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) generates frequent news as a cannabinoid-focused company active in medical and adult-use cannabis markets across Canada, Israel and multiple international regions. Company updates often highlight brand performance, international expansion, product launches and financial results, offering investors and industry observers insight into how Cronos executes its global cannabis strategy.
News coverage for Cronos commonly includes quarterly earnings releases, where the company reports net revenue, gross profit, adjusted EBITDA and commentary on business performance by geography and brand. These releases also describe developments such as the consolidation and expansion of cultivation operations at Cronos Growing Company Inc. (Cronos GrowCo) and the company’s cash and short-term investment position.
Another major category of Cronos news involves brand and product announcements. Recent press releases describe new SOURZ by Spinach® Fully Blasted multipack gummies, seasonal Spinach® Caramel Green Apple gummies and vapes, and Lord Jones® Live Resin Fusions™ pre-rolls in Canada. These updates show how Cronos uses its Spinach® and Lord Jones® brands to introduce new formats and flavor profiles in the Canadian adult-use market.
Cronos also issues news on its international footprint and strategic transactions. Examples include the expansion of PEACE NATURALS® medical cannabis distribution in Switzerland through a partnership with Dascoli Pharma AG, and a definitive agreement for a Cronos subsidiary to acquire CanAdelaar B.V., a licensed producer in the Netherlands’ adult-use cannabis pilot program. In addition, the company has announced a junior secured convertible loan investment in High Tide Inc., a cannabis retailer, outlining the terms of that financing.
Investors and followers of CRON can use this news feed to review earnings announcements, track new product introductions under Spinach®, PEACE NATURALS® and Lord Jones®, and monitor strategic moves such as international partnerships, acquisitions and capital investments.
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.
Cronos Group announced the results of its Annual Meeting of Shareholders held on June 23, 2022, where 265,763,587 common shares were voted, representing 70.76% of total shares. All nominees for the board of directors were elected, each receiving over 91.6% support. Notable votes included Kendrick Ashton, Jr. with 98.83% and Jason Adler with 92.14%. Additionally, 95.02% approved the compensation of named executive officers, and KPMG LLP was re-appointed as auditors. For full voting details, see the Company’s filings on SEDAR and EDGAR.
Cronos Group Inc. (NASDAQ: CRON) has announced the achievement of a third productivity milestone in its partnership with Ginkgo Bioworks, successfully producing tetrahydrocannabivarin (THCV). This milestone is part of their initiative to cultivate eight cannabinoids, enhancing Cronos’ innovation pipeline. Since launching in 2018, the partnership aims to develop cannabinoids at industrial scale. As part of this achievement, Cronos issued approximately 2.2 million common shares to Ginkgo. The collaboration is expected to advance Cronos’ product offerings and market presence.
Cronos Group (NASDAQ: CRON) and Ginkgo Bioworks (NYSE: DNA) have achieved a productivity milestone in their collaboration to produce cultured cannabinoids, specifically tetrahydrocannabivarin (THCV). This development is part of an initiative launched in 2018 aimed at creating rare cannabinoids at industrial scale. Cronos has issued approximately 2.2 million common shares to Ginkgo as a result of this achievement. The partnership underscores both companies' commitment to innovation in the cannabis industry, enhancing Cronos' product pipeline with potential market introductions for THCV.
Cronos Group Inc. (NASDAQ: CRON) announced that CEO Mike Gorenstein will present at two upcoming conferences: Canaccord Genuity's Cannabis Conference on May 11, 2022, and BMO’s Global Farm to Market Conference on May 19, 2022. Both events will be available via webcast on the Company's investor website. Cronos Group focuses on cannabis research, technology, and product development, boasting a diverse brand portfolio including Spinach® and PEACE NATURALS®. For further details, visit their official site.
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