Tuesday, June 25, 2024

Cronos Group Is Soaring With Second Quarter Results

Investors are buzzing with Cronos Group’s 466 percent jump in year-over-year gross profit in their second quarter results. An increase in medical marijuana patients in their fold, a much high production capacity and an increase in cannabis oil sales all contributed to their great burst of growth.

Another factor benefitting Cronos is that their expansion efforts are on track and on point. Their Peace Naturals Building 4 is on schedule to begin cultivation by the end of 2018. The Canadian based pot stock (NASDAQ:CRON) is a hot ticket at the moment and continues to grow and expand its reach.

“Cronos Group is prepared for the domestic recreational market with the launch of our first premium-focused brand COVE and is applying a thoughtful approach to our supply and inventory build,” CEO Mike Gorenstein said in a statement. “Simultaneously, we are working to advance the operations within our current global footprint and bring new partnerships and distribution relationships to the table.”

Cronos has worked out a five year deal to keep the Canadian region of Cura flush in cannabis, contributing at least 20,000 kilograms annually. June saw a distribution agreement with Poland unfold and then Cronos joined forces with an Australian company and will soon be developing there as well.

With all the forward progress, it’s a tempting investment. The company’s mission statement, “We don’t strive to follow best practices; we aspire to set them by building industry leading companies that transform the perception of cannabis and responsibly elevate the consumer experience,” sets the stage for forward thinking advancement. A trait necessary to build up a brand with staying power.

A member of Gotham Green, Gorenstein comes from a law background that led him to venture capitalism and investor managements before becoming CEO of Cronos. His leadership is likely part of the reason Cronos seems so investable, he brings with him a solid foundation of financial success.

A visit to the Cronos site leads one to believe that they try and accomplish much more than making money, however. With a patient focus and an eye on quality of product, integrity of services and “writing history not reading it” they are poised to stay on an upward trajectory.


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