Welcome to our dedicated page for Cronos Group Common Share news (Ticker: CRON), a resource for investors and traders seeking the latest updates and insights on Cronos Group Common Share stock.
Cronos Group Inc. (CRON) is a globally diversified and vertically integrated cannabis company with a significant presence across four continents. Headquartered in Toronto, Canada, Cronos operates two wholly-owned Canadian licensed producers, Peace Naturals Project Inc. based in Ontario, and Original BC Ltd. located in British Columbia's Okanagan Valley. These operations are regulated under Health Canada's Access to Cannabis for Medical Purposes Regulations.
Internationally, Cronos has established production and distribution platforms in Israel and Australia, and through an exclusive distribution agreement, has access to over 12,000 pharmacies in Germany. The company focuses on building an iconic brand portfolio and developing disruptive intellectual property, aiming to be a leader in the global cannabis market.
Cronos's medicinal brand, Peace Naturals, and recreational brands, Cove and Spinach, cater to a wide range of consumers. The company exports medical cannabis primarily to Israel, and in the U.S., it holds an option to acquire 10.5% of U.S. multistate operator PharmaCann upon the easing of federal restrictions.
Recently, Cronos has expanded its footprint in Australia, partnering with Vitura to supply high-quality cannabis products. This milestone is significant as the Australian medical cannabis market has grown impressively, with approvals for new patients increasing each year. Additionally, Cronos's Spinach brand has become a top seller in Canada, particularly in the flower and edibles categories.
With a strong emphasis on R&D, Cronos invests in tissue culture and cannabis genetics breeding programs to ensure premium quality. This commitment has enabled the company to produce high-quality products that meet the growing demand in international markets, including the UK and Germany.
The company is also known for its commitment to responsible cannabis research, technology, and product development. With a focus on advancing consumer experiences, Cronos continues to innovate and expand its product offerings globally.
Cronos Group (NASDAQ: CRON) reported strong Q3 2024 results with net revenue increasing 38% year-over-year to $34.3 million. The Spinach® brand became the #1 cannabis brand in Canada, leading in edibles with 17.2% market share. The company maintains a robust balance sheet with $862 million in cash and cash equivalents. Cronos completed its investment in Cronos GrowCo, gaining majority board control and consolidating results from July 2024. Despite a gross profit decrease of 9% to $3.6 million, Adjusted Gross Profit increased 170% to $10.7 million, and Adjusted EBITDA improved by 60% to $(6.0) million.
Cronos Group (NASDAQ: CRON) (TSX: CRON) has scheduled its 2024 third quarter earnings conference call for Tuesday, November 12, 2024, at 8:30 a.m. ET. The company's senior management will present financial results and take questions from the investment community. Participants are encouraged to register online and dial in fifteen minutes before the scheduled start time to avoid delays. A webcast replay will be available on the company's website after the call.
Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) announces that its brand Spinach® has become the best-selling cannabis brand in Canada, according to HiFyre Retail Analytics for August 2024. Spinach ranks first in both edibles and flower categories. Launched in November 2018, Spinach has quickly gained popularity among adult consumers.
Mike Gorenstein, Chairman, President and CEO of Cronos, states that this success validates their portfolio and innovation capabilities. Jeff Jacobson, Chief Growth Officer, attributes the brand's success to its focus on enhancing the adult consumer experience. Cronos emphasizes its commitment to quality, innovation, and product development, with plans for more innovative offerings under the Spinach® brand.
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.
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