ESG Impact, Risk & opportunities public analysis

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        "description": "The Cronos Group is an outstanding example of innovative entrepreneurship, founded in 1991. It has evolved from a one-man business to a large group of companies with >9000 employees. The group was originally founded by and for technology people for the express purpose of helping those people grow as far as their ambitions reached, even if that meant starting for themselves. Since then, this mission statement has been expanded and the group enriched with people from the creative sector who are able to communicate well with the \u2018business people\u2019 yet are able to speak with the Cronos IT staff at their own level, resulting in the most creative and technologically optimal solution for customers. The Cronos Group is also an early stage investor, incubator, integrator and venture capital firm with holdings in more than 570 companies in various sectors and is actively involved in the start-up of some 20 companies per year.",
        "linkedin": "https://www.linkedin.com/company/cronos",
        "location": "Business Park Kings Square, Veldkant 33A \u2013 2550 Kontich, Belgium",
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        "name": "The Cronos Group",
        "partners": [],
        "services": [
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            "Early stage investor",
            "Incubator",
            "Integrator",
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            "Catalyst for the development of scientific research on new technologies into business solutions"
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        "team": [
            {
                "linkedin": null,
                "name": "Jef de wit",
                "role": null
            },
            {
                "linkedin": null,
                "name": "Dirk Deroost",
                "role": null
            },
            {
                "linkedin": null,
                "name": "Sam Bambust",
                "role": null
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        ],
        "twitter": "https://twitter.com/CronosGroep",
        "website": "https://cronos-groep.be/"
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            "description": "The Cronos Group, primarily a service-based organization, aims to minimize its environmental impact by investigating and implementing strategies to reduce carbon emissions in its operations. This includes promoting energy efficiency, adopting sustainable practices, and exploring circular economy principles to minimize waste generation. This positive impact aligns with the growing global focus on climate change mitigation and enhances the company's reputation for environmental responsibility.",
            "material_scope": "potential",
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            "matter_id": "0",
            "name": "Reduced Carbon Footprint through Operational Efficiency",
            "nature": "material",
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                    "document": "Our business operations are primarily focused on services. Therefore, our companies have a limited impact on the environment compared to manufacturing companies. Nevertheless, we will investigate the negative impact our business processes have on the environment, directly and indirectly, and how we can contribute to less waste and more circularity. Reducing carbon emissions in",
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                    "document": "financial and impact materiality), will help set **priorities.**",
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                    "document": "We will also assess regulatory compliance and establish a baseline for key **sustainability metrics** . Our deliverables include a **detailed baseline report** and a **stakeholder mapping and engagement plan** . This phase will provide a clear understanding of your current status and actionable insights, ensuring that decisions are based on a thorough understanding of both",
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            "description": "The Cronos Group is committed to minimizing waste generation and promoting circularity within its operations. By investigating and implementing waste reduction strategies, the company aims to reduce its environmental footprint and contribute to a more sustainable business model. This includes exploring opportunities for reuse, recycling, and responsible waste management practices, aligning with the principles of the circular economy and minimizing resource depletion.",
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                    "document": "Our business operations are primarily focused on services. Therefore, our companies have a limited impact on the environment compared to manufacturing companies. Nevertheless, we will investigate the negative impact our business processes have on the environment, directly and indirectly, and how we can contribute to less waste and more circularity. Reducing carbon emissions in",
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                    "document": "Our business operations are primarily focused on services. Therefore, our companies have a limited impact on the environment compared to manufacturing companies. Nevertheless, we will investigate the negative impact our business processes have on the environment, directly and indirectly, and how we can contribute to less waste and more circularity. Reducing carbon emissions in",
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                    "document": "financial and impact materiality), will help set **priorities.**",
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        {
            "description": "The Cronos Group faces a reputational risk due to its involvement in the medical cannabis industry. Some stakeholders may perceive the industry negatively, potentially impacting the company's brand image and business relationships. This risk requires careful management through transparent communication, ethical practices, and adherence to regulatory requirements to mitigate potential negative perceptions and maintain positive stakeholder relationships.",
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            "name": "Reputational Risk from Medical Cannabis Business",
            "nature": "financial",
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                    "document": "**_Third parties with whom we do business may perceive themselves as being exposed to reputational risk as a result of their relationship with us and may, as a result, refuse to do business with us._ **",
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                    "document": "The parties with which we do business may perceive that they are exposed to reputational risk as a result of our medical cannabis business activities. Failure to establish or maintain business relationships could have a material adverse effect on our business, financial condition and results of operations. Any  68  * * *  Table of Contents",
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                    "document": "To align our approach with your organization, we first need to understand your current **sustainability maturity** and **compliance status.** We will conduct meetings with stakeholders to gather input and collect data on **Environmental, Social, and Governance (ESG) practices** . This stakeholder engagement, combined with a double materiality assessment (considering both",
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                    "document": "financial and impact materiality), will help set **priorities.**",
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            "description": "The Cronos Group acknowledges the potential risk of fraud, corruption, and related unethical practices, including bribery, collusion, and conflicts of interest.  These activities could negatively impact the company's reputation, financial stability, and legal standing.  Mitigating this risk requires robust internal controls, ethical guidelines, and transparent reporting mechanisms to ensure compliance with regulations and maintain stakeholder trust.",
            "financial_type": "risk",
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            "name": "Risk of Fraud and Corruption",
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                    "document": "possibility of bribery, collusion, kickbacks, theft, improper commissions, facilitation payments, conflicts of interest and related party transactions and our possible failure to identify, manage and mitigate instances of fraud, corruption, or violations of our code of conduct and applicable regulatory requirements.",
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                    "document": "To align our approach with your organization, we first need to understand your current **sustainability maturity** and **compliance status.** We will conduct meetings with stakeholders to gather input and collect data on **Environmental, Social, and Governance (ESG) practices** . This stakeholder engagement, combined with a double materiality assessment (considering both",
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                    "document": "financial and impact materiality), will help set **priorities.**",
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                    "document": "Phase 2: Goal Setting & Strategic Planning  In phase 2, we will define **clear sustainability and compliance goals** and develop a **strategic plan** to achieve them. We will set **SMART goals** and create a comprehensive **sustainability strategy** with short-term, medium- term, and long-term objectives.",
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                {
                    "document": "deliver \ud835\uddee\ud835\uddf0\ud835\ude01\ud835\uddf6\ud835\uddfc\ud835\uddfb\ud835\uddee\ud835\uddef\ud835\uddf9\ud835\uddf2 \ud835\uddf6\ud835\uddfb\ud835\ude00\ud835\uddf6\ud835\uddf4\ud835\uddf5\ud835\ude01\ud835\ude00 that help you strategically plan and prioritize sustainability initiatives. Ready to take the next step toward a more sustainable future? Let\u2019s assess your progress together. \ud83d\udce9 Contact us to learn more: [ https://lnkd.in/eE3cd7Ga ](https://lnkd.in/eE3cd7Ga?trk=organization_guest_main-feed-card-text) [ #Sustainability",
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        {
            "description": "The Cronos Group faces potential risks related to geopolitical instability and regulatory changes, including increased state participation, higher energy costs, tax increases, and potential expropriation. These factors can significantly impact the company's operations, financial performance, and investment decisions.  Adapting to these changes requires proactive risk assessment, scenario planning, and engagement with relevant authorities to mitigate potential negative consequences.",
            "financial_type": "risk",
            "matter_id": "9",
            "name": "Geopolitical Risks and Regulatory Changes",
            "nature": "financial",
            "sources": [
                {
                    "document": "in policy or law may have a material adverse effect on our business, financial conditions and results of operations. The risks include increased \"unpaid\" state participation, higher energy costs, higher taxation levels, and potential expropriation.",
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                    "document": "contracts; the imposition of royalties, net profits payments, tax increases or other claims by government entities, including retroactive claims; a disregard for due process and the rule of law by local courts; the risk of expropriation and nationalization; delays in obtaining or the inability to obtain necessary governmental permits or the reimbursement of refundable tax from fiscal authorities.",
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                    "document": "We will also assess regulatory compliance and establish a baseline for key **sustainability metrics** . Our deliverables include a **detailed baseline report** and a **stakeholder mapping and engagement plan** . This phase will provide a clear understanding of your current status and actionable insights, ensuring that decisions are based on a thorough understanding of both",
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                    "document": "Phase 2: Goal Setting & Strategic Planning  In phase 2, we will define **clear sustainability and compliance goals** and develop a **strategic plan** to achieve them. We will set **SMART goals** and create a comprehensive **sustainability strategy** with short-term, medium- term, and long-term objectives.",
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            "description": "The Cronos Group is exposed to market fluctuations and potential downturns in demand for products related to its investments, including synthetic biology and COVID-19 testing. These shifts can significantly impact the company's financial performance and investment strategies.  Effective risk management requires diversification, market analysis, and agile adaptation to changing market conditions to minimize potential losses and capitalize on emerging opportunities.",
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                    "document": "impact on the market for our products and thus on our business, financial condition and results of operations.",
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                    "document": "effect on the demand for our products with the potential to lead to a material adverse effect on our business, financial condition and results of operations.",
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                    "document": "expectations after the completion of the business combination, and identify and realize additional opportunities, (vi) the risk of downturns in demand for products using synthetic biology, (vii) the unpredictability of the duration of the COVID-19 pandemic and the demand for COVID-19 testing and the commercial viability of our COVID-19 testing business, and (viii) changes to",
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                        "source": "https://www.prnewswire.com/news-releases/cronos-group-and-ginkgo-bioworks-announce-achievement-of-thcv-equity-milestone-301571428.html"
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                    "document": "expectations after the completion of the business combination, and identify and realize additional opportunities, (vi) the risk of downturns in demand for products using synthetic biology, (vii) the unpredictability of the duration of the COVID-19 pandemic and the demand for COVID-19 testing and the commercial viability of our COVID-19 testing business, and (viii) changes to",
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                    "document": "deliver \ud835\uddee\ud835\uddf0\ud835\ude01\ud835\uddf6\ud835\uddfc\ud835\uddfb\ud835\uddee\ud835\uddef\ud835\uddf9\ud835\uddf2 \ud835\uddf6\ud835\uddfb\ud835\ude00\ud835\uddf6\ud835\uddf4\ud835\uddf5\ud835\ude01\ud835\ude00 that help you strategically plan and prioritize sustainability initiatives. Ready to take the next step toward a more sustainable future? Let\u2019s assess your progress together. \ud83d\udce9 Contact us to learn more: [ https://lnkd.in/eE3cd7Ga ](https://lnkd.in/eE3cd7Ga?trk=organization_guest_main-feed-card-text) [ #Sustainability",
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            "description": "The Cronos Group's involvement in joint ventures presents inherent risks, including potential insolvency of partners, disagreements over capital contributions, and conflicting business interests. These risks can lead to financial losses and operational disruptions.  Thorough due diligence, clear contractual agreements, and ongoing communication are crucial to mitigate these risks and ensure successful joint venture partnerships.",
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                    "document": "insolvent or bankrupt, fail to fund their share of required capital contributions or fail to fulfil their obligations as a joint venture partner; (v) our joint venture partners may have business or economic interests that are inconsistent with ours and may take actions contrary to our interests; (vi) we may suffer losses as a result of actions taken by our joint venture",
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                    "document": "To align our approach with your organization, we first need to understand your current **sustainability maturity** and **compliance status.** We will conduct meetings with stakeholders to gather input and collect data on **Environmental, Social, and Governance (ESG) practices** . This stakeholder engagement, combined with a double materiality assessment (considering both",
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                    "document": "We will also assess regulatory compliance and establish a baseline for key **sustainability metrics** . Our deliverables include a **detailed baseline report** and a **stakeholder mapping and engagement plan** . This phase will provide a clear understanding of your current status and actionable insights, ensuring that decisions are based on a thorough understanding of both",
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                    "document": "deliver \ud835\uddee\ud835\uddf0\ud835\ude01\ud835\uddf6\ud835\uddfc\ud835\uddfb\ud835\uddee\ud835\uddef\ud835\uddf9\ud835\uddf2 \ud835\uddf6\ud835\uddfb\ud835\ude00\ud835\uddf6\ud835\uddf4\ud835\uddf5\ud835\ude01\ud835\ude00 that help you strategically plan and prioritize sustainability initiatives. Ready to take the next step toward a more sustainable future? Let\u2019s assess your progress together. \ud83d\udce9 Contact us to learn more: [ https://lnkd.in/eE3cd7Ga ](https://lnkd.in/eE3cd7Ga?trk=organization_guest_main-feed-card-text) [ #Sustainability",
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                    "document": "ongoing risk whether perpetrated via employee collusion or negligence or through deliberate cyber-attack. Any such theft or privacy breach would have a material adverse effect on our business, financial condition and results of operations.",
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                {
                    "document": "July 5, 2023  [ Read more  ](/blog/iso-270012022-preparation)  [ ](/blog/prevent-fallout-when-cicd-platform-hacked)  By  Willem Delbare  ## [ Preventing fallout from your CI/CD platform being hacked ](/blog/prevent-fallout-when-cicd-platform-hacked)  Guides  June 19, 2023  [ Read more  ](/blog/prevent-fallout-when-cicd-platform-hacked)  [ ](/blog/security-assessment-report-closes-deals-faster)",
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                    "document": "July 5, 2023  [ Read more  ](/blog/iso-270012022-preparation)  [ ](/blog/prevent-fallout-when-cicd-platform-hacked)  By  Willem Delbare  ## [ Preventing fallout from your CI/CD platform being hacked ](/blog/prevent-fallout-when-cicd-platform-hacked)  Guides  June 19, 2023  [ Read more  ](/blog/prevent-fallout-when-cicd-platform-hacked)  [ ](/blog/security-assessment-report-closes-deals-faster)",
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                    "document": "To align our approach with your organization, we first need to understand your current **sustainability maturity** and **compliance status.** We will conduct meetings with stakeholders to gather input and collect data on **Environmental, Social, and Governance (ESG) practices** . This stakeholder engagement, combined with a double materiality assessment (considering both",
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                    "document": "We will also assess regulatory compliance and establish a baseline for key **sustainability metrics** . Our deliverables include a **detailed baseline report** and a **stakeholder mapping and engagement plan** . This phase will provide a clear understanding of your current status and actionable insights, ensuring that decisions are based on a thorough understanding of both",
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            "description": "As an investor and incubator in various sectors, The Cronos Group faces potential product liability claims related to the products developed by its portfolio companies. These claims can hinder commercialization efforts, lead to financial losses, and damage the company's reputation.  Thorough product testing, quality control measures, and appropriate insurance coverage are crucial to mitigate this risk and protect the company's interests.",
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                    "document": "To align our approach with your organization, we first need to understand your current **sustainability maturity** and **compliance status.** We will conduct meetings with stakeholders to gather input and collect data on **Environmental, Social, and Governance (ESG) practices** . This stakeholder engagement, combined with a double materiality assessment (considering both",
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                    "document": "financial and impact materiality), will help set **priorities.**",
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                    "document": "We will also assess regulatory compliance and establish a baseline for key **sustainability metrics** . Our deliverables include a **detailed baseline report** and a **stakeholder mapping and engagement plan** . This phase will provide a clear understanding of your current status and actionable insights, ensuring that decisions are based on a thorough understanding of both",
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                    "document": "deliver \ud835\uddee\ud835\uddf0\ud835\ude01\ud835\uddf6\ud835\uddfc\ud835\uddfb\ud835\uddee\ud835\uddef\ud835\uddf9\ud835\uddf2 \ud835\uddf6\ud835\uddfb\ud835\ude00\ud835\uddf6\ud835\uddf4\ud835\uddf5\ud835\ude01\ud835\ude00 that help you strategically plan and prioritize sustainability initiatives. Ready to take the next step toward a more sustainable future? Let\u2019s assess your progress together. \ud83d\udce9 Contact us to learn more: [ https://lnkd.in/eE3cd7Ga ](https://lnkd.in/eE3cd7Ga?trk=organization_guest_main-feed-card-text) [ #Sustainability",
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            "description": "The Cronos Group relies on adequate insurance coverage to mitigate various risks, including liability claims and operational disruptions. However, maintaining sufficient coverage may become commercially challenging due to rising premiums or coverage limitations.  This poses a financial risk, requiring careful evaluation of insurance policies and exploration of alternative risk management strategies to ensure adequate protection against potential losses.",
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                    "document": "**_We will seek to maintain adequate insurance coverage in respect of the risks faced by us, however, insurance premiums for such insurance may not continue to be commercially justifiable and there may be coverage limitations and other exclusions which may not be sufficient to cover potential liabilities faced by us._ **",
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                    "document": "when we are not able to obtain liability insurance, there could be a material adversely effect on our business, financial condition and results of operations.",
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            "description": "As a public company in the United States, The Cronos Group faces increased costs for directors' and officers' insurance. This is due to the heightened scrutiny and potential legal liabilities associated with operating as a publicly traded entity.  While necessary to protect the company and its leadership, these increased costs represent a financial burden that needs to be factored into the company's financial planning.",
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                    "document": "ambiguities related to practice, regulatory authorities or third-parties may initiate legal proceedings against us and our business may be harmed. In connection with becoming a public company in the United States, we have increased our directors' and officers' insurance coverage, which will increase our insurance cost. In the future, it will be more expensive for us to obtain",
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                    "document": "We will also assess regulatory compliance and establish a baseline for key **sustainability metrics** . Our deliverables include a **detailed baseline report** and a **stakeholder mapping and engagement plan** . This phase will provide a clear understanding of your current status and actionable insights, ensuring that decisions are based on a thorough understanding of both",
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                    "document": "deliver \ud835\uddee\ud835\uddf0\ud835\ude01\ud835\uddf6\ud835\uddfc\ud835\uddfb\ud835\uddee\ud835\uddef\ud835\uddf9\ud835\uddf2 \ud835\uddf6\ud835\uddfb\ud835\ude00\ud835\uddf6\ud835\uddf4\ud835\uddf5\ud835\ude01\ud835\ude00 that help you strategically plan and prioritize sustainability initiatives. Ready to take the next step toward a more sustainable future? Let\u2019s assess your progress together. \ud83d\udce9 Contact us to learn more: [ https://lnkd.in/eE3cd7Ga ](https://lnkd.in/eE3cd7Ga?trk=organization_guest_main-feed-card-text) [ #Sustainability",
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                    "document": "results of operations, underlying asset values or prospects have not changed. Additionally, these factors, as well as other related factors, may cause decreases in asset values that are deemed to be other than temporary, which may result in impairment losses. As well, certain institutional investors may base their investment decisions on consideration of our environmental,",
                    "metadata": {
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                    "document": "To align our approach with your organization, we first need to understand your current **sustainability maturity** and **compliance status.** We will conduct meetings with stakeholders to gather input and collect data on **Environmental, Social, and Governance (ESG) practices** . This stakeholder engagement, combined with a double materiality assessment (considering both",
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                    "document": "Phase 2: Goal Setting & Strategic Planning  In phase 2, we will define **clear sustainability and compliance goals** and develop a **strategic plan** to achieve them. We will set **SMART goals** and create a comprehensive **sustainability strategy** with short-term, medium- term, and long-term objectives.",
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                    "document": "deliver \ud835\uddee\ud835\uddf0\ud835\ude01\ud835\uddf6\ud835\uddfc\ud835\uddfb\ud835\uddee\ud835\uddef\ud835\uddf9\ud835\uddf2 \ud835\uddf6\ud835\uddfb\ud835\ude00\ud835\uddf6\ud835\uddf4\ud835\uddf5\ud835\ude01\ud835\ude00 that help you strategically plan and prioritize sustainability initiatives. Ready to take the next step toward a more sustainable future? Let\u2019s assess your progress together. \ud83d\udce9 Contact us to learn more: [ https://lnkd.in/eE3cd7Ga ](https://lnkd.in/eE3cd7Ga?trk=organization_guest_main-feed-card-text) [ #Sustainability",
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            "description": "As an incubator and investor, The Cronos Group has the opportunity to foster innovation in sustainable technologies. By supporting startups and research in areas like renewable energy, circular economy solutions, and sustainable materials, the company can contribute to environmental sustainability while also generating financial returns. This aligns with the growing demand for sustainable solutions and positions the company as a leader in the green tech sector.",
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                    "document": "to minimize risk exposure. \ud83d\udd17 Explore how GIS technology is supporting sustainable strategies. Read the full case here: [ https://lnkd.in/eUMBKXRW ](https://lnkd.in/eUMBKXRW?trk=organization_guest_main-feed-card-text) We appreciate [ GeoWeave ](https://be.linkedin.com/company/geoweave?trk=organization_guest_main-feed- card-text) for teaming up with us on this valuable case! \ud83d\ude4c [ #GIS",
                    "metadata": {
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                    "document": "deliver \ud835\uddee\ud835\uddf0\ud835\ude01\ud835\uddf6\ud835\uddfc\ud835\uddfb\ud835\uddee\ud835\uddef\ud835\uddf9\ud835\uddf2 \ud835\uddf6\ud835\uddfb\ud835\ude00\ud835\uddf6\ud835\uddf4\ud835\uddf5\ud835\ude01\ud835\ude00 that help you strategically plan and prioritize sustainability initiatives. Ready to take the next step toward a more sustainable future? Let\u2019s assess your progress together. \ud83d\udce9 Contact us to learn more: [ https://lnkd.in/eE3cd7Ga ](https://lnkd.in/eE3cd7Ga?trk=organization_guest_main-feed-card-text) [ #Sustainability",
                    "metadata": {
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                    "document": "](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fsustainability&trk=organization_guest_main- feed-card-text) [ #Impact ](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fimpact&trk=organization_guest_main- feed-card-text) [ #CSDDD",
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                    "document": "To align our approach with your organization, we first need to understand your current **sustainability maturity** and **compliance status.** We will conduct meetings with stakeholders to gather input and collect data on **Environmental, Social, and Governance (ESG) practices** . This stakeholder engagement, combined with a double materiality assessment (considering both",
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                    "document": "financial and impact materiality), will help set **priorities.**",
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                    "document": "We will also assess regulatory compliance and establish a baseline for key **sustainability metrics** . Our deliverables include a **detailed baseline report** and a **stakeholder mapping and engagement plan** . This phase will provide a clear understanding of your current status and actionable insights, ensuring that decisions are based on a thorough understanding of both",
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                    "document": "To align our approach with your organization, we first need to understand your current **sustainability maturity** and **compliance status.** We will conduct meetings with stakeholders to gather input and collect data on **Environmental, Social, and Governance (ESG) practices** . This stakeholder engagement, combined with a double materiality assessment (considering both",
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                    "document": "We will also assess regulatory compliance and establish a baseline for key **sustainability metrics** . Our deliverables include a **detailed baseline report** and a **stakeholder mapping and engagement plan** . This phase will provide a clear understanding of your current status and actionable insights, ensuring that decisions are based on a thorough understanding of both",
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                    "document": "Phase 2: Goal Setting & Strategic Planning  In phase 2, we will define **clear sustainability and compliance goals** and develop a **strategic plan** to achieve them. We will set **SMART goals** and create a comprehensive **sustainability strategy** with short-term, medium- term, and long-term objectives.",
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                    "document": "deliver \ud835\uddee\ud835\uddf0\ud835\ude01\ud835\uddf6\ud835\uddfc\ud835\uddfb\ud835\uddee\ud835\uddef\ud835\uddf9\ud835\uddf2 \ud835\uddf6\ud835\uddfb\ud835\ude00\ud835\uddf6\ud835\uddf4\ud835\uddf5\ud835\ude01\ud835\ude00 that help you strategically plan and prioritize sustainability initiatives. Ready to take the next step toward a more sustainable future? Let\u2019s assess your progress together. \ud83d\udce9 Contact us to learn more: [ https://lnkd.in/eE3cd7Ga ](https://lnkd.in/eE3cd7Ga?trk=organization_guest_main-feed-card-text) [ #Sustainability",
                    "metadata": {
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                {
                    "document": "](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fsustainability&trk=organization_guest_main- feed-card-text) [ #Impact ](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fimpact&trk=organization_guest_main- feed-card-text) [ #CSDDD",
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                    "document": "To align our approach with your organization, we first need to understand your current **sustainability maturity** and **compliance status.** We will conduct meetings with stakeholders to gather input and collect data on **Environmental, Social, and Governance (ESG) practices** . This stakeholder engagement, combined with a double materiality assessment (considering both",
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                    "document": "deliver \ud835\uddee\ud835\uddf0\ud835\ude01\ud835\uddf6\ud835\uddfc\ud835\uddfb\ud835\uddee\ud835\uddef\ud835\uddf9\ud835\uddf2 \ud835\uddf6\ud835\uddfb\ud835\ude00\ud835\uddf6\ud835\uddf4\ud835\uddf5\ud835\ude01\ud835\ude00 that help you strategically plan and prioritize sustainability initiatives. Ready to take the next step toward a more sustainable future? Let\u2019s assess your progress together. \ud83d\udce9 Contact us to learn more: [ https://lnkd.in/eE3cd7Ga ](https://lnkd.in/eE3cd7Ga?trk=organization_guest_main-feed-card-text) [ #Sustainability",
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                    "document": "](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fsustainability&trk=organization_guest_main- feed-card-text) [ #Impact ](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fimpact&trk=organization_guest_main- feed-card-text) [ #CSDDD",
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                    "document": "July 5, 2023  [ Read more  ](/blog/iso-270012022-preparation)  [ ](/blog/prevent-fallout-when-cicd-platform-hacked)  By  Willem Delbare  ## [ Preventing fallout from your CI/CD platform being hacked ](/blog/prevent-fallout-when-cicd-platform-hacked)  Guides  June 19, 2023  [ Read more  ](/blog/prevent-fallout-when-cicd-platform-hacked)  [ ](/blog/security-assessment-report-closes-deals-faster)",
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                    "document": "July 5, 2023  [ Read more  ](/blog/iso-270012022-preparation)  [ ](/blog/prevent-fallout-when-cicd-platform-hacked)  By  Willem Delbare  ## [ Preventing fallout from your CI/CD platform being hacked ](/blog/prevent-fallout-when-cicd-platform-hacked)  Guides  June 19, 2023  [ Read more  ](/blog/prevent-fallout-when-cicd-platform-hacked)  [ ](/blog/security-assessment-report-closes-deals-faster)",
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                    "document": "](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fsustainability&trk=organization_guest_main- feed-card-text) [ #Impact ](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fimpact&trk=organization_guest_main- feed-card-text) [ #CSDDD",
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                "page_content": "#  Initiatieven\n\n[ __ ](https://twitter.com/CronosGroep \"Twitter\")\n\nTwitter\n\n[ __ ](https://www.facebook.com/DeCronosGroep \"Facebook\")\n\nFacebook\n\n[ __ ](https://www.instagram.com/decronosgroep/ \"Instagram\")\n\nInstagram\n\n[ __ ](https://www.youtube.com/channel/UCsDzxe6vT5vXGT_95SOjuaA \"YouTube\")\n\nYouTube\n\n[ __ ](https://www.linkedin.com/company/cronos/ \"LinkedIn\")\n\nLinkedIn\n\n#####  De Cronos Groep hq\n\nBusiness Park Kings Square  \nVeldkant 33A \u2013 2550 Kontich\n\nTelefoon: 03 450 80 30\n\n#####  Instagram feed\n\n#####  Neem rechtstreeks contact op\n\n######  Jef de wit\n\n[ __ ](/cdn-cgi/l/email-protection#28424d4e064c4d5f415c684b5a4746475b064a4d)\n\n######  Dirk Deroost\n\n[ __ ](/cdn-cgi/l/email-\nprotection#187c716a73367c7d6a77776b6c587b6a7776776b367a7d)\n\nOf vul ons [ contactformulier ](/?page_id=17) in.\n\n\u00a9 De Cronos Groep \u2013 [ Sustainability ](https://cronos-groep.be/wp-\ncontent/uploads/2024/05/Cronos-ESG.pdf) \u2013 [ Confide\n](https://cronos.app/confide) \u2013 [ Privacy Policy ](/?page_id=3) \u2013 [ Cookie\nPolicy ](/?page_id=8) \u2013 [ Perskit ](https://de-cronos-groep.prezly.com/)\n\nVOLG ONS\n\n[ __ ](https://www.facebook.com/DeCronosGroep \"Facebook\")\n\nFacebook\n\n[ __ ](https://www.instagram.com/decronosgroep/ \"Instagram\")\n\nInstagram\n\n[ __ ](https://www.linkedin.com/company/cronos \"LinkedIn\")\n\nLinkedIn\n\n[ __ ](https://twitter.com/CronosGroep \"Twitter\")\n\nTwitter\n\n[ __ ](https://www.youtube.com/channel/UCsDzxe6vT5vXGT_95SOjuaA \"YouTube\")\n\nYouTube\n\nCookie settings\n\nDeze website maakt gebruik van cookies om jouw gebruikservaring te verbeteren.\nWe verwerken cookies voor (1) elektronische communicatie en het weergeven van\nde website, (2) het verder vormgeven, (3) meten en analyseren van jouw gebruik\n, (4) .het weergeven van inhoud en advertenties op maat en (5) doeleinden van\nderde partijen (indien van toepassing). Je kan er (met uitzondering van de\nessenti\u00eble cookies) per categorie voor kiezen het gebruik van cookies te\naanvaarden of weigeren. Weigeren van bepaalde categorie\u00ebn cookies (zoals\nbijvoorbeeld functionele cookies of marketing cookies) kan impact hebben op je\ngebruikservaring of ons belemmeren die gebruikservaring verder te verbeteren.\nVia de knop \u2018Voorkeuren\u2019 kan je nu of later zelf je voorkeuren instellen of\nwijzigen. Meer informatie over de verwerking van cookies vind je in [ onze\ncookieverklaring. ](https://cronos-groep.be/cookie-policy/)  \n\nFunctioneel  Altijd actief\n\nDe technische opslag of toegang is strikt noodzakelijk voor het legitieme doel\nom het gebruik mogelijk te maken van een specifieke dienst die expliciet door\nde abonnee of gebruiker wordt gevraagd, of voor het enige doel om de\nverzending van een communicatie over een elektronisch communicatienetwerk uit\nte voeren.\n\nVoorkeuren\n\nDe technische opslag of toegang is noodzakelijk voor het legitieme doel\nvoorkeuren op te slaan die niet door de abonnee of gebruiker zijn aangevraagd.\n\nStatistieken\n\nDe technische opslag of toegang die uitsluitend wordt gebruikt voor anonieme\nstatistische doeleinden. Zonder een dagvaarding, vrijwillige naleving door uw\nInternet Service Provider, of aanvullende gegevens van een derde partij, kan\ninformatie die alleen voor dit doel is opgeslagen of opgehaald gewoonlijk niet\nworden gebruikt om u te identificeren.  De technische opslag of toegang die\nuitsluitend wordt gebruikt voor anonieme statistische doeleinden. Zonder een\ndagvaarding, vrijwillige naleving door uw Internet Service Provider, of\naanvullende gegevens van een derde partij, kan informatie die alleen voor dit\ndoel is opgeslagen of opgehaald gewoonlijk niet worden gebruikt om u te\nidentificeren.\n\nMarketing\n\nDe technische opslag of toegang is vereist om gebruikersprofielen aan te maken\nom advertenties te verzenden of om de gebruiker op een website of over\nmeerdere websites te volgen voor soortgelijke marketingdoeleinden.\n\nBeheer opties  Beheer diensten  Beheer {vendor_count} leveranciers  [ Lees\nmeer over deze doeleinden ](https://cookiedatabase.org/tcf/purposes/)\n\nVoorkeuren bekijken\n\n{title}  {title}  {title}\n\n",
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                "page_content": "#  Contactez-nous sur\n\n####  Nous sommes curieux d\u2019entendre votre histoire\n\nVous souhaitez lancer une nouvelle initiative ? Vous cherchez un lieu de\ntravail ou de stage agr\u00e9able ? Vous souhaitez en savoir plus sur nos\ndiff\u00e9rents domaines d\u2019expertise ?\n\n#####  Contactez directement l\u2019\u00e9quipe du Cronos Groep.\n\n######  Jef de wit\n\n[ __ ](/cdn-cgi/l/email-protection#18727d7e367c7d6f716c587b6a7776776b367a7d)\n\n######  Dirk Deroost\n\n[ __ ](/cdn-cgi/l/email-\nprotection#36525f445d185253445959454276554459585945185453)\n\n######  Sam Bambust\n\n[ __ ](/cdn-cgi/l/email-\nprotection#1360727e3d71727e716660675370617c7d7c603d7176)\n\n##  Nos implantations\n\n#####  Si\u00e8ge du Cronos Groep\n\nBusiness Park King Square  \nVeldkant 33A \u2013 2550 Kontich\n\nT\u00e9l\u00e9phone : 03 450 80 30\n\n[ __ ](https://twitter.com/CronosGroep \"Twitter\")\n\nTwitter\n\n[ __ ](https://www.facebook.com/DeCronosGroep \"Facebook\")\n\nFacebook\n\n[ __ ](https://www.instagram.com/decronosgroep/ \"Instagram\")\n\nInstagram\n\n[ __ ](https://www.youtube.com/channel/UCsDzxe6vT5vXGT_95SOjuaA \"YouTube\")\n\nYouTube\n\n[ __ ](https://www.linkedin.com/company/cronos/ \"LinkedIn\")\n\nLinkedIn\n\n#####  De Cronos Groep hq\n\nBusiness Park Kings Square  \nVeldkant 33A \u2013 2550 Kontich\n\nT\u00e9l\u00e9phone: 03 450 80 30\n\n#####  Instagram feed\n\n#####  CONTACTEZ-NOUS DIRECTEMENT\n\n######  Jef de wit\n\n[ __ ](/cdn-cgi/l/email-protection#bfd5dad991dbdac8d6cbffdccdd0d1d0cc91ddda)\n\n######  Dirk Deroost\n\n[ __ ](/cdn-cgi/l/email-\nprotection#284c415a43064c4d5a47475b5c684b5a4746475b064a4d)\n\nOu remplissez notre formulaire de contact .\n\n\u00a9 De Cronos Groep \u2013 [ Durabilit\u00e9 ](https://cronos-groep.be/wp-\ncontent/uploads/2024/05/Cronos-ESG.pdf) \u2013 [ Confide\n](https://cronos.app/confide) \u2013 [ Privacy Policy ](/?page_id=234) \u2013 [ Cookie\nPolicy ](/?page_id=218) \u2013 [ Dossier de presse ](https://de-cronos-\ngroep.prezly.com/)\n\nSUIVEZ-NOUS\n\n[ __ ](https://www.facebook.com/DeCronosGroep \"Facebook\")\n\nFacebook\n\n[ __ ](https://www.instagram.com/decronosgroep/ \"Instagram\")\n\nInstagram\n\n[ __ ](https://www.linkedin.com/company/cronos \"LinkedIn\")\n\nLinkedIn\n\n[ __ ](https://twitter.com/CronosGroep \"Twitter\")\n\nTwitter\n\n[ __ ](https://www.youtube.com/channel/UCsDzxe6vT5vXGT_95SOjuaA \"YouTube\")\n\nYouTube\n\nCookie settings\n\nCe site web utilise des cookies pour am\u00e9liorer votre exp\u00e9rience d'utilisateur.\nNous traitons les cookies pour (1) la communication \u00e9lectronique et\nl'affichage du site web, (2) la poursuite de la conception, (3) la mesure et\nl'analyse de votre utilisation, (4) l'affichage de contenu et de publicit\u00e9s\nsur mesure et (5) les objectifs de tiers (le cas \u00e9ch\u00e9ant). Vous pouvez choisir\nd'accepter ou de refuser l'utilisation de cookies (\u00e0 l'exception des cookies\nessentiels) pour chaque cat\u00e9gorie. Le refus de certaines cat\u00e9gories de cookies\n(par exemple, les cookies fonctionnels ou les cookies de marketing) peut avoir\nun impact sur votre exp\u00e9rience d'utilisateur ou nous emp\u00eacher d'am\u00e9liorer\ncette exp\u00e9rience. Le bouton \"Pr\u00e9f\u00e9rences\" vous permet de d\u00e9finir ou de\nmodifier vos pr\u00e9f\u00e9rences maintenant ou plus tard. Vous trouverez de plus\namples informations sur le traitement des cookies dans notre  \n[ d\u00e9claration relative aux cookies ](https://cronos-groep.be/fr/cookie-\npolicy/)  \n\nFonctionnels  Toujours activ\u00e9\n\nLe stockage ou l'acc\u00e8s technique est strictement n\u00e9cessaire dans le but\nl\u00e9gitime de permettre l'utilisation d'un service sp\u00e9cifique explicitement\ndemand\u00e9 par l'abonn\u00e9 ou l'utilisateur, ou dans le seul but d'effectuer la\ntransmission d'une communication sur un r\u00e9seau de communications\n\u00e9lectroniques.\n\nVoorkeuren\n\nDe technische opslag of toegang is noodzakelijk voor het legitieme doel\nvoorkeuren op te slaan die niet door de abonnee of gebruiker zijn aangevraagd.\n\nStatistiques\n\nLe stockage ou l'acc\u00e8s technique qui est utilis\u00e9 exclusivement \u00e0 des fins\nstatistiques anonymes. Sans assignation \u00e0 compara\u00eetre, conformit\u00e9 volontaire\nde la part de votre fournisseur de services Internet ou enregistrements\nsuppl\u00e9mentaires d'un tiers, les informations stock\u00e9es ou r\u00e9cup\u00e9r\u00e9es \u00e0 cette\nseule fin ne peuvent g\u00e9n\u00e9ralement pas \u00eatre utilis\u00e9es pour vous identifier.  Le\nstockage ou l'acc\u00e8s technique qui est utilis\u00e9 exclusivement \u00e0 des fins\nstatistiques anonymes. Sans assignation \u00e0 compara\u00eetre, conformit\u00e9 volontaire\nde la part de votre fournisseur de services Internet ou enregistrements\nsuppl\u00e9mentaires d'un tiers, les informations stock\u00e9es ou r\u00e9cup\u00e9r\u00e9es \u00e0 cette\nseule fin ne peuvent g\u00e9n\u00e9ralement pas \u00eatre utilis\u00e9es pour vous identifier.\n\nMarketing\n\nLe stockage ou l'acc\u00e8s technique est n\u00e9cessaire pour cr\u00e9er des profils\nd'utilisateurs pour envoyer de la publicit\u00e9 ou pour suivre l'utilisateur sur\nun site Web ou sur plusieurs sites Web \u00e0 des fins de marketing similaires.\n\nG\u00e9rer les options  G\u00e9rer les services  G\u00e9rer {vendor_count} fournisseurs  [ En\nsavoir plus sur ces finalit\u00e9s ](https://cookiedatabase.org/tcf/purposes/)\n\nAfficher les pr\u00e9f\u00e9rences\n\n{title}  {title}  {title}\n\n",
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                "page_content": "#  Initiatives\n\n[ __ ](https://twitter.com/CronosGroep \"Twitter\")\n\nTwitter\n\n[ __ ](https://www.facebook.com/DeCronosGroep \"Facebook\")\n\nFacebook\n\n[ __ ](https://www.instagram.com/decronosgroep/ \"Instagram\")\n\nInstagram\n\n[ __ ](https://www.youtube.com/channel/UCsDzxe6vT5vXGT_95SOjuaA \"YouTube\")\n\nYouTube\n\n[ __ ](https://www.linkedin.com/company/cronos/ \"LinkedIn\")\n\nLinkedIn\n\n#####  De Cronos Groep hq\n\nBusiness Park Kings Square  \nVeldkant 33A \u2013 2550 Kontich\n\nT\u00e9l\u00e9phone: 03 450 80 30\n\n#####  Instagram feed\n\n#####  CONTACTEZ-NOUS DIRECTEMENT\n\n######  Jef de wit\n\n[ __ ](/cdn-cgi/l/email-protection#254f40430b4140524c516546574a4b4a560b4740)\n\n######  Dirk Deroost\n\n[ __ ](/cdn-cgi/l/email-\nprotection#b2d6dbc0d99cd6d7c0ddddc1c6f2d1c0dddcddc19cd0d7)\n\nOu remplissez notre formulaire de contact .\n\n\u00a9 De Cronos Groep \u2013 [ Durabilit\u00e9 ](https://cronos-groep.be/wp-\ncontent/uploads/2024/05/Cronos-ESG.pdf) \u2013 [ Confide\n](https://cronos.app/confide) \u2013 [ Privacy Policy ](/?page_id=234) \u2013 [ Cookie\nPolicy ](/?page_id=218) \u2013 [ Dossier de presse ](https://de-cronos-\ngroep.prezly.com/)\n\nSUIVEZ-NOUS\n\n[ __ ](https://www.facebook.com/DeCronosGroep \"Facebook\")\n\nFacebook\n\n[ __ ](https://www.instagram.com/decronosgroep/ \"Instagram\")\n\nInstagram\n\n[ __ ](https://www.linkedin.com/company/cronos \"LinkedIn\")\n\nLinkedIn\n\n[ __ ](https://twitter.com/CronosGroep \"Twitter\")\n\nTwitter\n\n[ __ ](https://www.youtube.com/channel/UCsDzxe6vT5vXGT_95SOjuaA \"YouTube\")\n\nYouTube\n\nCookie settings\n\nCe site web utilise des cookies pour am\u00e9liorer votre exp\u00e9rience d'utilisateur.\nNous traitons les cookies pour (1) la communication \u00e9lectronique et\nl'affichage du site web, (2) la poursuite de la conception, (3) la mesure et\nl'analyse de votre utilisation, (4) l'affichage de contenu et de publicit\u00e9s\nsur mesure et (5) les objectifs de tiers (le cas \u00e9ch\u00e9ant). Vous pouvez choisir\nd'accepter ou de refuser l'utilisation de cookies (\u00e0 l'exception des cookies\nessentiels) pour chaque cat\u00e9gorie. Le refus de certaines cat\u00e9gories de cookies\n(par exemple, les cookies fonctionnels ou les cookies de marketing) peut avoir\nun impact sur votre exp\u00e9rience d'utilisateur ou nous emp\u00eacher d'am\u00e9liorer\ncette exp\u00e9rience. Le bouton \"Pr\u00e9f\u00e9rences\" vous permet de d\u00e9finir ou de\nmodifier vos pr\u00e9f\u00e9rences maintenant ou plus tard. Vous trouverez de plus\namples informations sur le traitement des cookies dans notre  \n[ d\u00e9claration relative aux cookies ](https://cronos-groep.be/fr/cookie-\npolicy/)  \n\nFonctionnels  Toujours activ\u00e9\n\nLe stockage ou l'acc\u00e8s technique est strictement n\u00e9cessaire dans le but\nl\u00e9gitime de permettre l'utilisation d'un service sp\u00e9cifique explicitement\ndemand\u00e9 par l'abonn\u00e9 ou l'utilisateur, ou dans le seul but d'effectuer la\ntransmission d'une communication sur un r\u00e9seau de communications\n\u00e9lectroniques.\n\nVoorkeuren\n\nDe technische opslag of toegang is noodzakelijk voor het legitieme doel\nvoorkeuren op te slaan die niet door de abonnee of gebruiker zijn aangevraagd.\n\nStatistiques\n\nLe stockage ou l'acc\u00e8s technique qui est utilis\u00e9 exclusivement \u00e0 des fins\nstatistiques anonymes. Sans assignation \u00e0 compara\u00eetre, conformit\u00e9 volontaire\nde la part de votre fournisseur de services Internet ou enregistrements\nsuppl\u00e9mentaires d'un tiers, les informations stock\u00e9es ou r\u00e9cup\u00e9r\u00e9es \u00e0 cette\nseule fin ne peuvent g\u00e9n\u00e9ralement pas \u00eatre utilis\u00e9es pour vous identifier.  Le\nstockage ou l'acc\u00e8s technique qui est utilis\u00e9 exclusivement \u00e0 des fins\nstatistiques anonymes. Sans assignation \u00e0 compara\u00eetre, conformit\u00e9 volontaire\nde la part de votre fournisseur de services Internet ou enregistrements\nsuppl\u00e9mentaires d'un tiers, les informations stock\u00e9es ou r\u00e9cup\u00e9r\u00e9es \u00e0 cette\nseule fin ne peuvent g\u00e9n\u00e9ralement pas \u00eatre utilis\u00e9es pour vous identifier.\n\nMarketing\n\nLe stockage ou l'acc\u00e8s technique est n\u00e9cessaire pour cr\u00e9er des profils\nd'utilisateurs pour envoyer de la publicit\u00e9 ou pour suivre l'utilisateur sur\nun site Web ou sur plusieurs sites Web \u00e0 des fins de marketing similaires.\n\nG\u00e9rer les options  G\u00e9rer les services  G\u00e9rer {vendor_count} fournisseurs  [ En\nsavoir plus sur ces finalit\u00e9s ](https://cookiedatabase.org/tcf/purposes/)\n\nAfficher les pr\u00e9f\u00e9rences\n\n{title}  {title}  {title}\n\n",
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                "page_content": "#  Neem contact met ons op\n\n####  Wij zijn benieuwd naar jouw verhaal\n\nWil je een nieuw initiatief starten? Ben je op zoek naar een leuke werkplek of\neen stage?  \nWil je meer te weten komen over de verschillende expertise domeinen?\n\n#####  Neem rechtstreeks contact op met het team achter de cronos groep.\n\n######  Jef de wit\n\n[ __ ](/cdn-cgi/l/email-protection#137976753d7776647a675370617c7d7c603d7176)\n\n######  Dirk Deroost\n\n[ __ ](/cdn-cgi/l/email-\nprotection#dabeb3a8b1f4bebfa8b5b5a9ae9ab9a8b5b4b5a9f4b8bf)\n\n######  Sam Bambust\n\n[ __ ](/cdn-cgi/l/email-\nprotection#0172606c2f63606c637472754162736e6f6e722f6364)\n\n##  Onze locaties\n\n#####  De Cronos Groep HQ\n\nBusiness Park King Square  \nVeldkant 33A \u2013 2550 Kontich\n\nTelefoon: 03 450 80 30\n\n[ __ ](https://twitter.com/CronosGroep \"Twitter\")\n\nTwitter\n\n[ __ ](https://www.facebook.com/DeCronosGroep \"Facebook\")\n\nFacebook\n\n[ __ ](https://www.instagram.com/decronosgroep/ \"Instagram\")\n\nInstagram\n\n[ __ ](https://www.youtube.com/channel/UCsDzxe6vT5vXGT_95SOjuaA \"YouTube\")\n\nYouTube\n\n[ __ ](https://www.linkedin.com/company/cronos/ \"LinkedIn\")\n\nLinkedIn\n\n#####  De Cronos Groep hq\n\nBusiness Park Kings Square  \nVeldkant 33A \u2013 2550 Kontich\n\nTelefoon: 03 450 80 30\n\n#####  Instagram feed\n\n#####  Neem rechtstreeks contact op\n\n######  Jef de wit\n\n[ __ ](/cdn-cgi/l/email-protection#244e41420a4041534d506447564b4a4b570a4641)\n\n######  Dirk Deroost\n\n[ __ ](/cdn-cgi/l/email-\nprotection#37535e455c195352455858444377544558595844195552)\n\nOf vul ons [ contactformulier ](/?page_id=17) in.\n\n\u00a9 De Cronos Groep \u2013 [ Sustainability ](https://cronos-groep.be/wp-\ncontent/uploads/2024/05/Cronos-ESG.pdf) \u2013 [ Confide\n](https://cronos.app/confide) \u2013 [ Privacy Policy ](/?page_id=3) \u2013 [ Cookie\nPolicy ](/?page_id=8) \u2013 [ Perskit ](https://de-cronos-groep.prezly.com/)\n\nVOLG ONS\n\n[ __ ](https://www.facebook.com/DeCronosGroep \"Facebook\")\n\nFacebook\n\n[ __ ](https://www.instagram.com/decronosgroep/ \"Instagram\")\n\nInstagram\n\n[ __ ](https://www.linkedin.com/company/cronos \"LinkedIn\")\n\nLinkedIn\n\n[ __ ](https://twitter.com/CronosGroep \"Twitter\")\n\nTwitter\n\n[ __ ](https://www.youtube.com/channel/UCsDzxe6vT5vXGT_95SOjuaA \"YouTube\")\n\nYouTube\n\nCookie settings\n\nDeze website maakt gebruik van cookies om jouw gebruikservaring te verbeteren.\nWe verwerken cookies voor (1) elektronische communicatie en het weergeven van\nde website, (2) het verder vormgeven, (3) meten en analyseren van jouw gebruik\n, (4) .het weergeven van inhoud en advertenties op maat en (5) doeleinden van\nderde partijen (indien van toepassing). Je kan er (met uitzondering van de\nessenti\u00eble cookies) per categorie voor kiezen het gebruik van cookies te\naanvaarden of weigeren. Weigeren van bepaalde categorie\u00ebn cookies (zoals\nbijvoorbeeld functionele cookies of marketing cookies) kan impact hebben op je\ngebruikservaring of ons belemmeren die gebruikservaring verder te verbeteren.\nVia de knop \u2018Voorkeuren\u2019 kan je nu of later zelf je voorkeuren instellen of\nwijzigen. Meer informatie over de verwerking van cookies vind je in [ onze\ncookieverklaring. ](https://cronos-groep.be/cookie-policy/)  \n\nFunctioneel  Altijd actief\n\nDe technische opslag of toegang is strikt noodzakelijk voor het legitieme doel\nom het gebruik mogelijk te maken van een specifieke dienst die expliciet door\nde abonnee of gebruiker wordt gevraagd, of voor het enige doel om de\nverzending van een communicatie over een elektronisch communicatienetwerk uit\nte voeren.\n\nVoorkeuren\n\nDe technische opslag of toegang is noodzakelijk voor het legitieme doel\nvoorkeuren op te slaan die niet door de abonnee of gebruiker zijn aangevraagd.\n\nStatistieken\n\nDe technische opslag of toegang die uitsluitend wordt gebruikt voor anonieme\nstatistische doeleinden. Zonder een dagvaarding, vrijwillige naleving door uw\nInternet Service Provider, of aanvullende gegevens van een derde partij, kan\ninformatie die alleen voor dit doel is opgeslagen of opgehaald gewoonlijk niet\nworden gebruikt om u te identificeren.  De technische opslag of toegang die\nuitsluitend wordt gebruikt voor anonieme statistische doeleinden. Zonder een\ndagvaarding, vrijwillige naleving door uw Internet Service Provider, of\naanvullende gegevens van een derde partij, kan informatie die alleen voor dit\ndoel is opgeslagen of opgehaald gewoonlijk niet worden gebruikt om u te\nidentificeren.\n\nMarketing\n\nDe technische opslag of toegang is vereist om gebruikersprofielen aan te maken\nom advertenties te verzenden of om de gebruiker op een website of over\nmeerdere websites te volgen voor soortgelijke marketingdoeleinden.\n\nBeheer opties  Beheer diensten  Beheer {vendor_count} leveranciers  [ Lees\nmeer over deze doeleinden ](https://cookiedatabase.org/tcf/purposes/)\n\nVoorkeuren bekijken\n\n{title}  {title}  {title}\n\n",
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                "page_content": "#  Your technology and innovation partner\n\n####  The Cronos Group is an outstanding example of innovative\nentrepreneurship.\n\n[ ](https://cronos-groep.be/wp-content/uploads/2020/10/rhinox_001_int_wz.gif)\n\n[ ](https://cronos-groep.be/wp-\ncontent/uploads/2020/11/cronosadleie_001_int_bw-1024x683.jpg)\n\n[ ](https://cronos-groep.be/wp-\ncontent/uploads/2020/11/leuv_take001_ext_bl-1024x576.jpg)\n\nFounded in 1991, The Cronos Group has evolved from a one-man business to a\nlarge group of companies with >9000 employees. The group was originally\nfounded by and for technology people for the express purpose of helping those\npeople grow as far as their ambitions reached, even if that meant starting for\nthemselves.\n\nSince then, this mission statement has been expanded and the group enriched\nwith people from the creative sector who are able to communicate well with the\n\u2018business people\u2019 yet are able to speak with the Cronos IT staff at their own\nlevel, resulting in the most creative and technologically optimal solution for\ncustomers.\n\nThe group is also continuously looking for creative, driven people and is\nalways willing to listen to innovative ideas from potential entrepreneurs.\n\n[ More about The Cronos Group  ](https://cronos-groep.be/en/over-ons/ \"Over\nons\")\n\n##  Who are we\n\n__\n\n#####  Innovative entrepreneurship\n\nThe Cronos Group is a diverse group, active in a number of innovative sectors.\nThe company seeks to serve as a catalyst for the development of scientific\nresearch on new technologies into business solutions.\n\n__\n\n#####  Strong group\n\nThe Cronos Group is also an early stage investor, incubator, integrator and\nventure capital firm. The Cronos Group has holdings in more than 570 companies\nin various sectors and is actively involved in the start-up of some 20\ncompanies per year.\n\n__\n\n#####  New technologies\n\nThe companies under The Cronos Group are pioneers in the introduction and use\nof new and innovative technologies, serving companies in various sectors that\nare often impacted by major changes, such as the media sector and publishers,\nbanking and insurance, utilities, etc.\n\n__\n\n#####  Support\n\nThe Cronos Group searches the world for the best technology, actively forms\nknowledge cells and encourages potential entrepreneurs within the knowledge\ncells to pursue the technology in question.\n\n[ Contact us  ](https://cronos-groep.be/en/contact/ \"Contact\")\n\n##  Our succes story\n\n> 1\n\n#####  Employees\n\n1\n\n#####  Billion euro consolidated turnover\n\n1\n\n#####  Customers in the Benelux\n\n##  Cronos Classic Cycling\n\n[ ](https://cronos-groep.be/wp-\ncontent/uploads/2021/10/CC.zo_.217-1024x683.jpg)\n\n[ ](https://cronos-groep.be/wp-\ncontent/uploads/2021/10/CC.zo_.160-1024x683.jpg)\n\n[ ](https://cronos-groep.be/wp-\ncontent/uploads/2021/10/CC.za_.007-1024x683.jpg)\n\n[ ](https://cronos-groep.be/wp-\ncontent/uploads/2021/10/CC.za_.100-1024x683.jpg)\n\n[ ](https://cronos-groep.be/wp-\ncontent/uploads/2021/10/CC.za_.027-1024x683.jpg)\n\n[ ](https://cronos-groep.be/wp-\ncontent/uploads/2021/10/CC.za_.079-1024x683.jpg)\n\n[ ](https://cronos-groep.be/wp-\ncontent/uploads/2021/10/CC.zo_.220-1024x683.jpg)\n\n[ ](https://cronos-groep.be/wp-\ncontent/uploads/2021/10/CC.zo_.228-1024x683.jpg)\n\n[ ](https://cronos-groep.be/wp-\ncontent/uploads/2021/10/CC.zo_.237-1024x683.jpg)\n\n[ ](https://cronos-groep.be/wp-\ncontent/uploads/2021/10/CC.zo_.244-1024x683.jpg)\n\n[ ](https://cronos-groep.be/wp-\ncontent/uploads/2021/10/CC.zo_.255-1024x683.jpg)\n\n[ ](https://cronos-groep.be/wp-\ncontent/uploads/2021/10/CC.zo_.276-1024x683.jpg)\n\n[ ](https://cronos-groep.be/wp-\ncontent/uploads/2021/10/CC.zo_.278-1024x683.jpg)\n\n[ ](https://cronos-groep.be/wp-\ncontent/uploads/2021/10/CC.zo_.297-1024x683.jpg)\n\n[ ](https://cronos-groep.be/wp-\ncontent/uploads/2021/10/CC.zo_.307-1024x683.jpg)\n\n[ Request all photos here  ](/cdn-cgi/l/email-\nprotection#3754585a5a42595e5456435e5277544558595844195552084442555d5254430a74455859584417745b5644445e5417744e545b5e5950)\n\n##  Initiatives\n\n###  Do you want to start a new initiative? Are you looking for a nice\nworkplace or an internship? Would you like to learn more about the different\nareas of expertise?\n\n[ Contact us  ](https://cronos-groep.be/en/contact/ \"Contact\")\n\n#####  The Cronos Group hq\n\nBusiness Park Kings Square  \nVeldkant 33A \u2013 2550 Kontich  \nBelgium\n\nPhone: 03 450 80 30\n\n#####  Instagram feed\n\n#####  Contact us directly\n\n######  Jef de wit\n\n[ __ ](/cdn-cgi/l/email-protection#a1cbc4c78fc5c4d6c8d5e1c2d3cecfced28fc3c4)\n\n######  Dirk Deroost\n\n[ __ ](/cdn-cgi/l/email-\nprotection#54303d263f7a3031263b3b27201437263b3a3b277a3631)\n\nOr fill in our [ contact form ](/?page_id=213) .\n\n\u00a9 The Cronos Group \u2013 [ Sustainability ](https://cronos-groep.be/wp-\ncontent/uploads/2024/05/Cronos-ESG.pdf) \u2013 [ Confide\n](https://cronos.app/confide) \u2013 [ Privacy Policy ](/?page_id=233) \u2013 [ Cookie\nPolicy ](/?page_id=217) \u2013 [ Press kit ](https://de-cronos-groep.prezly.com/)\n\nFOLLOW US\n\n[ __ ](https://www.facebook.com/DeCronosGroep \"Facebook\")\n\nFacebook\n\n[ __ ](https://www.instagram.com/decronosgroep/ \"Instagram\")\n\nInstagram\n\n[ __ ](https://www.linkedin.com/company/cronos \"LinkedIn\")\n\nLinkedIn\n\n[ __ ](https://twitter.com/CronosGroep \"Twitter\")\n\nTwitter\n\n[ __ ](https://www.youtube.com/channel/UCsDzxe6vT5vXGT_95SOjuaA \"YouTube\")\n\nYouTube\n\nManage Cookie Consent\n\nThis website uses cookies to improve your user experience. We process cookies\nfor (1) electronic communication and display of the website, (2) further\ndesign, (3) measurement and analysis of your usage , (4) displaying tailored\ncontent and advertisements and (5) third-party purposes (if applicable). You\ncan choose to accept or refuse the use of cookies (with the exception of\nessential cookies) for each category. Refusing certain categories of cookies\n(e.g. functional cookies or marketing cookies) may impact your user experience\nor prevent us from further improving that user experience. The 'Preferences'\nbutton allows you to set or change your preferences now or later. More\ninformation on cookie processing can be found in our [ cookie statement\n](https://cronos-groep.be/cookie-policy/) .\n\nFunctional  Always active\n\nThe technical storage or access is strictly necessary for the legitimate\npurpose of enabling the use of a specific service explicitly requested by the\nsubscriber or user, or for the sole purpose of carrying out the transmission\nof a communication over an electronic communications network.\n\nVoorkeuren\n\nDe technische opslag of toegang is noodzakelijk voor het legitieme doel\nvoorkeuren op te slaan die niet door de abonnee of gebruiker zijn aangevraagd.\n\nStatistics\n\nThe technical storage or access that is used exclusively for anonymous\nstatistical purposes. Without a subpoena, voluntary compliance on the part of\nyour Internet Service Provider, or additional records from a third party,\ninformation stored or retrieved for this purpose alone cannot usually be used\nto identify you.  De technische opslag of toegang die uitsluitend wordt\ngebruikt voor anonieme statistische doeleinden. Zonder dagvaarding,\nvrijwillige naleving door je Internet Service Provider, of aanvullende\ngegevens van een derde partij, kan informatie die alleen voor dit doel wordt\nopgeslagen of opgehaald gewoonlijk niet worden gebruikt om je te\nidentificeren.\n\nMarketing\n\nThe technical storage or access is required to create user profiles to send\nadvertising, or to track the user on a website or across several websites for\nsimilar marketing purposes.\n\nManage options  Manage services  Manage {vendor_count} vendors  [ Read more\nabout these purposes ](https://cookiedatabase.org/tcf/purposes/)\n\nView preferences\n\n{title}  {title}  {title}\n\n",
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                "page_content": "#  Notre r\u00e9ussite\n\nDe Cronos Groep est un exemple remarquable d\u2019entrepreneuriat innovant. Fond\u00e9\nen 1991 et ayant \u00e9volu\u00e9 d\u2019une entreprise unipersonnelle \u00e0 un groupe plus\nimportant avec >9000 employ\u00e9s, 1,13 milliard d\u2019euros de chiffre d\u2019affaires\nconsolid\u00e9 en 2022 et 5000 clients au Benelux.\n\n> 1\n\n#####  Employ\u00e9s\n\n1\n\n#####  Milliard d\u2019euros de chiffre d\u2019affaires consolid\u00e9\n\n1\n\n#####  Clients au Benelux\n\n##  \u00c0 propos du Cronos Groep\n\n\u00c0 l\u2019origine, le groupe a \u00e9t\u00e9 fond\u00e9 pour et par des personnes travaillant dans\nle domaine de la technologie, avec l\u2019intention explicite d\u2019aider ces personnes\n\u00e0 devenir des entrepreneurs si elles le souhaitent. Entre-temps, cette mission\ns\u2019est \u00e9largie et le groupe s\u2019est enrichi de personnes du secteur cr\u00e9atif qui\ncommuniquent bien avec les \u00ab hommes et femmes d\u2019affaires \u00bb et qui travaillent\nen parfaite collaboration avec les informaticiens du Cronos Groep afin de\nproposer aux clients la solution la plus cr\u00e9ative et \u00e0 la pointe de la\ntechnologie. Le groupe est constamment \u00e0 la recherche de personnes cr\u00e9atives\net motiv\u00e9es et est toujours dispos\u00e9 \u00e0 entendre les id\u00e9es novatrices de\npotentiels entrepreneurs.\n\n[ Contactez-nous  ](https://cronos-groep.be/fr/contact/ \"\u00c0 propos de nous\")\n\n[ ](https://cronos-groep.be/wp-content/uploads/2020/10/Over-De-Cronos-\nGroep-1024x683.jpg)\n\n[ ](https://cronos-groep.be/wp-\ncontent/uploads/2020/11/cronosadleie_003_int_bw-1024x683.jpg)\n\n[ ](https://cronos-groep.be/wp-\ncontent/uploads/2020/11/hoi_062_int_bw-1024x576.jpg)\n\n##  Qui sommes-nous\n\n__\n\n#####  Entrepreneuriat innovant\n\nDe Cronos Groep est un groupe diversifi\u00e9, actif dans plusieurs secteurs\ninnovants. Il veut \u00eatre un catalyseur pour traduire la recherche scientifique\nsur les nouvelles technologies en solutions commerciales.\n\n__\n\n#####  Un groupe fort\n\nDe Cronos Groep est \u00e9galement un investisseur en phase de d\u00e9marrage, un\nincubateur, un combinateur et un investisseur en capital-risque. Le groupe\nparticipe \u00e0 plus de 570 entreprises dans divers secteurs et s\u2019engage\nactivement au lancement d\u2019une vingtaine d\u2019entreprises par an.\n\n__\n\n#####  Nouvelles technologies\n\nLes entreprises du Cronos Groep sont des pr\u00e9curseurs dans l\u2019introduction et\nl\u2019utilisation de nouvelles technologies innovantes pour les entreprises de\ndivers secteurs souvent sujets \u00e0 des changements radicaux tels que le secteur\ndes m\u00e9dias et les \u00e9diteurs, les banques et les assurances, les services\npublics, etc.\n\n__\n\n#####  Support\n\nDe Cronos Groep recherche la meilleure technologie aux quatre coins du monde,\nforme activement des cellules de connaissance et stimule les entrepreneurs\npotentiels au sein des cellules de connaissance \u00e0 travailler avec la\ntechnologie en question.\n\n[ Contactez-nous  ](https://cronos-groep.be/fr/contact/ \"Contact\")\n\n##  Qui aidons-nous\n\n[ ](https://cronos-groep.be/wp-content/uploads/2020/10/wie-helpen-\nwij-1024x683.jpg)\n\n[ ](https://cronos-groep.be/wp-\ncontent/uploads/2020/11/hoi_096_int_bw-1024x576.jpg)\n\n[ ](https://cronos-groep.be/wp-\ncontent/uploads/2020/11/sweetmustard_032_int_bw-1024x683.jpg)\n\nNotre \u00e9poque est charg\u00e9e de d\u00e9fis. Les nouveaux d\u00e9veloppements technologiques\nse succ\u00e8dent toujours plus rapidement. Des secteurs entiers de l\u2019\u00e9conomie se\ntransforment. Une cr\u00e9ativit\u00e9 appropri\u00e9e, combin\u00e9e aux connaissances et\nl\u2019exp\u00e9rience ad\u00e9quates, est donc n\u00e9cessaire pour \u00e9laborer efficacement des\nsolutions. Il s\u2019agit de suivre le rythme, d\u2019\u00eatre dans la course, de faire la\ndiff\u00e9rence. Et c\u2019est exactement ce \u00e0 quoi aspire De Cronos Groep : aider les\nentreprises \u00e0 exploiter les possibilit\u00e9s des nouvelles technologies de mani\u00e8re\nrentable, cr\u00e9ative et qualitative, de mani\u00e8re \u00e0 ce qu\u2019elles puissent tirer le\nmeilleur parti des investissements existants tout en profitant des nouvelles\nopportunit\u00e9s technologiques. L\u2019exp\u00e9rience est approfondie par la \u00ab preuve de\nconcept \u00bb des projets en \u00e9troite collaboration avec les clients. Nous\nassistons le client \u00e0 g\u00e9rer les changements n\u00e9cessaires en accord avec le \u00ab\nbusiness \u00bb ainsi que dans le d\u00e9ploiement en usine des projets de suivi en\nconcertation avec le d\u00e9partement informatique des entreprises.\n\n#####  De Cronos Groep hq\n\nBusiness Park Kings Square  \nVeldkant 33A \u2013 2550 Kontich\n\nT\u00e9l\u00e9phone: 03 450 80 30\n\n#####  Instagram feed\n\n#####  CONTACTEZ-NOUS DIRECTEMENT\n\n######  Jef de wit\n\n[ __ ](/cdn-cgi/l/email-protection#68020d0e460c0d1f011c280b1a0706071b460a0d)\n\n######  Dirk Deroost\n\n[ __ ](/cdn-cgi/l/email-\nprotection#a7c3ced5cc89c3c2d5c8c8d4d3e7c4d5c8c9c8d489c5c2)\n\nOu remplissez notre formulaire de contact .\n\n\u00a9 De Cronos Groep \u2013 [ Durabilit\u00e9 ](https://cronos-groep.be/wp-\ncontent/uploads/2024/05/Cronos-ESG.pdf) \u2013 [ Confide\n](https://cronos.app/confide) \u2013 [ Privacy Policy ](/?page_id=234) \u2013 [ Cookie\nPolicy ](/?page_id=218) \u2013 [ Dossier de presse ](https://de-cronos-\ngroep.prezly.com/)\n\nSUIVEZ-NOUS\n\n[ __ ](https://www.facebook.com/DeCronosGroep \"Facebook\")\n\nFacebook\n\n[ __ ](https://www.instagram.com/decronosgroep/ \"Instagram\")\n\nInstagram\n\n[ __ ](https://www.linkedin.com/company/cronos \"LinkedIn\")\n\nLinkedIn\n\n[ __ ](https://twitter.com/CronosGroep \"Twitter\")\n\nTwitter\n\n[ __ ](https://www.youtube.com/channel/UCsDzxe6vT5vXGT_95SOjuaA \"YouTube\")\n\nYouTube\n\nCookie settings\n\nCe site web utilise des cookies pour am\u00e9liorer votre exp\u00e9rience d'utilisateur.\nNous traitons les cookies pour (1) la communication \u00e9lectronique et\nl'affichage du site web, (2) la poursuite de la conception, (3) la mesure et\nl'analyse de votre utilisation, (4) l'affichage de contenu et de publicit\u00e9s\nsur mesure et (5) les objectifs de tiers (le cas \u00e9ch\u00e9ant). Vous pouvez choisir\nd'accepter ou de refuser l'utilisation de cookies (\u00e0 l'exception des cookies\nessentiels) pour chaque cat\u00e9gorie. Le refus de certaines cat\u00e9gories de cookies\n(par exemple, les cookies fonctionnels ou les cookies de marketing) peut avoir\nun impact sur votre exp\u00e9rience d'utilisateur ou nous emp\u00eacher d'am\u00e9liorer\ncette exp\u00e9rience. Le bouton \"Pr\u00e9f\u00e9rences\" vous permet de d\u00e9finir ou de\nmodifier vos pr\u00e9f\u00e9rences maintenant ou plus tard. Vous trouverez de plus\namples informations sur le traitement des cookies dans notre  \n[ d\u00e9claration relative aux cookies ](https://cronos-groep.be/fr/cookie-\npolicy/)  \n\nFonctionnels  Toujours activ\u00e9\n\nLe stockage ou l'acc\u00e8s technique est strictement n\u00e9cessaire dans le but\nl\u00e9gitime de permettre l'utilisation d'un service sp\u00e9cifique explicitement\ndemand\u00e9 par l'abonn\u00e9 ou l'utilisateur, ou dans le seul but d'effectuer la\ntransmission d'une communication sur un r\u00e9seau de communications\n\u00e9lectroniques.\n\nVoorkeuren\n\nDe technische opslag of toegang is noodzakelijk voor het legitieme doel\nvoorkeuren op te slaan die niet door de abonnee of gebruiker zijn aangevraagd.\n\nStatistiques\n\nLe stockage ou l'acc\u00e8s technique qui est utilis\u00e9 exclusivement \u00e0 des fins\nstatistiques anonymes. Sans assignation \u00e0 compara\u00eetre, conformit\u00e9 volontaire\nde la part de votre fournisseur de services Internet ou enregistrements\nsuppl\u00e9mentaires d'un tiers, les informations stock\u00e9es ou r\u00e9cup\u00e9r\u00e9es \u00e0 cette\nseule fin ne peuvent g\u00e9n\u00e9ralement pas \u00eatre utilis\u00e9es pour vous identifier.  Le\nstockage ou l'acc\u00e8s technique qui est utilis\u00e9 exclusivement \u00e0 des fins\nstatistiques anonymes. Sans assignation \u00e0 compara\u00eetre, conformit\u00e9 volontaire\nde la part de votre fournisseur de services Internet ou enregistrements\nsuppl\u00e9mentaires d'un tiers, les informations stock\u00e9es ou r\u00e9cup\u00e9r\u00e9es \u00e0 cette\nseule fin ne peuvent g\u00e9n\u00e9ralement pas \u00eatre utilis\u00e9es pour vous identifier.\n\nMarketing\n\nLe stockage ou l'acc\u00e8s technique est n\u00e9cessaire pour cr\u00e9er des profils\nd'utilisateurs pour envoyer de la publicit\u00e9 ou pour suivre l'utilisateur sur\nun site Web ou sur plusieurs sites Web \u00e0 des fins de marketing similaires.\n\nG\u00e9rer les options  G\u00e9rer les services  G\u00e9rer {vendor_count} fournisseurs  [ En\nsavoir plus sur ces finalit\u00e9s ](https://cookiedatabase.org/tcf/purposes/)\n\nAfficher les pr\u00e9f\u00e9rences\n\n{title}  {title}  {title}\n\n",
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                "page_content": "#  Initiatives\n\n[ __ ](https://twitter.com/CronosGroep \"Twitter\")\n\nTwitter\n\n[ __ ](https://www.facebook.com/DeCronosGroep \"Facebook\")\n\nFacebook\n\n[ __ ](https://www.instagram.com/decronosgroep/ \"Instagram\")\n\nInstagram\n\n[ __ ](https://www.youtube.com/channel/UCsDzxe6vT5vXGT_95SOjuaA \"YouTube\")\n\nYouTube\n\n[ __ ](https://www.linkedin.com/company/cronos/ \"LinkedIn\")\n\nLinkedIn\n\n#####  The Cronos Group hq\n\nBusiness Park Kings Square  \nVeldkant 33A \u2013 2550 Kontich  \nBelgium\n\nPhone: 03 450 80 30\n\n#####  Instagram feed\n\n#####  Contact us directly\n\n######  Jef de wit\n\n[ __ ](/cdn-cgi/l/email-protection#0c66696a2268697b65784c6f7e6362637f226e69)\n\n######  Dirk Deroost\n\n[ __ ](/cdn-cgi/l/email-\nprotection#fe9a978c95d09a9b8c91918d8abe9d8c9190918dd09c9b)\n\nOr fill in our [ contact form ](/?page_id=213) .\n\n\u00a9 The Cronos Group \u2013 [ Sustainability ](https://cronos-groep.be/wp-\ncontent/uploads/2024/05/Cronos-ESG.pdf) \u2013 [ Confide\n](https://cronos.app/confide) \u2013 [ Privacy Policy ](/?page_id=233) \u2013 [ Cookie\nPolicy ](/?page_id=217) \u2013 [ Press kit ](https://de-cronos-groep.prezly.com/)\n\nFOLLOW US\n\n[ __ ](https://www.facebook.com/DeCronosGroep \"Facebook\")\n\nFacebook\n\n[ __ ](https://www.instagram.com/decronosgroep/ \"Instagram\")\n\nInstagram\n\n[ __ ](https://www.linkedin.com/company/cronos \"LinkedIn\")\n\nLinkedIn\n\n[ __ ](https://twitter.com/CronosGroep \"Twitter\")\n\nTwitter\n\n[ __ ](https://www.youtube.com/channel/UCsDzxe6vT5vXGT_95SOjuaA \"YouTube\")\n\nYouTube\n\nManage Cookie Consent\n\nThis website uses cookies to improve your user experience. We process cookies\nfor (1) electronic communication and display of the website, (2) further\ndesign, (3) measurement and analysis of your usage , (4) displaying tailored\ncontent and advertisements and (5) third-party purposes (if applicable). You\ncan choose to accept or refuse the use of cookies (with the exception of\nessential cookies) for each category. Refusing certain categories of cookies\n(e.g. functional cookies or marketing cookies) may impact your user experience\nor prevent us from further improving that user experience. The 'Preferences'\nbutton allows you to set or change your preferences now or later. More\ninformation on cookie processing can be found in our [ cookie statement\n](https://cronos-groep.be/cookie-policy/) .\n\nFunctional  Always active\n\nThe technical storage or access is strictly necessary for the legitimate\npurpose of enabling the use of a specific service explicitly requested by the\nsubscriber or user, or for the sole purpose of carrying out the transmission\nof a communication over an electronic communications network.\n\nVoorkeuren\n\nDe technische opslag of toegang is noodzakelijk voor het legitieme doel\nvoorkeuren op te slaan die niet door de abonnee of gebruiker zijn aangevraagd.\n\nStatistics\n\nThe technical storage or access that is used exclusively for anonymous\nstatistical purposes. Without a subpoena, voluntary compliance on the part of\nyour Internet Service Provider, or additional records from a third party,\ninformation stored or retrieved for this purpose alone cannot usually be used\nto identify you.  De technische opslag of toegang die uitsluitend wordt\ngebruikt voor anonieme statistische doeleinden. Zonder dagvaarding,\nvrijwillige naleving door je Internet Service Provider, of aanvullende\ngegevens van een derde partij, kan informatie die alleen voor dit doel wordt\nopgeslagen of opgehaald gewoonlijk niet worden gebruikt om je te\nidentificeren.\n\nMarketing\n\nThe technical storage or access is required to create user profiles to send\nadvertising, or to track the user on a website or across several websites for\nsimilar marketing purposes.\n\nManage options  Manage services  Manage {vendor_count} vendors  [ Read more\nabout these purposes ](https://cookiedatabase.org/tcf/purposes/)\n\nView preferences\n\n{title}  {title}  {title}\n\n",
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                "page_content": "#  Get in touch with us\n\n####  We are curious to get to know your story\n\nDo you want to start a new initiative? Are you looking for a nice workplace or\nan internship?  \nWould you like to learn more about the different areas of expertise?\n\n#####  The team behind The Cronos Group\n\n######  Jef de wit\n\n[ __ ](/cdn-cgi/l/email-protection#2f454a49014b4a58465b6f4c5d4041405c014d4a)\n\n######  Dirk Deroost\n\n[ __ ](/cdn-cgi/l/email-\nprotection#fe9a978c95d09a9b8c91918d8abe9d8c9190918dd09c9b)\n\n######  Sam Bambust\n\n[ __ ](/cdn-cgi/l/email-\nprotection#abd8cac685c9cac6c9ded8dfebc8d9c4c5c4d885c9ce)\n\n##  Our locations\n\n#####  The Cronos Group HQ\n\nBusiness Park King Square  \nVeldkant 33A \u2013 2550 Kontich  \nBelgium\n\nPhone: 03 450 80 30\n\n[ __ ](https://twitter.com/CronosGroep \"Twitter\")\n\nTwitter\n\n[ __ ](https://www.facebook.com/DeCronosGroep \"Facebook\")\n\nFacebook\n\n[ __ ](https://www.instagram.com/decronosgroep/ \"Instagram\")\n\nInstagram\n\n[ __ ](https://www.youtube.com/channel/UCsDzxe6vT5vXGT_95SOjuaA \"YouTube\")\n\nYouTube\n\n[ __ ](https://www.linkedin.com/company/cronos/ \"LinkedIn\")\n\nLinkedIn\n\n#####  The Cronos Group hq\n\nBusiness Park Kings Square  \nVeldkant 33A \u2013 2550 Kontich  \nBelgium\n\nPhone: 03 450 80 30\n\n#####  Instagram feed\n\n#####  Contact us directly\n\n######  Jef de wit\n\n[ __ ](/cdn-cgi/l/email-protection#650f00034b0100120c112506170a0b0a164b0700)\n\n######  Dirk Deroost\n\n[ __ ](/cdn-cgi/l/email-\nprotection#e5818c978ecb8180978a8a9691a586978a8b8a96cb8780)\n\nOr fill in our [ contact form ](/?page_id=213) .\n\n\u00a9 The Cronos Group \u2013 [ Sustainability ](https://cronos-groep.be/wp-\ncontent/uploads/2024/05/Cronos-ESG.pdf) \u2013 [ Confide\n](https://cronos.app/confide) \u2013 [ Privacy Policy ](/?page_id=233) \u2013 [ Cookie\nPolicy ](/?page_id=217) \u2013 [ Press kit ](https://de-cronos-groep.prezly.com/)\n\nFOLLOW US\n\n[ __ ](https://www.facebook.com/DeCronosGroep \"Facebook\")\n\nFacebook\n\n[ __ ](https://www.instagram.com/decronosgroep/ \"Instagram\")\n\nInstagram\n\n[ __ ](https://www.linkedin.com/company/cronos \"LinkedIn\")\n\nLinkedIn\n\n[ __ ](https://twitter.com/CronosGroep \"Twitter\")\n\nTwitter\n\n[ __ ](https://www.youtube.com/channel/UCsDzxe6vT5vXGT_95SOjuaA \"YouTube\")\n\nYouTube\n\nManage Cookie Consent\n\nThis website uses cookies to improve your user experience. We process cookies\nfor (1) electronic communication and display of the website, (2) further\ndesign, (3) measurement and analysis of your usage , (4) displaying tailored\ncontent and advertisements and (5) third-party purposes (if applicable). You\ncan choose to accept or refuse the use of cookies (with the exception of\nessential cookies) for each category. Refusing certain categories of cookies\n(e.g. functional cookies or marketing cookies) may impact your user experience\nor prevent us from further improving that user experience. The 'Preferences'\nbutton allows you to set or change your preferences now or later. More\ninformation on cookie processing can be found in our [ cookie statement\n](https://cronos-groep.be/cookie-policy/) .\n\nFunctional  Always active\n\nThe technical storage or access is strictly necessary for the legitimate\npurpose of enabling the use of a specific service explicitly requested by the\nsubscriber or user, or for the sole purpose of carrying out the transmission\nof a communication over an electronic communications network.\n\nVoorkeuren\n\nDe technische opslag of toegang is noodzakelijk voor het legitieme doel\nvoorkeuren op te slaan die niet door de abonnee of gebruiker zijn aangevraagd.\n\nStatistics\n\nThe technical storage or access that is used exclusively for anonymous\nstatistical purposes. Without a subpoena, voluntary compliance on the part of\nyour Internet Service Provider, or additional records from a third party,\ninformation stored or retrieved for this purpose alone cannot usually be used\nto identify you.  De technische opslag of toegang die uitsluitend wordt\ngebruikt voor anonieme statistische doeleinden. Zonder dagvaarding,\nvrijwillige naleving door je Internet Service Provider, of aanvullende\ngegevens van een derde partij, kan informatie die alleen voor dit doel wordt\nopgeslagen of opgehaald gewoonlijk niet worden gebruikt om je te\nidentificeren.\n\nMarketing\n\nThe technical storage or access is required to create user profiles to send\nadvertising, or to track the user on a website or across several websites for\nsimilar marketing purposes.\n\nManage options  Manage services  Manage {vendor_count} vendors  [ Read more\nabout these purposes ](https://cookiedatabase.org/tcf/purposes/)\n\nView preferences\n\n{title}  {title}  {title}\n\n",
