Cronos Group Reports 2023 Second Quarter Results
- Industry-leading balance sheet with $841 million in cash and short-term investments
- Increased 2023 operating expense savings target to $20 to $25 million
- Announces additional initiatives to streamline supply chain and improve cash flow
- Spinach® was top-10 in retail sales in every category it participates in – flower, edible, vape and pre-roll, in Q2 2023
TORONTO, Aug. 08, 2023 (GLOBE NEWSWIRE) — Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) (“Cronos” or the “Company”), today announces its 2023 second quarter business results.
“I am proud of our team’s execution in the second quarter despite facing dynamic market conditions across the countries we operate in,” said Mike Gorenstein, Chairman, President and CEO, Cronos. “Our teams in Canada continued to push forward in the edibles category, maintaining our number one market share position while bringing innovation to our pre-roll and vape portfolios. Turning to Israel, despite the slowdown in patient growth and political unrest, our team stayed focused on successfully maintaining one of the top positions in the market, driven by our high-quality flower offerings and distribution in nearly all pharmacies. With the new regulations intended to create more accessibility for patients set to go into effect in Israel in December 2023, we continue to be excited about the runway for growth in that market.”
While we execute on product innovation and revenue growth, we are simultaneously laser-focused on reducing costs across our organization. Our cost reduction efforts and improved balance sheet management continue to yield an improvement in cash flow.
Mike Gorenstein, Chairman, President and CEO
Having the best balance sheet in the industry allows us to be patient and selective with our growth initiatives, and you will continue to see a methodical approach to growth. We will continue to push forward on new market growth opportunities and expand our portfolio of borderless products to be ready for new markets as they open.
Consolidated Financial Results
In the second quarter of 2023, the Company exited its U.S. hemp-derived CBD operations. The exit of the U.S. operations represented a strategic shift, and as such, qualifies for reporting as discontinued operations in our condensed consolidated statements of net loss and comprehensive income (loss). Prior period amounts have been reclassified to reflect the discontinued operations classification of the U.S. operations.
The tables below set forth our condensed consolidated results of continuing operations, expressed in thousands of U.S. dollars for the periods presented. Our condensed consolidated financial results for these periods are not necessarily indicative of the consolidated financial results that we will achieve in future periods.
The entire press release…