Cronos Group

Moldy cannabis gummies, mislabeled pre-rolls recalled in Canada

Regulated Canadian cannabis products recalled in February include potentially moldy THC-infused edibles, plus two different instances of pre-rolled joints with incorrect cannabinoid labeling. The edibles recall involves one lot of strawberry-flavored THC Kiss Gummies produced by B.C.-based THC BioMed, 1,263 units of which were sold at a recreational marijuana retailer in Saskatchewan and directly to […]

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Cannabis producer Cronos loses $111.7 million in fourth quarter

Canadian cannabis producer Cronos Group reported a quarterly loss of $111.7 million and an adjusted EBITDA of negative $53.1 million, according to the full-year and fourth-quarter results released Friday, well below analyst expectations. However, Cronos exceeded analyst expectations on sales, with net revenue of $17 million in the quarter ended Dec. 31, 2020, up from […]

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Marijuana firm Cronos replaces CEO with consumer packaged goods veteran

Cronos Group has become the latest Canadian cannabis company to shake up its top ranks, replacing former CEO Mike Gorenstein with experienced consumer packaged goods executive Kurt Schmidt. The announcement comes one day after major Canadian producer Aurora Cannabis appointed its new CEO. Schmidt’s appointment was the result of a yearlong search for “an experienced […]

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Canadian cannabis firm Cronos posts $31.3M operating loss in Q2

Toronto-based cannabis company Cronos Group reported an adjusted operating loss of $31.3 million for its second quarter, along with $40 million worth of coronavirus-related impairment charges on its U.S. operations. Net revenue for the quarter ended June 30 was $9.9 million, a 17.9% increase over the previous quarter. Cronos reports in U.S. dollars. About $2.2 […]

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British Columbia chamber lobbies province over craft cannabis cultivation

The Chamber of Commerce in British Columbia wants the province to adopt policies encouraging craft cannabis businesses to join the regulated market, including allowing proprietors to keep their doors open during the transition into the legal fold. The proposals were among a number of policies the chamber asked Public Safety Minister Mike Farnworth to consider during […]

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Cannabis extraction firm MediPharm seeks Nasdaq listing

Barrie, Ontario-based cannabis extraction company MediPharm Labs has applied to list its shares on the Nasdaq amid a heightened period of volatility for marijuana stocks in North America. If approved for trading, MediPharm would join a growing list of Canadian cannabis companies turning to the top U.S. stock exchanges to tap the globe’s largest pool of institutional […]

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Auxly Cannabis closes CA$123 million investment from tobacco giant Imperial Brands

Auxly Cannabis finalized an investment from Imperial Brands worth 123 million Canadian dollars ($92 million), one of the largest investments yet from a tobacco company in the marijuana industry. The British multinational tobacco company picks up a 19.9% stake in British Columbia-based Auxly as part of the deal. In return, Auxly gets licenses for Imperial’s […]

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Cronos boosts quarterly marijuana revenue, reports operational loss

Toronto-based Canadian cannabis company Cronos Group on Thursday reported second-quarter revenue of 10.24 million Canadian dollars ($7.7 million), triple the CA$3.4 million the firm declared in the same period last year. Net revenue for the first half of the year totaled CA$16.7 million – more than double the CA$6.34 million Cronos reported in the same […]

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Canadian cannabis firm Cronos spending $300 million to enter US hemp market

Cronos Group, a vertically integrated cannabis company based in Ontario, Canada, that has international production and distribution, said Friday it will buy four operating subsidiaries from Redwood Holding Group for $300 million. Redwood, which is headquartered in Los Angeles, produces, markets and distributes hemp-derived CBD products, including skin care, bath items and gummies, throughout the […]

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