CRON News & Events

Cronos Group announced that it has filed with the Toronto Stock Exchange and the TSX has accepted, the company's notice of intention to make a normal course issuer bid. As previously announced by Cronos, the Company's board approved a share repurchase program on May 8, which commenced on May 14 and is expected to terminate on May 13, 2027, unless earlier terminated.

Reports Q1 revenue $45.21M vs. $32.26M last year. "Cronos delivered record net revenue and gross profit in the first quarter, as we continue to execute against our borderless products strategy and as additional supply from the expansion at Cronos GrowCo fuels our next phase of growth. Cronos Israel delivered another record quarter, further cementing PEACE NATURALS as the #1 cannabis brand in the country. In other international markets, we achieved record quarterly net revenue, and we continue to see robust growth potential for our products in Europe. In Canada, the Spinach brand claimed the #1 position in vapes for the first time, while maintaining its outstanding #1 ranking in edibles,1 a testament to the strength of our brand portfolio and our innovation platform," said Mike Gorenstein, Chairman, President and CEO of Cronos.

Roth Capital notes that the DOJ has officially rescheduled cannabis products that are FDA approved and products regulated by state medical programs to Schedule 3 and points out that an ALJ hearing has been scheduled on June 29 to assess broader rescheduling, including adult-use. Highlighting the language that "holders of state medical marijuana licenses will no longer be subject to the deduction disallowance imposed by Section 280E," the firm believes the final order is "extremely favorable for" go-forward 280E; retrospective 280E; the potential for imports/exports; ultimate adult-use rescheduling; and "sector investability." Publicly traded companies in the cannabis space include Aurora Cannabis (ACB), CV Sciences (CVSI), Canopy Growth (CGC), Cronos Group (CRON), Goodness Growth (GDNSF), Green Thumb Industries (GTBIF), IGC Pharma (IGC), Tilray (TLRY), Trees Corporation (CANN) and Trulieve Cannabis (TCNNF).