#KahliBuds #MMJ #CBD #THC

Canadian cannabis company Cronos Group Inc. (NASDAQ: CRON) reported higher revenue in the first quarter ending March 31, as its portfolio of brands like Spinach and Lord Jones gained market share in Canada and Israel.

Cronos posted revenue of $25.3 million, up 30% from a year earlier. The Toronto-based firm said sales were propelled by a 31% revenue increase in Canada and 27% growth in Israel year-over-year.

“Cronos achieved its highest quarterly net revenue from continuing operations on record,” CEO Mike Gorenstein said in a statement. “The top line was propelled by 31% growth year-over-year in Canada, and 27% growth year-over-year in Israel.”

Still, Cronos recorded a net loss of $2.5 million for the quarter, an improvement from a loss of $18 million a year ago. Its adjusted EBITDA loss of $10.7 million was a 32% improvement from the first-quarter 2023’s result.

In its home Canadian market, Cronos saw its Spinach branded cannabis products solidify the No. 2 position across edibles, vapes and flower products. New offerings like SOURZ by Spinach edibles and vape products helped drive that momentum.

The company said its relaunched premium Lord Jones brand is also “gaining momentum” in categories like vapes, edibles and pre-rolls in the early stages since returning to the Canadian THC market.

In Israel, top sellers under the Peace Naturals brand included the Wedding Cake and GMO strains. Cronos is also eyeing new opportunities after entering the U.K. medical cannabis market through a partnership with distributor GROW Pharma.

“We continue to focus on bringing our leading cannabis genetics to Israel, with top-performing flower products such as Wedding Cake and GMO, under the PEACE NATURALS brand, winning with consumers,” Gorenstein said.

The post Cronos’ brands fuel 30% revenue surge as net loss improves appeared first on Green Market Report.

420GrowLife

via www.KahliBuds.com

Adam Jackson, KahliBuds, 420GrowLife