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Cronos Group Inc (NASDAQ: CRON) Reports Fourth-Quarter Net Revenue of $17.0 Million

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Cronos Group Inc (NASDAQ: CRON) has reported that in the fourth quarter of the fiscal year 2020, it had posted net revenue of $17.0 million.

“As we look to 2021, I’m extremely happy about the teams we have supporting our brands and the breakthrough in research and development, novelty and thrilling marketing campaigns Cronos Group plans to implement on.,” said Kurt Schmidt, President and CEO of Cronos Group.

Monetary results 

Net income of $17.0 million in Q4 2020 augmented by $9.7 million from Q4 2019. The upsurge year-over-year was primarily driven by sustained growth in the adult-use market in Canada, deals in the Israeli medicinal market, and growth in our U.S. section.

Partly offset by non-recurring wholesale income in the Canadian market in Q4 2019 and strategic value discounts on various adult-use cannabis products in Canada in Q4 2020.

Gross loss of $14.9 million in Q4 2020 reduced by $5.2 million from Q4 2019. The reduction in losses year-over-year was chiefly driven by a waning in catalog write-downs and augmented gross profit in the U.S. section.

The company sustained an inventory write-down in Q4 2020 of $15.0 million on desiccated cannabis and cannabis cuttings, chiefly driven by cannabis product price solidity in the Canadian market. In addition, the company may sustain further catalog write-downs due to valuing burdens in the marketplace.

Attuned EBITDA loss of $53.1 million in Q4 2020 augmented by $1.5 million from Q4 2019. The upsurge in losses year-over-year was chiefly driven by an upsurge in general and organizational expenses and an upsurge in R&D outlay.

Complete financial year monetary statement

The company posted a Net income of $46.7 million in Full-Year 2020, augmented by $23.0 million from Full-Year 2019.

Gross loss of $25.8 million in Full-Year 2020 augmented by $8.2 million from Full-Year 2019. The third-party chiefly drove the upsurge in losses year-over-year bought floret related with adult-use products in Canada and a weakening in general sales in Full-Year 2020 against Full-Year 2019.

The company sustained an inventory write-down in Full-Year 2020 of $26.1 million on dehydrated cannabis and cannabis excerpts, chiefly driven by cannabis product price firmness in the Canadian market. In addition, the company may incur additional inventory write-downs due to assessing pressures in the marketplace.

[optin-monster-shortcode id="lt2ftjs5qhrst1pzmmap"] *Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.
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Auxly Cannabis Group Inc. (OTCMKTS: CBWTF) Takes over the Summer Season with a Suite of High-Quality and Unique Cannabis Products

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More Americans will soon access legal cannabis as more states are expected to advance cannabis legalization measures in the coming years. Some of the keys for unlocking the potential of cannabis include continued innovation and execution excellence while building authentic relationships with consumers. That said, a leading consumer packaged goods company in the cannabis market, Auxly Cannabis Group Inc. (OTCMKTS: CBWTF), has announced a new set of product line-ups for the summer season. 

“Canadians deserve something special after a year and a half of pandemic life, and we wanted to make sure our brands rose to the occasion… developers and marketing experts have leveraged consumer insights this summer to bring a suite of high-quality and unique cannabis products…,” Senior Vice President, Commercial, Auxly Andrew MacMillan acknowledged

Use of Focused Strategies to Grow its Market Share 

Auxly’s involvement in a strategic expansion into the dried flower market is quickly birthing results. The company has been riding on success from the dried flower offerings under its Back Forty brand. Through this brand, Auxly bagged almost 2% of the entire national cannabis flower market in June. The total achievement was a 5.2% share of the national market emanating from the successful sale of dried flowers and the company’s leadership position in cannabis 2.0 products. 

According to the CEO, Hugo Alves, they have built on deep consumer insights and execution excellence. They will also continue introducing a more robust line-up of new products in line with the consumer’s needs. A suite of high-quality and unique cannabis products will take center stage this summer; vapes, edibles, oil, capsules, and concentrates, among others, and they are expected to help the company gain meaningful market share. Kolab Project, Back Forty, Foray, and Dosecann are also some of Auxly’s in-house brands the company is about to launch in the coming weeks.  This will come along with unique edible products but for select provinces.

