Cronos Group Inc. (NASDAQ: CRON) reports third quarter financial results. The company reported USD 11.4 Million in the third quarter, a USD 5.6 Million increase from the third quarter in 2019. The increase was primarily due to growth in the adult-use Canadian cannabis market, including the inclusion of the Redwood acquisition in our financial results and growth in the Israeli medical cannabis market. The company reported a gross loss of USD 1.5 Million that fell USD 1.6 Million compared to the gross loss in the third quarter of 2019.
Cronos reported an operating loss of USD 41.2 Million in the third quarter of 2020, increased by USD 10.5 Million compared to the operating loss in the third quarter of 2019.
“The opportunities before Cronos Group are more exciting than ever and I am honored to have brought the company to this important inflection point as we bring on Kurt Schmidt to serve as our new President and CEO,” said Mike Gorenstein, Executive Chairman of Cronos Group. “We look forward to continuing to launch innovative cannabinoid products in Canada and to expand our portfolio of U.S. hemp-derived CBD brands. Internationally, we’re pleased with the progress we have made in Israel and as regulations continue to evolve, we will look to establish ourselves as a leader in the markets in which we operate.”
“In such a short period of time, Mike and the Cronos team have achieved several impressive milestones,” said Kurt Schmidt, President and CEO of Cronos Group. “From being the first pure-play cannabis company to list on the NASDAQ, to scaling operations worldwide, Cronos Group is well-positioned to continue to thrive. Joining as President and CEO is a unique opportunity for me to bring my expertise in building outstanding brands, high performance teams and results-driven organizations to Cronos Group. I look forward to helping this Company achieve many more exciting milestones.”