Finance

Cronos Group Announces Fiscal Findings for Q3 with 186% Increase in Revenue to $3.8 Million

By November 17, 2018 No Comments

Cronos Group Inc. (NASDAQ: CRON) announced on November 13th the company’s financial results for the third quarter that ended on September 30th of 2018. The company’s financial highlights for the third quarter of 2018 showed total revenues increased by 186% and an increase of 213% to the company’s year-over-year kilogram sales. Cronos’ cannabis oil products continued to show a strong growth trend and accounted for 29% of the company’s Q3 revenue. Cronos Group’s Chief Executive Officer, Mike Gorenstein, stated, “We are encouraged with our third quarter results, which reflect the meaningful progress we are making on our strategic initiatives. In the quarter, we announced a number of landmark partnerships to expand our reach beyond the flower and beyond Canada and launched our second differentiated recreational cannabis brand.”

Cronos’ third quarter highlights for the company’s accomplishments, like its Spinach brand announcement, and partnerships with other corporations. The main key-highlight to the company’s third quarter is that they completed a 286,000 sq. ft. indoor cultivation facility that received its cultivation license on August 31, 2018, and is expected to complete its first harvest by the end of this year. Cronos also entered into several agreements with other corporations and investment entities such as Ginkgo Bioworks, Inc., Agroidea SAS (AGI) affiliate, Cura Cannabis Solutions, and with a group of investors that resulted in the creation of separate entity named Cronos Growing Company. Cronos Growing Company Inc. is expected to build an 850,000 sq. ft. greenhouse on 100 acres of Cronos GrowCo acquired land in Ontario. The facility will annually produce up to 70,000kg of cannabis with construction estimated to be completed in Q3 or Q4 of 2019.

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