- Cronos Group is a diversified and vertically integrated cannabis company.
- Cronos' international brand portfolio includes Spinach®, PEACE NATURALS® and Lord Jones®.
Cronos Group is a diversified and vertically integrated cannabis company. Cronos' international brand portfolio includes Spinach®, PEACE NATURALS® and Lord Jones®.
Premium Cannabis Brand Lord Jones® Launches Live Resin Vapes
15 DECEMBER 2023; Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) is proud to announce the launch of its highly anticipated Lord Jones® Live Resin Vapes in two different hardware options. Crafted with the discerning cannabis consumer in mind, these products embody a commitment to excellence, offering an unmatched combination of curated strains, pure live resin, and elegant high-quality hardware.
The live resin format offers consumers a multi-dimensional, true-to-plant experience. This format is well suited for discerning consumers looking to level-up their cannabis experience. The Lord Jones® Live Resin Vapes feature carefully curated strains, which capture natural flavors and aromas and 100% pure live resin, free of additives, ensuring an unadulterated cannabis experience. Each strain was handpicked through multiple rounds of sensory testing to bring consumers the most unique and bold flavor profile and experience. These vapes feature consistent high potency, with THC levels exceeding 70%, and advanced hardware designed to optimize live resin consumption, preserving terpenes and preventing clogging. The lineup also features versatile sizing options, including a 0.5g trial size in the convenience of an all-in-one device and a 1g stock-up size as a 510-thread cartridge, catering to both enthusiasts and those new to the category.
Cronos Group Inc. to sale-leaseback of its Stayner, Ontario facility
27 NOVEMBER 2023; Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) today announced that its wholly owned subsidiary entered into an agreement (the “Sale Agreement”) with Future Farmco Canada Inc. (the “Buyer”), a vertical farming company, for the sale and leaseback of its property located at 4491 Concession 12 Sunnidale Road, Stayner, Ontario, Canada, L0M 1S0 (the “Peace Naturals Campus”). Pursuant to the terms of the Sale Agreement, the Buyer has agreed to acquire the Peace Naturals Campus for C$23 million cash, subject to the terms and conditions set forth therein. The parties also plan to enter into a lease agreement upon closing for portions of the Peace Naturals Campus, ensuring continued operations.
Cronos launches leading medical brand PEACE NATURALS® in Germany
18 SEPTEMBER 2023; Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) announced today that it shipped its first order of bulk cannabis, which will be sold under the PEACE NATURALS® brand in Germany. In July, Cronos signed a distribution agreement with Cansativa Group (“Cansativa”), one of the leading distributors of medical cannabis in Germany. Cansativa is a market leader in the medical cannabis market and is a driving force in the German cannabis industry. Cansativa has a network of approximately 2,000 pharmacies domestically; they currently supply around 300,000 patients in Germany's medical market.
The recently announced regulatory changes in Germany, to reschedule cannabis and no longer label cannabis as a narcotic, are expected to unlock significant growth in the market. Cansativa’s wide distribution network of pharmacies provides Cronos access to patients in Germany, including those with insurance coverage for medical cannabis. Additionally, in August 2023, a bill was introduced in the German parliament to legalize adult-use cannabis. Re-establishing Cronos and its PEACE NATURALS® brand in the German market will position the Company to capitalize on this growing market, fueled by potential future legislative changes.
2023 Third Quarter Results
Nov. 08, 2023 (GLOBE NEWSWIRE) -- Cronos Group Inc. announces its 2023 third quarter business results.
Net revenue of $24.8 million in Q3 2023 increased by $4.4 million from Q3 2022. The increase was primarily due to higher cannabis flower and extract sales in the Canadian adult-use market. These results were partially offset by an adverse price/mix in the Canadian cannabis flower category driving increased excise tax payments as a percentage of revenue, and lower cannabis flower sales in Israel driven by pricing pressure due to competition, the slowdown in patient permit authorizations, and geopolitical unrest. Furthermore, the weakened Canadian dollar and New Israeli Shekel against the U.S. dollar during the period adversely impacted results.
Gross profit of $4.0 million in Q3 2023 increased by $0.8 million from Q3 2022. The increase was primarily due to higher cannabis flower and extract sales in the Canadian adult-use market and lower biomass costs, partially offset by lower cannabis flower sales in Israel, and the inventory write-down recognized as a result of the decision to wind down operations at its Winnipeg, Manitoba facility (“Cronos Fermentation”). Adjusting for the inventory write-down of $0.7 million, gross margin would have been approximately 19%.
Adjusted EBITDA of $(15.2) million in Q3 2023 improved by $3.3 million from Q3 2022. The improvement year-over-year was primarily driven by a decrease in general and administrative expenses as part of the broader organizational cost reduction efforts.
The Spinach® brand continued to hold its number one market share position in the edibles category in Canada in Q3 2023, with an approximate 17.9% market share across the SOURZ by Spinach® and Spinach FEELZ™ sub-brands, according to Hifyre. In August, the company launched its highly anticipated THCV edible, the Spinach FEELZ™ Full Tilt THC+THCV. This THCV edible is designed to provide a boosted and elevated high and Cronos is excited to have it as part of its number one ranked edible portfolio.
Cronos is a global cannabinoid company. Cronos has an iconic brand portfolio. Cronos’ diverse international brand portfolio includes Spinach, PEACE NATURALS and Lord Jones.
Cronos operates through two segments.
The company's U.S. operational subsidiaries manufacture, market and distribute U.S. hemp-derived cannabinoid products through ecommerce, retail and hospitality partner channels in the United States under the Lord Jones brand.
Rest of World
The Rest of World operating segment is involved in the cultivation, manufacturing, and marketing of cannabis-derived products for medical and adult-use markets.
In Canada, Cronos operates through two wholly owned license holders under the Cannabis Act (Canada), Peace Naturals Project Inc. which has production facilities near Stayner, Ontario and Thanos Holdings Ltd., known as Cronos Fermentation (“Cronos Fermentation”), which has a production facility in Winnipeg, Manitoba. Cronos has established two strategic joint ventures in Canada and Israel and holds approximately 10% of the issued capital of Vitura Health Limited, formerly known as Cronos Australia Limited, which is listed on the Australian Securities Exchange under the trading symbol “VIT.” Cronos seeks to export cannabis products to countries that permit the import of such products.
Peace Naturals Campus / Cronos GrowCo
The production facilities at the Peace Naturals Campus and the production facilities of Cronos GrowCo are licensed by Health Canada under the Cannabis Act to engage in the cultivation, processing, distribution and sale of dried cannabis flower, cannabis resin, cannabis seeds, cannabis plants, cannabis extracts, cannabis topicals and cannabis edibles, among other prescribed activities.
The production facility at Cronos Fermentation is licensed by Health Canada under the Cannabis Act to engage in the processing and distribution and sale of cannabis seeds and cannabis plants, among other prescribed activities, which includes the production of cultured cannabinoids. The facility also holds a license for Analytical Testing under the Cannabis Regulations.
In Israel, the Company operates under the IMC-GAP, IMC-GMP and IMC-GDP certifications required for the cultivation, production and marketing of dried flower, pre-rolls and oils in the Israeli medical market.
In the U.S., the company market and distribute U.S. hemp-derived cannabinoid products through e-commerce, retail and hospitality channels under the Lord Jones brand.
In Canada, the company sell a variety of cannabis products through wholesale channels under both its adult-use brand, Spinach, and under its wellness platform, PEACE NATURALS. In addition, PEACE NATURALS cannabis products are currently available in the Israeli medical market.
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