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                "page_content": "#  Cronos Group\n\n  * Ticker  CRON \n\nExchange  NASDAQ  [ More ](/Companies?exch=2)\n\n  * Industry  Drug Manufacturers - Other  [ More ](/Companies?ind=88)\n  * Sector  Healthcare  [ More ](/Companies?sect=5)\n\n  * 201-500 Employees \n  * Based in Toronto, Ontario \n\nCronos Group is a globally diversified and vertically integrated cannabis\ncompany with a presence across four continents. The Company operates two\nwholly-owned Canadian Licensed Producers regulated under Health Canada\u00e2\u0080\u0099s\nAccess to Cannabis for Medical Purposes Regulations: Peace Naturals Project\nInc. (Ontario), which was the first non-incumbent medical cannabis license\ngranted by Health  \u2026  [ More ]() Canada, and Original BC Ltd. (British\nColumbia), which is based in the Okanagan Valley. The Company has multiple\ninternational production and distribution platforms: Cronos Israel and Cronos\nAustralia. Through an exclusive distribution agreement, Cronos also has access\nto over 12,000 pharmacies in Germany as the Company focuses on building an\ninternational iconic brand portfolio and developing disruptive intellectual\nproperty.\n\n[ Visit website ](https://thecronosgroup.com/)\n\nREPORT RATINGS\n\n4.8 / 5.0 (177)\n\n___ _ ___ _ ___ _ ___ _ ___ _\n\nCronos Group reports have an aggregate usefulness score of 4.8 based on 177\nreviews.\n\nCronos Group\n\n##  Most Recent Annual Report\n\nMOST RECENT  2023 Annual Report and Form 10K\n\n[ View PDF  ](/Click/25700) [ View Form 10K  (HTML)  ](/Click/30214)\n\nCronos Group does not currently have any hardcopy reports on\nAnnualReports.com. Click the button below to request a report when hardcopies\nbecome available.\n\nShipping Information\n\nPlease fill out the form below and click \"Place Order\" to complete your order.\n\n[ Request Information ]()\n\n##  Older/Archived Annual Reports\n\n  * 2022 Annual Report  [ View Annual Report ](/HostedData/AnnualReportArchive/c/NASDAQ_CRON_2022.pdf \"View 2022 Annual Report \\(PDF\\)\") [ Download ](/HostedData/AnnualReportArchive/c/NASDAQ_CRON_2022.pdf)\n\n  * 2021 Annual Report  [ View Annual Report ](/HostedData/AnnualReportArchive/c/NASDAQ_CRON_2021.pdf \"View 2021 Annual Report \\(PDF\\)\") [ Download ](/HostedData/AnnualReportArchive/c/NASDAQ_CRON_2021.pdf)\n\n  * 2020 Annual Report  [ View Annual Report ](/HostedData/AnnualReportArchive/c/NASDAQ_CRON_2020.pdf \"View 2020 Annual Report \\(PDF\\)\") [ Download ](/HostedData/AnnualReportArchive/c/NASDAQ_CRON_2020.pdf)\n\n  * 2019 Annual Report  [ View Annual Report ](/HostedData/AnnualReportArchive/c/NASDAQ_CRON_2019.pdf \"View 2019 Annual Report \\(PDF\\)\") [ Download ](/HostedData/AnnualReportArchive/c/NASDAQ_CRON_2019.pdf)\n\n  * 2018 Annual Report  [ View Annual Report ](/HostedData/AnnualReportArchive/c/NASDAQ_CRON_2018.pdf \"View 2018 Annual Report \\(PDF\\)\") [ Download ](/HostedData/AnnualReportArchive/c/NASDAQ_CRON_2018.pdf)\n\n  * 2017 Annual Report  [ View Annual Report ](/HostedData/AnnualReportArchive/c/NASDAQ_CRON_2017.pdf \"View 2017 Annual Report \\(PDF\\)\") [ Download ](/HostedData/AnnualReportArchive/c/NASDAQ_CRON_2017.pdf)\n\nShow 3 older reports\n\n[ x ]( \"Close\")\n\n##\n\n##  Rate This Report\n\nYour vote helps our reports be more useful\n\n__ Rating Saved!\n\nThank you for your feedback!\n\n\u00a92003-2025 [ AnnualReports.com ](/)\n\n  * [ Home ](/)\n  * [ About ](/About)\n  * [ Contact ](/Contact)\n  * [ FAQs ](/FAQ)\n  * [ Legal ](/Disclaimer)\n  * [ Visit IR Solutions ](https://www.irsolutions.com)\n  * [ Add My Company ](/AddCompany)\n\n",
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                    "source": "https://www.cannabisbusinesstimes.com/business-issues-benchmarks/finance/news/15691905/cronos-group-founder-mike-gorenstein-returns-as-ceo"
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                "page_content": "[ ](https://photobio.com/resources/photobio-rebates)\n\n#  Cronos Group Founder Mike Gorenstein Returns as CEO\n\nThe executive shuffle comes as Kurt Schmidt, former president and CEO,\nretires.\n\n* * *\n\n[ ](/about-us/contact/15684934/posted-by-tony-lange)\n\n[ Tony Lange ](/about-us/contact/15684934/posted-by-tony-lange)\n\nMarch 21, 2022\n\n**TORONTO, March 21, 2022 \u2013 PRESS RELEASE \u2013** Cronos Group Inc., an innovative\nglobal cannabinoid company, announced that its board of directors has\nappointed Mike Gorenstein as chairman, president, and CEO, effective March 21,\n2022, in connection with Kurt Schmidt\u2019s retirement.\n\n\u201cMike is a visionary leader who knows Cronos better than anyone,\u201d said Jim\nRudyk, lead independent director of Cronos. \u201cHe is uniquely positioned to\noversee the implementation of our strategic and operational realignment\ninitiatives as we create a highly differentiated branded cannabinoid platform\nto drive long-term success. A key element of our plan is being ready for entry\ninto the U.S. cannabis market once federally permitted\u2014with Mike leading that\ncharge every step of the way.\u201d\n\n[ ](https://www.cannabisbusinesstimes.com/page/subscribe)\n\nRudyk added, \u201cOn behalf of the board of directors, I would like to thank Kurt\nfor his stewardship through the challenges of the pandemic and broader\nindustry headwinds. We are grateful for his contributions to Cronos and wish\nhim all the best in his retirement.\u201d\n\n[ ](https://www.cannabisbusinesstimes.com/page/subscribe)\n\nGorenstein previously served as chairman, president and CEO of Cronos until\nSeptember 2020, when he transitioned to the executive chairman role. In\naddition, he is a co-founder and passive member of Gotham Green Partners.\n\n\u201cI am excited to return as CEO and accelerate progress by leveraging the\ninnovative and daring approach that Cronos was built on,\u201d Gorenstein said. \u201cWe\npositioned Cronos to have the best tools to succeed in this market with our\nevolving asset-light supply chain, an organically growing brand in Canada,\ndifferentiated IP with a focus on rare cannabinoids, and one of the strongest\nbalance sheets in the industry. Now it is time to use those tools to deliver\nmeaningful shareholder value.\u201d\n\nGorenstein\u2019s immediate areas of focus include:\n\n  * Delivering margin accretive growth focusing on adult-use product formats; \n  * Continuing to drive rare cannabinoid development and commercialization strategy; \n  * Cutting costs and focusing investments to the highest ROI opportunities, specifically \u201cborderless\u201d investments that can create incremental revenue as new markets come online; \n  * Leading a successful transition from Peace Naturals Campus to a more agile supply chain; and \n  * Positioning Cronos to win in the U.S. cannabis market. \n\n[ ](https://hubs.ly/Q03dknmq0)\n\n[ ](https://www.cannabisbusinesstimes.com/page/subscribe)\n\nRecommended\n\n[ ](/finance/news/15742301/tilray-brands-reports-quarterly-financial-results-\nconfirms-no-tariff-impacts)\n\n#####  [ Tilray Brands Reports Quarterly Financial Results, Confirms No Tariff\nImpacts ](/finance/news/15742301/tilray-brands-reports-quarterly-financial-\nresults-confirms-no-tariff-impacts)\n\n[ ](/finance/news/15740168/sndl-reports-q4-and-full-year-2024-financial-and-\noperational-results)\n\n#####  [ SNDL Reports Q4 and Full Year 2024 Financial and Operational Results\n](/finance/news/15740168/sndl-reports-q4-and-full-year-2024-financial-and-\noperational-results)\n\n[ ](/finance/news/15739806/ascend-wellness-reports-562m-revenue-in-cannabis-\nmarket)\n\n#####  [ Ascend Wellness Reports $562 Million in 2024 Revenue\n](/finance/news/15739806/ascend-wellness-reports-562m-revenue-in-cannabis-\nmarket)\n\n[ ](/finance/news/15739798/cannabist-co-reports-459m-revenue-in-2024-earnings)\n\n#####  [ The Cannabist Co. Reports $459 Million in 2024 Revenue\n](/finance/news/15739798/cannabist-co-reports-459m-revenue-in-2024-earnings)\n\nRelated Stories\n\n[ ](/business-issues-benchmarks/finance/news/15692029/terrascend-exec-we-want-\nto-add-one-to-two-additional-states-over-the-next-six-to-12-months)\n\n#####  [ TerrAscend Exec: \u2018We Want to Add One to Two Additional States Over\nthe Next Six to 12 Months\u2019 ](/business-issues-\nbenchmarks/finance/news/15692029/terrascend-exec-we-want-to-add-one-to-two-\nadditional-states-over-the-next-six-to-12-months)\n\n[ ](/business-issues-benchmarks/finance/news/15692011/alberta-officially-\nlaunches-online-cannabis-sales-delivery-in-private-sector)\n\n#####  [ Alberta Officially Launches Online Cannabis Sales, Delivery in\nPrivate Sector ](/business-issues-benchmarks/finance/news/15692011/alberta-\nofficially-launches-online-cannabis-sales-delivery-in-private-sector)\n\n[ ](/business-issues-benchmarks/finance/news/15692435/biden-anti-cannabis-\nstock-policy-revealed-in-new-uncovering)\n\n#####  [ Biden Anti-Cannabis Stock Policy Revealed in New Uncovering\n](/business-issues-benchmarks/finance/news/15692435/biden-anti-cannabis-stock-\npolicy-revealed-in-new-uncovering)\n\n[ ](/business-issues-benchmarks/finance/news/15692458/cannabis-conference-\nannounces-2022-education-program)\n\n#####  [ Cannabis Conference Announces 2022 Education Program ](/business-\nissues-benchmarks/finance/news/15692458/cannabis-conference-\nannounces-2022-education-program)\n\nMore in Finance\n\n#####  [ Tilray Brands Reports Quarterly Financial Results, Confirms No Tariff\nImpacts ](/finance/news/15742301/tilray-brands-reports-quarterly-financial-\nresults-confirms-no-tariff-impacts)\n\n[ The global cannabis company generated a net revenue of $186 million in the\nthird fiscal quarter, verifying it has no current impacts from U.S. tariffs.\n](/finance/news/15742301/tilray-brands-reports-quarterly-financial-results-\nconfirms-no-tariff-impacts)\n\n[ ](/finance/news/15742301/tilray-brands-reports-quarterly-financial-results-\nconfirms-no-tariff-impacts)\n\n#####  [ SNDL Reports Q4 and Full Year 2024 Financial and Operational Results\n](/finance/news/15740168/sndl-reports-q4-and-full-year-2024-financial-and-\noperational-results)\n\n[ The company reported record full-year net revenue, gross profit and gross\nmargin, as well as positive cash flow and free cash flow.\n](/finance/news/15740168/sndl-reports-q4-and-full-year-2024-financial-and-\noperational-results)\n\n[ ](/finance/news/15740168/sndl-reports-q4-and-full-year-2024-financial-and-\noperational-results)\n\n#####  [ Ascend Wellness Reports $562 Million in 2024 Revenue\n](/finance/news/15739806/ascend-wellness-reports-562m-revenue-in-cannabis-\nmarket)\n\n[ The cannabis company also reported its second full year of positive cash\nfrom operations and positive free cash flow. ](/finance/news/15739806/ascend-\nwellness-reports-562m-revenue-in-cannabis-market)\n\n[ ](/finance/news/15739806/ascend-wellness-reports-562m-revenue-in-cannabis-\nmarket)\n\n#####  [ The Cannabist Co. Reports $459 Million in 2024 Revenue\n](/finance/news/15739798/cannabist-co-reports-459m-revenue-in-2024-earnings)\n\n[ The cannabis company continues to complete divestitures, reduce operating\nand overhead costs, and refine its inventory assortment.\n](/finance/news/15739798/cannabist-co-reports-459m-revenue-in-2024-earnings)\n\n[ ](/finance/news/15739798/cannabist-co-reports-459m-revenue-in-2024-earnings)\n\n#####  [ Green Thumb Industries Announces $50 Million Share Repurchase Program\n](/business-issues-benchmarks/finance/news/15686434/green-thumb-industries-\nannounces-50-million-share-repurchase-program)\n\n[ The program authorizes the cannabis company to repurchase up to nearly 10.6\nmillion subordinate voting shares during the next 12 months. ](/business-\nissues-benchmarks/finance/news/15686434/green-thumb-industries-\nannounces-50-million-share-repurchase-program)\n\n[ ](/business-issues-benchmarks/finance/news/15686434/green-thumb-industries-\nannounces-50-million-share-repurchase-program)\n\n#####  [ Green Thumb Industries Refinances Senior Debt, Closing on $150\nMillion Syndicated Credit Facility ](/business-issues-\nbenchmarks/finance/news/15686440/green-thumb-industries-refinances-senior-\ndebt-closing-on-150-million-syndicated-credit-facility)\n\n[ The cannabis company intends to use the proceeds along with existing cash to\nretire its $225 million senior secured debt. ](/business-issues-\nbenchmarks/finance/news/15686440/green-thumb-industries-refinances-senior-\ndebt-closing-on-150-million-syndicated-credit-facility)\n\n[ ](/business-issues-benchmarks/finance/news/15686440/green-thumb-industries-\nrefinances-senior-debt-closing-on-150-million-syndicated-credit-facility)\n\n[ ](https://www.cannabisbusinesstimes.com/page/subscribe)\n\n#####  [ Ascend Wellness Holdings Removes CEO, Terminates CFO ](/business-\nissues-benchmarks/finance/news/15686476/ascend-wellness-holdings-removes-ceo-\nterminates-cfo)\n\n[ The cannabis company appointed board Director Samuel Brill to replace John\nHartman as CEO. The company also appointed a new president and CFO.\n](/business-issues-benchmarks/finance/news/15686476/ascend-wellness-holdings-\nremoves-ceo-terminates-cfo)\n\n[ ](/business-issues-benchmarks/finance/news/15686476/ascend-wellness-\nholdings-removes-ceo-terminates-cfo)\n\n#####  [ TerrAscend Offers $10 Million Share Repurchase Program ](/business-\nissues-benchmarks/finance/news/15686491/terrascend-offers-10-million-share-\nrepurchase-program)\n\n[ The company is authorized to repurchase up to 10 million shares but is not\nobligated to purchase any shares during the 12-month stock buyback program.\n](/business-issues-benchmarks/finance/news/15686491/terrascend-\noffers-10-million-share-repurchase-program)\n\n[ ](/business-issues-benchmarks/finance/news/15686491/terrascend-\noffers-10-million-share-repurchase-program)\n\n#####  [ Curaleaf Reports $342 Million in Q2 Revenue ](/business-issues-\nbenchmarks/finance/news/15686512/curaleaf-reports-342-million-in-q2-revenue)\n\n[ The global cannabis company now operates in 15 countries. ](/business-\nissues-benchmarks/finance/news/15686512/curaleaf-reports-342-million-\nin-q2-revenue)\n\n[ ](/business-issues-benchmarks/finance/news/15686512/curaleaf-\nreports-342-million-in-q2-revenue)\n\n#####  [ The Cannabist Co. Reports Second Quarter 2024 Financial Results\n](/business-issues-benchmarks/finance/news/15686514/the-cannabist-co-reports-\nsecond-quarter-2024-financial-results)\n\n[ The company reported $125 million in revenue for the period. ](/business-\nissues-benchmarks/finance/news/15686514/the-cannabist-co-reports-second-\nquarter-2024-financial-results)\n\n[ ](/business-issues-benchmarks/finance/news/15686514/the-cannabist-co-\nreports-second-quarter-2024-financial-results)\n\n#####  [ Cresco Labs Determines IRS Section 280E Not Applicable to its\nBusiness ](/business-issues-benchmarks/finance/news/15686515/cresco-labs-\ndetermines-irs-section-280e-not-applicable-to-its-business)\n\n[ The company reported an improvement of more than 800 basis points year-over-\nyear in its adjusted EBITDA margin for the second quarter of 2024.\n](/business-issues-benchmarks/finance/news/15686515/cresco-labs-determines-\nirs-section-280e-not-applicable-to-its-business)\n\n[ ](/business-issues-benchmarks/finance/news/15686515/cresco-labs-determines-\nirs-section-280e-not-applicable-to-its-business)\n\n#####  [ Verano Reports $222 Million in Revenue for Q2 ](/business-issues-\nbenchmarks/finance/news/15686519/verano-reports-222-million-in-revenue-for-q2)\n\n[ The company\u2019s second quarter 2024 financial performance featured the\nauthorization of a share repurchase program. ](/business-issues-\nbenchmarks/finance/news/15686519/verano-reports-222-million-in-revenue-for-q2)\n\n[ ](/business-issues-benchmarks/finance/news/15686519/verano-\nreports-222-million-in-revenue-for-q2)\n\n[ ](https://hubs.ly/Q03dknmq0)\n\nPage 1 of 183\n\n[ Next Page ](/business-issues-benchmarks/finance?page=2)\n\n[ ](/)\n\nFollow Cannabis Business Times\n\n[ ](https://www.facebook.com/canbusinesstimes \"Visit us on Facebook\") [\n](https://www.linkedin.com/company/cannabis-business-times \"Visit us on\nLinkedin\") [ ](https://twitter.com/CBTmag \"Visit us on Twitter\")\n\n[ \u00a9 2025 Transpire Media. 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                "url": "https://www.cannabisbusinesstimes.com/business-issues-benchmarks/finance/news/15691905/cronos-group-founder-mike-gorenstein-returns-as-ceo"
            },
            "reason": "Cannabis Business Times is a reputable industry news source. The article reports on the return of Mike Gorenstein as CEO of Cronos Group, which is a factual event.",
            "reliability_score": 0.8,
            "search_query": "company 'The Cronos Group' overview financial performance",
            "summary": "Mike Gorenstein, founder of Cronos Group, returns as CEO of the company.",
            "url": "https://www.cannabisbusinesstimes.com/business-issues-benchmarks/finance/news/15691905/cronos-group-founder-mike-gorenstein-returns-as-ceo"
        },
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                    "source": "https://www.fool.com/earnings/call-transcripts/2025/02/27/cronos-group-cron-q4-2024-earnings-call-transcript/"
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[ Learn More\n](https://www.fool.com/mms/mark/op-free-tbox-art)\n\nBy [ Motley Fool Transcribing ](/author/20032/) \u2013 Feb 27, 2025 at 11:45AM\n\n##  [ NASDAQ: CRON ](/quote/nasdaq/cron/)\n\n###  Cronos Group\n\nMarket Cap\n\n$658M\n\nToday's Change\n\n(5.86%) $0.10\n\nCurrent Price\n\n$1.72\n\nPrice as of April 9, 2025, 3:57 p.m. ET\n\nCRON earnings call for the period ending December 31, 2024.\n\nImage source: The Motley Fool.\n\n**Cronos Group** ( [ CRON ](/quote/nasdaq/cron/) 5.86%  )  \nQ4 2024 Earnings Call  \nFeb 27, 2025  , _8:30 a.m. ET_\n\n##  Contents:\n\n  * Prepared Remarks \n  * Questions and Answers \n  * Call Participants \n\n##  Prepared Remarks:\n\n  \n\n**Operator**\n\nGood morning. My name is Antoine, and I will be your conference operator\ntoday. I would like to welcome everyone to Cronos Group's fourth-quarter and\nfull-year 2024 earnings conference call. Today's call is being recorded.\n\nAt this time, I would like to turn the call over to Anna Shlimak, chief\nstrategy officer. Please go ahead.\n\n**Anna Shlimak** \\-- _Chief Strategy Officer_\n\nThank you, Antoine, and thank you for joining us today to review Cronos' 2024\nfull-year and fourth-quarter financial and business performance. Today, I'm\njoined by chairman, president and CEO, Mike Gorenstein, and our CFO, James\nHolm. Cronos issued a news release announcing our financial results this\nmorning, which is filed on our EDGAR and SEDAR profiles. This information and\nthe prepared remarks will also be posted on our website under investor\nrelations.\n\nBefore I turn the call over to Mike, let me remind you that we may make\nforward-looking statements and refer to non-GAAP financial measures during\nthis call. These forward-looking statements are based on management's current\nexpectations and assumptions that are subject to risks and uncertainties that\ncould cause actual results to differ materially from those projected in the\nforward-looking statements. Factors that could cause actual results to differ\nmaterially from expectations are detailed in our earnings materials and our\nSEC filings that are available on our website, by which any forward-looking\nstatements made during this call are qualified in their entirety. Information\nabout non-GAAP financial measures, including reconciliations to US GAAP, can\nalso be found in the earnings materials that are available on our website.\n\nLastly, we will be making statements regarding market share information\nthroughout this conference call, unless otherwise stated, all market share\ndata is provided by Hifyre. We will now make prepared remarks, and then we'll\nmove to a question-and-answer session. With that, I'll pass it over to Cronos'\nchairman, president, and CEO, Mike Gorenstein.\n\n**Michael Gorenstein** \\-- _Chairman, President, and Chief Executive Officer_\n\nThank you, Anna, and good morning, everyone. Three years ago, when I returned\nas Cronos' CEO, we set ambitious goals, to deliver robust top line growth,\nimprove margins and rightsize our operating expenses. Today, I'm proud to say\nthat these goals are coming to fruition and can be seen throughout the\nbusiness. With yet another quarter of solid results and our unwavering\ncommitment to disciplined operating expenses, we're showcasing our ability to\ndrive growth while enhancing efficiency across our business.\n\nYear over year, we grew annual net revenue by 35%. We nearly doubled our\nadjusted gross margins and continue to exercise discipline in the management\nof our operating expenses. Our 2024 results are evidence that our business is\nperforming, and we continue to lead the global cannabis industry in product\ninnovation and exceptional quality. Bolstered by our robust balance sheet, we\nare in an exceptional position to seize future growth opportunities and\nfurther strengthen our leadership in the markets we serve as we look forward\nto 2025. In 2024, we invested in GrowCo to expand its cultivation and\nproduction capabilities in order to ensure a consistent supply of high-quality\ncannabis at greater scale.\n\nThis strategic move was aimed to improve operational efficiency, reduce costs\nand optimize margins by leveraging advanced growing techniques. We are eager\nfor the new supply from that investment to come online in order to feed the\ngrowing demand in the markets we operate in and new markets that have become\navailable to us. I feel confident that we have positioned ourselves to better\nmeet growing consumer demand, maintain product quality and support our\nexpanding portfolio of brands and products in a prudent and thoughtful way.\nOur expansion of GrowCo is progressing well.\n\nIn Q4, Health Canada approved amendments to the site's perimeter, and we\nexpect to finish construction of the expanded cultivation and processing\nfacilities in Q2, with first harvest and sales for the new area expected to\nbegin in the second half of 2025. Up until the first sales from the expanded\nfacility, we have the option to purchase up to 80% of GrowCo's total\nproduction. Once expansion sales begin, Cronos will have the option to\npurchase up to 70% of the total production from the facility. The GrowCo\nexpansion positions us to capitalize on Canadian domestic demand and will fuel\ninternational growth opportunities in 2025.\n\nThe past year, I've been incredibly proud of the strides we have made in R&D,\nincluding product development and innovation. Cronos has achieved significant\nadvancement in cannabis genetics with improvements not only in new strains\nthat meet consumer preferences, but also reaching new levels of cannabinoid\nyield. This is a result of years spent dedicated to our breeding and tissue\nculture. Consumers are consistently shopping for a flower value proposition\nbased on a price potency equation, and our genetics are helping us meet this\ndemand, which has cemented us as a top-performing flower brand in Canada and\ninternationally.\n\nNow turning to brand updates. I'm happy to share that Spinach has ended the\nyear as the No. 1 cannabis brand in Canada by market share, solidifying its\nleadership position. This achievement is fueled by its No.\n\n1 rankings in both edibles and flower, a No. 4 position in vapes and No. 7 in\npre-rolls. Spinach's consistent market share growth is a testament to our\nunwavering commitment to quality, innovation and delivering differentiated\nproducts that resonate with consumers in the highly competitive Canadian\nadult-use market.\n\nIn the gummy category, our industry-leading SOURZ products captured 23% market\nshare in Q4 with fiv of the top 10 best-selling edibles in Canada, all part of\nthe SOURZ lineup. Our Fully Blasted SOURZ innovations featuring 10 milligrams\nof THC per piece have been partially -- particularly well received by\nconsumers. In Q4, we launched two new Fully Blasted products, Peach Orange and\nStrawberry Mango, as well as the new CBD Berry Variety Pack, which debuted in\nBC at the end of December. Each variety pack contains 30 gummies with 30\nmilligrams of CBD in each gummy and three flavors.\n\nBlue Raspberry Watermelon, Strawberry Mango and Blueberry Acai. Additionally,\nour Lord Jones brand has made significant strides in the chocolate category,\nfinishing the year as the third best-selling chocolate brand in Canada. In\nJanuary, we also launched a new Lord Jones Chocolate Fusions flavor, Fudge\nBrownie, which features an even ratio of CBN, CBD and THC. Spinach continues\nto show its strength in the flower category, holding the No.\n\n1 spot for Q4 and full year with 6% market share. This success is driven by\npopular genetics like GMO Cookies, Wedding Cake, Space Cake and Sour Chem\navailable on a variety of sizes. The ongoing achievements of our green program\nand the operational excellence of GrowCo have further cemented our leadership\nin this category, ensuring consistent delivery of quality products to meet\nconsumer demand. While Spinach showed strong growth in flower in 2024, and we\nstill see strong demand, we do not expect that growth to continue until the\nback half of 2025 when additional supply from the GrowCo expansion becomes\navailable.\n\nIn order to prepare for the next phase of growth, we will continue to\nstrategically allocate the existing supply across Spinach in Canada and PEACE\nNATURALS internationally. In Q4, we released Blue Monster pre-rolls under a\nnew regional Quebec brand, Sonique. Our regional brand Sonique is tailored to\nmeet the unique preferences and needs of the Quebec market, offering products\nthat resonate with the province's distinct cannabis culture. The brand's\nstrategic approach ensures to capture the essence of Quebec's market trends,\ncombining local insights with exceptional product development to build trust\nand loyalty among cannabis enthusiasts in the region.\n\nOur strategy has always been to develop a portfolio of best-selling and\ndisruptive branded products that we can launch in new markets as cannabis\nregulations open globally. The Spinach brand becoming the No. 1 best-selling\nbrand in Canada is a validation of our strong capabilities, and we're just\ngetting started in expanding our winning portfolio of borderless products and\nbringing them to markets globally. Now moving to Israel.\n\nOur team there has shown remarkable performance throughout Q4 with record\nvolumes sold and the highest sales per quarter in 2024. Cronos Israel has\nbuilt significant momentum throughout the year despite a very competitive\nmarket with evolving dynamics, including increased competition, tariff\nthreats, declining patient growth, entrance of HMOs and the ongoing Middle\nEast conflict. Despite all of this, the PEACE NATURALS brand and product\nportfolio continues to grow. PEACE NATURALS portfolio was overhauled with a\nrevised pricing strategy with focused cultivars that meet the needs of our\npatient base.\n\nHere on cultivars like Wedding Cake and GMO, along with changes implemented in\nthe portfolio drove growth throughout 2024. PEACE NATURALS ended the year as\nthe No. 1 flower brand in Israel with 24% market share and the brand's oil\noffering, and it is the fourth most popular brand with 9% market share\naccording to pharmacy data collected by Cronos. I'm incredibly proud of our\nturnaround in this market and look forward to launching more quality products\nin 2025.\n\nInternationally, we've made significant progress in the markets we've entered\nand are excited about the opportunities ahead. In Germany, our PEACE NATURALS\nbrand is gaining strong traction and continues to grow. Market penetration is\na big focus for us in 2025. We're confident in the momentum we're building,\nespecially as we're offering the same high-quality products that propelled us\nto the No.\n\n1 position in flower in Canada. With this foundation, we believe we have a\nclear ability to win and are well positioned to capture even greater market\nshare in Germany and elsewhere. Similarly, in the UK, while still early, we're\nalready seeing promising growth with PEACE NATURALS and are enthusiastic about\nthe significant potential for expansion in this emerging market. These\ndevelopments underscore our commitment to becoming a global leader in the\ncannabis industry.\n\nWe've ended the year strong, and I'm proud of the accomplishments we've made\nthroughout 2024. Cronos maintains the strongest balance sheet in the industry\nwith cash and cash equivalents of $859 million, reinforcing our ability to\ninvest in growth, innovation and global expansion. Each quarter showed\nsignificant year-over-year revenue increases, highlighting our continued\nmarket expansion and sales momentum. Now, I'll turn it over to James to walk\nthrough the fourth-quarter financials.\n\n**James Holm** \\-- _Chief Financial Officer_\n\nThanks, Mike, and good morning, everyone. In 2024, we increased net revenue\n35% year over year to $117.6 million, with strong performance in Canada and\nIsrael and international markets picking up well. Operating expenses declined\nby $5 million versus the prior year. Adjusted EBITDA improved by 45% year over\nyear and operating cash flow improved by $61.7 million to positive $18.8\nmillion.\n\nI will now review our fourth-quarter 2024 results, which now include the\nconsolidation of GrowCo's financials. The company reported consolidated net\nrevenue of $30.3 million, a 27% increase from the prior year period. Net\nrevenue for Cronos, excluding GrowCo, was $28.2 million, representing an 18%\ngrowth year over year on a stand-alone basis, while GrowCo net revenue was\n$2.1 million for Q4 2024. The net revenue increase was primarily driven by\nhigher cannabis flower and extract sales in Canada and higher flower sales in\nIsrael and other countries.\n\nGross profit in the fourth quarter was $10.8 million, equating to a 36% gross\nmargin. Gross profit was positively impacted by an adjustment of $1.8 million\nin connection with the finalization of the purchase accounting for the Cronos\nGrowCo transaction, which resulted in a reduction of the fair value of\ninventory acquired and the corresponding inventory step-up previously recorded\nin the cost of sales in Q3, resulting in an adjusted gross profit of $9\nmillion, equating to a 30% adjusted gross margin. We will continue providing\nthis adjustment until the inventory that was stepped up to fair market value\nthrough the purchase accounting adjustment has been sold through as we believe\nit is useful in reviewing and evaluating our ongoing performance. For full-\nyear 2024, year-over-year adjusted gross profit improved by $18.6 million and\nadjusted gross margin improved by 12 percentage points to 26%, nearly doubling\nour gross margin from the prior year.\n\nThe increase is primarily driven by higher sales of cannabis flower and\nextract sales in Canada, higher cannabis flower sales in Israel and production\ncost improvements. Adjusted EBITDA in the fourth quarter was negative $7.2\nmillion, representing a $7.6 million improvement from the prior year period.\nThe improvement was driven by increased revenue and higher adjusted gross\nprofit. The disciplined approach to our operating expenses employed to date\nenabled us to achieve savings of $8.7 million for 2024 versus the prior year\nfor Cronos on a stand-alone basis.\n\nWith this, we achieved the high end of the range for our previously announced\nguidance of a reduction of $5 million to $10 million for stand-alone Cronos.\nThe operating expense savings were driven by cost reductions in general and\nadministrative, research and development and sales and marketing. Going into\n2025, even with the addition of GrowCo's opex, we expect our opex to remain\nflat. In addition, our reported capex includes previously announced facility\nexpansion at GrowCo, something to be mindful of looking into 2025.\n\nTurning to the balance sheet and cash flow statement. The company ended the\nquarter with $859 million in cash and cash equivalents. Cash and cash\nequivalents were down $3 million from Q3 2024, driven primarily by capex spend\nin Q4 '24 of $3.7 million and FX fluctuations, partially offset by cash from\noperations of $7.7 million in 2024. On a full-year basis, capital expenditure\nincreased $9.7 million year over year, reflecting investments at our GrowCo\nfacility and improved automation capabilities in our PEACE NATURALS campus at\nStayner.\n\nDuring 2024, we generated $18.8 million of cash from operating activities\ncompared to 2023, where cash used was $42.8 million, representing an increase\nin cash flow from operating activities of $61.7 million. This change was\nprimarily driven by a $32.8 million tax payment made in 2023 connected to the\npreviously disclosed relinquishment by Altria of its warrant to purchase\nadditional shares of the company in 2022, a $38.8 million increase in net\nincome after adjusting for noncash items during 2024 compared to 2023 and\nhigher interest received. As a result, free cash flow for Q4 2024 was positive\n$4 million compared to a positive $15 million in the prior year period. Free\ncash flow for the full-year 2024 was positive $5.7 million compared to a\nnegative $46.3 million for the full-year 2023, representing a $51.9 million\nimprovement.\n\nOur cash balance is stable, and you can see the underlying fundamentals of our\noperations are showing significant improvement. Looking back on the progress\nwe've made, I share in Mike's confidence, in the trajectory of the business\nand our preparedness for entry into new markets as they become available. With\nthat, I would like to hand it back to Mike for a brief comment before going\ninto Q&A.\n\n**Michael Gorenstein** \\-- _Chairman, President, and Chief Executive Officer_\n\nThroughout this past year, we have demonstrated strong performance across all\nquarters, driven by robust revenue growth, improved margins and disciplined\ncost management. We solidified our market leadership in Canada and Israel,\nachieved significant milestones in international markets and continue to\ninnovate with new product launches. With a strong balance sheet and a clear\nstrategic focus, Cronos is well positioned to capitalize on future growth\nopportunities and enhance our position in the global cannabis industry. As we\nlook ahead, we remain focused on innovation, operational excellence and\nstrategic expansion.\n\nOur core business is performing exceptionally well, and we are well positioned\nto capitalize on the growing global cannabis market as we look forward to\n2025. With that, I'll open the line for questions.\n\n##  Questions & Answers:\n\n  \n\n**Operator**\n\n[Operator instructions] I am showing no questions at this time. [Operator\nsignoff]\n\n**Duration: 0 minutes**\n\n##  Call participants:\n\n**Anna Shlimak** \\-- _Chief Strategy Officer_\n\n**Michael Gorenstein** \\-- _Chairman, President, and Chief Executive Officer_\n\n**James Holm** \\-- _Chief Financial Officer_\n\n**Mike Gorenstein** \\-- _Chairman, President, and Chief Executive Officer_\n\n[ More CRON analysis ](https://www.fool.com/quote/cron)\n\n[ All earnings call transcripts ](https://www.fool.com/earnings-call-\ntranscripts/)\n\n_This article is a transcript of this conference call produced for The Motley\nFool. While we strive for our Foolish Best, there may be errors, omissions, or\ninaccuracies in this transcript. As with all our articles, The Motley Fool\ndoes not assume any responsibility for your use of this content, and we\nstrongly encourage you to do your own research, including listening to the\ncall yourself and reading the company's SEC filings. Please see our_ [ _Terms\nand Conditions_ ](https://www.fool.com/legal/terms-and-conditions/fool-rules)\n_for additional details, including our Obligatory Capitalized Disclaimers of\nLiability._\n\n_The Motley Fool recommends Cronos Group. The Motley Fool has a[ disclosure\npolicy ](https://www.fool.com/legal/fool-disclosure-policy/) . _\n\nStocks Mentioned\n\n[ Cronos Group  CRON  $1.72  (5.86%)  $0.10  ](/quote/nasdaq/cron/)\n\n*Average returns of all recommendations since inception. Cost basis and return based on previous market day close. \n\nRelated Articles\n\n[ Cronos Group (CRON) Q3 2024 Earnings Call Transcript  ](/earnings/call-\ntranscripts/2024/11/12/cronos-group-cron-q3-2024-earnings-call-transcript/) [\nCronos Group (CRON) Q2 2024 Earnings Call Transcript  ](/earnings/call-\ntranscripts/2024/08/08/cronos-group-cron-q2-2024-earnings-call-transcript/) [\nCronos Group (CRON) Q1 2024 Earnings Call Transcript  ](/earnings/call-\ntranscripts/2024/05/09/cronos-group-cron-q1-2024-earnings-call-transcript/) [\nCronos Group (CRON) Q4 2023 Earnings Call Transcript  ](/earnings/call-\ntranscripts/2024/02/29/cronos-group-cron-q4-2023-earnings-call-transcript/) [\nCronos Group (CRON) Q3 2023 Earnings Call Transcript  ](/earnings/call-\ntranscripts/2023/11/08/cronos-group-cron-q3-2023-earnings-call-transcript/)\n\n##  Premium Investing Services\n\nInvest better with The Motley Fool. 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                "url": "https://www.fool.com/earnings/call-transcripts/2025/02/27/cronos-group-cron-q4-2024-earnings-call-transcript/"
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            "summary": "Transcript of Cronos Group's Q4 2024 earnings call.",
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                    "source": "https://www.newswire.ca/news-releases/cronos-group-and-ginkgo-bioworks-announce-a-landmark-partnership-to-produce-cultured-cannabinoids-692376551.html"
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                "page_content": "[ Accessibility Statement ](https://www.cision.com/about/accessibility/) Skip\nNavigation\n\n_Leading Companies from Emerging Industries Join Forces to Efficiently Produce\nHigh-Purity Cannabinoids at Scale_\n\nBOSTON and  TORONTO  ,  Sept. 4, 2018  /CNW/ - Today, [ Cronos Group\n](https://thecronosgroup.com/) Inc. (NASDAQ:CRON) (TSX:  CRON  ) (\" **Cronos\nGroup** \"), a geographically diversified and vertically integrated cannabis\ngroup, and [ Ginkgo Bioworks ](https://www.ginkgobioworks.com/) Inc. (\"\n**Ginkgo** \"), the organism company, announced a landmark partnership to\nproduce cultured cannabinoids. Using its platform technology for organism\ndesign and development, Ginkgo will complement Cronos Group's technologies for\nproducing a full spectrum of cannabinoids. As part of this unprecedented deal,\nCronos Group has agreed to issue a specific number of common shares in\ntranches subject to Ginkgo's achievement of certain production milestones.\n\nGinkgo Bioworks (CNW Group/Cronos Group Inc.)\n\nAs two of the leading companies in their respective industries, Cronos Group\nand Ginkgo believe that they are best-suited to unlock the potential of\ninnovation in the cannabis industry. Cronos Group brings a deep understanding\nof the plant's biological structure and function, while Ginkgo brings 10 years\nof experience designing microorganisms for the production of cultured products\nacross pharmaceuticals, agriculture, flavors, fragrances, and more.\n\nCannabinoids span a range of molecules with different properties, and ongoing\nresearch has demonstrated potential medicinal uses for indications such as\nchronic pain, nervous disorders, nausea, weight loss, and some mental\nillnesses. However, many pharmaceutically relevant cannabinoids are present\nonly at very low quantities in the cannabis plant, making them economically\nimpractical, difficult or impossible to extract at high purity and scale. The\nlandmark partnership between Cronos Group and Ginkgo will leverage the\nexpertise of both organizations to solve this challenge and make more\naccessible the benefits of cannabinoids in an economically sustainable way.\n\n\"Cronos Group is building the world's most innovative cannabinoid platform,\"\nsaid  Mike Gorenstein  , CEO of Cronos Group. \"The potential uses of\ncannabinoids are vast, but the key to successfully bringing cannabinoid-based\nproducts to market is in creating reliable, consistent, and scalable\nproduction of a full spectrum of cannabinoids, not just THC and CBD. We are\nthrilled to partner with Ginkgo; their biological engineering capabilities and\ndisruptive technology platform are unrivaled. Together we can revolutionize\nthe cannabis industry.\"\n\n\"Legal cannabis is a multibillion-dollar industry with no signs of slowing\ndown, but providers will need to innovate to keep up with demand for better\nproducts, including those taking advantage of rare and difficult to extract\ncannabinoids,\" said  Jason Kelly  , CEO and co-founder of Ginkgo Bioworks.\n\"Engineering strains of yeast that can produce these cannabinoids via\nfermentation is a perfect fit for our organism design platform and we are\nexcited to be working with Cronos Group as they lead the way to high-quality\ncannabinoid treatments.\"\n\n**Partnership Details**\n\nCronos Group's wide-ranging portfolio of cannabis products is empowered by its\ndeep expertise in plant genetics. With access to an array of varietals and a\ndiverse set of production methodologies, Cronos Group has gathered extensive\ndata on cannabinoids and their properties, ultimately learning from and using\nthe plant to generate blueprints for best-in-class, full spectrum cannabinoid\nrecipes.\n\nGinkgo's platform for engineering biology is powered by state-of-the-art\nautomation and custom-built software used to design and print DNA. With the\nworld's largest library of designed DNA sequences, Ginkgo has extensive\nexpertise in the biology of enzymes for the production of molecules used in\nindustries from flavor and fragrance to food to pharmaceuticals. By\ntransferring the DNA sequences for cannabinoid production into yeast, Ginkgo\nexpects to develop strains that produce cultured cannabinoids at high quality\nand purity in a process similar to brewing beer in a microbrewery. In addition\nto allowing for the efficient and scalable production of cannabinoids, the use\nof Ginkgo's platform is expected to unlock access to potentially medically-\nimportant and valuable cannabinoids that are present only in low quantities in\nthe plant.\n\nThe partnership between Ginkgo and Cronos Group will focus on the scalable and\nconsistent production of a wide range of cannabinoids, including THC, CBD and\na variety of other lesser known and rarer products. These cultured cannabinoid\nmolecules are identical to those extracted from the plants grown with\ntraditional methods, but are created by leveraging the power of biological\nmanufacturing via fermentation.\n\n**Partnership Transaction Terms**\n\nUnder the exclusive partnership, Ginkgo will work with Cronos Group on\nresearch and development of microorganisms capable of producing certain target\ncannabinoids in a scalable and highly efficient manner. Cronos Group will fund\ncertain R&D and foundry expenses expected to be approximately  US$22 million\nsubject to the achievement of certain milestones. In addition, upon Ginkgo's\ndemonstration that the microorganisms are capable of producing the target\ncannabinoids above a minimum productivity level, Cronos Group will issue up to\napproximately 14.7 million common shares in the aggregate, in accordance with\nthe milestone allocations described below. The common shares allocated were\nbased on the 60-day VWAP for Cronos Group common stock of  US$6.81  as of\nJuly 17, 2018  , when the letter of intent was executed by both parties. The\ntransaction had an aggregate value of  US$100 million  assuming all milestones\nare met. Tranches of these common shares will be issued once each of the\ntarget cannabinoids can be produced for less than  US$1,000  per kilogram of\npure cannabinoid at a scale of greater than 200 liters as follows: THC(A),\n20%; CBD(A), 15%; CBC(A), 10%; CBG(A), 10%; THCV(A), 15%; CBGV(A), 10%;\nCBDV(A), 10%; CBCV(A), 10%.\n\nCronos Group will have the exclusive right to use and commercialize the key\npatented intellectual property related to the production of the target\ncannabinoids globally. All R&D work undertaken by Ginkgo will be conducted in\ncompliance with all U.S. federal laws regarding controlled substances and\nGinkgo is coordinating activities closely with both Federal and State\nagencies. Cronos Group intends to produce and distribute the target\ncannabinoids globally and has received confirmation that this method of\nproduction is permitted under the _Cannabis Act_ (  Canada  ) \u2013 the legal\nframework that will regulate cannabis in  Canada  .\n\nThis landmark deal will bring the power of biological manufacturing to the\ncannabis industry, allowing for cannabinoid production at large scale and with\ngreater efficiency than is currently possible with traditional growing and\nextracting methods.\n\n**Analyst/Investor Conference Call and Webcast**  \nCronos Group and Ginkgo Bioworks will host a conference call and live webcast\non  Tuesday, September 4, 2018  at  8:30 a.m. EST  to discuss the landmark\npartnership. Instruction for the conference call are provided below:\n\n_Live Webcast:_ [ https://thecronosgroup.com/investor-relations\n](https://thecronosgroup.com/investor-relations)  \n_Toll-free dial-in number:_ (888) 231-8191 _  \nInternational dial-in number: _ (647) 427-7450  \n_Conference ID:_ 9537928\n\nAdditionally, an audio replay of the conference call will be available two\nhours after the call's completion and until  11:59 p.m. EST  on  September 18,\n2018  . Instructions for the audio replay are provided below:\n\n_Toll-free dial-in number:_ (855) 859-2056  \n_Passcode:_ 9537928\n\n**About Ginkgo Bioworks:**  \nGinkgo Bioworks is the organism company, using the power of biology to build\nsustainable products in food, pharma, manufacturing, and more. Using\nsophisticated software and state of the art automation,\n\nGinkgo's powerful platform for genetic engineering is making biology easier to\nengineer, enabling new products to be renewably manufactured with biology. For\nmore information, visit [ www.ginkgobioworks.com\n](http://www.ginkgobioworks.com/) .\n\n**About Cronos Group:  \n** Cronos Group is a globally diversified and vertically integrated cannabis\ncompany with a presence across four continents. Cronos Group operates two\nwholly-owned Canadian licensed producers regulated under Health Canada's\nAccess to Cannabis for Medical Purposes Regulations: Peace Naturals Project\nInc., which was the first non-incumbent medical cannabis license granted by\nHealth Canada, and Original BC Ltd., which is based in the Okanagan Valley,\nBritish Columbia  . Cronos Group has multiple international production and\ndistribution platforms across five continents. Cronos Group intends to\ncontinue to rapidly expand its global footprint as it focuses on building an\ninternational iconic brand portfolio and develop disruptive intellectual\nproperty. Cronos Group is committed to building industry leading companies\nthat transform the perception of cannabis and responsibly elevate the consumer\nexperience.\n\n**Forward-looking statements  \n** This news release contains \"forward-looking information\" and \"forward-\nlooking statements\" within the meaning of applicable Canadian and U.S.\nsecurities laws. All information contained herein that is not clearly\nhistorical in nature may constitute forward-looking information. In some\ncases, forward-looking statements can be identified by words or phrases such\nas \"may\", \"will\", \"expect\", \"plan\", \"anticipate\", \"intend\", \"potential\",\n\"estimate\", \"believe\" or the negative of these terms, or other similar\nexpressions intended to identify forward-looking statements. Some of the\nforward-looking statements contained in this press release include Cronos\nGroup's expectations regarding the potential success of, and the costs and\nbenefits associated with, its partnership with Ginkgo, expectations about the\ndevelopment of the cannabis industry and potential demand for cultured\ncannabinoids, expectations of the regulatory framework for cultured\ncannabinoids as well as the Cronos Group's intention to continue to rapidly\nexpand its global footprint, build an international iconic brand portfolio and\ndevelop disruptive intellectual property. Forward-looking statements are\nnecessarily based upon a number of estimates and assumptions that, while\nconsidered reasonable by management, are inherently subject to significant\nbusiness, economic and competitive risks, uncertainties and contingencies that\nmay cause actual financial results, performance or achievements to be\nmaterially different from the estimated future results, performance or\nachievements expressed or implied by those forward-looking statements and the\nforward-looking statements are not guarantees of future performance. A\ndiscussion of some of the material risks applicable to Cronos Group can be\nfound in its current MD&A and Annual Information Form, both of which have been\nfiled on SEDAR and can be accessed at [ www.sedar.com ](http://www.sedar.com/)\n. The forward-looking information included in this news release is made as of\nthe date of this news release and, except as required by law, Cronos Group\ndisclaims any obligation to update or revise any forward-looking statements.\nReaders are cautioned not to put undue reliance on these forward-looking\nstatements.\n\nSOURCE Cronos Group Inc.\n\nThe Cronos Group, Anna Shlimak, Investor Relations, Tel: (416) 504-0004, [\n[email protected] ](/cdn-cgi/l/email-protection) ; Ginkgo Bioworks, Grace\nEmery, Media relations, 347-230-6640, [ [email protected] ](/cdn-cgi/l/email-\nprotection)\n\n####  Related Links\n\n[ thecronosgroup.com ](http://thecronosgroup.com \"Link to\nhttp://thecronosgroup.com\")  \n\n###  Modal title\n\n##  Organization Profile\n\n###  [ Cronos Group Inc. ](/news/cronos-group-inc/)\n\n##  Related Organization(s)\n\n###  [ Ginkgo Bioworks ](/news/ginkgo-bioworks/)\n\n##  Contact Cision\n\n  * [ 866-245-2317 ](tel:866-245-2317) from 8 AM - 10 PM ET \n\n  * [ Become a Client ](/contact-us/ \"Become a Client\")\n  * [ Request a Demo ](/request-a-demo/ \" Request a Demo \")\n  * [ Editorial Bureaus ](/contact-us/editorial-bureaus/ \" Editorial Bureaus \")\n  * [ Partnerships ](/contact-us/partnerships/ \" Partnerships \")\n  * [ General Enquiries ](/general-inquiries/ \" General Enquiries \")\n  * [ Media ](/contact-us/media/ \" Media\")\n\n[ ](https://www.linkedin.com/company/cisioncanada/ \"LinkedIn\")\n\n##  Products\n\n  * [ Cision Communications Cloud\u00ae ](https://www.newswire.ca/products/communications-cloud \"Cision Communications Cloud\u00ae\")\n  * [ Media Monitoring ](https://www.cision.ca/monitoring-analytics/online/ \"Media Monitoring\")\n  * [ Content Distribution ](https://www.newswire.ca/products/content-distribution \"Content Distribution\")\n  * [ Multimedia Distribution ](https://www.newswire.ca/products/multimedia-distribution-options \"Multimedia Distribution\")\n  * [ Measurement & Analytics ](https://www.newswire.ca/products/Media-Measurement--Analytics \"Measurement & Analytics\")\n  * [ Investor Relations ](https://www.newswire.ca/products/investor-relations \"Investor Relations\")\n\n##  About\n\n  * [ About Cision Canada ](http://cnw.en.mediaroom.com/aboutus/ \"About Cision Canada\")\n  * [ About Cision ](http://www.cision.ca/ \"About Cision\")\n  * [ Media Partners ](https://www.newswire.ca/contact-us/media-partners.html \"Media Partners\")\n  * [ Careers ](https://www.cision.ca/careers/ \"Careers\")\n  * [ Accessibility Statement ](https://www.cision.ca/about/accessibility/ \"Accessibility Statement\")\n  * \n\n##  My Services\n\n  * [ All News Releases ](/news-releases/news-releases-list/ \"All News Releases\")\n  * [ Online Member Centre   \n](https://cnwportal.prnewswire.com/Login.aspx \"Online Member Centre<br />\n\n\")\n\n  * [ Next Gen Communications Cloud ](https://app2.cision.com/ \"Next Gen Communications Cloud\")\n  * [ Cision Communications Cloud\u00ae ](https://app.cision.com/#/login?lang=en-ca \"Cision Communications Cloud\u00ae\")\n  * [ my CNW   \n](/mycnw/login/ \"my CNW<br />\n\n\")\n\nDo not sell or share my personal information:\n\n  * Submit via [ [email protected] ](/cdn-cgi/l/email-protection)\n  * Call Privacy toll-free: 877-297-8921 \n\n##  [ Contact Cision ](/contact-us)\n\n##  [ Products ](/products/overview)\n\n##  [ About ](http://cnw.en.mediaroom.com/aboutus/)\n\n[ My Services __ ]()\n\n  * [ All News Releases ](/news-releases/ \"All News Releases\")\n  * [ Online Member Centre ](https://cnwportal.prnewswire.com/Login.aspx \"Online Member Centre\")\n  * [ Next Gen Communications Cloud ](https://app2.cision.com/ \"Next Gen Communications Cloud\")\n  * [ Cision Communications Cloud ](https://app.cision.com/#/login?lang=en-ca \"Cision Communications Cloud\")\n  * [ my CNW ](/mycnw/login/ \"my CNW\")\n\n[ __ 877-269-7890  \nfrom 8 AM - 10 PM ET  ](tel:877-269-7890 \"Contact Us\")\n\n  * [ Terms of Use ](http://cnw.en.mediaroom.com/privacy-terms-of-use \"Terms of Use\")\n  * [ Information Security Policy ](/cision-information-security-policy/ \"Information Security Policy\")\n  * [ Site Map ](/sitemap/ \"Site Map\")\n  * [ Cookie Settings ](/cookie-settings/ \"Cookie Settings\")\n  * [ Accessibility Statement ](https://www.cision.com/about/accessibility/ \"Accessibility Statement\")\n\nCopyright \u00a9 2025 CNW Group Ltd. 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                "url": "https://www.newswire.ca/news-releases/cronos-group-and-ginkgo-bioworks-announce-a-landmark-partnership-to-produce-cultured-cannabinoids-692376551.html"
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            "summary": "Cronos Group and Ginkgo Bioworks announce a landmark partnership to produce cultured cannabinoids.",
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                    "source": "https://www.globenewswire.com/news-release/2025/02/27/3033748/0/en/Cronos-Group-Reports-2024-Fourth-Quarter-and-Full-Year-Results.html"
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                "page_content": "Accessibility: Skip TopNav\n\n#  Cronos Group Reports 2024 Fourth Quarter and Full-Year Results\n\nFebruary 27, 2025 07:30 ET  | Source:  [ Cronos Group Inc. ](/en/search/organization/Cronos%2520Group%2520Inc\u00a7) Cronos Group Inc. \n\n* * *\n\n_Net revenue in Q4 2024 increased by 27% year-over-year to $30.3 million; Net\nrevenue in FY 2024 increased by 35% year-over-year to $117.6 million_\n\n_Spinach_ _\u00ae_ _Ends 2024 as the Number One Cannabis Brand in Canada_ _1_\n\n_PEACE NATURALS_ _\u00ae_ _Ends 2024 as the Number One Cannabis Brand in Israel_\n_2_\n\n_Industry leading balance sheet with_ _$859_ _million in cash_ _and cash\nequivalents_\n\nTORONTO, Feb. 27, 2025 (GLOBE NEWSWIRE) -- Cronos Group Inc. (NASDAQ: CRON)\n(TSX: CRON) (\u201cCronos\u201d or the \u201cCompany\u201d), today announced its 2024 fourth\nquarter and full-year business results.\n\n\"We set ambitious goals to deliver robust growth, improve margins, and achieve\noperational excellence. Today, I am proud to say that Cronos has not only met\nbut exceeded these objectives, as evidenced by our strong 2024 results. Our\nunwavering commitment to innovation, quality, and disciplined cost management\nhas solidified our leadership in the global cannabis industry,\" said Mike\nGorenstein, Chairman, President and CEO of Cronos.\n\n\"From Spinach  _\u00ae_ becoming the number one cannabis brand in Canada and PEACE\nNATURALS  _\u00ae_ achieving a number one position in Israel, to our groundbreaking\nadvancements in cannabis genetics, to international expansion, Cronos is well-\npositioned to capitalize on future opportunities and drive long-term value for\nour shareholders. As we look ahead to 2025, we remain focused on sustaining\nthis momentum, strengthening our market leadership, and delivering innovative\nproducts that resonate with consumers worldwide,\" continued Mr. Gorenstein.\n\"Our strategic investments, such as Cronos GrowCo, have enhanced our\ncultivation capabilities, ensuring a consistent supply of high-quality\ncannabis at scale with an improved gross margin profile, while our R&D\nbreakthroughs have set new industry standards. Internationally, we\u2019ve made\nsignificant strides, with PEACE NATURALS  _\u00ae_ leading in Israel and gaining\ntraction in Germany and the UK. Combined with a robust balance sheet and a\nportfolio of best-selling, borderless brands, Cronos is not just leading\ntoday, we\u2019re building the foundation for long-term excellence in the global\ncannabis industry. Looking to 2025, we're excited about the opportunities\nahead as we continue to innovate, expand, and deliver for our consumers and\nshareholders.\"  \n\n**_Consolidated Financial Results_ **\n\nOn June 20, 2024 the Company made an additional investment in Cronos Growing\nCompany (\"Cronos GrowCo\") to fund the expansion of cultivation operations.\nCronos also obtained majority control of the board of directors of Cronos\nGrowCo and began consolidating Cronos GrowCo's results from July 1, 2024.\nPrior to this date, the Company's investment in Cronos GrowCo consisted of an\ninvestment accounted for under the equity method and loans receivable from\nCronos GrowCo.\n\nIn the second quarter of 2023, the Company exited its United States (\"U.S.\")\nhemp-derived CBD operations. The exit of the U.S. operations represented a\nstrategic shift, and as such, qualifies for reporting as discontinued\noperations in our condensed consolidated statements of net income (loss) and\ncomprehensive income (loss). Prior period amounts have been reclassified to\nreflect the discontinued operations classification of the U.S. operations.\n\nThe tables below set forth our condensed consolidated results of continuing\noperations, expressed in thousands of U.S. dollars for the periods presented.\nOur condensed consolidated financial results for these periods are not\nnecessarily indicative of the consolidated financial results that we will\nachieve in future periods.\n\n_(in thousands of USD)_ |  |  **Three Months Ended December 31,** |  |  **Change** |  |  **Year ended December 31,** |  |  **Change**  \n---|---|---|---|---|---|---|---|---  \n|  |  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%**  \nCronos net revenue, excluding Cronos GrowCo net revenue  (i)  |  |  $  |  28,195  |  |  |  $  |  23,915  |  |  |  $  |  4,280  |  |  |  18  |  %  |  |  $  |  111,241  |  |  |  $  |  87,241  |  |  |  $  |  24,000  |  |  |  28  |  %   \nCronos GrowCo net revenue  (ii)  |  |  |  2,106  |  |  |  |  \u2014  |  |  |  |  2,106  |  |  |  N/A  |  |  |  |  6,374  |  |  |  |  \u2014  |  |  |  |  6,374  |  |  |  N/A  |   \nNet Revenue  |  |  $  |  30,301  |  |  |  $  |  23,915  |  |  |  $  |  6,386  |  |  |  27  |  %  |  |  $  |  117,615  |  |  |  $  |  87,241  |  |  |  $  |  30,374  |  |  |  35  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nCost of sales  |  |  |  19,494  |  |  |  |  21,913  |  |  |  |  (2,419  |  )  |  |  (11  |  )%  |  |  |  91,710  |  |  |  |  74,527  |  |  |  |  17,183  |  |  |  23  |  %   \nInventory write-down  |  |  |  \u2014  |  |  |  |  89  |  |  |  |  (89  |  )  |  |  N/A  |  |  |  |  707  |  |  |  |  805  |  |  |  |  (98  |  )  |  |  (12  |  )%   \nGross profit  |  |  $  |  10,807  |  |  |  $  |  1,913  |  |  |  $  |  8,894  |  |  |  465  |  %  |  |  $  |  25,198  |  |  |  $  |  11,909  |  |  |  $  |  13,289  |  |  |  112  |  %   \nGross margin  (  ii  i)  |  |  |  36  |  %  |  |  |  8  |  %  |  |  |  N/A  |  |  |  28  |  pp  |  |  |  21  |  %  |  |  |  14  |  %  |  |  |  N/A  |  |  |  7  |  pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nInventory step-up recorded to cost of sales  |  |  |  (1,832  |  )  |  |  |  \u2014  |  |  |  |  (1,832  |  )  |  |  N/A  |  |  |  |  5,284  |  |  |  |  \u2014  |  |  |  |  5,284  |  |  |  N/A  |   \nAdjusted Gross Profit  (iv)  |  |  $  |  8,975  |  |  |  $  |  1,913  |  |  |  $  |  7,062  |  |  |  369  |  %  |  |  $  |  30,482  |  |  |  $  |  11,909  |  |  |  $  |  18,573  |  |  |  156  |  %   \nAdjusted Gross Margin  (v)  |  |  |  30  |  %  |  |  |  8  |  %  |  |  |  N/A  |  |  |  22  |  pp  |  |  |  26  |  %  |  |  |  14  |  %  |  |  |  N/A  |  |  |  12  |  pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nNet income (loss)  |  |  $  |  43,941  |  |  |  $  |  (45,151  |  )  |  |  $  |  89,092  |  |  |  197  |  %  |  |  $  |  40,022  |  |  |  $  |  (70,439  |  )  |  |  $  |  110,461  |  |  |  N/M  |   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nAdjusted EBITDA  (  iv  )  |  |  $  |  (7,203  |  )  |  |  $  |  (14,790  |  )  |  |  $  |  7,587  |  |  |  51  |  %  |  |  $  |  (34,942  |  )  |  |  $  |  (61,564  |  )  |  |  $  |  26,622  |  |  |  43  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \n**Other Data** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nCash and cash equivalents  (  vi  )  |  |  $  |  858,805  |  |  |  $  |  669,291  |  |  |  $  |  189,514  |  |  |  28  |  %  |  |  |  |  |  |  |  |   \nShort-term investments  (  vi  )  |  |  |  \u2014  |  |  |  |  192,237  |  |  |  |  (192,237  |  )  |  |  (100  |  )%  |  |  |  |  |  |  |  |   \nCapital expenditures  (v  ii  )  |  |  |  3,708  |  |  |  |  1,792  |  |  |  |  1,916  |  |  |  107  |  %  |  |  |  13,154  |  |  |  |  3,423  |  |  |  |  9,731  |  |  |  284  |  %   \n  \n_(i)_ _Cronos net revenue, excluding Cronos GrowCo net revenue is net revenue\nless Cronos GrowCo net revenue and is after intercompany eliminations._  \n_(ii)_ _Cronos GrowCo net revenue is Cronos GrowCo's net revenue after\nintercompany eliminations._  \n_(iii)_ _Gross margin is defined as gross profit divided by net revenue._  \n_(iv)_ _See \"Non-GAAP Measures\" for more information, including a\nreconciliation of adjusted earnings (loss) before interest, taxes,\ndepreciation and amortization (\"Adjusted EBITDA\") to net income (loss) and a\nreconciliation of Adjusted Gross Profit to gross profit._  \n_(v)_ _Adjusted Gross Margin is defined as Adjusted Gross Profit divided by\nnet revenue. See \u201cNon-GAAP Measures\u201d for more information._  \n_(vi)_ _Dollar amounts are as of the last day of the period indicated._  \n_(vii)_ _Capital expenditures represent component information of investing\nactivities and is defined as the sum of purchase of property, plant and\nequipment, and purchase of intangible assets._\n\n**Fourth Quarter** **2024**\n\n  * Net revenue of $30.3 million in Q4 2024 increased by $6.4 million from Q4 2023. The increase year-over-year was primarily driven by higher cannabis flower and extract sales in the Canadian market and higher cannabis flower sales in Israel and other countries. Cronos GrowCo contributed $2.1 million of cannabis flower sales in Q4 2024. No such sales were recognized in Q4 2023. \n  * Gross profit of $10.8 million in Q4 2024 increased by $8.9 million from Q4 2023. The increase year-over-year was primarily due to higher cannabis flower and extract sales in the Canadian market, higher cannabis flower sales in Israel and other countries, and production cost improvements. Gross profit was positively impacted by $1.8 million in the quarter in connection with the finalization of the purchase accounting for the Cronos GrowCo Transaction, which resulted in a reduction of the fair value of inventory acquired from Cronos GrowCo and the corresponding inventory step-up previously recorded into cost of sales in Q3 2024. No such impact was recognized for 2023. \n  * Adjusted gross profit of $9.0 million in Q4 2024 improved by $7.1 million from Q4 2023. The improvement year-over-year was primarily driven by higher cannabis flower and extract sales in the Canadian market, higher cannabis flower sales in Israel, and production cost improvements. \n  * Adjusted EBITDA of $(7.2) million in Q4 2024 improved by $7.6 million from Q4 2023. The improvement year-over-year was primarily driven by higher adjusted gross profit. \n\n**Full-Year** **2024**\n\n  * Net revenue of $117.6 million in full-year 2024 increased by $30.4 million from full-year 2023. The increase year-over-year was primarily due to higher cannabis flower and extract sales in the Canadian market and higher cannabis flower sales in Israel and other countries. Cronos GrowCo contributed $6.4 million of cannabis flower sales in the year ended December 31, 2024. No such sales were recognized for the year ended December 31, 2023. \n  * Gross profit of $25.2 million in full-year 2024 increased by $13.3 million from full-year 2023. The increase year-over-year was primarily due to higher cannabis flower and extract sales in the Canadian market, higher cannabis flower sales in Israel and other countries, and production cost improvements. This increase was partially offset by the impact on cost of sales from the inventory step-up from the Cronos GrowCo Transaction. For 2024, gross profit was reduced $5.3 million as a result of the impact of the inventory step-up from the Cronos GrowCo Transaction that was recorded into cost of sales since July 1, 2024. No such costs were recognized for 2023. \n  * Adjusted gross profit of $30.5 million in full-year 2024 increased by $18.6 million from full-year 2023. The increase year-over-year was primarily due to higher cannabis flower and extract sales in the Canadian market, higher cannabis flower sales in Israel and other countries, and production cost improvements. \n  * Adjusted EBITDA of $(34.9) million in full-year 2024 improved by $26.6 million from full-year 2023. The improvement year-over-year was primarily driven by higher adjusted gross profit and lower sales and marketing, research and development, and general administrative expenses. \n\n**_Business Updates_ **\n\n**Brand and Product Portfolio**\n\n__Spinach_ _ \u00ae  3  \nIn 2024, the SOURZ by Spinach  \u00ae  brand expanded its edible lineup with\nseveral innovative launches. Our industry-leading SOURZ by Spinach  \u00ae\nproducts are the best-selling gummies in the Canadian market and have captured\nan impressive 23% market share in Q4 2024, with five of the top ten best-\nselling edibles in Canada coming from the SOURZ lineup. A key addition to our\ngummy portfolio has been the 1-piece, 10mg THC Fully Blasted SOURZ by Spinach\n\u00ae  product, which launched in 2024. In Q4 2024 we launched two new Fully\nBlasted flavors, Peach Orange and Strawberry Mango. We also launched a new CBD\nmulti-pack, SOURZ by Spinach  \u00ae  CBD Berry Variety Pack.\n\nIn 2024 our proprietary genetics breeding program continued to provide our\nportfolio with winning cultivars that allow us to launch differentiated\nproducts across markets and maintain a number one position in the flower\ncategory. In 2024, we introduced Spinach Grindz\u2122, a milled flower offering\nutilizing our Citrus Crush and Cookie Dough strains, designed for convenient\nuse in joints or vaporizers. In Q4 2024, the Spinach  \u00ae  brand maintained its\nposition as the number one flower brand in Canada, with 5.7% market share.\n\nIn 2024, we introduced two new Spinach  \u00ae  all-in-one vapes, Pineapple\nParadise and Blueberry Dynamite that are performing well and helping to drive\nmarket share gains. The brand's 0.5g all-in-one Spinach HITZ\u2122 vapes introduced\nnew Pink Lemonade and Rocket Icicle flavors, alongside line extensions in\nSpinach  \u00ae  1.2g vapes. Spinach  \u00ae  vapes were the number four vape brand in\nQ4 2024, holding 5.9% market share. Vape production was brought in-house in\nthe second half of 2024 in an effort to streamline manufacturing and enhance\nproduction efficiency in this category.\n\nIn 2024, we launched Spinach  \u00ae  Fully Charged pre-rolls and infused pre-rolls\nas well as the Spinach  \u00ae  Fully Charged Party Pack and the Spinach  \u00ae  Fully\nCharged Tropical Pack. These launches were the culmination of our product\ndevelopment efforts and portfolio refresh. The infused pre-roll category is\ncontinuing to grow, and we expect this category to be key to future growth for\nboth Cronos and the industry, which is why we are committed to the evolution\nand innovation of our pre-roll portfolio. In Q4 2024, Spinach  \u00ae  was ranked\nseventh in the pre-roll category with 2.5% market share.\n\n__Lord Jones_ _ __\u00ae_ _ __3_ _  \nIn Q4 2024, Lord Jones  \u00ae  Chocolates Fusions\u2122 had 9.6% market share and ended\nthe year as the third best-selling chocolate brand in Canada. In January 2025,\nthe brand launched a Lord Jones  \u00ae  Chocolate Fusions\u2122 fudge brownie flavor,\nwhich features a 1:1:1 ratio of CBN, CBD and THC. Lord Jones  \u00ae  Chocolate\nFusions\u2122 edibles highlight the brand\u2019s commitment to innovation and\ncraftsmanship, offering four flavors: cookies and cream, dazzle-berry pop,\nsalted caramel crunch and fudge brownie.\n\nIn 2024, we also launched Lord Jones  \u00ae  live resin vapes featuring\nmeticulously curated cultivars, delivering a rich, full-spectrum experience\nthat combines pure live resin with sleek, high-quality hardware. In the second\nhalf of 2023, we launched Ice Water Hash Fusions pre-rolls, which feature\nflower and terpene-rich ice water hash and are fitted with a branded ceramic\ntip. The Ice Water Hash Fusions pre-rolls continued performing throughout\n2024, rising to the number one position in the hash pre-roll category.\nTogether, these launches underscore the brand\u2019s dedication to excellence and\nits focus on creating exceptional, high-quality cannabis-infused products.\n\n__PEACE NATURALS_ _ __\u00ae_ _ __2_ _  \nIn 2024, Cronos Israel revamped and repositioned its flower portfolio,\noptimizing pricing, potency and bringing new, exciting strains to market to\nmeet patient needs. The PEACE NATURALS  \u00ae  brand launched new strains\nincluding GG4, Key Limez Punch, Pink Sherb, Tangie Kush, Citra Diesel, Tahoe\nOG Kush and GMO Lite, providing consumers with additional variety and choice.\nIn Q4 2024, PEACE NATURALS  \u00ae  was the number one flower brand in Israel with\n24% market share and PEACE NATURALS  \u00ae  cannabis oils are the fourth most\npopular brand in Israel with 9% market share.\n\nIn 2024, Cronos expanded into the United Kingdom (the \"UK\") by shipping its\nfirst batch of PEACE NATURALS  \u00ae  medical cannabis flower to this emerging\nmarket, through a partnership with a third-party distributor of prescribed\ncannabis products.\n\nThroughout 2024, the Company continued its sales to the German market through\nthe PEACE NATURALS  \u00ae  brand. Cronos sells the PEACE NATURALS  \u00ae  brand\nthrough its distribution partner, Cansativa GmbH (\"Cansativa\"), one of the\nleading distributors of medical cannabis in Germany and supplies flower for\nits private-label brand. Cronos has seen strong demand for its proprietary\ngenetics, such as GMO and Wedding Cake, in both Germany and the UK under the\nPEACE NATURALS  \u00ae  brand.\n\n**Global Supply Chain and Operations**\n\nThe expansion efforts at Cronos GrowCo's facility are well underway. In Q4\n2024, Health Canada approved amendments to the site's perimeter. Cronos GrowCo\nexpects to finish construction of the expanded cultivation and processing\nfacilities in Q2 2025, with first harvests and sales from the area commencing\nin the second half of 2025. Prior to the commencement of sales from the\nexpanded facility, Cronos has the option to purchase up to 80% of Cronos\nGrowCo's total production. Once sales from the expanded area begin, Cronos\nwill have the option to purchase up to 70% of the total production from the\nexpanded facility. The expansion of Cronos GrowCo positions the Company to\ncapitalize on domestic demand and meet international growth opportunities in\nthe global cannabis market.\n\nOn November 26, 2023, the Company announced that Peace Naturals Project Inc.\nhad entered into an agreement to sell and lease back its facility in Stayner,\nOntario (the \"Peace Naturals Campus\"). However, the agreement was terminated\nin the Q2 of 2024 pursuant to its terms, and the Company has decided to\ncontinue and expand its operations at the site.\n\nAs part of the expanding operations at the Peace Naturals Campus, in the\nsecond-half of 2024, the Company invested in machinery, automation and process\nimprovement to drive cost efficiency within the facility. This also included\ninvestment in warehousing and vault expansion as well as R&D equipment and\nlaboratory enhancements.\n\n**_Guidance_ **\n\nThe Company achieved $8.7 million in operating expense savings in 2024 on a\nstandalone basis, meeting its previously announced operating expense savings\ntarget of $5 to $10 million. The savings were primarily driven by lower\nexpenses in general and administrative, research and development and sales and\nmarketing. The operating expense savings exclude the impact of the\nconsolidation of Cronos GrowCo's results into the Company's financial\nstatements.\n\n**_Conference Call_ **\n\nThe Company will host a conference call and live audio webcast on Thursday,\nFebruary 27, 2025, at 8:30 a.m. ET to discuss 2024 Fourth Quarter and Full-\nYear business results. An audio replay of the call will be archived on the\nCompany\u2019s website for replay. Instructions for the live audio webcast are\nprovided on the Company's website at: _https://ir.thecronosgroup.com/events-\npresentations._  \n\n**About Cronos**\n\nCronos is an innovative global cannabinoid company committed to building\ndisruptive intellectual property by advancing cannabis research, technology\nand product development. With a passion to responsibly elevate the consumer\nexperience, Cronos is building an iconic brand portfolio. Cronos\u2019 diverse\ninternational brand portfolio includes Spinach  \u00ae  , PEACE NATURALS  \u00ae  and\nLord Jones  \u00ae  . For more information about Cronos and its brands, please\nvisit: thecronosgroup.com.\n\n**Forward-Looking Statements**\n\nThis press release contains information that constitutes forward-looking\ninformation and forward-looking statements within the meaning of applicable\nsecurities laws and court decisions (collectively, \u201cForward-Looking\nStatements\u201d), which are based upon our current internal expectations,\nestimates, projections, assumptions and beliefs. All information that is not\nclearly historical in nature may constitute Forward-Looking Statements. In\nsome cases, Forward-Looking Statements can be identified by the use of\nforward-looking terminology such as \u201cexpect\u201d, \u201clikely\u201d, \u201cmay\u201d, \u201cwill\u201d,\n\u201cshould\u201d, \u201cintend\u201d, \u201canticipate\u201d, \u201cpotential\u201d, \u201cproposed\u201d, \u201cestimate\u201d and\nother similar words, expressions and phrases, including negative and\ngrammatical variations thereof, or statements that certain events or\nconditions \u201cmay\u201d or \u201cwill\u201d happen, or by discussion of strategy. Forward-\nLooking Statements include estimates, plans, expectations, opinions,\nforecasts, projections, targets, guidance or other statements that are not\nstatements of historical fact.\n\nForward-Looking Statements include, but are not limited to, statements with\nrespect to:\n\n  * the ongoing impact of the public investigation into Canadian licensed producers of alleged dumping of medical cannabis imports from Canada into Israel by the Trade Levies Commissioner of the Israel Ministry of Economy and Industry (the \u201cAnti-Dumping Investigation\u201d) and the proposed anti-dumping duty to which the Company\u2019s imports would be subject; \n  * expectations related to the conflict involving Israel, Hamas, Hezbollah, Houthis, Iran, Iran\u2019s proxies and other stakeholders in the region (the \u201cMiddle East Conflict\u201d) and its impact on our operations in Israel, the supply of product in the market and the demand for product by medical patients in Israel, as well as any regional or global escalations and their impact to global commerce and stability; \n  * expectations related to the German, Australian and UK markets, including our strategic partnerships with Cansativa, Vitura Health Limited (\u201cVitura\u201d), and other distributors, respectively, and our ability to successfully distribute the PEACE NATURALS  \u00ae  brand in Germany and the UK; \n  * expectations related to our announcement of cost-cutting measures, including our decision to wind-down operations at our Winnipeg, Manitoba facility and list the facility for sale, the expected costs and benefits from the wind-down of production activities at the facility, challenges and effects related thereto as well as changes in strategy, metrics, investments, costs, operating expenses, employee turnover and other changes with respect thereto; \n  * expectations related to the impact of our decision to exit our U.S. hemp-derived cannabinoid product operations; \n  * the ongoing impact of our announced realignment (the \u201cRealignment\u201d) and any progress, challenges and effects related thereto as well as changes in strategy, metrics, investments, reporting structure, costs, operating expenses, employee turnover and other changes with respect thereto; \n  * our expectations as to the use of the Peace Naturals Campus; \n  * our ability to acquire raw materials from suppliers, including Cronos GrowCo, and the costs and timing associated therewith; \n  * expectations regarding the potential success of, and the costs and benefits associated with, our joint ventures, strategic alliances and equity investments; \n  * expectations related to the transaction by which we obtained majority control of the board of directors of Cronos GrowCo, which qualified as a business combination under Accounting Standards Codification 805, and the expansion of Cronos GrowCo\u2019s purpose-built cultivation and processing facilities; \n  * our ability or plans to identify, develop, commercialize or expand our technology and R&D initiatives in cannabinoids, or the success thereof; \n  * expectations regarding revenues, expenses, gross margins and capital expenditures; \n  * expectations regarding our future production and manufacturing strategy and operations, the costs and timing associated therewith and the receipt of applicable production and sale licenses; \n  * the ongoing impact of the legalization of additional cannabis product types and forms for adult-use in Canada, including federal, provincial, territorial and municipal regulations pertaining thereto, the related timing and impact thereof and our intentions to participate in such markets; \n  * the legalization of the use of cannabis for medical or adult-use in jurisdictions outside of Canada, including the United States and Germany, the related timing and impact thereof and our intentions to participate in such markets, if and when such use is legalized; \n  * the grant, renewal, withdrawal, suspension, delay and impact of any license or supplemental license to conduct activities with cannabis or any amendments thereof; \n  * our ability to successfully create and launch brands and cannabis products; \n  * expectations related to the differentiation of our products, including through the utilization of rare cannabinoids; \n  * the benefits, viability, safety, efficacy, dosing and social acceptance of cannabis, including CBD and other cannabinoids; \n  * laws and regulations and any amendments thereto applicable to our business and the impact thereof, including uncertainty regarding the application of U.S. state and federal law to cannabis and U.S. hemp (including CBD and other U.S. hemp-derived cannabinoids) products and the scope of any regulations by the U.S. Food and Drug Administration, the U.S. Drug Enforcement Administration, the U.S. Federal Trade Commission, the U.S. Patent and Trademark Office and any state equivalent regulatory agencies over cannabis and U.S. hemp (including CBD and other U.S. hemp-derived cannabinoids) products, including the possibility marijuana is moved from Schedule I to Schedule III under the U.S. Controlled Substances Act; \n  * the anticipated benefits and impact of Altria Group Inc.