Popeye The Sailor Quits Smoking Tobacco as Cronos Reports Spinach® is Number One Brand in Canada
Today the cannabis retailer Cronos (CRON) reported its Q3 financials citing a 38% increase in net revenue to $34.3M from the previous year. Revenues for the quarter beat expectations coming in at $34.3M vs FactSet $30.6M. The company reiterated its previously announced operating expense savings target of $5M to $10M on a standalone basis in 2024 primarily driven by savings in general and administrative, sales and marketing and research and development. The company’s current cash position sits at $862M.
President and CEO of Cronos Mike Gorenstein stated, “As international demand continues to rise, particularly in markets like Germany, the UK, and Australia, the investments we’ve made in our infrastructure and global partnerships are paying off. In the third quarter, our award-winning Spinach® brand rose to become the best-selling cannabis brand in the Canadian adult-use market and our Peace Naturals® brand held a top spot in the Israeli medical market. Our brands’ market share out-performance represents our relentless commitment to quality, innovation, and bringing differentiated products to the global cannabis market. The progress we’ve made reinforces our leadership in key categories and markets, and we remain focused on continuing to innovate and bring premium products to consumers.”
Shares of Cronos have been trading up ~11% on the announcement as the company currently leads the PRISM Cannabis Index.
