Cannabis Stocks Fall As Low Weed Prices, Coronavirus Hit Cronos

Canadian cannabis company Cronos Group Inc. (CRON) said Thursday it had a net loss of $55.8 million, or 31 cents a share, in the second quarter, after earnings of…

$203.8 million, or 16 cents a share, in the year-earlier period.

Revenue net of excise taxes came to $9.9 million, up from $7.7 million a year ago.

The FactSet consensus for Cronos Group Inc. (CRON) was for a loss per share of 7 cents and revenue of $12.7 million.

“In the second quarter of 2020, we continued our progress despite unprecedented shifts in our industry and the global economy,” Chief Executive Mike Gorenstein said in a statement.

Revenue was boosted by continued growth in the Canadian adult-use market, sales stemming from the launch of vaporizers in Canada, and of the Redwood acquisition in results.

“While the production and sale of cannabis have been generally allowed to continue in the various geographies in which Cronos Group operates, due to ongoing developments and uncertainty resulting from the COVID-19 pandemic, it has been difficult to predict the continuing impact that COVID-19 will have on the Company,” Cronos said in a statement.

U.S.-listed shares fell…

Continue reading at