\u2019s investment in the Company (the \u201cAltria Investment\u201d), pursuant to a subscription agreement dated December 7, 2018; \n  * uncertainties as to our ability to exercise our option (the \u201cPharmaCann Option\u201d) in PharmaCann Inc. (\u201cPharmaCann\u201d), in the near term or the future, in full or in part, including the uncertainties as to the status and future development of federal legalization of cannabis in the U.S. and our ability to realize the anticipated benefits of the transaction with PharmaCann; \n  * expectations regarding the implementation and effectiveness of key personnel changes; \n  * expectations regarding business combinations and dispositions and the anticipated benefits therefrom; \n  * expectations of the amount or frequency of impairment losses, including as a result of the write-down of intangible assets, including goodwill; \n  * the impact of the ongoing military conflict between Russia and Ukraine (and resulting sanctions) on our business, financial condition and results of operations or cash flows; \n  * our compliance with the terms of the settlement (the \u201cSettlement Order\u201d) with the SEC and the settlement agreement with the Ontario Securities Commission (the \u201cSettlement Agreement\u201d); and \n  * the impact of the loss of our ability to rely on private offering exemptions under Regulation D of the Securities Act of 1933, as amended, and the loss of our status as a well-known seasoned issuer, each as a result of the Settlement Order. \n\nCertain of the Forward-Looking Statements contained herein concerning the\nindustries in which we conduct our business are based on estimates prepared by\nus using data from publicly available governmental sources, market research,\nindustry analysis and on assumptions based on data and knowledge of these\nindustries, which we believe to be reasonable. However, although generally\nindicative of relative market positions, market shares and performance\ncharacteristics, such data is inherently imprecise. The industries in which we\nconduct our business involve risks and uncertainties that are subject to\nchange based on various factors, which are described further below.\n\nThe Forward-Looking Statements contained herein are based upon certain\nmaterial assumptions that were applied in drawing a conclusion or making a\nforecast or projection, including: (i) our ability to effectively navigate\ndevelopments related to the Anti-Dumping Investigation and the proposed anti-\ndumping duty to which the Company\u2019s imports would be subject and its impact on\nour operations in Israel; (ii) our ability to effectively navigate\ndevelopments related to the Middle East Conflict and its impact on our\nemployees and operations in Israel, the supply of product in the market and\ndemand for product by medical patients in Israel; (iii) our ability to\nefficiently and effectively distribute our PEACE NATURALS  \u00ae  brand in Germany\nwith our strategic partner Cansativa and in the UK with our strategic\ndistribution partner and our ability to efficiently and effectively distribute\nproducts in Australia with our strategic partner Vitura; (iv) our ability to\nrealize the expected cost-savings and other benefits related to the wind-down\nof our operations at our Winnipeg, Manitoba facility; (v) expectations related\nto the impact of our decision to exit our U.S. hemp-derived cannabinoid\nproduct operations; (vi) our ability to realize the expected cost-savings,\nefficiencies and other benefits of our Realignment and other announced cost-\ncutting measures and employee turnover related thereto; (vii) our ability to\nefficiently and effectively manage our operations at our Peace Naturals\nCampus; (viii) our ability efficiently and effectively acquire raw materials\non a timely and cost-effective basis from third parties or Cronos GrowCo; (ix)\nthe timely completion of the expansion of Cronos GrowCo\u2019s purpose-built\ncannabis facility and the ability of Cronos GrowCo to repay the credit\nfacility provided by Cronos; (x) our ability to realize anticipated benefits,\nsynergies or generate revenue, profits or value from our business combinations\nand strategic investments; (xi) the production and manufacturing capabilities\nand output from our facilities and our joint ventures, strategic alliances and\nequity investments; (xii) government regulation of our activities and products\nincluding, but not limited to, the areas of cannabis taxation and\nenvironmental protection; (xiii) the timely receipt of any required regulatory\nauthorizations, approvals, consents, permits and/or licenses; (xiv) consumer\ninterest in our products; (xv) our ability to differentiate our products,\nincluding through the utilization of rare cannabinoids; (xvi) competition;\n(xvii) anticipated and unanticipated costs; (xviii) our ability to generate\ncash flow from operations; (xix) our ability to conduct operations in a safe,\nefficient and effective manner; (xx) our ability to hire and retain qualified\nstaff, and acquire equipment and services in a timely and cost-efficient\nmanner; (xxi) our ability to exercise the PharmaCann Option and realize the\nanticipated benefits of the transaction with PharmaCann; (xxii) our ability to\ncomplete planned dispositions, and, if completed, obtain our anticipated sales\nprice; (xxiii) general economic, financial market, regulatory and political\nconditions in which we operate; (xxiv) management\u2019s perceptions of historical\ntrends, current conditions and expected future developments; and (xxv) other\nconsiderations that management believes to be appropriate in the\ncircumstances. While our management considers these assumptions to be\nreasonable based on information currently available to management, there is no\nassurance that such expectations will prove to be correct.\n\nBy their nature, Forward-Looking Statements are subject to inherent risks and\nuncertainties that may be general or specific and which give rise to the\npossibility that expectations, forecasts, predictions, projections or\nconclusions will not prove to be accurate, that assumptions may not be correct\nand that objectives, strategic goals and priorities will not be achieved. A\nvariety of factors, including known and unknown risks, many of which are\nbeyond our control, could cause actual results to differ materially from the\nForward-Looking Statements in this press release and other reports we file\nwith, or furnish to, the SEC and other regulatory agencies and made by our\ndirectors, officers, other employees and other persons authorized to speak on\nour behalf. Such factors include, without limitation, negative impacts on our\nbusiness and operations in Israel due to the Anti-Dumping Investigation,\nincluding that we may not be able to produce, import or sell our products in\nIsrael as a result thereof; negative impacts on our employees, business and\noperations in Israel due to the Middle East Conflict, including that we may\nnot be able to produce, import or sell our products or protect our people or\nfacilities in Israel during the Middle East Conflict; the supply of product in\nthe market and the demand for product by medical patients in Israel; that we\nmay not be able to successfully continue to distribute our products in\nGermany, Australia and the UK or generate material revenue from sales in those\nmarkets; that we may not be able to achieve the anticipated benefits of the\nwind-down of our operations at our Winnipeg, Manitoba facility; that we may be\nunable to further streamline our operations and reduce expenses; that we may\nnot be able to effectively and efficiently re-enter the U.S. market in the\nfuture; that we may not be able to access raw materials on a timely and cost-\neffective basis from third-parties or Cronos GrowCo; that Cronos GrowCo may\nnot be able to complete the expansion of its purpose-built cannabis facility\nwithin a reasonable time or repay its borrowings under the credit facility\nprovided by Cronos; that the military conflict between Russia and Ukraine may\ndisrupt our operations and those of our suppliers and distribution channels\nand negatively impact the demand for and use of our products; the risk that\ncost savings and any other synergies from the Altria Investment may not be\nfully realized or may take longer to realize than expected; failure to execute\nkey personnel changes; that our Realignment and our further leveraging of our\nstrategic partnerships will not result in the expected cost-savings,\nefficiencies and other benefits or will result in greater than anticipated\nturnover in personnel; that we may not be able to efficiently and effectively\nmanage our operations, and any changes thereto, at our Peace Naturals Campus;\nlower levels of revenues; the lack of consumer demand for our products; our\ninability to manage disruptions in credit markets; unanticipated future levels\nof capital, environmental or maintenance expenditures, general and\nadministrative and other expenses; failure to realize expected growth\nopportunities; the lack of cash flow necessary to execute our business plan\n(either within the expected timeframe or at all); difficulty raising capital;\nthe potential adverse effects of judicial, regulatory or other proceedings, or\nthreatened litigation or proceedings, on our business, financial condition,\nresults of operations and cash flows; volatility in and/or degradation of\ngeneral economic, market, industry or business conditions; compliance with\napplicable environmental, economic, health and safety, energy and other\npolicies and regulations and in particular health concerns with respect to\nvaping and the use of cannabis and U.S. hemp products in vaping devices; the\nunexpected effects of actions of third parties such as competitors, activist\ninvestors or federal (including U.S. federal), state, provincial, territorial\nor local regulatory authorities or self-regulatory organizations; adverse\nchanges in regulatory requirements in relation to our business and products;\nlegal or regulatory obstacles that could prevent us from being able to\nexercise the PharmaCann Option and thereby realize the anticipated benefits of\nthe transaction with PharmaCann; dilution of our fully-diluted ownership of\nPharmaCann and the loss of our rights as a result of that dilution; our\nfailure to improve our internal control environment and our systems, processes\nand procedures; and the factors discussed under Part I, Item 1A \u201c _Risk\nFactors_ \u201d in our Annual Report on Form 10-K for the year ended December 31,\n2024. Readers are cautioned to consider these and other factors, uncertainties\nand potential events carefully and not to put undue reliance on Forward-\nLooking Statements.\n\nForward-Looking Statements are provided for the purposes of assisting the\nreader in understanding our financial performance, financial position and cash\nflows as of and for periods ended on certain dates and to present information\nabout management\u2019s current expectations and plans relating to the future, and\nthe reader is cautioned not to place undue reliance on these Forward-Looking\nStatements because of their inherent uncertainty and to appreciate the limited\npurposes for which they are being used by management. While we believe that\nthe assumptions and expectations reflected in the Forward-Looking Statements\nare reasonable based on information currently available to management, there\nis no assurance that such assumptions and expectations will prove to have been\ncorrect. Forward-Looking Statements are made as of the date they are made and\nare based on the beliefs, estimates, expectations and opinions of management\non that date. We undertake no obligation to update or revise any Forward-\nLooking Statements, whether as a result of new information, estimates or\nopinions, future events or results or otherwise or to explain any material\ndifference between subsequent actual events and such Forward-Looking\nStatements. The Forward-Looking Statements contained in this press release and\nother reports we file with, or furnish to, the SEC and other regulatory\nagencies and made by our directors, officers, other employees and other\npersons authorized to speak on our behalf are expressly qualified in their\nentirety by these cautionary statements.\n\n____________________________________________  \n1  Hifyre Retail Analytics - National Retail Dollar by Brand in Canada -\nDecember 2024.  \n2  Market share and ranking information from pharmacy data collected by Cronos\n- December 2024.  \n3  All market share and ranking information from Hifyre Retail Analytics -\nNational Retail Dollar by Brand in Canada - December 2024, unless otherwise\nspecified.  \n  \n---  \n**Cronos Group Inc.**  \n**Consolidated Balance Sheets**  \n_(In thousands of U.S. dollars)_  \n|  **As of December 31,**  \n|  |  **2024** |  |  |  |  **2023** |   \n**Assets** |  |  |   \nCurrent assets  |  |  |   \nCash and cash equivalents  |  $  |  858,805  |  |  |  $  |  669,291  |   \nShort-term investments  |  |  \u2014  |  |  |  |  192,237  |   \nAccounts receivable, net  |  |  15,462  |  |  |  |  13,984  |   \nInterest receivable  |  |  8,690  |  |  |  |  10,012  |   \nOther receivables  |  |  5,000  |  |  |  |  6,341  |   \nCurrent portion of loans receivable, net  |  |  618  |  |  |  |  5,541  |   \nInventory, net  |  |  33,149  |  |  |  |  30,495  |   \nPrepaids and other current assets  |  |  6,277  |  |  |  |  5,405  |   \nHeld-for-sale assets  |  |  8,112  |  |  |  |  \u2014  |   \nTotal current assets  |  |  936,113  |  |  |  |  933,306  |   \nEquity method investments, net  |  |  \u2014  |  |  |  |  19,488  |   \nOther investments  |  |  2,813  |  |  |  |  35,251  |   \nNon-current portion of loans receivable, net  |  |  15,526  |  |  |  |  69,036  |   \nProperty, plant and equipment, net  |  |  133,189  |  |  |  |  59,468  |   \nRight-of-use assets  |  |  1,390  |  |  |  |  1,356  |   \nGoodwill  |  |  63,453  |  |  |  |  1,057  |   \nIntangible assets, net  |  |  11,257  |  |  |  |  21,078  |   \nDeferred tax assets  |  |  2,571  |  |  |  |  226  |   \n**Total assets** |  $  |  1,166,312  |  |  |  $  |  1,140,266  |   \n**Liabilities** |  |  |   \nCurrent liabilities  |  |  |   \nAccounts payable  |  $  |  16,973  |  |  |  $  |  12,130  |   \nIncome taxes payable  |  |  9  |  |  |  |  64  |   \nAccrued liabilities  |  |  31,653  |  |  |  |  27,736  |   \nCurrent portion of lease obligation  |  |  1,025  |  |  |  |  994  |   \nDerivative liabilities  |  |  40  |  |  |  |  102  |   \nCurrent portion due to non-controlling interests  |  |  \u2014  |  |  |  |  373  |   \nTotal current liabilities  |  |  49,700  |  |  |  |  41,399  |   \nNon-current portion due to non-controlling interests  |  |  1,073  |  |  |  |  1,003  |   \nNon-current portion of lease obligation  |  |  993  |  |  |  |  1,559  |   \nDeferred tax liabilities  |  |  3,564  |  |  |  |  181  |   \n**Total liabilities** |  |  55,330  |  |  |  |  44,142  |   \n**Shareholders\u2019 equity** |  |  |   \nShare capital and additional paid-in capital  |  |  669,879  |  |  |  |  662,174  |   \nRetained earnings  |  |  457,709  |  |  |  |  416,719  |   \nAccumulated other comprehensive income (loss)  |  |  (63,525  |  )  |  |  |  20,678  |   \nTotal equity attributable to shareholders of Cronos Group  |  |  1,064,063  |  |  |  |  1,099,571  |   \nNon-controlling interests  |  |  46,919  |  |  |  |  (3,447  |  )   \n**Total shareholders\u2019 equity** |  |  1,110,982  |  |  |  |  1,096,124  |   \n**Total liabilities and shareholders\u2019 equity** |  $  |  1,166,312  |  |  |  $  |  1,140,266  |   \n  \n  \n\n**Cronos Group Inc.**  \n**Consolidated Statements of Net Income (Loss) and Comprehensive Income\n(Loss)**  \n_(In thousands of U.S. dollars, except share and per share amounts)_  \n---  \n|  **Year ended December 31,**  \n|  |  **2024** |  |  |  |  **2023** |  |  |  |  **2022** |   \n**Net revenue, before excise taxes** |  $  |  161,821  |  |  |  $  |  120,270  |  |  |  $  |  109,301  |   \nExcise taxes  |  |  (44,206  |  )  |  |  |  (33,029  |  )  |  |  |  (22,552  |  )   \n**Net revenue** |  |  117,615  |  |  |  |  87,241  |  |  |  |  86,749  |   \nCost of sales  |  |  91,710  |  |  |  |  74,527  |  |  |  |  71,313  |   \nInventory write-down  |  |  707  |  |  |  |  805  |  |  |  |  \u2014  |   \n**Gross profit** |  |  25,198  |  |  |  |  11,909  |  |  |  |  15,436  |   \n**Operating expenses** |  |  |  |  |   \nSales and marketing  |  |  21,603  |  |  |  |  22,701  |  |  |  |  18,046  |   \nResearch and development  |  |  4,229  |  |  |  |  5,843  |  |  |  |  13,131  |   \nGeneral and administrative  |  |  46,514  |  |  |  |  49,475  |  |  |  |  67,674  |   \nRestructuring costs  |  |  630  |  |  |  |  1,524  |  |  |  |  3,545  |   \nShare-based compensation  |  |  8,700  |  |  |  |  8,756  |  |  |  |  15,008  |   \nDepreciation and amortization  |  |  3,701  |  |  |  |  5,044  |  |  |  |  5,967  |   \nImpairment loss on long-lived assets  |  |  16,350  |  |  |  |  3,366  |  |  |  |  3,493  |   \nTotal operating expenses  |  |  101,727  |  |  |  |  96,709  |  |  |  |  126,864  |   \nOperating loss  |  |  (76,529  |  )  |  |  |  (84,800  |  )  |  |  |  (111,428  |  )   \n**Other income (expense)** |  |  |  |  |   \nInterest income, net  |  |  52,019  |  |  |  |  51,235  |  |  |  |  22,514  |   \nGain (loss) on revaluation of derivative liabilities  |  |  49  |  |  |  |  (85  |  )  |  |  |  14,060  |   \nShare of income from equity method investments  |  |  2,365  |  |  |  |  1,583  |  |  |  |  3,114  |   \nGain on revaluation of loan receivable  |  |  11,804  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nGain on revaluation of equity method investment  |  |  32,469  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nGain (loss) on revaluation of financial instruments  |  |  (6,248  |  )  |  |  |  (12,042  |  )  |  |  |  14,739  |   \nImpairment loss on other investments  |  |  (25,650  |  )  |  |  |  (23,350  |  )  |  |  |  (61,392  |  )   \nForeign currency transaction gain (loss)  |  |  57,859  |  |  |  |  (7,324  |  )  |  |  |  (2,286  |  )   \nLoss on held-for-sale assets  |  |  (11,202  |  )  |  |  |  \u2014  |  |  |  |  \u2014  |   \nOther, net  |  |  (350  |  )  |  |  |  1,114  |  |  |  |  (324  |  )   \nTotal other income (expense)  |  |  113,115  |  |  |  |  11,131  |  |  |  |  (9,575  |  )   \nIncome (loss) before income taxes  |  |  36,586  |  |  |  |  (73,669  |  )  |  |  |  (121,003  |  )   \nIncome tax expense (benefit)  |  |  (3,436  |  )  |  |  |  (3,230  |  )  |  |  |  34,175  |   \nIncome (loss) from continuing operations  |  |  40,022  |  |  |  |  (70,439  |  )  |  |  |  (155,178  |  )   \nLoss from discontinued operations  |  |  \u2014  |  |  |  |  (4,114  |  )  |  |  |  (13,556  |  )   \nNet income (loss)  |  |  40,022  |  |  |  |  (74,553  |  )  |  |  |  (168,734  |  )   \nNet income (loss) attributable to non-controlling interest  |  |  (1,058  |  )  |  |  |  (590  |  )  |  |  |  \u2014  |   \nNet income (loss) attributable to Cronos Group  |  $  |  41,080  |  |  |  $  |  (73,963  |  )  |  |  $  |  (168,734  |  )   \n|  |  |  |  |   \n**Comprehensive income (loss)** |  |  |  |  |   \nNet income (loss)  |  $  |  40,022  |  |  |  $  |  (74,553  |  )  |  |  $  |  (168,734  |  )   \nOther comprehensive income (loss)  |  |  |  |  |   \nForeign exchange gain (loss) on translation  |  |  (86,321  |  )  |  |  |  21,539  |  |  |  |  (50,616  |  )   \nComprehensive income (loss)  |  |  (46,299  |  )  |  |  |  (53,014  |  )  |  |  |  (219,350  |  )   \nComprehensive income (loss) attributable to non-controlling interest  |  |  (3,176  |  )  |  |  |  (526  |  )  |  |  |  46  |   \n**Comprehensive income (loss) attributable to Cronos Group** |  $  |  (43,123  |  )  |  |  $  |  (52,488  |  )  |  |  $  |  (219,396  |  )   \n|  |  |  |  |   \n**Net income (loss) per share** |  |  |  |  |   \nBasic - continuing operations  |  $  |  0.11  |  |  |  $  |  (0.18  |  )  |  |  $  |  (0.41  |  )   \nBasic - discontinued operations  |  $  |  \u2014  |  |  |  $  |  (0.01  |  )  |  |  $  |  (0.04  |  )   \nBasic net income (loss) per share attributable to Cronos Group  |  $  |  0.11  |  |  |  $  |  (0.19  |  )  |  |  $  |  (0.45  |  )   \n|  |  |  |  |   \nDiluted - continuing operations  |  $  |  0.11  |  |  |  $  |  (0.18  |  )  |  |  $  |  (0.41  |  )   \nDiluted - discontinued operations  |  $  |  \u2014  |  |  |  $  |  (0.01  |  )  |  |  $  |  (0.04  |  )   \nDiluted net income (loss) per share attributable to Cronos Group  |  $  |  0.11  |  |  |  $  |  (0.19  |  )  |  |  $  |  (0.45  |  )   \n**Weighted average number of outstanding shares** |  |  |  |  |   \nBasic  |  |  382,058,056  |  |  |  |  380,964,739  |  |  |  |  376,961,797  |   \nDiluted  |  |  385,557,002  |  |  |  |  380,964,739  |  |  |  |  376,961,797  |   \n  \n  \n\n|  **Three months ended December 31,**  \n---|---  \n|  |  **2024** |  |  |  |  **2023** |   \n**Net revenue, before excise taxes** |  $  |  41,182  |  |  |  $  |  34,006  |   \nExcise taxes  |  |  (10,881  |  )  |  |  |  (10,091  |  )   \n**Net revenue** |  |  30,301  |  |  |  |  23,915  |   \nCost of sales  |  |  19,494  |  |  |  |  21,913  |   \nInventory write-down  |  |  \u2014  |  |  |  |  89  |   \n**Gross profit** |  |  10,807  |  |  |  |  1,913  |   \n**Operating expenses** |  |  |   \nSales and marketing  |  |  6,413  |  |  |  |  6,367  |   \nResearch and development  |  |  1,028  |  |  |  |  1,451  |   \nGeneral and administrative  |  |  12,080  |  |  |  |  9,802  |   \nRestructuring costs  |  |  \u2014  |  |  |  |  101  |   \nShare-based compensation  |  |  2,187  |  |  |  |  1,933  |   \nDepreciation and amortization  |  |  464  |  |  |  |  529  |   \nImpairment loss on long-lived assets  |  |  \u2014  |  |  |  |  3,366  |   \nTotal operating expenses  |  |  22,172  |  |  |  |  23,549  |   \nOperating loss  |  |  (11,365  |  )  |  |  |  (21,636  |  )   \n**Other income (expense)** |  |  |   \nInterest income, net  |  |  11,863  |  |  |  |  14,214  |   \nGain (loss) on revaluation of derivative liabilities  |  |  142  |  |  |  |  (71  |  )   \nShare of income from equity method investments  |  |  \u2014  |  |  |  |  752  |   \nGain (loss) on revaluation of financial instruments  |  |  302  |  |  |  |  (4,186  |  )   \nImpairment loss on other investments  |  |  \u2014  |  |  |  |  (23,350  |  )   \nForeign currency transaction gain (loss)  |  |  45,489  |  |  |  |  (11,323  |  )   \nLoss on held-for-sale assets  |  |  (780  |  )  |  |  |  \u2014  |   \nOther, net  |  |  294  |  |  |  |  89  |   \nTotal other income (expense)  |  |  57,310  |  |  |  |  (23,875  |  )   \nIncome (loss) before income taxes  |  |  45,945  |  |  |  |  (45,511  |  )   \nIncome tax expense (benefit)  |  |  2,004  |  |  |  |  (360  |  )   \nIncome (loss) from continuing operations  |  |  43,941  |  |  |  |  (45,151  |  )   \nLoss from discontinued operations  |  |  \u2014  |  |  |  |  124  |   \nNet income (loss)  |  |  43,941  |  |  |  |  (45,027  |  )   \nNet loss attributable to non-controlling interest  |  |  212  |  |  |  |  (237  |  )   \nNet income (loss) attributable to Cronos Group  |  $  |  43,729  |  |  |  $  |  (44,790  |  )   \n**Comprehensive loss** |  |  |   \nNet income (loss)  |  $  |  43,941  |  |  |  $  |  (45,027  |  )   \nOther comprehensive income (loss)  |  |  |   \nForeign exchange gain (loss) on translation  |  |  (66,208  |  )  |  |  |  22,635  |   \nComprehensive loss  |  |  (22,267  |  )  |  |  |  (22,392  |  )   \nComprehensive loss attributable to non-controlling interest  |  |  (2,832  |  )  |  |  |  (390  |  )   \n**Comprehensive loss attributable to Cronos Group** |  $  |  (19,435  |  )  |  |  $  |  (22,002  |  )   \n|  |  |   \n**Net income (loss) per share** |  |  |   \nBasic - continuing operations  |  $  |  0.11  |  |  |  $  |  (0.12  |  )   \nBasic - discontinued operations  |  $  |  \u2014  |  |  |  $  |  \u2014  |   \nBasic net income (loss) per share attributable to Cronos Group  |  $  |  0.11  |  |  |  $  |  (0.12  |  )   \n|  |  |   \nDiluted - continuing operations  |  $  |  0.11  |  |  |  $  |  (0.12  |  )   \nDiluted - discontinued operations  |  $  |  \u2014  |  |  |  $  |  \u2014  |   \nDiluted net income (loss) per share attributable to Cronos Group  |  $  |  0.11  |  |  |  $  |  (0.12  |  )   \n**Weighted average number of outstanding shares** |  |  |   \nBasic  |  |  382,340,893  |  |  |  |  381,155,824  |   \nDiluted  |  |  386,525,110  |  |  |  |  381,155,824  |   \n  \n  \n\n**Cronos Group Inc.**  \n**Consolidated Statements of Cash Flows**  \n_(In thousands of U.S. dollars)_  \n---  \n|  **Year ended December 31,**  \n|  |  **2024** |  |  |  |  **2023** |  |  |  |  **2022** |   \n**Operating activities** |  |  |  |  |   \nNet income (loss)  |  $  |  40,022  |  |  |  $  |  (74,553  |  )  |  |  $  |  (168,734  |  )   \nAdjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:  |  |  |  |  |   \nShare-based compensation  |  |  8,700  |  |  |  |  8,769  |  |  |  |  15,115  |   \nDepreciation and amortization  |  |  9,336  |  |  |  |  8,110  |  |  |  |  13,122  |   \nImpairment loss on long-lived assets  |  |  16,350  |  |  |  |  3,571  |  |  |  |  3,493  |   \nImpairment loss on other investments  |  |  25,650  |  |  |  |  23,350  |  |  |  |  61,392  |   \nLoss (income) from investments  |  |  3,841  |  |  |  |  10,513  |  |  |  |  (17,853  |  )   \nLoss (gain) on revaluation of derivative liabilities  |  |  (49  |  )  |  |  |  85  |  |  |  |  (14,060  |  )   \nChanges in expected credit losses on long-term financial assets  |  |  1,032  |  |  |  |  (1,528  |  )  |  |  |  (662  |  )   \nRevaluation of equity method investment  |  |  (32,469  |  )  |  |  |  \u2014  |  |  |  |  \u2014  |   \nRevaluation of loan receivable  |  |  (11,804  |  )  |  |  |  \u2014  |  |  |  |  \u2014  |   \nLoss on held-for-sale assets  |  |  11,202  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nInventory step-up recorded to cost of sales  |  |  5,284  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nForeign currency transaction (gain) loss  |  |  (57,859  |  )  |  |  |  7,324  |  |  |  |  2,286  |   \nOther non-cash operating activities, net  |  |  (82  |  )  |  |  |  (2,008  |  )  |  |  |  1,294  |   \nChanges in operating assets and liabilities:  |  |  |  |  |   \nAccounts receivable, net  |  |  (917  |  )  |  |  |  9,206  |  |  |  |  (2,711  |  )   \nInterest receivable  |  |  (3,656  |  )  |  |  |  (14,344  |  )  |  |  |  (6,985  |  )   \nOther receivables  |  |  2,059  |  |  |  |  (1,449  |  )  |  |  |  1,148  |   \nPrepaids and other current assets  |  |  (512  |  )  |  |  |  1,437  |  |  |  |  996  |   \nInventory, net  |  |  7,417  |  |  |  |  7,399  |  |  |  |  (7,217  |  )   \nAccounts payable  |  |  (7,449  |  )  |  |  |  (773  |  )  |  |  |  (863  |  )   \nIncome taxes payable  |  |  (93  |  )  |  |  |  (33,104  |  )  |  |  |  34,212  |   \nAccrued liabilities  |  |  2,840  |  |  |  |  5,160  |  |  |  |  (2,921  |  )   \nNet cash provided by (used in) operating activities  |  |  18,843  |  |  |  |  (42,835  |  )  |  |  |  (88,948  |  )   \n|  |  |  |  |   \n**Investing activities** |  |  |  |  |   \nProceeds from short-term investments  |  |  185,817  |  |  |  |  532,838  |  |  |  |  268,870  |   \nPurchase of short-term investments  |  |  \u2014  |  |  |  |  (608,247  |  )  |  |  |  (271,378  |  )   \nCash acquired in business combination  |  |  5,993  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nDividends received from equity method investee  |  |  \u2014  |  |  |  |  1,297  |  |  |  |  \u2014  |   \nDividend proceeds  |  |  \u2014  |  |  |  |  345  |  |  |  |  384  |   \nAdvances on loans receivable  |  |  (8,759  |  )  |  |  |  \u2014  |  |  |  |  \u2014  |   \nRepayments on loans receivable  |  |  5,252  |  |  |  |  16,831  |  |  |  |  5,246  |   \nPurchase of property, plant and equipment, net of disposals  |  |  (12,411  |  )  |  |  |  (2,505  |  )  |  |  |  (3,451  |  )   \nPurchase of intangible assets, net of disposals  |  |  (743  |  )  |  |  |  (918  |  )  |  |  |  (1,581  |  )   \nOther investing activities  |  |  \u2014  |  |  |  |  860  |  |  |  |  68  |   \nNet cash provided by (used in) investing activities  |  |  175,149  |  |  |  |  (59,499  |  )  |  |  |  (1,842  |  )   \n|  **Year ended December 31,**  \n|  |  **2024** |  |  |  |  **2023** |  |  |  |  **2022** |   \n**Financing activities** |  |  |  |  |   \nWithholding taxes paid on equity awards  |  |  (1,231  |  )  |  |  |  (1,030  |  )  |  |  |  (2,829  |  )   \nOther financing activities, net  |  |  \u2014  |  |  |  |  \u2014  |  |  |  |  (68  |  )   \nNet cash used in financing activities  |  |  (1,231  |  )  |  |  |  (1,030  |  )  |  |  |  (2,897  |  )   \nEffect of foreign currency translation on cash and cash equivalents  |  |  (3,247  |  )  |  |  |  8,011  |  |  |  |  (28,642  |  )   \nNet change in cash and cash equivalents  |  |  189,514  |  |  |  |  (95,353  |  )  |  |  |  (122,329  |  )   \nCash and cash equivalents, beginning of period  |  |  669,291  |  |  |  |  764,644  |  |  |  |  886,973  |   \nCash and cash equivalents, end of period  |  $  |  858,805  |  |  |  $  |  669,291  |  |  |  $  |  764,644  |   \n|  |  |  |  |   \n**Supplementary cash flow information:** |  |  |  |  |   \nInterest paid  |  |  \u2014  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nInterest received  |  |  48,399  |  |  |  |  36,501  |  |  |  |  15,548  |   \nTaxes paid  |  |  647  |  |  |  |  33,013  |  |  |  |  177  |   \n|  |  |  |  |  |  |  |  |  |  |   \n  \n**Non-GAAP Measures**\n\nCronos reports its financial results in accordance with Generally Accepted\nAccounting Principles in the United States (\u201cU.S. GAAP\u201d). This press release\nrefers to measures not recognized under U.S. GAAP (\u201cnon-GAAP measures\u201d). These\nnon-GAAP measures do not have a standardized meaning prescribed by U.S. GAAP\nand are therefore unlikely to be comparable to similar measures presented by\nother companies. Rather, these non-GAAP measures are provided as a supplement\nto corresponding U.S. GAAP measures to provide additional information\nregarding the results of operations from management\u2019s perspective.\nAccordingly, non-GAAP measures should not be considered a substitute for, or\nsuperior to, the financial information prepared and presented in accordance\nwith U.S. GAAP. All non-GAAP measures presented in this press release are\nreconciled to their closest reported U.S. GAAP measure. Reconciliations of\nhistorical adjusted financial measures to corresponding U.S. GAAP measures are\nprovided below.\n\n_Adjusted EBITDA_\n\nManagement reviews Adjusted EBITDA, a non-GAAP measure, which excludes non-\ncash items and items that do not reflect management\u2019s assessment of ongoing\nbusiness performance. Management defines Adjusted EBITDA as net income (loss)\nbefore interest, tax expense (benefit), depreciation and amortization adjusted\nfor: share of (income) loss from equity method investments; impairment loss on\ngoodwill and intangible assets; impairment loss on long-lived assets; (gain)\nloss on revaluation of derivative liabilities; (gain) loss on revaluation of\nfinancial instruments; gain on revaluation of loan receivable; gain on\nrevaluation of equity method investment; transaction costs related to\nstrategic projects; loss on held-for-sale assets; impairment loss on other\ninvestments; foreign currency transaction loss; other, net; loss from\ndiscontinued operations; restructuring costs; inventory write-downs resulting\nfrom restructuring actions; share-based compensation; costs related to the\nAnti-Dumping Investigation; purchase accounting adjustment-related inventory\nstep-up adjustments recorded through cost of sales; and financial statement\nreview costs and reserves related to the restatements of our 2019 and 2021\ninterim financial statements (the \u201cRestatements\u201d), including the costs related\nto the settlement of the SEC\u2019s and the OSC\u2019s investigations of the\nRestatements and legal costs of defending shareholder class action complaints\nbrought against us as a result of the 2019 restatement (see Note 12(b)\n\u201cContingencies,\u201d to the consolidated financial statements under Item 8 of the\nCompany's Annual Report on Form 10-K for the year ended December 31, 2024 for\na discussion of the shareholder class action complaints relating to the\nrestatement of the 2019 interim financial statements and the settlement of the\nSEC\u2019s and the OSC\u2019s investigations of the Restatements). Results are reported\nas total consolidated results, reflecting our reporting structure of one\nreportable segment.\n\nManagement believes that Adjusted EBITDA provides the most useful insight into\nunderlying business trends and results and provides a more meaningful\ncomparison of period-over-period results. Management uses Adjusted EBITDA for\nplanning, forecasting and evaluating business and financial performance,\nincluding allocating resources and evaluating results relative to employee\ncompensation targets.  \n\nAdjusted EBITDA is reconciled to net income (loss) as follows:\n\n_(in thousands of U.S. dollars)_ |  **For the year ended December 31, 2024**  \n---|---  \n|  **Continuing  \nOperations ** |  |  **Discontinued  \nOperations ** |  |  **Total**  \nNet income  |  $  |  40,022  |  |  |  $  |  \u2014  |  |  $  |  40,022  |   \nInterest income, net  |  |  (52,019  |  )  |  |  |  \u2014  |  |  |  (52,019  |  )   \nIncome tax expense (benefit)  |  |  (3,436  |  )  |  |  |  \u2014  |  |  |  (3,436  |  )   \nDepreciation and amortization  |  |  9,336  |  |  |  |  \u2014  |  |  |  9,336  |   \nEBITDA  |  |  (6,097  |  )  |  |  |  \u2014  |  |  |  (6,097  |  )   \nShare of income from equity method investments  |  |  (2,365  |  )  |  |  |  \u2014  |  |  |  (2,365  |  )   \nImpairment loss on long-lived assets  (i)  |  |  16,350  |  |  |  |  \u2014  |  |  |  16,350  |   \nRevaluation gain on loan receivable  (ii)  |  |  (11,804  |  )  |  |  |  \u2014  |  |  |  (11,804  |  )   \nGain on revaluation of equity method investment  (iii)  |  |  (32,469  |  )  |  |  |  \u2014  |  |  |  (32,469  |  )   \nGain on revaluation of derivative liabilities  (iv)  |  |  (49  |  )  |  |  |  \u2014  |  |  |  (49  |  )   \nLoss on revaluation of financial instruments  (v)  |  |  6,248  |  |  |  |  \u2014  |  |  |  6,248  |   \nImpairment loss on other investments  (vi)  |  |  25,650  |  |  |  |  \u2014  |  |  |  25,650  |   \nForeign currency transaction gain  |  |  (57,859  |  )  |  |  |  \u2014  |  |  |  (57,859  |  )   \nTransaction costs  (vii)  |  |  701  |  |  |  |  \u2014  |  |  |  701  |   \nLoss on held-for-sale assets  (viii)  |  |  11,202  |  |  |  |  \u2014  |  |  |  11,202  |   \nOther, net  (ix)  |  |  350  |  |  |  |  \u2014  |  |  |  350  |   \nRestructuring costs  (x)  |  |  630  |  |  |  |  \u2014  |  |  |  630  |   \nShare-based compensation  (xi)  |  |  8,700  |  |  |  |  \u2014  |  |  |  8,700  |   \nFinancial statement review costs  (xii)  |  |  (1  |  )  |  |  |  \u2014  |  |  |  (1  |  )   \nInventory step-up recorded to cost of sales  (xiv)  |  |  5,284  |  |  |  |  \u2014  |  |  |  5,284  |   \nIsrael Ministry of Economy and Industry dumping inquiry  (xv)  |  |  587  |  |  |  |  \u2014  |  |  |  587  |   \nAdjusted EBITDA  |  $  |  (34,942  |  )  |  |  $  |  \u2014  |  |  $  |  (34,942  |  )   \n  \n  \n\n_(in thousands of U.S. dollars)_ |  **For the year ended December 31, 2023**  \n---|---  \n|  **Continuing  \nOperations ** |  |  **Discontinued  \nOperations ** |  |  **Total**  \nNet loss  |  $  |  (70,439  |  )  |  |  $  |  (4,114  |  )  |  |  $  |  (74,553  |  )   \nInterest income, net  |  |  (51,235  |  )  |  |  |  (10  |  )  |  |  |  (51,245  |  )   \nIncome tax expense (benefit)  |  |  (3,230  |  )  |  |  |  \u2014  |  |  |  |  (3,230  |  )   \nDepreciation and amortization  |  |  7,866  |  |  |  |  244  |  |  |  |  8,110  |   \nEBITDA  |  |  (117,038  |  )  |  |  |  (3,880  |  )  |  |  |  (120,918  |  )   \nShare of income from equity method investments  |  |  (1,583  |  )  |  |  |  \u2014  |  |  |  |  (1,583  |  )   \nImpairment loss on long-lived assets  (i)  |  |  3,366  |  |  |  |  205  |  |  |  |  3,571  |   \nLoss on revaluation of derivative liabilities  (iv)  |  |  85  |  |  |  |  \u2014  |  |  |  |  85  |   \nLoss on revaluation of financial instruments  (v)  |  |  12,042  |  |  |  |  \u2014  |  |  |  |  12,042  |   \nImpairment loss on other investments  (vi)  |  |  23,350  |  |  |  |  \u2014  |  |  |  |  23,350  |   \nForeign currency transaction loss  |  |  7,324  |  |  |  |  \u2014  |  |  |  |  7,324  |   \nOther, net  (ix)  |  |  (1,114  |  )  |  |  |  118  |  |  |  |  (996  |  )   \nRestructuring costs  (x)  |  |  1,524  |  |  |  |  523  |  |  |  |  2,047  |   \nShare-based compensation  (xi)  |  |  8,756  |  |  |  |  13  |  |  |  |  8,769  |   \nFinancial statement review costs  (xii)  |  |  919  |  |  |  |  \u2014  |  |  |  |  919  |   \nInventory write-down  (xiii)  |  |  805  |  |  |  |  839  |  |  |  |  1,644  |   \nAdjusted EBITDA  |  $  |  (61,564  |  )  |  |  $  |  (2,182  |  )  |  |  $  |  (63,746  |  )   \n  \n  \n\n_(in thousands of U.S. dollars)_ |  **Three months ended December 31, 2024**  \n---|---  \n|  **Continuing  \nOperations ** |  |  **Discontinued  \nOperations ** |  |  **Total**  \nNet income  |  $  |  43,941  |  |  |  $  |  \u2014  |  |  $  |  43,941  |   \nInterest income, net  |  |  (11,863  |  )  |  |  |  \u2014  |  |  |  (11,863  |  )   \nIncome tax expense (benefit)  |  |  2,004  |  |  |  |  \u2014  |  |  |  2,004  |   \nDepreciation and amortization  |  |  2,525  |  |  |  |  \u2014  |  |  |  2,525  |   \nEBITDA  |  |  36,607  |  |  |  |  \u2014  |  |  |  36,607  |   \nGain on revaluation of derivative liabilities  (i  v  )  |  |  (142  |  )  |  |  |  \u2014  |  |  |  (142  |  )   \nGain on revaluation of financial instruments  (  v  )  |  |  (302  |  )  |  |  |  \u2014  |  |  |  (302  |  )   \nForeign currency transaction gain  |  |  (45,489  |  )  |  |  |  \u2014  |  |  |  (45,489  |  )   \nTransaction costs  (vii)  |  |  171  |  |  |  |  \u2014  |  |  |  171  |   \nLoss on held-for-sale assets  (  v  iii)  |  |  780  |  |  |  |  \u2014  |  |  |  780  |   \nOther, net  (  ix  )  |  |  (294  |  )  |  |  |  \u2014  |  |  |  (294  |  )   \nShare-based compensation  (  xi  )  |  |  2,187  |  |  |  |  \u2014  |  |  |  2,187  |   \nFinancial statement review costs  (  xii  )  |  |  524  |  |  |  |  \u2014  |  |  |  524  |   \nInventory step-up recorded to cost of sales  (xi  v)  |  |  (1,832  |  )  |  |  |  \u2014  |  |  |  (1,832  |  )   \nIsrael Ministry of Economy and Industry dumping inquiry  (xv)  |  |  587  |  |  |  |  \u2014  |  |  |  587  |   \nAdjusted EBITDA  |  $  |  (7,203  |  )  |  |  $  |  \u2014  |  |  $  |  (7,203  |  )   \n  \n  \n\n_(in thousands of U.S. dollars)_ |  **Three months ended December 31, 2023**  \n---|---  \n|  **Continuing  \nOperations ** |  |  **Discontinued  \nOperations ** |  |  **Total**  \nNet loss  |  $  |  (45,151  |  )  |  |  $  |  124  |  |  |  $  |  (45,027  |  )   \nInterest income, net  |  |  (14,214  |  )  |  |  |  (1  |  )  |  |  |  (14,215  |  )   \nIncome tax expense (benefit)  |  |  (360  |  )  |  |  |  \u2014  |  |  |  |  (360  |  )   \nDepreciation and amortization  |  |  1,177  |  |  |  |  \u2014  |  |  |  |  1,177  |   \nEBITDA  |  |  (58,548  |  )  |  |  |  123  |  |  |  |  (58,425  |  )   \nShare of income from equity method investments  |  |  (752  |  )  |  |  |  \u2014  |  |  |  |  (752  |  )   \nImpairment loss on long-lived assets  (i  )  |  |  3,366  |  |  |  |  \u2014  |  |  |  |  3,366  |   \nLoss on revaluation of derivative liabilities  (i  v  )  |  |  71  |  |  |  |  \u2014  |  |  |  |  71  |   \nLoss on revaluation of financial instruments  (  v  )  |  |  4,186  |  |  |  |  \u2014  |  |  |  |  4,186  |   \nImpairment loss on other investments  (vi  )  |  |  23,350  |  |  |  |  \u2014  |  |  |  |  23,350  |   \nForeign currency transaction loss  |  |  11,323  |  |  |  |  \u2014  |  |  |  |  11,323  |   \nOther, net  (i  x  )  |  |  (89  |  )  |  |  |  (14  |  )  |  |  |  (103  |  )   \nRestructuring costs  (  x)  |  |  101  |  |  |  |  (39  |  )  |  |  |  62  |   \nShare-based compensation  (  xi  )  |  |  1,933  |  |  |  |  (4  |  )  |  |  |  1,929  |   \nFinancial statement review costs  (  xii  )  |  |  180  |  |  |  |  \u2014  |  |  |  |  180  |   \nInventory write-down  (  xiii  )  |  |  89  |  |  |  |  \u2014  |  |  |  |  89  |   \nAdjusted EBITDA  |  $  |  (14,790  |  )  |  |  $  |  66  |  |  |  $  |  (14,724  |  )   \n  \n(i)  For the year ended December 31, 2024, impairment loss on long-lived\nassets included $14,258 related to the write-down of our Ginkgo Exclusive\nLicenses and $1,631 related to the cessation of operations of Thanos Holdings\nLtd., known as Cronos Fermentation (\u201cCronos Fermentation\u201d). For the year ended\nDecember 31, 2023, impairment loss on long-lived assets related to certain\nleased properties associated with the Company\u2019s former U.S. operations and\nimpairment of the Company's CBCVA exclusive license under the collaboration\nand license agreement between Ginkgo and the Company.  \n(ii)  For the year ended December 31, 2024, a revaluation gain on loan\nreceivable was recognized as a result of the Cronos GrowCo Transaction on July\n1, 2024.  \n(iii)  For the year ended December 31, 2024, a gain on revaluation of equity\nmethod investment was recognized as a result of the Cronos GrowCo Transaction\non July 1, 2024.  \n(iv)  For the three months and years ended December 31, 2024 and 2023, the\n(gain) loss on revaluation of derivative liabilities represented the fair\nvalue changes on the derivative liabilities.  \n(v)  For the three months and years ended December 31, 2024 and 2023, (gain)\nloss on revaluation of financial instruments related primarily to our\nunrealized holding (gain) or loss (as applicable) on our mark-to-market\ninvestment in Vitura as well as revaluations of financial liabilities\nresulting from deferred share units granted to directors.  \n(vi)  For the years ended December 31, 2024 and 2023 and the three months\nended December 31, 2023, impairment loss on other investments related to the\nPharmaCann Option for the difference between its fair value and carrying\namount.  \n(vii)  For the year and three months ended December 31, 2024, transaction\ncosts represented legal, financial and other advisory fees and expenses\nincurred in connection with the Cronos GrowCo Transaction. These costs are\nincluded in general and administrative expenses on the consolidated statements\nof net income (loss) and comprehensive income (loss).  \n(viii)  For the year ended December 31, 2024, a loss on held-for-sale assets\nwas recognized as a result of the change in the Company\u2019s sales strategy for\nthe Cronos Fermentation assets to market the assets to a broader buyer pool.\nFor the quarter ended December 31, 2024, a loss on held-for-sale assets was\nrecognized to adjust the net book value of Cronos Fermentation to fair value.  \n(ix)  For the three months and years ended December 31, 2024 and 2023, other,\nnet primarily related to (gain) loss on disposal of assets.  \n(x)  For the year ended December 31, 2024, restructuring costs from continuing\noperations related to shutdown costs at the Cronos Fermentation Facility, as\nwell as employee-related severance costs associated with the Realignment. For\nthe year and three months ended December 31, 2023, restructuring costs related\nto the employee-related severance costs and other restructuring costs\nassociated with the Realignment.  \n(xi)  For the three months and years ended December 31, 2024 and 2023, share-\nbased compensation related to the vesting expenses of share-based compensation\nawarded to employees under our share-based award plans.  \n(xii)  For the three months and years ended December 31, 2024 and 2023,\nfinancial statement review costs included costs related to the Restatements,\ncosts related to the Company\u2019s responses to requests for information from\nvarious regulatory authorities relating to the Restatements, the costs related\nto the Settlement Order and Settlement Agreement and legal costs defending\nshareholder class action complaints brought against the Company as a result of\nthe 2019 restatement, as well as related insurance reimbursements.  \n(xiii)  For the three months and year ended December 31, 2023, inventory\nwrite-downs from discontinued operations relate to product destruction and\nobsolescence associated with the exit of our U.S. operations and inventory\nwrite-downs from continuing operations relate to product destruction and\nobsolescence associated with the planned exit of Cronos Fermentation.  \n(xiv)  For the three months and year ended December 31, 2024, inventory step-\nup recorded to cost of sales represented the portion of the inventory step-up\nfrom the Cronos GrowCo Transaction that was recorded through the consolidated\nstatements of income (loss) and comprehensive income (loss).  \n(xv)  For the three months and year ended December 31, 2024, Israel Ministry\nof Economy and Industry dumping inquiry expense included expenditures relating\nto the regulatory inquiry about alleged dumping of medical cannabis products\nin Israel and related litigation and external relations expenses.\n\n**_Adjusted Gross Profit and Adjusted Gross Margin_ **\n\nTo supplement the consolidated financial statements presented in accordance\nwith U.S. GAAP, we have presented Adjusted Gross Profit and Adjusted Gross\nMargin, non-GAAP measures that exclude the impacts of inventory-related\npurchase accounting adjustments from the calculations of gross profit and\ngross margin, which resulted from the Cronos GrowCo Transaction. Results are\nreported as total consolidated results, reflecting our reporting structure of\none reportable segment.\n\nManagement believes that Adjusted Gross Profit and Adjusted Gross Margin\nprovide useful insight into underlying business trends to facilitate\ncomparisons of period-over-period results by removing the impacts of\ninventory-related purchase accounting adjustments resulting from the Cronos\nGrowCo Transaction, which reflect a one-time event and do not reflect\nmanagement\u2019s assessment of ongoing business performance.\n\n_(in thousands of U.S. dollars)_ |  **Three months ended  \nDecember 31, ** |  |  **Change** |  |  **Year ended  \nDecember 31, ** |  |  **Change**  \n---|---|---|---|---|---|---|---  \n|  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%**  \nNet revenue  |  $  |  30,301  |  |  |  $  |  23,915  |  |  |  $  |  6,386  |  |  |  27  |  %  |  |  $  |  117,615  |  |  |  $  |  87,241  |  |  |  $  |  30,374  |  |  35  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nGross profit  |  $  |  10,807  |  |  |  $  |  1,913  |  |  |  $  |  8,894  |  |  |  465  |  %  |  |  $  |  25,198  |  |  |  $  |  11,909  |  |  |  $  |  13,289  |  |  112  |  %   \nInventory step-up recorded to cost of sales  |  |  (1,832  |  )  |  |  |  \u2014  |  |  |  |  (1,832  |  )  |  |  N/M  |  |  |  |  5,284  |  |  |  |  \u2014  |  |  |  |  5,284  |  |  N/M  |   \nAdjusted Gross Profit  |  $  |  8,975  |  |  |  $  |  1,913  |  |  |  $  |  7,062  |  |  |  369  |  %  |  |  $  |  30,482  |  |  |  $  |  11,909  |  |  |  $  |  18,573  |  |  156  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nGross margin  (i)  |  |  36  |  %  |  |  |  8  |  %  |  |  |  N/A  |  |  |  28  |  pp  |  |  |  21  |  %  |  |  |  14  |  %  |  |  N/A  |  |  7  |  pp   \nAdjusted Gross Margin  (ii)  |  |  30  |  %  |  |  |  8  |  %  |  |  |  N/A  |  |  |  22  |  pp  |  |  |  26  |  %  |  |  |  14  |  %  |  |  N/A  |  |  12  |  pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \n  \n(i)  Gross margin is defined as gross profit divided by net revenue.  \n(ii)  Adjusted Gross Margin is defined as Adjusted Gross Profit divided by net\nrevenue.\n\n_Constant Currency_\n\nTo supplement the consolidated financial statements presented in accordance\nwith U.S. GAAP, we have presented constant currency adjusted financial\nmeasures for net revenues, gross profit, gross profit margin, operating\nexpenses, net income (loss) and Adjusted EBITDA for 2024, as well as cash and\ncash equivalents and short-term investment balances as of December 31, 2024\ncompared to December 31, 2023, which are considered non-GAAP financial\nmeasures. We present constant currency information to provide a framework for\nassessing how our underlying operations performed excluding the effect of\nforeign currency rate fluctuations. To present this information, current and\nprior period income statement results in currencies other than U.S. dollars\nare converted into U.S. dollars using the average exchange rates from the\ncomparative period in 2023 rather than the actual average exchange rates in\neffect during 2024; constant currency current period balance sheet information\nis translated at the prior year-end spot rate rather than the current year-end\nspot rate. All growth comparisons relate to the corresponding period in 2023.\nWe have provided this non-GAAP financial information to aid investors in\nbetter understanding the performance of our business. The non-GAAP financial\nmeasures presented in this press release should not be considered as a\nsubstitute for, or superior to, the measures of financial performance prepared\nin accordance with U.S. GAAP.\n\nThe table below sets forth certain measures of consolidated results from\ncontinuing operations on an as-reported and constant currency basis for 2024\ncompared to 2023, as well as cash and cash equivalents and short-term\ninvestments as of December 31, 2024, compared to December 31, 2023, on an as-\nreported and constant currency basis (in thousands):\n\n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n---|---|---|---  \n|  **Three months ended December 31,** |  |  **As Reported  \nChange ** |  |  **Three months ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  **$** |  |  **%**  \nNet revenue  |  $  |  30,301  |  |  |  $  |  23,915  |  |  |  $  |  6,386  |  |  |  27  |  %  |  |  $  |  30,527  |  |  |  $  |  6,612  |  |  |  28  |  %   \nGross profit  |  |  10,807  |  |  |  |  1,913  |  |  |  |  8,894  |  |  |  465  |  %  |  |  |  10,914  |  |  |  |  9,001  |  |  |  471  |  %   \nGross margin  |  |  36  |  %  |  |  |  8  |  %  |  |  |  N/A  |  |  |  28  |  pp  |  |  |  36  |  %  |  |  |  N/A  |  |  |  28  |  pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \nOperating expenses  |  |  22,172  |  |  |  |  23,549  |  |  |  |  (1,377  |  )  |  |  (6  |  )%  |  |  |  22,557  |  |  |  |  (992  |  )  |  |  (4  |  )%   \nNet income (loss) from continuing operations  |  |  43,941  |  |  |  |  (45,151  |  )  |  |  |  89,092  |  |  |  N/M  |  |  |  |  44,431  |  |  |  |  89,582  |  |  |  N/M  |   \nAdjusted EBITDA  |  |  (7,203  |  )  |  |  |  (14,790  |  )  |  |  |  7,587  |  |  |  51  |  %  |  |  |  (7,869  |  )  |  |  |  6,921  |  |  |  47  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n|  **Year ended  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **Year ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  **$** |  |  **%**  \nNet revenue  |  $  |  117,615  |  |  |  $  |  87,241  |  |  |  $  |  30,374  |  |  |  35  |  %  |  |  $  |  118,983  |  |  |  $  |  31,742  |  |  |  36  |  %   \nGross profit  |  |  25,198  |  |  |  |  11,909  |  |  |  |  13,289  |  |  |  112  |  %  |  |  |  25,505  |  |  |  |  13,596  |  |  |  114  |  %   \nGross margin  |  |  21  |  %  |  |  |  14  |  %  |  |  |  N/A  |  |  |  7  |  pp  |  |  |  21  |  %  |  |  |  N/A  |  |  |  7  |  pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \nOperating expenses  |  |  101,727  |  |  |  |  96,709  |  |  |  |  5,018  |  |  |  5  |  %  |  |  |  102,972  |  |  |  |  6,263  |  |  |  6  |  %   \nNet income (loss) from continuing operations  |  |  40,022  |  |  |  |  (70,439  |  )  |  |  |  110,461  |  |  |  N/M  |  |  |  |  42,007  |  |  |  |  112,446  |  |  |  N/M  |   \nAdjusted EBITDA  |  |  (34,942  |  )  |  |  |  (61,564  |  )  |  |  |  26,622  |  |  |  43  |  %  |  |  |  (35,891  |  )  |  |  |  25,673  |  |  |  42  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \n|  **As of  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **As of December 31,** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  **$** |  |  **%**  \nCash and cash equivalents  |  $  |  858,805  |  |  |  $  |  669,291  |  |  |  $  |  189,514  |  |  |  28  |  %  |  |  $  |  869,761  |  |  |  $  |  200,470  |  |  |  30  |  %   \nShort-term investments  |  |  \u2014  |  |  |  |  192,237  |  |  |  |  (192,237  |  )  |  |  (100  |  )%  |  |  |  \u2014  |  |  |  |  (192,237  |  )  |  |  (100  |  )%   \nTotal cash and cash equivalents and short-term investments  |  $  |  858,805  |  |  |  $  |  861,528  |  |  |  $  |  (2,723  |  )  |  |  \u2014  |  %  |  |  $  |  869,761  |  |  |  $  |  8,233  |  |  |  1  |  %   \n  \n_  \nNet revenue _\n\n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n---|---|---|---  \n|  **Three months ended  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **Three months ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  **2023** |  |  **$** |  |  **%** |  |  |  **2024** |  |  **$** |  |  **%**  \nCannabis flower  |  $  |  23,398  |  |  $  |  17,515  |  |  $  |  5,883  |  |  |  34  |  %  |  |  $  |  23,491  |  |  $  |  5,976  |  |  |  34  |  %   \nCannabis extracts  |  |  6,588  |  |  |  6,074  |  |  |  514  |  |  |  8  |  %  |  |  |  6,729  |  |  |  655  |  |  |  11  |  %   \nOther  |  |  315  |  |  |  326  |  |  |  (11  |  )  |  |  (3  |  )%  |  |  |  307  |  |  |  (19  |  )  |  |  (6  |  )%   \nNet revenue  |  $  |  30,301  |  |  $  |  23,915  |  |  $  |  6,386  |  |  |  27  |  %  |  |  $  |  30,527  |  |  $  |  6,612  |  |  |  28  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n|  **Year ended  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **Year ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  **2023** |  |  **$** |  |  **%** |  |  |  **2024** |  |  **$** |  |  **%**  \nCannabis flower  |  $  |  87,912  |  |  $  |  62,070  |  |  $  |  25,842  |  |  |  42  |  %  |  |  $  |  88,904  |  |  $  |  26,834  |  |  |  43  |  %   \nCannabis extracts  |  |  29,168  |  |  |  24,569  |  |  |  4,599  |  |  |  19  |  %  |  |  |  29,552  |  |  |  4,983  |  |  |  20  |  %   \nOther  |  |  535  |  |  |  602  |  |  |  (67  |  )  |  |  (11  |  )%  |  |  |  527  |  |  |  (75  |  )  |  |  (12  |  )%   \nNet revenue  |  $  |  117,615  |  |  $  |  87,241  |  |  $  |  30,374  |  |  |  35  |  %  |  |  $  |  118,983  |  |  $  |  31,742  |  |  |  36  |  %   \n  \n  \n\n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n---|---|---|---  \n|  **Three months ended  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **Three months ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  **2023** |  |  **$** |  |  **%** |  |  |  **2024** |  |  **$** |  |  **%**  \nCanada  |  $  |  19,656  |  |  $  |  17,935  |  |  $  |  1,721  |  |  10  |  %  |  |  $  |  20,156  |  |  $  |  2,221  |  |  12  |  %   \nIsrael  |  |  7,803  |  |  |  4,974  |  |  |  2,829  |  |  57  |  %  |  |  |  7,546  |  |  |  2,572  |  |  52  |  %   \nOther countries  |  |  2,842  |  |  |  1,006  |  |  |  1,836  |  |  183  |  %  |  |  |  2,825  |  |  |  1,819  |  |  181  |  %   \nNet revenue  |  $  |  30,301  |  |  $  |  23,915  |  |  $  |  6,386  |  |  27  |  %  |  |  $  |  30,527  |  |  $  |  6,612  |  |  28  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n|  **Year ended  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **Year ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  **2023** |  |  **$** |  |  **%** |  |  |  **2024** |  |  **$** |  |  **%**  \nCanada  |  $  |  82,437  |  |  $  |  64,702  |  |  $  |  17,735  |  |  27  |  %  |  |  $  |  83,709  |  |  $  |  19,007  |  |  29  |  %   \nIsrael  |  |  28,368  |  |  |  21,134  |  |  |  7,234  |  |  34  |  %  |  |  |  28,454  |  |  |  7,320  |  |  35  |  %   \nOther countries  |  |  6,810  |  |  |  1,405  |  |  |  5,405  |  |  385  |  %  |  |  |  6,820  |  |  |  5,415  |  |  385  |  %   \nNet revenue  |  $  |  117,615  |  |  $  |  87,241  |  |  $  |  30,374  |  |  35  |  %  |  |  $  |  118,983  |  |  $  |  31,742  |  |  36  |  %   \n  \n  \nFor 2024, net revenue on a constant currency basis was $119.0 million,\nrepresenting a 36% increase from 2023. Net revenue increased on a constant\ncurrency basis primarily due to higher cannabis flower and extract sales in\nthe Canadian market and higher cannabis flower sales in Israel and other\ncountries. The Cronos GrowCo Transaction contributed $6.5 million of cannabis\nflower sales in the year ended December 31, 2024 on a constant currency basis.\nNo such sales were recognized for the year ended December 31, 2023.\n\n_Gross profit_\n\nFor 2024, gross profit on a constant currency basis was $25.5 million,\nrepresenting a 114% increase from 2023. Gross profit increased on a constant\ncurrency basis primarily due to higher cannabis flower and extract sales in\nthe Canadian market, higher cannabis flower sales in Israel and other\ncountries, and production cost improvements, partially offset by the impact on\ncost of sales from the inventory step-up from the Cronos GrowCo Transaction.\nFor 2024, gross profit on a constant currency basis was reduced $5.1 million\nas a result of the impact of the inventory step-up from the Cronos GrowCo\nTransaction that was recorded into cost of sales. No such costs were\nrecognized for 2023.\n\n_Operating expenses_\n\nFor 2024, operating expenses on a constant currency basis were $103.0 million,\nrepresenting a 6% increase from 2023. Operating expenses increased on a\nconstant currency basis primarily due to the impairment of the Ginkgo\nExclusive Licenses, partially offset by lower salaries and benefits,\nprofessional fees and restructuring costs.\n\n_Net income (loss) from continuing operations_\n\nFor 2024, net income (loss) from continuing operations on a constant currency\nbasis was $42.0 million, compared to a loss of $70.4 million for 2023.\n\n_Adjusted EBITDA_\n\nFor 2024, Adjusted EBITDA on a constant currency basis was $(35.9) million,\nrepresenting a 42% improvement from 2023. Adjusted EBITDA improved on a\nconstant currency basis primarily due to higher cannabis flower and extract\nsales in the Canadian market, higher cannabis flower sales in Israel and other\ncountries, production cost improvements, and decreases in general and\nadministrative, sales and marketing and research and development expenses.\n\n_Cash and cash equivalents & short-term investments _\n\nCash and cash equivalents and short-term investments on a constant currency\nbasis increased 1% to $869.8 million as of December 31, 2024 from $861.5\nmillion as of December 31, 2023. The increase in cash and cash equivalents and\nshort-term investments is primarily due to cash flows provided by operating\nactivities in 2024.\n\n**Foreign currency exchange rates**\n\nAll currency amounts in this press release are stated in U.S. dollars, which\nis our reporting currency, unless otherwise noted. All references to \u201cdollars\u201d\nor \u201c$\u201d are to U.S. dollars. The assets and liabilities of our foreign\noperations are translated into dollars at the exchange rate in effect as of\nDecember 31, 2024 and December 31, 2023, as reported on Bloomberg.\nTransactions affecting the shareholders\u2019 equity (deficit) are translated at\nhistorical foreign exchange rates. The consolidated statements of net income\n(loss) and comprehensive income (loss) and consolidated statements of cash\nflows of our foreign operations are translated into dollars by applying the\naverage foreign exchange rate in effect for the years ended December 31, 2024,\nDecember 31, 2023, and December 31, 2022, as reported on Bloomberg.\n\nThe exchange rates used to translate from Canadian dollars (\u201cC$\u201d) to dollars\nare shown below:\n\n_(Exchange rates are shown as C$ per $)_ |  **Year ended December 31,**  \n---|---  \n|  **2024** |  |  **2023** |  |  **2022**  \nAverage rate  |  1.3700  |  |  1.3494  |  |  1.3017   \nSpot rate  |  1.4351  |  |  1.3243  |  |  1.3554   \n|  |  |  |  |   \n  \nThe exchange rates used to translate from New Israeli Shekels (\u201cILS\u201d) to\ndollars are shown below:\n\n_(Exchange rates are shown as ILS per $)_ |  **Year ended December 31,**  \n---|---  \n|  **2024** |  |  **2023** |  |  **2022**  \nAverage rate  |  3.6997  |  |  3.6819  |  |  3.3566   \nSpot rate  |  3.6526  |  |  3.6163  |  |  3.5178   \n|  |  |  |  |   \n  \n**For further information, please contact:**  \nAnna Shlimak  \nInvestor Relations  \nTel: (416) 504-0004  \ninvestor.relations@thecronosgroup.com\n\n  \n\n* * *\n\n##  Tags\n\n[ Cannabis ](/en/search/tag/cannabis \"Cannabis\") [ CRON ](/en/search/tag/cron\n\"CRON\") [ Cronos ](/en/search/tag/cronos \"Cronos\") [ Cronos Group\n](/en/search/tag/cronos%2520group \"Cronos Group\")\n\n##  Recommended Reading\n\n  * March 19, 2025 07:30 ET  |  Source: [ Cronos Group Inc. ](/en/search/organization/Cronos%2520Group%2520Inc\u00a7)\n\n[ Cronos Appoints Anna Shlimak as Chief Financial Officer\n](https://www.globenewswire.com/news-release/2025/03/19/3045272/0/en/Cronos-\nAppoints-Anna-Shlimak-as-Chief-Financial-Officer.html)\n\nTORONTO, March 19, 2025 (GLOBE NEWSWIRE) -- Cronos Group Inc. (NASDAQ: CRON)\n(TSX: CRON) (\u201cCronos\u201d or the \u201cCompany\u201d), an innovative global cannabinoid\ncompany, today announced the appointment of...\n\n[ Read More ](https://www.globenewswire.com/news-\nrelease/2025/03/19/3045272/0/en/Cronos-Appoints-Anna-Shlimak-as-Chief-\nFinancial-Officer.html)\n\n  * March 10, 2025 08:00 ET  |  Source: [ Cronos Group Inc. ](/en/search/organization/Cronos%2520Group%2520Inc\u00a7)\n\n[ Cronos Group Inc. to Speak at the 37th Annual Roth Conference\n](https://www.globenewswire.com/news-release/2025/03/10/3039659/0/en/Cronos-\nGroup-Inc-to-Speak-at-the-37th-Annual-Roth-Conference.html)\n\nTORONTO, March 10, 2025 (GLOBE NEWSWIRE) -- Cronos Group Inc. (NASDAQ: CRON)\n(TSX: CRON) (\u201cCronos\u201d or the \u201cCompany\u201d), an innovative global cannabinoid\ncompany, today announced that Mike Gorenstein,...\n\n[ Read More ](https://www.globenewswire.com/news-\nrelease/2025/03/10/3039659/0/en/Cronos-Group-Inc-to-Speak-at-the-37th-Annual-\nRoth-Conference.html)\n\n",
                "url": "https://www.globenewswire.com/news-release/2025/02/27/3033748/0/en/Cronos-Group-Reports-2024-Fourth-Quarter-and-Full-Year-Results.html"
            },
            "reason": "This is a press release from GlobeNewswire, reporting Cronos Group's fourth quarter and full-year results. Press releases are generally reliable for factual financial information.",
            "reliability_score": 0.9,
            "search_query": "company 'The Cronos Group' overview financial performance",
            "summary": "Cronos Group reports its 2024 fourth quarter and full-year results.",
            "url": "https://www.globenewswire.com/news-release/2025/02/27/3033748/0/en/Cronos-Group-Reports-2024-Fourth-Quarter-and-Full-Year-Results.html"
        },
        {
            "content": {
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                    "origin": "public",
                    "resource_location": "web",
                    "resource_type": "webpage",
                    "source": "https://www.newcannabisventures.com/cronos-group-underwhelms-again-with-just-8-4-million-revenue-and-a-45-1-million-operating-loss-in-q1/"
                },
                "page_content": "__\n\n  \n\nMay 8, 2020 at 8:21 am\n\nPublished by NCV Newswire\n\n[\n](https://www.addtoany.com/add_to/facebook?linkurl=https%3A%2F%2Fwww.newcannabisventures.com%2Fcronos-\ngroup-underwhelms-again-with-just-8-4-million-revenue-and-a-45-1-million-\noperating-loss-\nin-q1%2F&linkname=Cronos%20Group%20Underwhelms%20Again%20with%20Just%20%248.4%20Million%20Revenue%20and%20a%20%2445.1%20Million%20Operating%20Loss%20in%20Q1\n\"Facebook\") [\n](https://www.addtoany.com/add_to/twitter?linkurl=https%3A%2F%2Fwww.newcannabisventures.com%2Fcronos-\ngroup-underwhelms-again-with-just-8-4-million-revenue-and-a-45-1-million-\noperating-loss-\nin-q1%2F&linkname=Cronos%20Group%20Underwhelms%20Again%20with%20Just%20%248.4%20Million%20Revenue%20and%20a%20%2445.1%20Million%20Operating%20Loss%20in%20Q1\n\"Twitter\") [\n](https://www.addtoany.com/add_to/linkedin?linkurl=https%3A%2F%2Fwww.newcannabisventures.com%2Fcronos-\ngroup-underwhelms-again-with-just-8-4-million-revenue-and-a-45-1-million-\noperating-loss-\nin-q1%2F&linkname=Cronos%20Group%20Underwhelms%20Again%20with%20Just%20%248.4%20Million%20Revenue%20and%20a%20%2445.1%20Million%20Operating%20Loss%20in%20Q1\n\"LinkedIn\")\n\n#####  Cronos Group Reports 2020 First Quarter Results\n\n  * **Fermented target cannabinoid, CBGA, using cannabinoid strains at Cronos Fermentation R &D labs **\n  * **Successfully completed first dried flower shipment to Israel, as Cronos Israel moves closer to entering the medical cannabis market with PEACE NATURALS\u2122 branded products**\n  * **Natuera completes key operational milestones and begins test exports to the U.S. hemp-derived market**\n\nTORONTO, May 08, 2020 (GLOBE NEWSWIRE) \u2014 [ Cronos Group Inc.\n](https://www.newcannabisventures.com/tag/cronos-group/) (NASDAQ: CRON) (TSX:\nCRON) (\u201cCronos Group\u201d or the \u201cCompany\u201d), today announces its 2020 first\nquarter business results.\n\n\u201cCronos Group started 2020 energized and determined to continue to see through\nour core strategic initiatives to drive long-term and sustainable growth. This\nquarter, we moved closer to officially entering the Israeli medical cannabis\nmarket with our Cronos Israel operations preparing to sell PEACE NATURALS\u2122\nbranded dried flower products to medical patients. The Israeli medical market\nis a growing channel, and we look forward to serving this market in 2020 and\nbeyond,\u201d said Mike Gorenstein, CEO of Cronos Group.\n\n> Despite the challenges and uncertainty posed by the COVID-19 pandemic, we\n> remain agile and focused as a business. Our brand portfolio continues to\n> launch innovative products to consumers as we adapt to an online-first\n> distribution model in both the U.S. and Canada. We continue to reach our\n> stakeholders and consumers through creative digital marketing.\n>\n> #####\n>\n> And our product innovation and R&D projects continue to progress. We believe\n> the mission of our Company, to improve lives through cannabinoid innovation,\n> resonates especially well during these times. We remain well-positioned and\n> committed to generating sustainable, long-term value for shareholders and\n> are confident 2020 will be a successful building year for Cronos Group.\n\n**Financial Results**\n\n**[ ](https://www.newcannabisventures.com/wp-\ncontent/uploads/2020/05/cron1.jpg) **\n\n**First Quarter 2020**\n\n  * Net revenue of $8.4 million in Q1 2020 increased by $5.4 million from Q1 2019. The increase year-over-year was primarily driven by continued growth in the adult-use Canadian cannabis market, sales resulting from the launch of cannabis vaporizers to the Canadian market, including both adult-use and direct-to-consumer, and the inclusion of the Redwood acquisition in our financial results. \n  * Gross profit (loss) of $(6.5) million in Q1 2020 decreased by $8.0 million from Q1 2019. The decrease year-over-year was primarily driven by an inventory write-down of $8.0 million on dried cannabis and cannabis extracts, as well as an increase in the marginal production cost at our Peace Naturals Campus, as we continue working towards operating at full capacity after the repurposing of the facility in the fourth quarter of 2019. \n  * The Company incurred an inventory write-down of $8.0 million, on dried cannabis and cannabis extracts, primarily driven by fixed-price contracts negotiated prior to cannabis product price compression due to broader trends of oversupply in the Canadian market. If we were to adjust for the effects of the inventory write-downs, gross profit in Q1 2020, would have been $1.5 million, representing a gross margin of 18%. We anticipate further inventory write-downs in the short-term due to pricing pressures in the marketplace and the impact of the Company\u2019s operational repurposing of the Peace Naturals Campus. \n  * Reported operating loss of $45.1 million in Q1 2020 increased by $34.9 million from Q1 2019. The reduction year-over-year was primarily driven by an increase in general and administrative expenses as a result of increased headcount, internal review costs of $4.4 million related to the restatement of our 2019 interim financial statements, higher sales and marketing costs related to brand development, and research and development costs related to our Ginkgo partnership, activities at Cronos Fermentation, and spending on vaporizer innovation at the Cronos Device Labs research and development center. \n\n**Business Updates**\n\n_**Brand Portfolio** _\n\nThroughout the first quarter of 2020, Cronos Group continued to roll-out\ncannabis vaporizer devices for the Canadian adult-use market under the COVE\u2122\nand Spinach\u2122 brands. In addition, in March 2020 the Company launched PEACE\nNATURALS\u2122 branded cannabis vaporizer devices for the direct-to-consumer market\nin Canada.\n\nIn the first quarter, the Lord Jones\u2122 brand continued to launch innovative\nproducts with the introduction of Lord Jones\u2122 Acid Mantle Repair CBD\nMoisturizer to the U.S. market. The Acid Mantle Repair Moisturizer is a\nsoothing facial moisturizer specifically formulated to help maintain the\nskin\u2019s acid mantle and rebalance the appearance of stressed skin. The new\nproduct is currently being sold at Sephora, Beautylish, C.O. Bigelow and\nonline through the Lord Jones\u2122 website directly.\n\n_**Global Sales and Distribution** _\n\nSubsequent to this quarter in April 2020, Cronos Group completed its first\nexport of bulk dried flower to Cronos Israel in order to sell PEACE NATURALS\u2122\nbranded cannabis products for distribution in the Israeli medical market.\nCronos Israel will begin to build its distribution network and brand presence\nin this rapidly growing medical market.\n\n_**Global Supply Chain** _\n\nDuring the first quarter of 2020, Natuera, Cronos Group\u2019s contract\nmanufacturing joint venture in Latin America, a fully licensed operation in\nColombia for hemp- and cannabis-derived bulk, consumer, and medicinal\ncannabinoid products, achieved significant operational milestones. Natuera,\ncompleted construction of its state-of-the-art, GMP-standard extraction\nfacility. In addition, Natuera gained preferential access to four cultivars\nregistered with the Colombian Agricultural Institute and planting of one of\nthe hemp strains took place in mid-February, with its first harvest having\ntaken place at the end of April.\n\nWith its extraction and processing facility also coming online, Natuera\u2019s R&D\ndepartment has developed its first commercially available, hemp-derived CBD\ndistillate, which was granted a non-controlled substance ruling by Colombia\u2019s\nNarcotics Control Board, streamlining an efficient process for export. Natuera\nsuccessfully completed its first test export to the United States in early\nMarch 2020. Natuera is focused on accessing new markets and product expansion,\nincluding developing additional bulk offerings of hemp-derived CBD distillate\nand water-soluble hemp-derived CBD solutions.\n\nThe Cronos Israel facility continues to move closer to operational readiness\nand is expected to become a growth driver for the Company in the back half of\n2020 and onward. The Company has received the necessary regulatory approvals\nto produce, manufacture and sell dried cannabis flower products and is\nawaiting approvals for pre-rolls and oil products, which are expected to be\nreceived throughout 2020.\n\n_**Intellectual Property Initiatives** _\n\nSubsequent to this quarter in April 2020, Cronos Israel entered into a\ncollaboration agreement with Cannasoul Analytics Ltd. (\u201cCannasoul\u201d), a\ncannabis research company dedicated to developing scientific intellectual\nproperty, medical products, and technologies, to develop a commercial cannabis\nanalytical testing laboratory onsite at Cronos Israel.\n\nLed by established cannabis researcher, Professor Dedi Meiri from the Technion\nIsrael Institute of Technology, Cannasoul intends to operate the laboratory\nand conduct in-house commercial analytical testing for Cronos Israel and\nthird-party clients. It is anticipated that the laboratory, once operational,\nwill address the current need in the Israeli market for accurate, end-to-end\ncannabis analytical testing for purposes of domestic sale and export to\ncertain international markets.\n\nIn the first quarter of 2020, Cronos Fermentation received an R&D license from\nHealth Canada and received initial cannabinoid producing strains from Ginkgo\nBioworks. Subsequent to the quarter end, Cronos Fermentation successfully\nfermented one of our target cannabinoids, CBGA, using the cannabinoid strains\nin our Winnipeg R&D labs. Cronos Fermentation will continue using these\nstrains to optimize downstream processing and scale up procedures in advance\nof receiving the final strains and commercial processing license, both of\nwhich are required for commercialization.\n\n_**Update on COVID-19** _\n\nCronos Group\u2019s manufacturing sites have adjusted in order to comply with the\ncurrent COVID-19 guidelines provided by local and federal governments. The\nCompany has reduced the number of personnel working on-site at its production\nfacilities in the U.S., Canada, and Israel to essential employees, implemented\nwork-from-home policies where appropriate, and implemented additional health\nand safety measures, including enhanced hygiene and sanitation procedures,\nmodified work schedules and social distancing protocols at its production\nfacilities. The Company will continue to act in accordance with guidance from\nlocal, federal, and international health and governmental authorities, and is\nprepared to make additional operational adjustments, as necessary. Although\nthe Company\u2019s production facilities currently remain operational, exemptions\nfor essential businesses and workforces continue to evolve as governmental and\nhealth authorities respond to the spread of the virus.\n\nThe Company currently has sufficient inventory and supply of materials to meet\ncurrent demand, although closures or other restrictions may impact business\noperations for third-party manufacturers, suppliers or vendors, which may in\nturn disrupt the Company\u2019s supply chain.\n\nCronos Group\u2019s distribution channels continue to see disruptions globally due\nto the COVID-19 pandemic. Many brick-and-mortar retailers in the U.S., where\nLord Jones\u2122 products are distributed, have closed, although some retail\npartners continue to operate through their online sites. Lord Jones\u2122 continues\nto sell directly to consumers through its website. In Canada, brick-and-mortar\ncannabis retailers in certain provinces have mandated curbside click-and-\ncollect models, reduced store opening hours, or have closed retail entirely.\nProvincial purchasers and private retailers have also reduced staff on-site,\nwhich has led to a decrease in delivery availability and a reduction in the\nfrequency and/or size of purchase orders. Online cannabis stores throughout\nCanada have remained operational.\n\nThe slowdown and disruption faced by retail partners, in addition to\nquarantine measures and travel restrictions, impacts our customers\u2019 ability to\naccess our products in the U.S., Canada and other jurisdictions in which the\nCompany operates. COVID-19 restrictions differ across jurisdictions, which has\nresulted in increased uncertainty in forecasting customer demand and sales\nvelocity.\n\n**Rest of World Results**\n\nCronos Group\u2019s Rest of World reporting segment includes results of the\nCompany\u2019s operations for all markets outside of the United States of America.\n\n**[ ](https://www.newcannabisventures.com/wp-\ncontent/uploads/2020/05/cron2.jpg) **\n\n_**First Quarter 2020** _\n\n  * Net revenue of $6.3 million in Q1 2020 increased by $3.3 million from Q1 2019. The increase year-over-year was primarily driven by continued growth in the adult-use Canadian cannabis market, sales resulting from the launch of cannabis vaporizers to the Canadian market, including both adult-use and direct-to-consumer. \n  * Gross profit (loss) of $(7.6) million in Q1 2020 decreased by $9.1 million from Q1 2019. The decrease year-over-year was primarily driven by an inventory write-down of $8.0 million on dried cannabis and cannabis extracts, as well as increased marginal production costs at the Peace Naturals Campus as we continue towards operating at full capacity after the repurposing efforts in the fourth quarter of 2019. \n  * The Company incurred an inventory write-down of $8.0 million, on dried cannabis and cannabis extracts, primarily driven by fixed-price contracts negotiated prior to cannabis product price compression due to broader trends of oversupply in the Canadian market. If we were to adjust for the effects of the inventory write-downs, gross profit in Q1 2020, would have been $0.4 million, representing a gross margin of 6%. We anticipate further inventory write-downs in the short-term due to pricing pressures in the marketplace and the impact of the Company\u2019s operational repurposing of the Peace Naturals Campus. \n  * Reported operating loss of $31.9 million in Q1 2020 increased by $21.7 million from Q1 2019. The reduction year-over-year was primarily driven by increased general and administrative expenses as a result of increased headcount, higher sales and marketing expenses related to brand development, and research and development costs related to our Ginkgo partnership, activities at Cronos Fermentation, and spending on vaporizer innovation at the Cronos Device Labs research and development center. \n\n**United States Results**\n\nCronos Group\u2019s United States reporting segment includes results of the\nCompany\u2019s operations for all brands and products in the United States of\nAmerica.\n\n**[ ](https://www.newcannabisventures.com/wp-\ncontent/uploads/2020/05/cron3.jpg) **\n\n_**First Quarter 2020** _\n\n  * Net revenue was $2.2 million in Q1 2020, of which the primary contributors to revenue in the quarter were the continued distribution of products in both e-commerce and physical retail channels and the introduction of Lord Jones\u2122 Acid Mantle Repair CBD Moisturizer. \n  * Gross profit was $1.1 million in Q1 2020, representing a gross margin of 50%. \n  * Reported operating loss was $6.5 million in Q1 2020. The loss was driven by increased sales and marketing costs incurred in relation to the launch of new products and increased general and administrative expenses driven by increased headcount to support our growth strategy. \n\n**Conference Call**\n\nThe Company will host a conference call and live audio webcast on Friday, May\n8, 2020, at 8:30 a.m. EDT to discuss 2020 first quarter business results. The\ncall will last approximately one hour. An audio replay of the call will be\narchived on the Company\u2019s website for replay. Instructions for the conference\ncall are provided below:\n\n  * Live audio webcast: [ https://ir.thecronosgroup.com/events-presentations ](https://ir.thecronosgroup.com/events-presentations)\n  * Toll Free from the U.S. and Canada dial-in: (866) 795-2258 \n  * International dial-in: (409) 937-8902 \n  * Conference ID: 9069454 \n\n**About Cronos Group**\n\nCronos Group is an innovative global cannabinoid company with international\nproduction and distribution across five continents. Cronos Group is committed\nto building disruptive intellectual property by advancing cannabis research,\ntechnology and product development. With a passion to responsibly elevate the\nconsumer experience, Cronos Group is building an iconic brand portfolio.\nCronos Group\u2019s portfolio includes [ PEACE NATURALS\u2122\n](https://www.peacenaturals.com/) , a global health and wellness platform, two\nadult-use brands, [ COVE\u2122 ](https://covecannabis.ca/) and [ Spinach\u2122\n](https://spinachcannabis.com/) , and two hemp-derived CBD brands, [ Lord\nJones\u2122 ](https://lordjones.com/) and [ PEACE+\u2122 ](https://www.peaceplus.com/) .\nFor more information about Cronos Group and its brands, please visit: [\nwww.thecronosgroup.com ](http://www.thecronosgroup.com) .\n\n[ ](https://www.newcannabisventures.com/wp-content/uploads/2020/05/cron4.jpg)\n\n[ ](https://www.newcannabisventures.com/wp-content/uploads/2020/05/cron5.jpg)\n\n[ ](https://www.newcannabisventures.com/wp-content/uploads/2020/05/cron6.jpg)\n\n**Non-GAAP Measures**\n\nIn addition to its financial results reported in accordance with accounting\nprinciples generally recognized in the U.S. (\u201cGAAP\u201d), the Company uses certain\nmeasures that are not recognized under GAAP such as adjusted operating loss,\nadjusted operating loss by business segment and adjusted earnings before\ninterest, tax, depreciation and amortization (\u201cAdjusted EBITDA\u201d). These\nfinancial measures do not have a standardized meaning prescribed by GAAP and\nare therefore unlikely to be comparable to similar measures presented by other\ncompanies. Rather, these measures are provided as a supplement to those GAAP\nmeasures to provide additional information regarding our results of operations\nfrom management\u2019s perspective. Accordingly, non-GAAP measures should not be\nconsidered a substitute for, or superior to, the financial information\nprepared and presented in accordance with GAAP. All non-GAAP measures\npresented in this press release are reconciled to their closest reported GAAP\nmeasure. Reconciliations of historical adjusted financial measures to\ncorresponding GAAP measures are provided below.\n\n_Adjusted operating loss_\n\nManagement reviews operating loss on an adjusted basis, which excludes certain\nincome and expense items that management believes are not part of underlying\noperations. These items typically include non-recurring charges such as our\ninternal review costs related to the restatement of our 2019 interim financial\nstatements. Management does not view these items to be part of underlying\nresults as they may be highly variable, may be infrequent, are difficult to\npredict and can distort underlying business trends and results.\n\nManagement believes that adjusted operating loss provides useful insight into\nunderlying business trends and results and provides a more meaningful\ncomparison of year-over-year results. Management uses adjusted operating loss\nfor planning, forecasting and evaluating business and financial performance,\nincluding allocating resources and evaluating results relative to employee\ncompensation targets.\n\n[ ](https://www.newcannabisventures.com/wp-content/uploads/2020/05/cron7.jpg)\n\n_Adjusted operating loss by business segment_\n\nManagement reviews operating loss by business segment, which excludes\ncorporate expenses, and adjusted operating loss by business segment, which\nfurther excludes certain income and expense items that management believes are\nnot part of the underlying segment\u2019s operations. Corporate expenses are\nexpenses that relate to the consolidated business and not to an individual\noperating segment while the income and expense items typically include non-\nrecurring charges such as our internal review costs related to the restatement\nof our 2019 interim financial statements. Management does not view the income\nand expense items above to be part of underlying results of the segment as\nthey may be highly variable, may be unusual or infrequent, are difficult to\npredict and can distort underlying business trends and results.\n\nManagement believes that adjusted operating loss by business segment provides\nuseful insight into underlying segment trends and results and will provide a\nmore meaningful comparison of year-over-year results, going forward.\nManagement uses adjusted operating loss by business segment for planning,\nforecasting and evaluating segment performance, including allocating resources\nand evaluating results relative to employee compensation.\n\n[ ](https://www.newcannabisventures.com/wp-content/uploads/2020/05/cron8.jpg)\n\n_Adjusted EBITDA_\n\nAdjusted earnings before interest, tax, depreciation and amortization\n(\u201cAdjusted EBITDA\u201d) is used by management as a supplemental measure to review\nand assess operating performance and trends on a comparable basis with the\nrest of the industry, although our measure of Adjusted EBITDA may not be\ndirectly comparable to similar measures used by other companies.\n\nManagement reviews EBITDA on an adjusted basis, which excludes net income\nattributable to non-controlling interests, and special items. Special items\nconsist of financing and transaction costs, other non-cash gains (losses) and\nother unforeseeable, non-recurring charges which management has described\nbelow.\n\n[ ](https://www.newcannabisventures.com/wp-content/uploads/2020/05/cron9.jpg)\n\n**Special Items**\n\nManagement does not view any of the following special items to be part of the\nunderlying results as they may be highly variable, may be infrequent, may be\nunpredictable and may distort underlying business results and trends.\n\n_Financing and transaction costs_\n\n  1. During the three months ended March 31, 2020, there were no financing or transaction costs. \n  2. During the three months ended March 31, 2019, the Company recorded pre-tax charges of $22.2 million primarily related to the Altria Investment. \n\n_Gain on revaluation of derivative liabilities_\n\n  1. During the three months ended March 31, 2020, Cronos Group recorded a pre-tax unrealized gain of $113.4 million primarily resulting from the non-cash change in the fair value of financial derivative liabilities associated with the investment by Altria. \n  2. During the three months ended March 31, 2019, the unrealized gain resulting from the non-cash change in the fair value of the financial derivative liabilities was $328.2 million. \n\n_Internal Review Costs_\n\n  1. During the three months ended March 31, 2020, the Company incurred $4.4 million in internal review cost associated with the restatement of the Company\u2019s interim financial statements in 2019. \n\n**Foreign currency exchange rates**\n\nAll currency amounts in this Press Release are stated in U.S. dollars (\u201cUSD\u201d),\nwhich is our reporting currency, unless otherwise noted. All references to\n\u201cdollars\u201d or \u201c$\u201d are to USD. The assets and liabilities of the Company\u2019s\nforeign operations are translated into USD at the exchange rate in effect as\nof March 31, 2020 and December 31, 2019. Transactions affecting shareholders\u2019\nequity are translated at historical foreign exchange rates. The consolidated\nstatements of net income (loss) and comprehensive income (loss) and the\nconsolidated statements of cash flows of the Company\u2019s foreign operations are\ntranslated into USD by applying the average foreign exchange rate in effect\nfor the reporting period.\n\nThe exchange rates used to translate from USD to Canadian dollars (\u201cC$\u201d) is\nshown below:\n\n[ ](https://www.newcannabisventures.com/wp-content/uploads/2020/05/cron10.jpg)\n\n[ Original Press Release ](http://www.globenewswire.com/news-\nrelease/2020/05/08/2030297/0/en/Cronos-Group-Reports-2020-First-Quarter-\nResults.html?ev=1)\n\nPublished by NCV Newswire\n\nThe NCV Newswire by New Cannabis Ventures aims to curate high quality content\nand information about leading cannabis companies to help our readers filter\nout the noise and to stay on top of the most important cannabis business news.\nThe NCV Newswire is hand-curated by an editor and not automated in anyway.\nHave a confidential news tip? [ Get in touch\n](https://form.jotform.com/53395769996179) .\n\n  \n\n##  Get Our Sunday Newsletter\n\n##  In This Article:\n\n**[ CRON ](https://www.newcannabisventures.com/tag/cron/) , [ Cronos\n](https://www.newcannabisventures.com/tag/cronos/) , [ Cronos Group\n](https://www.newcannabisventures.com/tag/cronos-group/) **\n\n##  Related News:\n\n### [ Looking at the Cannabis Meltdown by Sub-Sector\n](https://www.newcannabisventures.com/looking-at-the-cannabis-meltdown-by-sub-\nsector/) ### [ Canadian Cannabis Sales Sank in January\n](https://www.newcannabisventures.com/canadian-cannabis-sales-sank-in-\njanuary/) ### [ One Cannabis Sub-Sector Rallied\n](https://www.newcannabisventures.com/one-cannabis-sub-sector-rallied/) ### [\nCanadian Cannabis Sales Soared in December\n](https://www.newcannabisventures.com/canadian-cannabis-sales-soar-in-\ndecember/)\n\n* * *\n\n* ###  **Latest News**\n\nApril 8th, 2025\n\nTilray Brands Reports Q3 Fiscal 2025 Financial Results Tilray...\n\nApril 3rd, 2025\n\nYou\u2019re reading this week\u2019s edition of the New Cannabis...\n\n* ###  **Get The App**\n\nDownload the free \u201cNew Cannabis Ventures\u201d app on the iOS App Store or Google\nPlay and get real-time push notifications straight to your phone on the latest\nbreaking news and exclusives published.\n\n* * *\n\n[ ](https://itunes.apple.com/us/app/ncv-news/id1123542865?ls=1&mt=8)\n\n[ ](https://play.google.com/store/apps/details?id=com.ncvnews.app.android)\n\n* ###  **NCV Media**\n\n####  Thank you for reading\n\n####  New Cannabis Ventures\n\nContributing original content and curating quality news on only the most\npromising cannabis companies and the most influential investors.\n\nFollow us on  \n\n[ __ ](https://www.facebook.com/ncvmedia) [ __ ](https://twitter.com/ncvmedia)\n[ __ ](https://www.linkedin.com/company/new-cannabis-ventures/)\n\n\u00a9 [ NCV Media, LLC. ](/)\n\n  * [ About ](https://www.newcannabisventures.com/about-new-cannabis-ventures/)\n  * [ Contact ](https://www.newcannabisventures.com/contact/)\n  * [ Newsletter ](https://www.newcannabisventures.com/subscribe/)\n  * [ Advertising ](https://www.newcannabisventures.com/cannabis-advertising/)\n  * [ Privacy ](https://www.newcannabisventures.com/privacy-policy/)\n  * [ Disclaimer ](https://www.newcannabisventures.com/disclaimer/)\n  * [ Status ](http://status.newcannabisventures.com/4262862)\n\n",
