Cronos Group

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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Cannabis firm Cronos Group misses on revenue, reports wider Q1 loss

Toronto-based Cronos Group reported first-quarter results Thursday revealing the licensed marijuana company’s losses grew from a year ago as it missed revenue expectations. Cronos reported first-quarter revenue of 6.5 million Canadian dollars ($4.8 million) for the period ended March 31 – up 120% from the year-ago period, the company said in a news release. The […]

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Merrill Lynch launches marijuana sector coverage, predicts more cross-border deals

Bank of America Merrill Lynch deepened its interest in the cannabis industry by initiating coverage of the burgeoning sector, less than a year after it financed Constellation’s multibillion-dollar investment in Canada’s Canopy Growth. The report, by analyst Chris Carey, predicts two events may lead to a paradigm shift: Canada reaching marijuana oversupply by 2021. U.S. legalization. “Importantly, whether […]

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Report: 380 Israeli cannabis cultivators pass early licensing test

Nearly 400 medical marijuana cultivators made it through the first round of testing in Israel’s licensing process, demonstrating the high level of interest in the country’s burgeoning medical cannabis industry just three months after exports won cabinet’s approval. Just over 380 cultivators underwent police checks and land ownership verification, while another 181 applicants still are behind them […]

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