The cannabis producer Cronos posts strong revenue growth but a bigger loss
- Cronos Group reported third-quarter results on Tuesday.
- The marijuana producer's revenue grew 186% year-over-year.
- Its loss widened by $0.03 a share.
- Watch Cronos Group trade live here.
The Canadian cannabis grower Cronos Group on Tuesday reported third-quarter results that saw its revenue grow but loss widen. Shares were down as much as 5% in early trading.
Here are the key numbers:
- Revenue: $3.8 million, +186% year-over-year.
- Earnings per share: -$0.04, previous $0.01
- Kilograms of cannabis sold: 514 kilograms, +213% YoY
According to the company, the main drivers for the growth in revenue and kilograms sold were increased demand in the domestic medical and international markets, as well as initial shipments into the domestic adult-use recreational market after Canada officially legalized marijuana in October.
"The recent legalization of cannabis sales for adult recreational use in Canada was a watershed moment for our industry and our Company," CEO Mike Gorenstein said in a press release.
"As excited as we are about this milestone and our participation in this new market, it's truly just the beginning. Cronos Group is building an innovative global cannabinoid company. The opportunities for our Company extend across the globe as regulations evolve and markets open."
Shares were up 12% this year through Monday.
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