Cronos Sales Rise On U.S. Contribution, But Losses Widen
August 11, 2020Toronto, Ontario-based cannabis producer Cronos Group reported revenue growth but also steep losses for its fiscal first half through June 30. The company’s net revenue grew 72% to approximately $18.3 million for the six-month period, with $4.4 million of that coming from the U.S. The addition of the U.S. to Cronos’ sales was a boon to company growth, which was otherwise up about 31%.
Cronos’ operating expenses have risen across the board, with higher sales and marketing costs related to brand development, increased research and development spending, and upscaling activity at Cronos Fermentation, among other costs, driving an adjusted operating loss of $72 million compared with a $27 million loss a year earlier.—Danny Sullivan
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