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Sep 30, 2024
Cronos Q3 2024 Earnings Report
Net revenue increased by 38% year-over-year, and Spinach® became the number one cannabis brand in Canada.
Key Takeaways
Cronos Group reported a 38% increase in net revenue for Q3 2024, reaching $34.3 million. The company's Spinach® brand became the top-selling cannabis brand in Canada, and Cronos maintains a strong balance sheet with $862 million in cash and cash equivalents. The consolidation of Cronos Growing Company has strengthened the supply chain, which is anticipated to lead to improved margins.
Net revenue in Q3 2024 increased by 38% year-over-year to $34.3 million.
Spinach® became the number one cannabis brand in Canada.
Industry-leading balance sheet with $862 million in cash and cash equivalents.
Cronos GrowCo contributed $4.3 million of cannabis flower sales.
Forward Guidance
The Company reiterates its previously announced operating expense savings target of $5 to $10 million on a standalone basis in 2024 primarily driven by savings in general and administrative, sales and marketing and research and development ("R&D").
Historical Earnings Impact
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Avg. Return Before/After Earnings
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