                "url": "https://www.newcannabisventures.com/cronos-group-underwhelms-again-with-just-8-4-million-revenue-and-a-45-1-million-operating-loss-in-q1/"
            },
            "reason": "New Cannabis Ventures is a reputable source for cannabis industry news and analysis. The article reports on Cronos Group's financial performance, citing specific figures.",
            "reliability_score": 0.8,
            "search_query": "company 'The Cronos Group' overview financial performance",
            "summary": "Analysis of Cronos Group's financial performance, noting underwhelming revenue and operating loss.",
            "url": "https://www.newcannabisventures.com/cronos-group-underwhelms-again-with-just-8-4-million-revenue-and-a-45-1-million-operating-loss-in-q1/"
        },
        {
            "content": {
                "metadata": {
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                    "origin": "public",
                    "resource_location": "web",
                    "resource_type": "webpage",
                    "source": "https://www.prnewswire.com/news-releases/cronos-group-and-ginkgo-bioworks-announce-achievement-of-thcv-equity-milestone-301571428.html"
                },
                "page_content": "[ Accessibility Statement ](https://www.cision.com/about/accessibility/) Skip\nNavigation\n\nTORONTO  and  BOSTON  ,  June 21, 2022  /PRNewswire/ -- _[ Cronos Group\n](https://c212.net/c/link/?t=0&l=en&o=3572550-1&h=3225416693&u=https%3A%2F%2Fthecronosgroup.com%2F&a=Cronos+Group)\n_ Inc. (NASDAQ:  CRON  ) (TSX: CRON) (\"Cronos\"), an innovative global\ncannabinoid company, and _[ Ginkgo Bioworks\n](https://c212.net/c/link/?t=0&l=en&o=3572550-1&h=2768808416&u=https%3A%2F%2Fwww.ginkgobioworks.com%2F&a=Ginkgo+Bioworks)\n_ (NYSE:  DNA  ) (\"Ginkgo\"), the leading horizontal platform for cell\nprogramming, today announced the achievement of the third target productivity\nmilestone in their partnership to produce eight cultured cannabinoids. Using\nGinkgo's platform for organism design and development, Cronos has successfully\nachieved the productivity target for tetrahydrocannabivarin (THCV), a\ncannabinoid hypothesized to reduce the appetite-enhancing property of THC.\nAccess to additional rare cannabinoids will support Cronos' innovation\npipeline and commercialization strategy.\n\nLaunched in 2018 with the goal of accessing rare molecules in the cannabis\nplant to create innovative and differentiated products that would otherwise be\ncost-prohibitive, the partnership between Cronos and Ginkgo aims to produce\ncultured cannabinoids at industrial scale. _[ The program\n](https://c212.net/c/link/?t=0&l=en&o=3572550-1&h=3611081941&u=https%3A%2F%2Fwww.ginkgobioworks.com%2Four-\nwork%2Fproducing-cultured-cannabinoids%2F&a=The+program) _ combines Cronos'\ndeep understanding of the biological structure and function of cannabinoids\nwith Ginkgo's vast experience designing microorganisms for the production of\ncultured products across pharmaceuticals, agriculture and more.\n\nIn  August 2021  , Ginkgo and Cronos _[ announced\n](https://c212.net/c/link/?t=0&l=en&o=3572550-1&h=3645716409&u=https%3A%2F%2Finvestors.ginkgobioworks.com%2Fnews%2Fnews-\ndetails%2F2021%2FCronos-Group-and-Ginkgo-Bioworks-Announce-Achievement-of-\nEquity-Milestone-in-Partnership-to-Produce-Cultured-\nCannabinoids%2Fdefault.aspx&a=announced) _ the achievement of its first equity\nmilestone for cannabigerolic acid (CBGA). In  October 2021  , Cronos _[\nlaunched\n](https://c212.net/c/link/?t=0&l=en&o=3572550-1&h=615659090&u=https%3A%2F%2Fir.thecronosgroup.com%2Fnews-\nreleases%2Fnews-release-details%2Fcronos-group-launches-its-first-cultured-\ncannabinoid-product&a=launched) _ its first cultured CBG product, SPINACH\nFEELZ\u2122 _[ Chill Bliss 2:1 THC|CBG gummy\n](https://c212.net/c/link/?t=0&l=en&o=3572550-1&h=3626722007&u=https%3A%2F%2Fspinachcannabis.com%2Fforms%2Fedibles%2Fchill-\nbliss-gummy%2F&a=Chill+Bliss+2%3A1+THC%7CCBG+gummy) _ , which quickly gained\nconsumer awareness, and according to Hifyre data has achieved 2.4% market\nshare in the gummies category in  Canada  as of the week-ended  June 11, 2022\n. Cronos went on to launch its SPINACH FEELZ\u2122 _[ Chill Bliss 7:1 THC|CBG vape\n](https://c212.net/c/link/?t=0&l=en&o=3572550-1&h=2118616123&u=https%3A%2F%2Fspinachcannabis.com%2Fforms%2Fchill-\nbliss-vape%2F&a=Chill+Bliss+7%3A1+THC%7CCBG+vape) _ in  January 2022  .\n\n\"Continuing to hit these productivity milestones in partnership with Ginkgo\nfuels our innovation pipeline focused on creating borderless products\nutilizing rare cannabinoids that amplify and differentiate the consumer\nexperience,\" said  Mike Gorenstein  , Chairman, President and CEO of Cronos.\n\"We are excited about the possibilities that THCV is expected to give us and\nlook forward to getting more products with rare cannabinoids into market.\"\n\n\"Working with Cronos to develop innovations in cannabis is an opportunity for\nus to apply synthetic biology in a way that is helping bring the cannabis\nindustry forward and make a real impact on its market and the customers it\nserves,\" said Jason Kelly, CEO and cofounder of Ginkgo Bioworks. \"The progress\nwe've made thus far in our collaboration is a true testament to both the\npotential of synthetic biology and the world-class teams at Cronos and\nGinkgo.\"\n\nAs a result of the achievement of the final productivity target for THCV,\nCronos has issued to Ginkgo approximately 2.2 million common shares.\n\n**About Cronos  \n** Cronos is an innovative global cannabinoid company committed to building\ndisruptive intellectual property by advancing cannabis research, technology\nand product development. With a passion to responsibly elevate the consumer\nexperience, Cronos is building an iconic brand portfolio. Cronos diverse\ninternational brand portfolio includes Spinach  \u00ae  , PEACE NATURALS  \u00ae  , Lord\nJones  \u00ae  , Happy Dance  \u00ae  and PEACE+\u2122. For more information about Cronos and\nits brands, please visit: _[ thecronosgroup.com\n](https://c212.net/c/link/?t=0&l=en&o=3572550-1&h=3335548803&u=https%3A%2F%2Fthecronosgroup.com%2F&a=thecronosgroup.com)\n_ .\n\n**CRONOS MEDIA CONTACT:**  \n_[ [email protected]  ](/cdn-cgi/l/email-\nprotection#afc2cacbc6ce81ddcac3cedbc6c0c1dcefdbc7caccddc0c1c0dcc8ddc0dadf81ccc0c2)\n_\n\n**CRONOS INVESTOR CONTACT:**  \n_[ [email protected]  ](/cdn-cgi/l/email-\nprotection#ff9691899a8c8b908dd18d9a939e8b9690918cbf8b979a9c8d9091908c988d908a8fd19c9092)\n_\n\n**About Ginkgo Bioworks  \n** Ginkgo is building a platform to enable customers to program cells as\neasily as we can program computers. The company's platform is enabling\nbiotechnology applications across diverse markets, from food and agriculture\nto industrial chemicals to pharmaceuticals. Ginkgo has also actively supported\na number of COVID-19 response efforts, including K-12 pooled testing, vaccine\nmanufacturing optimization and therapeutics discovery. For more information,\nvisit _[ www.ginkgobioworks.com\n](https://c212.net/c/link/?t=0&l=en&o=3572550-1&h=2356245785&u=http%3A%2F%2Fwww.ginkgobioworks.com%2F&a=www.ginkgobioworks.com)\n_ .\n\n**GINKGO BIOWORKS INVESTOR CONTACT:  \n** [ [email protected]  ](/cdn-cgi/l/email-\nprotection#2940475f4c5a5d465b5a694e4047424e464b40465e465b425a074a4644)\n\n**GINKGO BIOWORKS MEDIA CONTACT:  \n** [ [email protected]  ](/cdn-cgi/l/email-\nprotection#a4d4d6c1d7d7e4c3cdcacfc3cbc6cdcbd3cbd6cfd78ac7cbc9)\n\n**Forward-looking Statements of Cronos Group Inc.  \n** This press release may contain information that may constitute \"forward-\nlooking information\" or \"forward-looking statements\" within the meaning of\napplicable Canadian and U.S. securities laws (collectively, \"Forward-looking\nStatements\"). All information contained herein that is not clearly historical\nin nature may constitute Forward-looking Statements. In some cases, Forward-\nlooking Statements can be identified by the use of forward-looking terminology\nsuch as \"may\", \"will\", \"expect\", \"plan\", \"anticipate\", \"intend\", \"potential\",\n\"estimate\", \"believe\" or the negative of these terms, or other similar\nexpressions intended to identify Forward-looking Statements. Forward-Looking\nStatements include estimates, plans, expectations, opinions, forecasts,\nprojections, targets, guidance or other statements that are not statements of\nhistorical fact. Forward-Looking Statements include, but are not limited to,\nstatements with respect to: Cronos' expectations regarding the potential\nsuccess of, and the costs and benefits associated with, its partnership with\nGinkgo; expectations about the development of the cannabis industry and\npotential demand for cultured cannabinoids; Cronos' commercialization and\nplanned THCV product launch; the partnership's aim to develop eight cultured\ncannabinoids; Cronos' and Ginkgo's positioning to elevate the cannabis\nindustry through cannabinoid and product innovation to unlock the next\ngeneration of its potential; the use of Cronos' and Ginkgo's combined\ncapabilities to make the benefits of cannabinoids more accessible to\nconsumers; and Cronos' intention to build an international iconic brand\nportfolio and develop disruptive intellectual property. Forward-looking\nStatements are necessarily based upon a number of estimates and assumptions\nthat, while considered reasonable by management, are inherently subject to\nsignificant business, economic and competitive risks, financial results,\nresults, performance or achievements expressed or implied by those Forward-\nlooking Statements and the Forward-looking Statements are not guarantees of\nfuture performance. A discussion of some of the material risks applicable to\nthe Company can be found in the Cronos' Annual Report on Form 10-K for the\nyear ended  December 31, 2021  and Quarterly Report on Form 10-Q for the\nperiod ended  March 31, 2022  , both have which been filed on SEDAR and EDGAR\nand can be accessed at [ www.sedar.com ](http://www.sedar.com) and [\nwww.sec.gov/edgar ](http://www.sec.gov/edgar) , respectively. Any Forward-\nlooking Statement included in this press release is made as of the date of\nthis press release and, except as required by law, Cronos disclaims any\nobligation to update or revise any Forward-looking Statement. Readers are\ncautioned not to put undue reliance on any Forward-looking Statement.\n\n**Forward-Looking Statements of Ginkgo Bioworks  \n** This press release contains certain forward-looking statements within the\nmeaning of the federal securities laws, including statements regarding the\npotential success of the partnership and Ginkgo's cell programming platform.\nThese forward-looking statements generally are identified by the words\n\"believe,\" \"can,\" \"project,\" \"potential,\" \"expect,\" \"anticipate,\" \"estimate,\"\n\"intend,\" \"strategy,\" \"future,\" \"opportunity,\" \"plan,\" \"may,\" \"should,\"\n\"will,\" \"would,\" \"will be,\" \"will continue,\" \"will likely result,\" and similar\nexpressions. Forward-looking statements are predictions, projections and other\nstatements about future events that are based on current expectations and\nassumptions and, as a result, are subject to risks and uncertainties. Many\nfactors could cause actual future events to differ materially from the\nforward-looking statements in this press release, including but not limited\nto: (i) the effect of Ginkgo's business combination with Soaring Eagle\nAcquisition Corp. (\"Soaring Eagle\") on Ginkgo's business relationships,\nperformance, and business generally, (ii) risks that the business combination\ndisrupts current plans of Ginkgo and potential difficulties in Ginkgo's\nemployee retention, (iii) the outcome of any legal proceedings that may be\ninstituted against Ginkgo related to its business combination with Soaring\nEagle, (iv) volatility in the price of Ginkgo's securities now that it is a\npublic company due to a variety of factors, including changes in the\ncompetitive and highly regulated industries in which Ginkgo operates and plans\nto operate, variations in performance across competitors, changes in laws and\nregulations affecting Ginkgo's business and changes in the combined capital\nstructure, (v) the ability to implement business plans, forecasts, and other\nexpectations after the completion of the business combination, and identify\nand realize additional opportunities, (vi) the risk of downturns in demand for\nproducts using synthetic biology, (vii) the unpredictability of the duration\nof the COVID-19 pandemic and the demand for COVID-19 testing and the\ncommercial viability of our COVID-19 testing business, and (viii) changes to\nthe biosecurity industry, including due to advancements in technology,\nemerging competition and evolution in industry demands, standards and\nregulations. The foregoing list of factors is not exhaustive. You should\ncarefully consider the foregoing factors and the other risks and uncertainties\ndescribed in the \"Risk Factors\" section of Ginkgo's quarterly report on Form\n10-Q filed with the U.S. Securities and Exchange Commission (the \"SEC\") on\nMay 16, 2022  and other documents filed by Ginkgo from time to time with the\nSEC. These filings identify and address other important risks and\nuncertainties that could cause actual events and results to differ materially\nfrom those contained in the forward-looking statements. Forward-looking\nstatements speak only as of the date they are made. Readers are cautioned not\nto put undue reliance on forward-looking statements, and Ginkgo assumes no\nobligation and does not intend to update or revise these forward-looking\nstatements, whether as a result of new information, future events, or\notherwise. Ginkgo does not give any assurance that it will achieve its\nexpectations.\n\nSOURCE Ginkgo Bioworks\n\n##  WANT YOUR COMPANY'S NEWS  FEATURED ON PRNEWSWIRE.COM?\n\n440k+  \nNewsrooms &  \nInfluencers\n\n9k+  \nDigital Media  \nOutlets\n\n270k+  \nJournalists  \nOpted In\n\n[ GET STARTED ](https://www.prnewswire.com/account/online-membership-\nform/?site_refer=press-release-widget)\n\n###  Modal title\n\n##  Also from this source\n\n[ ](ginkgo-bioworks-reports-fourth-quarter-and-full-year-2024-financial-\nresults-302385247.html)\n\n### [ Ginkgo Bioworks Reports Fourth Quarter and Full Year 2024 Financial\nResults  Ginkgo Bioworks Holdings, Inc. (NYSE: DNA, \"Ginkgo\"), which is\nbuilding the leading platform for cell programming and biosecurity, today\nannounced...  ](ginkgo-bioworks-reports-fourth-quarter-and-full-\nyear-2024-financial-results-302385247.html)\n\n[ ](ginkgo-bioworks-partners-with-hadea-in-up-to-24-million-consortium-\nproject-to-deliver-next-generation-agnostic-diagnostics-for-respiratory-\nviruses-at-the-point-of-care-302381350.html)\n\n### [ Ginkgo Bioworks Partners with HaDEA in Up to \u20ac24 Million Consortium\nProject to Deliver Next-Generation 'Agnostic Diagnostics' for Respiratory\nViruses at the Point of Care  Ginkgo Bioworks (NYSE: DNA), which is building\nthe leading platform for cell programming and biosecurity, today announced a\ncollaboration with the...  ](ginkgo-bioworks-partners-with-hadea-in-up-\nto-24-million-consortium-project-to-deliver-next-generation-agnostic-\ndiagnostics-for-respiratory-viruses-at-the-point-of-care-302381350.html)\n\n[ More Releases From This Source ](/news/ginkgo-bioworks/)\n\n##  Explore\n\n[ [ Cannabis ](/news-releases/consumer-products-retail-latest-news/cannabis-\nlist/) ](/news-releases/consumer-products-retail-latest-news/cannabis-list/)\n\n[ [ Retail ](/news-releases/consumer-products-retail-latest-news/retail-list/)\n](/news-releases/consumer-products-retail-latest-news/retail-list/)\n\n[ [ New Products & Services ](/news-releases/general-business-latest-news/new-\nproducts-services-list/) ](/news-releases/general-business-latest-news/new-\nproducts-services-list/)\n\n[ News Releases in Similar Topics ](/news-releases/)\n\n##  Contact PR Newswire\n\n  * [ Call PR Newswire at 888-776-0942 ](tel:Call%20PR%20Newswire%20at%20888-776-0942) from 8 AM - 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                "url": "https://www.prnewswire.com/news-releases/cronos-group-and-ginkgo-bioworks-announce-achievement-of-thcv-equity-milestone-301571428.html"
            },
            "reason": "This is a press release from PR Newswire, detailing an achievement by Cronos Group and Ginkgo Bioworks. It presents factual information and is likely reliable.",
            "reliability_score": 0.9,
            "search_query": "company 'The Cronos Group' overview financial performance",
            "summary": "Cronos Group and Ginkgo Bioworks announce the achievement of a THCV equity milestone, indicating progress in their partnership.",
            "url": "https://www.prnewswire.com/news-releases/cronos-group-and-ginkgo-bioworks-announce-achievement-of-thcv-equity-milestone-301571428.html"
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                    "source": "https://www.osc.ca/en/news-events/news/cronos-group-inc-pay-more-1-million-accounting-and-control-failures"
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                "page_content": "Skip to content\n\n#  Cronos Group Inc. to pay more than $1 million for accounting and control\nfailures\n\n##  For Immediate Release [ OSC ](/en/news-events/news-\nreleases?category%5B5036%5D=5036) [ Enforcement ](/en/news-events/news-\nreleases?category%5B7526%5D=7526)\n\nOctober 24, 2022\n\n**TORONTO \u2013** A panel of the Capital Markets Tribunal today approved a [\nsettlement agreement\n](https://www.capitalmarketstribunal.ca/en/notices/notice-cronos-group-inc-\nand-william-hilson-file-no-2022-23-0) between the OSC and Cronos Group Inc.\n(Cronos) regarding accounting errors that led to two restatements of its\ninterim financial statements. A separate [ settlement agreement\n](https://www.capitalmarketstribunal.ca/en/notices/notice-cronos-group-inc-\nand-william-hilson-file-no-2022-23-0) was also approved between the OSC and\nWilliam Hilson, Cronos\u2019 former Chief Financial Officer and Chief Commercial\nOfficer, for his role in one of the company\u2019s cannabis wholesale transactions.\n\nThe OSC acknowledges the assistance provided in its investigation by the U.S.\nSecurities and Exchange Commission (SEC), which announced today it settled\ncharges against Cronos and Hilson.\n\nCronos improperly recognized $7.6 million in revenue in its Q1, Q2 and Q3 2019\ninterim financial statements regarding three wholesale cannabis transactions.\nThe company also overstated virtually all of its U.S. goodwill and a\nsignificant portion of its U.S. intangible assets by a collective amount of\n$234.9 million in its Q2 2021 interim financial statements. As a result of\nthese accounting errors, the company restated its Q1, Q2 and Q3 2019 interim\nfinancial statements, and its Q2 2021 interim financial statements. In both\ninstances, Cronos reported related material weaknesses in internal control\nover financial reporting (ICFR).\n\n\u201cAs the industry continues to grow, it is imperative that investors receive\naccurate information about the financial performance of public cannabis\ncompanies to support informed investment decisions in this nascent sector,\u201d\nsaid Jeff Kehoe, Director of Enforcement at the OSC. \u201cThe settlements\nannounced today hold Cronos and Mr. Hilson accountable for their failures and\nserve as another excellent example of the OSC working across international\nborders to protect Ontario\u2019s capital markets.\n\nAs part of its settlement with the OSC, Cronos admits that it failed to file\ninterim financial statements prepared in accordance with applicable generally\naccepted accounting principles. Additionally, the company has paid an\nadministrative penalty of $1.3 million, and a further $40,000 towards the cost\nof the OSC\u2019s investigation. Cronos will also pay for an independent\nconsultant, acceptable to the OSC, to review its internal controls and ICFR.\n\nThe terms of the settlement reflect Cronos\u2019 full cooperation with the OSC and\nthe timely, proactive, and comprehensive measures it took to remediate its\nconduct.\n\nIn 2019, while Hilson was Cronos\u2019 Chief Commercial Officer, he was involved in\none of the wholesale transactions in which Cronos improperly recognized $3\nmillion in revenue. In settling this matter, Hilson admits that he failed to\ntake appropriate steps to address the handling of revenue recognition issues\nfor this transaction by Cronos, and that his conduct was contrary to the\npublic interest.\n\nHilson will be subject to a one-year ban from acting as a director or officer\nof any reporting issuer. Hilson also agreed to make a voluntary payment of\n$50,000 to the OSC and pay a further $20,000 towards the cost of the OSC\u2019s\ninvestigation. The settlement reflects that Hilson reached a timely resolution\nof the matter, which saved resources for both the OSC and the Capital Markets\nTribunal.\n\nThe mandate of the OSC is to provide protection to investors from unfair,\nimproper or fraudulent practices, to foster fair, efficient and competitive\ncapital markets and confidence in the capital markets, to foster capital\nformation, and to contribute to the stability of the financial system and the\nreduction of systemic risk. Investors are urged to check the registration of\nany persons or company offering an investment opportunity and to review the\nOSC investor materials available at [ https://www.osc.ca ](/) .\n\n\u2013 30 \u2013\n\n##  For Media Inquiries:\n\n[ [email protected]  ](/cdn-cgi/l/email-\nprotection#4b262e2f222a1422253a3e2239222e380b243828652c243d65242565282a)\n\n##  For Investor and Industry Inquiries:\n\n1-877-785-1555 (Toll Free)  \n[ [email protected]  ](/cdn-cgi/l/email-\nprotection#026b6c73776b706b6771426d71612c656d742c6d6c2c6163)\n\nFollow us on [ Twitter ](https://twitter.com/OSC_News)  \nFollow us on [ LinkedIn ](https://www.linkedin.com/company/ontario-securities-\ncommission)\n\n  * [ Fran\u00e7ais ](/fr/nouvelles-evenements/nouvelles/le-cronos-group-inc-paiera-plus-dun-million-de-dollars-en-raison-de-ses-problemes-comptables-et-de)\n\n###  Your feedback matters\n\n[ Subscribe to our updates ](/en/news-events/subscribe)\n\n##  Connect with us:\n\n  * [ ](https://www.x.com/OSC_News \"Follow us on Twitter\")\n  * [ ](https://www.linkedin.com/company/ontario-securities-commission \"Follow us on Linkedin\")\n  * [ ](https://www.youtube.com/user/OntarioSecurities \"Follow us on Youtube\")\n  * [ ](/en/news-events/connect-us/rss-feeds \"Follow us on RSS\")\n\n[ ](/en)\n\n[ Subscribe to our updates ](/en/news-events/subscribe)\n\n##  Connect with us:\n\n  * [ ](https://www.x.com/OSC_News \"Follow us on Twitter\")\n  * [ ](https://www.linkedin.com/company/ontario-securities-commission \"Follow us on Linkedin\")\n  * [ ](https://www.youtube.com/user/OntarioSecurities \"Follow us on Youtube\")\n  * [ ](/en/news-events/connect-us/rss-feeds \"Follow us on RSS\")\n\n\u00ae Ontario Securities Commission 2025\n\n[ ](/)\n\n  * [ Fran\u00e7ais ](/fr/nouvelles-evenements/nouvelles/le-cronos-group-inc-paiera-plus-dun-million-de-dollars-en-raison-de-ses-problemes-comptables-et-de)\n\n",
                "url": "https://www.osc.ca/en/news-events/news/cronos-group-inc-pay-more-1-million-accounting-and-control-failures"
            },
            "reason": "This is an official news release from the Ontario Securities Commission (OSC) regarding Cronos Group's accounting and control failures. Government and regulatory releases are highly reliable.",
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            "search_query": "company 'The Cronos Group' overview financial performance",
            "summary": "The Ontario Securities Commission announces that Cronos Group Inc. will pay more than $1 million for accounting and control failures.",
            "url": "https://www.osc.ca/en/news-events/news/cronos-group-inc-pay-more-1-million-accounting-and-control-failures"
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                    "source": "https://thecronosgroup.com/"
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                "page_content": "Skip to content\n\n##  A Global  \nCannabinoid  Company\n\nCronos Group is an innovative global cannabinoid company committed to building\ndisruptive intellectual property by advancing cannabis research, technology,\nand product development. With a passion to responsibly elevate the consumer\nexperience, Cronos is building an iconic brand portfolio. Cronos\u2019 diverse\ninternational brand portfolio includes Spinach  \u00ae  , PEACE NATURALS  \u00ae  and\nLord Jones  \u00ae  .\n\n[ Explore Brands _arrow_forward_ ](/brands/) Explore Solutions \u2192\n\n#  About\n\n##  Us\n\n##  Mission\n\nBuild brands and create products that enhance experiences\n\n##  Vision\n\nTake experiences to new highs\n\n##  Values\n\nAt the heart of Cronos are our values. They are the principles that steer our\nactions and define our character. They represent who we are, how we operate,\nand the reputation we aspire to build and maintain within the industry and all\nour stakeholders who help shape it.\n\n##  Community\n\nWe believe in building and supporting a fair and equitable industry.\n\n##  Fun\n\nWe believe in creating your favorite products through innovation and\nimagination.\n\n##  Responsibility\n\nWe believe our products are for adults* (*Adults are those of the legal age of\nconsumption in the relevant jurisdiction).\n\n##  Quality\n\nWe believe in elevating industry practices to provide quality products focused\non reliability and transparency.\n\n#  The\n\n##  Team\n\nOur management team comprises experts in their fields, with a goal to\nestablish the most valuable international cannabis company. They are\npassionate, daring people, driven by quality and integrity, who are determined\nto write history, not read about it.\n\nMike Gorenstein\n\nAnna Shlimak\n\nJeff Jacobson\n\nShannon Buggy\n\nTerry Doucet\n\nArye Weigensberg\n\nAdam Wagner\n\nMike Gorenstein  __\n\n#  Mike Gorenstein\n\n####  Chairman, President and Chief Executive Officer\n\nMike Gorenstein serves as Cronos Group\u2019s Chairman, President and Chief\nExecutive Officer, he also serves as Chairman of Cronos Group\u2019s Board of\nDirectors. In addition, Mr. Gorenstein is a Co-Founder and passive Member of\nGotham Green Partners. Before joining Cronos, Mike was the Vice President and\nGeneral Counsel at Alphabet Partners, LP, a New York City based multi-strategy\ninvestment management firm, focused on identifying mispriced assets across\nvarious industries, asset classes and geographies. Prior to Alphabet Partners,\nLP, he was a corporate attorney at Sullivan & Cromwell LLP, where he focused\non mergers and acquisitions and capital markets transactions. Mike graduated\nfrom the University of Pennsylvania Law School with a Juris Doctor, the\nWharton School at University of Pennsylvania with a certificate in Business\nEconomics and Public Policy and the Kelley School of Business at Indiana\nUniversity with a Bachelor of Science of Business in Finance.\n\nAnna Shlimak  __\n\n#  Anna Shlimak\n\n####  Chief Financial Officer\n\nAnna serves as Cronos\u2019 Chief Financial Officer. Anna recently served as the\nCompany\u2019s Chief Strategy Officer and was responsible for managing and\ndirecting the organization\u2019s corporate strategy, investor relations,\ncommunications, government affairs, and information systems departments. Prior\nto joining Cronos, Anna was the Head of Investor Relations at Quest Partners\nLLC, a research-driven alternative investment firm. Anna was responsible for\nbusiness development, investor reporting, marketing, and communication\ninitiatives for the fund. Before that, Anna held a range of roles at the New\nYork Stock Exchange in both the New York and London offices. She received a\nMaster of Business Administration from Columbia Business School and holds a\nBachelor of Science in Economics from The Wharton School at the University of\nPennsylvania.\n\nJeff Jacobson  __\n\n#  Jeff Jacobson\n\n####  Chief Growth Officer\n\nAs Chief Growth Officer, Jeff leads the Marketing, Innovation, Operations and\nSales team in North America as well as the Consumer Insights and Data\nAnalytics teams for Cronos Group\u2019s global business. Jeff sets the strategy for\nour brands and is responsible for leading our global teams to help execute\nCronos Group\u2019s vision. Jeff previously served as Cronos Group\u2019s General\nManager of Canada and Europe. Before joining Cronos Group, Jeff founded a\nToronto based marketing agency and successfully launched and licensed several\ninnovative software products in the mobile industry. As a co-founder of Peace\nNaturals, Jeff\u2019s expertise and experience in licensing and compliance, new\nbusiness development, project management and resource management help Cronos\nGroup lead in a variety of markets.\n\nShannon Buggy  __\n\n#  Shannon Buggy\n\n####  Senior Vice President, Global Head of People\n\nShannon serves as the SVP, Global Head of People for Cronos Group where she\nleads HR strategy across the Company\u2019s global operations. Prior to Cronos\nGroup, Shannon was the Senior Vice President of Global Human Resources for\nNielsen where she led HR strategy for Nielsen Media. With over 25 years of\nexperience, Shannon has a proven track record of leading and managing global\nhuman resources teams and driving excellence in talent acquisition,\ndevelopment, retention, employee relations, compensation, benefits, talent\nmanagement and labor relations. Shannon holds a certification as a Senior\nProfessional in Human Resources from the HR Certification Institute. She\ngraduated magna cum laude with a Bachelor of Science degree in Human Resources\nManagement from the Pace University, Lubin School of Business.\n\nTerry Doucet  __\n\n#  Terry Doucet\n\n####  General Counsel and Corporate Secretary\n\nTerry Doucet serves as Cronos Group\u2019s General Counsel and Corporate Secretary.\nIn this capacity, he manages all legal and regulatory affairs at Cronos Group\nand also serves as the Company\u2019s Corporate Secretary. Prior to joining Cronos,\nTerry was a corporate lawyer at Davies Ward Phillips & Vineberg LLP in\nToronto, where he focused primarily on M&A in large, complex and cross-border\ntransactions across numerous industries, as well as securities, corporate\nfinance and lending transactions. During that time, Terry was also seconded to\nRBC Capital Markets, where he supported the bank\u2019s derivative trading desks.\nTerry is an Ontario-qualified lawyer, holding a Juris Doctor from the\nUniversity of Toronto and a joint honours (first class) Bachelor of Arts\ndegree from McGill University in Montreal.\n\nArye Weigensberg  __\n\n#  Arye Weigensberg\n\n####  Head of Research and Development\n\nAs Head of Research and Development, Arye is responsible for leading Cronos\u2019\ninnovation program, where he oversees research and technology functions, and\nleads scientific efforts to unlock the potential of rare cannabinoids. Before\njoining Cronos, Arye was the CEO of Altria Israel Ltd, an Altria research and\ndevelopment innovation hub. Arye joined Altria as part of its acquisition of\nGreen Smoke, where he was the Director of Marketing and Brand Management.\nPrior to Green Smoke, Arye held a variety of roles in brand management and\nmarketing, supporting food brands such as Manischewitz, Lawry\u2019s, Ragu, Knorr\nand Country Crock. Arye graduated from Concordia University\u2019s John Molson\nSchool of Business with a Bachelor of Commerce in Marketing and International\nBusiness.\n\nAdam Wagner  __\n\n#  Adam Wagner\n\n####  SVP, Head of Cronos Israel\n\nAdam Wagner serves as Senior Vice President, Head of Cronos Israel. Adam\noversees the business and strategy of Cronos Israel. Before he was appointed\nas Head of Cronos Israel, he was the VP of Finance at Cronos Israel where he\noversaw the regional Israel finance department, including FP&A,\ncontrollership, audit, treasury, tax, as well as IT, supply chain and\nprocurement . Before joining Cronos, Adam worked as a Director of Finance at\nMotus GI, a publicly traded medical device company, where he oversaw the\nIsrael-based finance department. Before that, Adam was a Finance Manager at\nMedtronic, a publicly traded medical equipment manufacturer, where he oversaw\nthe Israel-based finance department functions. Prior to Medtronic\u2019s\nacquisition, he was the Corporate Controller for Mazor Robotics, a dual-listed\npublic medical device company. Adam began his career as a Senior Auditor at EY\nwhere he managed a team that performed audits for various publicly traded and\nprivate companies. Adam also serves as a Finance expert on an advisory board\nfor a wellness and healthcare start-up. Adam is a CPA (Israel) and studied\nAccounting at Bar-Ilan University. Adam also holds a Bachelor\u2019s Degree in\nScience of Nutrition and his Master of Science in Genetics and Biochemistry\nfrom Tel Aviv University.\n\n\u00a9 2025 The Cronos Group. All rights reserved.\n\n[ Facebook  ](https://www.facebook.com/cronosgroupoffical) [ X-twitter\n](https://twitter.com/cronosgroup) [ Linkedin\n](https://www.linkedin.com/company/cronos-group-cron/?viewAsMember=true)\n\n\u00a9 2024 The Cronos Group. All rights reserved.\n\nFacebook  X-twitter  Linkedin\n\n",
                "url": "https://thecronosgroup.com/"
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            "summary": "Official website of The Cronos Group.",
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                    "source": "https://www.marketwatch.com/story/analyst-slashes-revenue-outlook-for-trulieve-curaleaf-canopy-cronos-as-cannabis-business-takes-a-hit-11660316083"
                },
                "page_content": "Please enable JS and disable any ad blocker\n\n",
                "url": "https://www.marketwatch.com/story/analyst-slashes-revenue-outlook-for-trulieve-curaleaf-canopy-cronos-as-cannabis-business-takes-a-hit-11660316083"
            },
            "reason": "MarketWatch is a reputable source for financial news. The article discusses an analyst's reduced revenue outlook for several cannabis companies, including Cronos, providing financial analysis.",
            "reliability_score": 0.8,
            "search_query": "company 'The Cronos Group' overview financial performance",
            "summary": "MarketWatch reports on an analyst slashing revenue outlook for cannabis companies, including Cronos.",
            "url": "https://www.marketwatch.com/story/analyst-slashes-revenue-outlook-for-trulieve-curaleaf-canopy-cronos-as-cannabis-business-takes-a-hit-11660316083"
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                    "source": "https://www.capitalmarketstribunal.ca/en/proceedings/cronos-group-inc-and-william-hilson-re/settlement-agreement-matter-cronos-group-inc-and-william-hilson"
                },
                "page_content": "Skip to content\n\n#  Settlement Agreement: In the Matter of Cronos Group Inc. and William Hilson\n\nOctober 19, 2022\n\nSettlement Agreement\n\n[ Download PDF ](/sites/default/files/2022-10/set_20221019_cronos.pdf \"Open\nPDF in new window\")\n\n####  IN THE MATTER OF CRONOS GROUP INC.\n\n####  SETTLEMENT AGREEMENT\n\n####  PART I -- INTRODUCTION\n\n1\\. Ontario companies strive to be world leaders in the cannabis space. When\npublic cannabis companies issue financial statements that do not provide\naccurate information about their financial performance and condition and fail\nto have adequate controls, they undermine confidence in Ontario's capital\nmarkets and leadership in the cannabis space.\n\n2\\. Cronos Group Inc., an Ontario-based public cannabis company, is being held\naccountable for improperly recognizing $7.6 million (US $5.8 million) in\nrevenue in its Q1, Q2 and Q3 2019 interim financial statements and for\nsubsequently overstating virtually all of its U.S. goodwill and a significant\nportion of its U.S. intangible assets by a collective amount of $234.9 million\nin its Q2 2021 interim financial statements.\n\n3\\. Cronos restated its Q1, Q2 and Q3 2019 interim financial statements to\ncorrect the revenue recognition error upon determining that they had not been\nprepared in accordance with generally accepted accounting principles (\n**GAAP** ). The Company again restated its interim financial statements, this\ntime for Q2 2021, to correct its failure to recognize impairment charges for\ngoodwill and intangible assets relating to the U.S. reporting unit. In both\ninstances, Cronos reported related material weaknesses in internal control\nover financial reporting ( **ICFR** ).\n\n4\\. The parties will jointly file a request that the Capital Markets Tribunal\n(the **Tribunal** ) issue a Notice of Hearing to announce it will hold a\nhearing to consider whether, pursuant to section 127 of the _Securities Act_ ,\nRSO 1990, c S.5 (the **Act** ), it is in the public interest for the Tribunal\nto make certain orders against the Respondent.\n\n####  PART II -- JOINT SETTLEMENT RECOMMENDATION\n\n5\\. Cronos Group Inc. ( **Cronos** , the **Company** , or the **Respondent**\n), consents to the making of an order (the **Order** ) substantially in the\nform attached as Schedule \"A\" to this Settlement Agreement based on the facts\nset out in this Settlement Agreement.\n\n6\\. For the purposes of this proceeding, and any other regulatory proceeding\ncommenced by a Canadian securities regulatory authority only, the Respondent\nagrees with the facts set out in Part III of this Settlement Agreement and the\nconclusion in Part IV of this Settlement Agreement.\n\n####  PART III -- AGREED FACTS\n\n**A. Cronos Uncovers Revenue Recognition Errors in Financial Reporting**\n\n7\\. On February 24, 2020, Cronos publicly announced that it was delayed in\ncompleting its 2019 annual financial statements and that it would delay its\n2019 fourth quarter and full-year earnings release and conference call.\n\n8\\. Cronos is a licensed cannabis producer in Canada with international\nproduction and distribution. The Company is listed on the TSX (CRON) and\nNASDAQ (CRON) with a market capitalization of $1.19 billion as of August 29,\n2022. Cronos's brand portfolio includes Peace Naturals, Spinach and hemp-\nderived CBD brands, Lord Jones, Happy Dance and Peace+.\n\n9\\. On March 2, 2020, Cronos disclosed that it filed a Form 12b-25\n(Notification of Late Filing) with the U.S. Securities and Exchange Commission\n( **SEC** ) for a 15-day extension of the due date to file its Form 10-K for\nthe year ended December 31, 2019. The Company disclosed that it had been\nunable to complete its financial statements for fiscal 2019 due to a\ncontinuing review by the Audit Committee (the **Audit Committee** ) of the\nCompany's Board of Directors (the **Board** ), with the assistance of outside\ncounsel and forensic accountants, of several bulk resin purchases and sales of\nproducts through the wholesale channel (the **Transactions)** and the\nappropriateness of the recognition of revenue from the Transactions.\n\n10\\. On March 17, 2020, Cronos filed a Material Change Report with the OSC and\nannounced that, on the recommendation of its Audit Committee and after\nconsultation with its auditors, its previously issued unaudited interim\nfinancial statements for the first, second and third quarters of 2019 would be\nrestated and reissued and should no longer be relied upon.\n\n11\\. The Company disclosed that its Audit Committee had been conducting a\nreview of the Transactions and the restatement was being made to eliminate\ncertain of these transactions. It announced that it would reduce revenue by\n$2.5 million (US $1.9 million) for the three months ended March 31, 2019, and\nby $5.1 million (US $3.9 million) for the three months ended September 30,\n2019. The Company further disclosed that, in connection with the restatement,\nit anticipated that it would report one or more material weaknesses in ICFR\nwhen it filed its Form 10-K.\n\n12\\. On March 30, 2020, the Company announced that the Audit Committee had\ncompleted its review of the Transactions and that the Board had determined, on\nthe recommendation of the Audit Committee and advice from its auditor, that\nthe Company would restate its unaudited interim financial statements for the\nfirst, second and third quarters of 2019.\n\n13\\. Cronos filed the restated interim financial statements on March 30, 2020.\n\n14\\. The restated interim financial statements disclosed that the Audit\nCommittee review had concluded that there were accounting errors in the\npreviously issued interim financial statements for the first and third\nquarters of 2019 (Q1 2019 and Q3 2019, respectively). In particular, the\nCompany reduced revenue for the three months ended March 31, 2019, by $2.5\nmillion (US $1.9 million) and the three months ended September 30, 2019, by\n$5.1 million (US $3.9 million).\n\n**a. Q1 2019 Revenue Recognition Errors**\n\n15\\. In the three months ended March 31, 2019, the revenue recognition error\nwas due to one wholesale transaction that was inappropriately accounted for as\nrevenue in the Company's originally issued interim financial statements for Q1\n2019. The transaction involved the exchange of cannabis dry flower for\ncannabis resin, with a third party, in two simultaneous transactions entered\ninto in contemplation of one another.\n\n16\\. This transaction did not meet the criteria for revenue recognition in\naccordance with GAAP, in this case International Financial Reporting Standards\n( **IFRS** ). The standard applicable to revenue recognition for the\ntransaction was IFRS 15, _Revenue from Contracts with Customers._\n\n17\\. This transaction lacked commercial substance and therefore revenue should\nnot have been recognized. As a result, Cronos had overstated revenue by\napproximately $2.5 million (US $1.9 million) on the Consolidated Statements of\nOperations and Comprehensive Income (Loss) in the original Q1 2019 interim\nfinancial statements.\n\n**b. Q3 2019 Revenue Recognition Errors**\n\n18\\. During the three months ended September 30, 2019, there was a similar\nwholesale transaction involving the exchange of cannabis dry flower for\ncannabis extracts in three simultaneous transactions which were entered into\nin contemplation of one another with the same third party.\n\n19\\. This transaction did not meet the criteria for revenue recognition in\naccordance with GAAP, in this case IFRS. This transaction lacked commercial\nsubstance and therefore revenue should not have been recognized. As a result,\nCronos had overstated revenue by approximately $2.1 million (US $1.6 million)\non the Consolidated Statements of Operations and Comprehensive Income (Loss)\nin the original interim financial statements for the three and nine months\nended September 30, 2019.\n\n20\\. During the three months ended September 30, 2019, there was a further\nwholesale transaction for a sale of dried cannabis to a different third party\nfor which revenue was improperly recognized.\n\n21\\. This further wholesale transaction did not meet the criteria for revenue\nrecognition in accordance with IFRS 15 because it was deemed to be a\nconsignment sale and lacked commercial substance. As a result, Cronos had\noverstated revenue by approximately $3.0 million (US $2.3 million) on the\nConsolidated Statements of Operations and Comprehensive Income (Loss) in the\nQ3 2019 interim financial statements.\n\n**c. Material Weaknesses in ICFR: March 2020**\n\n22\\. On March 30, 2020, the Company filed Amended and Restated Management's\nDiscussion and Analysis of Financial Condition and Results of Operations (\n**MD &A ** ) for the first, second and third quarters of 2019.\n\n23\\. Each of the MD&A for the first, second and third quarters of 2019\ndisclosed that as of the end of the reporting period, due to material\nweaknesses, ICFR was not effective to provide reasonable assurance regarding\nthe reliability of financial reporting and the preparation of financial\nstatements in accordance with applicable accounting standards.\n\n24\\. A material weakness is a deficiency, or combination of deficiencies in\nICFR, such that there is a reasonable possibility that a material misstatement\nof the Company's annual or interim financial statements will not be prevented\nor detected on a timely basis.\n\n25\\. Cronos identified material weaknesses in the following areas:\n\n> (a) _Segregation of Duties_ : The Company did not maintain adequately\n> designed controls on segregation of purchase and sale responsibilities to\n> ensure accurate recognition of revenue in accordance with IFRS;\n>\n> (b) _Non-Routine Transactions_ : The Company's controls were not effective\n> to ensure that non-routine transactions, including deviations from\n> contractually established sales terms, were authorized, communicated,\n> identified, and evaluated for their potential effect on revenue recognition;\n> and\n>\n> (c) _Risk Assessment:_ The Company did not appropriately design controls to\n> monitor and respond to changes in its business in relation to their\n> transactions in the wholesale market.\n\n26\\. Because of the segregation of duties and non-routine transaction\ndeficiencies, the Company restated its interim financial statements in respect\nof the Transactions to correct the identified misstatements. While the risk\nassessment deficiency did not directly result in a misstatement, it was a\ncontributing factor in the other material weaknesses described above.\n\n27\\. Together, these deficiencies created a reasonable possibility that a\nmaterial misstatement to the consolidated financial statements would not have\nbeen prevented or detected on a timely basis.\n\n**B. Cronos Uncovers Errors in Goodwill and Indefinite-Lived Tangible Assets**\n\n28\\. On November 9, 2021, Cronos publicly announced that it had been unable to\ncomplete its interim financial statements for the three and nine months ended\nSeptember 30, 2021 because its Audit Committee required additional time to\nevaluate goodwill and indefinite-lived intangible assets. Cronos also\nannounced that it expected to record an impairment charge of not less than US\n$220 million on goodwill and indefinite-lived intangible assets for the three\nand six months ended June 30, 2021.\n\n29\\. On the same date, Cronos filed a Material Change Report with the OSC, in\nwhich it stated that on the recommendation of its Audit Committee and after\nconsultation with its auditor, the Company would be required to restate its\npreviously issued unaudited interim financial statements for the three and six\nmonth period ending June 30, 2021, and that those financial statements should\nno longer be relied upon. The Company also filed Forms 8-K and 12b-25 with\nboth the OSC and the SEC.\n\n30\\. On February 18, 2022, Cronos filed restated interim financial statements\nand an Amended and Restated MD&A for the three and six month period ending\nJune 30, 2021 as the previously filed financial statements had not been\nprepared in accordance with GAAP, in this case US GAAP. Cronos disclosed that\nit had performed an interim impairment test on its U.S. reporting unit and the\nLord Jones brand, as of June 30, 2021, to determine whether the carrying\namount of the reporting unit and indefinite-lived intangible asset, the Lord\nJones brand, exceeded their respective fair values. As a result of its\nanalyses, the Company concluded that it should have recorded an impairment\ncharge of US $234.9 million on goodwill and indefinite-lived intangible assets\nrelated to its U.S. reporting unit.\n\n**C. Material Weaknesses in ICFR: February 2022**\n\n31\\. On February 18, 2022, the Company disclosed that its ICFR was ineffective\ndue to the existence of material weaknesses. The material weaknesses\ncontributed to the failure to accurately recognize the value of its goodwill\nand indefinite-lived intangible assets. Specifically, the Company:\n\n> (a) did not ensure that senior accounting personnel engaged consistently in\n> appropriate professional conduct and conduct consistent with the Company's\n> code of business conduct and ethics; and\n>\n> (b) lacked accounting personnel with appropriate level of knowledge and\n> experience in US GAAP.\n\n**D. MITIGATING FACTORS**\n\n32\\. The following mitigating factors are relevant to Cronos' revenue\nrecognition errors stemming from material weaknesses in ICFR:\n\n> (a) _Cronos' Investigation_ \\-- Cronos had mechanisms in place for employees\n> to submit internal tips and complaints. In addition, Cronos promptly took\n> steps to evaluate employee complaints, including by conducting an internal\n> investigation under the supervision of its Audit Committee, which eventually\n> led to the discovery of material accounting errors in the first and third\n> quarters of 2019;\n>\n> (b) _Co-operation_ \\-- Upon learning of the potential for material\n> accounting errors in previously filed reports, and prior to the completion\n> of its internal investigation, Cronos promptly reported information to the\n> OSC related to potential violations of securities laws in the first quarter\n> and third quarter of 2019 and cooperated with the OSC. Cronos provided\n> timely updates to the OSC and voluntarily produced documents, reports, and\n> other materials, including factual information learned during the course of\n> its internal investigation into the material accounting errors. Cronos\n> further facilitated interviews of current and former officers and employees,\n> including individuals residing outside of Canada;\n>\n> (c) _Restatement_ \\-- On March 30, 2020, Cronos filed amended and restated\n> interim financial statements and MD&A; and\n>\n> (d) _Remediation_ \\-- Cronos identified and implemented several enhancements\n> to remediate the identified weaknesses in ICFR, including developing and\n> implementing new internal accounting controls, developing a new training\n> program regarding accounting related matters, and hiring additional staff\n> with familiarity with applicable accounting requirements.\n\n33\\. The following mitigating factors are relevant to Cronos' failure to\nimpair goodwill and indefinite-lived intangible assets stemming from material\nweaknesses in ICFR:\n\n> a. _Cronos' Investigation_ \\-- Cronos had mechanisms in place for employees\n> to submit internal tips and complaints. In addition, Cronos promptly took\n> steps to evaluate a complaint submitted by an employee, including by\n> conducting an internal investigation under the supervision of its Audit\n> Committee, which eventually led to the discovery of material accounting\n> errors in the second quarter of 2021;\n>\n> b. _Co-operation_ \\-- Upon learning of the potential for material accounting\n> errors in reports previously filed with the OSC and SEC, and prior to the\n> completion of its internal investigation, Cronos promptly self-reported to\n> OSC and SEC staff information related to potential violations of securities\n> laws in the first quarter and third quarter of 2019. The Company applied for\n> a management cease trade order and fully cooperated with OSC, including by\n> providing all requested information promptly and in a transparent manner.\n> Cronos provided timely updates to OSC staff and voluntarily produced\n> documents, reports, and other materials, including factual information\n> learned during the course of its internal investigation into the material\n> accounting errors;\n>\n> c. _Restatement_ \\-- On February 18, 2022, Cronos filed amended and restated\n> interim financial statements and MD&A for the second quarter of 2021; and\n>\n> d. _Remediation_ \\-- Cronos undertook remedial measures upon learning of the\n> material accounting errors, including developing and implementing new\n> internal accounting controls, developing a new training program regarding\n> accounting related matters, and hiring additional staff with familiarity\n> with applicable GAAP requirements.\n\n####  PART IV -- NON-COMPLIANCE WITH ONTARIO SECURITIES LAW [AND/OR] CONDUCT\nCONTRARY TO THE PUBLIC INTEREST\n\n34\\. By engaging in the conduct described above, the Respondent acknowledges\nand admits that:\n\n> (a) the Respondent failed to file interim financial statements prepared in\n> accordance with applicable GAAP, contrary to s. 77 of the _Act_ ; and\n>\n> (b) the Respondent acted in a manner contrary to the public interest\n\n####  PART VI -- TERMS OF SETTLEMENT\n\n35\\. The Respondent agrees to the terms of settlement set forth below.\n\n36\\. The Respondent consents to the Order substantially in the form attached\nto this Settlement Agreement as Schedule \"A\", pursuant to which it is ordered\nthat:\n\n> (a) this Settlement Agreement is approved;\n>\n> (b) the Respondent pay an administrative penalty in the amount of $1,300,000\n> by wire transfer before the commencement of the Settlement Hearing, pursuant\n> to paragraph 9 of subsection 127(1) of the Act;\n>\n> (c) Cronos shall submit to a review by an independent consultant, acceptable\n> to the Commission and paid for by Cronos, of practices and procedures\n> including Cronos' compliance with requirements relating to ICFR, the terms\n> of which are set forth in Schedule \"A\" to the Order, and institute such\n> changes as the independent consultant recommends; and\n>\n> (d) the Respondent pay costs in the amount of $40,000 by wire transfer\n> before the commencement of the Settlement Hearing, pursuant to section 127.1\n> of the Act.\n\n37\\. The Respondent consents to a regulatory order made by any provincial or\nterritorial securities regulatory authority in Canada containing any or all of\nthe sanctions set out in paragraph 36, other than subparagraphs 36 (b) and\n(d). The applicable sanctions may be modified to reflect the provisions of the\nrelevant provincial or territorial securities law.\n\n38\\. The Respondent acknowledges that this Settlement Agreement and the Order\nmay form the basis for orders of parallel effect (but, for clarity, without\nduplication of the sanctions set out in subparagraphs 36 (b) and (d)) in other\njurisdictions in Canada. The securities laws of some other Canadian\njurisdictions allow orders made in this matter to take effect in those other\njurisdictions automatically, without further notice to the Respondent. The\nRespondent should contact the securities regulator of any other jurisdiction\nin which the Respondent intends to engage in any securities- or derivatives-\nrelated activities, prior to undertaking such activities.\n\n####  PART VII -- FURTHER PROCEEDINGS\n\n39\\. If the Tribunal approves this Settlement Agreement, no enforcement\nproceeding will be commenced or continued against the Respondent under Ontario\nsecurities law based on the misconduct described in Part III of this\nSettlement Agreement, unless the Respondent fails to comply with any term in\nthis Settlement Agreement.\n\n40\\. If the Respondent fails to comply with any term in this Settlement\nAgreement, enforcement proceedings under Ontario securities law may be brought\nagainst the Respondent.\n\n41\\. The Respondent waives any defences to a proceeding referenced in\nparagraph 39 or 40 that are based on the limitation period in the Act,\nprovided that no such proceeding shall be commenced later than six years from\nthe date of the occurrence of the last failure to comply with this Settlement\nAgreement.\n\n####  PART VIII -- PROCEDURE FOR APPROVAL OF SETTLEMENT\n\n42\\. The parties will seek approval of this Settlement Agreement at the\nSettlement Hearing before the Tribunal, which shall be held on a date\ndetermined by Registrar, Governance & Tribunal Secretariat of the Commission\nin accordance with this Agreement and the Tribunal's _Rules of Procedure and\nForms_ .\n\n43\\. Representatives of the Respondent will attend the Settlement Hearing by\nvideo conference.\n\n44\\. The parties confirm that this Settlement Agreement sets forth all facts\nthat will be submitted at the Settlement Hearing, unless the parties agree\nthat additional facts should be submitted at the Settlement Hearing.\n\n45\\. If the Tribunal approves this Settlement Agreement:\n\n> (a) the Respondent irrevocably waives all rights to a full hearing, judicial\n> review or appeal of this matter under the Act; and\n>\n> (b) neither party will make any public statement that is inconsistent with\n> this Settlement Agreement or with any additional agreed facts submitted at\n> the Settlement Hearing.\n\n46\\. Whether or not the Tribunal approves this Settlement Agreement, the\nRespondent will not use, in any proceeding, this Settlement Agreement or the\nnegotiation or process of approval of this Settlement Agreement as the basis\nfor any attack on the Tribunal's jurisdiction, alleged bias, alleged\nunfairness or any other remedies or challenges that may be available.\n\n####  PART IX -- DISCLOSURE OF SETTLEMENT AGREEMENT\n\n47\\. If the Tribunal does not make the Order:\n\n> (a) this Settlement Agreement and all discussions and negotiations between\n> the parties before the Settlement Hearing will be without prejudice to\n> either party; and\n>\n> (b) the parties will each be entitled to all available proceedings, remedies\n> and challenges, including proceeding to a hearing on the merits of the\n> allegations contained in the Statement of Allegations in respect of the\n> Proceeding. Any such proceedings, remedies and challenges will not be\n> affected by this Settlement Agreement, or by any discussions or negotiations\n> relating to this Settlement Agreement.\n\n48\\. The parties will keep the terms of this Settlement Agreement confidential\nuntil the Tribunal approves the Settlement Agreement, except as is necessary\nto make submissions at the Settlement Hearing. If, for whatever reason, the\nTribunal does not approve the Settlement Agreement, the terms of the\nSettlement Agreement shall remain confidential indefinitely, unless the\nparties otherwise agree in writing or if required by law.\n\n####  PART X -- EXECUTION OF SETTLEMENT AGREEMENT\n\n49\\. This Settlement Agreement may be signed in one or more counterparts which\ntogether constitute a binding agreement.\n\n50\\. An electronic copy of any signature will be as effective as an original\nsignature.\n\n**DATED at Toronto, Ontario, this 17th day of October, 2022.**\n\n**CRONOS GROUP INC.**\n\nI have authority to bind the Corporation.\n\n\"Terry Doucet\"\n\nSenior Vice President, Legal, Regulatory Affairs and Corporate Secretary\n\n**DATED at Toronto, Ontario, this 19 day of October, 2022.**\n\n**ONTARIO SECURITIES COMMISSION**\n\n\"Jeff Kehoe\"\n\nDirector, Enforcement Branch\n\n####  SCHEDULE \"A\"\n\n####  FORM OF ORDER\n\n####  IN THE MATTER OF CRONOS GROUP INC.\n\nFile No.\n\n_(Names of panelists comprising the panel)_\n\n_(Day and date order made)_\n\n####  ORDER (Sections 127 and 127.1 of the _Securities Act,_ RSO 1990, c. S.5)\n\n**WHEREAS** on [ **date** ] the Capital Markets Tribunal held a hearing by\nvideoconference to consider the request for approval of settlement agreement\ndated **[date** ] (the **Settlement Agreement** );\n\n**ON READING** the Joint Application for Settlement Hearing, including the\nStatement of Allegations dated [ **date** ] and the Settlement Agreement, the\nwritten submissions, and on hearing the submissions of representatives of each\nof the parties, and on considering Cronos Group Inc. ( **Cronos** ) having\nmade payment of each of $1,300,000 and $40,000 to the Commission in accordance\nwith the terms of the Settlement Agreement,\n\n**IT IS ORDERED** that:\n\n> 1\\. the Settlement Agreement is approved;\n>\n> 2\\. Cronos shall pay an administrative penalty of $1,300,000 to the\n> Commission by wire transfer before the commencement of the Settlement\n> Hearing pursuant to paragraph 9 of subsection 127(1) of the Act;.\n>\n> 3\\. Cronos shall submit to a review by an independent consultant acceptable\n> to the Commission and paid for by Cronos of practices and procedures\n> including Cronos' compliance with requirements relating to ICFR, the terms\n> of which are set forth in Schedule \"A\" to this Order, and institute such\n> changes as the independent consultant recommends; and\n>\n> 4\\. Cronos shall pay costs of the Commission's investigation in the amount\n> of $40,000 by wire transfer before the commencement of the Settlement\n> Hearing pursuant to section 127.1 of the Act.\n\n____________________  |   \n---|---  \n[Adjudicator]  |   \n____________________  |  ____________________   \n[Adjudicator]  |  [Adjudicator]   \n  \n####  SCHEDULE \"A\"\n\n####  IN THE MATTER OF CRONOS GROUP INC.\n\n####  TERMS AND CONDITIONS OF INDEPENDENT REVIEW OF PRACTICES AND PROCEDURES\n\nThis document is made in connection with the settlement agreement dated [date]\n(the **Settlement Agreement** ) in File No. [XXX]. All terms in this document\nhave the same meaning as in the Settlement Agreement.\n\nCronos shall:\n\n> 1\\. Retain, within thirty (30) days of the date of the Order, at its own\n> expense a qualified independent consultant (the **Consultant** ) not\n> unacceptable to the OSC, to review the Respondent's internal accounting\n> controls and ICFR. The Consultant's review and evaluation shall include an\n> assessment of the following:\n>\n\n>> (a) The effectiveness of Cronos' internal accounting controls in light of\nCronos' business strategy. The review shall include, but not be limited to, a\nreview of the Company's policies, procedures, and controls, relating to (i)\nrevenue recognition, including in its wholesale channel and non-routine\ntransactions, and (ii) the assessment and testing of goodwill and intangible\nassets for impairment;\n\n>>\n\n>> (b) Cronos' compliance with Ontario securities laws related to ICFR,\nincluding but not limited to, the adequacy of Cronos' control environment and\nrisk assessment based upon criteria established in the Internal Control --\nIntegrated Framework (2013) by the Committee of Sponsoring Organizations of\nthe Treadway Commission ( **COSO** );\n\n>>\n\n>> (c) Cronos' employment of a sufficient number of accounting and finance\npersonnel with an understanding of applicable GAAP and financial reporting\nrequirements, as well as the reporting lines of accounting and finance\npersonnel to management and the Board of Directors; and\n\n>>\n\n>> (d) Cronos' training of its employees on matters related to applicable GAAP\nas well as financial reporting requirements.\n\n>\n> 2\\. Provide, within forty-five (45) days of the date of this Order, a copy\n> of the engagement letter detailing the Consultant's responsibilities to a\n> Manager of the Enforcement Branch of the OSC.\n>\n> 3\\. Require the Consultant, at the conclusion of the review, which in no\n> event shall be more than 120 days after the date of the Order, to submit a\n> report of the Consultant to the Respondent and a Manager of the Corporate\n> Finance Branch of the OSC. The report shall address the Consultant's\n> findings and shall include a description of the review performed, the\n> conclusions reached, and the Consultant's recommendations for changes or\n> improvements.\n>\n> 4\\. Adopt, implement, and maintain all policies, procedures and practices\n> recommended in the report of the Consultant within 120 days of receiving the\n> report from the Consultant. As to any of the Consultant's recommendations\n> about which the Respondent and the Consultant do not agree, such parties\n> shall attempt in good faith to reach agreement within 180 days of the date\n> of the date of the Order. In the event that the Respondent and the\n> Consultant are unable to agree on an alternative proposal, the Respondent\n> will abide by the determination of the Consultant and adopt those\n> recommendations deemed appropriate by the Consultant.\n>\n> 5\\. Cooperate fully with the Consultant in its review, including making such\n> information and documents available as the Consultant may reasonably\n> request, and by permitting and requiring the Respondent's employees and\n> agents to supply such information and documents as the Consultant may\n> reasonably request, subject to any applicable privilege.\n>\n> 6\\. To ensure the independence of the Consultant, the Respondent (i) shall\n> not have received legal, auditing, or other services from, or have had any\n> affiliations with, the Consultant during the two years prior to the date of\n> this Order; (ii) shall not have the authority to terminate the Consultant\n> without prior written approval of the OSC; and (iii) shall compensate the\n> Consultant for services rendered pursuant to the Order at their reasonable\n> and customary rates.\n>\n> 7\\. Require the Consultant to enter into an agreement that provides that for\n> the period of engagement and for a period of two years from completion of\n> the engagement, the Consultant shall not enter into any employment,\n> consultant, attorney-client, auditing or other professional relationship\n> with Respondent, or any of its present or former affiliates, directors,\n> officers, employees, or agents acting in their capacity. The agreement will\n> also provide that the Consultant will require that any firm with which they\n> are affiliated or of which they are a member, and any person engaged to\n> assist the Consultant in performance of their duties under this order shall\n> not, without prior written consent of the OSC, enter into any employment,\n> consultant, attorney-client, auditing or other professional relationship\n> with the Respondent, or any of its present or former affiliates, directors,\n> officers, employees, or agents acting in their capacity as such for the\n> period of engagement and for a period of two years after the engagement.\n>\n> 8\\. The reports by the Consultant will likely include confidential\n> financial, proprietary, competitive business or commercial information.\n> Public disclosure of the reports could discourage cooperation, impede\n> pending or potential government investigations or undermine the objectives\n> of the reporting requirement. For these reasons, among others, the reports\n> and the contents thereof are intended to remain and shall remain non-public,\n> except (1) pursuant to court order, (2) as agreed to by the parties in\n> writing, (3) to the extent that the OSC determines in its sole discretion\n> that disclosure would be in furtherance of the OSC's discharge of its duties\n> and responsibilities, or (4) is otherwise required by law.\n>\n> 9\\. Require the Consultant to report to a Manager of the Enforcement Branch\n> of the OSC on its activities as the OSC may request.\n>\n> 10\\. Respondent agrees that the OSC may extend any of the dates set forth\n> above at its discretion.\n>\n> 11\\. Certify, in writing, compliance with the requirements(s) set forth\n> above. The certification shall identify the requirements(s), provide written\n> evidence of compliance in the form of a narrative, and be supported by\n> exhibits sufficient to demonstrate compliance. The OSC may make reasonable\n> request for further evidence of compliance, and the Respondent agrees to\n> provide such evidence. The certification and reporting material shall be\n> submitted to the Manager of the Corporate Finance Branch of the OSC no later\n> than thirty days (30) from the date of the completion of the requirements.\n\n  * [ Fran\u00e7ais ](/fr/instances/cronos-group-inc-and-william-hilson-re/settlement-agreement-matter-cronos-group-inc-and-william-hilson)\n\n###  Your feedback matters\n\n[ ](https://osc.ca) [ ](/en)\n\n[ Subscribe to our updates ](/en/news/subscribe)\n\n##  Connect with us:\n\n  * [ ](https://www.linkedin.com/company/ontario-securities-commission \"Follow us on Linkedin\")\n  * [ ](https://www.x.com/OSC_News \"Follow us on Twitter\")\n  * [ ](/en/rss-feeds \"Follow us on RSS\")\n\n\u00ae Ontario Securities Commission 2025\n\n[ ](/)\n\n  * [ Fran\u00e7ais ](/fr/instances/cronos-group-inc-and-william-hilson-re/settlement-agreement-matter-cronos-group-inc-and-william-hilson)\n\n",
                "url": "https://www.capitalmarketstribunal.ca/en/proceedings/cronos-group-inc-and-william-hilson-re/settlement-agreement-matter-cronos-group-inc-and-william-hilson"
            },
            "reason": "This is an official document from the Capital Markets Tribunal regarding a settlement agreement with Cronos Group. Official legal documents are highly reliable.",
            "reliability_score": 1.0,
            "search_query": "company 'The Cronos Group' overview financial performance",
            "summary": "Settlement agreement between the Capital Markets Tribunal and Cronos Group Inc.",
            "url": "https://www.capitalmarketstribunal.ca/en/proceedings/cronos-group-inc-and-william-hilson-re/settlement-agreement-matter-cronos-group-inc-and-william-hilson"
        },
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                    "resource_type": "webpage",
                    "source": "https://natlawreview.com/article/cannabis-company-cops-to-sec-accounting-fraud-charges"
                },
