership with Geocann. This innovative technology enhances cannabinoid bioavailability and absorption speed. The initial product, CBD Gel Capsules by Lord Jones®, aims to provide consumers with a fast-acting cannabinoid experience. Cronos is dedicated to innovative product development, positioning itself to set industry benchmarks with Geocann's advanced technology. The two companies plan further collaborations to expand their cannabinoid offerings.
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