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 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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