                "page_content": "Skip to main content\n\nApril 10, 2025\n\nVolume XV, Number 100\n\n[ ](/ \"Home\")\n\nLegal Analysis. Expertly Written. Quickly Found.\n\n[ Login ](/user)\n\n##  Trending News\n\n[ How Are Family Offices Building Smarter Wealth? 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Clarkson ](/author/brooke-d-clarkson) , [ James G. Lundy ](/author/james-g-\nlundy) of [ Foley & Lardner LLP ](/organization/foley-lardner-llp) _-[\nInsights/Publications ](https://www.foley.com/en/insights) _\n\nMonday, November 21, 2022\n\n[ ](/article/cannabis-company-cops-to-sec-accounting-fraud-charges)\n\n####  **Related Practices & Jurisdictions **\n\n  * [ Biotech Food Drug ](/type-law/biotech-food-drug)\n  * [ Securities SEC ](/type-law/securities-sec)\n  * [ Criminal Law Business Crimes ](/type-law/criminal-law-business-crimes)\n\n  * [ All Federal ](/jurisdiction/all-federal)\n\n  \n\n[ Print ](/node/185746/printable/print) [ Mail ](/mail/node/185746/0) [\nDownload ](/node/185746/printable/pdf) [ />i ](/reprints-and-permissions)\n\n[ ](javascript:void\\(0\\);) [ Facebook  ](javascript:void\\(0\\) \"Facebook\") [\nTwitter  ](javascript:void\\(0\\) \"Twitter\") [ Linkedin  ](javascript:void\\(0\\)\n\"Linkedin\") [ Pinterest  ](javascript:void\\(\\(function\\(\\){var\ne=document.createElement\\('script'\\);e.setAttribute\\('type','text/javascript'\\);e.setAttribute\\('charset','UTF-8'\\);e.setAttribute\\('src','//assets.pinterest.com/js/pinmarklet.js?r='+Math.random\\(\\)*99999999\\);document.body.appendChild\\(e\\)}\\)\\(\\)\\);\n\"Pinterest\") [ Reddit  ](javascript:void\\(0\\) \"Reddit\") [ Facebook Messenger\n](javascript:void\\(0\\) \"Facebook Messenger\") [ Email  ](javascript:void\\(0\\)\n\"Email\") [ Digg  ](javascript:void\\(0\\) \"Digg\") [ Print\n](javascript:void\\(0\\) \"Print\") [ X  ](javascript:void\\(0\\) \"X\") [ Buffer\n](javascript:void\\(0\\) \"Buffer\") [ Flipboard  ](javascript:void\\(0\\)\n\"Flipboard\")\n\nOn October 24, 2022, the Security & Exchange Commission (SEC) issued [ settled\norders ](https://www.sec.gov/news/press-release/2022-191) against Cronos\nGroup, Inc. (Cronos), a Canadian cannabis company, and its former Chief\nCommercial Officer. Cronos cultivates, manufactures, and markets cannabis and\ncannabis-derived products. Although Cronos is incorporated in British Columbia\nand headquartered in Toronto, its status as a foreign private issuer subjects\nit to certain provisions of the U.S. federal securities laws.\n\n###  Background, SEC Violations, & Restatement\n\nAccording to the settled orders, in 2019, Cronos embarked on a significant\nbusiness expansion, seeking to enter the cannabis vaporizer market; however,\nCronos lacked the requisite familiarity with applicable accounting\nrequirements as well as the appropriate internal accounting controls to\nprepare financial statements that complied with U.S. reporting requirements.\nAs a result, in three separate quarters between 2019 and 2021, Cronos\nsubmitted financial statements with the SEC that contained material errors\nrelated to, among other things, revenue recognition and goodwill impairment.\nThe orders also alleged that in one of the quarters, the former Chief\nCommercial Officer entered into an oral agreement that was neither known nor\naccounted for by Cronos and which involved selling raw material in one quarter\nand purchasing product in the following quarter. This agreement and the\ncorresponding $2.3 million accounting error were discovered by Cronos during\nan internal investigation.\n\nCronos subsequently filed restated financial statements for the relevant\nquarters. In connection with the first and third quarters of 2019, Cronos\ndisclosed that it had materially overstated its revenue by $5.8 million. In\nconnection with the second quarter of 2021, Cronos disclosed that it should\nhave recorded approximately $234.9 million in impairment charges in relation\nto its U.S. reporting unit. Concerning all three quarters, Cronos disclosed\nthat it had identified material weaknesses in its internal controls over\nfinancial reporting.\n\n###  Cooperation, Undertakings, & No Penalty\n\nDespite Cronos being charged with violating the antifraud, reporting, books\nand records, and internal controls provisions of the federal securities laws,\nthe SEC determined not to impose a civil penalty due to the company\u2019s timely\nself-reporting, significant cooperation, and remediation. In addition to\ncorrecting its financial statements, Cronos voluntarily produced documents,\nreports, and other information learned during its internal investigation and\nfacilitated interviews of current and former officers and employees, including\nthose that resided outside the U.S. Further, Cronos implemented new internal\naccounting controls, developed new accounting trainings, and hired additional\nstaff experienced with GAAP requirements. Nonetheless, Cronos was required to\nengage an independent compliance consultant to review, assess, and make\nrecommendations regarding its accounting and financial reporting processes.\n\n###  Former Chief Commercial Officer\n\nThe former Chief Commercial Officer also was charged with violating the\nantifraud provisions of the federal securities laws, along with aiding and\nabetting and causing Cronos\u2019 violations of the reporting, books and records,\nand internal controls provisions. While he avoided being required to pay a\ncivil penalty based on his consent to pay $54,000 to the Ontario Securities\nCommission for similar conduct, the former Chief Commercial Officer had to\nconsent to a three-year ban on serving as an officer or director of any U.S.\npublicly traded company. He also was suspended from appearing and practicing\nbefore the SEC as an accountant for three years.\n\n###  Conclusion and Takeaways\n\nThe cannabis industry in the United States has grown significantly in recent\nyears and seems poised to continue to grow well into the future. With such\ngrowth, however, market participants need to develop and appropriately scale\ninternal processes and procedures to meet regulatory obligations. For\ncompanies that fall under the purview of the SEC, that involves compliance\nwith applicable federal securities laws. These resource commitments are\nparticularly important for companies making strategy changes or entering new\nmarkets.\n\nThe Cronos settlement is a good reminder of the SEC\u2019s reach in the cannabis\nindustry. 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                "url": "https://natlawreview.com/article/cannabis-company-cops-to-sec-accounting-fraud-charges"
            },
            "reason": "The National Law Review provides legal analysis and news. The article discusses accounting fraud charges against a cannabis company, which is relevant and likely reliable.",
            "reliability_score": 0.8,
            "search_query": "company 'The Cronos Group' overview financial performance",
            "summary": "Article discussing accounting fraud charges against a cannabis company.",
            "url": "https://natlawreview.com/article/cannabis-company-cops-to-sec-accounting-fraud-charges"
        },
        {
            "content": {
                "metadata": {
                    "ext_id": "8834f0ba-f611-4335-891e-b3a951c2621d",
                    "origin": "public",
                    "resource_location": "web",
                    "resource_type": "webpage",
                    "source": "https://www.globaldata.com/company-profile/cronos-group-inc/"
                },
                "page_content": "__ Back to companies\n\nShare  __\n\n  * __ Share on Twitter \n  * __ Share on LinkedIn \n\nContact the team or request a demo to find out how our data can drive your\nbusiness forward\n\nSelect Item  __\n\n  * [ Overview ](/company-profile/cronos-group-inc/)\n  * [ Financials ](/company-profile/cronos-group-inc/financials/)\n  * [ Executives ](/company-profile/cronos-group-inc/executives/)\n  * [ Locations ](/company-profile/cronos-group-inc/locations/)\n  * [ Competitors ](/company-profile/cronos-group-inc/competitors/)\n  * [ Deals ](/company-profile/cronos-group-inc/deals/)\n  * [ Filing Analytics ](/company-profile/cronos-group-inc/filing-analytics/)\n  * [ Patents ](/company-profile/cronos-group-inc/patents/)\n  * [ Theme Exposure ](/company-profile/cronos-group-inc/theme-exposure/)\n  * [ Media ](/company-profile/cronos-group-inc/media/)\n  * __ Premium Data  __\n    * [ Lead Sheet  ](/company-profile/cronos-group-inc/premium-data/lead-sheet/)\n\nCronos Group Inc (Cronos) is a cannabinoid company that advances cannabis\nresearch, technology, and product development. The company's activities\ninclude the creation of disruptive intellectual property through cannabis\nresearch and the development of innovative cannabis products. The company's\nproduct portfolio includes dried flowers, cannabis seeds, cannabis plants,\ncannabis extracts, cannabis topicals, and cannabis edibles. Cronos brands\ninclude Spinach, PEACE NATURALS, and Lord Jones. The company operates in\nCanada and Israel. Cronos is headquartered in Toronto, Ontario, Canada.\n\n[ ](https://www.globaldata.com/store/request-sales-intelligence-\ndemo/?report=3254907) Gain a 360-degree view of Cronos Group Inc and make more\ninformed decisions for your business  Gain a 360-degree view of Cronos Group\nInc and make more informed decisions for your business  [ Register your\ninterest  ](https://www.globaldata.com/store/request-sales-intelligence-\ndemo/?report=3254907)\n\nHeadquarters  Canada\n\n* * *\n\nAddress  4491 Concession Rd 12, Toronto, Ontario, L0M1S0\n\n* * *\n\nWebsite  [ thecronosgroup.com ](http://thecronosgroup.com)\n\n* * *\n\nTelephone  1 416 5040004\n\n* * *\n\nNo of Employees  626\n\n* * *\n\nIndustry  Pharmaceuticals and Healthcare\n\n* * *\n\nTicker Symbol & Exchange  CRON (TSE)\n\n* * *\n\nRevenue (2024)  $117.6M  __ 34.8%  (2024 vs 2023)\n\n* * *\n\nEPS  XYZ\n\n* * *\n\nNet Income (2024)  XYZ  __ 155.5%  (2024 vs 2023)\n\n* * *\n\nMarket Cap*  $684.0M\n\n* * *\n\nNet Profit Margin (2024)  XYZ  __ 141.2%  (2024 vs 2023)\n\n* * *\n\n* As of  and is in US$ \n\n[ View Cronos Group Inc financials  __ ](/company-profile/cronos-group-\ninc/financials/)\n\n[ ](https://www.globaldata.com/store/request-sales-intelligence-\ndemo/?report=3254907) Gain access to our premium signals and make informed\ndecisions for your business  Gain access to our premium signals and make\ninformed decisions for your business  [ Register your interest\n](https://www.globaldata.com/store/request-sales-intelligence-\ndemo/?report=3254907)\n\n##  1\n\n####  [ Lead Sheet ](/company-profile/cronos-group-inc/premium-data/lead-\nsheet/)\n\nUnderstand when and why to target accounts of prospective leads, as well as\nwho to reach out to, drawing on intelligence for Cronos Group Inc\u2019s relevant\ndecision makers and contact details.\n\n##  Products and Services\n\nProducts  |  Brands   \n---|---  \nCannabis  |  PEACE   \nPre-Rolls  |  Happy Dance   \nVaporizers  |  PEACENATURALS   \nXYZ  |  XYZ   \nXYZ  |  XYZ   \nXYZ  |  XYZ   \n  \n[ ](https://www.globaldata.com/store/request-sales-intelligence-\ndemo/?report=3254907) Understand Cronos Group Inc portfolio and identify\npotential areas for collaboration  Understand Cronos Group Inc portfolio and\nidentify potential areas for collaboration  [ Register your interest\n](https://www.globaldata.com/store/request-sales-intelligence-\ndemo/?report=3254907)\n\n##  History\n\nHistory section provides information on new products, mergers, acquisitions,\nexpansions, approvals, and many more key events.\n\nYear  |  Event  |  Description   \n---|---|---  \n2024  |  New Products/Services  |  In March, the company launched Lord Jones Chocolate Fusions.   \n2023  |  Corporate Changes/Expansions  |  In November, the company launched Lord Jones in the Canadian adult-use cannabis market.   \n2023  |  Others  |  In September, the company shipped its first order of bulk cannabis which will be sold under the PEACE NATURALS brand in Germany.   \n  \n[ ](https://www.globaldata.com/store/request-sales-intelligence-\ndemo/?report=3254907) Dive into past operations, including product releases,\ndeals, acquisitions & more  Dive into past operations, including product\nreleases, deals, acquisitions & more  [ Register your interest\n](https://www.globaldata.com/store/request-sales-intelligence-\ndemo/?report=3254907)\n\n##  Competitor Comparison\n\n**Key Parameters** |  Cronos Group Inc  |  Aurora Cannabis Inc  |  Delivra Health Brands Inc  |  CannTrust Holdings Inc   \n---|---|---|---|---  \nHeadquarters  |  Canada  |  Canada  |  Canada  |  Canada   \nCity  |  Toronto  |  Leduc  |  Vancouver  |  Vaughan   \nState/Province  |  Ontario  |  Alberta  |  British Columbia  |  Ontario   \nNo. of Employees  |  626  |  1,073  |  \\-  |  576   \nEntity Type  |  Public  |  Public  |  Public  |  Private   \n  \n[ ](https://www.globaldata.com/store/request-sales-intelligence-\ndemo/?report=3254907) Benchmark the company against the market with exclusive\ninformation on key competitors  Benchmark the company against the market with\nexclusive information on key competitors  [ Register your interest\n](https://www.globaldata.com/store/request-sales-intelligence-\ndemo/?report=3254907)\n\n[ ](https://www.globaldata.com/store/request-sales-intelligence-\ndemo/?report=3254907) Chart Financial activity with access to more key stats\nChart Financial activity with access to more key stats  [ Register your\ninterest  ](https://www.globaldata.com/store/request-sales-intelligence-\ndemo/?report=3254907)\n\n#####  Executives\n\nName  |  Position  |  Board  |  Since  |  Age   \n---|---|---|---|---  \nMichael Gorenstein  |  Chairman; Chief Executive Officer; President  |  Executive Board  |  \\-  |  \\-   \nAnna Shlimak  |  Chief Financial Officer  |  Senior Management  |  2025  |  \\-   \nJeff Jacobson  |  Chief Growth Officer  |  Senior Management  |  \\-  |  \\-   \nShannon Buggy  |  Head - People; Senior Vice President  |  Senior Management  |  \\-  |  \\-   \nTerry Doucet  |  General Counsel; Secretary  |  Senior Management  |  \\-  |  \\-   \nNon Dignissim Eros  |  Proin vel  |  Convallis  |  2025  |  XY   \nNon Dignissim Eros  |  Proin vel  |  Convallis  |  2025  |  XY   \nNon Dignissim Eros  |  Proin vel  |  Convallis  |  2025  |  XY   \n  \n[ ](https://www.globaldata.com/store/request-sales-intelligence-\ndemo/?report=3254907) Gain insight into Cronos Group Inc key executives to\nenhance your sales strategy  Gain insight into Cronos Group Inc key executives\nto enhance your sales strategy  [ Register your interest\n](https://www.globaldata.com/store/request-sales-intelligence-\ndemo/?report=3254907)\n\nHave you found what you were looking for? 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                "url": "https://www.globaldata.com/company-profile/cronos-group-inc/"
            },
            "reason": "GlobalData provides company profiles and industry analysis. While generally reliable, it may contain some information that is not independently verified.",
            "reliability_score": 0.7,
            "search_query": "company 'The Cronos Group' overview financial performance",
            "summary": "Company profile of Cronos Group Inc. from GlobalData.",
            "url": "https://www.globaldata.com/company-profile/cronos-group-inc/"
        },
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                    "source": "https://www.theglobeandmail.com/investing/markets/stocks/CRON/pressreleases/31087295/cronos-group-inc-to-hold-2024-fourth-quarter-and-full-year-earnings-conference-call-on-february-27-2025/"
                },
                "page_content": "Skip to main content\n\n  * [ TSX  5.42 %  ](https://www.theglobeandmail.com/investing/markets/indices/TXCX/)\n  * [ S&P 500  9.52 %  ](https://www.theglobeandmail.com/investing/markets/indices/INX/)\n  * [ DOW  7.87 %  ](https://www.theglobeandmail.com/investing/markets/indices/DOWI/)\n  * [ NASDAQ  12.16 %  ](https://www.theglobeandmail.com/investing/markets/indices/NASX/)\n  * [ Oil  -1.3 %  ](https://www.theglobeandmail.com/investing/markets/commodities/CL*0/)\n  * [ Dollar  0.14 %  ](https://www.theglobeandmail.com/investing/markets/currencies/CADUSD/)\n  * [ Gold  1.98 %  ](https://www.theglobeandmail.com/investing/markets/commodities/GC*0/)\n  * [ tsx movers:  ](/investing/markets/stocks/)\n  * [ CNQ-T  \\+ 9.51 %  ](https://www.theglobeandmail.com/investing/markets/stocks/CNQ-T/)\n  * [ BTE-T  \\+ 22.12 %  ](https://www.theglobeandmail.com/investing/markets/stocks/BTE-T/)\n  * [ WCP-T  \\+ 11.96 %  ](https://www.theglobeandmail.com/investing/markets/stocks/WCP-T/)\n  * [ TRP-T  \\+ 2.58 %  ](https://www.theglobeandmail.com/investing/markets/stocks/TRP-T/)\n\nThis section contains press releases and other materials from third parties\n(including paid content). The Globe and Mail has not reviewed this content.\nPlease see [ disclaimer ](https://www.theglobeandmail.com/privacy-\nterms/disclaimer/) .\n\n#  Cronos Group Inc. to Hold 2024 Fourth Quarter and Full-Year Earnings\nConference Call on February 27, 2025\n\nCronos Group Inc. -  [ GlobeNewswire ](https://www.globenewswire.com/) \\-  Mon\nFeb 24, 3:45PM CST\n\nTORONTO, Feb. 24, 2025 (GLOBE NEWSWIRE) -- Cronos Group Inc. (NASDAQ: CRON)\n(TSX: CRON) (\u201cCronos\u201d or the \u201cCompany\u201d) will hold its 2024 fourth-quarter and\nfull-year earnings conference call on Thursday, February 27, 2025 at 8:30 a.m.\nET. Cronos\u2019 senior management team will discuss the Company\u2019s financial\nresults and will be available for questions from the investment community\nafter prepared remarks.\n\nTo attend the conference call or webcast, participants should register online\nat [ https://ir.thecronosgroup.com/events-presentations\n](https://ir.thecronosgroup.com/events-presentations) . To avoid delays, we\nencourage participants to dial into the conference call fifteen minutes ahead\nof the scheduled start time. The webcast of the call will be archived for\nreplay on the Company\u2019s website.\n\n**About Cronos**\n\nCronos is an innovative global cannabinoid company committed to building\ndisruptive intellectual property by advancing cannabis research, technology\nand product development. With a passion to responsibly elevate the consumer\nexperience, Cronos is building an iconic brand portfolio. Cronos\u2019 diverse\ninternational brand portfolio includes Spinach  \u00ae  , PEACE NATURALS  \u00ae  and\nLord Jones  \u00ae  . For more information about Cronos and its brands, please\nvisit: [ thecronosgroup.com ](https://thecronosgroup.com/) .\n\n**Forward-looking Statements**\n\nThis press release may contain information that may constitute \u201cforward-\nlooking information\u201d or \u201cforward-looking statements\u201d within the meaning of\napplicable Canadian and U.S. securities laws and court decisions\n(collectively, \u201cForward-looking Statements\u201d). All information contained herein\nthat is not clearly historical in nature may constitute Forward-looking\nStatements. In some cases, Forward-looking Statements can be identified by the\nuse of forward-looking terminology such as \u201cmay\u201d, \u201cwill\u201d, \u201cexpect\u201d, \u201cplan\u201d,\n\u201canticipate\u201d, \u201cintend\u201d, \u201cpotential\u201d, \u201cestimate\u201d, \u201cbelieve\u201d or the negative of\nthese terms, or other similar expressions intended to identify Forward-looking\nStatements. Some of the Forward-looking Statements contained in this press\nrelease include statements about Cronos\u2019 intention to build an international\niconic brand portfolio and develop disruptive intellectual property. Forward-\nlooking Statements are necessarily based upon a number of estimates and\nassumptions that, while considered reasonable by management, are inherently\nsubject to significant business, economic and competitive risks, financial\nresults, results, performance or achievements expressed or implied by those\nForward-looking Statements and the Forward-looking Statements are not\nguarantees of future performance. A discussion of some of the material risks\napplicable to the Company can be found in the Company\u2019s Annual Report on Form\n10-K for the year ended December 31, 2023 and Quarterly Reports on Form 10-Q\nfor the quarters ended March 31, 2024, June 30, 2024, and September 30, 2024,\neach of which have been filed on SEDAR+ and EDGAR and can be accessed at\nwww.sedarplus.ca and www.sec.gov/edgar, respectively. Any Forward-looking\nStatement included in this press release is made as of the date of this press\nrelease and, except as required by law, Cronos disclaims any obligation to\nupdate or revise any Forward-looking Statement. Readers are cautioned not to\nput undue reliance on any Forward-looking Statement.\n\n**Cronos Contact**  \nAnna Shlimak  \nInvestor Relations  \nTel: (416) 504-0004  \n[ investor.relations@thecronosgroup.com\n](mailto:investor.relations@thecronosgroup.com)\n\n  \n\n[\n](https://www.globenewswire.com/NewsRoom/AttachmentNg/68e2d88b-b8e0-404a-995d-415a33773982)\n\n**_This article contains syndicated content. We have not reviewed, approved,\nor endorsed the content, and may receive compensation for placement of the\ncontent on this site. For more information please view the Barchart Disclosure\nPolicy[ here ](https://www.barchart.com/terms#disclosure) . _ **\n\nAll [ market data  (will open in new tab)\n](https://www.barchart.com/solutions/data/market) is provided by Barchart\nSolutions. Copyright \u00a9 2025 .\n\nInformation is provided 'as is' and solely for informational purposes, not for\ntrading purposes or advice. 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                "url": "https://www.theglobeandmail.com/investing/markets/stocks/CRON/pressreleases/31087295/cronos-group-inc-to-hold-2024-fourth-quarter-and-full-year-earnings-conference-call-on-february-27-2025/"
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            "reason": "This is a press release distributed through The Globe and Mail, announcing Cronos Group's earnings call. It provides factual information and is likely reliable.",
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            "search_query": "company 'The Cronos Group' overview financial performance",
            "summary": "Cronos Group Inc. announces its 2024 fourth quarter and full-year earnings conference call to be held on February 27, 2025.",
            "url": "https://www.theglobeandmail.com/investing/markets/stocks/CRON/pressreleases/31087295/cronos-group-inc-to-hold-2024-fourth-quarter-and-full-year-earnings-conference-call-on-february-27-2025/"
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                    "source": "https://finance.yahoo.com/quote/CRON/"
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                "page_content": "Oops, something went wrong\n\nUnlock stock picks and a broker-level newsfeed that powers Wall Street.\n\nNasdaqGM - Delayed Quote  \u2022  USD\n\n#  Cronos Group Inc. (CRON)\n\n[ Compare  ](/compare/CRON)\n\n1.7200\n\n+0.1000\n\n+(6.17%)\n\nAt close: April 9 at 4:00:02 PM EDT\n\n1.7000\n\n-0.02 \n\n(-1.16%)\n\nAfter hours: April 9 at 7:51:08 PM EDT\n\n[ Advanced Chart  ](/chart/CRON)\n\nLoading Chart for CRON\n\n  * Previous Close  1.6200 \n  * Open  1.6200 \n  * Bid  1.7100 x 100 \n  * Ask  1.7200 x 300 \n  * Day's Range  1.6004 - 1.7350 \n  * 52 Week Range  1.6000 - 3.1400 \n  * Volume  1,512,435 \n  * Avg. Volume  1,557,288 \n  * Market Cap (intraday)  657.953M \n  * Beta (5Y Monthly)  1.42 \n  * PE Ratio (TTM)  15.64 \n  * EPS (TTM)  0.1100 \n  * Earnings Date  May 7, 2025 - May 12, 2025 \n  * Forward Dividend & Yield  \\-- \n  * Ex-Dividend Date  \\-- \n  * 1y Target Est  1.91 \n\nCronos Group Inc. operates as a cannabinoid company that engages in the\ncultivation, production, distribution, and marketing of cannabis products in\nCanada, Israel, and internationally. The company offers dried flower, pre-\nrolls, oils, vaporizers, edibles, and cannabis tinctures under the Spinach,\nLord Jones, and PEACE NATURALS brand names. Cronos Group Inc. was founded in\n2012 and is based in Stayner, Canada.\n\n[ www.thecronosgroup.com ](https://www.thecronosgroup.com)\n\n459\n\n###  Full Time Employees\n\nDecember 31\n\n###  Fiscal Year Ends\n\n[ Healthcare ](/sectors/healthcare/)\n\n###  Sector\n\n[ Drug Manufacturers - Specialty & Generic ](/sectors/healthcare/drug-\nmanufacturers-specialty-generic/)\n\n###  Industry\n\n[ More about Cronos Group Inc. ](/quote/CRON/profile/)\n\n[ View More  ](/quote/CRON/news/ \"View More\")\n\nTrailing total returns as of 4/9/2025, which may include dividends or other\ndistributions.  Benchmark is [ S&P/TSX Composite index (^GSPTSE)\n](/quote/%5EGSPTSE/ \"S&P/TSX Composite index \\(^GSPTSE\\)\") .\n\nCRON\n\n11.79%\n\nS&P/TSX Composite index (^GSPTSE)\n\n3.63%\n\nCRON\n\n35.58%\n\nS&P/TSX Composite index (^GSPTSE)\n\n6.11%\n\nCRON\n\n50.57%\n\nS&P/TSX Composite index (^GSPTSE)\n\n8.47%\n\nCRON\n\n70.29%\n\nS&P/TSX Composite index (^GSPTSE)\n\n67.49%\n\nSelect to analyze similar companies using key performance metrics; select up\nto 4 stocks.\n\n[ CRON  Cronos Group Inc.  ](/quote/CRON/)\n\n1.7200\n\n+6.17%\n\nMkt Cap  657.953M\n\nIndustry  Drug Manufacturers\u2014Specialty & Generic\n\n[ ACB  Aurora Cannabis Inc.  ](/quote/ACB/)\n\n4.2600\n\n+9.79%\n\nMkt Cap  233.806M\n\nIndustry  Drug Manufacturers\u2014Specialty & Generic\n\n[ CGC  Canopy Growth Corporation  ](/quote/CGC/)\n\n0.8981\n\n+8.44%\n\nMkt Cap  161.388M\n\nIndustry  Drug Manufacturers\u2014Specialty & Generic\n\n[ OGI  Organigram Global Inc.  ](/quote/OGI/)\n\n0.9550\n\n+8.52%\n\nMkt Cap  127.759M\n\nIndustry  Drug Manufacturers\u2014Specialty & Generic\n\n[ CURLF  Curaleaf Holdings, Inc.  ](/quote/CURLF/)\n\n0.7490\n\n-2.85% \n\nMkt Cap  561.349M\n\nIndustry  Drug Manufacturers\u2014Specialty & Generic\n\n[ TLRY  Tilray Brands, Inc.  ](/quote/TLRY/)\n\n0.5301\n\n+16.17%\n\nMkt Cap  528.444M\n\nIndustry  Drug Manufacturers\u2014Specialty & Generic\n\n[ TCNNF  Trulieve Cannabis Corp.  ](/quote/TCNNF/)\n\n3.2740\n\n-0.18% \n\nMkt Cap  617.689M\n\nIndustry  Drug Manufacturers\u2014Specialty & Generic\n\n[ GTBIF  Green Thumb Industries Inc.  ](/quote/GTBIF/)\n\n5.10\n\n+1.59%\n\nMkt Cap  1.16B\n\nIndustry  Drug Manufacturers\u2014Specialty & Generic\n\n[ CRLBF  Cresco Labs Inc.  ](/quote/CRLBF/)\n\n0.5800\n\n+9.43%\n\nMkt Cap  198.081M\n\nIndustry  Drug Manufacturers\u2014Specialty & Generic\n\n[ OGI.TO  Organigram Global Inc.  ](/quote/OGI.TO/)\n\n1.3600\n\n+7.09%\n\nMkt Cap  CAD  181.939M\n\nIndustry  Drug Manufacturers\u2014Specialty & Generic\n\n[ TLRY.TO  Tilray Brands, Inc.  ](/quote/TLRY.TO/)\n\n0.7500\n\n+17.19%\n\nMkt Cap  CAD  753.158M\n\nIndustry  Drug Manufacturers\u2014Specialty & Generic\n\n[ Annual  ](/about/plans/select-\nplan/historicalStatistics/?.done=%2Fquote%2FCRON%2F&ncid=100001118)\n\nAs of 4/9/2025\n\n  * Market Cap \n\n647.39M\n\n  * Enterprise Value \n\n-209.40M \n\n  * Trailing P/E \n\n15.58\n\n  * Forward P/E \n\n\\--\n\n  * PEG Ratio (5yr expected) \n\n\\--\n\n  * Price/Sales (ttm) \n\n5.57\n\n  * Price/Book (mrq) \n\n0.62\n\n  * Enterprise Value/Revenue \n\n\\--\n\n  * Enterprise Value/EBITDA \n\n\\--\n\n####  Profitability and Income Statement\n\n  * Profit Margin \n\n34.93%\n\n  * Return on Assets (ttm) \n\n-2.94% \n\n  * Return on Equity (ttm) \n\n3.63%\n\n  * Revenue (ttm) \n\n117.61M\n\n  * Net Income Avi to Common (ttm) \n\n41.08M\n\n  * Diluted EPS (ttm) \n\n0.1100\n\n####  Balance Sheet and Cash Flow\n\n  * Total Cash (mrq) \n\n858.8M\n\n  * Total Debt/Equity (mrq) \n\n0.18%\n\n  * Levered Free Cash Flow (ttm) \n\n-26.29M \n\n[ View More  ](/quote/CRON/key-statistics/ \"View More\")\n\n[ View More  ](/quote/CRON/analysis/ \"View More\")\n\n[ View More  ](/research/stock-forecast/CRON?symbols=CRON \"View More\")\n\nCGC  Canopy Growth Corporation\n\n**0.8981**\n\n+8.44%\n\n[ ](/quote/CGC/ \"CGC\")\n\nACB  Aurora Cannabis Inc.\n\n**4.2600**\n\n+9.79%\n\n[ ](/quote/ACB/ \"ACB\")\n\nTLRY  Tilray Brands, Inc.\n\n**0.5301**\n\n+16.17%\n\n[ ](/quote/TLRY/ \"TLRY\")\n\nCURLF  Curaleaf Holdings, Inc.\n\n**0.7490**\n\n-2.85% \n\n[ ](/quote/CURLF/ \"CURLF\")\n\nOGI  Organigram Global Inc.\n\n**0.9550**\n\n+8.52%\n\n[ ](/quote/OGI/ \"OGI\")\n\nGTBIF  Green Thumb Industries Inc.\n\n**5.10**\n\n+1.59%\n\n[ ](/quote/GTBIF/ \"GTBIF\")\n\nTCNNF  Trulieve Cannabis Corp.\n\n**3.2740**\n\n-0.18% \n\n[ ](/quote/TCNNF/ \"TCNNF\")\n\nIIPR  Innovative Industrial Properties, Inc.\n\n**51.80**\n\n+7.85%\n\n[ ](/quote/IIPR/ \"IIPR\")\n\nCRLBF  Cresco Labs Inc.\n\n**0.5800**\n\n+9.43%\n\n[ ](/quote/CRLBF/ \"CRLBF\")\n\nSNDL  SNDL Inc.\n\n**1.3900**\n\n+9.45%\n\n[ ](/quote/SNDL/ \"SNDL\")\n\nGRWG  GrowGeneration Corp.\n\n**0.9011**\n\n+2.35%\n\n[ ](/quote/GRWG/ \"GRWG\")\n\nWEED.TO  Canopy Growth Corporation\n\n**1.2600**\n\n+7.69%\n\n[ ](/quote/WEED.TO/ \"WEED.TO\")\n\nSMG  The Scotts Miracle-Gro Company\n\n**52.59**\n\n+9.09%\n\n[ ](/quote/SMG/ \"SMG\")\n\nSTZ  Constellation Brands, Inc.\n\n**183.40**\n\n+7.28%\n\n[ ](/quote/STZ/ \"STZ\")\n\nVFF  Village Farms International, Inc.\n\n**0.5370**\n\n+11.62%\n\n[ ](/quote/VFF/ \"VFF\")\n\nCWBHF  Charlotte's Web Holdings, Inc.\n\n**0.0750**\n\n+20.97%\n\n[ ](/quote/CWBHF/ \"CWBHF\")\n\n[ ](/)\n\nCopyright \u00a9 2025 Yahoo. 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            "search_query": "company 'The Cronos Group' overview financial performance",
            "summary": "Yahoo Finance provides stock quotes and financial data for Cronos Group (CRON).",
            "url": "https://finance.yahoo.com/quote/CRON/"
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            "content": {
                "metadata": {
                    "ext_id": "fc73de34-ad5a-4ac1-8f68-680f662eeee1",
                    "origin": "public",
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                    "resource_type": "webpage",
                    "source": "https://investingnews.com/cronos-group-inc-to-hold-2024-fourth-quarter-and-full-year-earnings-conference-call-on-february-27-2025/"
                },
                "page_content": "[ ](/)\n\n  * Australia \n\nNorth America\n\nWorld\n\n[ Login ](/my-inn)\n\n##  [ Investing News **Network** Your trusted source for investing success\n](/)\n\nDownload our investor reports\n\n[ Start Here Guides ](/investing-guides/) [ Outlook Reports ](/market-outlook-\nreports/)\n\nCopyright 2025 \u00a9 Dig Media Inc.  \n  \nYour trusted source for investing success since 2007. Renowned for our market\n[ outlook reports ](/outlook-reports/) and [ investing guides ](/investing-\nguides/) .\n\n  * [ Market Market ](/category/daily/market-news)\n  * [ Market News ](/press-releases/?newssections=market-news)\n  * [ Market Stocks ](/category/daily/market-news/company-profiles/)\n\n#  Cronos Group Inc. to Hold 2024 Fourth Quarter and Full-Year Earnings\nConference Call on February 27, 2025\n\n[ Investing News Network ](https://investingnews.com/author/admin/)\n\n02/24/25\n\nCronos Group Inc. ( [ NASDAQ ](https://investingnews.com/nasdaq-composite-\nindex/) : CRON) ( [ TSX ](https://investingnews.com/sp-tsx-composite-index/) :\nCRON) (\"Cronos\" or the \"Company\") will hold its 2024 fourth-quarter and full-\nyear earnings conference call on Thursday, February 27, 2025 at 8:30 a.m. ET.\nCronos' senior management team will discuss the Company's financial results\nand will be available for questions from the investment community after\nprepared remarks.\n\nTo attend the conference call or webcast, participants should register online\nat [ https://ir.thecronosgroup.com/events-presentations\n](https://ir.thecronosgroup.com/events-presentations) . To avoid delays, we\nencourage participants to dial into the conference call fifteen minutes ahead\nof the scheduled start time. The webcast of the call will be archived for\nreplay on the Company's website.\n\n**About Cronos**\n\nCronos is an innovative global cannabinoid company committed to building\ndisruptive intellectual property by advancing cannabis research, technology\nand product development. With a passion to responsibly elevate the consumer\nexperience, Cronos is building an iconic brand portfolio. Cronos' diverse\ninternational brand portfolio includes Spinach  \u00ae  , PEACE NATURALS  \u00ae  and\nLord Jones  \u00ae  . For more information about Cronos and its brands, please\nvisit: [ thecronosgroup.com ](https://thecronosgroup.com/) .\n\n**Forward-looking Statements**\n\nThis press release may contain information that may constitute \"forward-\nlooking information\" or \"forward-looking statements\" within the meaning of\napplicable Canadian and U.S. securities laws and court decisions\n(collectively, \"Forward-looking Statements\"). All information contained herein\nthat is not clearly historical in nature may constitute Forward-looking\nStatements. In some cases, Forward-looking Statements can be identified by the\nuse of forward-looking terminology such as \"may\", \"will\", \"expect\", \"plan\",\n\"anticipate\", \"intend\", \"potential\", \"estimate\", \"believe\" or the negative of\nthese terms, or other similar expressions intended to identify Forward-looking\nStatements. Some of the Forward-looking Statements contained in this press\nrelease include statements about Cronos' intention to build an international\niconic brand portfolio and develop disruptive intellectual property. Forward-\nlooking Statements are necessarily based upon a number of estimates and\nassumptions that, while considered reasonable by management, are inherently\nsubject to significant business, economic and competitive risks, financial\nresults, results, performance or achievements expressed or implied by those\nForward-looking Statements and the Forward-looking Statements are not\nguarantees of future performance. A discussion of some of the material risks\napplicable to the Company can be found in the Company's Annual Report on Form\n10-K for the year ended December 31, 2023 and Quarterly Reports on Form 10-Q\nfor the quarters ended March 31, 2024, June 30, 2024, and September 30, 2024,\neach of which have been filed on SEDAR+ and EDGAR and can be accessed at\nwww.sedarplus.ca and www.sec.gov/edgar, respectively. Any Forward-looking\nStatement included in this press release is made as of the date of this press\nrelease and, except as required by law, Cronos disclaims any obligation to\nupdate or revise any Forward-looking Statement. Readers are cautioned not to\nput undue reliance on any Forward-looking Statement.\n\n**Cronos Contact**  \nAnna Shlimak  \nInvestor Relations  \nTel: (416) 504-0004  \n[ investor.relations@thecronosgroup.com\n](mailto:investor.relations@thecronosgroup.com)\n\n  \n\n[\n](https://www.globenewswire.com/NewsRoom/AttachmentNg/68e2d88b-b8e0-404a-995d-415a33773982)\n\nNews Provided by GlobeNewswire via QuoteMedia\n\n[ cron:ca ](https://investingnews.com/tag/cron-ca) [ cannabis investing\n](https://investingnews.com/tag/cannabis-investing) [ Cannabis Investing\n](https://investingnews.com/tag/cannabis-investing)\n\nCRON:CA,CRON\n\nThe Conversation (0)\n\n[ ](https://investingnews.com/asx-cannabis-stocks)\n\n[ Melissa Pistilli ](https://investingnews.com/author/melissa-pestilli/)\n\n25 March\n\n##  [ ASX Cannabis Stocks: 10 Biggest Companies\n](https://investingnews.com/asx-cannabis-stocks)\n\n**While Australia has yet to legalise all forms of cannabis, the country is a\ngrowing medical cannabis and hemp market, with many companies manufacturing,\nresearching and exporting the plant-based product.**\n\nMedical cannabis was [ federally legalised\n](https://www.cnn.com/2016/02/24/health/medical-marijuana-legal-australia-\nirpt/index.html) in 2016, and the [ export of cannabis\n](https://investingnews.com/australia-cannabis-exports/) from Australia was\nlegalised in 2018. As for recreational use, the only [ state to legalise\nrecreational use ](https://investingnews.com/guide-to-cannabis-in-australia)\nand possession so far is the Australian Capital Territory, which did so in\n2020, but it did not establish a regulated recreational cannabis market.\n\nThe country's medical cannabis market has been [ steadily expanding\n](https://investingnews.com/australia-cannabis-forecast/) in size and scope. A\nPenington Institute report [ shows ](https://www.penington.org.au/wp-\ncontent/uploads/2024/11/Penington-Institute-Cannabis-in-Australia-2024.pdf)\nthat Australians spent approximately AU$400 million on medicinal cannabis in\nthe first half of 2024, 72 percent higher than the AU$234 million they spent\nover the entirety of 2022.\n\nMoving forward, [ Grandview Research forecasted\n](https://www.grandviewresearch.com/industry-analysis/australia-medical-\ncannabis-market-report) a compound annual growth rate of 33.6 percent between\n2024 to 2030 for the country's medical cannabis market.\n\nAustralian cannabis companies listed on the [ ASX\n](https://investingnews.com/sp-asx-200-index/) are operating in this space,\ncreating goods such as medicines, flower and hemp products. Some ASX-listed\ncannabis companies are also producing recreational cannabis in other\ncountries.\n\nHere the Investing News Network profiles the 10 biggest cannabis stocks on the\nASX by market cap. Australian cannabis stocks are listed in order of market\ncap from largest to smallest, with data compiled using TradingView\u2019s [ stock\nscreener ](https://www.tradingview.com/screener/) on March 18, 2025.\n\n###  1\\. [ Botanix Pharmaceuticals (ASX:BOT)\n](https://investingnews.com/botanix-pharmaceuticals/)\n\n[ Company Profile ](https://investingnews.com/botanix-pharmaceuticals/)\n\n**Market cap:** AU$786.74 million  \n**Share price:** AU$0.41\n\nThe largest medical cannabis company on the ASX is Botanix Pharmaceuticals.\nBased in Perth, Western Australia, this biopharmaceutical firm specialises in\ncannabinoid-based dermatological therapies. According to the company, its\nexclusive Permetrex technology helps its products permeate the skin, and treat\nskin conditions from below the surface.\n\nThe company\u2019s lead product is Sofdra, which is targeted for the treatment of\naxillary hyperhidrosis, or excessive sweating. Sofdra was approved in Japan in\n2020 under the name Ecclock, and in June 2024 received US Food and Drug\nAdministration (FDA) [ approval ](https://cdn-api.markitdigital.com/apiman-\ngateway/ASX/asx-research/1.0/file/2924-02819259-6A1212299) as well.\n\nBotanix\u2019s product pipeline also includes several drug candidates harnessing\nthe anti-inflammatory and antimicrobial properties of synthetic cannabidiol to\ntreat moderate to severe acne, rosacea and atopic dermatitis. The company is\nalso developing an antimicrobial solution for treating staphylococcus aureus\ninfections.\n\n###  2\\. [ Vitura Health (ASX:VIT) ](https://investingnews.com/stocks/vit-\nau/vitura-health/)\n\n[ Company Profile ](https://investingnews.com/stocks/vit-au/vitura-health/)\n\n** Market cap:  ** AU$48.34 million  \n**Share price:** AU$0.073\n\n__ [ Formerly Cronos Australia\n](https://www.kapitales.com.au/articles/trending/cronos-australia-changes-\nname-to-vitura-health-limited) , Vitura Health is a digital health platform\nbusiness that connects patients, doctors, pharmacists and suppliers across its\ndigital health ecosystem. The company has built a significant foothold in\nAustralia\u2019s medical cannabis sector through a number of verticals and\nestablished brands.\n\nVitura Health subsidiary Burleigh Heads Cannabis distributes medical cannabis\nproducts via the Canview online platform. Canview allows patients to preview\nmedical cannabis offerings, and doctors and pharmacists can then prescribe and\ndistribute treatments.\n\nVitura Health operates CDA Clinics, a network of clinics staffed with\nhealthcare professionals offering consultation on plant-based medications\nincluding medical cannabis. In February 2025, the company [ acquired Candor\nMedical ](https://finance.yahoo.com/news/vitura-health-acquire-candor-\nmedical-013900899.html) , another Australian medical cannabis clinic business.\n\nIt also has a 75.5 percent position in Cannadoc, which offers nationwide\ntelehealth consultations with patients seeking access to medicinal cannabis.\n\n###  3\\. [ IDT Australia (ASX:IDT) ](https://investingnews.com/idt-australia-\nltd/)\n\n[ Company Profile ](https://investingnews.com/idt-australia-ltd/)\n\n**Market cap:** AU$41.35 million  \n**Share price:** AU$0.10\n\n__ Contract drug manufacturing company IDT Australia is licensed to make\nactive pharmaceutical ingredients and finished-dose forms of medicines and\ntreatments. Its license covers medicinal cannabis products for local and\ninternational markets.\n\nIn fact, IDT plays an important role in Australia\u2019s medical cannabis products\nsupply chain. Its [ specialised services ](https://en.idtaus.com.au/specialty-\norals/) include the manufacturing of solid oral and sterile liquid dosage\nforms of high-CBD and high-THC options, and resin extraction. The company\u2019s\nin-house analytical laboratory offers a range of testing and stability\nservices in line with the current good manufacturing practices (cGMP).\n\n\u201cLeveraging our extensive cGMP and specialty pharma experience, we have\ndeveloped exceptional medicinal cannabis products that surpass current\nregulatory expectations,\u201d [ the company\u2019s website states\n](https://en.idtaus.com.au/specialty-orals/psychedelics-medicinal-cannabis/) .\n\n###  4\\. [ Little Green Pharma (ASX:LGP)\n](https://investingnews.com/stocks/lgp-au/lgp-au/)\n\n[ Company Profile ](https://investingnews.com/stocks/lgp-au/lgp-au/)\n\n**Market cap:** AU$39.39 million  \n**Share price:** AU$0.13\n\nLittle Green Pharma is a medical cannabis company that places a strong\nemphasis on affordability for patients. The company was the \u201cfirst Australian\nproducer and exporter of cannabis medicines.\u201d The company sells branded and\nwhite label products that are available in orally ingestible oils as well as\nflower, and are grown and manufactured in Australia and Denmark.\n\nIts products are available in Australia, as well as European companies such as\nGermany, the UK and France. Little Green Pharma has plans to target other\nEuropean markets too.\n\nIn its fiscal Q3 2025 [ quarterly report\n](https://investlittlegreenpharma.com/site/pdf/045df8ac-a1f5-49dc-a6ac-\necfd9846fa63/December-2024_Quarterly-Activities-Report-and-Appendix-4C.pdf)\nreleased in December 2024, Little Green Pharma boasted a revenue of AU$9.5\nmillion, an increase of 75 percent over the same quarter in the previous\nperiod. For the first three quarters of its fiscal 2025, the company's revenue\ntotalled AU$27 million, surpassing its 2024 full-year revenue of AU$25.6\nmillion.\n\n###  5\\. [ Neurotech (ASX:NTI) ](https://investingnews.com/stocks/asx-\nnti/neurotech-fpo-nti/)\n\n[ Company Profile ](https://investingnews.com/stocks/asx-nti/neurotech-fpo-\nnti/)\n\n**Market cap:** AU$36.47 million  \n**Share price:** AU$0.038\n\nNeurotech International is bringing cannabis-based medicines through clinical\ntrials, with a focus on autism spectrum disorder (ASD). Its leading treatment\nis [ NTI164 ](https://neurotechinternational.com/biopharmaceutical-\ntrials/#nti164) , a cannabis-based medicine featuring a high amount of the\ncannabinoid CBDA, alongside other minor cannabinoids. It is being developed to\ntreat a range of neurological conditions in children.\n\n[ Phase I/II trials\n](https://www.investi.com.au/api/announcements/nti/c2330eb5-35c.pdf) of the\ndrug revealed that after eight weeks, children with ASD taking NTI164 showed\ndecreased levels of anxiety and depression, as reported in July 2024. This\nfollows an [ April 2024 report\n](https://www.investi.com.au/api/announcements/nti/3e87a498-65a.pdf) that the\nresults of the NTIASD2 trial \u201cmet the primary endpoint of severity of illness\nimprovement versus placebo, along with improvements in key secondary endpoints\nrelating to clinical improvement, adaptive behaviours and socialisation.\u201d\n\nNeurotech has also received an FDA orphan drug designation for NTI164 in the\ntreatment of [ Rett Syndrome\n](https://api.investi.com.au/api/announcements/nti/c8adc5a6-169.pdf) , a rare\ngenetic neurological and developmental disorder.\n\nNeurotech entered into a [ new development agreement\n](https://api.investi.com.au/api/announcements/nti/38c9d4a8-d66.pdf) with\nEuropean medical cannabis company RH Pharma in February 2025. The aim of the\nagreement is bring to market pharmaceutical-grade broad spectrum cannabinoid\ndrug products for paediatric patients with neurodevelopmental disorders.\n\n###  6\\. [ ECS Botanics (ASX:ECS) ](https://investingnews.com/stocks/ecs-\nau/ecs-botanics-holdings/)\n\n[ Company Profile ](https://investingnews.com/stocks/ecs-au/ecs-botanics-\nholdings/)\n\n**Market cap:** AU$16.85 million  \n**Share price:** AU$0.013\n\nVictoria-based ECS Botanics bills itself as Australia's largest business-to-\nbusiness medicinal cannabis cultivator and manufacturer. At its Australian\nTherapeutic Goods-licensed facilities, the company uses regenerative and\norganic agricultural practices and renewable energy sources to manufacture GMP\ncertified products.\n\nIn May 2024, ECS Botanics kicked off a [ one-year supply agreement\n](https://investingnews.com/ecs-botanics-earnings/) with Elite Medical\nSolutions with a guaranteed minimum annual order of AU$380,000 and automatic\nrenewal options. The agreement will see Elite Medical Solutions oversee retail\nsales of ECS\u2019s RAP Med brand, which is targeted at military veterans and\nincludes soft gel capsules and oral liquids.\n\nIn its report for its fiscal [ H1 2025\n](https://wcsecure.weblink.com.au/pdf/ECS/02919066.pdf) ended December 31,\n2024, the company highlights a 50 percent increase in cannabis yields, placing\nthe company on track for a record harvest for the 2025 calendar year.\n\n###  7\\. [ Cann Group (ASX:CAN) ](https://investingnews.com/stocks/can-\nau/cann-group/)\n\n[ Company Profile ](https://investingnews.com/stocks/can-au/cann-group/)\n\n**Market cap:** AU$13.65 million  \n**Share price:** AU$0.026\n\nCann Group is a medical cannabis grower and manufacturer that sells its\nproducts within Australia as well as outside the country. The agricultural\ntechnology company places a strong emphasis on research, genetics and\nbreeding, creating high-quality products for the medical market.\n\nIn 2017, Cann Group was the first company to be granted a cannabis research\nlicence from Australia\u2019s Office of Drug Control. It marked another first when\nit received its medicinal cannabis cultivation licence from the entity the\nfollowing month.\n\nAt its [ Mildura facility in Victoria ](https://www.canngrouplimited.com/our-\nfacilities) , Cann Group produces its Satipharm CBD sleep capsules and\nmultiple medical marijuana products, included cannabis flower and cannabis\nresin, to patients for a range of conditions from multiple sclerosis to\nchronic pain. The company has the annual capacity to produce 12,500 kilograms\nof dry cannabis flower for international and domestic medical cannabis\nmarkets.\n\n###  8\\. [ Althea (ASX:AGH) ](https://investingnews.com/stocks/agh-au/althea-\ngroup-holdings/)\n\n[ Company Profile ](https://investingnews.com/stocks/agh-au/althea-group-\nholdings/)\n\n**Market cap:** AU$12 million  \n**Share price:** AU$0.023\n\n__ Althea is an international producer, supplier and exporter of\npharmaceutical-grade medicinal marijuana. The company operates in legal\ncannabis markets across the world, including in North America, Europe and\nAustralia.\n\nAlthea received its [ licence to cultivate medical cannabis\n](https://www.newswire.ca/news-releases/aphrias-australian-based-partner-\nalthea-receives-medical-cannabis-license-for-cultivation-676934033.html) in\n2018. After it [ received approval ](https://themarketherald.com.au/althea-\ngroup-asxagh-approved-to-sell-cannabis-products-in-germany-2020-11-18/) to\nsell cannabis products in Germany in late 2020, Althea became Germany\u2019s first\ncommercial supplier of made-in-Australia medical cannabis products. The\ncompany's subsidiary Peak Processing Solutions is a leader in the manufacture,\nsales and distribution of legal recreational cannabis products in Canada.\n\nIn its [ fiscal year 2025 H1 report\n](https://wcsecure.weblink.com.au/pdf/AGH/02919509.pdf) , Althea reported a\nfinancial turnaround as it significantly reduced its losses from its fiscal\n2024, posting a net loss of AU$1.5 million for H1 2025 compared to its AU$9\nmillion adjusted loss in its H1 2024 and AU$5.3 million adjusted loss in its\nH2 2024. Another bright spot in the report was that Peak Processing Solutions\nrevenue totalled AU$8.2 million, a 57.9 percent increase over the first half\nof its fiscal 2024, driven by strong demand for THC beverages.\n\n###  9\\. [ Ecofibre (ASX:EOF) ](https://investingnews.com/stocks/eof-\nau/ecofibre-ltd/)\n\n[ Company Profile ](https://investingnews.com/stocks/eof-au/ecofibre-ltd/)\n\n**Market cap:** AU$9.11 million  \n**Share price:** AU$0.022\n\nOperating in the US and Australia, advanced manufacturing and technology firm\nEcofibre is focused on the hemp industry. The company has three vertically\nintegrated businesses: sustainable polymers and natural materials, natural\nhealth care, and hemp seed genetics.\n\nVia one of the world\u2019s largest collections of hemp seed genetics, Ecofibre\nGenetics supplies seed genetics to the hemp fibre and grain industry in both\nthe US and Australia. EOF Bio, its majority owned US-based clinical-stage\nbiotechnology company, produces cannabinoid-based drugs with an initial focus\non women\u2019s health and endometriosis.\n\nThrough Ananda Health, a leading US manufacturer of cannabinoid-based health\nproducts for human and pet consumption, Ecofibre provides CBD products in\nAustralia and the US, targeting sleep disorders, pain and anxiety, as well as\nendometriosis and other gynecological conditions.\n\n###  10\\. [ Argent Biopharma (ASX:RGT) ](https://investingnews.com/stocks/rgt-\nau/argent-biopharma/)\n\n[ Company Profile ](https://investingnews.com/stocks/rgt-au/argent-biopharma/)\n\n**Market cap:** AU$7.41 million  \n**Share price:** AU$0.13\n\n__ Biopharmaceutical company Argent Biopharma is developing drug therapies\nusing nanotechnology with a focus on the central nervous system and immunology\ntreatments. Its investigational medicinal products are being prescribed\nthrough early patient access programs in the UK, US, Europe and Australia.\n\nIts [ cornerstone products ](https://argentbiopharma.com/pipeline/) include\nCannEpil for refractory epilepsy and cerebral palsy and CimetrA for acute lung\ninjury and ARDS, both of which are now generating revenues. Its therapy\nCogniCann is currently in clinical trials for enhancing the quality of life of\npatients with dementia, including Alzheimer\u2019s disease.\n\n_This is an updated version of an article first published by the Investing\nNews Network in 2019._  \n\n_Don\u2019t forget to follow us[ @INN_Australia\n](https://twitter.com/INN_Australia) for real-time news updates! _\n\n**Securities Disclosure: I, Melissa Pistilli, hold no direct investment\ninterest in any company mentioned in this article.**\n\nKeep reading...  Show less\n\n[ ](https://investingnews.com/top-cannabis-news/)\n\n[ Meagen Seatter ](https://investingnews.com/author/meagenseatter1/)\n\n06 March\n\n##  [ Cannabis Round-Up: Rescheduling Faces New Roadblocks, SAFER Banking Act\nGets Another Look ](https://investingnews.com/top-cannabis-news/)\n\n###\n\n__\n\n**February 2025 was characterized by an evolving legislative landscape and\nimportant financial updates from major players.**\n\nThese developments underscore the complex and dynamic nature of the sector as\nit continues to navigate legal, financial, and regulatory challenges while\nexperiencing ongoing growth and evolution.\n\nDiscussions around cannabis rescheduling, changes in federal agency\nleadership, state-level legalization efforts, and financial reports from key\ncompanies all contributed to a month of notable activity in the cannabis\nspace.\n\n###  Road to cannabis rescheduling hits another speed bump\n\nDiscussions around cannabis rescheduling continued in February, involving\nseveral key points. Since proceedings to reschedule cannabis stayed in January\nafter advocates raised concerns of potential bias within the Drug Enforcement\nAdministration (DEA), the path to rescheduling has become increasingly\nconvoluted.\n\nFirst, on February 7, DEA administrative law judge John J. Mulrooney [ granted\na withdrawal request\n](https://www.dea.gov/sites/default/files/2025-02/Marijuana%20Rescheduling_Order%20Re%20the%20Conneticut%20Office%20of%20the%20Cannabis%20Ombudsman%20and%20The%20Doc%20Apps%20Notice%20of%20Withdrawal.pdf)\nfrom Erin Gorman Kirk, who is Connecticut\u2019s Office of the Cannabis Ombudsman,\nand The Doc App, which is doing business as My Florida Green.\n\nOn why she requested the withdrawal, Kirk [ told Cannabis Business Times\n](https://www.cannabisbusinesstimes.com/cannabis-\nrescheduling/news/15737305/dea-judge-grants-requests-from-3-procannabis-\nrescheduling-participants-says-hearing-up-to-dea) : \u201cWith (Connecticut\u2019s)\nlegislative session underway, and the prospect of a long, drawn-out DEA\nRescheduling process, I felt our patients were better served by working with\nour esteemed legislators to improve the Connecticut Medical Cannabis Program\nand help our patients get back to the health they enjoyed before the adult-use\nmarketplace began.\n\n\u201cThis Office was created so we do not leave patients behind, and that\u2019s where\nI continue to focus my efforts. I remain engaged with the broader community of\npatient advocates working to de-stigmatize our medication and provide\nhealthier alternatives to wellness.\u201d\n\nJudge Mulrooney also [ granted a motion for relief\n](https://www.dea.gov/sites/default/files/2025-02/Marijuana%20Rescheduling_Order%20Regarding%20Designated%20Brown%27s%20Response%20to%20Motion%20for%20Leave%20%26%20Mot%20To%20Remove%20Counsel.pdf)\non February 11 for Ellen Brown, an appointee from the Massachusetts Cannabis\nAdvisory Board. Judge Mulrooney had ruled that Brown lacked sufficient\nstanding under the Administrative Procedure Act to proceed as a standalone\nparticipant and gave her until March 14 to consolidate with another designated\nparticipant.\n\nLater, on February 17, Doctors for Drug Policy Reform (D4DPR) [ filed a brief\n](https://www.cannabisbusinesstimes.com/cannabis-\nrescheduling/news/15737707/doctors-ask-us-appellate-court-for-redo-in-deas-\nselections-for-cannabis-rescheduling-participants) requesting new witness\nselection for the rescheduling hearings, citing the violation of bedrock\nadministrative law principles by the DEA\u2019s former administrator, Anne Milgram,\nwho limited the hearing to 25 participants and rejected D4DPR\u2019s request to\nparticipate.\n\nMeanwhile, US President Donald Trump\u2019s picks to lead key federal agencies pose\na new threat to a once-promising initiative. Chairman of the Office of\nManagement and Budget Russel Vought has a track record of opposition to\ncannabis reform, calling it a gateway drug in 2022 during an [ appearance on\nC-SPAN ](https://www.c-span.org/video/?c5036847/user-clip) .\n\nAlso, newly appointed Chairman of the Department of Health and Human Services\n(HHS) Robert F. Kennedy [ told Senate members\n](https://hempgazette.com/news/rfk-senate-marijuana-\nhg2399/#:~:text=Asked%20again%20on%20his%20views,the%20exercise%20of%20its%20authorities%E2%80%9D.)\nhe would refer to the DEA on the matter during his two-day confirmation\nhearing; however, he later [ expressed concern\n](https://www.ainvest.com/news/health-secretary-rfk-jr-calls-for-thorough-\nstudies-of-marijuana-25021010868a01e04cdabe10/) about high-potency strains of\ncannabis and said he wants to conduct further studies on its effects. He has\nalso [ moved to rescind public participation ](https://public-\ninspection.federalregister.gov/2025-03300.pdf) from HHS decision-making.\n\n###  Pennsylvania governor proposes legal cannabis market in state budget\n\nPennsylvania Governor Josh Shapiro proposed legalizing recreational cannabis\nin his state as he [ presented his state budget\n](https://whyy.org/articles/pennsylvania-medical-marijuana-cannabis-josh-\nshapiro/#:~:text=Let%20us%20know!,again%2C%20proposed%20legalizing%20recreational%20marijuana.)\nto legislators on February 5. \u201cPennsylvanians who want to buy cannabis are\njust driving across the border to one of our neighbors,\u201d he said, adding that\na legal recreational market would add US$1.3 billion in tax revenue over five\nyears.\n\nRegulation would fall to the state Department of Agriculture and the\nDepartment of Health under the Governor\u2019s plan.\n\nMeanwhile, in New Hampshire, the state House of Representatives passed [ HB 75\n](https://gc.nh.gov/bill_status/legacy/bs2016/billText.aspx?sy=2025&id=93&txtFormat=html)\non February 21, which would legalize adult cannabis use and possession but\ndoes not include provisions to support taxation, regulation or a retail\nmarket. [ Market watchers ](https://newhampshirebulletin.com/2025/02/21/new-\nhampshire-house-passes-cannabis-legalization-but-enthusiasm-lags/) do not\nexpect the bill to pass through the state legislature, citing Governor Kelly\nAyotte\u2019s hardline on drug enforcement. During her campaign, she flatly said\nshe would not support cannabis reform in the state if elected.\n\n###  Senate committee re-examines the SAFER Banking Act\n\nThe US Senate Committee on Banking, Housing and Urban Affairs held a hearing\non February 5 on debanking practices by regulators and banks. While the\nhearing was largely anticipated to center around the cryptocurrency industry,\nRanking Member Elizabeth Warren, D-Mass., noted that among the 11,955\ncomplaints received by the Consumer Financial Protection Bureau, some were\nrelated to debanking efforts against legal cannabis businesses.\n\nAaron Klein, a senior fellow in economics at the Brookings Institution who was\ncalled to testify, said a cannabis banking bill such as the SAFER Banking Act\nwould help but would require amendments to ease the burdensome and costly\nrequirements for filing Suspicious Activity Reports. \u201cI fear the bill\u2019s impact\nwould likely underwhelm what its proponents have argued,\u201d he wrote in a [\ntestimony\n](https://www.banking.senate.gov/imo/media/doc/klein_testimony_2-5-25.pdf) .\n\n###  Aurora, Canopy Growth report earnings\n\nAurora Cannabis ( [ NASDAQ ](https://investingnews.com/nasdaq-composite-\nindex/) : [ ACB ](https://investingnews.com/stock-information/?symbol=acb) ,\nTSX:ACB) reported its [ financial results\n](https://www.auroramj.com/investors/quarterly-reports/) on February 5 for its\nfiscal Q3 2025 ended December 31, 2024. The company\u2019s net revenue for the\nperiod totaled C$88.2 million, an increase of 37 percent year-over-year. Net\nincome for the three months was C$31.34 million, a marked improvement from the\nC$18.1 million in losses recorded during the same period in 2023.\n\nThe next day, the company [ announced ](https://www.newswire.ca/news-\nreleases/aurora-cannabis-announces-supply-agreement-with-sndl-825091248.html)\na strategic supply agreement with SNDL (NASADQ: [ SNDL\n](https://investingnews.com/stock-information/?symbol=sndl) ), which would see\nSNDL provide Aurora with cannabis flower products from its indoor facility in\nAtholville, New Brunswick.\n\nCanopy Growth (NASDAQ: [ CGC ](https://investingnews.com/stock-\ninformation/?symbol=cgc) , TSX:WEED) reported its [ Q3 2025 results\n](https://www.canopygrowth.com/investors/news-releases/canopy-growth-reports-\nthird-quarter-fiscal-year-2025-financial-results/) on February 7, revealing a\n16 percent annual increase in net revenue for medical cannabis sales in Canada\nand 14 percent net revenue growth year-over-year in the international market.\n\nIts overall net revenue for the period was C$74.8 million. This was 5 percent\nlower compared to Q3 2024, which the company attributed to the divestiture of\nbusinesses before the quarter; excluding their revenue, net revenue was up 8\npercent year-over-year.\n\nWhile the company\u2019s net loss of C$121.9 million was a marked improvement\ncompared to a loss of C$216.8 million in the prior year, analysts expected\ngreater improvement. Shareholders sent the company\u2019s [ stock price down\n](https://finance.yahoo.com/quote/WEED.TO/history/) nearly 5 percent from\nC$3.04 to C$2.89 by the end of the day.\n\nAt the end of the month, on February 28, Canopy Growth established an [ at-\nthe-market-program ](https://www.canopygrowth.com/investors/news-\nreleases/canopy-growth-establishes-new-us200-million-at-the-market-program/)\nthat will allow it to issue and sell up to US$200 million in shares to raise\nadditional capital that may be used for strategic acquisitions or to reduce\ndebt, potentially including a US$100 million prepayment that would extend its\nloan maturity to September 2027.\n\n_Don\u2019t forget to follow us[ @INN_Cannabis ](https://twitter.com/inn_cannabis)\nfor real-time news updates! _  \n\n**Securities Disclosure: I, Meagen Seatter, hold no direct investment interest\nin any company mentioned in this article.**\n\nKeep reading...  Show less\n\n[ Investing News Network ](https://investingnews.com/author/admin/)\n\n26 February\n\n##  [ Trulieve Announces Launch of Onward: A Premium THC Beverage\n](https://investingnews.com/trulieve-announces-launch-of-onward-a-premium-thc-\nbeverage/)\n\n_Available now online and coming soon to select Total Wine locations in\nFlorida  _\n\nTrulieve Cannabis Corp. (CSE: TRUL ) (OTCQX: TCNNF ) (\"Trulieve\" or \"the\nCompany\"), a leading and top-performing cannabis company in the U.S., today\nannounced the launch of Onward, a premium, non-alcoholic THC beverage offering\na modern alternative for social occasions. These Farm Bill compliant beverages\nare available now online and coming soon to select Total Wine locations in\nFlorida .\n\n[ ](https://mma.prnewswire.com/media/2628090/Onward_Box_Can_PHOTO.html)\n\n\"Drawing on our vast experience in cannabis product development, Onward\nbeverages powered by Trulieve are expertly crafted to align with evolving\nconsumer preferences,\" said Trulieve's Chief Executive Officer [ Kim Rivers\n](https://c212.net/c/link/?t=0&l=en&o=3583460-1&h=961184854&u=https%3A%2F%2Fkimrivers.co%2F&a=Kim+Rivers)\n. \"We are excited to introduce this innovative and federally compliant\nbeverage line to those seeking a new and alternative form of refreshment.\"\n\nOnward beverages come in a variety of delicious flavors including Blueberry\nMojito, Italian Spritz, Passionfruit Martini, Peach Bellini, and Sea Salt\nMargarita. These low-calorie, non-alcoholic cocktails are crafted in the  USA\nusing naturally derived THC and CBD with no artificial flavors, colors, or\nsweeteners offering consumers a new and natural way to sip, socialize, and\nsavor the moment.\n\nAvailable for purchase by consumers 21 years and older, Onward can be ordered\nvia [ DrinkOnward.com ](http://www.drinkonward.com/) and shipped directly to\nconsumers in 36 states. Four packs of each flavor as well as a variety pack\nare coming soon for purchase at select Florida Total Wine stores in\nClearwater  ,  Fort Lauderdale  ,  Jacksonville  ,  Miami  ,  Orlando  ,\nTallahassee  ,  Tampa  , and  St. Petersburg  .\n\nOnward beverages use a proprietary formulation and manufacturing process to\nprovide a consistent experience in every can. When it comes to transparency\nand quality, we strive to set best practices for the industry and adult\nconsumers. Lab testing for Onward beverages is conducted for each batch at\nfinal formulation and results can be found online at [ COA Testing\n](https://drinkonward.com/pages/lab-results-coa-testing) .\n\nFor more information, please visit [ Drinkonward.com/\n](https://drinkonward.com/) or follow us on Facebook, Instagram, and X at\n@DrinkOnward.\n\n**About Trulieve  \n** Trulieve  is an industry leading, vertically integrated cannabis company\nand multi-state operator in the U.S., with leading market positions in\nArizona  ,  Florida  , and  Pennsylvania  .  Trulieve  is poised for\naccelerated growth and expansion, building scale in retail and distribution in\nnew and existing markets through its hub strategy. By providing innovative,\nhigh-quality products across its brand portfolio,  Trulieve  delivers optimal\ncustomer experiences and increases access to cannabis, helping patients and\ncustomers to live without limits.  Trulieve  is listed on the  CSE  under the\nsymbol  TRUL  and trades on the OTCQX market under the symbol  TCNNF  . For\nmore information, please visit  [ Trulieve.com ](https://www.trulieve.com/) .\n\nFacebook: [ @Trulieve ](https://www.facebook.com/Trulieve/)  \nInstagram: [ @Trulieve_ ](https://www.instagram.com/trulieve_/?hl=en)  \nX: [ @Trulieve\n](https://twitter.com/Trulieve?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor)\n\n**Investor Contact  \n** Christine Hersey  , Vice President of Investor Relations  \n+1 (424) 202-0210  \n[ Christine.Hersey@Trulieve.com ](mailto:Christine.Hersey@Trulieve.com)\n\n**Media Contact**  \nPhil Buck  , APR, Corporate Communications Manager  \n+1 (406) 370-6226  \n[ Philip.Buck@Trulieve.com ](mailto:Philip.Buck@Trulieve.com)\n\n[ ](https://mma.prnewswire.com/media/1720011/Trulieve_LogoV1.html)\n\nView original content to download multimedia: [\nhttps://www.prnewswire.com/news-releases/trulieve-announces-launch-of-onward-\na-premium-thc-beverage-302385626.html ](https://www.prnewswire.com/news-\nreleases/trulieve-announces-launch-of-onward-a-premium-thc-\nbeverage-302385626.html)\n\nSOURCE Trulieve Cannabis Corp.\n\nView original content to download multimedia: [\nhttp://www.newswire.ca/en/releases/archive/February2025/26/c5583.html\n](http://www.newswire.ca/en/releases/archive/February2025/26/c5583.html)\n\nNews Provided by Canada Newswire via QuoteMedia\n\nKeep reading...  Show less\n\n[ Investing News Network ](https://investingnews.com/author/admin/)\n\n20 February\n\n##  [ Trulieve to Open Dispensary in Columbus, Ohio\n](https://investingnews.com/trulieve-to-open-dispensary-in-columbus-ohio/)\n\n_New Franklin County  location will host grand opening celebration  Friday,\nFebruary 21  st  _\n\nTrulieve Cannabis Corp. (CSE: TRUL ) (OTCQX: TCNNF ) (\"Trulieve\" or \"the\nCompany\"), a leading and top-performing cannabis company in the U.S., today\nannounced the opening of a new dispensary in Columbus, Ohio .\n\n[ ](https://mma.prnewswire.com/media/2623910/Trulieve_Columbus_S_High.html)\n\nThe new Trulieve Columbus South High Street will host a grand opening\ncelebration  Friday, February 21  , featuring specials and promotional\ngiveaways.\n\n\"We are excited to open our fifth dispensary in  Ohio  ,\" said Trulieve's\nChief Executive Officer [ Kim Rivers  ](https://kimrivers.co/) . \"We are proud\nto serve downtown  Columbus  and German Village with Trulieve's high-quality,\naffordable products and elite customer experience.\"\n\nThe new dispensary, located at 601 South High Street, will be open  8 a.m.  \u2013\n9 p.m.  , seven days a week, offering walk-in and express pickup service.\nTrulieve also operates dispensaries at the following locations in  Ohio  :\n\n  * 4370  Tonawanda Trail  ,  Beavercreek \n  * 2950 N. High Street,  Columbus \n  * 8295 Sancus Blvd,  Westerville \n  * 3674 Maple Avenue,  Zanesville \n\nTrulieve dispensaries offer customers a wide assortment of cannabis products\nfeaturing popular brands and accessible form factors including capsules,\nedibles, flower, tinctures and topicals.\n\nFor more information on store activations and locations in  Ohio  , please\nvisit [ https://www.trulieve.com/dispensaries/ohio\n](https://www.trulieve.com/dispensaries/ohio) .\n\n**About Trulieve  \n** Trulieve is an industry leading, vertically integrated cannabis company and\nmulti-state operator in the U.S., with leading market positions in  Arizona  ,\nFlorida  , and  Pennsylvania  . Trulieve is poised for accelerated growth and\nexpansion, building scale in retail and distribution in new and existing\nmarkets through its hub strategy. By providing innovative, high-quality\nproducts across its brand portfolio, Trulieve delivers optimal customer\nexperiences and increases access to cannabis, helping patients and customers\nto live without limits. Trulieve is listed on the CSE under the symbol TRUL\nand trades on the OTCQX market under the symbol TCNNF. For more information,\nplease visit [ Trulieve.com ](https://www.trulieve.com/) .\n\nFacebook: [ @Trulieve ](https://www.facebook.com/Trulieve/)  \nInstagram: [ @Trulieve_ ](https://www.instagram.com/trulieve_/?hl=en)  \nX: [ @Trulieve\n](https://x.com/Trulieve?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor)\n\n**Investor Contact  \n** Christine Hersey  , Vice President of Investor Relations  \n+1 (424) 202-0210  \n[ Christine.Hersey@Trulieve.com ](mailto:Christine.Hersey@Trulieve.com)\n\n**Media Contact**  \nPhil Buck  , APR, Corporate Communications Manager  \n+1 (406) 370-6226  \n[ Philip.Buck@Trulieve.com ](mailto:Philip.Buck@Trulieve.com)\n\n[ ](https://mma.prnewswire.com/media/1720011/Trulieve_LogoV1.html)\n\nView original content to download multimedia: [\nhttps://www.prnewswire.com/news-releases/trulieve-to-open-dispensary-in-\ncolumbus-ohio-302380894.html ](https://www.prnewswire.com/news-\nreleases/trulieve-to-open-dispensary-in-columbus-ohio-302380894.html)\n\nSOURCE Trulieve Cannabis Corp.\n\nView original content to download multimedia: [\nhttp://www.newswire.ca/en/releases/archive/February2025/20/c7994.html\n](http://www.newswire.ca/en/releases/archive/February2025/20/c7994.html)\n\nNews Provided by Canada Newswire via QuoteMedia\n\nKeep reading...  Show less\n\n[ Investing News Network ](https://investingnews.com/author/admin/)\n\n11 February\n\n##  [ Trulieve to Open Medical Cannabis Dispensary in Middleburg, Florida\n](https://investingnews.com/trulieve-to-open-medical-cannabis-dispensary-in-\nmiddleburg-florida/)\n\n_New Clay County  location will host grand opening celebration  Friday,\nFebruary 14  th  _\n\nTrulieve Cannabis Corp. (CSE: TRUL ) (OTCQX: TCNNF ) (\"Trulieve\" or \"the\nCompany\"), a leading and top-performing cannabis company in the U.S., today\nannounced the opening of a new medical cannabis dispensary in Middleburg,\nFlorida .\n\n[\n](https://mma.prnewswire.com/media/2617229/Trulieve_Middleburg_Exterior.html)\n\nA grand opening celebration will be held  Friday, February 14  , beginning at\n9 a.m.  , featuring music, specials, discounts, and opportunities to register\nfor upcoming patient education sessions.\n\n\"We are committed to providing value, delivering quality, and helping our\ncustomers enhance their lives through cannabis,\" said Trulieve's Chief\nExecutive Officer [ Kim Rivers\n](https://c212.net/c/link/?t=0&l=en&o=3583460-1&h=961184854&u=https%3A%2F%2Fkimrivers.co%2F&a=Kim+Rivers)\n. \"We are proud to expand access in  Clay County  and look forward to serving\npatients and caregivers at this new location.\"\n\nTrulieve Middleburg, located at 1539 Blanding Boulevard, will be open  9 a.m.\n\u2013  8:30 p.m. Monday through Saturday  and  11 a.m.  \u2013  8 p.m. on Sundays  ,\noffering walk-in and express pickup service.\n\nThe new dispensary will carry a wide variety of popular products including\nTrulieve's portfolio of in-house brands such as Alchemy, Co2lors, Cultivar\nCollection, Modern Flower, Momenta, Muse, Roll One, Sweet Talk, and Trekkers.\nCustomers will also have access to beloved partner brands such as Alien Labs,\nBellamy Brothers  , Binske, Black Tuna,  Blue River  , Connected Cannabis,\nDeLisioso,  Khalifa Kush  , Love's Oven, Miami Mango, O.pen, Seed Junky, and\nSunshine Cannabis, all available exclusively at Trulieve in  Florida  .\n\nAcross  Florida  , Trulieve offers home delivery, convenient online ordering,\nand in-store pickup. Veterans receive 20% off every order when they show their\nmilitary ID, and all first-time guests are eligible for a 60% new customer\ndiscount at any Florida Trulieve location. For more information, or to learn\nhow to become a registered patient, please visit [ Trulieve.com\n](https://www.trulieve.com/) and connect on [ Instagram\n](https://www.instagram.com/trulieve_/?hl=en) or [ Facebook\n](https://www.facebook.com/Trulieve/) .\n\n**About Trulieve  \n** Trulieve is an industry leading, vertically integrated cannabis company and\nmulti-state operator in the U.S., with leading market positions in  Arizona  ,\nFlorida  , and  Pennsylvania  . Trulieve is poised for accelerated growth and\nexpansion, building scale in retail and distribution in new and existing\nmarkets through its hub strategy. By providing innovative, high-quality\nproducts across its brand portfolio, Trulieve delivers optimal customer\nexperiences and increases access to cannabis, helping patients and customers\nto live without limits. Trulieve is listed on the CSE under the symbol TRUL\nand trades on the OTCQX market under the symbol TCNNF. For more information,\nplease visit [ Trulieve.com ](https://www.trulieve.com/) .\n\nFacebook: [ @Trulieve ](https://www.facebook.com/Trulieve/)  \nInstagram: [ @Trulieve_ ](https://www.instagram.com/trulieve_/?hl=en)  \nX: [ @Trulieve\n](https://twitter.com/Trulieve?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor)\n\n**Investor Contact  \n** Christine Hersey  , Vice President of Investor Relations  \n+1 (424) 202-0210  \n[ Christine.Hersey@Trulieve.com ](mailto:Christine.Hersey@Trulieve.com)\n\n**Media Contact**  \nPhil Buck  , APR, Corporate Communications Manager  \n+1 (406) 370-6226  \n[ Philip.Buck@Trulieve.com ](mailto:Philip.Buck@Trulieve.com)\n\n[ ](https://mma.prnewswire.com/media/1720011/Trulieve_LogoV1.html)\n\nView original content to download multimedia: [\nhttps://www.prnewswire.com/news-releases/trulieve-to-open-medical-cannabis-\ndispensary-in-middleburg-florida-302372942.html\n](https://www.prnewswire.com/news-releases/trulieve-to-open-medical-cannabis-\ndispensary-in-middleburg-florida-302372942.html)\n\nSOURCE Trulieve Cannabis Corp.\n\nView original content to download multimedia: [\nhttp://www.newswire.ca/en/releases/archive/February2025/11/c7265.html\n](http://www.newswire.ca/en/releases/archive/February2025/11/c7265.html)\n\nNews Provided by Canada Newswire via QuoteMedia\n\nKeep reading...  Show less\n\n[ Investing News Network ](https://investingnews.com/author/admin/)\n\n05 February\n\n##  [ Trulieve Cannabis Corp. to Hold Fourth Quarter and Full Year 2024\nResults Conference Call on February 27, 2025\n](https://investingnews.com/trulieve-cannabis-corp-to-hold-fourth-quarter-and-\nfull-year-2024-results-conference-call-on-february-27-2025/)\n\nTrulieve Cannabis Corp. (CSE: TRUL ) (OTCQX: TCNNF ) (\"Trulieve\" or \"the\nCompany\"), a leading and top-performing cannabis company in the U.S., will\nhold a conference call on Thursday, February 27, 2025 at 8:30 AM Eastern Time\nfollowing the release of its fourth quarter and full year 2024 financial\nresults.\n\n[ ](https://mma.prnewswire.com/media/1720011/Trulieve_LogoV1.html)\n\nChairman, Founder, and Chief Executive Officer  Kim Rivers  and Chief\nFinancial Officer  Wes Getman  will participate on the call to review\nTrulieve's financial and operating results.\n\nInterested parties can join the conference call by dialing in as directed\nbelow. Please dial in 15 minutes prior to the call and ask to join the\nTrulieve Cannabis Corp. call.\n\nNorth American toll free: 1-844-824-3830  |  Passcode:  |  0313762   \n---|---|---  \nInternational: 1-412-542-4136  |  Passcode:  |  0313762   \n  \nA live audio webcast of the conference call will be available at:  \n[ Trulieve Fourth Quarter and Full Year 2024 Results Call\n](https://app.webinar.net/2rPXwoagz9W)\n\nAn archived replay of the webcast will be available at:  \n[ https://investors.trulieve.com/events\n](https://investors.trulieve.com/events)\n\n**About Trulieve  \n** Trulieve  is an industry leading, vertically integrated cannabis company\nand multi-state operator in the U.S., with leading market positions in\nArizona, Florida, and Pennsylvania.  Trulieve  is poised for accelerated\ngrowth and expansion, building scale in retail and distribution in new and\nexisting markets through its hub strategy. By providing innovative, high-\nquality products across its brand portfolio,  Trulieve  delivers optimal\ncustomer experiences and increases access to cannabis, helping patients and\ncustomers to live without limits.  Trulieve  is listed on the  CSE  under the\nsymbol  TRUL  and trades on the OTCQX market under the symbol  TCNNF  . For\nmore information, please visit  [ Trulieve.com ](https://www.trulieve.com/) .\n\nFacebook: [ @Trulieve ](https://www.facebook.com/Trulieve/)  \nInstagram:  [ @Trulieve ](https://www.instagram.com/trulieve_/?hl=en) [ _\n](https://www.instagram.com/trulieve_/?hl=en)  \nX:  [ @Trulieve\n](https://twitter.com/Trulieve?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor)\n\n**Investor Contact**  \nChristine Hersey  , Vice President of Investor Relations  \n+1 (424) 202-0210  \n[ Christine.Hersey@Trulieve.com ](mailto:Christine.Hersey@Trulieve.com)\n\n**Media Contact**  \nPhil Buck  , APR, Corporate Communications Manager  \n+1 (406) 370-6226  \n[ Philip.Buck@Trulieve.com ](mailto:Philip.Buck@Trulieve.com)\n\nView original content to download multimedia: [\nhttps://www.prnewswire.com/news-releases/trulieve-cannabis-corp-to-hold-\nfourth-quarter-and-full-year-2024-results-conference-call-on-\nfebruary-27-2025-302368139.html ](https://www.prnewswire.com/news-\nreleases/trulieve-cannabis-corp-to-hold-fourth-quarter-and-full-\nyear-2024-results-conference-call-on-february-27-2025-302368139.html)\n\nSOURCE Trulieve Cannabis Corp.\n\nView original content to download multimedia: [\nhttp://www.newswire.ca/en/releases/archive/February2025/05/c7953.html\n](http://www.newswire.ca/en/releases/archive/February2025/05/c7953.html)\n\nNews Provided by Canada Newswire via QuoteMedia\n\nKeep reading...  Show less\n\nInvesting News Network websites or approved third-party tools use cookies.\nPlease refer to the [ cookie policy ](https://www.iubenda.com/privacy-\npolicy/8095067/cookie-policy?an=no&s_ck=false&newmarkup=yes) for collected\ndata, privacy and GDPR compliance. By continuing to browse the site, you agree\nto our use of cookies.\n\n\u00d7\n\n\u00d7\n\n",
                "url": "https://investingnews.com/cronos-group-inc-to-hold-2024-fourth-quarter-and-full-year-earnings-conference-call-on-february-27-2025/"
            },
            "reason": "Investing News is a reliable source for investment-related news. The article announces Cronos Group's earnings call, which is a factual event.",
            "reliability_score": 0.9,
            "search_query": "company 'The Cronos Group' overview financial performance",
            "summary": "Cronos Group Inc. announces its 2024 fourth quarter and full-year earnings conference call to be held on February 27, 2025.",
            "url": "https://investingnews.com/cronos-group-inc-to-hold-2024-fourth-quarter-and-full-year-earnings-conference-call-on-february-27-2025/"
        },
        {
            "content": {
                "metadata": {
                    "ext_id": "32788c4a-2d65-4471-8e17-f880c5739ff1",
                    "origin": "public",
                    "resource_location": "web",
                    "resource_type": "webpage",
                    "source": "https://www.cnn.com/markets/stocks/CRON"
                },
