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 has launched its new SPINACH FEELZ™ Chill Bliss 2:1 THC|CBG gummy in Canada, marking a significant milestone as the first cannabis edible of its kind featuring cultured cannabigerol (CBG). This innovative product is created using fermentation methods and provides a unique experience for consumers. The gummies, available in Pineapple Starfruit flavor, contain 10 mg of THC and 5 mg of CBG per package. The launch is part of Cronos's strategy to develop a full line of cannabis products that include rare cannabinoids.
Cronos Group, in partnership with Ginkgo Bioworks, has achieved a significant productivity milestone in producing cannabigerolic acid (CBGA), paving the way for its upcoming CBG product launch this fall. This collaboration aims to create eight cultured cannabinoids, leveraging Ginkgo’s expertise in cell programming. As a result of reaching the productivity target, Cronos Group will issue approximately 1.5 million shares to Ginkgo. This milestone reflects a commitment to innovation and expands access to rare cannabis molecules.
Cronos Group announced that Executive Chairman Mike Gorenstein will present at the Canaccord Genuity 41st Annual Growth Conference on August 10, 2021, at 1:30 p.m. EDT. This event will focus on the company’s innovative approach to cannabinoid products and brand development across five continents. A recording will be accessible through the Investors section of the Cronos Group website following the presentation. The company continues to push boundaries in cannabis research and product development, aiming to elevate consumer experiences with its diverse brand portfolio.
Cronos Group Inc. (NASDAQ: CRON), a global cannabinoid company, appointed Bob Madore as Chief Financial Officer, effective August 9, 2021. He succeeds Jerry Barbato, whose contributions in finance and procurement were acknowledged. Bob has a 30-year financial leadership background, previously serving as CFO at American Eagle Outfitters and Ralph Lauren. His role is expected to enhance Cronos's growth opportunities and shareholder value. The announcement coincided with the release of the Company's second-quarter financial results, marking a significant leadership transition at Cronos Group.
Cronos Group Inc. reported its 2021 Q2 results, highlighting a consolidated net revenue of $15.6 million, a 58% increase year-over-year. Significant growth was driven by the Canadian adult-use cannabis market, particularly the Spinach™ brand. However, the company faced a gross loss of $15.8 million, attributed to inventory write-downs and start-up costs. A strategic investment in PharmaCann aims to bolster U.S. market presence. The company launched new products, including SOURZ by Spinach™ gummies, and amended its agreement with Ginkgo Bioworks to enhance cannabinoid production.
Cronos Group has launched SOURZ by Spinach™ gummies, a new line of cannabis edibles designed for adult consumers. The gummies feature bold dual flavors and proprietary flavor masking technology, enhancing the taste experience. Each gummy contains 2 mg of THC, available in flavors like Peach Orange and Blue Raspberry Watermelon. A recent survey indicated that 46% of Canadian cannabis users favor gummies over other edibles. Cronos aims to innovate in the growing edibles market, enhancing consumer experiences as pandemic restrictions ease across Canada.
Cronos Group Inc. (NASDAQ: CRON) will host its 2021 Second Quarter Earnings Conference Call on August 6, 2021, at 8:30 a.m. EDT. Senior management will review the Company’s financial results and address questions from investors. A live audio webcast will be accessible on the Company’s website, and the call will be archived for later listening. Cronos Group focuses on developing cannabinoid products globally, with brands like PEACE NATURALS™, COVE™, and Spinach™ in its portfolio.
Cronos Group held its Annual Meeting of Shareholders on June 25, 2021, with 75.35% of outstanding shares represented. All proposed directors were elected, receiving over 94.38% of votes. Notable votes included Kendrick Ashton, Jr. with 99.61% support and Jody Begley with 94.38%. An advisory resolution on executive compensation was approved by 93.64% of votes. KPMG LLP was re-appointed as independent auditors. For complete voting results, refer to the Company’s filings on SEDAR and EDGAR.
Cronos Group has entered into a strategic agreement to purchase an option for a 10.5% stake in PharmaCann for approximately $110.4 million. This investment positions Cronos to benefit from the expanding U.S. cannabis market, particularly in states where PharmaCann operates, which includes six limited-license states. Both companies plan to collaborate on product distribution and governance rights following the option's exercise, contingent on regulatory approvals and U.S. federal cannabis legalization.
Cronos Group (NASDAQ: CRON) and Ginkgo Bioworks have amended their collaboration agreement to expedite the commercialization of cultured cannabinoids. The new terms allow Cronos to market products using cultured cannabinoids before meeting previously defined productivity targets, enhancing their market position in Canada. Following the receipt of necessary licenses, Cronos has commenced commercial production of CBG. The agreement maintains the original share issuance structure tied to productivity milestones, with the potential to produce rare cannabinoids reliably and economically.
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