Cronos Group Reports 2022 First Quarter Results

Cronos Group Reports 2022 First Quarter Results
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<![CDATA[Israel net revenue increased by 263% year-over-year to $9.1 million in Q1 2022Increased market share in Canada and Israel in Q1 2022Mike Gorenstein returned as CEOTORONTO, May 10, 2022 – PRESS RELEASE – Cronos Group Inc., an innovative global cannabinoid company committed to building disruptive intellectual property by advancing cannabis research, technology and product development, announced its 2022 first quarter business results.“I founded Cronos because of the once-in-a-lifetime opportunity to help build and shape an industry that has the potential to improve countless lives. As CEO, I am committed to re-instilling a start-up culture with a founder’s mentality across all levels of the organization,” said Mike Gorenstein, chairman, president and CEO at Cronos Group. “The strategic realignment we announced in the first quarter of 2022 reset the organization to this mindset and we are seeing the benefits show through in our performance.”“Our execution in product development, manufacturing, and go-to market strategy resulted in strong growth in both net revenue and gross profit in the first quarter of 2022, proving that we are headed in the right direction. Our Spinach brand is one of the most sought-after brands in the Canadian adult-use market, known for bringing high quality and differentiated products to the consumer. We are also winning with branded products in Israel, with Peace Naturals driving significant revenue growth in the first quarter of 2022. As we execute our strategic realignment, I am encouraged with the progress we are making by increasing our market share in both Canada and Israel, and continuing to bring disruptive branded products to market. In combination with our industry leading balance sheet, our borderless products, such as SOURZ by Spinach winning in Canada, is one of the best ways to be prepared for legalization in the U.S.”Full details of financial results for the period ending March 31…

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