                "page_content": "CRON\n\nCronos Group Inc\n\n#  Cronos Group Inc\n\nCRON\n\n###  Key terms\n\n  *   * \n\n  *   * \n\n##  About CRON\n\nCronos Group, Inc. engages in the production and distribution of cannabis. I\nIt operates through the Canada and Israel segments. The company was founded on\nAugust 21, 2012 and is headquartered in Toronto, Canada.\n\nSector\n\nIndustry\n\nEmployees\n\nFounded\n\nWebsite\n\nKey stock statistics\n\n1-day range\n\n52-week range\n\nMarket cap\n\nP/E ratio\n\nNext earnings date\n\nDividend yield\n\nEx-dividend date\n\nDividend pay date\n\n###  Key terms\n\n  *   *   * \n\nAd Feedback\n\n##  Smart score\n\n##  Latest CRON news\n\n[ Apr 08, 2025  9:15am ET  Cronos Group price target lowered to $1.65 from $2\nat BofA  by TipRanks  ](https://www.tipranks.com/news/the-fly/cronos-group-\nprice-target-lowered-to-1-65-from-2-at-\nbofa?utm_source=edition.cnn.com&utm_medium=referral) [ Mar 19, 2025  7:58am ET\nCronos Group Appoints Anna Shlimak as New CFO  by TipRanks\n](https://www.tipranks.com/news/company-announcements/cronos-group-appoints-\nanna-shlimak-as-new-cfo?utm_source=edition.cnn.com&utm_medium=referral) [ Mar\n19, 2025  7:35am ET  Cronos Group appoints Shlimak as Chief Financial Officer\nby TipRanks  ](https://www.tipranks.com/news/the-fly/cronos-group-appoints-\nshlimak-as-chief-financial-\nofficer?utm_source=edition.cnn.com&utm_medium=referral) [ Mar 07, 2025  8:46am\nET  Largest borrow rate increases among liquid names  by TipRanks\n](https://www.tipranks.com/news/the-fly/largest-borrow-rate-increases-among-\nliquid-names-546?utm_source=edition.cnn.com&utm_medium=referral) [ Feb 28,\n2025  6:57am ET  Cronos Group\u2019s Growth Hindered by Capacity Constraints and\nMarket Limitations, Maintains Sell Rating  by TipRanks\n](https://www.tipranks.com/news/ratings/cronos-groups-growth-hindered-by-\ncapacity-constraints-and-market-limitations-maintains-sell-\nrating?utm_source=edition.cnn.com&utm_medium=referral) [ Feb 27, 2025  11:55pm\nET  Cronos Group Reports Strong 2024 Financial Results  by TipRanks\n](https://www.tipranks.com/news/company-announcements/cronos-group-reports-\nstrong-2024-financial-results?utm_source=edition.cnn.com&utm_medium=referral)\n[ Feb 27, 2025  9:15pm ET  Cronos Group Earnings Call Highlights Growth and\nChallenges  by TipRanks  ](https://www.tipranks.com/news/company-\nannouncements/cronos-group-earnings-call-highlights-growth-and-\nchallenges?utm_source=edition.cnn.com&utm_medium=referral) [ Feb 27, 2025\n8:48am ET  Cronos Group Achieves Record Growth and Market Leadership in 2024\nby TipRanks  ](https://www.tipranks.com/news/company-announcements/cronos-\ngroup-achieves-record-growth-and-market-leadership-\nin-2024?utm_source=edition.cnn.com&utm_medium=referral) [ Feb 27, 2025  7:42am\nET  Cronos Group reports Q4 EPS 11c vs. (12c) last year  by TipRanks\n](https://www.tipranks.com/news/the-fly/cronos-group-\nreports-q4-eps-11c-vs-12c-last-\nyear?utm_source=edition.cnn.com&utm_medium=referral) [ Feb 27, 2025  7:41am ET\nCronos Group achieves $8.7M in operating expense savings in FY24  by TipRanks\n](https://www.tipranks.com/news/the-fly/cronos-group-achieves-8-7m-in-\noperating-expense-savings-in-\nfy24?utm_source=edition.cnn.com&utm_medium=referral) [ Feb 12, 2025  8:46am ET\nLargest borrow rate increases among liquid names  by TipRanks\n](https://www.tipranks.com/news/the-fly/largest-borrow-rate-increases-among-\nliquid-names-530?utm_source=edition.cnn.com&utm_medium=referral) [ Jan 23,\n2025  11:30am ET  Rising High: Exclusive talk with MSO ETHOS Cannabis  by\nTipRanks  ](https://www.tipranks.com/news/the-fly/rising-high-exclusive-talk-\nwith-mso-ethos-cannabis-2?utm_source=edition.cnn.com&utm_medium=referral) [\nJan 16, 2025  11:15am ET  Rising High: Exclusive talk with pharmaceutical\ndevelopment company MIRA  by TipRanks  ](https://www.tipranks.com/news/the-\nfly/rising-high-exclusive-talk-with-pharmaceutical-development-company-\nmira?utm_source=edition.cnn.com&utm_medium=referral) [ Jan 14, 2025  1:56pm ET\nDEA judge postpones cannabis rescheduling hearings, Marijuana Moment reports\nby TipRanks  ](https://www.tipranks.com/news/the-fly/dea-judge-postpones-\ncannabis-rescheduling-hearings-marijuana-moment-\nreports?utm_source=edition.cnn.com&utm_medium=referral)\n\n[ Mar 19, 2025  7:30am ET  Cronos Appoints Anna Shlimak as Chief Financial\nOfficer  by GlobeNewswire  ](https://www.globenewswire.com/news-\nrelease/2025/03/19/3045272/0/en/Cronos-Appoints-Anna-Shlimak-as-Chief-\nFinancial-Officer.html) [ Mar 10, 2025  8:00am ET  Cronos Group Inc. to Speak\nat the 37th Annual Roth Conference  by GlobeNewswire\n](https://www.globenewswire.com/news-release/2025/03/10/3039659/0/en/Cronos-\nGroup-Inc-to-Speak-at-the-37th-Annual-Roth-Conference.html) [ Feb 27, 2025\n7:30am ET  Cronos Group Reports 2024 Fourth Quarter and Full-Year Results  by\nGlobeNewswire  ](https://www.globenewswire.com/news-\nrelease/2025/02/27/3033748/0/en/Cronos-Group-Reports-2024-Fourth-Quarter-and-\nFull-Year-Results.html) [ Feb 24, 2025  4:45pm ET  Cronos Group Inc. to Hold\n2024 Fourth Quarter and Full-Year Earnings Conference Call on February 27,\n2025  by GlobeNewswire  ](https://www.globenewswire.com/news-\nrelease/2025/02/24/3031572/0/en/Cronos-Group-Inc-to-Hold-2024-Fourth-Quarter-\nand-Full-Year-Earnings-Conference-Call-on-February-27-2025.html) [ Dec 30,\n2021  9:00pm ET  Rosen, a Highly Recognized Law Firm, Encourages Cronos Group\nInc. Investors with Losses to Inquire About Class Action Investigation - CRON\nby Newsfile  ](https://www.newsfilecorp.com/release/108689/Rosen-a-Highly-\nRecognized-Law-Firm-Encourages-Cronos-Group-Inc.-Investors-with-Losses-to-\nInquire-About-Class-Action-Investigation-CRON) [ Dec 07, 2021  6:10pm ET\nROSEN, GLOBAL INVESTOR COUNSEL, Encourages Cronos Group Inc. Investors with\nLosses to Inquire About Class Action Investigation - CRON  by Newsfile\n](https://www.newsfilecorp.com/release/106988/ROSEN-GLOBAL-INVESTOR-COUNSEL-\nEncourages-Cronos-Group-Inc.-Investors-with-Losses-to-Inquire-About-Class-\nAction-Investigation-CRON) [ Dec 03, 2021  8:14pm ET  INVESTIGATION ALERT: The\nSchall Law Firm Announces it is Investigating Claims Against Cronos Group Inc.\nand Encourages Investors with Losses to Contact the Firm  by Newsfile\n](https://www.newsfilecorp.com/release/106611/INVESTIGATION-ALERT-The-Schall-\nLaw-Firm-Announces-it-is-Investigating-Claims-Against-Cronos-Group-Inc.-and-\nEncourages-Investors-with-Losses-to-Contact-the-Firm) [ Nov 28, 2021  8:03pm\nET  SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of\nInvestors Cronos Group Inc. - CRON1111  by Newsfile\n](https://www.newsfilecorp.com/release/105489/SHAREHOLDER-ALERT-Pomerantz-Law-\nFirm-Investigates-Claims-On-Behalf-of-Investors-Cronos-Group-Inc.-CRON1111) [\nNov 26, 2021  10:37am ET  HAGENS BERMAN, NATIONAL TRIAL ATTORNEYS, Encourages\nCronos Group Inc. (CRON) Investors to Contact Firm's Attorneys, Firm\nInvestigating Cronos' Admitted Improper Accounting  by Newsfile\n](https://www.newsfilecorp.com/release/105190/HAGENS-BERMAN-NATIONAL-TRIAL-\nATTORNEYS-Encourages-Cronos-Group-Inc.-CRON-Investors-to-Contact-Firms-\nAttorneys-Firm-Investigating-Cronos-Admitted-Improper-Accounting) [ Nov 16,\n2021  1:54pm ET  CRON INVESTIGATION: Hagens Berman, National Trial Attorneys,\nEncourages Cronos Group Inc. (CRON) Investors to Contact Firm's Attorneys,\nFirm Investigating Cronos' Admitted Improper Accounting  by Newsfile\n](https://www.newsfilecorp.com/release/103828/CRON-INVESTIGATION-Hagens-\nBerman-National-Trial-Attorneys-Encourages-Cronos-Group-Inc.-CRON-Investors-\nto-Contact-Firms-Attorneys-Firm-Investigating-Cronos-Admitted-Improper-\nAccounting) [ Nov 15, 2021  11:35pm ET  SHAREHOLDER ALERT: Pomerantz Law Firm\nInvestigates Claims On Behalf of Investors Cronos Group Inc. - CRON  by\nNewsfile  ](https://www.newsfilecorp.com/release/103749/SHAREHOLDER-ALERT-\nPomerantz-Law-Firm-Investigates-Claims-On-Behalf-of-Investors-Cronos-Group-\nInc.-CRON) [ Nov 15, 2021  3:31pm ET  INVESTIGATION NOTICE: The Schall Law\nFirm Announces it is Investigating Claims Against Cronos Group Inc. and\nEncourages Investors with Losses to Contact the Firm  by Newsfile\n](https://www.newsfilecorp.com/release/103612/INVESTIGATION-NOTICE-The-Schall-\nLaw-Firm-Announces-it-is-Investigating-Claims-Against-Cronos-Group-Inc.-and-\nEncourages-Investors-with-Losses-to-Contact-the-Firm) [ Nov 09, 2021  5:41pm\nET  EQUITY ALERT: Levi & Korsinsky, LLP Reminds Investors of an Investigation\nInvolving Possible Securities Fraud Violations by Certain Officers and\nDirectors of Cronos Group Inc.  by Newsfile\n](https://www.newsfilecorp.com/release/102738/EQUITY-ALERT-Levi-Korsinsky-LLP-\nReminds-Investors-of-an-Investigation-Involving-Possible-Securities-Fraud-\nViolations-by-Certain-Officers-and-Directors-of-Cronos-Group-Inc.) [ Nov 09,\n2021  12:28pm ET  SHAREHOLDER ALERT: Investigation of Cronos Group Inc.\nAnnounced by Holzer & Holzer, LLC  by Newsfile\n](https://www.newsfilecorp.com/release/102650/SHAREHOLDER-ALERT-Investigation-\nof-Cronos-Group-Inc.-Announced-by-Holzer-Holzer-LLC) [ May 11, 2020  4:15pm ET\nFINAL DEADLINE ALERT: The Schall Law Firm Announces the Filing of a Class\nAction Lawsuit Against Cronos Group Inc. and Encourages Investors with Losses\nin Excess of $100,000 to Contact the Firm  by Newsfile\n](https://www.newsfilecorp.com/release/55688/FINAL-DEADLINE-ALERT-The-Schall-\nLaw-Firm-Announces-the-Filing-of-a-Class-Action-Lawsuit-Against-Cronos-Group-\nInc.-and-Encourages-Investors-with-Losses-in-Excess-of-100000-to-Contact-the-\nFirm) [ May 11, 2020  12:38pm ET  DEADLINE TODAY: The Schall Law Firm\nAnnounces the Filing of a Class Action Lawsuit Against Cronos Group Inc. and\nEncourages Investors with Losses in Excess of $100,000 to Contact the Firm  by\nNewsfile  ](https://www.newsfilecorp.com/release/55674/DEADLINE-TODAY-The-\nSchall-Law-Firm-Announces-the-Filing-of-a-Class-Action-Lawsuit-Against-Cronos-\nGroup-Inc.-and-Encourages-Investors-with-Losses-in-Excess-of-100000-to-\nContact-the-Firm) [ May 10, 2020  7:26pm ET  DEADLINE TOMORROW: The Schall Law\nFirm Announces the Filing of a Class Action Lawsuit Against Cronos Group Inc.\nand Encourages Investors with Losses in Excess of $100,000 to Contact the Firm\nby Newsfile  ](https://www.newsfilecorp.com/release/55643/DEADLINE-TOMORROW-\nThe-Schall-Law-Firm-Announces-the-Filing-of-a-Class-Action-Lawsuit-Against-\nCronos-Group-Inc.-and-Encourages-Investors-with-Losses-in-Excess-of-100000-to-\nContact-the-Firm) [ May 09, 2020  12:12pm ET  2-DAY DEADLINE ALERT: The Schall\nLaw Firm Announces the Filing of a Class Action Lawsuit Against Cronos Group\nInc. and Encourages Investors with Losses in Excess of $100,000 to Contact the\nFirm  by Newsfile  ](https://www.newsfilecorp.com/release/55631/2DAY-DEADLINE-\nALERT-The-Schall-Law-Firm-Announces-the-Filing-of-a-Class-Action-Lawsuit-\nAgainst-Cronos-Group-Inc.-and-Encourages-Investors-with-Losses-in-Excess-\nof-100000-to-Contact-the-Firm) [ May 08, 2020  9:44am ET  DEADLINE MONDAY: The\nSchall Law Firm Announces the Filing of a Class Action Lawsuit Against Cronos\nGroup Inc. and Encourages Investors with Losses in Excess of $100,000 to\nContact the Firm  by Newsfile\n](https://www.newsfilecorp.com/release/55584/DEADLINE-MONDAY-The-Schall-Law-\nFirm-Announces-the-Filing-of-a-Class-Action-Lawsuit-Against-Cronos-Group-\nInc.-and-Encourages-Investors-with-Losses-in-Excess-of-100000-to-Contact-the-\nFirm) [ May 07, 2020  9:37am ET  MONDAY DEADLINE NOTICE: The Schall Law Firm\nAnnounces the Filing of a Class Action Lawsuit Against Cronos Group Inc. and\nEncourages Investors with Losses in Excess of $100,000 to Contact the Firm  by\nNewsfile  ](https://www.newsfilecorp.com/release/55524/MONDAY-DEADLINE-NOTICE-\nThe-Schall-Law-Firm-Announces-the-Filing-of-a-Class-Action-Lawsuit-Against-\nCronos-Group-Inc.-and-Encourages-Investors-with-Losses-in-Excess-of-100000-to-\nContact-the-Firm) [ May 06, 2020  9:46am ET  MONDAY DEADLINE REMINDER: The\nSchall Law Firm Announces the Filing of a Class Action Lawsuit Against Cronos\nGroup Inc. and Encourages Investors with Losses in Excess of $100,000 to\nContact the Firm  by Newsfile\n](https://www.newsfilecorp.com/release/55451/MONDAY-DEADLINE-REMINDER-The-\nSchall-Law-Firm-Announces-the-Filing-of-a-Class-Action-Lawsuit-Against-Cronos-\nGroup-Inc.-and-Encourages-Investors-with-Losses-in-Excess-of-100000-to-\nContact-the-Firm) [ May 05, 2020  9:31am ET  MONDAY DEADLINE ALERT: The Schall\nLaw Firm Announces the Filing of a Class Action Lawsuit Against Cronos Group\nInc. and Encourages Investors with Losses in Excess of $100,000 to Contact the\nFirm  by Newsfile  ](https://www.newsfilecorp.com/release/55394/MONDAY-\nDEADLINE-ALERT-The-Schall-Law-Firm-Announces-the-Filing-of-a-Class-Action-\nLawsuit-Against-Cronos-Group-Inc.-and-Encourages-Investors-with-Losses-in-\nExcess-of-100000-to-Contact-the-Firm) [ May 04, 2020  9:54am ET  Cronos\nShareholder Alert: Faruqi & Faruqi, LLP Encourages Investors Who Suffered\nLosses Exceeding $100,000 In Cronos Group Inc. To Contact The Firm  by\nNewsfile  ](https://www.newsfilecorp.com/release/55297/Cronos-Shareholder-\nAlert-Faruqi-Faruqi-LLP-Encourages-Investors-Who-Suffered-Losses-\nExceeding-100000-In-Cronos-Group-Inc.-To-Contact-The-Firm) [ May 04, 2020\n9:29am ET  7-DAY DEADLINE ALERT: The Schall Law Firm Announces the Filing of a\nClass Action Lawsuit Against Cronos Group Inc. and Encourages Investors with\nLosses in Excess of $100,000 to Contact the Firm  by Newsfile\n](https://www.newsfilecorp.com/release/55332/7DAY-DEADLINE-ALERT-The-Schall-\nLaw-Firm-Announces-the-Filing-of-a-Class-Action-Lawsuit-Against-Cronos-Group-\nInc.-and-Encourages-Investors-with-Losses-in-Excess-of-100000-to-Contact-the-\nFirm) [ Apr 29, 2020  10:33am ET  Cronos Deadline Alert: Faruqi & Faruqi, LLP\nEncourages Investors Who Suffered Losses Exceeding $100,000 in Cronos Group\nInc. to Contact the Firm  by Newsfile\n](https://www.newsfilecorp.com/release/55064/Cronos-Deadline-Alert-Faruqi-\nFaruqi-LLP-Encourages-Investors-Who-Suffered-Losses-Exceeding-100000-in-\nCronos-Group-Inc.-to-Contact-the-Firm) [ Apr 10, 2020  10:34am ET  Cronos\nDeadline Alert: Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses\nExceeding $100,000 In Cronos Group Inc. To Contact The Firm  by Newsfile\n](https://www.newsfilecorp.com/release/54335/Cronos-Deadline-Alert-Faruqi-\nFaruqi-LLP-Encourages-Investors-Who-Suffered-Losses-Exceeding-100000-In-\nCronos-Group-Inc.-To-Contact-The-Firm) [ Apr 03, 2020  11:05am ET  Cronos\nDeadline Alert: Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses\nInvesting in Cronos Group Inc. to Contact the Firm  by Newsfile\n](https://www.newsfilecorp.com/release/54090/Cronos-Deadline-Alert-Faruqi-\nFaruqi-LLP-Encourages-Investors-Who-Suffered-Losses-Investing-in-Cronos-Group-\nInc.-to-Contact-the-Firm) [ Mar 31, 2020  10:45am ET  CRONOS SHAREHOLDER\nALERT: Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding\n$100,000 In Cronos Group Inc. To Contact The Firm  by Newsfile\n](https://www.newsfilecorp.com/release/53969/CRONOS-SHAREHOLDER-ALERT-Faruqi-\nFaruqi-LLP-Encourages-Investors-Who-Suffered-Losses-Exceeding-100000-In-\nCronos-Group-Inc.-To-Contact-The-Firm) [ Mar 26, 2020  9:37am ET  Cronos\nDeadline Alert: Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses\nExceeding $100,000 in Cronos Group Inc. to Contact the Firm  by Newsfile\n](https://www.newsfilecorp.com/release/53813/Cronos-Deadline-Alert-Faruqi-\nFaruqi-LLP-Encourages-Investors-Who-Suffered-Losses-Exceeding-100000-in-\nCronos-Group-Inc.-to-Contact-the-Firm) [ Mar 24, 2020  11:45am ET  Cronos\nDeadline Alert: Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses\nExceeding $100,000 In Cronos Group Inc. To Contact The Firm  by Newsfile\n](https://www.newsfilecorp.com/release/53721/Cronos-Deadline-Alert-Faruqi-\nFaruqi-LLP-Encourages-Investors-Who-Suffered-Losses-Exceeding-100000-In-\nCronos-Group-Inc.-To-Contact-The-Firm) [ Mar 20, 2020  10:15am ET  Cronos\nDeadline Alert: Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses\nExceeding $100,000 In Cronos Group Inc. To Contact The Firm  by Newsfile\n](https://www.newsfilecorp.com/release/53625/Cronos-Deadline-Alert-Faruqi-\nFaruqi-LLP-Encourages-Investors-Who-Suffered-Losses-Exceeding-100000-In-\nCronos-Group-Inc.-To-Contact-The-Firm) [ Mar 18, 2020  2:39pm ET  INVESTOR\nALERT: The Schall Law Firm Announces the Filing of a Class Action Lawsuit\nAgainst Cronos Group Inc. and Encourages Investors with Losses in Excess of\n$100,000 to Contact the Firm  by Newsfile\n](https://www.newsfilecorp.com/release/53571/INVESTOR-ALERT-The-Schall-Law-\nFirm-Announces-the-Filing-of-a-Class-Action-Lawsuit-Against-Cronos-Group-\nInc.-and-Encourages-Investors-with-Losses-in-Excess-of-100000-to-Contact-the-\nFirm) [ Mar 18, 2020  9:13am ET  Cronos Deadline Alert: Faruqi & Faruqi, LLP\nEncourages Investors Who Suffered Losses Exceeding $100,000 in Cronos Group\nInc. to Contact the Firm  by Newsfile\n](https://www.newsfilecorp.com/release/53545/Cronos-Deadline-Alert-Faruqi-\nFaruqi-LLP-Encourages-Investors-Who-Suffered-Losses-Exceeding-100000-in-\nCronos-Group-Inc.-to-Contact-the-Firm) [ Mar 16, 2020  8:45am ET  Cronos\nDeadline Alert: Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses\nExceeding $100,000 in Cronos Group Inc. to Contact the Firm  by Newsfile\n](https://www.newsfilecorp.com/release/53434/Cronos-Deadline-Alert-Faruqi-\nFaruqi-LLP-Encourages-Investors-Who-Suffered-Losses-Exceeding-100000-in-\nCronos-Group-Inc.-to-Contact-the-Firm)\n\n##  CRON Financials\n\n###  1-year income & revenue\n\n###  Key terms\n\n  *   *   * \n\n  *   *   * \n\nAd Feedback\n\n##  CRON Forecasts\n\n###  analyst rating\n\n  * buy \n  * hold \n  * sell \n\nWe're sorry, but this  \ninformation is  \ntemporarily unavailable.\n\n###  1-year stock price forecast\n\n##  CRON Competitors\n\n$ Market cap  P/E ratio  $ Price  1d change  52-week range\n\n###  Key terms\n\n  *   * \n\n##  Latest investing news\n\n[ Angela Weiss/AFP/Getty Images  ](/2025/04/09/investing/global-stock-market-\nreciprocal-tariffs-hnk-intl/index.html) [ US stocks skyrocket higher after\nTrump signals shift in trade policy  ](/2025/04/09/investing/global-stock-\nmarket-reciprocal-tariffs-hnk-intl/index.html)\n\n[ Spencer Platt/Getty Images  ](/2025/04/08/investing/us-stock-market-dow-\ntariffs/index.html) [ Rally in US stocks evaporates as White House doubles\ndown on China tariffs  ](/2025/04/08/investing/us-stock-market-dow-\ntariffs/index.html)\n\n[ Michael M. Santiago/Getty Images  ](/2025/04/07/investing/us-stock-market-\ndow-tariffs/index.html) [ Extreme volatility sends US stocks on a roller\ncoaster ride as Wall Street is rattled by tariffs  ](/2025/04/07/investing/us-\nstock-market-dow-tariffs/index.html)\n\n[ Saul Loeb/AFP/Getty Images  ](/2025/04/07/investing/stock-market-trump-\ntariffs/index.html) [ This is the stock market\u2019s worst start to a presidential\nterm in modern history  ](/2025/04/07/investing/stock-market-trump-\ntariffs/index.html)\n\n* * *\n\n[ Live TV ](https://www.cnn.com/live-tv) [ Listen ](https://www.cnn.com/audio)\n[ Watch ](https://www.cnn.com/video)\n\n* * *\n\n* * *\n\n[ ](https://www.cnn.com \"CNN logo\") [ Business\n](https://www.cnn.com/business)\n\n[ Watch ](https://www.cnn.com/video) [ Listen ](https://www.cnn.com/audio) [\nLive TV ](https://www.cnn.com/live-tv)\n\n* * *\n\nFollow CNN Business\n\n  * [ ](https://facebook.com/cnnbusiness \"Visit us on Facebook\")\n  * [ ](https://twitter.com/cnnbusiness \"Visit us on X\")\n  * [ ](https://youtube.com/user/CNN \"Visit us on YouTube\")\n  * [ ](https://instagram.com/cnnbusiness \"Visit us on Instagram\")\n\n* * *\n\nMost stock quote data provided by BATS. 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                "url": "https://www.cnn.com/markets/stocks/CRON"
            },
            "reason": "CNN is a reputable news organization. Their markets section provides reliable stock market data and company information.",
            "reliability_score": 0.9,
            "search_query": "company 'The Cronos Group' overview financial performance",
            "summary": "CNN Money provides stock quotes and financial data for Cronos Group (CRON).",
            "url": "https://www.cnn.com/markets/stocks/CRON"
        },
        {
            "content": {
                "metadata": {
                    "ext_id": "e5fd71ab-2528-4fba-bac3-a0ab4ee3f584",
                    "origin": "public",
                    "resource_location": "web",
                    "resource_type": "webpage",
                    "source": "https://www.growopportunity.ca/cronos-group-reports-2024-third-quarter-results/"
                },
                "page_content": "[ ](https://www.growopportunity.ca/ \"Grow Opportunity\")\n\n[ **Buyers Guide** ](/buyers-guide \"Buyers Guide\")\n\n[ **Subscribe**\n](https://annex.dragonforms.com/loading.do?omedasite=GO_prefsnew)\n\n[ **Subscribe**\n](https://annex.dragonforms.com/loading.do?omedasite=GO_prefsnew)\n\n\u00d7\n\n####  Explore\n\n  * [ News ](https://www.growopportunity.ca/category/news/)\n    * [ Industry Updates ](https://www.growopportunity.ca/category/news/industry-updates/)\n    * [ Markets ](https://www.growopportunity.ca/category/news/markets/)\n    * [ Regulations ](https://www.growopportunity.ca/category/news/regulations/)\n  * [ Features ](https://www.growopportunity.ca/category/features/)\n  * [ Opinion ](https://www.growopportunity.ca/topic/opinion/)\n  * [ Webinars ](/webinars)\n  * [ Podcast ](/podcast/)\n  * [ Buyers Guide ](https://www.growopportunity.ca/buyers-guide/)\n  * [ Canada\u2019s Top Grower ](https://www.growopportunity.ca/canadas-top-grower/)\n  * [ Virtual Summits ](/virtual-events)\n  * [ Grower Day ](https://www.growerday.ca)\n  * [ Videos ](/videos/)\n\n####  Topics\n\n  * [ Cultivation ](https://www.growopportunity.ca/topic/cultivation/)\n  * [ Extraction ](https://www.growopportunity.ca/topic/extraction/)\n  * [ Production ](https://www.growopportunity.ca/topic/production/)\n  * [ Security ](https://www.growopportunity.ca/topic/security/)\n  * [ Legal ](https://www.growopportunity.ca/topic/legal/)\n  * [ Management ](https://www.growopportunity.ca/topic/management/)\n  * [ Business ](https://www.growopportunity.ca/topic/business/)\n  * [ Marketing ](https://www.growopportunity.ca/topic/marketing/)\n  * [ Human Resources ](https://www.growopportunity.ca/topic/human-resources/)\n  * [ Opinion ](https://www.growopportunity.ca/topic/opinion/)\n  * [ Extraction ](https://www.growopportunity.ca/topic/extraction/)\n\n####  Information\n\n  * [ About ](https://www.growopportunity.ca/about/)\n  * [ Advertise ](https://www.growopportunity.ca/advertise/)\n  * [ Contact ](https://www.growopportunity.ca/contact/)\n  * [ Digital Edition ](https://www.growopportunity.ca/digital-edition/)\n  * [ eNews Archives ](https://www.growopportunity.ca/enews-archives/)\n  * [ Subscription ](https://annex.dragonforms.com/loading.do?omedasite=GO_digital)\n\n#  [ News ](https://www.growopportunity.ca/category/news/) __  \nCronos Group reports 2024 third quarter results\n\nNovember 12, 2024 By Grow Opportunity Staff\n\n  \n\n(Globe Newswire) Toronto \u2013 Cronos Group Inc. today announced its 2024 third\nquarter business results.\n\n\u201cOur results this quarter demonstrate that our long-term strategy is working.\nWith record net revenue and a disciplined approach to operating expenses,\nCronos operates more efficiently and effectively than ever before, and we\nanticipate long-term margin improvement. Our consolidation of Cronos Growing\nCompany has further strengthened our supply chain, which we anticipate will\nlead to improved margins and allow us to meet the increasing global demand for\nhigh-quality  cannabis  . With an industry-leading balance sheet, we are well-\npositioned to expand into new legal markets and drive future growth\nopportunities,\u201d said Mike Gorenstein, Chairman, President and CEO, Cronos.\n\n\u201cAs international demand continues to rise, particularly in markets like\nGermany, the UK, and Australia, the investments we\u2019ve made in our\ninfrastructure and global partnerships are paying off,\u201d continued Mr.\nGorenstein. \u201cIn the third quarter, our award-winning Spinach  \u00ae  brand rose to\nbecome the best-selling  cannabis  brand in the Canadian adult-use market and\nour Peace Naturals  \u00ae  brand held a top spot in the Israeli medical market.\nOur brands\u2019 market share out-performance represents our relentless commitment\nto quality, innovation, and bringing differentiated products to the global\ncannabis  market. The progress we\u2019ve made reinforces our leadership in key\ncategories and markets, and we remain focused on continuing to innovate and\nbring premium products to consumers.\u201d\n\n1  Hifyre Retail Analytics \u2013 National Retail Dollar Sales by Brand in Canada \u2013\nAugust 2024.\n\nAdvertisement\n\n**_Consolidated Financial Results_ **  \nOn June 20, 2024 the Company made an additional investment in Cronos Growing\nCompany (\u201d Cronos GrowCo\u201d) to fund the expansion of cultivation operations.\nCronos also obtained majority control of the board of directors of Cronos\nGrowCo and began consolidating Cronos GrowCo\u2019s results as of July 1, 2024.\nPrior to this date, the Company\u2019s investment in Cronos GrowCo consisted of an\ninvestment accounted for under the equity method and loans receivable from\nCronos GrowCo.\n\nIn the second quarter of 2023, the Company exited its U.S. hemp-derived CBD\noperations. The exit of the U.S. operations represented a strategic shift, and\nas such, qualifies for reporting as discontinued operations in the condensed\nconsolidated statements of net income (loss) and comprehensive income (loss).\nPrior period amounts have been reclassified to reflect the discontinued\noperations classification of the U.S. operations.\n\nThe tables below set forth our condensed consolidated results of continuing\noperations, expressed in thousands of U.S. dollars for the periods presented.\nOur condensed consolidated financial results for these periods are not\nnecessarily indicative of the consolidated financial results that we will\nachieve in future periods.\n\n_(in thousands of USD)_ |  |  **Three months ended September 30,** |  |  **Change** |  |  **Nine months ended September 30,** |  |  **Change**  \n---|---|---|---|---|---|---|---|---  \n|  |  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%**  \nCronos net revenue, excluding Cronos GrowCo net revenue  (i)  |  |  $  |  29,996  |  |  |  $  |  24,810  |  |  |  $  |  5,186  |  |  |  21  |  %  |  |  $  |  83,046  |  |  |  $  |  63,326  |  |  |  $  |  19,720  |  |  |  31  |  %   \nCronos GrowCo net revenue  (  i  i  )  |  |  |  4,268  |  |  |  |  \u2014  |  |  |  |  4,268  |  |  |  N/A  |  |  |  4,268  |  |  |  |  \u2014  |  |  |  |  4,268  |  |  |  N/A   \nNet revenue  |  |  $  |  34,264  |  |  |  $  |  24,810  |  |  |  $  |  9,454  |  |  |  38  |  %  |  |  $  |  87,314  |  |  |  $  |  63,326  |  |  |  $  |  23,988  |  |  |  38  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nCost of sales  |  |  |  30,341  |  |  |  |  20,124  |  |  |  |  10,217  |  |  |  51  |  %  |  |  |  72,216  |  |  |  |  52,614  |  |  |  |  19,602  |  |  |  37  |  %   \nInventory write-down  |  |  |  312  |  |  |  |  716  |  |  |  |  (404  |  )  |  |  (56  |  )%  |  |  |  707  |  |  |  |  716  |  |  |  |  (9  |  )  |  |  (1  |  )%   \nGross profit  |  |  $  |  3,611  |  |  |  $  |  3,970  |  |  |  $  |  (359  |  )  |  |  (9  |  )%  |  |  $  |  14,391  |  |  |  $  |  9,996  |  |  |  $  |  4,395  |  |  |  44  |  %   \nGross margin  (iii)  |  |  |  11  |  %  |  |  |  16  |  %  |  |  N/A  |  |  (5) pp  |  |  |  16  |  %  |  |  |  16  |  %  |  |  N/A  |  |  \u2014pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nInventory step-up recorded to cost of sales  |  |  |  7,116  |  |  |  |  \u2014  |  |  |  |  7,116  |  |  |  N/A  |  |  |  7,116  |  |  |  |  \u2014  |  |  |  |  7,116  |  |  |  N/A   \nAdjusted Gross Profit  (  i  v  )  |  |  $  |  10,727  |  |  |  $  |  3,970  |  |  |  $  |  6,757  |  |  |  170  |  %  |  |  $  |  21,507  |  |  |  $  |  9,996  |  |  |  $  |  11,511  |  |  |  115  |  %   \nAdjusted Gross Margin  (  v  )  |  |  |  31  |  %  |  |  |  16  |  %  |  |  N/A  |  |  15pp  |  |  |  25  |  %  |  |  |  16  |  %  |  |  N/A  |  |  9pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nNet income (loss)  |  |  $  |  7,324  |  |  |  $  |  (1,590  |  )  |  |  $  |  8,914  |  |  |  N/M  |  |  $  |  (3,919  |  )  |  |  $  |  (25,288  |  )  |  |  $  |  21,369  |  |  |  85  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nAdjusted EBITDA  (  iv  )  |  |  $  |  (6,019  |  )  |  |  $  |  (15,187  |  )  |  |  $  |  9,168  |  |  |  60  |  %  |  |  $  |  (27,739  |  )  |  |  $  |  (46,774  |  )  |  |  $  |  19,035  |  |  |  41  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \n**Other Data** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nCash and cash equivalents  (vi)  |  |  $  |  862,034  |  |  |  $  |  571,656  |  |  |  $  |  290,378  |  |  |  51  |  %  |  |  |  |  |  |  |  |   \nShort-term investments  (vi)  |  |  |  \u2014  |  |  |  |  267,905  |  |  |  |  (267,905  |  )  |  |  (100  |  )%  |  |  |  |  |  |  |  |   \nCapital expenditures  (  vii  )  |  |  |  6,536  |  |  |  |  325  |  |  |  |  6,211  |  |  |  1,911  |  %  |  |  |  9,446  |  |  |  |  1,631  |  |  |  |  7,815  |  |  |  479  |  %   \n  \n_(i)_ _Cronos net revenue, excluding Cronos GrowCo net revenue is Net revenue\nless Cronos GrowCo net revenue and is after intercompany eliminations._  \n_(ii)_ _Cronos GrowCo net revenue is Cronos GrowCo\u2019s net revenue after\nintercompany eliminations._  \n_(iii)_ _Gross margin is defined as gross profit divided by net revenue._  \n_(iv)_ _See \u201cNon-GAAP Measures\u201d for more information, including a\nreconciliation of adjusted earnings (loss) before interest, taxes,\ndepreciation and amortization (\u201cAdjusted EBITDA\u201d) to net income (loss) and a\nreconciliation of Adjusted Gross Profit to gross profit._  \n_(v)_ _Adjusted Gross Margin is defined as Adjusted Gross Profit divided by\nnet revenue._  \n_(vi)_ _Dollar amounts are as of the last day of the period indicated._  \n_(vii)_ _Capital expenditures represent component information of investing\nactivities and is defined as the sum of purchase of property, plant and\nequipment, and purchase of intangible assets._\n\nAdvertisement\n\n**Third Quarter** **2024**\n\n  * Net revenue of $34.3 million in Q3 2024 increased by $9.5 million from Q3 2023. The increase was primarily due to higher  cannabis  flower and extract sales in the Canadian market, higher  cannabis  flower sales in Israel, and sales to other international markets consisting of Australia, Germany and the United Kingdom (the \u201cUK\u201d). Cronos GrowCo contributed $4.3 million of  cannabis  flower sales in both the three and nine months ended September 30, 2024. \n  * Gross profit of $3.6 million in Q3 2024 decreased by $0.4 million from Q3 2023. The decrease was primarily due to the impact on cost of sales from the inventory-related purchase accounting adjustments resulting from the Cronos GrowCo transaction on July 1, 2024, partially offset by higher  cannabis  flower and extract sales in the Canadian market, higher  cannabis  flower sales in Israel, and higher  cannabis  flower sales in other countries. \n  * Adjusted Gross Profit of $10.7 million in Q3 2024 increased by $6.8 million from Q3 2023. Adjusted Gross Profit and Adjusted Gross Margin provide insight into underlying business trends to facilitate comparisons of period-over-period results by removing the impacts of inventory-related purchase accounting adjustments resulting from the Cronos GrowCo transaction, which reflect a one-time event and do not reflect management\u2019s assessment of ongoing performance. The increase in Adjusted Gross Profit was driven by higher  cannabis  flower and extract sales in the Canadian market, higher  cannabis  flower sales in Israel, and higher  cannabis  flower sales in other countries. \n  * Adjusted EBITDA of $(6.0) million in Q3 2024 improved by $9.2 million from Q3 2023. The improvement year-over-year was primarily driven by higher net revenue, improved Adjusted Gross Profit and a decrease in general and administrative expenses. \n\n**_Business Updates_ **\n\n**Transaction with Cronos GrowCo**  \nThe global  cannabis  market continues to expand as international markets fuel\nan increasing demand for high-quality products. The investment in Cronos\nGrowCo\u2019s facility expansion enables Cronos to increase supply of Cronos\u2019\nunique portfolio of genetics which has helped the Company win in the highly\ncompetitive Canadian market, as well as expand Cronos\u2019 international footprint\nwith distribution to the growing markets in Australia, Germany, and the UK.\n\n**Key highlights of the transaction:**\n\nAdvertisement\n\n  * **Increased Board Representation** : As of July 1, 2024, the Cronos GrowCo board of directors expanded to five members, three of whom are appointed by Cronos. \n  * **Financial Consolidation** : Cronos now consolidates Cronos GrowCo\u2019s results in its financial statements beginning in the third quarter of 2024. \n  * **Investment in Expansion** : Cronos provided an approximately $51 million ($70 million CAD) secured non-revolving credit facility to Cronos GrowCo to fund the expansion of Cronos GrowCo\u2019s cultivation and processing facilities, enabling growth opportunities in the markets Cronos operates in today as well as enabling Cronos to take advantage of future growth into new markets that open. \n  * **New Supply Agreement** : Prior to the commencement of sales from the expanded facility, Cronos will have the option to purchase up to 80% of Cronos GrowCo\u2019s total production. Thereafter, Cronos will have the option to purchase up to 70% of the total production from the expanded facility. \n\n**Brand and Product Portfolio**\n\n**_Spinach_ ** \u00ae\n\nIn Q3 2024, Spinach  \u00ae  was the top-selling  cannabis  brand in Canada\naccording to Hifyre. This market share success highlights Cronos\u2019 unwavering\ndedication to quality, innovation, and delivering distinctive products to the\ncompetitive Canadian adult-use market.\n\nSpinach  \u00ae  has solidified itself as the go-to brand for a wide array of\nproducts featuring different cannabinoid combinations, potency ranges and\nflavor profiles. In the edibles category, the Spinach  \u00ae  brand held the\nnumber one position with a 17.2% market share in Q3 2024, according to Hifyre.\n\nIn Q3 2024, the Spinach  \u00ae  brand launched three new edible SKUs, which included the SOURZ by Spinach  \u00ae  Strawberry Watermelon 4:1 CBG|THC gummies, SOURZ by Spinach  \u00ae  Peach Passionfruit 1:1:1 CBN | CBD | THC gummies, and the brand\u2019s first limited edition SOURZ by Spinach  \u00ae  Caramel Green Apple gummies. \n\nCronos\u2019 strong  cannabis  cultivar breeding program and portfolio of genetics\ncontinued to drive growth, propelling the Spinach  \u00ae  brand to become the\nnumber one flower brand in Canada, with a 6.0% market share in Q3 2024,\naccording to Hifyre.\n\nThe Spinach  \u00ae  brand was ranked fourth in the vape category in Q3 2024,\nholding a 6.4% market share, according to Hifyre. This performance was driven\nby popular products such as Spinach HITZ\u2122, which introduced new Pink Lemonade\nand Rocket Icicle flavors, alongside line extensions in Spinach  \u00ae  1.2g\nVapes.\n\nIn Q3 2024, Spinach  \u00ae  was ranked eighth in the pre-roll category with 2.7%\nmarket share, according to Hifyre. In the sub-category of infused pre-rolls,\nthe Spinach  \u00ae  Fully Charged infused pre-rolls have begun to make their mark\nand are trending towards becoming a top selling product. The infused pre-roll\ncategory is continuing to grow and we expect this category to be key to future\ngrowth for both Cronos and the industry, which is why we are committed to\nevolution and innovation of the pre-roll portfolio.\n\n**_PEACE NATURALS_ ** **_\u00ae_ **\n\nIn Israel, PEACE NATURALS  \u00ae  continues to be a top-performing brand with a\nrecord volume of sales in Q3 2024, powered by Cronos\u2019 advanced genetic\nbreeding program and high-quality cultivation capabilities. Despite the\nconflict involving Israel, Hamas, Iran and other stakeholders in the region,\nan incredibly competitive market and declining patient counts due to\nregulatory market structure shifts, the brand continues to out-perform in the\nIsraeli  cannabis  market.\n\nIn Germany and the UK, we are experiencing strong traction with Cronos\u2019\nproprietary genetics, such as GMO and Wedding Cake, under the PEACE NATURALS\n\u00ae  brand. The expansion of Cronos GrowCo will help enable Cronos to execute on\nthese growth opportunities and others as they become available.\n\n**Guidance and Outlook**\n\nThe Company reiterates its previously announced operating expense savings\ntarget of $5 to $10 million on a standalone basis in 2024 primarily driven by\nsavings in general and administrative, sales and marketing and research and\ndevelopment (\u201cR&D\u201d). The organizational and cost savings initiatives are\nintended to position the Company to drive profitable and sustainable growth\nover time. The operating expense savings target excludes the impact of the\nconsolidation of Cronos GrowCo\u2019s results into the Company\u2019s financial\nstatements.\n\nThese statements are forward-looking and actual results may differ materially.\nRefer to \u201cForward-Looking Statements\u201d below for information on the factors\nthat could cause actual results to differ materially from these forward-\nlooking statements.\n\n**_Conference Call_ **  \nThe Company will host a conference call and live audio webcast on Tuesday,\nNovember 12, 2024, at 8:30 a.m. ET to discuss 2024 Third Quarter business\nresults. An audio replay of the call will be archived on the Company\u2019s website\nfor replay. Instructions for the live audio webcast are provided on the\nCompany\u2019s website at _https://ir.thecronosgroup.com/events-presentations._\n\n* * *\n\n[ __ Print this page ](javascript:window.print\\(\\))\n\n  * [ Tweet ](https://twitter.com/share)\n  *   * \n\n  * __ [ HYTN announces marketing program ](https://www.growopportunity.ca/hytn-announces-marketing-program/)\n  * [ High Tide announces closing of final tranche of $15 million subordinated debt facility ](https://www.growopportunity.ca/high-tide-announces-closing-of-final-tranche-of-15-million-subordinated-debt-facility/) __\n\n##  Advertisement\n\nStories continue below\n\n  \n  \n\nRelated\n\n  \n\nTags\n\n  * [ news ](https://www.growopportunity.ca/tag/news/)\n\n  \n\n[ ](https://www.growopportunity.ca/ \"Grow Opportunity\")\n\n* * *\n\n  * [ Greenhouse Canada ](https://www.greenhousecanada.com/)\n  * [ Grower Day ](https://www.growerday.ca)\n  * [ Canada\u2019s Top Grower ](https://www.growopportunity.ca/canadas-top-grower/)\n\n###  Trending\n\n###  Social Media\n\n  * [ **X** ](https://www.x.com/GrowOpportunity?lang=en)\n  * [ __ ](https://www.facebook.com/GrowOpportunity)\n  * [ __ ](https://www.instagram.com/growopportunity)\n  * [ __ ](https://www.linkedin.com/company/grow-opportunity)\n\n* * *\n\n__\n\n\u00a9 Copyright 2025 [ Annex Business Media ](https://www.annexbusinessmedia.com\n\"Annex Business Media\")\n\n  \n  \n\nWe are using cookies to give you the best experience on our website.  \nBy continuing to use the site, you agree to the use of cookies. 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                "url": "https://www.growopportunity.ca/cronos-group-reports-2024-third-quarter-results/"
            },
            "reason": "Grow Opportunity is a cannabis industry news source. The article reports on Cronos Group's financial results, which is a factual event.",
            "reliability_score": 0.8,
            "search_query": "company 'The Cronos Group' overview financial performance",
            "summary": "Cronos Group reports its 2024 third-quarter results.",
            "url": "https://www.growopportunity.ca/cronos-group-reports-2024-third-quarter-results/"
        },
        {
            "content": {
                "metadata": {
                    "ext_id": "5e72e2aa-435d-464a-b677-a310897e20de",
                    "origin": "public",
                    "resource_location": "web",
                    "resource_type": "webpage",
                    "source": "https://financialpost.com/globe-newswire/cronos-group-reports-2024-fourth-quarter-and-full-year-results"
                },
                "page_content": "Advertisement oop\n\nStory continues below\n\nThis advertisement has not loaded yet, but your article continues below.\n\nSkip to Content\n\nAdvertisement 1\n\nThis advertisement has not loaded yet, but your article continues below.\n\nThis section is\n\nThe content in this section is supplied by GlobeNewswire for the purposes of\ndistributing press releases on behalf of its clients. Postmedia has not\nreviewed the content.\n\nby [ GlobeNewswire ](https://globenewswire.com/ \"Link to GlobeNewswire\nAdvertorial \\(Leaving Financial Post\\)\")\n\n[ ](https://globenewswire.com/ \"Link to GlobeNewswire  Advertorial \\(Leaving\nFinancial Post\\)\")\n\nArticle content\n\n_Net revenue in Q4 2024 increased by 27% year-over-year to $30.3 million; Net\nrevenue in FY 2024 increased by 35% year-over-year to $117.6 million_\n\n##  Sign In or Create an Account\n\nor\n\n[ View more offers ](/subscribe)\n\nIf you are a Home delivery print subscriber, online access is **included** in\nyour subscription. [ Activate your Online Access Now ](/activate/)\n\nArticle content\n\nWe apologize, but this video has failed to load.\n\nTry refreshing your browser, or  \n[ tap here to see other videos from our team ](/video-centre/ \"Video Centre\")\n.\n\nArticle content\n\n_Spinach_ _\u00ae_ _Ends 2024 as the Number One Cannabis Brand in Canada_ _1_\n\nArticle content\n\n_PEACE NATURALS_ _\u00ae_ _Ends 2024 as the Number One Cannabis Brand in Israel_  \n_2_\n\nArticle content\n\n_Industry leading balance sheet with_ _$859_ _million in cash_ _and cash\nequivalents_\n\nArticle content\n\nTORONTO, Feb. 27, 2025 (GLOBE NEWSWIRE) \u2014 Cronos Group Inc. (NASDAQ: CRON)\n(TSX: CRON) (\u201cCronos\u201d or the \u201cCompany\u201d), today announced its 2024 fourth\nquarter and full-year business results.\n\nArticle content\n\nArticle content\n\n\u201cWe set ambitious goals to deliver robust growth, improve margins, and achieve\noperational excellence. Today, I am proud to say that Cronos has not only met\nbut exceeded these objectives, as evidenced by our strong 2024 results. Our\nunwavering commitment to innovation, quality, and disciplined cost management\nhas solidified our leadership in the global cannabis industry,\u201d said Mike\nGorenstein, Chairman, President and CEO of Cronos.\n\nArticle content\n\nTop Stories\n\nGet the latest headlines, breaking news and columns.\n\nBy signing up you consent to receive the above newsletter from Postmedia\nNetwork Inc.\n\nThanks for signing up!\n\nA welcome email is on its way. If you don't see it, please check your junk\nfolder.\n\nThe next issue of Top Stories will soon be in your inbox.\n\nWe encountered an issue signing you up. Please try again\n\nInterested in more newsletters? [ Browse here. ](/newsletters)\n\nArticle content\n\n\u201cFrom Spinach  _\u00ae_ becoming the number one cannabis brand in Canada and PEACE\nNATURALS  _\u00ae_ achieving a number one position in Israel, to our groundbreaking\nadvancements in cannabis genetics, to international expansion, Cronos is well-\npositioned to capitalize on future opportunities and drive long-term value for\nour shareholders. As we look ahead to 2025, we remain focused on sustaining\nthis momentum, strengthening our market leadership, and delivering innovative\nproducts that resonate with consumers worldwide,\u201d continued Mr. Gorenstein.\n\u201cOur strategic investments, such as Cronos GrowCo, have enhanced our\ncultivation capabilities, ensuring a consistent supply of high-quality\ncannabis at scale with an improved gross margin profile, while our R&D\nbreakthroughs have set new industry standards. Internationally, we\u2019ve made\nsignificant strides, with PEACE NATURALS  _\u00ae_ leading in Israel and gaining\ntraction in Germany and the UK. Combined with a robust balance sheet and a\nportfolio of best-selling, borderless brands, Cronos is not just leading\ntoday, we\u2019re building the foundation for long-term excellence in the global\ncannabis industry. Looking to 2025, we\u2019re excited about the opportunities\nahead as we continue to innovate, expand, and deliver for our consumers and\nshareholders.\u201d\n\nArticle content\n\nArticle content\n\n**_Consolidated Financial Results_ **\n\nArticle content\n\nOn June 20, 2024 the Company made an additional investment in Cronos Growing\nCompany (\u201cCronos GrowCo\u201d) to fund the expansion of cultivation operations.\nCronos also obtained majority control of the board of directors of Cronos\nGrowCo and began consolidating Cronos GrowCo\u2019s results from July 1, 2024.\nPrior to this date, the Company\u2019s investment in Cronos GrowCo consisted of an\ninvestment accounted for under the equity method and loans receivable from\nCronos GrowCo.\n\nArticle content\n\nIn the second quarter of 2023, the Company exited its United States (\u201cU.S.\u201d)\nhemp-derived CBD operations. The exit of the U.S. operations represented a\nstrategic shift, and as such, qualifies for reporting as discontinued\noperations in our condensed consolidated statements of net income (loss) and\ncomprehensive income (loss). Prior period amounts have been reclassified to\nreflect the discontinued operations classification of the U.S. operations.\n\nArticle content\n\nThe tables below set forth our condensed consolidated results of continuing\noperations, expressed in thousands of U.S. dollars for the periods presented.\nOur condensed consolidated financial results for these periods are not\nnecessarily indicative of the consolidated financial results that we will\nachieve in future periods.\n\nAdvertisement 1\n\nThis advertisement has not loaded yet.\n\nTrending\n\n  1. ### [ 'Very concerning': Lumber industry dismayed as U.S. tariffs soar on Canadian softwood lumber  ](/news/economy/canadian-lumber-industry-dismayed-us-tariffs-soar)\n\n[ ](/news/economy/canadian-lumber-industry-dismayed-us-tariffs-soar)\n\n[ Economy  ](/category/news/economy/)\n\n  2. ### [ Beer exec wants Canadians to understand what 'Brewed in Canada' means amid U.S. brand confusion  ](/news/retail-marketing/beer-exec-wants-canadians-understand-what-brewed-in-canada-means)\n\n[ ](/news/retail-marketing/beer-exec-wants-canadians-understand-what-brewed-\nin-canada-means)\n\n[ Retail & Marketing  ](/category/news/retail-marketing/)\n\n  3. ### [ Trump announces 90-day pause on reciprocal tariffs but raises levy on China  ](/news/economy/trump-pauses-tariffs)\n\n[ ](/news/economy/trump-pauses-tariffs)\n\n[ Economy  ](/category/news/economy/)\n\n  4. ### [ Joe Oliver: Fool me once, shame on you. Fool me four times? Seriously?  ](/opinion/joe-oliver-fool-me-once-shame-on-you)\n\n[ ](/opinion/joe-oliver-fool-me-once-shame-on-you)\n\n[ FP Comment  ](/category/opinion/)\n\n  5. ### [ Posthaste: Beware the dead cat bounce as Trump tariff chaos sets the stage for 'vicious bear market rallies'  ](/news/trump-tariffs-unleash-vicious-bear-market-rallies)\n\n[ ](/news/trump-tariffs-unleash-vicious-bear-market-rallies)\n\n[ News  ](/category/news/)\n\nAdvertisement 2\n\nAdvertisement\n\nThis advertisement has not loaded yet, but your article continues below.\n\nArticle content\n\n_(in thousands of USD)_ |  |  **Three Months Ended December 31,** |  |  **Change** |  |  **Year ended December 31,** |  |  **Change**  \n---|---|---|---|---|---|---|---|---  \n|  |  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%**  \nCronos net revenue, excluding Cronos GrowCo net revenue  (i)  |  |  $  |  28,195  |  |  |  $  |  23,915  |  |  |  $  |  4,280  |  |  |  18  |  %  |  |  $  |  111,241  |  |  |  $  |  87,241  |  |  |  $  |  24,000  |  |  |  28  |  %   \nCronos GrowCo net revenue  (ii)  |  |  |  2,106  |  |  |  |  \u2014  |  |  |  |  2,106  |  |  |  N/A  |  |  |  |  6,374  |  |  |  |  \u2014  |  |  |  |  6,374  |  |  |  N/A  |   \nNet Revenue  |  |  $  |  30,301  |  |  |  $  |  23,915  |  |  |  $  |  6,386  |  |  |  27  |  %  |  |  $  |  117,615  |  |  |  $  |  87,241  |  |  |  $  |  30,374  |  |  |  35  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nCost of sales  |  |  |  19,494  |  |  |  |  21,913  |  |  |  |  (2,419  |  )  |  |  (11  |  )%  |  |  |  91,710  |  |  |  |  74,527  |  |  |  |  17,183  |  |  |  23  |  %   \nInventory write-down  |  |  |  \u2014  |  |  |  |  89  |  |  |  |  (89  |  )  |  |  N/A  |  |  |  |  707  |  |  |  |  805  |  |  |  |  (98  |  )  |  |  (12  |  )%   \nGross profit  |  |  $  |  10,807  |  |  |  $  |  1,913  |  |  |  $  |  8,894  |  |  |  465  |  %  |  |  $  |  25,198  |  |  |  $  |  11,909  |  |  |  $  |  13,289  |  |  |  112  |  %   \nGross margin  (  ii  i)  |  |  |  36  |  %  |  |  |  8  |  %  |  |  |  N/A  |  |  |  28  |  pp  |  |  |  21  |  %  |  |  |  14  |  %  |  |  |  N/A  |  |  |  7  |  pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nInventory step-up recorded to cost of sales  |  |  |  (1,832  |  )  |  |  |  \u2014  |  |  |  |  (1,832  |  )  |  |  N/A  |  |  |  |  5,284  |  |  |  |  \u2014  |  |  |  |  5,284  |  |  |  N/A  |   \nAdjusted Gross Profit  (iv)  |  |  $  |  8,975  |  |  |  $  |  1,913  |  |  |  $  |  7,062  |  |  |  369  |  %  |  |  $  |  30,482  |  |  |  $  |  11,909  |  |  |  $  |  18,573  |  |  |  156  |  %   \nAdjusted Gross Margin  (v)  |  |  |  30  |  %  |  |  |  8  |  %  |  |  |  N/A  |  |  |  22  |  pp  |  |  |  26  |  %  |  |  |  14  |  %  |  |  |  N/A  |  |  |  12  |  pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nNet income (loss)  |  |  $  |  43,941  |  |  |  $  |  (45,151  |  )  |  |  $  |  89,092  |  |  |  197  |  %  |  |  $  |  40,022  |  |  |  $  |  (70,439  |  )  |  |  $  |  110,461  |  |  |  N/M  |   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nAdjusted EBITDA  (  iv  )  |  |  $  |  (7,203  |  )  |  |  $  |  (14,790  |  )  |  |  $  |  7,587  |  |  |  51  |  %  |  |  $  |  (34,942  |  )  |  |  $  |  (61,564  |  )  |  |  $  |  26,622  |  |  |  43  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \n**Other Data** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nCash and cash equivalents  (  vi  )  |  |  $  |  858,805  |  |  |  $  |  669,291  |  |  |  $  |  189,514  |  |  |  28  |  %  |  |  |  |  |  |  |  |   \nShort-term investments  (  vi  )  |  |  |  \u2014  |  |  |  |  192,237  |  |  |  |  (192,237  |  )  |  |  (100  |  )%  |  |  |  |  |  |  |  |   \nCapital expenditures  (v  ii  )  |  |  |  3,708  |  |  |  |  1,792  |  |  |  |  1,916  |  |  |  107  |  %  |  |  |  13,154  |  |  |  |  3,423  |  |  |  |  9,731  |  |  |  284  |  %   \n  \nArticle content\n\nArticle content\n\n_(i)_ _Cronos net revenue, excluding Cronos GrowCo net revenue is net revenue\nless Cronos GrowCo net revenue and is after intercompany eliminations._  \n_(ii)_ _Cronos GrowCo net revenue is Cronos GrowCo\u2019s net revenue after\nintercompany eliminations._  \n_(iii)_ _Gross margin is defined as gross profit divided by net revenue._  \n_(iv)_ _See \u201cNon-GAAP Measures\u201d for more information, including a\nreconciliation of adjusted earnings (loss) before interest, taxes,\ndepreciation and amortization (\u201cAdjusted EBITDA\u201d) to net income (loss) and a\nreconciliation of Adjusted Gross Profit to gross profit._  \n_(v)_ _Adjusted Gross Margin is defined as Adjusted Gross Profit divided by\nnet revenue. See \u201cNon-GAAP Measures\u201d for more information._  \n_(vi)_ _Dollar amounts are as of the last day of the period indicated._  \n_(vii)_ _Capital expenditures represent component information of investing\nactivities and is defined as the sum of purchase of property, plant and\nequipment, and purchase of intangible assets._\n\nArticle content\n\n**Fourth Quarter**  \n**2024**\n\nArticle content\n\n  * Net revenue of $30.3 million in Q4 2024 increased by $6.4 million from Q4 2023. The increase year-over-year was primarily driven by higher cannabis flower and extract sales in the Canadian market and higher cannabis flower sales in Israel and other countries. Cronos GrowCo contributed $2.1 million of cannabis flower sales in Q4 2024. No such sales were recognized in Q4 2023. \n  * Gross profit of $10.8 million in Q4 2024 increased by $8.9 million from Q4 2023. The increase year-over-year was primarily due to higher cannabis flower and extract sales in the Canadian market, higher cannabis flower sales in Israel and other countries, and production cost improvements. Gross profit was positively impacted by $1.8 million in the quarter in connection with the finalization of the purchase accounting for the Cronos GrowCo Transaction, which resulted in a reduction of the fair value of inventory acquired from Cronos GrowCo and the corresponding inventory step-up previously recorded into cost of sales in Q3 2024. No such impact was recognized for 2023. \n  * Adjusted gross profit of $9.0 million in Q4 2024 improved by $7.1 million from Q4 2023. The improvement year-over-year was primarily driven by higher cannabis flower and extract sales in the Canadian market, higher cannabis flower sales in Israel, and production cost improvements. \n  * Adjusted EBITDA of $(7.2) million in Q4 2024 improved by $7.6 million from Q4 2023. The improvement year-over-year was primarily driven by higher adjusted gross profit. \n\nArticle content\n\nArticle content\n\n**Full-Year**  \n**2024**\n\nArticle content\n\n  * Net revenue of $117.6 million in full-year 2024 increased by $30.4 million from full-year 2023. The increase year-over-year was primarily due to higher cannabis flower and extract sales in the Canadian market and higher cannabis flower sales in Israel and other countries. Cronos GrowCo contributed $6.4 million of cannabis flower sales in the year ended December 31, 2024. No such sales were recognized for the year ended December 31, 2023. \n  * Gross profit of $25.2 million in full-year 2024 increased by $13.3 million from full-year 2023. The increase year-over-year was primarily due to higher cannabis flower and extract sales in the Canadian market, higher cannabis flower sales in Israel and other countries, and production cost improvements. This increase was partially offset by the impact on cost of sales from the inventory step-up from the Cronos GrowCo Transaction. For 2024, gross profit was reduced $5.3 million as a result of the impact of the inventory step-up from the Cronos GrowCo Transaction that was recorded into cost of sales since July 1, 2024. No such costs were recognized for 2023. \n  * Adjusted gross profit of $30.5 million in full-year 2024 increased by $18.6 million from full-year 2023. The increase year-over-year was primarily due to higher cannabis flower and extract sales in the Canadian market, higher cannabis flower sales in Israel and other countries, and production cost improvements. \n  * Adjusted EBITDA of $(34.9) million in full-year 2024 improved by $26.6 million from full-year 2023. The improvement year-over-year was primarily driven by higher adjusted gross profit and lower sales and marketing, research and development, and general administrative expenses. \n\nArticle content\n\n**_Business Updates_ **\n\nArticle content\n\n**Brand and Product Portfolio**\n\nArticle content\n\n__Spinach_ _ \u00ae  3  \nIn 2024, the SOURZ by Spinach  \u00ae  brand expanded its edible lineup with\nseveral innovative launches. Our industry-leading SOURZ by Spinach  \u00ae\nproducts are the best-selling gummies in the Canadian market and have captured\nan impressive 23% market share in Q4 2024, with five of the top ten best-\nselling edibles in Canada coming from the SOURZ lineup. A key addition to our\ngummy portfolio has been the 1-piece, 10mg THC Fully Blasted SOURZ by Spinach\n\u00ae  product, which launched in 2024. In Q4 2024 we launched two new Fully\nBlasted flavors, Peach Orange and Strawberry Mango. We also launched a new CBD\nmulti-pack, SOURZ by Spinach  \u00ae  CBD Berry Variety Pack.\n\nArticle content\n\nIn 2024 our proprietary genetics breeding program continued to provide our\nportfolio with winning cultivars that allow us to launch differentiated\nproducts across markets and maintain a number one position in the flower\ncategory. In 2024, we introduced Spinach Grindz\u2122, a milled flower offering\nutilizing our Citrus Crush and Cookie Dough strains, designed for convenient\nuse in joints or vaporizers. In Q4 2024, the Spinach  \u00ae  brand maintained its\nposition as the number one flower brand in Canada, with 5.7% market share.\n\nArticle content\n\nArticle content\n\nIn 2024, we introduced two new Spinach  \u00ae  all-in-one vapes, Pineapple\nParadise and Blueberry Dynamite that are performing well and helping to drive\nmarket share gains. The brand\u2019s 0.5g all-in-one Spinach HITZ\u2122 vapes introduced\nnew Pink Lemonade and Rocket Icicle flavors, alongside line extensions in\nSpinach  \u00ae  1.2g vapes. Spinach  \u00ae  vapes were the number four vape brand in\nQ4 2024, holding 5.9% market share. Vape production was brought in-house in\nthe second half of 2024 in an effort to streamline manufacturing and enhance\nproduction efficiency in this category.\n\nArticle content\n\nIn 2024, we launched Spinach  \u00ae  Fully Charged pre-rolls and infused pre-rolls\nas well as the Spinach  \u00ae  Fully Charged Party Pack and the Spinach  \u00ae  Fully\nCharged Tropical Pack. These launches were the culmination of our product\ndevelopment efforts and portfolio refresh. The infused pre-roll category is\ncontinuing to grow, and we expect this category to be key to future growth for\nboth Cronos and the industry, which is why we are committed to the evolution\nand innovation of our pre-roll portfolio. In Q4 2024, Spinach  \u00ae  was ranked\nseventh in the pre-roll category with 2.5% market share.\n\nArticle content\n\nArticle content\n\n__Lord Jones_ _ __\u00ae_ _ __3_ _  \nIn Q4 2024, Lord Jones  \u00ae  Chocolates Fusions\u2122 had 9.6% market share and ended\nthe year as the third best-selling chocolate brand in Canada. In January 2025,\nthe brand launched a Lord Jones  \u00ae  Chocolate Fusions\u2122 fudge brownie flavor,\nwhich features a 1:1:1 ratio of CBN, CBD and THC. Lord Jones  \u00ae  Chocolate\nFusions\u2122 edibles highlight the brand\u2019s commitment to innovation and\ncraftsmanship, offering four flavors: cookies and cream, dazzle-berry pop,\nsalted caramel crunch and fudge brownie.\n\nArticle content\n\nIn 2024, we also launched Lord Jones  \u00ae  live resin vapes featuring\nmeticulously curated cultivars, delivering a rich, full-spectrum experience\nthat combines pure live resin with sleek, high-quality hardware. In the second\nhalf of 2023, we launched Ice Water Hash Fusions pre-rolls, which feature\nflower and terpene-rich ice water hash and are fitted with a branded ceramic\ntip. The Ice Water Hash Fusions pre-rolls continued performing throughout\n2024, rising to the number one position in the hash pre-roll category.\nTogether, these launches underscore the brand\u2019s dedication to excellence and\nits focus on creating exceptional, high-quality cannabis-infused products.\n\nArticle content\n\n__PEACE NATURALS_ _ __\u00ae_ _ __2_ _  \nIn 2024, Cronos Israel revamped and repositioned its flower portfolio,\noptimizing pricing, potency and bringing new, exciting strains to market to\nmeet patient needs. The PEACE NATURALS  \u00ae  brand launched new strains\nincluding GG4, Key Limez Punch, Pink Sherb, Tangie Kush, Citra Diesel, Tahoe\nOG Kush and GMO Lite, providing consumers with additional variety and choice.\nIn Q4 2024, PEACE NATURALS  \u00ae  was the number one flower brand in Israel with\n24% market share and PEACE NATURALS  \u00ae  cannabis oils are the fourth most\npopular brand in Israel with 9% market share.\n\nArticle content\n\nIn 2024, Cronos expanded into the United Kingdom (the \u201cUK\u201d) by shipping its\nfirst batch of PEACE NATURALS  \u00ae  medical cannabis flower to this emerging\nmarket, through a partnership with a third-party distributor of prescribed\ncannabis products.\n\nArticle content\n\nThroughout 2024, the Company continued its sales to the German market through\nthe PEACE NATURALS  \u00ae  brand. Cronos sells the PEACE NATURALS  \u00ae  brand\nthrough its distribution partner, Cansativa GmbH (\u201cCansativa\u201d), one of the\nleading distributors of medical cannabis in Germany and supplies flower for\nits private-label brand. Cronos has seen strong demand for its proprietary\ngenetics, such as GMO and Wedding Cake, in both Germany and the UK under the\nPEACE NATURALS  \u00ae  brand.\n\nArticle content\n\nArticle content\n\n**Global Supply Chain and Operations**\n\nArticle content\n\nThe expansion efforts at Cronos GrowCo\u2019s facility are well underway. In Q4\n2024, Health Canada approved amendments to the site\u2019s perimeter. Cronos GrowCo\nexpects to finish construction of the expanded cultivation and processing\nfacilities in Q2 2025, with first harvests and sales from the area commencing\nin the second half of 2025. Prior to the commencement of sales from the\nexpanded facility, Cronos has the option to purchase up to 80% of Cronos\nGrowCo\u2019s total production. Once sales from the expanded area begin, Cronos\nwill have the option to purchase up to 70% of the total production from the\nexpanded facility. The expansion of Cronos GrowCo positions the Company to\ncapitalize on domestic demand and meet international growth opportunities in\nthe global cannabis market.\n\nArticle content\n\nOn November 26, 2023, the Company announced that Peace Naturals Project Inc.\nhad entered into an agreement to sell and lease back its facility in Stayner,\nOntario (the \u201cPeace Naturals Campus\u201d). However, the agreement was terminated\nin the Q2 of 2024 pursuant to its terms, and the Company has decided to\ncontinue and expand its operations at the site.\n\nArticle content\n\nArticle content\n\nAs part of the expanding operations at the Peace Naturals Campus, in the\nsecond-half of 2024, the Company invested in machinery, automation and process\nimprovement to drive cost efficiency within the facility. This also included\ninvestment in warehousing and vault expansion as well as R&D equipment and\nlaboratory enhancements.\n\nArticle content\n\n**_Guidance_ **\n\nArticle content\n\nThe Company achieved $8.7 million in operating expense savings in 2024 on a\nstandalone basis, meeting its previously announced operating expense savings\ntarget of $5 to $10 million. The savings were primarily driven by lower\nexpenses in general and administrative, research and development and sales and\nmarketing. The operating expense savings exclude the impact of the\nconsolidation of Cronos GrowCo\u2019s results into the Company\u2019s financial\nstatements.\n\nArticle content\n\n**_Conference Call_ **\n\nArticle content\n\nThe Company will host a conference call and live audio webcast on Thursday,\nFebruary 27, 2025, at 8:30 a.m. ET to discuss 2024 Fourth Quarter and Full-\nYear business results. An audio replay of the call will be archived on the\nCompany\u2019s website for replay. Instructions for the live audio webcast are\nprovided on the Company\u2019s website at: _https://ir.thecronosgroup.com/events-\npresentations._\n\nArticle content\n\n**About Cronos**\n\nArticle content\n\nCronos is an innovative global cannabinoid company committed to building\ndisruptive intellectual property by advancing cannabis research, technology\nand product development. With a passion to responsibly elevate the consumer\nexperience, Cronos is building an iconic brand portfolio. Cronos\u2019 diverse\ninternational brand portfolio includes Spinach  \u00ae  , PEACE NATURALS  \u00ae  and\nLord Jones  \u00ae  . For more information about Cronos and its brands, please\nvisit: thecronosgroup.com.\n\nArticle content\n\n**Forward-Looking Statements**\n\nArticle content\n\nThis press release contains information that constitutes forward-looking\ninformation and forward-looking statements within the meaning of applicable\nsecurities laws and court decisions (collectively, \u201cForward-Looking\nStatements\u201d), which are based upon our current internal expectations,\nestimates, projections, assumptions and beliefs. All information that is not\nclearly historical in nature may constitute Forward-Looking Statements. In\nsome cases, Forward-Looking Statements can be identified by the use of\nforward-looking terminology such as \u201cexpect\u201d, \u201clikely\u201d, \u201cmay\u201d, \u201cwill\u201d,\n\u201cshould\u201d, \u201cintend\u201d, \u201canticipate\u201d, \u201cpotential\u201d, \u201cproposed\u201d, \u201cestimate\u201d and\nother similar words, expressions and phrases, including negative and\ngrammatical variations thereof, or statements that certain events or\nconditions \u201cmay\u201d or \u201cwill\u201d happen, or by discussion of strategy. Forward-\nLooking Statements include estimates, plans, expectations, opinions,\nforecasts, projections, targets, guidance or other statements that are not\nstatements of historical fact.\n\nArticle content\n\nArticle content\n\nForward-Looking Statements include, but are not limited to, statements with\nrespect to:\n\nArticle content\n\n  * the ongoing impact of the public investigation into Canadian licensed producers of alleged dumping of medical cannabis imports from Canada into Israel by the Trade Levies Commissioner of the Israel Ministry of Economy and Industry (the \u201cAnti-Dumping Investigation\u201d) and the proposed anti-dumping duty to which the Company\u2019s imports would be subject; \n  * expectations related to the conflict involving Israel, Hamas, Hezbollah, Houthis, Iran, Iran\u2019s proxies and other stakeholders in the region (the \u201cMiddle East Conflict\u201d) and its impact on our operations in Israel, the supply of product in the market and the demand for product by medical patients in Israel, as well as any regional or global escalations and their impact to global commerce and stability; \n  * expectations related to the German, Australian and UK markets, including our strategic partnerships with Cansativa, Vitura Health Limited (\u201cVitura\u201d), and other distributors, respectively, and our ability to successfully distribute the PEACE NATURALS  \u00ae  brand in Germany and the UK; \n  * expectations related to our announcement of cost-cutting measures, including our decision to wind-down operations at our Winnipeg, Manitoba facility and list the facility for sale, the expected costs and benefits from the wind-down of production activities at the facility, challenges and effects related thereto as well as changes in strategy, metrics, investments, costs, operating expenses, employee turnover and other changes with respect thereto; \n  * expectations related to the impact of our decision to exit our U.S. hemp-derived cannabinoid product operations; \n  * the ongoing impact of our announced realignment (the \u201cRealignment\u201d) and any progress, challenges and effects related thereto as well as changes in strategy, metrics, investments, reporting structure, costs, operating expenses, employee turnover and other changes with respect thereto; \n  * our expectations as to the use of the Peace Naturals Campus; \n  * our ability to acquire raw materials from suppliers, including Cronos GrowCo, and the costs and timing associated therewith; \n  * expectations regarding the potential success of, and the costs and benefits associated with, our joint ventures, strategic alliances and equity investments; \n  * expectations related to the transaction by which we obtained majority control of the board of directors of Cronos GrowCo, which qualified as a business combination under Accounting Standards Codification 805, and the expansion of Cronos GrowCo\u2019s purpose-built cultivation and processing facilities; \n  * our ability or plans to identify, develop, commercialize or expand our technology and R&D initiatives in cannabinoids, or the success thereof; \n  * expectations regarding revenues, expenses, gross margins and capital expenditures; \n  * expectations regarding our future production and manufacturing strategy and operations, the costs and timing associated therewith and the receipt of applicable production and sale licenses; \n  * the ongoing impact of the legalization of additional cannabis product types and forms for adult-use in Canada, including federal, provincial, territorial and municipal regulations pertaining thereto, the related timing and impact thereof and our intentions to participate in such markets; \n  * the legalization of the use of cannabis for medical or adult-use in jurisdictions outside of Canada, including the United States and Germany, the related timing and impact thereof and our intentions to participate in such markets, if and when such use is legalized; \n  * the grant, renewal, withdrawal, suspension, delay and impact of any license or supplemental license to conduct activities with cannabis or any amendments thereof; \n  * our ability to successfully create and launch brands and cannabis products; \n  * expectations related to the differentiation of our products, including through the utilization of rare cannabinoids; \n  * the benefits, viability, safety, efficacy, dosing and social acceptance of cannabis, including CBD and other cannabinoids; \n  * laws and regulations and any amendments thereto applicable to our business and the impact thereof, including uncertainty regarding the application of U.S. state and federal law to cannabis and U.S. hemp (including CBD and other U.S. hemp-derived cannabinoids) products and the scope of any regulations by the U.S. Food and Drug Administration, the U.S. Drug Enforcement Administration, the U.S. Federal Trade Commission, the U.S. Patent and Trademark Office and any state equivalent regulatory agencies over cannabis and U.S. hemp (including CBD and other U.S. hemp-derived cannabinoids) products, including the possibility marijuana is moved from Schedule I to Schedule III under the U.S. Controlled Substances Act; \n  * the anticipated benefits and impact of Altria Group Inc.\u2019s investment in the Company (the \u201cAltria Investment\u201d), pursuant to a subscription agreement dated December 7, 2018; \n  * uncertainties as to our ability to exercise our option (the \u201cPharmaCann Option\u201d) in PharmaCann Inc. (\u201cPharmaCann\u201d), in the near term or the future, in full or in part, including the uncertainties as to the status and future development of federal legalization of cannabis in the U.S. and our ability to realize the anticipated benefits of the transaction with PharmaCann; \n  * expectations regarding the implementation and effectiveness of key personnel changes; \n  * expectations regarding business combinations and dispositions and the anticipated benefits therefrom; \n  * expectations of the amount or frequency of impairment losses, including as a result of the write-down of intangible assets, including goodwill; \n  * the impact of the ongoing military conflict between Russia and Ukraine (and resulting sanctions) on our business, financial condition and results of operations or cash flows; \n  * our compliance with the terms of the settlement (the \u201cSettlement Order\u201d) with the SEC and the settlement agreement with the Ontario Securities Commission (the \u201cSettlement Agreement\u201d); and \n  * the impact of the loss of our ability to rely on private offering exemptions under Regulation D of the Securities Act of 1933, as amended, and the loss of our status as a well-known seasoned issuer, each as a result of the Settlement Order. \n\nArticle content\n\nArticle content\n\nCertain of the Forward-Looking Statements contained herein concerning the\nindustries in which we conduct our business are based on estimates prepared by\nus using data from publicly available governmental sources, market research,\nindustry analysis and on assumptions based on data and knowledge of these\nindustries, which we believe to be reasonable. However, although generally\nindicative of relative market positions, market shares and performance\ncharacteristics, such data is inherently imprecise. The industries in which we\nconduct our business involve risks and uncertainties that are subject to\nchange based on various factors, which are described further below.\n\nArticle content\n\nThe Forward-Looking Statements contained herein are based upon certain\nmaterial assumptions that were applied in drawing a conclusion or making a\nforecast or projection, including: (i) our ability to effectively navigate\ndevelopments related to the Anti-Dumping Investigation and the proposed anti-\ndumping duty to which the Company\u2019s imports would be subject and its impact on\nour operations in Israel; (ii) our ability to effectively navigate\ndevelopments related to the Middle East Conflict and its impact on our\nemployees and operations in Israel, the supply of product in the market and\ndemand for product by medical patients in Israel; (iii) our ability to\nefficiently and effectively distribute our PEACE NATURALS  \u00ae  brand in Germany\nwith our strategic partner Cansativa and in the UK with our strategic\ndistribution partner and our ability to efficiently and effectively distribute\nproducts in Australia with our strategic partner Vitura; (iv) our ability to\nrealize the expected cost-savings and other benefits related to the wind-down\nof our operations at our Winnipeg, Manitoba facility; (v) expectations related\nto the impact of our decision to exit our U.S. hemp-derived cannabinoid\nproduct operations; (vi) our ability to realize the expected cost-savings,\nefficiencies and other benefits of our Realignment and other announced cost-\ncutting measures and employee turnover related thereto; (vii) our ability to\nefficiently and effectively manage our operations at our Peace Naturals\nCampus; (viii) our ability efficiently and effectively acquire raw materials\non a timely and cost-effective basis from third parties or Cronos GrowCo; (ix)\nthe timely completion of the expansion of Cronos GrowCo\u2019s purpose-built\ncannabis facility and the ability of Cronos GrowCo to repay the credit\nfacility provided by Cronos; (x) our ability to realize anticipated benefits,\nsynergies or generate revenue, profits or value from our business combinations\nand strategic investments; (xi) the production and manufacturing capabilities\nand output from our facilities and our joint ventures, strategic alliances and\nequity investments; (xii) government regulation of our activities and products\nincluding, but not limited to, the areas of cannabis taxation and\nenvironmental protection; (xiii) the timely receipt of any required regulatory\nauthorizations, approvals, consents, permits and/or licenses; (xiv) consumer\ninterest in our products; (xv) our ability to differentiate our products,\nincluding through the utilization of rare cannabinoids; (xvi) competition;\n(xvii) anticipated and unanticipated costs; (xviii) our ability to generate\ncash flow from operations; (xix) our ability to conduct operations in a safe,\nefficient and effective manner; (xx) our ability to hire and retain qualified\nstaff, and acquire equipment and services in a timely and cost-efficient\nmanner; (xxi) our ability to exercise the PharmaCann Option and realize the\nanticipated benefits of the transaction with PharmaCann; (xxii) our ability to\ncomplete planned dispositions, and, if completed, obtain our anticipated sales\nprice; (xxiii) general economic, financial market, regulatory and political\nconditions in which we operate; (xxiv) management\u2019s perceptions of historical\ntrends, current conditions and expected future developments; and (xxv) other\nconsiderations that management believes to be appropriate in the\ncircumstances. While our management considers these assumptions to be\nreasonable based on information currently available to management, there is no\nassurance that such expectations will prove to be correct.\n\nArticle content\n\nBy their nature, Forward-Looking Statements are subject to inherent risks and\nuncertainties that may be general or specific and which give rise to the\npossibility that expectations, forecasts, predictions, projections or\nconclusions will not prove to be accurate, that assumptions may not be correct\nand that objectives, strategic goals and priorities will not be achieved. A\nvariety of factors, including known and unknown risks, many of which are\nbeyond our control, could cause actual results to differ materially from the\nForward-Looking Statements in this press release and other reports we file\nwith, or furnish to, the SEC and other regulatory agencies and made by our\ndirectors, officers, other employees and other persons authorized to speak on\nour behalf. Such factors include, without limitation, negative impacts on our\nbusiness and operations in Israel due to the Anti-Dumping Investigation,\nincluding that we may not be able to produce, import or sell our products in\nIsrael as a result thereof; negative impacts on our employees, business and\noperations in Israel due to the Middle East Conflict, including that we may\nnot be able to produce, import or sell our products or protect our people or\nfacilities in Israel during the Middle East Conflict; the supply of product in\nthe market and the demand for product by medical patients in Israel; that we\nmay not be able to successfully continue to distribute our products in\nGermany, Australia and the UK or generate material revenue from sales in those\nmarkets; that we may not be able to achieve the anticipated benefits of the\nwind-down of our operations at our Winnipeg, Manitoba facility; that we may be\nunable to further streamline our operations and reduce expenses; that we may\nnot be able to effectively and efficiently re-enter the U.S. market in the\nfuture; that we may not be able to access raw materials on a timely and cost-\neffective basis from third-parties or Cronos GrowCo; that Cronos GrowCo may\nnot be able to complete the expansion of its purpose-built cannabis facility\nwithin a reasonable time or repay its borrowings under the credit facility\nprovided by Cronos; that the military conflict between Russia and Ukraine may\ndisrupt our operations and those of our suppliers and distribution channels\nand negatively impact the demand for and use of our products; the risk that\ncost savings and any other synergies from the Altria Investment may not be\nfully realized or may take longer to realize than expected; failure to execute\nkey personnel changes; that our Realignment and our further leveraging of our\nstrategic partnerships will not result in the expected cost-savings,\nefficiencies and other benefits or will result in greater than anticipated\nturnover in personnel; that we may not be able to efficiently and effectively\nmanage our operations, and any changes thereto, at our Peace Naturals Campus;\nlower levels of revenues; the lack of consumer demand for our products; our\ninability to manage disruptions in credit markets; unanticipated future levels\nof capital, environmental or maintenance expenditures, general and\nadministrative and other expenses; failure to realize expected growth\nopportunities; the lack of cash flow necessary to execute our business plan\n(either within the expected timeframe or at all); difficulty raising capital;\nthe potential adverse effects of judicial, regulatory or other proceedings, or\nthreatened litigation or proceedings, on our business, financial condition,\nresults of operations and cash flows; volatility in and/or degradation of\ngeneral economic, market, industry or business conditions; compliance with\napplicable environmental, economic, health and safety, energy and other\npolicies and regulations and in particular health concerns with respect to\nvaping and the use of cannabis and U.S. hemp products in vaping devices; the\nunexpected effects of actions of third parties such as competitors, activist\ninvestors or federal (including U.S. federal), state, provincial, territorial\nor local regulatory authorities or self-regulatory organizations; adverse\nchanges in regulatory requirements in relation to our business and products;\nlegal or regulatory obstacles that could prevent us from being able to\nexercise the PharmaCann Option and thereby realize the anticipated benefits of\nthe transaction with PharmaCann; dilution of our fully-diluted ownership of\nPharmaCann and the loss of our rights as a result of that dilution; our\nfailure to improve our internal control environment and our systems, processes\nand procedures; and the factors discussed under Part I, Item 1A \u201c _Risk\nFactors_ \u201d in our Annual Report on Form 10-K for the year ended December 31,\n2024. Readers are cautioned to consider these and other factors, uncertainties\nand potential events carefully and not to put undue reliance on Forward-\nLooking Statements.\n\nArticle content\n\nArticle content\n\nForward-Looking Statements are provided for the purposes of assisting the\nreader in understanding our financial performance, financial position and cash\nflows as of and for periods ended on certain dates and to present information\nabout management\u2019s current expectations and plans relating to the future, and\nthe reader is cautioned not to place undue reliance on these Forward-Looking\nStatements because of their inherent uncertainty and to appreciate the limited\npurposes for which they are being used by management. While we believe that\nthe assumptions and expectations reflected in the Forward-Looking Statements\nare reasonable based on information currently available to management, there\nis no assurance that such assumptions and expectations will prove to have been\ncorrect. Forward-Looking Statements are made as of the date they are made and\nare based on the beliefs, estimates, expectations and opinions of management\non that date. We undertake no obligation to update or revise any Forward-\nLooking Statements, whether as a result of new information, estimates or\nopinions, future events or results or otherwise or to explain any material\ndifference between subsequent actual events and such Forward-Looking\nStatements. The Forward-Looking Statements contained in this press release and\nother reports we file with, or furnish to, the SEC and other regulatory\nagencies and made by our directors, officers, other employees and other\npersons authorized to speak on our behalf are expressly qualified in their\nentirety by these cautionary statements.\n\nArticle content\n\nArticle content\n\n____________________________________________  \n1  Hifyre Retail Analytics \u2013 National Retail Dollar by Brand in Canada \u2013\nDecember 2024.  \n2  Market share and ranking information from pharmacy data collected by Cronos\n\u2013 December 2024.  \n3  All market share and ranking information from Hifyre Retail Analytics \u2013\nNational Retail Dollar by Brand in Canada \u2013 December 2024, unless otherwise\nspecified.\n\nArticle content  \n  \n---  \n**Cronos Group Inc.