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Business

Cronos fluctuates for losses despite income pike, stock containers




Shares in Cronos Group Inc. (CRON) fell 8% shortly after the market opened on Tuesday, November 13, after the cannabis company had an increase in revenue in the third quarter, but fluctuated to a loss during the period. [19659002] Cronos reported revenue of $ 3.8 million, up from $ 1.3 million a year ago. The loss in the quarter was 4 cents per share against a profit of 1 cents last year.

Cronos is only covered by two analysts recognized by FactSet, and they expected that the company would only lose 2 cents per share.

The company reported a 213% increase in cannabis it sold to 514 kilos thanks to increased production capacity and increased volumes sold through Canadian medical and international channels.

"The recent legalization of cannabis sales for adult recreational use in Canada was a sign for industry and our company. We are concerned about the opportunities this creates for Cronos Group in Canada, looking forward to leading the industry forward," says CEO Mike Gorenstein.

Canada's cannabis company Aurora Cannabis Inc. (ACB) reported Monday on revenue growth in the first quarter of 260% when the company increased its growing consumer products.



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