[optin-monster-shortcode id="lt2ftjs5qhrst1pzmmap"] *Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.
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Rubicon Organics Inc. (OTCMKTS: ROMJF) Outlines its Corporate and Operational Highlights Covering the First Half of 2021

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Have you ever been in a situation of sickness where you felt utterly helpless? The instituting of Rubicon Organics Inc. was at the height of the lack of high-quality, organic cannabis products for medicinal use. Its founders spent several years perfecting the art of organic cannabis greenhouse cultivation, and before long, the company became a household name. It is one of the only six Organic Certified cannabis producers in Canada with Fraser Valley Organic Producers Association (FVOPA) certification. And over the years, the company has invested in innovative and sustainable practices, from using only organic inputs to minimizing its waste and packaging. 

As the Canadian cannabis market continues to increase, Rubicon Organics is also registering incredible milestones. While unveiling its operational update, the company outlined several milestones, including a 132% increase in the number of new products its Q3, 2021. Additionally, the company’s 1964 Supply Co. premium brand was introduced to New Brunswick in June 2021, listing in seven provinces. As well, five provincial distributors accepted Homestead, a mainstream brand developed for the avid cannabis consumer. 

The Organization’s Corporate Highlights Demonstrating Significant Growth Potential

Rubicon Organics is focused on achieving industry-leading profitability and has a keen eye for innovation and the development of brands. Some of its flagship super-premium brands include Simply Bare Organic with a launch of 10 new SKUs and super-premium concentrate brand LAB THEORY, among others. 

In its first half of 2021, the company launched Wildflower CBD Topicals, a closed organic certified extraction services’ deal with The Valens Company. In addition, it stepped into Yukon territory through a Cannabis Purchase and Sale Pact with Cannabis Yukon for the distribution of its cannabis products. 

In other news, Rubicon Organics announced Cannabis Cultivators of B.C. (CCBC), a non-profit industry association. With the incorporation of Pure Sunfarms and Tantalus Labs, CCBC will work with policymakers to advocate for the growth of a responsible cannabis industry in British Columbia (B.C.). This can be viewed as a timely move given the thriving and fast-growing legal cannabis industry in B.C.            

[optin-monster-shortcode id="lt2ftjs5qhrst1pzmmap"] *Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.
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WeedMD Inc. Integrates Change of Name to Entourage Health Corp (OTCMKTS: WDDMF) and Enters into a Definitive Acquisition Agreement with CannTx Life Sciences

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It was founded in 2013 under the name WeedMD Inc. Today, it is known as Entourage Health Corp (OTCMKTS: WDDMF). The change of name was necessitated by a need to demonstrate tremendous growth over time. Some of its accomplishments include the launch of an award-winning Color Cannabis brand, adopting the Saturday Cannabis brand for expanded adult use, the acquisition of Starseed Medicinal, and licensing Mary’s Medicinals for Canadian production and distribution.

The licensed producer of medical-grade cannabis has recently inked a deal with renowned craft cultivator CannTx Life Sciences Inc. The deal expected to close in late August 2021 gives WeedMD Inc. the right to acquire all issued and outstanding shares for CannTx. Nonetheless, this is subject to approval by CannTx shareholders and other customary closing conditions. 

Benefits of the Acquisition of CannTx by Entourage 

Entourage’s Board of Directors has unanimously endorsed the collaboration with CannTx, which began over the past year. According to Interim CEO of Entourage George Scorsis, the partnership will enhance the consistent delivery of innovative products and cannabis experiences to a growing Canadian consumer base. 

“This is an exceptional period of growth and opportunity for our company. Following a year of reflection, transformation and evolution, today… we are emerging as a differentiated cannabis operator under Entourage Health….” Scores conveyed

In agreement to the testament by Scorsis, the CEO of CannTx, Mike Abbott, added that they were excited to move forward as a team. Integrating each other’s cultivation and production philosophies would help solidify the business, including expanding the more than 2,000 current product listings across the nation. In addition, the entourage will have an opportunity to explore CannTx’s international relationships to market its new and advanced consumption methods to developing cannabis markets. 

Meanwhile, CannTx will retain its indoor craft cultivation operations in Guelph, Ontario, as its craft and specialty production site for rosin and hash processing. In addition, the entourage’s outdoor cultivation operations will continue at its low-cost, state-of-the-art greenhouse in Strathroy. At the same time, its Aylmer extraction facility will remain the primary biomass processing facility. 

[optin-monster-shortcode id="lt2ftjs5qhrst1pzmmap"] *Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.
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