**  \n**Consolidated Balance Sheets**  \n_(In thousands of U.S. dollars)_  \n|  **As of December 31,**  \n|  |  **2024** |  |  |  |  **2023** |   \n**Assets** |  |  |   \nCurrent assets  |  |  |   \nCash and cash equivalents  |  $  |  858,805  |  |  |  $  |  669,291  |   \nShort-term investments  |  |  \u2014  |  |  |  |  192,237  |   \nAccounts receivable, net  |  |  15,462  |  |  |  |  13,984  |   \nInterest receivable  |  |  8,690  |  |  |  |  10,012  |   \nOther receivables  |  |  5,000  |  |  |  |  6,341  |   \nCurrent portion of loans receivable, net  |  |  618  |  |  |  |  5,541  |   \nInventory, net  |  |  33,149  |  |  |  |  30,495  |   \nPrepaids and other current assets  |  |  6,277  |  |  |  |  5,405  |   \nHeld-for-sale assets  |  |  8,112  |  |  |  |  \u2014  |   \nTotal current assets  |  |  936,113  |  |  |  |  933,306  |   \nEquity method investments, net  |  |  \u2014  |  |  |  |  19,488  |   \nOther investments  |  |  2,813  |  |  |  |  35,251  |   \nNon-current portion of loans receivable, net  |  |  15,526  |  |  |  |  69,036  |   \nProperty, plant and equipment, net  |  |  133,189  |  |  |  |  59,468  |   \nRight-of-use assets  |  |  1,390  |  |  |  |  1,356  |   \nGoodwill  |  |  63,453  |  |  |  |  1,057  |   \nIntangible assets, net  |  |  11,257  |  |  |  |  21,078  |   \nDeferred tax assets  |  |  2,571  |  |  |  |  226  |   \n**Total assets** |  $  |  1,166,312  |  |  |  $  |  1,140,266  |   \n**Liabilities** |  |  |   \nCurrent liabilities  |  |  |   \nAccounts payable  |  $  |  16,973  |  |  |  $  |  12,130  |   \nIncome taxes payable  |  |  9  |  |  |  |  64  |   \nAccrued liabilities  |  |  31,653  |  |  |  |  27,736  |   \nCurrent portion of lease obligation  |  |  1,025  |  |  |  |  994  |   \nDerivative liabilities  |  |  40  |  |  |  |  102  |   \nCurrent portion due to non-controlling interests  |  |  \u2014  |  |  |  |  373  |   \nTotal current liabilities  |  |  49,700  |  |  |  |  41,399  |   \nNon-current portion due to non-controlling interests  |  |  1,073  |  |  |  |  1,003  |   \nNon-current portion of lease obligation  |  |  993  |  |  |  |  1,559  |   \nDeferred tax liabilities  |  |  3,564  |  |  |  |  181  |   \n**Total liabilities** |  |  55,330  |  |  |  |  44,142  |   \n**Shareholders\u2019 equity** |  |  |   \nShare capital and additional paid-in capital  |  |  669,879  |  |  |  |  662,174  |   \nRetained earnings  |  |  457,709  |  |  |  |  416,719  |   \nAccumulated other comprehensive income (loss)  |  |  (63,525  |  )  |  |  |  20,678  |   \nTotal equity attributable to shareholders of Cronos Group  |  |  1,064,063  |  |  |  |  1,099,571  |   \nNon-controlling interests  |  |  46,919  |  |  |  |  (3,447  |  )   \n**Total shareholders\u2019 equity** |  |  1,110,982  |  |  |  |  1,096,124  |   \n**Total liabilities and shareholders\u2019 equity** |  $  |  1,166,312  |  |  |  $  |  1,140,266  |   \n  \nArticle content\n\n**Cronos Group Inc.**  \n**Consolidated Statements of Net Income (Loss) and Comprehensive Income\n(Loss)**  \n_(In thousands of U.S. dollars, except share and per share amounts)_  \n---  \n|  **Year ended December 31,**  \n|  |  **2024** |  |  |  |  **2023** |  |  |  |  **2022** |   \n**Net revenue, before excise taxes** |  $  |  161,821  |  |  |  $  |  120,270  |  |  |  $  |  109,301  |   \nExcise taxes  |  |  (44,206  |  )  |  |  |  (33,029  |  )  |  |  |  (22,552  |  )   \n**Net revenue** |  |  117,615  |  |  |  |  87,241  |  |  |  |  86,749  |   \nCost of sales  |  |  91,710  |  |  |  |  74,527  |  |  |  |  71,313  |   \nInventory write-down  |  |  707  |  |  |  |  805  |  |  |  |  \u2014  |   \n**Gross profit** |  |  25,198  |  |  |  |  11,909  |  |  |  |  15,436  |   \n**Operating expenses** |  |  |  |  |   \nSales and marketing  |  |  21,603  |  |  |  |  22,701  |  |  |  |  18,046  |   \nResearch and development  |  |  4,229  |  |  |  |  5,843  |  |  |  |  13,131  |   \nGeneral and administrative  |  |  46,514  |  |  |  |  49,475  |  |  |  |  67,674  |   \nRestructuring costs  |  |  630  |  |  |  |  1,524  |  |  |  |  3,545  |   \nShare-based compensation  |  |  8,700  |  |  |  |  8,756  |  |  |  |  15,008  |   \nDepreciation and amortization  |  |  3,701  |  |  |  |  5,044  |  |  |  |  5,967  |   \nImpairment loss on long-lived assets  |  |  16,350  |  |  |  |  3,366  |  |  |  |  3,493  |   \nTotal operating expenses  |  |  101,727  |  |  |  |  96,709  |  |  |  |  126,864  |   \nOperating loss  |  |  (76,529  |  )  |  |  |  (84,800  |  )  |  |  |  (111,428  |  )   \n**Other income (expense)** |  |  |  |  |   \nInterest income, net  |  |  52,019  |  |  |  |  51,235  |  |  |  |  22,514  |   \nGain (loss) on revaluation of derivative liabilities  |  |  49  |  |  |  |  (85  |  )  |  |  |  14,060  |   \nShare of income from equity method investments  |  |  2,365  |  |  |  |  1,583  |  |  |  |  3,114  |   \nGain on revaluation of loan receivable  |  |  11,804  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nGain on revaluation of equity method investment  |  |  32,469  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nGain (loss) on revaluation of financial instruments  |  |  (6,248  |  )  |  |  |  (12,042  |  )  |  |  |  14,739  |   \nImpairment loss on other investments  |  |  (25,650  |  )  |  |  |  (23,350  |  )  |  |  |  (61,392  |  )   \nForeign currency transaction gain (loss)  |  |  57,859  |  |  |  |  (7,324  |  )  |  |  |  (2,286  |  )   \nLoss on held-for-sale assets  |  |  (11,202  |  )  |  |  |  \u2014  |  |  |  |  \u2014  |   \nOther, net  |  |  (350  |  )  |  |  |  1,114  |  |  |  |  (324  |  )   \nTotal other income (expense)  |  |  113,115  |  |  |  |  11,131  |  |  |  |  (9,575  |  )   \nIncome (loss) before income taxes  |  |  36,586  |  |  |  |  (73,669  |  )  |  |  |  (121,003  |  )   \nIncome tax expense (benefit)  |  |  (3,436  |  )  |  |  |  (3,230  |  )  |  |  |  34,175  |   \nIncome (loss) from continuing operations  |  |  40,022  |  |  |  |  (70,439  |  )  |  |  |  (155,178  |  )   \nLoss from discontinued operations  |  |  \u2014  |  |  |  |  (4,114  |  )  |  |  |  (13,556  |  )   \nNet income (loss)  |  |  40,022  |  |  |  |  (74,553  |  )  |  |  |  (168,734  |  )   \nNet income (loss) attributable to non-controlling interest  |  |  (1,058  |  )  |  |  |  (590  |  )  |  |  |  \u2014  |   \nNet income (loss) attributable to Cronos Group  |  $  |  41,080  |  |  |  $  |  (73,963  |  )  |  |  $  |  (168,734  |  )   \n|  |  |  |  |   \n**Comprehensive income (loss)** |  |  |  |  |   \nNet income (loss)  |  $  |  40,022  |  |  |  $  |  (74,553  |  )  |  |  $  |  (168,734  |  )   \nOther comprehensive income (loss)  |  |  |  |  |   \nForeign exchange gain (loss) on translation  |  |  (86,321  |  )  |  |  |  21,539  |  |  |  |  (50,616  |  )   \nComprehensive income (loss)  |  |  (46,299  |  )  |  |  |  (53,014  |  )  |  |  |  (219,350  |  )   \nComprehensive income (loss) attributable to non-controlling interest  |  |  (3,176  |  )  |  |  |  (526  |  )  |  |  |  46  |   \n**Comprehensive income (loss) attributable to Cronos Group** |  $  |  (43,123  |  )  |  |  $  |  (52,488  |  )  |  |  $  |  (219,396  |  )   \n|  |  |  |  |   \n**Net income (loss) per share** |  |  |  |  |   \nBasic \u2013 continuing operations  |  $  |  0.11  |  |  |  $  |  (0.18  |  )  |  |  $  |  (0.41  |  )   \nBasic \u2013 discontinued operations  |  $  |  \u2014  |  |  |  $  |  (0.01  |  )  |  |  $  |  (0.04  |  )   \nBasic net income (loss) per share attributable to Cronos Group  |  $  |  0.11  |  |  |  $  |  (0.19  |  )  |  |  $  |  (0.45  |  )   \n|  |  |  |  |   \nDiluted \u2013 continuing operations  |  $  |  0.11  |  |  |  $  |  (0.18  |  )  |  |  $  |  (0.41  |  )   \nDiluted \u2013 discontinued operations  |  $  |  \u2014  |  |  |  $  |  (0.01  |  )  |  |  $  |  (0.04  |  )   \nDiluted net income (loss) per share attributable to Cronos Group  |  $  |  0.11  |  |  |  $  |  (0.19  |  )  |  |  $  |  (0.45  |  )   \n**Weighted average number of outstanding shares** |  |  |  |  |   \nBasic  |  |  382,058,056  |  |  |  |  380,964,739  |  |  |  |  376,961,797  |   \nDiluted  |  |  385,557,002  |  |  |  |  380,964,739  |  |  |  |  376,961,797  |   \n  \nArticle content\n\nArticle content\n\n|  **Three months ended December 31,**  \n---|---  \n|  |  **2024** |  |  |  |  **2023** |   \n**Net revenue, before excise taxes** |  $  |  41,182  |  |  |  $  |  34,006  |   \nExcise taxes  |  |  (10,881  |  )  |  |  |  (10,091  |  )   \n**Net revenue** |  |  30,301  |  |  |  |  23,915  |   \nCost of sales  |  |  19,494  |  |  |  |  21,913  |   \nInventory write-down  |  |  \u2014  |  |  |  |  89  |   \n**Gross profit** |  |  10,807  |  |  |  |  1,913  |   \n**Operating expenses** |  |  |   \nSales and marketing  |  |  6,413  |  |  |  |  6,367  |   \nResearch and development  |  |  1,028  |  |  |  |  1,451  |   \nGeneral and administrative  |  |  12,080  |  |  |  |  9,802  |   \nRestructuring costs  |  |  \u2014  |  |  |  |  101  |   \nShare-based compensation  |  |  2,187  |  |  |  |  1,933  |   \nDepreciation and amortization  |  |  464  |  |  |  |  529  |   \nImpairment loss on long-lived assets  |  |  \u2014  |  |  |  |  3,366  |   \nTotal operating expenses  |  |  22,172  |  |  |  |  23,549  |   \nOperating loss  |  |  (11,365  |  )  |  |  |  (21,636  |  )   \n**Other income (expense)** |  |  |   \nInterest income, net  |  |  11,863  |  |  |  |  14,214  |   \nGain (loss) on revaluation of derivative liabilities  |  |  142  |  |  |  |  (71  |  )   \nShare of income from equity method investments  |  |  \u2014  |  |  |  |  752  |   \nGain (loss) on revaluation of financial instruments  |  |  302  |  |  |  |  (4,186  |  )   \nImpairment loss on other investments  |  |  \u2014  |  |  |  |  (23,350  |  )   \nForeign currency transaction gain (loss)  |  |  45,489  |  |  |  |  (11,323  |  )   \nLoss on held-for-sale assets  |  |  (780  |  )  |  |  |  \u2014  |   \nOther, net  |  |  294  |  |  |  |  89  |   \nTotal other income (expense)  |  |  57,310  |  |  |  |  (23,875  |  )   \nIncome (loss) before income taxes  |  |  45,945  |  |  |  |  (45,511  |  )   \nIncome tax expense (benefit)  |  |  2,004  |  |  |  |  (360  |  )   \nIncome (loss) from continuing operations  |  |  43,941  |  |  |  |  (45,151  |  )   \nLoss from discontinued operations  |  |  \u2014  |  |  |  |  124  |   \nNet income (loss)  |  |  43,941  |  |  |  |  (45,027  |  )   \nNet loss attributable to non-controlling interest  |  |  212  |  |  |  |  (237  |  )   \nNet income (loss) attributable to Cronos Group  |  $  |  43,729  |  |  |  $  |  (44,790  |  )   \n**Comprehensive loss** |  |  |   \nNet income (loss)  |  $  |  43,941  |  |  |  $  |  (45,027  |  )   \nOther comprehensive income (loss)  |  |  |   \nForeign exchange gain (loss) on translation  |  |  (66,208  |  )  |  |  |  22,635  |   \nComprehensive loss  |  |  (22,267  |  )  |  |  |  (22,392  |  )   \nComprehensive loss attributable to non-controlling interest  |  |  (2,832  |  )  |  |  |  (390  |  )   \n**Comprehensive loss attributable to Cronos Group** |  $  |  (19,435  |  )  |  |  $  |  (22,002  |  )   \n|  |  |   \n**Net income (loss) per share** |  |  |   \nBasic \u2013 continuing operations  |  $  |  0.11  |  |  |  $  |  (0.12  |  )   \nBasic \u2013 discontinued operations  |  $  |  \u2014  |  |  |  $  |  \u2014  |   \nBasic net income (loss) per share attributable to Cronos Group  |  $  |  0.11  |  |  |  $  |  (0.12  |  )   \n|  |  |   \nDiluted \u2013 continuing operations  |  $  |  0.11  |  |  |  $  |  (0.12  |  )   \nDiluted \u2013 discontinued operations  |  $  |  \u2014  |  |  |  $  |  \u2014  |   \nDiluted net income (loss) per share attributable to Cronos Group  |  $  |  0.11  |  |  |  $  |  (0.12  |  )   \n**Weighted average number of outstanding shares** |  |  |   \nBasic  |  |  382,340,893  |  |  |  |  381,155,824  |   \nDiluted  |  |  386,525,110  |  |  |  |  381,155,824  |   \n  \nArticle content\n\nArticle content\n\n**Cronos Group Inc.**  \n**Consolidated Statements of Cash Flows**  \n_(In thousands of U.S. dollars)_  \n---  \n|  **Year ended December 31,**  \n|  |  **2024** |  |  |  |  **2023** |  |  |  |  **2022** |   \n**Operating activities** |  |  |  |  |   \nNet income (loss)  |  $  |  40,022  |  |  |  $  |  (74,553  |  )  |  |  $  |  (168,734  |  )   \nAdjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:  |  |  |  |  |   \nShare-based compensation  |  |  8,700  |  |  |  |  8,769  |  |  |  |  15,115  |   \nDepreciation and amortization  |  |  9,336  |  |  |  |  8,110  |  |  |  |  13,122  |   \nImpairment loss on long-lived assets  |  |  16,350  |  |  |  |  3,571  |  |  |  |  3,493  |   \nImpairment loss on other investments  |  |  25,650  |  |  |  |  23,350  |  |  |  |  61,392  |   \nLoss (income) from investments  |  |  3,841  |  |  |  |  10,513  |  |  |  |  (17,853  |  )   \nLoss (gain) on revaluation of derivative liabilities  |  |  (49  |  )  |  |  |  85  |  |  |  |  (14,060  |  )   \nChanges in expected credit losses on long-term financial assets  |  |  1,032  |  |  |  |  (1,528  |  )  |  |  |  (662  |  )   \nRevaluation of equity method investment  |  |  (32,469  |  )  |  |  |  \u2014  |  |  |  |  \u2014  |   \nRevaluation of loan receivable  |  |  (11,804  |  )  |  |  |  \u2014  |  |  |  |  \u2014  |   \nLoss on held-for-sale assets  |  |  11,202  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nInventory step-up recorded to cost of sales  |  |  5,284  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nForeign currency transaction (gain) loss  |  |  (57,859  |  )  |  |  |  7,324  |  |  |  |  2,286  |   \nOther non-cash operating activities, net  |  |  (82  |  )  |  |  |  (2,008  |  )  |  |  |  1,294  |   \nChanges in operating assets and liabilities:  |  |  |  |  |   \nAccounts receivable, net  |  |  (917  |  )  |  |  |  9,206  |  |  |  |  (2,711  |  )   \nInterest receivable  |  |  (3,656  |  )  |  |  |  (14,344  |  )  |  |  |  (6,985  |  )   \nOther receivables  |  |  2,059  |  |  |  |  (1,449  |  )  |  |  |  1,148  |   \nPrepaids and other current assets  |  |  (512  |  )  |  |  |  1,437  |  |  |  |  996  |   \nInventory, net  |  |  7,417  |  |  |  |  7,399  |  |  |  |  (7,217  |  )   \nAccounts payable  |  |  (7,449  |  )  |  |  |  (773  |  )  |  |  |  (863  |  )   \nIncome taxes payable  |  |  (93  |  )  |  |  |  (33,104  |  )  |  |  |  34,212  |   \nAccrued liabilities  |  |  2,840  |  |  |  |  5,160  |  |  |  |  (2,921  |  )   \nNet cash provided by (used in) operating activities  |  |  18,843  |  |  |  |  (42,835  |  )  |  |  |  (88,948  |  )   \n|  |  |  |  |   \n**Investing activities** |  |  |  |  |   \nProceeds from short-term investments  |  |  185,817  |  |  |  |  532,838  |  |  |  |  268,870  |   \nPurchase of short-term investments  |  |  \u2014  |  |  |  |  (608,247  |  )  |  |  |  (271,378  |  )   \nCash acquired in business combination  |  |  5,993  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nDividends received from equity method investee  |  |  \u2014  |  |  |  |  1,297  |  |  |  |  \u2014  |   \nDividend proceeds  |  |  \u2014  |  |  |  |  345  |  |  |  |  384  |   \nAdvances on loans receivable  |  |  (8,759  |  )  |  |  |  \u2014  |  |  |  |  \u2014  |   \nRepayments on loans receivable  |  |  5,252  |  |  |  |  16,831  |  |  |  |  5,246  |   \nPurchase of property, plant and equipment, net of disposals  |  |  (12,411  |  )  |  |  |  (2,505  |  )  |  |  |  (3,451  |  )   \nPurchase of intangible assets, net of disposals  |  |  (743  |  )  |  |  |  (918  |  )  |  |  |  (1,581  |  )   \nOther investing activities  |  |  \u2014  |  |  |  |  860  |  |  |  |  68  |   \nNet cash provided by (used in) investing activities  |  |  175,149  |  |  |  |  (59,499  |  )  |  |  |  (1,842  |  )   \n|  **Year ended December 31,**  \n|  |  **2024** |  |  |  |  **2023** |  |  |  |  **2022** |   \n**Financing activities** |  |  |  |  |   \nWithholding taxes paid on equity awards  |  |  (1,231  |  )  |  |  |  (1,030  |  )  |  |  |  (2,829  |  )   \nOther financing activities, net  |  |  \u2014  |  |  |  |  \u2014  |  |  |  |  (68  |  )   \nNet cash used in financing activities  |  |  (1,231  |  )  |  |  |  (1,030  |  )  |  |  |  (2,897  |  )   \nEffect of foreign currency translation on cash and cash equivalents  |  |  (3,247  |  )  |  |  |  8,011  |  |  |  |  (28,642  |  )   \nNet change in cash and cash equivalents  |  |  189,514  |  |  |  |  (95,353  |  )  |  |  |  (122,329  |  )   \nCash and cash equivalents, beginning of period  |  |  669,291  |  |  |  |  764,644  |  |  |  |  886,973  |   \nCash and cash equivalents, end of period  |  $  |  858,805  |  |  |  $  |  669,291  |  |  |  $  |  764,644  |   \n|  |  |  |  |   \n**Supplementary cash flow information:** |  |  |  |  |   \nInterest paid  |  |  \u2014  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nInterest received  |  |  48,399  |  |  |  |  36,501  |  |  |  |  15,548  |   \nTaxes paid  |  |  647  |  |  |  |  33,013  |  |  |  |  177  |   \n|  |  |  |  |  |  |  |  |  |  |   \n  \nArticle content\n\n**Non-GAAP Measures**\n\nArticle content\n\nCronos reports its financial results in accordance with Generally Accepted\nAccounting Principles in the United States (\u201cU.S. GAAP\u201d). This press release\nrefers to measures not recognized under U.S. GAAP (\u201cnon-GAAP measures\u201d). These\nnon-GAAP measures do not have a standardized meaning prescribed by U.S. GAAP\nand are therefore unlikely to be comparable to similar measures presented by\nother companies. Rather, these non-GAAP measures are provided as a supplement\nto corresponding U.S. GAAP measures to provide additional information\nregarding the results of operations from management\u2019s perspective.\nAccordingly, non-GAAP measures should not be considered a substitute for, or\nsuperior to, the financial information prepared and presented in accordance\nwith U.S. GAAP. All non-GAAP measures presented in this press release are\nreconciled to their closest reported U.S. GAAP measure. Reconciliations of\nhistorical adjusted financial measures to corresponding U.S. GAAP measures are\nprovided below.\n\nArticle content\n\n_Adjusted EBITDA_\n\nArticle content\n\nManagement reviews Adjusted EBITDA, a non-GAAP measure, which excludes non-\ncash items and items that do not reflect management\u2019s assessment of ongoing\nbusiness performance. Management defines Adjusted EBITDA as net income (loss)\nbefore interest, tax expense (benefit), depreciation and amortization adjusted\nfor: share of (income) loss from equity method investments; impairment loss on\ngoodwill and intangible assets; impairment loss on long-lived assets; (gain)\nloss on revaluation of derivative liabilities; (gain) loss on revaluation of\nfinancial instruments; gain on revaluation of loan receivable; gain on\nrevaluation of equity method investment; transaction costs related to\nstrategic projects; loss on held-for-sale assets; impairment loss on other\ninvestments; foreign currency transaction loss; other, net; loss from\ndiscontinued operations; restructuring costs; inventory write-downs resulting\nfrom restructuring actions; share-based compensation; costs related to the\nAnti-Dumping Investigation; purchase accounting adjustment-related inventory\nstep-up adjustments recorded through cost of sales; and financial statement\nreview costs and reserves related to the restatements of our 2019 and 2021\ninterim financial statements (the \u201cRestatements\u201d), including the costs related\nto the settlement of the SEC\u2019s and the OSC\u2019s investigations of the\nRestatements and legal costs of defending shareholder class action complaints\nbrought against us as a result of the 2019 restatement (see Note 12(b)\n\u201cContingencies,\u201d to the consolidated financial statements under Item 8 of the\nCompany\u2019s Annual Report on Form 10-K for the year ended December 31, 2024 for\na discussion of the shareholder class action complaints relating to the\nrestatement of the 2019 interim financial statements and the settlement of the\nSEC\u2019s and the OSC\u2019s investigations of the Restatements). Results are reported\nas total consolidated results, reflecting our reporting structure of one\nreportable segment.\n\nArticle content\n\nArticle content\n\nManagement believes that Adjusted EBITDA provides the most useful insight into\nunderlying business trends and results and provides a more meaningful\ncomparison of period-over-period results. Management uses Adjusted EBITDA for\nplanning, forecasting and evaluating business and financial performance,\nincluding allocating resources and evaluating results relative to employee\ncompensation targets.\n\nArticle content\n\nAdjusted EBITDA is reconciled to net income (loss) as follows:\n\nArticle content\n\n_(in thousands of U.S. dollars)_ |  **For the year ended December 31, 2024**  \n---|---  \n|  **Continuing  \nOperations ** |  |  **Discontinued  \nOperations ** |  |  **Total**  \nNet income  |  $  |  40,022  |  |  |  $  |  \u2014  |  |  $  |  40,022  |   \nInterest income, net  |  |  (52,019  |  )  |  |  |  \u2014  |  |  |  (52,019  |  )   \nIncome tax expense (benefit)  |  |  (3,436  |  )  |  |  |  \u2014  |  |  |  (3,436  |  )   \nDepreciation and amortization  |  |  9,336  |  |  |  |  \u2014  |  |  |  9,336  |   \nEBITDA  |  |  (6,097  |  )  |  |  |  \u2014  |  |  |  (6,097  |  )   \nShare of income from equity method investments  |  |  (2,365  |  )  |  |  |  \u2014  |  |  |  (2,365  |  )   \nImpairment loss on long-lived assets  (i)  |  |  16,350  |  |  |  |  \u2014  |  |  |  16,350  |   \nRevaluation gain on loan receivable  (ii)  |  |  (11,804  |  )  |  |  |  \u2014  |  |  |  (11,804  |  )   \nGain on revaluation of equity method investment  (iii)  |  |  (32,469  |  )  |  |  |  \u2014  |  |  |  (32,469  |  )   \nGain on revaluation of derivative liabilities  (iv)  |  |  (49  |  )  |  |  |  \u2014  |  |  |  (49  |  )   \nLoss on revaluation of financial instruments  (v)  |  |  6,248  |  |  |  |  \u2014  |  |  |  6,248  |   \nImpairment loss on other investments  (vi)  |  |  25,650  |  |  |  |  \u2014  |  |  |  25,650  |   \nForeign currency transaction gain  |  |  (57,859  |  )  |  |  |  \u2014  |  |  |  (57,859  |  )   \nTransaction costs  (vii)  |  |  701  |  |  |  |  \u2014  |  |  |  701  |   \nLoss on held-for-sale assets  (viii)  |  |  11,202  |  |  |  |  \u2014  |  |  |  11,202  |   \nOther, net  (ix)  |  |  350  |  |  |  |  \u2014  |  |  |  350  |   \nRestructuring costs  (x)  |  |  630  |  |  |  |  \u2014  |  |  |  630  |   \nShare-based compensation  (xi)  |  |  8,700  |  |  |  |  \u2014  |  |  |  8,700  |   \nFinancial statement review costs  (xii)  |  |  (1  |  )  |  |  |  \u2014  |  |  |  (1  |  )   \nInventory step-up recorded to cost of sales  (xiv)  |  |  5,284  |  |  |  |  \u2014  |  |  |  5,284  |   \nIsrael Ministry of Economy and Industry dumping inquiry  (xv)  |  |  587  |  |  |  |  \u2014  |  |  |  587  |   \nAdjusted EBITDA  |  $  |  (34,942  |  )  |  |  $  |  \u2014  |  |  $  |  (34,942  |  )   \n  \nArticle content\n\nArticle content\n\n_(in thousands of U.S. dollars)_ |  **For the year ended December 31, 2023**  \n---|---  \n|  **Continuing  \nOperations ** |  |  **Discontinued  \nOperations ** |  |  **Total**  \nNet loss  |  $  |  (70,439  |  )  |  |  $  |  (4,114  |  )  |  |  $  |  (74,553  |  )   \nInterest income, net  |  |  (51,235  |  )  |  |  |  (10  |  )  |  |  |  (51,245  |  )   \nIncome tax expense (benefit)  |  |  (3,230  |  )  |  |  |  \u2014  |  |  |  |  (3,230  |  )   \nDepreciation and amortization  |  |  7,866  |  |  |  |  244  |  |  |  |  8,110  |   \nEBITDA  |  |  (117,038  |  )  |  |  |  (3,880  |  )  |  |  |  (120,918  |  )   \nShare of income from equity method investments  |  |  (1,583  |  )  |  |  |  \u2014  |  |  |  |  (1,583  |  )   \nImpairment loss on long-lived assets  (i)  |  |  3,366  |  |  |  |  205  |  |  |  |  3,571  |   \nLoss on revaluation of derivative liabilities  (iv)  |  |  85  |  |  |  |  \u2014  |  |  |  |  85  |   \nLoss on revaluation of financial instruments  (v)  |  |  12,042  |  |  |  |  \u2014  |  |  |  |  12,042  |   \nImpairment loss on other investments  (vi)  |  |  23,350  |  |  |  |  \u2014  |  |  |  |  23,350  |   \nForeign currency transaction loss  |  |  7,324  |  |  |  |  \u2014  |  |  |  |  7,324  |   \nOther, net  (ix)  |  |  (1,114  |  )  |  |  |  118  |  |  |  |  (996  |  )   \nRestructuring costs  (x)  |  |  1,524  |  |  |  |  523  |  |  |  |  2,047  |   \nShare-based compensation  (xi)  |  |  8,756  |  |  |  |  13  |  |  |  |  8,769  |   \nFinancial statement review costs  (xii)  |  |  919  |  |  |  |  \u2014  |  |  |  |  919  |   \nInventory write-down  (xiii)  |  |  805  |  |  |  |  839  |  |  |  |  1,644  |   \nAdjusted EBITDA  |  $  |  (61,564  |  )  |  |  $  |  (2,182  |  )  |  |  $  |  (63,746  |  )   \n  \nArticle content\n\n_(in thousands of U.S. dollars)_ |  **Three months ended December 31, 2024**  \n---|---  \n|  **Continuing  \nOperations ** |  |  **Discontinued  \nOperations ** |  |  **Total**  \nNet income  |  $  |  43,941  |  |  |  $  |  \u2014  |  |  $  |  43,941  |   \nInterest income, net  |  |  (11,863  |  )  |  |  |  \u2014  |  |  |  (11,863  |  )   \nIncome tax expense (benefit)  |  |  2,004  |  |  |  |  \u2014  |  |  |  2,004  |   \nDepreciation and amortization  |  |  2,525  |  |  |  |  \u2014  |  |  |  2,525  |   \nEBITDA  |  |  36,607  |  |  |  |  \u2014  |  |  |  36,607  |   \nGain on revaluation of derivative liabilities  (i  v  )  |  |  (142  |  )  |  |  |  \u2014  |  |  |  (142  |  )   \nGain on revaluation of financial instruments  (  v  )  |  |  (302  |  )  |  |  |  \u2014  |  |  |  (302  |  )   \nForeign currency transaction gain  |  |  (45,489  |  )  |  |  |  \u2014  |  |  |  (45,489  |  )   \nTransaction costs  (vii)  |  |  171  |  |  |  |  \u2014  |  |  |  171  |   \nLoss on held-for-sale assets  (  v  iii)  |  |  780  |  |  |  |  \u2014  |  |  |  780  |   \nOther, net  (  ix  )  |  |  (294  |  )  |  |  |  \u2014  |  |  |  (294  |  )   \nShare-based compensation  (  xi  )  |  |  2,187  |  |  |  |  \u2014  |  |  |  2,187  |   \nFinancial statement review costs  (  xii  )  |  |  524  |  |  |  |  \u2014  |  |  |  524  |   \nInventory step-up recorded to cost of sales  (xi  v)  |  |  (1,832  |  )  |  |  |  \u2014  |  |  |  (1,832  |  )   \nIsrael Ministry of Economy and Industry dumping inquiry  (xv)  |  |  587  |  |  |  |  \u2014  |  |  |  587  |   \nAdjusted EBITDA  |  $  |  (7,203  |  )  |  |  $  |  \u2014  |  |  $  |  (7,203  |  )   \n  \nArticle content\n\n_(in thousands of U.S. dollars)_ |  **Three months ended December 31, 2023**  \n---|---  \n|  **Continuing  \nOperations ** |  |  **Discontinued  \nOperations ** |  |  **Total**  \nNet loss  |  $  |  (45,151  |  )  |  |  $  |  124  |  |  |  $  |  (45,027  |  )   \nInterest income, net  |  |  (14,214  |  )  |  |  |  (1  |  )  |  |  |  (14,215  |  )   \nIncome tax expense (benefit)  |  |  (360  |  )  |  |  |  \u2014  |  |  |  |  (360  |  )   \nDepreciation and amortization  |  |  1,177  |  |  |  |  \u2014  |  |  |  |  1,177  |   \nEBITDA  |  |  (58,548  |  )  |  |  |  123  |  |  |  |  (58,425  |  )   \nShare of income from equity method investments  |  |  (752  |  )  |  |  |  \u2014  |  |  |  |  (752  |  )   \nImpairment loss on long-lived assets  (i  )  |  |  3,366  |  |  |  |  \u2014  |  |  |  |  3,366  |   \nLoss on revaluation of derivative liabilities  (i  v  )  |  |  71  |  |  |  |  \u2014  |  |  |  |  71  |   \nLoss on revaluation of financial instruments  (  v  )  |  |  4,186  |  |  |  |  \u2014  |  |  |  |  4,186  |   \nImpairment loss on other investments  (vi  )  |  |  23,350  |  |  |  |  \u2014  |  |  |  |  23,350  |   \nForeign currency transaction loss  |  |  11,323  |  |  |  |  \u2014  |  |  |  |  11,323  |   \nOther, net  (i  x  )  |  |  (89  |  )  |  |  |  (14  |  )  |  |  |  (103  |  )   \nRestructuring costs  (  x)  |  |  101  |  |  |  |  (39  |  )  |  |  |  62  |   \nShare-based compensation  (  xi  )  |  |  1,933  |  |  |  |  (4  |  )  |  |  |  1,929  |   \nFinancial statement review costs  (  xii  )  |  |  180  |  |  |  |  \u2014  |  |  |  |  180  |   \nInventory write-down  (  xiii  )  |  |  89  |  |  |  |  \u2014  |  |  |  |  89  |   \nAdjusted EBITDA  |  $  |  (14,790  |  )  |  |  $  |  66  |  |  |  $  |  (14,724  |  )   \n  \nArticle content\n\n(i)  For the year ended December 31, 2024, impairment loss on long-lived\nassets included $14,258 related to the write-down of our Ginkgo Exclusive\nLicenses and $1,631 related to the cessation of operations of Thanos Holdings\nLtd., known as Cronos Fermentation (\u201cCronos Fermentation\u201d). For the year ended\nDecember 31, 2023, impairment loss on long-lived assets related to certain\nleased properties associated with the Company\u2019s former U.S. operations and\nimpairment of the Company\u2019s CBCVA exclusive license under the collaboration\nand license agreement between Ginkgo and the Company.  \n(ii)  For the year ended December 31, 2024, a revaluation gain on loan\nreceivable was recognized as a result of the Cronos GrowCo Transaction on July\n1, 2024.  \n(iii)  For the year ended December 31, 2024, a gain on revaluation of equity\nmethod investment was recognized as a result of the Cronos GrowCo Transaction\non July 1, 2024.  \n(iv)  For the three months and years ended December 31, 2024 and 2023, the\n(gain) loss on revaluation of derivative liabilities represented the fair\nvalue changes on the derivative liabilities.  \n(v)  For the three months and years ended December 31, 2024 and 2023, (gain)\nloss on revaluation of financial instruments related primarily to our\nunrealized holding (gain) or loss (as applicable) on our mark-to-market\ninvestment in Vitura as well as revaluations of financial liabilities\nresulting from deferred share units granted to directors.  \n(vi)  For the years ended December 31, 2024 and 2023 and the three months\nended December 31, 2023, impairment loss on other investments related to the\nPharmaCann Option for the difference between its fair value and carrying\namount.  \n(vii)  For the year and three months ended December 31, 2024, transaction\ncosts represented legal, financial and other advisory fees and expenses\nincurred in connection with the Cronos GrowCo Transaction. These costs are\nincluded in general and administrative expenses on the consolidated statements\nof net income (loss) and comprehensive income (loss).  \n(viii)  For the year ended December 31, 2024, a loss on held-for-sale assets\nwas recognized as a result of the change in the Company\u2019s sales strategy for\nthe Cronos Fermentation assets to market the assets to a broader buyer pool.\nFor the quarter ended December 31, 2024, a loss on held-for-sale assets was\nrecognized to adjust the net book value of Cronos Fermentation to fair value.  \n(ix)  For the three months and years ended December 31, 2024 and 2023, other,\nnet primarily related to (gain) loss on disposal of assets.  \n(x)  For the year ended December 31, 2024, restructuring costs from continuing\noperations related to shutdown costs at the Cronos Fermentation Facility, as\nwell as employee-related severance costs associated with the Realignment. For\nthe year and three months ended December 31, 2023, restructuring costs related\nto the employee-related severance costs and other restructuring costs\nassociated with the Realignment.  \n(xi)  For the three months and years ended December 31, 2024 and 2023, share-\nbased compensation related to the vesting expenses of share-based compensation\nawarded to employees under our share-based award plans.  \n(xii)  For the three months and years ended December 31, 2024 and 2023,\nfinancial statement review costs included costs related to the Restatements,\ncosts related to the Company\u2019s responses to requests for information from\nvarious regulatory authorities relating to the Restatements, the costs related\nto the Settlement Order and Settlement Agreement and legal costs defending\nshareholder class action complaints brought against the Company as a result of\nthe 2019 restatement, as well as related insurance reimbursements.  \n(xiii)  For the three months and year ended December 31, 2023, inventory\nwrite-downs from discontinued operations relate to product destruction and\nobsolescence associated with the exit of our U.S. operations and inventory\nwrite-downs from continuing operations relate to product destruction and\nobsolescence associated with the planned exit of Cronos Fermentation.  \n(xiv)  For the three months and year ended December 31, 2024, inventory step-\nup recorded to cost of sales represented the portion of the inventory step-up\nfrom the Cronos GrowCo Transaction that was recorded through the consolidated\nstatements of income (loss) and comprehensive income (loss).  \n(xv)  For the three months and year ended December 31, 2024, Israel Ministry\nof Economy and Industry dumping inquiry expense included expenditures relating\nto the regulatory inquiry about alleged dumping of medical cannabis products\nin Israel and related litigation and external relations expenses.\n\nArticle content\n\nArticle content\n\n**_Adjusted Gross Profit and Adjusted Gross Margin_ **\n\nArticle content\n\nTo supplement the consolidated financial statements presented in accordance\nwith U.S. GAAP, we have presented Adjusted Gross Profit and Adjusted Gross\nMargin, non-GAAP measures that exclude the impacts of inventory-related\npurchase accounting adjustments from the calculations of gross profit and\ngross margin, which resulted from the Cronos GrowCo Transaction. Results are\nreported as total consolidated results, reflecting our reporting structure of\none reportable segment.\n\nArticle content\n\nManagement believes that Adjusted Gross Profit and Adjusted Gross Margin\nprovide useful insight into underlying business trends to facilitate\ncomparisons of period-over-period results by removing the impacts of\ninventory-related purchase accounting adjustments resulting from the Cronos\nGrowCo Transaction, which reflect a one-time event and do not reflect\nmanagement\u2019s assessment of ongoing business performance.\n\nArticle content\n\n_(in thousands of U.S. dollars)_ |  **Three months ended  \nDecember 31, ** |  |  **Change** |  |  **Year ended  \nDecember 31, ** |  |  **Change**  \n---|---|---|---|---|---|---|---  \n|  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%**  \nNet revenue  |  $  |  30,301  |  |  |  $  |  23,915  |  |  |  $  |  6,386  |  |  |  27  |  %  |  |  $  |  117,615  |  |  |  $  |  87,241  |  |  |  $  |  30,374  |  |  35  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nGross profit  |  $  |  10,807  |  |  |  $  |  1,913  |  |  |  $  |  8,894  |  |  |  465  |  %  |  |  $  |  25,198  |  |  |  $  |  11,909  |  |  |  $  |  13,289  |  |  112  |  %   \nInventory step-up recorded to cost of sales  |  |  (1,832  |  )  |  |  |  \u2014  |  |  |  |  (1,832  |  )  |  |  N/M  |  |  |  |  5,284  |  |  |  |  \u2014  |  |  |  |  5,284  |  |  N/M  |   \nAdjusted Gross Profit  |  $  |  8,975  |  |  |  $  |  1,913  |  |  |  $  |  7,062  |  |  |  369  |  %  |  |  $  |  30,482  |  |  |  $  |  11,909  |  |  |  $  |  18,573  |  |  156  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nGross margin  (i)  |  |  36  |  %  |  |  |  8  |  %  |  |  |  N/A  |  |  |  28  |  pp  |  |  |  21  |  %  |  |  |  14  |  %  |  |  N/A  |  |  7  |  pp   \nAdjusted Gross Margin  (ii)  |  |  30  |  %  |  |  |  8  |  %  |  |  |  N/A  |  |  |  22  |  pp  |  |  |  26  |  %  |  |  |  14  |  %  |  |  N/A  |  |  12  |  pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \n  \nArticle content\n\n(i)  Gross margin is defined as gross profit divided by net revenue.  \n(ii)  Adjusted Gross Margin is defined as Adjusted Gross Profit divided by net\nrevenue.\n\nArticle content\n\n_Constant Currency_\n\nArticle content\n\nTo supplement the consolidated financial statements presented in accordance\nwith U.S. GAAP, we have presented constant currency adjusted financial\nmeasures for net revenues, gross profit, gross profit margin, operating\nexpenses, net income (loss) and Adjusted EBITDA for 2024, as well as cash and\ncash equivalents and short-term investment balances as of December 31, 2024\ncompared to December 31, 2023, which are considered non-GAAP financial\nmeasures. We present constant currency information to provide a framework for\nassessing how our underlying operations performed excluding the effect of\nforeign currency rate fluctuations. To present this information, current and\nprior period income statement results in currencies other than U.S. dollars\nare converted into U.S. dollars using the average exchange rates from the\ncomparative period in 2023 rather than the actual average exchange rates in\neffect during 2024; constant currency current period balance sheet information\nis translated at the prior year-end spot rate rather than the current year-end\nspot rate. All growth comparisons relate to the corresponding period in 2023.\nWe have provided this non-GAAP financial information to aid investors in\nbetter understanding the performance of our business. The non-GAAP financial\nmeasures presented in this press release should not be considered as a\nsubstitute for, or superior to, the measures of financial performance prepared\nin accordance with U.S. GAAP.\n\nArticle content\n\nThe table below sets forth certain measures of consolidated results from\ncontinuing operations on an as-reported and constant currency basis for 2024\ncompared to 2023, as well as cash and cash equivalents and short-term\ninvestments as of December 31, 2024, compared to December 31, 2023, on an as-\nreported and constant currency basis (in thousands):\n\nArticle content\n\n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n---|---|---|---  \n|  **Three months ended December 31,** |  |  **As Reported  \nChange ** |  |  **Three months ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  **$** |  |  **%**  \nNet revenue  |  $  |  30,301  |  |  |  $  |  23,915  |  |  |  $  |  6,386  |  |  |  27  |  %  |  |  $  |  30,527  |  |  |  $  |  6,612  |  |  |  28  |  %   \nGross profit  |  |  10,807  |  |  |  |  1,913  |  |  |  |  8,894  |  |  |  465  |  %  |  |  |  10,914  |  |  |  |  9,001  |  |  |  471  |  %   \nGross margin  |  |  36  |  %  |  |  |  8  |  %  |  |  |  N/A  |  |  |  28  |  pp  |  |  |  36  |  %  |  |  |  N/A  |  |  |  28  |  pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \nOperating expenses  |  |  22,172  |  |  |  |  23,549  |  |  |  |  (1,377  |  )  |  |  (6  |  )%  |  |  |  22,557  |  |  |  |  (992  |  )  |  |  (4  |  )%   \nNet income (loss) from continuing operations  |  |  43,941  |  |  |  |  (45,151  |  )  |  |  |  89,092  |  |  |  N/M  |  |  |  |  44,431  |  |  |  |  89,582  |  |  |  N/M  |   \nAdjusted EBITDA  |  |  (7,203  |  )  |  |  |  (14,790  |  )  |  |  |  7,587  |  |  |  51  |  %  |  |  |  (7,869  |  )  |  |  |  6,921  |  |  |  47  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n|  **Year ended  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **Year ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  **$** |  |  **%**  \nNet revenue  |  $  |  117,615  |  |  |  $  |  87,241  |  |  |  $  |  30,374  |  |  |  35  |  %  |  |  $  |  118,983  |  |  |  $  |  31,742  |  |  |  36  |  %   \nGross profit  |  |  25,198  |  |  |  |  11,909  |  |  |  |  13,289  |  |  |  112  |  %  |  |  |  25,505  |  |  |  |  13,596  |  |  |  114  |  %   \nGross margin  |  |  21  |  %  |  |  |  14  |  %  |  |  |  N/A  |  |  |  7  |  pp  |  |  |  21  |  %  |  |  |  N/A  |  |  |  7  |  pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \nOperating expenses  |  |  101,727  |  |  |  |  96,709  |  |  |  |  5,018  |  |  |  5  |  %  |  |  |  102,972  |  |  |  |  6,263  |  |  |  6  |  %   \nNet income (loss) from continuing operations  |  |  40,022  |  |  |  |  (70,439  |  )  |  |  |  110,461  |  |  |  N/M  |  |  |  |  42,007  |  |  |  |  112,446  |  |  |  N/M  |   \nAdjusted EBITDA  |  |  (34,942  |  )  |  |  |  (61,564  |  )  |  |  |  26,622  |  |  |  43  |  %  |  |  |  (35,891  |  )  |  |  |  25,673  |  |  |  42  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \n|  **As of  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **As of December 31,** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  **$** |  |  **%**  \nCash and cash equivalents  |  $  |  858,805  |  |  |  $  |  669,291  |  |  |  $  |  189,514  |  |  |  28  |  %  |  |  $  |  869,761  |  |  |  $  |  200,470  |  |  |  30  |  %   \nShort-term investments  |  |  \u2014  |  |  |  |  192,237  |  |  |  |  (192,237  |  )  |  |  (100  |  )%  |  |  |  \u2014  |  |  |  |  (192,237  |  )  |  |  (100  |  )%   \nTotal cash and cash equivalents and short-term investments  |  $  |  858,805  |  |  |  $  |  861,528  |  |  |  $  |  (2,723  |  )  |  |  \u2014  |  %  |  |  $  |  869,761  |  |  |  $  |  8,233  |  |  |  1  |  %   \n  \nArticle content\n\n_  \nNet revenue _\n\nArticle content\n\n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n---|---|---|---  \n|  **Three months ended  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **Three months ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  **2023** |  |  **$** |  |  **%** |  |  |  **2024** |  |  **$** |  |  **%**  \nCannabis flower  |  $  |  23,398  |  |  $  |  17,515  |  |  $  |  5,883  |  |  |  34  |  %  |  |  $  |  23,491  |  |  $  |  5,976  |  |  |  34  |  %   \nCannabis extracts  |  |  6,588  |  |  |  6,074  |  |  |  514  |  |  |  8  |  %  |  |  |  6,729  |  |  |  655  |  |  |  11  |  %   \nOther  |  |  315  |  |  |  326  |  |  |  (11  |  )  |  |  (3  |  )%  |  |  |  307  |  |  |  (19  |  )  |  |  (6  |  )%   \nNet revenue  |  $  |  30,301  |  |  $  |  23,915  |  |  $  |  6,386  |  |  |  27  |  %  |  |  $  |  30,527  |  |  $  |  6,612  |  |  |  28  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n|  **Year ended  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **Year ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  **2023** |  |  **$** |  |  **%** |  |  |  **2024** |  |  **$** |  |  **%**  \nCannabis flower  |  $  |  87,912  |  |  $  |  62,070  |  |  $  |  25,842  |  |  |  42  |  %  |  |  $  |  88,904  |  |  $  |  26,834  |  |  |  43  |  %   \nCannabis extracts  |  |  29,168  |  |  |  24,569  |  |  |  4,599  |  |  |  19  |  %  |  |  |  29,552  |  |  |  4,983  |  |  |  20  |  %   \nOther  |  |  535  |  |  |  602  |  |  |  (67  |  )  |  |  (11  |  )%  |  |  |  527  |  |  |  (75  |  )  |  |  (12  |  )%   \nNet revenue  |  $  |  117,615  |  |  $  |  87,241  |  |  $  |  30,374  |  |  |  35  |  %  |  |  $  |  118,983  |  |  $  |  31,742  |  |  |  36  |  %   \n  \nArticle content\n\n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n---|---|---|---  \n|  **Three months ended  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **Three months ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  **2023** |  |  **$** |  |  **%** |  |  |  **2024** |  |  **$** |  |  **%**  \nCanada  |  $  |  19,656  |  |  $  |  17,935  |  |  $  |  1,721  |  |  10  |  %  |  |  $  |  20,156  |  |  $  |  2,221  |  |  12  |  %   \nIsrael  |  |  7,803  |  |  |  4,974  |  |  |  2,829  |  |  57  |  %  |  |  |  7,546  |  |  |  2,572  |  |  52  |  %   \nOther countries  |  |  2,842  |  |  |  1,006  |  |  |  1,836  |  |  183  |  %  |  |  |  2,825  |  |  |  1,819  |  |  181  |  %   \nNet revenue  |  $  |  30,301  |  |  $  |  23,915  |  |  $  |  6,386  |  |  27  |  %  |  |  $  |  30,527  |  |  $  |  6,612  |  |  28  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n|  **Year ended  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **Year ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  **2023** |  |  **$** |  |  **%** |  |  |  **2024** |  |  **$** |  |  **%**  \nCanada  |  $  |  82,437  |  |  $  |  64,702  |  |  $  |  17,735  |  |  27  |  %  |  |  $  |  83,709  |  |  $  |  19,007  |  |  29  |  %   \nIsrael  |  |  28,368  |  |  |  21,134  |  |  |  7,234  |  |  34  |  %  |  |  |  28,454  |  |  |  7,320  |  |  35  |  %   \nOther countries  |  |  6,810  |  |  |  1,405  |  |  |  5,405  |  |  385  |  %  |  |  |  6,820  |  |  |  5,415  |  |  385  |  %   \nNet revenue  |  $  |  117,615  |  |  $  |  87,241  |  |  $  |  30,374  |  |  35  |  %  |  |  $  |  118,983  |  |  $  |  31,742  |  |  36  |  %   \n  \nArticle content\n\nFor 2024, net revenue on a constant currency basis was $119.0 million,\nrepresenting a 36% increase from 2023. Net revenue increased on a constant\ncurrency basis primarily due to higher cannabis flower and extract sales in\nthe Canadian market and higher cannabis flower sales in Israel and other\ncountries. The Cronos GrowCo Transaction contributed $6.5 million of cannabis\nflower sales in the year ended December 31, 2024 on a constant currency basis.\nNo such sales were recognized for the year ended December 31, 2023.\n\nArticle content\n\n_Gross profit_\n\nArticle content\n\nFor 2024, gross profit on a constant currency basis was $25.5 million,\nrepresenting a 114% increase from 2023. Gross profit increased on a constant\ncurrency basis primarily due to higher cannabis flower and extract sales in\nthe Canadian market, higher cannabis flower sales in Israel and other\ncountries, and production cost improvements, partially offset by the impact on\ncost of sales from the inventory step-up from the Cronos GrowCo Transaction.\nFor 2024, gross profit on a constant currency basis was reduced $5.1 million\nas a result of the impact of the inventory step-up from the Cronos GrowCo\nTransaction that was recorded into cost of sales. No such costs were\nrecognized for 2023.\n\nArticle content\n\n_Operating expenses_\n\nArticle content\n\nFor 2024, operating expenses on a constant currency basis were $103.0 million,\nrepresenting a 6% increase from 2023. Operating expenses increased on a\nconstant currency basis primarily due to the impairment of the Ginkgo\nExclusive Licenses, partially offset by lower salaries and benefits,\nprofessional fees and restructuring costs.\n\nArticle content\n\n_Net income (loss) from continuing operations_\n\nArticle content\n\nFor 2024, net income (loss) from continuing operations on a constant currency\nbasis was $42.0 million, compared to a loss of $70.4 million for 2023.\n\nArticle content\n\n_Adjusted EBITDA_\n\nArticle content\n\nFor 2024, Adjusted EBITDA on a constant currency basis was $(35.9) million,\nrepresenting a 42% improvement from 2023. Adjusted EBITDA improved on a\nconstant currency basis primarily due to higher cannabis flower and extract\nsales in the Canadian market, higher cannabis flower sales in Israel and other\ncountries, production cost improvements, and decreases in general and\nadministrative, sales and marketing and research and development expenses.\n\nArticle content\n\n_Cash and cash equivalents & short-term investments _\n\nArticle content\n\nCash and cash equivalents and short-term investments on a constant currency\nbasis increased 1% to $869.8 million as of December 31, 2024 from $861.5\nmillion as of December 31, 2023. The increase in cash and cash equivalents and\nshort-term investments is primarily due to cash flows provided by operating\nactivities in 2024.\n\nArticle content\n\n**Foreign currency exchange rates**\n\nArticle content\n\nAll currency amounts in this press release are stated in U.S. dollars, which\nis our reporting currency, unless otherwise noted. All references to \u201cdollars\u201d\nor \u201c$\u201d are to U.S. dollars. The assets and liabilities of our foreign\noperations are translated into dollars at the exchange rate in effect as of\nDecember 31, 2024 and December 31, 2023, as reported on Bloomberg.\nTransactions affecting the shareholders\u2019 equity (deficit) are translated at\nhistorical foreign exchange rates. The consolidated statements of net income\n(loss) and comprehensive income (loss) and consolidated statements of cash\nflows of our foreign operations are translated into dollars by applying the\naverage foreign exchange rate in effect for the years ended December 31, 2024,\nDecember 31, 2023, and December 31, 2022, as reported on Bloomberg.\n\nArticle content\n\nThe exchange rates used to translate from Canadian dollars (\u201cC$\u201d) to dollars\nare shown below:\n\nArticle content\n\n_(Exchange rates are shown as C$ per $)_ |  **Year ended December 31,**  \n---|---  \n|  **2024** |  |  **2023** |  |  **2022**  \nAverage rate  |  1.3700  |  |  1.3494  |  |  1.3017   \nSpot rate  |  1.4351  |  |  1.3243  |  |  1.3554   \n|  |  |  |  |   \n  \nArticle content\n\nThe exchange rates used to translate from New Israeli Shekels (\u201cILS\u201d) to\ndollars are shown below:\n\nArticle content\n\n_(Exchange rates are shown as ILS per $)_ |  **Year ended December 31,**  \n---|---  \n|  **2024** |  |  **2023** |  |  **2022**  \nAverage rate  |  3.6997  |  |  3.6819  |  |  3.3566   \nSpot rate  |  3.6526  |  |  3.6163  |  |  3.5178   \n|  |  |  |  |   \n  \nArticle content\n\n**For further information, please contact:**  \nAnna Shlimak  \nInvestor Relations  \nTel: (416) 504-0004  \ninvestor.relations@thecronosgroup.com\n\nArticle content\n\nArticle content\n\n  \n\nArticle content\n\n  \n\nArticle content\n\nArticle content\n\nArticle content\n\nShare this article in your social network\n\n  * [ ](mailto:?Subject=I%20saw%20this%20on%20Financial%20Post&Body=https%3A//financialpost.com/globe-newswire/cronos-group-reports-2024-fourth-quarter-and-full-year-results)\n  * [ ](https://www.reddit.com/submit?kind=link&url=https%3A//financialpost.com/globe-newswire/cronos-group-reports-2024-fourth-quarter-and-full-year-results&title= \"Share on Reddit in new tab\")\n  * [ ](https://twitter.com/intent/tweet?url= https%3A//financialpost.com/globe-newswire/cronos-group-reports-2024-fourth-quarter-and-full-year-results&text=Cronos%20Group%20Reports%202024%20Fourth%20Quarter%20and%20Full-Year%20Results&via= \"Share on X in new tab\")\n  * [ ](https://www.linkedin.com/sharing/share-offsite/?url= https%3A//financialpost.com/globe-newswire/cronos-group-reports-2024-fourth-quarter-and-full-year-results \"Share on LinkedIn\")\n  * Share this Story :  Cronos Group Reports 2024 Fourth Quarter and Full-Year Results \n\n    * [ Copy Link  ](https://financialpost.com/globe-newswire/cronos-group-reports-2024-fourth-quarter-and-full-year-results)\n    * [ Email  ](mailto:?Subject=I%20saw%20this%20on%20Financial%20Post&Body=https%3A//financialpost.com/globe-newswire/cronos-group-reports-2024-fourth-quarter-and-full-year-results \"Share via email\")\n    * [ X  ](https://twitter.com/intent/tweet?url=https%3A//financialpost.com/globe-newswire/cronos-group-reports-2024-fourth-quarter-and-full-year-results&text=Cronos%20Group%20Reports%202024%20Fourth%20Quarter%20and%20Full-Year%20Results&via= \"Share on X in new tab\")\n    * [ Reddit  ](https://www.reddit.com/submit?kind=link&url=https%3A//financialpost.com/globe-newswire/cronos-group-reports-2024-fourth-quarter-and-full-year-results&title=Cronos%20Group%20Reports%202024%20Fourth%20Quarter%20and%20Full-Year%20Results \"Share on Reddit in new tab\")\n    * [ LinkedIn  ](https://www.linkedin.com/sharing/share-offsite/?url=https://financialpost.com/globe-newswire/cronos-group-reports-2024-fourth-quarter-and-full-year-results \"Share on LinkedIn in new tab\")\n    * [ Tumblr  ](https://www.tumblr.com/widgets/share/tool?canonicalUrl=https://financialpost.com/globe-newswire/cronos-group-reports-2024-fourth-quarter-and-full-year-results&title=Cronos%20Group%20Reports%202024%20Fourth%20Quarter%20and%20Full-Year%20Results \"Share on Tumblr in new tab\")\n\nComments\n\nYou must be logged in to join the discussion or read more comments.\n\n[ Create an Account ](/register/) [ Sign in ](/sign-in/)\n\nJoin the Conversation\n\nPostmedia is committed to maintaining a lively but civil forum for discussion.\nPlease keep comments relevant and respectful. 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                "url": "https://financialpost.com/globe-newswire/cronos-group-reports-2024-fourth-quarter-and-full-year-results"
            },
            "reason": "This is a press release distributed by Globe Newswire and published on Financial Post, reporting Cronos Group's fourth quarter and full-year results. Press releases are generally reliable for factual financial information.",
            "reliability_score": 0.9,
            "search_query": "company 'The Cronos Group' overview financial performance",
            "summary": "Cronos Group reports its 2024 fourth quarter and full-year results.",
            "url": "https://financialpost.com/globe-newswire/cronos-group-reports-2024-fourth-quarter-and-full-year-results"
        },
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                    "source": "https://www.biospace.com/cronos-group-inc-sets-date-for-2018-annual-and-special-meeting-of-shareholders"
                },
                "page_content": "[ SUBSCRIBE ](https://www.biospace.com/subscribe-to-newsletters)\n\n[ ](/)\n\n[ SUBSCRIBE ](https://www.biospace.com/subscribe-to-newsletters)\n\n#  Cronos Group Inc. Sets Date for 2018 Annual and Special Meeting of\nShareholders\n\nJune 8, 2018  | \n\n3 min read\n\n  * [ Twitter  ](https://twitter.com/intent/tweet?url=https%3A%2F%2Fwww.biospace.com%2Fcronos-group-inc-sets-date-for-2018-annual-and-special-meeting-of-shareholders&text=Cronos%20Group%20Inc.%20Sets%20Date%20for%202018%20Annual%20and%20Special%20Meeting%20of%20Shareholders)\n  * [ LinkedIn  ](https://www.linkedin.com/shareArticle?url=https%3A%2F%2Fwww.biospace.com%2Fcronos-group-inc-sets-date-for-2018-annual-and-special-meeting-of-shareholders&mini=true&title=Cronos%20Group%20Inc.%20Sets%20Date%20for%202018%20Annual%20and%20Special%20Meeting%20of%20Shareholders&summary=Cronos%20Group%20Inc.%20will%20hold%20its%202018%20Annual%20and%20Special%20Meeting%20of%20Shareholders%20on%20Thursday%2C%20June%2028%2C%202018&source=BioSpace)\n  * [ Facebook  ](https://www.facebook.com/dialog/share?app_id=2120989681618413&display=popup&href=https%3A%2F%2Fwww.biospace.com%2Fcronos-group-inc-sets-date-for-2018-annual-and-special-meeting-of-shareholders)\n  * [ Email  ](mailto:?subject=Check%20out%20this%20article%20on%20BioSpace&body=Cronos%20Group%20Inc.%20Sets%20Date%20for%202018%20Annual%20and%20Special%20Meeting%20of%20Shareholders%0A%0Ahttps%3A%2F%2Fwww.biospace.com%2Fcronos-group-inc-sets-date-for-2018-annual-and-special-meeting-of-shareholders%0A%0ACronos%20Group%20Inc.%20will%20hold%20its%202018%20Annual%20and%20Special%20Meeting%20of%20Shareholders%20on%20Thursday%2C%20June%2028%2C%202018)\n  * [ Print  ](javascript:window.print\\(\\))\n\n##  Cronos Group Inc. will hold its 2018 Annual and Special Meeting of\nShareholders on Thursday, June 28, 2018\n\nTORONTO, June 8, 2018 /PRNewswire/ - **Cronos Group Inc.** (NASDAQ: CRON)\n(TSX: CRON) **(** \u201c **Cronos Group** \u201d or the \u201c **Company** \u201d), a\ngeographically diversified and vertically integrated cannabis group, will hold\nits 2018 Annual and Special Meeting of Shareholders on Thursday, June 28, 2018\nat 9:30 a.m. at the offices of Blake, Cassels & Graydon LLP located at 199 Bay\nStreet, Suite 4000, Commerce Court West, Toronto. The Notice of Meeting,\nManagement Information Circular and Form of Proxy are available on the\nCompany\u2019s website  [ www.thecronosgroup.com ](http://www.thecronosgroup.com/)\nin the governance section. A live audio webcast and replay of the meeting will\nalso be available in the investor relations section of the Company\u2019s website.\n\n**About Cronos Group**  \nCronos Group is a globally diversified and vertically integrated cannabis\ncompany with a presence across four continents. The Company operates two\nwholly-owned Canadian licensed producers regulated under Health Canada\u2019s\n_Access to Cannabis for Medical Purposes Regulations_ : Peace Naturals Project\nInc., which was the first non-incumbent medical cannabis license granted by\nHealth Canada, and Original BC Ltd., which is based in the Okanagan Valley,\nBritish Columbia. The Company has multiple international production and\ndistribution platforms including in Germany, Israel and Australia. The Company\nintends to continue to rapidly expand its global footprint as it focuses on\nbuilding an international iconic brand portfolio and develop disruptive\nintellectual property. Cronos Group is committed to building industry leading\ncompanies that transform the perception of cannabis and responsibly elevate\nthe consumer experience.\n\n**Forward-looking statements**  \nThis news release contains \u201cforward-looking information\u201d and \u201cforward-looking\nstatements\u201d within the meaning of applicable Canadian and U.S. securities\nlaws. All information contained herein that is not clearly historical in\nnature may constitute forward-looking information. In some cases, forward-\nlooking statements can be identified by words or phrases such as \u201cmay\u201d,\n\u201cwill\u201d, \u201cexpect\u201d, \u201cplan\u201d, \u201canticipate\u201d, \u201cintend\u201d, \u201cpotential\u201d, \u201cestimate\u201d,\n\u201cbelieve\u201d or the negative of these terms, or other similar expressions\nintended to identify forward-looking statements. Some of the forward-looking\nstatements contained in this press release, include the Company\u2019s intention to\ncontinue to rapidly expand its global footprint, build an international iconic\nbrand portfolio and develop disruptive intellectual property. Forward-looking\nstatements are necessarily based upon a number of estimates and assumptions\nthat, while considered reasonable by management, are inherently subject to\nsignificant business, economic and competitive risks, uncertainties and\ncontingencies that may cause actual financial results, performance or\nachievements to be materially different from the estimated future results,\nperformance or achievements expressed or implied by those forward-looking\nstatements and the forward-looking statements are not guarantees of future\nperformance. A discussion of some of the material risks applicable to the\nCompany can be found in the Company\u2019s current MD&A and Annual Information\nForm, both of which have been filed on SEDAR and can be accessed at\nwww.sedar.com. The forward-looking information included in this news release\nis made as of the date of this news release and, except as required by law,\nCronos Group disclaims any obligation to update or revise any forward-looking\nstatements. Readers are cautioned not to put undue reliance on these forward-\nlooking statements.\n\nView original content with multimedia:  [ http://www.prnewswire.com/news-\nreleases/cronos-group-inc-sets-date-for-2018-annual-and-special-meeting-of-\nshareholders-300662199.html ](http://www.prnewswire.com/news-releases/cronos-\ngroup-inc-sets-date-for-2018-annual-and-special-meeting-of-\nshareholders-300662199.html)\n\nSOURCE Cronos Group Inc.\n\n  * [ Twitter  ](https://twitter.com/intent/tweet?url=https%3A%2F%2Fwww.biospace.com%2Fcronos-group-inc-sets-date-for-2018-annual-and-special-meeting-of-shareholders&text=Cronos%20Group%20Inc.%20Sets%20Date%20for%202018%20Annual%20and%20Special%20Meeting%20of%20Shareholders)\n  * [ LinkedIn  ](https://www.linkedin.com/shareArticle?url=https%3A%2F%2Fwww.biospace.com%2Fcronos-group-inc-sets-date-for-2018-annual-and-special-meeting-of-shareholders&mini=true&title=Cronos%20Group%20Inc.%20Sets%20Date%20for%202018%20Annual%20and%20Special%20Meeting%20of%20Shareholders&summary=Cronos%20Group%20Inc.%20will%20hold%20its%202018%20Annual%20and%20Special%20Meeting%20of%20Shareholders%20on%20Thursday%2C%20June%2028%2C%202018&source=BioSpace)\n  * [ Facebook  ](https://www.facebook.com/dialog/share?app_id=2120989681618413&display=popup&href=https%3A%2F%2Fwww.biospace.com%2Fcronos-group-inc-sets-date-for-2018-annual-and-special-meeting-of-shareholders)\n  * [ Email  ](mailto:?subject=Check%20out%20this%20article%20on%20BioSpace&body=Cronos%20Group%20Inc.%20Sets%20Date%20for%202018%20Annual%20and%20Special%20Meeting%20of%20Shareholders%0A%0Ahttps%3A%2F%2Fwww.biospace.com%2Fcronos-group-inc-sets-date-for-2018-annual-and-special-meeting-of-shareholders%0A%0ACronos%20Group%20Inc.%20will%20hold%20its%202018%20Annual%20and%20Special%20Meeting%20of%20Shareholders%20on%20Thursday%2C%20June%2028%2C%202018)\n  * [ Print  ](javascript:window.print\\(\\))\n\n[ Events ](https://www.biospace.com/events)\n\nMORE ON THIS TOPIC\n\n[ ](https://www.biospace.com/drug-development/safety-questions-loom-in-\nduchenne-as-dyne-wave-and-others-plan-fda-filings)\n\n[ Duchenne muscular dystrophy ](https://www.biospace.com/duchenne-muscular-\ndystrophy)\n\n[ Safety Questions Loom in Duchenne as Dyne, Wave and Others Plan FDA Filings\n](https://www.biospace.com/drug-development/safety-questions-loom-in-duchenne-\nas-dyne-wave-and-others-plan-fda-filings)\n\nMarch 27, 2025\n\n\u00b7\n\n8 min read\n\n\u00b7\n\n[ Heather McKenzie ](https://www.biospace.com/heather-mckenzie)\n\n[ ](https://www.biospace.com/drug-development/Novartis-intrathecal-zolgensma-\neffective-in-older-children)\n\n[ Spinal muscular atrophy ](https://www.biospace.com/spinal-muscular-atrophy)\n\n[ Novartis\u2019 Intrathecal Zolgensma Effective in Older Children\n](https://www.biospace.com/drug-development/Novartis-intrathecal-zolgensma-\neffective-in-older-children)\n\nMarch 19, 2025\n\n\u00b7\n\n6 min read\n\n\u00b7\n\n[ Heather McKenzie ](https://www.biospace.com/heather-mckenzie)\n\n[ ](https://www.biospace.com/policy/transparency-missing-in-action-at-hhs-\ndespite-leaders-calls-for-clarity)\n\n[ Editorial ](https://www.biospace.com/editorial)\n\n[ Transparency Missing in Action at HHS Despite Leaders\u2019 Calls for Clarity\n](https://www.biospace.com/policy/transparency-missing-in-action-at-hhs-\ndespite-leaders-calls-for-clarity)\n\nFebruary 28, 2025\n\n\u00b7\n\n4 min read\n\n\u00b7\n\n[ Heather McKenzie ](https://www.biospace.com/heather-mckenzie)\n\n[ ](https://www.biospace.com/drug-development/bms-pfizer-challenge-colorectal-\ncancer-standard-care-with-asco-gi-readouts)\n\n[ Cancer ](https://www.biospace.com/cancer)\n\n[ BMS, Pfizer Challenge Colorectal Cancer Standard Care With ASCO GI Readouts\n](https://www.biospace.com/drug-development/bms-pfizer-challenge-colorectal-\ncancer-standard-care-with-asco-gi-readouts)\n\nJanuary 27, 2025\n\n\u00b7\n\n2 min read\n\n\u00b7\n\n[ Tristan Manalac ](https://www.biospace.com/tristan-manalac)\n\n[ ](/)\n\n_BioSpace_ is the digital hub for life science news and jobs. 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                "url": "https://www.biospace.com/cronos-group-inc-sets-date-for-2018-annual-and-special-meeting-of-shareholders"
            },
            "reason": "BioSpace is a reputable source for biotechnology and pharmaceutical news. The article announces Cronos Group's shareholder meeting, which is a factual event.",
            "reliability_score": 0.9,
            "search_query": "company 'The Cronos Group' overview financial performance",
            "summary": "Cronos Group Inc. sets the date for its 2018 annual and special meeting of shareholders.",
            "url": "https://www.biospace.com/cronos-group-inc-sets-date-for-2018-annual-and-special-meeting-of-shareholders"
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                    "source": "https://www.theglobeandmail.com/investing/markets/markets-news/GlobeNewswire/26968002/cronos-group-inc-announces-results-of-2024-annual-meeting-of-shareholders/"
                },
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The Globe and Mail has not reviewed this content.\nPlease see [ disclaimer ](https://www.theglobeandmail.com/privacy-\nterms/disclaimer/) .\n\n#  Cronos Group Inc. Announces Results of 2024 Annual Meeting of Shareholders\n\nCronos Group Inc. -  [ GlobeNewswire ](https://www.globenewswire.com/) \\-  Fri\nJun 21, 2024\n\nTORONTO, June 21, 2024 (GLOBE NEWSWIRE) -- Cronos Group Inc. (NASDAQ: CRON)\n(TSX: CRON) (\u201cCronos\u201d or the \u201cCompany\u201d) announces that at its Annual Meeting\nof Shareholders held yesterday, June 20, 2024 (the \u201cMeeting\u201d), shareholders\nholding a total of 274,097,252 common shares of the Company voted in person or\nby proxy, representing 71.75% of the total number of common shares of the\nCompany outstanding.  \n\nEach of the directors listed as a nominee in the Company\u2019s definitive proxy\nstatement dated April 26, 2024 was elected as a director of the Company, with\neach director receiving in excess of 93.4% of the votes cast in favor of his\nor her election. The detailed results of the vote for the election of\ndirectors are as follows:\n\n**Name of Director** |  **Number of Shares Voted For** |  **Percentage of Shares Voted For** |  **Number of Shares Withheld from Voting** |  **Percentage of Shares Withheld from Voting**  \n---|---|---|---|---  \nJason Adler  |  215,118,391  |  98.33%  |  3,654,113  |  1.67%   \nMurray Garnick  |  215,949,040  |  98.71%  |  2,823,464  |  1.29%   \nMichael Gorenstein  |  204,416,959  |  93.44%  |  14,355,545  |  6.56%   \nKamran Khan  |  207,976,756  |  95.07%  |  10,795,748  |  4.93%   \nDominik Meier  |  208,048,529  |  95.10%  |  10,723,975  |  4.90%   \nJames Rudyk  |  215,011,800  |  98.28%  |  3,760,704  |  1.72%   \nElizabeth Seegar  |  205,934,088  |  94.13%  |  12,838,416  |  5.87%   \n  \n  \n\nShareholders also approved an advisory (non-binding) resolution on the\ncompensation of the Company\u2019s named executive officers, with 96.19% of votes\ncast in favor of such resolution, and approved the adjournment of the Meeting\nto a later date to permit the Company to complete the search for a successor\nindependent auditor.\n\nAt the time of the Meeting, the Company had not completed its process to\nidentify, and make a recommendation with respect to the appointment by the\nshareholders of, a successor independent auditor. Accordingly, Proposal No. 3\nregarding the appointment of an independent registered public accounting firm\nto serve as the Company\u2019s independent auditor for the fiscal year ending\nDecember 31, 2024 and to authorize the Board of Directors of the Company (the\n\u201cBoard\u201d) to fix the independent auditor\u2019s remuneration was not presented to\nshareholders and, with the approval of the shareholders, the Meeting was\nadjourned to permit the Company to complete the search for a successor\nauditor. At the reconvened Meeting, shareholders will be asked to vote on the\nappointment of the successor independent auditor and the authorization of the\nBoard to fix the successor independent auditor\u2019s remuneration. Once a\nsuccessor auditor is identified, the Company will disseminate to shareholders\ninformation regarding the identity of the proposed independent registered\npublic accounting firm to serve as the Company\u2019s independent auditor and to\naudit the consolidated financial statements of the Company of and for the\nfiscal year ending December 31, 2024, together with information regarding the\nreconvened Meeting.\n\nFor complete results on all matters voted on at the Meeting, please see the\nReport of Voting Results filed on the Company\u2019s SEDAR+ profile at\nwww.sedarplus.com and the Company\u2019s Form 8-K filed on EDGAR at\nwww.sec.gov/edgar.\n\n**About Cronos**\n\nCronos is an innovative global cannabinoid company committed to building\ndisruptive intellectual property by advancing cannabis research, technology\nand product development. With a passion to responsibly elevate the consumer\nexperience, Cronos is building an iconic brand portfolio. Cronos\u2019 diverse\ninternational brand portfolio includes Spinach\u00ae, PEACE NATURALS\u00ae and Lord\nJones\u00ae. For more information about Cronos and its brands, please visit:\nthecronosgroup.com.\n\n**Forward-Looking Statements**\n\nThis press release may contain information that may constitute \u201cforward-\nlooking information\u201d or \u201cforward-looking statements\u201d within the meaning of\napplicable Canadian and U.S. securities laws and court decisions\n(collectively, \u201cForward-looking Statements\u201d). All information contained herein\nthat is not clearly historical in nature may constitute Forward-looking\nStatements. In some cases, Forward-looking Statements can be identified by the\nuse of forward-looking terminology such as \u201cmay\u201d, \u201cwill\u201d, \u201cexpect\u201d, \u201cplan\u201d,\n\u201canticipate\u201d, \u201cintend\u201d, \u201cpotential\u201d, \u201cestimate\u201d, \u201cbelieve\u201d or the negative of\nthese terms, or other similar expressions intended to identify Forward-looking\nStatements. Some of the Forward-looking Statements contained in this press\nrelease include statements about Cronos\u2019 intention to build an iconic brand\nportfolio and develop disruptive intellectual property, identify and recommend\nthe appointment by the shareholders of a successor independent auditor and\nreconvene the Meeting. Forward-looking Statements are necessarily based upon a\nnumber of estimates and assumptions that, while considered reasonable by\nmanagement, are inherently subject to significant business, economic and\ncompetitive risks, financial results, results, performance or achievements\nexpressed or implied by those Forward-looking Statements and the Forward-\nlooking Statements are not guarantees of future performance. A discussion of\nsome of the material risks applicable to the Company can be found in the\nCompany\u2019s Annual Report on Form 10-K for the year ended December 31, 2023, and\nquarterly report on Form 10-Q for the quarter ended March 31, 2024, which have\nbeen filed on SEDAR+ and EDGAR and can be accessed at www.sedarplus.com and\nwww.sec.gov/edgar, respectively. Any Forward-looking Statement included in\nthis press release is made as of the date of this press release and, except as\nrequired by law, Cronos disclaims any obligation to update or revise any\nForward-looking Statement. Readers are cautioned not to put undue reliance on\nany Forward-looking Statement.\n\n**For further information, please contact:**  \nShayne Laidlaw  \nInvestor Relations  \nTel: (416) 504-0004  \ninvestor.relations@thecronosgroup.com\n\n  \n\n[\n](https://www.globenewswire.com/NewsRoom/AttachmentNg/68e2d88b-b8e0-404a-995d-415a33773982)\n\nAll [ market data  (will open in new tab)\n](https://www.barchart.com/solutions/data/market) is provided by Barchart\nSolutions. Copyright \u00a9 2025 .\n\nInformation is provided 'as is' and solely for informational purposes, not for\ntrading purposes or advice. 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                "url": "https://www.theglobeandmail.com/investing/markets/markets-news/GlobeNewswire/26968002/cronos-group-inc-announces-results-of-2024-annual-meeting-of-shareholders/"
            },
            "reason": "This article from The Globe and Mail reports on Cronos Group's annual shareholder meeting results. The Globe and Mail is a reputable news source, and the information is likely accurate.",
            "reliability_score": 0.9,
            "search_query": "company 'The Cronos Group' customers stakeholders",
            "summary": "Report from The Globe and Mail on the results of Cronos Group's 2024 annual shareholder meeting.",
            "url": "https://www.theglobeandmail.com/investing/markets/markets-news/GlobeNewswire/26968002/cronos-group-inc-announces-results-of-2024-annual-meeting-of-shareholders/"
        },
        {
            "content": {
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                    "origin": "public",
                    "resource_location": "web",
                    "resource_type": "webpage",
                    "source": "https://www.investmentexecutive.com/news/from-the-regulators/u-s-investors-can-stay-in-canadian-cronos-group-class-action/"
                },
                "page_content": "  * [ CE Corner ](https://www.cecorner.ca/)\n  * [ Webinars ](https://www.investmentexecutive.com/tools_/webinars/)\n  * [ Soundbites ](https://www.investmentexecutive.com/soundbites/)\n\n[ Home ](https://www.investmentexecutive.com/) __ [ News\n](https://www.investmentexecutive.com/news/) __ [ From the Regulators\n](https://www.investmentexecutive.com/news/from-the-regulators/) __ U.S.\ninvestors can stay in Canadian Cronos Group class action\n\niStock.com / Simon2579\n\nJames Langton\n\nDespite a parallel case underway in U.S. courts, an Ontario court has given\nthe green light to a proposed class action against Toronto-based Cronos Group\nInc. alleging that it made misrepresentations to investors.\n\nThe Ontario Superior Court of Justice certified a securities class action suit\nagainst the company, which trades on both the TSX and Nasdaq. The company\nsought to stay the claims of U.S. shareholders in the proposed Canadian class\naction on the basis that U.S. investors are already covered by the case filed\nin the U.S. district court for the Eastern District of New York.\n\nThe allegations in both cases involve claims that Cronos overstated its\nrevenues in 2019. The firm corrected and restated those filings and, in\nsettlements with the Ontario Securities Commission and the U.S. Securities and\nExchange Commission, the company admitted to overstating its revenues and not\nhaving adequate internal controls over financial reporting.\n\nShareholder class actions followed, but the allegations haven\u2019t been proven in\neither case. While the Ontario case has now been certified, the U.S. court has\nreserved its decision on certification.\n\nThe Ontario court said the plaintiffs had no trouble establishing a potential\ncause of action \u2014 secondary market misrepresentation.\n\nThe dispute is over which investors should be covered by the case. While the\ncompany argued U.S. shareholders should be excluded from the Canadian action,\nthe plaintiffs maintained they should be able to litigate in both\njurisdictions and participate in whichever resolution they prefer.\n\nThe U.S. shareholders \u201cconcede that at some point there will be what has been\ncalled a \u2018day of reckoning\u2019 in which one court will be asked to recognize the\njudgment or settlement in the other, but they wish to put off that day until\nit actually dawns,\u201d the court said.\n\nAccording to the court, U.S. shareholders will face a decision between\nproceeding in U.S. courts, where the damages are likely to be higher but where\nthere\u2019s also a higher bar to establishing liability \u2014 given that U.S. law\nrequires plaintiffs to prove intent \u2014 and the Canadian case, where damages\nwill likely be lower but plaintiffs don\u2019t have to establish intent.\n\n\u201cAs plaintiff\u2019s counsel point out, a settlement of the [New York] action may\nbe harder to achieve, but ultimately more generous, than a settlement of the\nOntario action,\u201d the court said. \u201cOne can with some confidence predict that\nproposed settlements may take different shapes on each side of the border,\nperhaps reflecting certain features of the two justice systems that\ndistinguish the two actions.\u201d\n\nUltimately, the Ontario court ruled that U.S. shareholders should not be\nexcluded from the case in Ontario at the outset.\n\n\u201cThe upshot of this is that the U.S. shareholders can remain in the class in\nthe present case, even though they have also brought a parallel U.S. case. It\nwill be for this court in the event of a future settlement or judgment to keep\nin mind that no class member should get \u2018two bites at the apple\u2019 against any\ndefendant,\u201d the court said in certifying the case.\n\n__ Share this article and your comments with peers on social media\n\n  * Facebook \n  * LinkedIn \n  * Twitter \n\n##  Latest news In From the Regulators\n\n###  [ Wall Street facing flat revenues, amid wild volatility\n](https://www.investmentexecutive.com/news/research-and-markets/wall-street-\nfacing-flat-revenues-amid-wild-volatility/)\n\nTrading revenues strong, investment banking mixed in Q1: Moody's\n\n  * By: [ James Langton  ](https://www.investmentexecutive.com/writer/james-langton/)\n  * April 8, 2025  April 8, 2025 \n  * 16:38 \n\n###  [ FCA aims to be a smarter, pro-growth regulator\n](https://www.investmentexecutive.com/news/from-the-regulators/fca-aims-to-be-\na-smarter-pro-growth-regulator/)\n\nNew agenda outlines plans to curb compliance burden, facilitate innovation\n\n  * By: [ James Langton  ](https://www.investmentexecutive.com/writer/james-langton/)\n  * April 8, 2025  April 8, 2025 \n  * 16:34 \n\n###  [ CIRO tribunal erred, BCSC panel rules\n](https://www.investmentexecutive.com/news/from-the-regulators/ciro-tribunal-\nerred-bcsc-panel-rules/)\n\nProvincial regulator orders case returned to the SRO to be reconsidered\n\n  * By: [ James Langton  ](https://www.investmentexecutive.com/writer/james-langton/)\n  * April 8, 2025  April 8, 2025 \n  * 14:24 \n\n###  [ NASAA adopts \u2018best interest\u2019 in model rule\n](https://www.investmentexecutive.com/news/from-the-regulators/nasaa-adopts-\nbest-interest-in-model-rule/)\n\nGroup's conduct rule adds Reg BI, misleading title, provisions\n\n  * By: [ James Langton  ](https://www.investmentexecutive.com/writer/james-langton/)\n  * April 8, 2025  April 8, 2025 \n  * 09:42 \n\n##  Today's top stories\n\n###  [ Trump pauses tariffs on most nations for 90 days, raises taxes on\nChinese imports ](https://www.investmentexecutive.com/news/research-and-\nmarkets/trump-pauses-tariffs-on-most-nations-for-90-days-raises-taxes-on-\nchinese-imports/)\n\nThe president said he had been watching the bond market and that people were\n\u201cgetting a little queasy\u201d\n\n  * By: [ Josh Boak, The Associated Press  ](https://www.investmentexecutive.com/writer/josh-boak-the-associated-press/)\n  * April 9, 2025  April 9, 2025 \n  * 15:57 \n\n###  [ Fed could be in \u2018difficult\u2019 spot with higher prices, slower hiring\n](https://www.investmentexecutive.com/news/research-and-markets/fed-could-be-\nin-difficult-spot-with-higher-prices-slower-hiring/)\n\nU.S. central bank minutes reveal concerns over rising prices and slowing job\ngrowth\n\n  * By: [ Christopher Rugaber, The Associated Press  ](https://www.investmentexecutive.com/writer/christopher-rugaber/)\n  * April 9, 2025  April 9, 2025 \n  * 16:32 \n\n###  [ Shareholder activism up in Q1\n](https://www.investmentexecutive.com/news/research-and-markets/shareholder-\nactivism-up-in-q1/)\n\nActivists focus on boards, strategy, while M&A campaigns wilt amid economic\nuncertainty\n\n  * By: [ James Langton  ](https://www.investmentexecutive.com/writer/james-langton/)\n  * April 9, 2025  April 9, 2025 \n  * 17:20 \n\n###  [ Wealthsimple acquires U.S.-based wealth management platform\n](https://www.investmentexecutive.com/news/industry-news/wealthsimple-\nacquires-u-s-based-wealth-management-platform/)\n\nWealthsimple hires all five staff from Plenty, but says customers won't be\nonboarded\n\n  * By: [ Jonathan Got  ](https://www.investmentexecutive.com/writer/jonathan-got/)\n  * April 9, 2025  April 9, 2025 \n  * 16:14 \n\n     [ ](https://facebook.com/InvestmentExecutive/ \"Follow us on Facebook\")\n     [ ](https://www.linkedin.com/company/investment-executive \"Follow us on LinkedIn\")\n     [ ](https://twitter.com/IE_Canada \"Follow us on Twitter\")\n     [ 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                "url": "https://www.investmentexecutive.com/news/from-the-regulators/u-s-investors-can-stay-in-canadian-cronos-group-class-action/"
            },
            "reason": "Investment Executive is a reputable source for financial news. The article discusses a legal matter involving Cronos Group, providing factual information.",
            "reliability_score": 0.9,
            "search_query": "company 'The Cronos Group' customers stakeholders",
            "summary": "Article from Investment Executive discussing a class action lawsuit involving Cronos Group and U.S. investors.",
            "url": "https://www.investmentexecutive.com/news/from-the-regulators/u-s-investors-can-stay-in-canadian-cronos-group-class-action/"
        },
        {
            "content": {
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                    "resource_location": "web",
                    "resource_type": "webpage",
                    "source": "https://terpenesandtesting.com/cronos-group-inc-announces-2-4-billion-strategic-investment-from-altria-group-inc/"
                },
