Cannabis producer Cronos narrows 2023 loss to $74.5 million
Canadian cannabis producer Cronos Group cut its loss in half in 2023, reporting a deficit of $74.5 million (101 million Canadian dollars).
Canadian cannabis producer Cronos Group cut its loss in half in 2023, reporting a deficit of $74.5 million (101 million Canadian dollars).
Israel has opened an “anti-dumping investigation” concerning the importation of medical marijuana from Canada after finding “a causal link” between the imports and “damage” to Israel’s local cannabis industry.
One after another, many of Canada’s largest cannabis greenhouses and indoor grow operations have been sold or mothballed as the industry continues to search for a supply-demand equilibrium after years of overproduction.
Back in the regulated marijuana industry’s more heady days, a U.S. hemp-derived CBD subsidiary seemed like the must-have accessory for any Canadian cannabis company worth its bud.
Cronos Group has received a number of expressions of interest over a possible sale and is reviewing those offers, the Toronto-based cannabis producer said.
Toronto-based Cronos Group is pulling out of the U.S. hemp-derived CBD market “to improve its cash flow in the near term.”
After settling securities violations with Canadian regulators, Cronos Group was hit again on Monday when the U.S. Securities and Exchange Commission charged the Toronto-based cannabis producer and its former chief commercial officer with accounting fraud.
The marijuana industry has an accounting problem, with a number of companies correcting errors in financial statements in recent years through restatements.
Canadian cannabis producer Cronos Group announced the retirement of CEO Kurt Schmidt, effective immediately, and the appointment of Mike Gorenstein as CEO.
Canadian cannabis producer Sundial Growers has been given a 180-day reprieve to regain compliance with the Nasdaq market’s minimum bid price requirement.
Canadian marijuana producer Cronos Group promoted John Griese, former chief operating officer of The Supreme Cannabis Co., as senior vice president, head of North American operations.
Marijuana merger and acquisition activity proceeded at a torrid pace in 2021 – and could accelerate in 2022 – thanks to lower interest costs and pressure on larger companies to expand their footprints and boost revenue.