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Jun 30, 2020
Cronos Q2 2020 Earnings Report
Cronos Group's Q2 2020 results were announced, marking entry into the Israeli medical cannabis market and progress across global operations amidst industry shifts.
Key Takeaways
Cronos Group reported a net revenue increase of $2.2 million compared to Q2 2019, driven by growth in the Canadian adult-use market and the inclusion of the Redwood acquisition. However, the company experienced a decrease in gross profit due to increased cost of sales and an inventory write-down.
Net revenue increased by $2.2 million year-over-year, driven by Canadian cannabis market growth and cannabis vaporizer sales.
Cronos Israel commenced sales of PEACE NATURALS™ branded cannabis to the Israeli medical market.
Gross profit decreased due to higher cost of sales and a $3.1 million inventory write-down.
The company expanded distribution of cannabis vaporizer devices in the Canadian adult-use market.
Cronos
Cronos
Cronos Revenue by Segment
Cronos Revenue by Geographic Location
Revenue by Segment
United States Revenue
CapyFin.comRest of World Revenue
CapyFin.comRevenue by Geographic Location
United States Revenue
CapyFin.comRest of World Revenue
CapyFin.com Forward Guidance
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. The Company anticipates further inventory write-downs due to pricing pressures in the marketplace, as well as increased marginal production costs at the Peace Naturals Campus.
Revenue & Expenses
Visualization of income flow from segment revenue to net income