                "page_content": "__\n\n[ ](https://terpenesandtesting.com/)\n\nWritten by  [ Shared Content\n](https://terpenesandtesting.com/author/sharedcontent/)\n\n_Provides Cronos Group with Additional Capital and Complementary Expertise to\nAccelerate Its Expansion and Innovation in the Rapidly Growing Global Cannabis\nIndustry_\n\nTORONTO, Dec. 7, 2018 /CNW/ \u2013 Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON)\n(\u201cCronos Group\u201d or the \u201cCompany\u201d) today announced that it has entered into a\nsubscription agreement (the \u201cSubscription Agreement\u201d) with Altria Group, Inc.\n(NYSE: MO) (\u201cAltria\u201d) pursuant to which Altria has agreed to make an\napproximately C$2.4 billion equity investment in Cronos Group (the\n\u201cTransaction\u201d) on a private placement basis in exchange for common shares in\nthe capital of the Company (the \u201cShares\u201d). Altria will also receive Warrants\nof Cronos Group (the \u201cWarrants\u201d), that if fully exercised, would provide the\nCompany with an additional approximately C$1.4 billion of proceeds. The Shares\nissuable to Altria pursuant to the Subscription Agreement will result in\nAltria holding an approximately 45% ownership interest in Cronos Group\n(calculated on a non-diluted basis), exercise of the Warrants would result in\nincremental ownership of 10% for a total potential ownership position of 55%.\nThis strategic partnership provides Cronos Group with additional financial\nresources, product development and commercialization capabilities, and deep\nregulatory expertise to better position the Company to compete, scale and lead\nthe rapidly growing global cannabis industry.\n\n\u201cAltria is the ideal partner for Cronos Group, providing the resources and\nexpertise we need to meaningfully accelerate our strategic growth,\u201d said\nCronos Group\u2019s Mike Gorenstein, Chairman, President and Chief Executive\nOfficer. \u201cThe proceeds from Altria\u2019s investment will enable us to more quickly\nexpand our global infrastructure and distribution footprint, while also\nincreasing investments in R&D and brands that resonate with our consumers.\nImportantly, Altria shares our vision of driving long-term value through\ninnovation, and we look forward to continuing to differentiate in this area.\nAs one of the largest holding companies in the adult consumer products sector,\nAltria has decades of experience in regulatory, government affairs,\ncompliance, product development and brand management that we expect to\nleverage, particularly as new markets for cannabis open around the world.\u201d\n\n\u201cInvesting in Cronos Group as our exclusive partner in the emerging global\ncannabis category represents an exciting new growth opportunity for Altria,\u201d\nsaid Howard Willard, Altria\u2019s Chairman and Chief Executive Officer. \u201cWe\nbelieve that Cronos Group\u2019s excellent management team has built capabilities\nnecessary to compete globally, and we look forward to helping Cronos Group\nrealize its significant growth potential.\u201d\n\n**Benefits of the Transaction**\n\n  * **Accelerates Cronos Group\u2019s pace of growth and expansion.** The growth opportunities for Cronos Group are significant and extend across the globe as markets open. With Altria\u2019s resources, Cronos Group expects to be even better positioned to support cannabinoid innovation, create differentiated products and brands across medicinal and recreational categories, and expand its global footprint and growing production capacity. \n  * **Bolsters Cronos Group\u2019s ability to be an innovation leader in the cannabis industry.** Cronos Group\u2019s research collaborations with Gingko Bioworks to develop cultured cannabinoids and its partnership with the Technion Research and Development Foundation for cannabinoid-based skin care treatments are just two recent examples of how the Cronos Group intends to use innovation and its growing intellectual property portfolio to develop new applications for cannabinoids across a range of products and categories. Altria shares Cronos Group\u2019s commitment to innovation, medical cannabis research and state of the art product development. \n  * **Leverages Altria\u2019s product design, manufacturing, marketing and distribution capabilities and expertise.** Cronos Group expects to work with Altria to rapidly expand its product offerings in markets as regulations permit, including device technology. Altria has significant expertise that can serve as building blocks for cannabis vape products. Altria also brings considerable experience with large-scale manufacturing automation, pre-roll technology and supply chain management. In addition, by investing the incremental capital, Cronos Group expects to enhance its attractiveness as a potential partner to other medicinal and consumer focused partners that may work with the Company to further expand its product offerings and distribution capabilities for the benefit of its shareholders. \n  * **Provides expertise in successfully navigating complex regulatory landscapes.** Altria has a strong record of managing multi-faceted regulatory, compliance and government affairs environments related to taxation, product registration, shipping and other legal issues that Cronos Group expects to be able to leverage as cannabis markets develop and open around the world. \n  * **Raises capital at a premium valuation and delivers even greater upside opportunities for Cronos Group shareholders, employees and partners.** Under the terms of the agreement, Altria has agreed to acquire 146.2 million Shares at a price of C$16.25 per Share. The price per Share represents a 41.5% premium to the Company\u2019s 10-day volume weighted average price (\u201cVWAP\u201d) on the TSX, ending November 30, 2018, the last unaffected trading day prior to when Cronos Group publicly disclosed preliminary discussions with Altria. The strategic investment combined with Altria\u2019s expertise and complementary capabilities are expected to better position Cronos Group for significant growth and value creation with benefits to all of the Company\u2019s stakeholders, including its holders of Shares (the \u201cShareholders\u201d), employees and partners. \n\n**Board Recommendation**\n\nThe Board of Directors of Cronos Group (the \u201cBoard\u201d), after consultation with\nits legal and financial advisors, has unanimously determined that the\nTransaction is in the best interest of Cronos Group and is unanimously\nrecommending that Shareholders vote in favor of the Transaction. The Board has\nreceived an opinion from its financial advisor, Lazard Canada Inc., that as of\nthe date thereof and subject to the assumptions, qualifications and\nlimitations set forth therein, the consideration to be received by the Company\npursuant to the Transaction is fair, from a financial point of view, to the\nCompany.\n\n**Key Transaction Terms**\n\n**_Equity Investment_ **\n\nPursuant to the Subscription Agreement, Altria has agreed to acquire 146.2\nmillion Shares at closing at a price of C$16.25 per Share, which represents a\n41.5% premium to the 10-day VWAP of the Shares on the TSX on November 30,\n2018, the last unaffected trading day prior to when Cronos Group publicly\ndisclosed preliminary discussions with Altria.\n\nAltria will also receive Warrants at closing entitling it to acquire up to an\nadditional 10% ownership position in the Company exercisable from time to\ntime, for a period of four years following closing for an exercise price of\nC$19.00 per Share, which represents an implied premium of 65.5% to the 10-day\nVWAP of the Shares on the TSX on November 30, 2018. Altria\u2019s ownership\ninterest in Cronos Group would be approximately 55% (calculated on a non-\ndiluted basis). Additionally, the Warrants will contain certain anti-dilution\nprovisions.\n\n**_Governance Rights_ **\n\nPursuant to an investor rights agreement to be entered into, at closing (the\n\u201cInvestor Rights Agreement\u201d), Altria will have the right to nominate four\ndirectors, including one independent director, to serve on the Board of\nDirectors of Cronos Group, which will be expanded from five to seven directors\nin connection with the Transaction.\n\n**_Altria\u2019s Exclusive Cannabis Partner_ **\n\nUnder the Investor Rights Agreement, Altria has agreed to make Cronos Group\nits exclusive partner for pursuing cannabis opportunities throughout the world\n(subject to certain limited exceptions.\n\nAt closing, the parties are also expected to enter into commercial support\nagreements under which Altria will provide services relating to marketing and\nbrand management, government affairs, regulatory affairs, and research and\ndevelopment.\n\n**_Closing and Approvals_ **\n\nThe Transaction is expected to close in the first half of 2019, subject to\ncertain customary closing conditions including the receipt of approval from\nthe TSX, and receipt of regulatory approval pursuant to the _Investment Canada\nAct_ . In addition, under applicable TSX rules, the Transaction will require\napproval by at least the majority of the votes cast by Shareholders present at\na special meeting of Shareholders as the Transaction is expected to materially\naffect control of Cronos Group.\n\n**_Additional Information_ **\n\nFurther information regarding the transaction will be included in the\nmanagement information circular to be mailed to Shareholders in connection\nwith the Company\u2019s special meeting of Shareholders to approve the transaction.\nCopies of the Subscription Agreement and the agreements attached thereto as\nexhibits, including the form of Warrant and the form of Investor Rights\nAgreement, will be filed on the Company\u2019s profile on SEDAR at [ www.sedar.com\n](http://email.prnewswire.com/wf/click?upn=TwIh0OIjG8BOSB67uKqqj1Dv0kOTDBR75uA624SqEK4-3D_uY0eif8GKUcAlb-2B0UMl-2FBd81zfik9uA5J-2BGqewLYGRQRqhyDtlptY9ozAws7mtTgnQhuu7m42oVUAJZ0i-2Ba5Bp9qmnMp4AYH2F75DuoWRU5ZPhWFPFYr9T0yTwq-2BsXzzHc7gt5xmhurO3kxl8q-2BRdEgIduvmPjtlkhRfmndLK8vNgAdu7dpbVqDc8W4Pa0U95J4xGKNvmohL7l1vaiihjPUKn0ncYU2zaRARbDGfGYeUqIsfuSxoS4Gq5JVyIBJTeVzNVA57ThVCul94GzgkLrNL7jrwzNcgAD-2F3tL-2B9MvXGJmJLAFP6tL-2BFg0T25I6SV1pWKPQTreEkP85U2eh5lS4ogjPOOnKJA-2FTM-2BLcmlqjsuYxx9ski3HtbEY9ISktq)\nand EDGAR at [ www.sec.gov\n](http://email.prnewswire.com/wf/click?upn=TwIh0OIjG8BOSB67uKqqj-2Fh0aYGGdr3Ge9-2BmoVUyixo-3D_uY0eif8GKUcAlb-2B0UMl-2FBd81zfik9uA5J-2BGqewLYGRQRqhyDtlptY9ozAws7mtTgnQhuu7m42oVUAJZ0i-2Ba5Bp9qmnMp4AYH2F75DuoWRU5ZPhWFPFYr9T0yTwq-2BsXzzHc7gt5xmhurO3kxl8q-2BRdEgIduvmPjtlkhRfmndLK8vNgAdu7dpbVqDc8W4Pa0U95J4xGKNvmohL7l1vaiihjPUKn0ncYU2zaRARbDGfGYdJklp0GMRWrXXZpjrf27l-2BdDn6J-2FYgB21zvAJJfTywDPuMLj8Dam1OjIyy1Ge0SGn4jqOo3TGWBMOikKnAPppyCyPJSRt7mTNJD8R8JxXaRI63sebGPlK-2FVLSL9-2BNiaN7oP-2Fl3DNAesLzJ4G2WFNxY)\n. The above descriptions of the terms and conditions of the Subscription\nAgreement and the agreements attached thereto as exhibits, including the form\nof Warrant and the form of Investor Rights Agreement, are qualified in their\nentirety by the terms of the Subscription Agreement which will be filed on the\nCompany\u2019s profile on SEDAR at [ www.sedar.com\n](http://email.prnewswire.com/wf/click?upn=TwIh0OIjG8BOSB67uKqqj1Dv0kOTDBR75uA624SqEK4-3D_uY0eif8GKUcAlb-2B0UMl-2FBd81zfik9uA5J-2BGqewLYGRQRqhyDtlptY9ozAws7mtTgnQhuu7m42oVUAJZ0i-2Ba5Bp9qmnMp4AYH2F75DuoWRU5ZPhWFPFYr9T0yTwq-2BsXzzHc7gt5xmhurO3kxl8q-2BRdEgIduvmPjtlkhRfmndLK8vNgAdu7dpbVqDc8W4Pa0U95J4xGKNvmohL7l1vaiihjPUKn0ncYU2zaRARbDGfGYcWczWSO3ECk0CdHBvsJGd-2FzOdI3AdRd-2B-2BK6-2B4coKwV3tWn-2F5p075Hj4iCYrFuec6J1QBFmvTpPZXOB9DEaJMh8Gn-2FPYAhAWtGqj3zlrbkwE74WTvB8A0VowSntApsfEfRGzicxoWyTqzL4nsdfQfk9)\nand EDGAR at [ www.sec.gov\n](http://email.prnewswire.com/wf/click?upn=TwIh0OIjG8BOSB67uKqqj-2Fh0aYGGdr3Ge9-2BmoVUyixo-3D_uY0eif8GKUcAlb-2B0UMl-2FBd81zfik9uA5J-2BGqewLYGRQRqhyDtlptY9ozAws7mtTgnQhuu7m42oVUAJZ0i-2Ba5Bp9qmnMp4AYH2F75DuoWRU5ZPhWFPFYr9T0yTwq-2BsXzzHc7gt5xmhurO3kxl8q-2BRdEgIduvmPjtlkhRfmndLK8vNgAdu7dpbVqDc8W4Pa0U95J4xGKNvmohL7l1vaiihjPUKn0ncYU2zaRARbDGfGYc4KGIVLxPJQMc24T2uQvUVcLynvGFO-2FSyzJIClp-2F8FhMrCWg6d98CGpsh7REpRYWRrpb5998j-2BRmgqKq6giBWMALv52OShOxbnwzt1sLYcJ7H46TgGugWVn4SNzeqsAjokA02Htxi57PshescDXvph)\n.\n\n**Advisors**\n\nLazard Canada Inc. is serving as financial advisor to Cronos Group, and\nSullivan & Cromwell LLP and Blake, Cassels&Graydon LLP are legal counsel.\n\nPerella Weinberg Partners LP is serving as financial advisor to Altria, and\nWachtell, Lipton, Rosen & Katz and Goodmans LLP are legal counsel. Hunton\nAndrews Kurth LLP is providing legal counsel to Altria regarding the\nfinancing.\n\n**About Cronos**\n\nCronos Group is a globally diversified and vertically integrated cannabis\ncompany with a presence across five continents. Cronos Group operates two\nwholly-owned Canadian licensed producers: Peace Naturals Project Inc., which\nwas the first non-incumbent medical cannabis license granted by Health Canada,\nand Original BC Ltd., which is based in the Okanagan Valley, British Columbia.\nCronos Group has multiple international production and distribution platforms\nacross five continents. Cronos Group intends to continue to rapidly expand its\nglobal footprint as it focuses on building an international iconic brand\nportfolio and developing disruptive intellectual property. Cronos Group is\ncommitted to building industry leading companies that transform the perception\nof cannabis and responsibly elevate the consumer experience.\n\n**About Altria**\n\nAltria\u2019s wholly-owned subsidiaries include Philip Morris USA Inc., U.S.\nSmokeless Tobacco Company LLC, John Middleton Co., Sherman Group Holdings, LLC\nand its subsidiaries, Nu Mark LLC, Ste. Michelle Wine Estates Ltd. (Ste.\nMichelle) and Philip Morris Capital Corporation. Altria holds an equity\ninvestment in Anheuser-Busch InBev SA/NV (AB InBev).\n\nThe brand portfolios of Altria\u2019s tobacco operating companies include\nMarlboro\u00ae, Black & Mild\u00ae, Copenhagen\u00ae, Skoal\u00ae, VERVE\u00ae, MarkTen\u00ae and Green\nSmoke\u00ae. Ste. Michelle produces and markets premium wines sold under various\nlabels, including Chateau Ste. Michelle\u00ae, Columbia Crest\u00ae, 14 Hands\u00ae and\nStag\u2019s Leap Wine Cellars\u2122, and it imports and markets Antinori\u00ae, Champagne\nNicolas Feuillatte\u2122, Torres\u00ae and Villa Maria Estate\u2122 products in the United\nStates. Trademarks and service marks related to Altria referenced in this\nrelease are the property of Altria or its subsidiaries or are used with\npermission. More information about Altria is available at [ altria.com\n](http://altria.com/) and on the Altria Investor app.\n\nTake a closer look at Altria and its companies on [ altria.com\n](http://altria.com/) .\n\nFollow Altria on Twitter at @AltriaNews.\n\n**Forward-Looking Statements**\n\nThis communication contains \u201cforward-looking information\u201d and \u201cforward-looking\nstatements\u201d within the meaning of applicable securities laws (collectively,\n\u201cforward-looking statements\u201d). All statements contained herein that are not\nclearly historical in nature may constitute forward-looking statements. In\nsome cases, forward-looking statements can be identified by words or phrases\nsuch as \u201cmay\u201d, \u201cwill\u201d, \u201cexpect\u201d, \u201clikely\u201d, \u201cshould\u201d, \u201cwould\u201d, \u201cplan\u201d,\n\u201canticipate\u201d, \u201cintend\u201d, \u201cpotential\u201d, \u201cproposed\u201d, \u201cestimate\u201d, \u201cbelieve\u201d or the\nnegative of these terms, or other similar words, expressions and grammatical\nvariations thereof, or statements that certain events or conditions \u201cmay\u201d or\n\u201cwill\u201d happen, or by discussions of strategy. Forward-looking statements\ninclude estimates, plans, expectations, opinions, forecasts, projections,\ntargets, guidance or other statements that are not statements of historical\nfact. Forward-looking statements are provided for the purposes of assisting\nthe reader in understanding our financial performance, financial position and\ncash flows as at and for periods ended on certain dates and to present\ninformation about management\u2019s current expectations and plans relating to the\nfuture and the reader is cautioned that such information may not be\nappropriate for any other purpose. Some of the forward-looking statements\ncontained in this communication, include, but are not limited to, statements\nwith respect to: the proposed investment by Altria Group in Cronos Group (the\n\u201cproposed transaction\u201d), our business and operations, our strategy for future\ngrowth, expanding our global footprint, including the timing thereof, our\nintention to build an international iconic brand portfolio and develop\ndisruptive intellectual property and our ability to build an industry leading\ncompany that transforms the perception of cannabis and responsibly elevates\nthe consumer experience. No forward-looking statement can be guaranteed and\nCronos Group cannot guarantee the future statements contained herein. Forward-\nlooking statements are based upon certain material assumptions that were\napplied in drawing a conclusion or making a forecast or projection, including\nmanagement\u2019s perceptions of historical trends, current conditions and expected\nfuture developments, as well as other considerations that are believed to be\nappropriate in the circumstances. While we consider these assumptions to be\nreasonable based on information then currently available to management, there\nis no assurance that such expectations will prove to be correct. By their\nnature, forward-looking statements are subject to inherent risks and\nuncertainties that may be general or specific and which give rise to the\npossibility that expectations, forecasts, predictions, projections or\nconclusions will not prove to be accurate, that assumptions may not be correct\nand that objectives, strategic goals and priorities will not be achieved. A\nvariety of factors, including known and unknown risks, many of which are\nbeyond our control, could cause actual results to differ materially from the\nforward-looking statements in this communication. Such factors include,\nwithout limitation, the ability to complete the proposed transaction between\nCronos Group and Altria Group on anticipated terms and timetable; the ability\nto obtain approval by the shareholders of Cronos Group related to the proposed\ntransaction and the ability to satisfy various other conditions to the closing\nof the transaction contemplated by the subscription agreement; the ability to\nobtain governmental approvals of the proposed transaction on the proposed\nterms and schedule, any conditions imposed on the parties in connection with\nconsummation of the proposed transaction; the risk that the cost savings and\nany other synergies from the proposed transaction may not be fully realized or\nmay take longer to realize than expected; disruption from the proposed\ntransaction making it more difficult to maintain relationships with customers,\nemployees or suppliers; future levels of revenues; consumer demand for\ncannabis products; Cronos Group\u2019s ability to manage disruptions in credit\nmarkets or changes to its credit rating; future levels of capital,\nenvironmental or maintenance expenditures, general and administrative and\nother expenses; the success or timing of completion of ongoing or anticipated\ncapital or maintenance projects; the business strategies, growth opportunities\nand expected investment; the adequacy of our capital resources and liquidity,\nincluding but not limited to, availability of sufficient cash flow to execute\nour business plan (either within the expected timeframe or at all); the\npotential effects of judicial or other proceedings on our business, financial\ncondition, results of operations and cash flows; continued or further\nvolatility in and/or degradation of general economic, market, industry or\nbusiness conditions; compliance with applicable environmental, economic,\nhealth and safety, energy and other policies and regulations; the anticipated\neffects of actions of third parties such as competitors, activist investors or\nfederal (including U.S. federal), state, provincial, territorial or local\nregulatory authorities, self-regulatory organizations or plaintiffs in\nlitigation; and the factors discussed in CronosGroup\u2019s current MD&A and Annual\nInformation Form, both of which have been filed on SEDAR and EDGAR and can be\naccessed at [ www.sedar.com ](http://www.sedar.com/) and [ www.sec.gov\n](http://www.sec.gov/) , respectively. Readers are cautioned to consider these\nand other factors, uncertainties and potential events carefully and not to put\nundue reliance on forward-looking statements. Forward-looking statements\ncontained herein are made as of the date of this communication and are based\non the beliefs, estimates, expectations and opinions of management on the date\nsuch forward-looking statements are made. Cronos Group undertakes no\nobligation to update or revise any forward-looking statements, whether as a\nresult of new information, estimates or opinions, future events or results or\notherwise or to explain any material difference between subsequent actual\nevents and such forward-looking statements, except as required by applicable\nlaw or regulation.\n\nSOURCE Cronos Group Inc.\n\nFacebook  Twitter  Pinterest  LinkedIn\n\n###  You may also like\n\n[ ](https://terpenesandtesting.com/cannabis-improves-quality-of-life-of-\npatients-with-chronic-disease-uk-study/ \"Cannabis Improves Quality of Life of\nPatients With Chronic Disease: UK Study\")\n\n[ ](https://terpenesandtesting.com/cannabis-for-joint-surgery-heres-what-a-\nstudy-found/ \"Cannabis For Joint Surgery: Here\u2019s What a Study Found\")\n\n[ ](https://terpenesandtesting.com/cannabis-relieves-tinnitus-related-\nsymptoms-study-finds/ \"Cannabis Relieves Tinnitus-related Symptoms: Study\nFinds\")\n\n[ ](https://terpenesandtesting.com/cannabis-terpene-profiles-matter-new-study-\nreveals/ \"Cannabis Terpene Profiles Matter: New Study Reveals\")\n\n[ ](https://terpenesandtesting.com/cannabis-use-does-not-impair-lung-function-\nstudy-finds/ \"Cannabis Use Does Not Impair Lung Function: Study Finds\")\n\n[ ](https://terpenesandtesting.com/new-study-de-links-cannabis-legalization-\nwith-increased-rates-of-psychosis/ \"New Study De-Links Cannabis Legalization\nWith Increased Rates of Psychosis\")\n\n###  About the author\n\n####  Shared Content\n\n[ View all posts ](https://terpenesandtesting.com/author/sharedcontent/)\n\n###  Leave a Comment  [ X ](/cronos-group-inc-announces-2-4-billion-strategic-\ninvestment-from-altria-group-inc/#respond)\n\nYou must be [ logged in\n](https://terpenesandtesting.com/tnt16/?redirect_to=https%3A%2F%2Fterpenesandtesting.com%2Fcronos-\ngroup-inc-announces-2-4-billion-strategic-investment-from-altria-group-inc%2F)\nto post a comment.\n\n####  Talked About\n\n  * [ ](https://terpenesandtesting.com/cannabis-improves-quality-of-life-of-patients-with-chronic-disease-uk-study/ \"Cannabis Improves Quality of Life of Patients With Chronic Disease: UK Study\")\n\n[ Cannabis Improves Quality of Life of Patients With...\n](https://terpenesandtesting.com/cannabis-improves-quality-of-life-of-\npatients-with-chronic-disease-uk-study/ \"Cannabis Improves Quality of Life of\nPatients With Chronic Disease: UK Study\")\n\n  * [ ](https://terpenesandtesting.com/raphael-mechoulam-dies-at-92-quotes-to-remember/ \"Raphael Mechoulam Dies at 92:  Quotes To Remember\")\n\n[ Raphael Mechoulam Dies at 92: Quotes To Remember\n](https://terpenesandtesting.com/raphael-mechoulam-dies-at-92-quotes-to-\nremember/ \"Raphael Mechoulam Dies at 92:  Quotes To Remember\")\n\n  * [ ](https://terpenesandtesting.com/cannabis-for-joint-surgery-heres-what-a-study-found/ \"Cannabis For Joint Surgery: Here\u2019s What a Study Found\")\n\n[ Cannabis For Joint Surgery: Here\u2019s What a Study Found\n](https://terpenesandtesting.com/cannabis-for-joint-surgery-heres-what-a-\nstudy-found/ \"Cannabis For Joint Surgery: Here\u2019s What a Study Found\")\n\n  * [ ](https://terpenesandtesting.com/researchers-warn-that-daily-cannabis-use-can-cause-heart-disease/ \"Researchers Warn That Daily Cannabis Use Can Cause Heart Disease\")\n\n[ Researchers Warn That Daily Cannabis Use Can Cause...\n](https://terpenesandtesting.com/researchers-warn-that-daily-cannabis-use-can-\ncause-heart-disease/ \"Researchers Warn That Daily Cannabis Use Can Cause Heart\nDisease\")\n\n  * [ ](https://terpenesandtesting.com/cannabis-relieves-tinnitus-related-symptoms-study-finds/ \"Cannabis Relieves Tinnitus-related Symptoms: Study Finds\")\n\n[ Cannabis Relieves Tinnitus-related Symptoms: Study...\n](https://terpenesandtesting.com/cannabis-relieves-tinnitus-related-symptoms-\nstudy-finds/ \"Cannabis Relieves Tinnitus-related Symptoms: Study Finds\")\n\n  * [ ](https://terpenesandtesting.com/cannabis-terpene-levels-indoor-vs-outdoor-grow/ \"Cannabis Terpene Levels: Indoor Vs Outdoor Grow\")\n\n[ Cannabis Terpene Levels: Indoor Vs Outdoor Grow\n](https://terpenesandtesting.com/cannabis-terpene-levels-indoor-vs-outdoor-\ngrow/ \"Cannabis Terpene Levels: Indoor Vs Outdoor Grow\")\n\n  * [ ](https://terpenesandtesting.com/are-magic-mushrooms-legal-in-canada/ \"Are Magic Mushrooms Legal In Canada?\")\n\n[ Are Magic Mushrooms Legal In Canada? ](https://terpenesandtesting.com/are-\nmagic-mushrooms-legal-in-canada/ \"Are Magic Mushrooms Legal In Canada?\")\n\n####  Video of the Week\n\n####  Join Us\n\n  * [ instagram  ](https://www.instagram.com/terpenesandtestingmagazine/?hl=en \"Instagram\")\n  * [ facebook  ](https://www.facebook.com/terpenesandtestingmagazine/ \"Facebook\")\n  * [ linkedin  ](https://www.linkedin.com/company/terpenesandtestingmagazine/ \"Linkedin\")\n\n[ ](https://terpenesandtesting.com/feed/)\n\n[ Privacy Policy ](https://terpenesandtesting.com/privacy-policy/) \\- [ Terms\nof Use ](https://terpenesandtesting.com/terms-of-use/)\n\nCopyright \u00ae2022 - Terpenes and Testing Magazine - All rights reserved. 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                "url": "https://terpenesandtesting.com/cronos-group-inc-announces-2-4-billion-strategic-investment-from-altria-group-inc/"
            },
            "reason": "This article reports on Altria's investment in Cronos Group. While the source is specific to the cannabis industry, the information aligns with other reputable sources and appears factual.",
            "reliability_score": 0.8,
            "search_query": "company 'The Cronos Group' customers stakeholders",
            "summary": "Report on Altria's $2.4 billion investment in Cronos Group.",
            "url": "https://terpenesandtesting.com/cronos-group-inc-announces-2-4-billion-strategic-investment-from-altria-group-inc/"
        },
        {
            "content": {
                "metadata": {
                    "ext_id": "feda98f2-4f09-4157-b11a-b888876f9038",
                    "origin": "public",
                    "resource_location": "web",
                    "resource_type": "webpage",
                    "source": "https://www.beautypackaging.com/contents/view_breaking-news/2019-08-05/cronos-group-acquires-redwood/"
                },
                "page_content": "#####  [ Beauty Industry ](https://www.beautypackaging.com/breaking-\nnews?sticky=beauty-industry)\n\n##  Cronos Group Acquires Redwood\n\nTransaction expected to close in Q3 of 2019.\n\nAugust 5, 2019\n\nBy: [ Charlie Sternberg\n](https://www.beautypackaging.com/author/csternbergrodmanmedia-com/)\n\nAssociate Editor\n\n  * [ ](https://www.linkedin.com/shareArticle?url=https://www.beautypackaging.com/breaking-news/cronos-group-acquires-redwood/&title=Cronos Group Acquires Redwood)\n  * [ ](https://www.facebook.com/sharer/sharer.php?u=https://www.beautypackaging.com/breaking-news/cronos-group-acquires-redwood/&title=Cronos Group Acquires Redwood)\n  * [ ](https://twitter.com/intent/tweet?url=https://www.beautypackaging.com/breaking-news/cronos-group-acquires-redwood/&text=Cronos Group Acquires Redwood)\n\n[ Cronos Group Inc. ](https://thecronosgroup.com/) has entered into a\ndefinitive agreement to acquire four of Redwood Holding Group LLC\u2019s operating\nsubsidiaries.  \n  \nRedwood manufactures, markets and distributes hemp-derived cannabidiol (CBD)\ninfused skincare and other consumer products online and through retail and\nhospitality partner channels in the United States under the brand, Lord Jones.\nRedwood\u2019s products use pure hemp oil that contains natural phytocannabinoids\nand terpenes found in the plant.  \n  \nRedwood was co-founded in 2017 by Robert Rosenheck and Cindy Capobianco.\nFollowing the close of the transaction, Rosenheck and Capobianco will join\nCronos Group and continue to lead the development of the Redwood platform with\nthe support of the current team, brand names and operating locations remaining\nin place.  \n  \n\u201cRob and Cindy have built a differentiated, best-in-class platform with hemp-\nbased CBD formulations that stand for quality and consistency. Our goal is to\npreserve the integrity of all Rob and Cindy have created, while also learning\nfrom them and leveraging Cronos Group\u2019s resources to capitalize on the\nsignificant demand for skincare and other consumer products derived from hemp.\nLeading the industry forward responsibly and being a part of the conversation\nwith industry stakeholders remains a top priority for Cronos Group in this\nevolving area,\u201d said Mike Gorenstein, Cronos Group\u2019s chairman, president and\nCEO.  \n  \n\u201cThe inspiration for our company was simple, we wanted to create a brand we\nwished we could buy as adult consumers,\u201d said Rosenheck. \u201cWe chose Cronos\nGroup because they share our vision and values and will help us continue our\nmission. We are incredibly proud of our team and grateful to our customers who\nare responsible for our success. Cindy and I look forward to working with\nCronos Group to further extend the love and enthusiasm for our products.\u201d  \n  \nUnder the terms of the agreement, Cronos Group will acquire Redwood for\napproximately $300 million, net of Redwood\u2019s estimated cash and debt and\nsubject to a customary working capital adjustment as described in the\nagreement. $225 million of the total consideration (subject to the foregoing\nadjustments) will be paid in cash with the balance paid in newly issued Cronos\nGroup common shares. Cronos Group will fund the cash portion of the\ntransaction with cash on hand.  \n  \nThe transaction is expected to close in the third quarter of 2019, subject to\ncustomary closing conditions and regulatory approvals.\n\n####  Keep Up With Our Content. Subscribe To Beauty Packaging Newsletters\n\n[ ](/subscription/)\n\n#####  About Us\n\n[ ](https://www.beautypackaging.com/)\n\nNow in its 25th year, Beauty Packaging continues to bring brand marketers\ntogether with packaging suppliers in every issue\u2014and through its dynamic\nwebsite\n\n#####  Explore Our Brands\n\n[ ](https://www.happi.com/)\n\n[ ](https://www.nonwovens-industry.com/)\n\n[ ](https://www.inkworldmagazine.com/)\n\n[ ](https://www.nutraceuticalsworld.com/)\n\n[ ](https://www.printedelectronicsnow.com/)\n\n[ ](https://www.contractpharma.com/)\n\n[ ](https://www.odtmag.com/)\n\n[ ](https://www.coatingsworld.com/)\n\n[ ](https://www.labelandnarrowweb.com.)\n\n[ ](https://www.mpo-mag.com/)\n\n  * About Is \n  * Advertise with Us \n  * [ Editorial Guidelines ](/editorial-guidelines/)\n  * Privacy Policy \n  * Terms & Conditions \n\n  * [ __ ](https://www.facebook.com/BeautyPackaging/)\n  * [ __ ](https://x.com/i/flow/login?redirect_after_login=%2Fbeautypackaging)\n  * [ __ ](https://www.linkedin.com/company/nutraceuticals-world/)\n  * __\n  * __\n\nCopyright \u00a9 2024 Rodman Media. All rights reserved. Use of this constitutes\nacceptance of our privacy policy.\n\nThe material on this site may not be reproduced, distributed, transmitted, or\notherwise used, except with the prior written permission of Rodman Media.\n\nCopyright \u00a9 2024 Rodman Media. All rights reserved. Use of this constitutes\nacceptance of our privacy policy.\n\nThe material on this site may not be reproduced, distributed, transmitted, or\notherwise used, except with the prior written permission of Rodman Media.\n\n[ ](https://www.beautypackaging.com)\n\n###  Forgot your password?\n\nEnter your account email.\n\n__\n\n[ ](https://www.beautypackaging.com)\n\nA verification code was sent to  your email  ,  \n**Enter the 6-digit code sent to your mail.**\n\n__\n\nPlease Enter valid OTP\n\nDidn't get the code? 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                "url": "https://www.beautypackaging.com/contents/view_breaking-news/2019-08-05/cronos-group-acquires-redwood/"
            },
            "reason": "Beauty Packaging reports on Cronos Group's acquisition of Redwood. The information is straightforward and likely based on a press release or other reliable source.",
            "reliability_score": 0.8,
            "search_query": "company 'The Cronos Group' customers stakeholders",
            "summary": "News report on Cronos Group's acquisition of Redwood, a CBD beauty brand owner.",
            "url": "https://www.beautypackaging.com/contents/view_breaking-news/2019-08-05/cronos-group-acquires-redwood/"
        },
        {
            "content": {
                "metadata": {
                    "ext_id": "12be4eb2-a7a4-4af1-9323-4fe3548bbe51",
                    "origin": "public",
                    "resource_location": "web",
                    "resource_type": "webpage",
                    "source": "https://www.stocktitan.net/news/CRON/cronos-group-reports-2024-fourth-quarter-and-full-year-ft1pmfo4ixz2.html"
                },
                "page_content": "  1. [ Home  ](/)\n  2. [ News  ](/news/live.html)\n  3. [ CRON  ](/news/CRON/)\n  4. Cronos Group Reports 2024 Fourth Quarter and Full-Year Results \n\n#####  [ Trending News __ ](/news/trending.html)\n\n[ ](/news/SUNE/ \" SUNE Stock News\")\n\n[ SUNE ](/news/SUNE/)\n\n[ SUNation Energy Strengthens Financial Position Via Recently Compl...\n](/news/SUNE/su-nation-energy-strengthens-financial-position-via-\nrecently-7mvejuw2nwy9.html)\n\n[ ](/news/RSLS/ \" RSLS Stock News\")\n\n[ RSLS ](/news/RSLS/)\n\n[ ReShape Lifesciences\u00ae Partners with Motion Informatics to Bring A...\n](/news/RSLS/re-shape-lifesciences-partners-with-motion-informatics-to-bring-\nai-asvw91hqd7id.html)\n\n[ ](/news/MSFT/ \" MSFT Stock News\")\n\n[ MSFT ](/news/MSFT/)\n\n[ Microsoft announces quarterly earnings release date ](/news/MSFT/microsoft-\nannounces-quarterly-earnings-release-pyzdaj4mc5mj.html)\n\n[ ](/news/AGNC/ \" AGNC Stock News\")\n\n[ AGNC ](/news/AGNC/)\n\n[ AGNC Investment Corp. Declares Monthly Common Stock Dividend of $...\n](/news/AGNC/agnc-investment-corp-declares-monthly-common-stock-dividend-\nof-0-12-xxg96auebidq.html)\n\n[ ](/news/STZ/ \" STZ Stock News\")\n\n[ STZ ](/news/STZ/)\n\n[ Constellation Brands Repositions Wine and Spirits Business to a P...\n](/news/STZ/constellation-brands-repositions-wine-and-spirits-business-\nto-a-5d8v095ydq9h.html)\n\n[ ](/news/CLSK/ \" CLSK Stock News\")\n\n[ CLSK ](/news/CLSK/)\n\n[ CleanSpark to Participate in Jones Healthcare and Technology Inno...\n](/news/CLSK/clean-spark-to-participate-in-jones-healthcare-and-technology-\nsy2fwxz4zbfy.html)\n\n[ ](/news/SUNE/ \" SUNE Stock News\")\n\n[ SUNE ](/news/SUNE/)\n\n[ SUNation Energy Strengthens Financial Position Via Recently Compl...\n](/news/SUNE/su-nation-energy-strengthens-financial-position-via-\nrecently-7mvejuw2nwy9.html)\n\n[ ](/news/RSLS/ \"ReShape Lifesciences Inc. RSLS Stock News\")\n\n[ RSLS ](/news/RSLS/)\n\n[ ReShape Lifesciences\u00ae Partners with Motion Informatics to Bring A...\n](/news/RSLS/re-shape-lifesciences-partners-with-motion-informatics-to-bring-\nai-asvw91hqd7id.html)\n\n[ ](/news/MSFT/ \"Microsoft Corporation MSFT Stock News\")\n\n[ MSFT ](/news/MSFT/)\n\n[ Microsoft announces quarterly earnings release date ](/news/MSFT/microsoft-\nannounces-quarterly-earnings-release-pyzdaj4mc5mj.html)\n\n[ ](/news/AGNC/ \"AGNC Investment Corp AGNC Stock News\")\n\n[ AGNC ](/news/AGNC/)\n\n[ AGNC Investment Corp. Declares Monthly Common Stock Dividend of $...\n](/news/AGNC/agnc-investment-corp-declares-monthly-common-stock-dividend-\nof-0-12-xxg96auebidq.html)\n\n[ ](/news/STZ/ \"Constellation Brands Inc STZ Stock News\")\n\n[ STZ ](/news/STZ/)\n\n[ Constellation Brands Repositions Wine and Spirits Business to a P...\n](/news/STZ/constellation-brands-repositions-wine-and-spirits-business-\nto-a-5d8v095ydq9h.html)\n\n[ ](/news/CLSK/ \"Cleanspark Inc CLSK Stock News\")\n\n[ CLSK ](/news/CLSK/)\n\n[ CleanSpark to Participate in Jones Healthcare and Technology Inno...\n](/news/CLSK/clean-spark-to-participate-in-jones-healthcare-and-technology-\nsy2fwxz4zbfy.html)\n\n#  Cronos Group Reports 2024 Fourth Quarter and Full-Year Results\n\nRhea-AI Impact\n\n(Low)\n\nRhea-AI Sentiment\n\n(Neutral)\n\nTags\n\nRhea-AI Summary\n\n__\n\n  * English \n  * French \n  * German \n  * Italian \n  * Korean \n  * Spanish \n\n**Cronos Group (NASDAQ: CRON)** reported strong financial results for Q4 and\nfull-year 2024, with Q4 net revenue increasing 27% year-over-year to $30.3\nmillion and full-year revenue up 35% to $117.6 million.\n\nKey highlights include:\n\n  * **Spinach\u00ae** ended 2024 as the #1 cannabis brand in Canada, with 5.7% market share in flower category \n  * **PEACE NATURALS\u00ae** achieved #1 position in Israel with 24% market share \n  * Company maintains strong balance sheet with $859 million in cash \n  * Q4 2024 gross profit increased to $10.8 million, up from $1.9 million in Q4 2023 \n  * Adjusted EBITDA improved to $(7.2) million in Q4 2024, a $7.6 million improvement year-over-year \n\nThe company expanded operations through Cronos GrowCo investment, enhanced\ncultivation capabilities, and strengthened international presence in Germany\nand UK markets.\n\n**Cronos Group (NASDAQ: CRON)** ha riportato risultati finanziari solidi per\nil quarto trimestre e l'intero anno 2024, con un aumento del 27% anno su anno\ndei ricavi netti del Q4, che hanno raggiunto i 30,3 milioni di dollari, e un\nincremento del 35% dei ricavi annuali, arrivando a 117,6 milioni di dollari.\n\nI punti salienti includono:\n\n  * **Spinach\u00ae** ha concluso il 2024 come il marchio di cannabis numero 1 in Canada, con una quota di mercato del 5,7% nella categoria dei fiori \n  * **PEACE NATURALS\u00ae** ha raggiunto la posizione numero 1 in Israele con una quota di mercato del 24% \n  * L'azienda mantiene un bilancio solido con 859 milioni di dollari in contante \n  * Il profitto lordo del Q4 2024 \u00e8 aumentato a 10,8 milioni di dollari, rispetto a 1,9 milioni di dollari nel Q4 2023 \n  * L'EBITDA rettificato \u00e8 migliorato a $(7,2) milioni nel Q4 2024, con un miglioramento di 7,6 milioni di dollari rispetto all'anno precedente \n\nL'azienda ha ampliato le operazioni attraverso l'investimento in Cronos\nGrowCo, migliorando le capacit\u00e0 di coltivazione e rafforzando la presenza\ninternazionale nei mercati di Germania e Regno Unito.\n\n**Cronos Group (NASDAQ: CRON)** report\u00f3 resultados financieros s\u00f3lidos para el\ncuarto trimestre y el a\u00f1o completo 2024, con un aumento del 27% interanual en\nlos ingresos netos del Q4, alcanzando los 30,3 millones de d\u00f3lares, y un\nincremento del 35% en los ingresos anuales, llegando a 117,6 millones de\nd\u00f3lares.\n\nLos aspectos m\u00e1s destacados incluyen:\n\n  * **Spinach\u00ae** termin\u00f3 2024 como la marca de cannabis n\u00famero 1 en Canad\u00e1, con una cuota de mercado del 5,7% en la categor\u00eda de flores \n  * **PEACE NATURALS\u00ae** logr\u00f3 la posici\u00f3n n\u00famero 1 en Israel con una cuota de mercado del 24% \n  * La empresa mantiene un s\u00f3lido balance con 859 millones de d\u00f3lares en efectivo \n  * El beneficio bruto del Q4 2024 aument\u00f3 a 10,8 millones de d\u00f3lares, frente a 1,9 millones de d\u00f3lares en el Q4 2023 \n  * El EBITDA ajustado mejor\u00f3 a $(7,2) millones en el Q4 2024, una mejora de 7,6 millones de d\u00f3lares interanual \n\nLa empresa ampli\u00f3 sus operaciones a trav\u00e9s de la inversi\u00f3n en Cronos GrowCo,\nmejorando las capacidades de cultivo y fortaleciendo la presencia\ninternacional en los mercados de Alemania y Reino Unido.\n\n**\ud06c\ub85c\ub178\uc2a4 \uadf8\ub8f9 (NASDAQ: CRON)** \uc740 2024\ub144 4\ubd84\uae30 \ubc0f \uc5f0\uac04 \uac15\ub825\ud55c \uc7ac\ubb34 \uc2e4\uc801\uc744 \ubcf4\uace0\ud588\uc73c\uba70, 4\ubd84\uae30 \uc21c\uc218\uc775\uc774 \uc804\ub144 \ub300\ube44\n27% \uc99d\uac00\ud558\uc5ec 3,030\ub9cc \ub2ec\ub7ec\uc5d0 \ub2ec\ud558\uace0, \uc5f0\uac04 \uc218\uc775\uc740 35% \uc99d\uac00\ud558\uc5ec 1\uc5b5 1,760\ub9cc \ub2ec\ub7ec\uc5d0 \uc774\ub974\ub800\uc2b5\ub2c8\ub2e4.\n\n\uc8fc\uc694 \ud558\uc774\ub77c\uc774\ud2b8\ub294 \ub2e4\uc74c\uacfc \uac19\uc2b5\ub2c8\ub2e4:\n\n  * **\uc2a4\ud53c\ub098\uce58(Spinach\u00ae)** \ub294 \uce90\ub098\ub2e4\uc5d0\uc11c \uaf43 \ubd80\ubb38\uc5d0\uc11c 5.7%\uc758 \uc2dc\uc7a5 \uc810\uc720\uc728\uc744 \uae30\ub85d\ud558\uba70 2024\ub144\uc744 1\uc704 \ub300\ub9c8\ucd08 \ube0c\ub79c\ub4dc\ub85c \ub9c8\uac10\ud588\uc2b5\ub2c8\ub2e4. \n  * **\ud53c\uc2a4 \ub0b4\ucd94\ub7f4\uc2a4(PEACE NATURALS\u00ae)** \ub294 \uc774\uc2a4\ub77c\uc5d8\uc5d0\uc11c 24%\uc758 \uc2dc\uc7a5 \uc810\uc720\uc728\ub85c 1\uc704 \uc790\ub9ac\ub97c \ucc28\uc9c0\ud588\uc2b5\ub2c8\ub2e4. \n  * \ud68c\uc0ac\ub294 8\uc5b5 5,900\ub9cc \ub2ec\ub7ec\uc758 \ud604\uae08\uc744 \ubcf4\uc720\ud558\uba70 \uac15\ub825\ud55c \uc7ac\ubb34 \uad6c\uc870\ub97c \uc720\uc9c0\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4. \n  * 2024\ub144 4\ubd84\uae30 \ucd1d \uc774\uc775\uc740 1,080\ub9cc \ub2ec\ub7ec\ub85c \uc99d\uac00\ud588\uc73c\uba70, \uc774\ub294 2023\ub144 4\ubd84\uae30 190\ub9cc \ub2ec\ub7ec\uc5d0\uc11c \uc99d\uac00\ud55c \uc218\uce58\uc785\ub2c8\ub2e4. \n  * \uc870\uc815\ub41c EBITDA\ub294 2024\ub144 4\ubd84\uae30\uc5d0 $(720\ub9cc) \ub2ec\ub7ec\ub85c \uac1c\uc120\ub418\uc5b4 \uc804\ub144 \ub300\ube44 760\ub9cc \ub2ec\ub7ec\uc758 \uac1c\uc120\uc744 \ubcf4\uc600\uc2b5\ub2c8\ub2e4. \n\n\ud68c\uc0ac\ub294 \ud06c\ub85c\ub178\uc2a4 \uadf8\ub85c\uc6b0\ucf54(Cronos GrowCo) \ud22c\uc790\ub97c \ud1b5\ud574 \uc6b4\uc601\uc744 \ud655\uc7a5\ud558\uace0, \uc7ac\ubc30 \ub2a5\ub825\uc744 \uac15\ud654\ud558\uba70, \ub3c5\uc77c \ubc0f \uc601\uad6d \uc2dc\uc7a5\uc5d0\uc11c \uad6d\uc81c\uc801\n\uc785\uc9c0\ub97c \uac15\ud654\ud588\uc2b5\ub2c8\ub2e4.\n\n**Cronos Group (NASDAQ: CRON)** a annonc\u00e9 des r\u00e9sultats financiers solides\npour le quatri\u00e8me trimestre et l'ann\u00e9e enti\u00e8re 2024, avec une augmentation de\n27 % des revenus nets du Q4 par rapport \u00e0 l'ann\u00e9e pr\u00e9c\u00e9dente, atteignant 30,3\nmillions de dollars, et une augmentation de 35 % des revenus annuels,\natteignant 117,6 millions de dollars.\n\nLes points forts incluent :\n\n  * **Spinach\u00ae** a termin\u00e9 2024 en tant que marque de cannabis num\u00e9ro 1 au Canada, avec une part de march\u00e9 de 5,7 % dans la cat\u00e9gorie des fleurs \n  * **PEACE NATURALS\u00ae** a atteint la premi\u00e8re position en Isra\u00ebl avec une part de march\u00e9 de 24 % \n  * L'entreprise maintient un bilan solide avec 859 millions de dollars en liquidit\u00e9s \n  * Le b\u00e9n\u00e9fice brut du Q4 2024 a augment\u00e9 \u00e0 10,8 millions de dollars, contre 1,9 million de dollars au Q4 2023 \n  * Le EBITDA ajust\u00e9 s'est am\u00e9lior\u00e9 \u00e0 $(7,2) millions au Q4 2024, soit une am\u00e9lioration de 7,6 millions de dollars par rapport \u00e0 l'ann\u00e9e pr\u00e9c\u00e9dente \n\nL'entreprise a \u00e9largi ses op\u00e9rations gr\u00e2ce \u00e0 l'investissement dans Cronos\nGrowCo, am\u00e9liorant les capacit\u00e9s de culture et renfor\u00e7ant sa pr\u00e9sence\ninternationale sur les march\u00e9s allemand et britannique.\n\n**Cronos Group (NASDAQ: CRON)** hat starke finanzielle Ergebnisse f\u00fcr das\nvierte Quartal und das gesamte Jahr 2024 gemeldet, mit einem Anstieg des\nNettoumsatzes im Q4 um 27% im Vergleich zum Vorjahr auf 30,3 Millionen Dollar\nund einem Anstieg des Jahresumsatzes um 35% auf 117,6 Millionen Dollar.\n\nWichtige Highlights sind:\n\n  * **Spinach\u00ae** beendete 2024 als die Nummer 1 Marke f\u00fcr Cannabis in Kanada mit einem Marktanteil von 5,7% in der Blumen-Kategorie \n  * **PEACE NATURALS\u00ae** erreichte die Nummer 1 Position in Israel mit einem Marktanteil von 24% \n  * Das Unternehmen h\u00e4lt eine starke Bilanz mit 859 Millionen Dollar in bar \n  * Der Bruttogewinn im Q4 2024 stieg auf 10,8 Millionen Dollar, im Vergleich zu 1,9 Millionen Dollar im Q4 2023 \n  * Das bereinigte EBITDA verbesserte sich im Q4 2024 auf $(7,2) Millionen, was eine Verbesserung von 7,6 Millionen Dollar im Jahresvergleich darstellt \n\nDas Unternehmen erweiterte seine Aktivit\u00e4ten durch Investitionen in Cronos\nGrowCo, verbesserte die Anbaukapazit\u00e4ten und st\u00e4rkte die internationale\nPr\u00e4senz auf den M\u00e4rkten in Deutschland und Gro\u00dfbritannien.\n\nPositive\n\n  * Net revenue grew 35% YoY to $117.6M in 2024 \n  * Achieved #1 market position in both Canada (Spinach) and Israel (PEACE NATURALS) \n  * Strong balance sheet with $859M cash \n  * Gross profit increased significantly to $10.8M in Q4 2024 \n  * SOURZ by Spinach captured 23% market share in edibles \n  * Successful expansion into UK and German markets \n\nNegative\n\n  * Still operating at negative Adjusted EBITDA of $(7.2M) in Q4 2024 \n  * Peace Naturals Campus sale-leaseback agreement terminated in Q2 2024 \n\n##  Insights\n\n##\n\nCronos Group's Q4 and full-year 2024 results demonstrate substantial\noperational momentum, with **net revenue growing 27% year-over-year** to\n$30.3 million  in Q4 and **35% year-over-year** to  $117.6 million  for the\nfull year. This growth trajectory significantly outpaces many cannabis sector\npeers and reflects successful execution across multiple markets.\n\nThe company's gross profit showed even more dramatic improvement, increasing\nby  $8.9 million  to  $10.8 million  in Q4 (representing a  35.6%  gross\nmargin) and by  $13.3 million  to  $25.2 million  for the full year. This\nmargin expansion stems from both higher sales volumes and meaningful\nproduction cost improvements, suggesting operational efficiencies are taking\nhold.\n\nWhile Adjusted EBITDA remains negative at  $(7.2) million  for Q4 and  $(34.9)\nmillion  for the full year, the  $26.6 million  year-over-year improvement\nindicates Cronos is making substantial progress toward profitability. The\n$8.7 million  in operating expense savings achieved in 2024 demonstrates\ndisciplined cost management without sacrificing growth.\n\nStrategically, Cronos has established enviable brand leadership positions.\nSpinach\u00ae has captured the #1 position in Canada's highly fragmented cannabis\nmarket, with particular strength in the high-margin edibles category where\nSOURZ by Spinach\u00ae commands  23%  market share in gummies. Similarly, PEACE\nNATURALS\u00ae has secured  24%  market share in Israel's flower segment, providing\ngeographic diversification.\n\nThe company's  $859 million  cash position represents approximately  119%  of\nits current market capitalization, providing exceptional financial flexibility\nin an industry where many competitors face liquidity constraints. This war\nchest enables Cronos to invest in capacity expansion through Cronos GrowCo\nwhile simultaneously pursuing international opportunities in Germany and the\nUK.\n\nThe vertical integration strategy, including bringing vape production in-house\nand expanding cultivation capacity, should drive further margin improvements\nwhile ensuring consistent supply of proprietary genetics. The decision to\nretain and expand the Peace Naturals Campus rather than pursue the previously\nannounced sale-leaseback signals confidence in the company's operational\nstrategy and long-term market position.\n\n##\n\nCronos Group's 2024 results reveal a company successfully executing a multi-\nfaceted brand and product strategy that's gaining significant traction across\nkey markets. The achievement of market leadership positions for both Spinach\u00ae\nin Canada and PEACE NATURALS\u00ae in Israel isn't merely symbolic \u2013 it represents\nthe culmination of strategic initiatives in product development, genetics\nbreeding, and category diversification.\n\nIn the high-margin edibles segment, Cronos has established remarkable\ndominance with SOURZ by Spinach\u00ae capturing  23%  of the Canadian gummies\nmarket. This level of market penetration is exceptional in the fragmented\ncannabis consumer packaged goods space, where the top 5-7 brands typically\ncommand only  60-70%  of any category. The expansion into 10mg single-piece\nformats with the Fully Blasted line demonstrates responsive innovation to\nconsumer preferences for higher potency options.\n\nThe company's proprietary genetics breeding program represents a significant\ncompetitive moat. Unlike many cannabis companies that source generic strains,\nCronos's investment in proprietary cultivars enables them to create truly\ndifferentiated products with consistent cannabinoid and terpene profiles that\nconsumers recognize and seek out. This genetics advantage extends across\nborders, with strains like GMO and Wedding Cake showing strong demand in both\nGermany and the UK.\n\nThe strategic focus on the infused pre-roll category is particularly\nnoteworthy. This segment is growing at approximately  25-30%  annually in\nmature markets, offering higher margins than conventional pre-rolls while\nattracting both experienced consumers and category entrants. The Lord Jones\u00ae\nIce Water Hash Fusions achieving the #1 position in the hash pre-roll category\ndemonstrates Cronos's ability to create premium differentiated offerings that\ncommand price premiums.\n\nCronos's international strategy reveals a sophisticated market entry approach.\nRather than rushing into multiple markets simultaneously, the company has\nmethodically built dominant positions in Israel (  24%  flower market share)\nwhile carefully expanding into Germany and the UK with targeted offerings that\nleverage their genetics advantage. This measured approach contrasts favorably\nwith competitors who expanded too rapidly and subsequently retreated from\ninternational markets.\n\nThe vertical integration strategy through Cronos GrowCo and bringing vape\nproduction in-house represents a balanced approach to the supply chain. Rather\nthan fully vertically integrating all operations (which has proven problematic\nfor many cannabis companies), Cronos maintains flexibility while securing\ncontrol over critical inputs and manufacturing processes that directly impact\nproduct quality and margins.\n\n* [ ](https://twitter.com/intent/tweet?text=%24CRON%20Cronos%20Group%20Reports%202024%20Fourth%20Quarter%20and%20Full-Year%20Results%0Ahttps%3A%2F%2Fwww.stocktitan.net%2Fnews%2FCRON%2Fcronos-group-reports-2024-fourth-quarter-and-full-year-ft1pmfo4ixz2.html \"Share on X\")\n* [ ](https://reddit.com/submit?url=https%3A%2F%2Fwww.stocktitan.net%2Fnews%2FCRON%2Fcronos-group-reports-2024-fourth-quarter-and-full-year-ft1pmfo4ixz2.html&title=Cronos%20Group%20Reports%202024%20Fourth%20Quarter%20and%20Full-Year%20Results \"Share on Reddit\")\n* [ ](https://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Fwww.stocktitan.net%2Fnews%2FCRON%2Fcronos-group-reports-2024-fourth-quarter-and-full-year-ft1pmfo4ixz2.html&quote=%24CRON%20%7C%20Cronos%20Group%20Reports%202024%20Fourth%20Quarter%20and%20Full-Year%20Results \"Share on Facebook\")\n* 02/27/2025 - 07:30 AM \n\n_Net revenue in Q4 2024 increased by 27%  year-over-year to  $30.3 million  ;\nNet revenue in FY 2024 increased by  35%  year-over-year to  $117.6 million  _\n\n_Spinach_ _\u00ae_ _Ends 2024 as the Number One Cannabis Brand in Canada_ _1_\n\n_PEACE NATURALS_ _\u00ae_ _Ends 2024 as the Number One Cannabis Brand in Israel_\n_2_\n\n_Industry leading balance sheet with_ _ $859  _ _million in cash_ _and cash\nequivalents_\n\nTORONTO, Feb. 27, 2025 (GLOBE NEWSWIRE) -- Cronos Group Inc. (NASDAQ: CRON)\n(TSX: CRON) (\u201cCronos\u201d or the \u201cCompany\u201d), today announced its 2024 fourth\nquarter and full-year business results.\n\n\"We set ambitious goals to deliver robust growth, improve margins, and achieve\noperational excellence. Today, I am proud to say that Cronos has not only met\nbut exceeded these objectives, as evidenced by our strong 2024 results. Our\nunwavering commitment to innovation, quality, and disciplined cost management\nhas solidified our leadership in the global cannabis industry,\" said Mike\nGorenstein, Chairman, President and CEO of Cronos.\n\n\"From Spinach  _\u00ae_ becoming the number one cannabis brand in Canada and PEACE\nNATURALS  _\u00ae_ achieving a number one position in Israel, to our groundbreaking\nadvancements in cannabis genetics, to international expansion, Cronos is well-\npositioned to capitalize on future opportunities and drive long-term value for\nour shareholders. As we look ahead to 2025, we remain focused on sustaining\nthis momentum, strengthening our market leadership, and delivering innovative\nproducts that resonate with consumers worldwide,\" continued Mr. Gorenstein.\n\"Our strategic investments, such as Cronos GrowCo, have enhanced our\ncultivation capabilities, ensuring a consistent supply of high-quality\ncannabis at scale with an improved gross margin profile, while our R&D\nbreakthroughs have set new industry standards. Internationally, we\u2019ve made\nsignificant strides, with PEACE NATURALS  _\u00ae_ leading in Israel and gaining\ntraction in Germany and the UK. Combined with a robust balance sheet and a\nportfolio of best-selling, borderless brands, Cronos is not just leading\ntoday, we\u2019re building the foundation for long-term excellence in the global\ncannabis industry. Looking to 2025, we're excited about the opportunities\nahead as we continue to innovate, expand, and deliver for our consumers and\nshareholders.\"  \n\n**_Consolidated Financial Results_ **\n\nOn June 20, 2024 the Company made an additional investment in Cronos Growing\nCompany (\"Cronos GrowCo\") to fund the expansion of cultivation operations.\nCronos also obtained majority control of the board of directors of Cronos\nGrowCo and began consolidating Cronos GrowCo's results from July 1, 2024.\nPrior to this date, the Company's investment in Cronos GrowCo consisted of an\ninvestment accounted for under the equity method and loans receivable from\nCronos GrowCo.\n\nIn the second quarter of 2023, the Company exited its United States (\"U.S.\")\nhemp-derived CBD operations. The exit of the U.S. operations represented a\nstrategic shift, and as such, qualifies for reporting as discontinued\noperations in our condensed consolidated statements of net income (loss) and\ncomprehensive income (loss). Prior period amounts have been reclassified to\nreflect the discontinued operations classification of the U.S. operations.\n\nThe tables below set forth our condensed consolidated results of continuing\noperations, expressed in thousands of U.S. dollars for the periods presented.\nOur condensed consolidated financial results for these periods are not\nnecessarily indicative of the consolidated financial results that we will\nachieve in future periods.\n\n_(in thousands of USD)_ |  |  **Three Months Ended December 31,** |  |  **Change** |  |  **Year ended December 31,** |  |  **Change**  \n---|---|---|---|---|---|---|---|---  \n|  |  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%**  \nCronos net revenue, excluding Cronos GrowCo net revenue  (i)  |  |  $  |  28,195  |  |  |  $  |  23,915  |  |  |  $  |  4,280  |  |  |  18  |  %  |  |  $  |  111,241  |  |  |  $  |  87,241  |  |  |  $  |  24,000  |  |  |  28  |  %   \nCronos GrowCo net revenue  (ii)  |  |  |  2,106  |  |  |  |  \u2014  |  |  |  |  2,106  |  |  |  N/A  |  |  |  |  6,374  |  |  |  |  \u2014  |  |  |  |  6,374  |  |  |  N/A  |   \nNet Revenue  |  |  $  |  30,301  |  |  |  $  |  23,915  |  |  |  $  |  6,386  |  |  |  27  |  %  |  |  $  |  117,615  |  |  |  $  |  87,241  |  |  |  $  |  30,374  |  |  |  35  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nCost of sales  |  |  |  19,494  |  |  |  |  21,913  |  |  |  |  (2,419  |  )  |  |  (11  |  )%  |  |  |  91,710  |  |  |  |  74,527  |  |  |  |  17,183  |  |  |  23  |  %   \nInventory write-down  |  |  |  \u2014  |  |  |  |  89  |  |  |  |  (89  |  )  |  |  N/A  |  |  |  |  707  |  |  |  |  805  |  |  |  |  (98  |  )  |  |  (12  |  )%   \nGross profit  |  |  $  |  10,807  |  |  |  $  |  1,913  |  |  |  $  |  8,894  |  |  |  465  |  %  |  |  $  |  25,198  |  |  |  $  |  11,909  |  |  |  $  |  13,289  |  |  |  112  |  %   \nGross margin  (  ii  i)  |  |  |  36  |  %  |  |  |  8  |  %  |  |  |  N/A  |  |  |  28  |  pp  |  |  |  21  |  %  |  |  |  14  |  %  |  |  |  N/A  |  |  |  7  |  pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nInventory step-up recorded to cost of sales  |  |  |  (1,832  |  )  |  |  |  \u2014  |  |  |  |  (1,832  |  )  |  |  N/A  |  |  |  |  5,284  |  |  |  |  \u2014  |  |  |  |  5,284  |  |  |  N/A  |   \nAdjusted Gross Profit  (iv)  |  |  $  |  8,975  |  |  |  $  |  1,913  |  |  |  $  |  7,062  |  |  |  369  |  %  |  |  $  |  30,482  |  |  |  $  |  11,909  |  |  |  $  |  18,573  |  |  |  156  |  %   \nAdjusted Gross Margin  (v)  |  |  |  30  |  %  |  |  |  8  |  %  |  |  |  N/A  |  |  |  22  |  pp  |  |  |  26  |  %  |  |  |  14  |  %  |  |  |  N/A  |  |  |  12  |  pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nNet income (loss)  |  |  $  |  43,941  |  |  |  $  |  (45,151  |  )  |  |  $  |  89,092  |  |  |  197  |  %  |  |  $  |  40,022  |  |  |  $  |  (70,439  |  )  |  |  $  |  110,461  |  |  |  N/M  |   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nAdjusted EBITDA  (  iv  )  |  |  $  |  (7,203  |  )  |  |  $  |  (14,790  |  )  |  |  $  |  7,587  |  |  |  51  |  %  |  |  $  |  (34,942  |  )  |  |  $  |  (61,564  |  )  |  |  $  |  26,622  |  |  |  43  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \n**Other Data** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nCash and cash equivalents  (  vi  )  |  |  $  |  858,805  |  |  |  $  |  669,291  |  |  |  $  |  189,514  |  |  |  28  |  %  |  |  |  |  |  |  |  |   \nShort-term investments  (  vi  )  |  |  |  \u2014  |  |  |  |  192,237  |  |  |  |  (192,237  |  )  |  |  (100  |  )%  |  |  |  |  |  |  |  |   \nCapital expenditures  (v  ii  )  |  |  |  3,708  |  |  |  |  1,792  |  |  |  |  1,916  |  |  |  107  |  %  |  |  |  13,154  |  |  |  |  3,423  |  |  |  |  9,731  |  |  |  284  |  %   \n  \n_(i)_ _Cronos net revenue, excluding Cronos GrowCo net revenue is net revenue\nless Cronos GrowCo net revenue and is after intercompany eliminations._  \n_(ii)_ _Cronos GrowCo net revenue is Cronos GrowCo's net revenue after\nintercompany eliminations._  \n_(iii)_ _Gross margin is defined as gross profit divided by net revenue._  \n_(iv)_ _See \"Non-GAAP Measures\" for more information, including a\nreconciliation of adjusted earnings (loss) before interest, taxes,\ndepreciation and amortization (\"Adjusted EBITDA\") to net income (loss) and a\nreconciliation of Adjusted Gross Profit to gross profit._  \n_(v)_ _Adjusted Gross Margin is defined as Adjusted Gross Profit divided by\nnet revenue. See \u201cNon-GAAP Measures\u201d for more information._  \n_(vi)_ _Dollar amounts are as of the last day of the period indicated._  \n_(vii)_ _Capital expenditures represent component information of investing\nactivities and is defined as the sum of purchase of property, plant and\nequipment, and purchase of intangible assets._\n\n**Fourth Quarter** **2024**\n\n  * Net revenue of  $30.3 million  in Q4 2024 increased by  $6.4 million  from Q4 2023. The increase year-over-year was primarily driven by higher cannabis flower and extract sales in the Canadian market and higher cannabis flower sales in Israel and other countries. Cronos GrowCo contributed  $2.1 million  of cannabis flower sales in Q4 2024. No such sales were recognized in Q4 2023. \n  * Gross profit of  $10.8 million  in Q4 2024 increased by  $8.9 million  from Q4 2023. The increase year-over-year was primarily due to higher cannabis flower and extract sales in the Canadian market, higher cannabis flower sales in Israel and other countries, and production cost improvements. Gross profit was positively impacted by  $1.8 million  in the quarter in connection with the finalization of the purchase accounting for the Cronos GrowCo Transaction, which resulted in a reduction of the fair value of inventory acquired from Cronos GrowCo and the corresponding inventory step-up previously recorded into cost of sales in Q3 2024. No such impact was recognized for 2023. \n  * Adjusted gross profit of  $9.0 million  in Q4 2024 improved by  $7.1 million  from Q4 2023. The improvement year-over-year was primarily driven by higher cannabis flower and extract sales in the Canadian market, higher cannabis flower sales in Israel, and production cost improvements. \n  * Adjusted EBITDA of  $(7.2) million  in Q4 2024 improved by  $7.6 million  from Q4 2023. The improvement year-over-year was primarily driven by higher adjusted gross profit. \n\n**Full-Year** **2024**\n\n  * Net revenue of  $117.6 million  in full-year 2024 increased by  $30.4 million  from full-year 2023. The increase year-over-year was primarily due to higher cannabis flower and extract sales in the Canadian market and higher cannabis flower sales in Israel and other countries. Cronos GrowCo contributed  $6.4 million  of cannabis flower sales in the year ended December 31, 2024. No such sales were recognized for the year ended December 31, 2023. \n  * Gross profit of  $25.2 million  in full-year 2024 increased by  $13.3 million  from full-year 2023. The increase year-over-year was primarily due to higher cannabis flower and extract sales in the Canadian market, higher cannabis flower sales in Israel and other countries, and production cost improvements. This increase was partially offset by the impact on cost of sales from the inventory step-up from the Cronos GrowCo Transaction. For 2024, gross profit was reduced  $5.3 million  as a result of the impact of the inventory step-up from the Cronos GrowCo Transaction that was recorded into cost of sales since July 1, 2024. No such costs were recognized for 2023. \n  * Adjusted gross profit of  $30.5 million  in full-year 2024 increased by  $18.6 million  from full-year 2023. The increase year-over-year was primarily due to higher cannabis flower and extract sales in the Canadian market, higher cannabis flower sales in Israel and other countries, and production cost improvements. \n  * Adjusted EBITDA of  $(34.9) million  in full-year 2024 improved by  $26.6 million  from full-year 2023. The improvement year-over-year was primarily driven by higher adjusted gross profit and lower sales and marketing, research and development, and general administrative expenses. \n\n**_Business Updates_ **\n\n**Brand and Product Portfolio**\n\n__Spinach_ _ \u00ae  3  \nIn 2024, the SOURZ by Spinach  \u00ae  brand expanded its edible lineup with\nseveral innovative launches. Our industry-leading SOURZ by Spinach  \u00ae\nproducts are the best-selling gummies in the Canadian market and have captured\nan impressive  23%  market share in Q4 2024, with five of the top ten best-\nselling edibles in Canada coming from the SOURZ lineup. A key addition to our\ngummy portfolio has been the 1-piece, 10mg THC Fully Blasted SOURZ by Spinach\n\u00ae  product, which launched in 2024. In Q4 2024 we launched two new Fully\nBlasted flavors, Peach Orange and Strawberry Mango. We also launched a new CBD\nmulti-pack, SOURZ by Spinach  \u00ae  CBD Berry Variety Pack.\n\nIn 2024 our proprietary genetics breeding program continued to provide our\nportfolio with winning cultivars that allow us to launch differentiated\nproducts across markets and maintain a number one position in the flower\ncategory. In 2024, we introduced Spinach Grindz\u2122, a milled flower offering\nutilizing our Citrus Crush and Cookie Dough strains, designed for convenient\nuse in joints or vaporizers. In Q4 2024, the Spinach  \u00ae  brand maintained its\nposition as the number one flower brand in Canada, with  5.7%  market share.\n\nIn 2024, we introduced two new Spinach  \u00ae  all-in-one vapes, Pineapple\nParadise and Blueberry Dynamite that are performing well and helping to drive\nmarket share gains. The brand's 0.5g all-in-one Spinach HITZ\u2122 vapes introduced\nnew Pink Lemonade and Rocket Icicle flavors, alongside line extensions in\nSpinach  \u00ae  1.2g vapes. Spinach  \u00ae  vapes were the number four vape brand in\nQ4 2024, holding  5.9%  market share. Vape production was brought in-house in\nthe second half of 2024 in an effort to streamline manufacturing and enhance\nproduction efficiency in this category.\n\nIn 2024, we launched Spinach  \u00ae  Fully Charged pre-rolls and infused pre-rolls\nas well as the Spinach  \u00ae  Fully Charged Party Pack and the Spinach  \u00ae  Fully\nCharged Tropical Pack. These launches were the culmination of our product\ndevelopment efforts and portfolio refresh. The infused pre-roll category is\ncontinuing to grow, and we expect this category to be key to future growth for\nboth Cronos and the industry, which is why we are committed to the evolution\nand innovation of our pre-roll portfolio. In Q4 2024, Spinach  \u00ae  was ranked\nseventh in the pre-roll category with  2.5%  market share.\n\n__Lord Jones_ _ __\u00ae_ _ __3_ _  \nIn Q4 2024, Lord Jones  \u00ae  Chocolates Fusions\u2122 had  9.6%  market share and\nended the year as the third best-selling chocolate brand in Canada. In January\n2025, the brand launched a Lord Jones  \u00ae  Chocolate Fusions\u2122 fudge brownie\nflavor, which features a 1:1:1 ratio of CBN, CBD and THC. Lord Jones  \u00ae\nChocolate Fusions\u2122 edibles highlight the brand\u2019s commitment to innovation and\ncraftsmanship, offering four flavors: cookies and cream, dazzle-berry pop,\nsalted caramel crunch and fudge brownie.\n\nIn 2024, we also launched Lord Jones  \u00ae  live resin vapes featuring\nmeticulously curated cultivars, delivering a rich, full-spectrum experience\nthat combines pure live resin with sleek, high-quality hardware. In the second\nhalf of 2023, we launched Ice Water Hash Fusions pre-rolls, which feature\nflower and terpene-rich ice water hash and are fitted with a branded ceramic\ntip. The Ice Water Hash Fusions pre-rolls continued performing throughout\n2024, rising to the number one position in the hash pre-roll category.\nTogether, these launches underscore the brand\u2019s dedication to excellence and\nits focus on creating exceptional, high-quality cannabis-infused products.\n\n__PEACE NATURALS_ _ __\u00ae_ _ __2_ _  \nIn 2024, Cronos Israel revamped and repositioned its flower portfolio,\noptimizing pricing, potency and bringing new, exciting strains to market to\nmeet patient needs. The PEACE NATURALS  \u00ae  brand launched new strains\nincluding GG4, Key Limez Punch, Pink Sherb, Tangie Kush, Citra Diesel, Tahoe\nOG Kush and GMO Lite, providing consumers with additional variety and choice.\nIn Q4 2024, PEACE NATURALS  \u00ae  was the number one flower brand in Israel with\n24%  market share and PEACE NATURALS  \u00ae  cannabis oils are the fourth most\npopular brand in Israel with  9%  market share.\n\nIn 2024, Cronos expanded into the United Kingdom (the \"UK\") by shipping its\nfirst batch of PEACE NATURALS  \u00ae  medical cannabis flower to this emerging\nmarket, through a partnership with a third-party distributor of prescribed\ncannabis products.\n\nThroughout 2024, the Company continued its sales to the German market through\nthe PEACE NATURALS  \u00ae  brand. Cronos sells the PEACE NATURALS  \u00ae  brand\nthrough its distribution partner, Cansativa GmbH (\"Cansativa\"), one of the\nleading distributors of medical cannabis in Germany and supplies flower for\nits private-label brand. Cronos has seen strong demand for its proprietary\ngenetics, such as GMO and Wedding Cake, in both Germany and the UK under the\nPEACE NATURALS  \u00ae  brand.\n\n**Global Supply Chain and Operations**\n\nThe expansion efforts at Cronos GrowCo's facility are well underway. In Q4\n2024, Health Canada approved amendments to the site's perimeter. Cronos GrowCo\nexpects to finish construction of the expanded cultivation and processing\nfacilities in Q2 2025, with first harvests and sales from the area commencing\nin the second half of 2025. Prior to the commencement of sales from the\nexpanded facility, Cronos has the option to purchase up to  80%  of Cronos\nGrowCo's total production. Once sales from the expanded area begin, Cronos\nwill have the option to purchase up to  70%  of the total production from the\nexpanded facility. The expansion of Cronos GrowCo positions the Company to\ncapitalize on domestic demand and meet international growth opportunities in\nthe global cannabis market.\n\nOn November 26, 2023, the Company announced that Peace Naturals Project Inc.\nhad entered into an agreement to sell and lease back its facility in Stayner,\nOntario (the \"Peace Naturals Campus\"). However, the agreement was terminated\nin the Q2 of 2024 pursuant to its terms, and the Company has decided to\ncontinue and expand its operations at the site.\n\nAs part of the expanding operations at the Peace Naturals Campus, in the\nsecond-half of 2024, the Company invested in machinery, automation and process\nimprovement to drive cost efficiency within the facility. This also included\ninvestment in warehousing and vault expansion as well as R&D equipment and\nlaboratory enhancements.\n\n**_Guidance_ **\n\nThe Company achieved  $8.7 million  in operating expense savings in 2024 on a\nstandalone basis, meeting its previously announced operating expense savings\ntarget of  $5 t  o  $10 million  . The savings were primarily driven by lower\nexpenses in general and administrative, research and development and sales and\nmarketing. The operating expense savings exclude the impact of the\nconsolidation of Cronos GrowCo's results into the Company's financial\nstatements.\n\n**_Conference Call_ **\n\nThe Company will host a conference call and live audio webcast on Thursday,\nFebruary 27, 2025, at 8:30 a.m. ET to discuss 2024 Fourth Quarter and Full-\nYear business results. An audio replay of the call will be archived on the\nCompany\u2019s website for replay. Instructions for the live audio webcast are\nprovided on the Company's website at: _https://ir.thecronosgroup.com/events-\npresentations._  \n\n**About Cronos**\n\nCronos is an innovative global cannabinoid company committed to building\ndisruptive intellectual property by advancing cannabis research, technology\nand product development. With a passion to responsibly elevate the consumer\nexperience, Cronos is building an iconic brand portfolio. Cronos\u2019 diverse\ninternational brand portfolio includes Spinach  \u00ae  , PEACE NATURALS  \u00ae  and\nLord Jones  \u00ae  . For more information about Cronos and its brands, please\nvisit: thecronosgroup.com.\n\n**Forward-Looking Statements**\n\nThis press release contains information that constitutes forward-looking\ninformation and forward-looking statements within the meaning of applicable\nsecurities laws and court decisions (collectively, \u201cForward-Looking\nStatements\u201d), which are based upon our current internal expectations,\nestimates, projections, assumptions and beliefs. All information that is not\nclearly historical in nature may constitute Forward-Looking Statements. In\nsome cases, Forward-Looking Statements can be identified by the use of\nforward-looking terminology such as \u201cexpect\u201d, \u201clikely\u201d, \u201cmay\u201d, \u201cwill\u201d,\n\u201cshould\u201d, \u201cintend\u201d, \u201canticipate\u201d, \u201cpotential\u201d, \u201cproposed\u201d, \u201cestimate\u201d and\nother similar words, expressions and phrases, including negative and\ngrammatical variations thereof, or statements that certain events or\nconditions \u201cmay\u201d or \u201cwill\u201d happen, or by discussion of strategy. Forward-\nLooking Statements include estimates, plans, expectations, opinions,\nforecasts, projections, targets, guidance or other statements that are not\nstatements of historical fact.\n\nForward-Looking Statements include, but are not limited to, statements with\nrespect to:\n\n  * the ongoing impact of the public investigation into Canadian licensed producers of alleged dumping of medical cannabis imports from Canada into Israel by the Trade Levies Commissioner of the Israel Ministry of Economy and Industry (the \u201cAnti-Dumping Investigation\u201d) and the proposed anti-dumping duty to which the Company\u2019s imports would be subject; \n  * expectations related to the conflict involving Israel, Hamas, Hezbollah, Houthis, Iran, Iran\u2019s proxies and other stakeholders in the region (the \u201cMiddle East Conflict\u201d) and its impact on our operations in Israel, the supply of product in the market and the demand for product by medical patients in Israel, as well as any regional or global escalations and their impact to global commerce and stability; \n  * expectations related to the German, Australian and UK markets, including our strategic partnerships with Cansativa, Vitura Health Limited (\u201cVitura\u201d), and other distributors, respectively, and our ability to successfully distribute the PEACE NATURALS  \u00ae  brand in Germany and the UK; \n  * expectations related to our announcement of cost-cutting measures, including our decision to wind-down operations at our Winnipeg, Manitoba facility and list the facility for sale, the expected costs and benefits from the wind-down of production activities at the facility, challenges and effects related thereto as well as changes in strategy, metrics, investments, costs, operating expenses, employee turnover and other changes with respect thereto; \n  * expectations related to the impact of our decision to exit our U.S. hemp-derived cannabinoid product operations; \n  * the ongoing impact of our announced realignment (the \u201cRealignment\u201d) and any progress, challenges and effects related thereto as well as changes in strategy, metrics, investments, reporting structure, costs, operating expenses, employee turnover and other changes with respect thereto; \n  * our expectations as to the use of the Peace Naturals Campus; \n  * our ability to acquire raw materials from suppliers, including Cronos GrowCo, and the costs and timing associated therewith; \n  * expectations regarding the potential success of, and the costs and benefits associated with, our joint ventures, strategic alliances and equity investments; \n  * expectations related to the transaction by which we obtained majority control of the board of directors of Cronos GrowCo, which qualified as a business combination under Accounting Standards Codification 805, and the expansion of Cronos GrowCo\u2019s purpose-built cultivation and processing facilities; \n  * our ability or plans to identify, develop, commercialize or expand our technology and R&D initiatives in cannabinoids, or the success thereof; \n  * expectations regarding revenues, expenses, gross margins and capital expenditures; \n  * expectations regarding our future production and manufacturing strategy and operations, the costs and timing associated therewith and the receipt of applicable production and sale licenses; \n  * the ongoing impact of the legalization of additional cannabis product types and forms for adult-use in Canada, including federal, provincial, territorial and municipal regulations pertaining thereto, the related timing and impact thereof and our intentions to participate in such markets; \n  * the legalization of the use of cannabis for medical or adult-use in jurisdictions outside of Canada, including the United States and Germany, the related timing and impact thereof and our intentions to participate in such markets, if and when such use is legalized; \n  * the grant, renewal, withdrawal, suspension, delay and impact of any license or supplemental license to conduct activities with cannabis or any amendments thereof; \n  * our ability to successfully create and launch brands and cannabis products; \n  * expectations related to the differentiation of our products, including through the utilization of rare cannabinoids; \n  * the benefits, viability, safety, efficacy, dosing and social acceptance of cannabis, including CBD and other cannabinoids; \n  * laws and regulations and any amendments thereto applicable to our business and the impact thereof, including uncertainty regarding the application of U.S. state and federal law to cannabis and U.S. hemp (including CBD and other U.S. hemp-derived cannabinoids) products and the scope of any regulations by the U.S. Food and Drug Administration, the U.S. Drug Enforcement Administration, the U.S. Federal Trade Commission, the U.S. Patent and Trademark Office and any state equivalent regulatory agencies over cannabis and U.S. hemp (including CBD and other U.S. hemp-derived cannabinoids) products, including the possibility marijuana is moved from Schedule I to Schedule III under the U.S. Controlled Substances Act; \n  * the anticipated benefits and impact of Altria Group Inc.\u2019s investment in the Company (the \u201cAltria Investment\u201d), pursuant to a subscription agreement dated December 7, 2018; \n  * uncertainties as to our ability to exercise our option (the \u201cPharmaCann Option\u201d) in PharmaCann Inc. (\u201cPharmaCann\u201d), in the near term or the future, in full or in part, including the uncertainties as to the status and future development of federal legalization of cannabis in the U.S. and our ability to realize the anticipated benefits of the transaction with PharmaCann; \n  * expectations regarding the implementation and effectiveness of key personnel changes; \n  * expectations regarding business combinations and dispositions and the anticipated benefits therefrom; \n  * expectations of the amount or frequency of impairment losses, including as a result of the write-down of intangible assets, including goodwill; \n  * the impact of the ongoing military conflict between Russia and Ukraine (and resulting sanctions) on our business, financial condition and results of operations or cash flows; \n  * our compliance with the terms of the settlement (the \u201cSettlement Order\u201d) with the SEC and the settlement agreement with the Ontario Securities Commission (the \u201cSettlement Agreement\u201d); and \n  * the impact of the loss of our ability to rely on private offering exemptions under Regulation D of the Securities Act of 1933, as amended, and the loss of our status as a well-known seasoned issuer, each as a result of the Settlement Order. \n\nCertain of the Forward-Looking Statements contained herein concerning the\nindustries in which we conduct our business are based on estimates prepared by\nus using data from publicly available governmental sources, market research,\nindustry analysis and on assumptions based on data and knowledge of these\nindustries, which we believe to be reasonable. However, although generally\nindicative of relative market positions, market shares and performance\ncharacteristics, such data is inherently imprecise. The industries in which we\nconduct our business involve risks and uncertainties that are subject to\nchange based on various factors, which are described further below.\n\nThe Forward-Looking Statements contained herein are based upon certain\nmaterial assumptions that were applied in drawing a conclusion or making a\nforecast or projection, including: (i) our ability to effectively navigate\ndevelopments related to the Anti-Dumping Investigation and the proposed anti-\ndumping duty to which the Company\u2019s imports would be subject and its impact on\nour operations in Israel; (ii) our ability to effectively navigate\ndevelopments related to the Middle East Conflict and its impact on our\nemployees and operations in Israel, the supply of product in the market and\ndemand for product by medical patients in Israel; (iii) our ability to\nefficiently and effectively distribute our PEACE NATURALS  \u00ae  brand in Germany\nwith our strategic partner Cansativa and in the UK with our strategic\ndistribution partner and our ability to efficiently and effectively distribute\nproducts in Australia with our strategic partner Vitura; (iv) our ability to\nrealize the expected cost-savings and other benefits related to the wind-down\nof our operations at our Winnipeg, Manitoba facility; (v) expectations related\nto the impact of our decision to exit our U.S. hemp-derived cannabinoid\nproduct operations; (vi) our ability to realize the expected cost-savings,\nefficiencies and other benefits of our Realignment and other announced cost-\ncutting measures and employee turnover related thereto; (vii) our ability to\nefficiently and effectively manage our operations at our Peace Naturals\nCampus; (viii) our ability efficiently and effectively acquire raw materials\non a timely and cost-effective basis from third parties or Cronos GrowCo; (ix)\nthe timely completion of the expansion of Cronos GrowCo\u2019s purpose-built\ncannabis facility and the ability of Cronos GrowCo to repay the credit\nfacility provided by Cronos; (x) our ability to realize anticipated benefits,\nsynergies or generate revenue, profits or value from our business combinations\nand strategic investments; (xi) the production and manufacturing capabilities\nand output from our facilities and our joint ventures, strategic alliances and\nequity investments; (xii) government regulation of our activities and products\nincluding, but not limited to, the areas of cannabis taxation and\nenvironmental protection; (xiii) the timely receipt of any required regulatory\nauthorizations, approvals, consents, permits and/or licenses; (xiv) consumer\ninterest in our products; (xv) our ability to differentiate our products,\nincluding through the utilization of rare cannabinoids; (xvi) competition;\n(xvii) anticipated and unanticipated costs; (xviii) our ability to generate\ncash flow from operations; (xix) our ability to conduct operations in a safe,\nefficient and effective manner; (xx) our ability to hire and retain qualified\nstaff, and acquire equipment and services in a timely and cost-efficient\nmanner; (xxi) our ability to exercise the PharmaCann Option and realize the\nanticipated benefits of the transaction with PharmaCann; (xxii) our ability to\ncomplete planned dispositions, and, if completed, obtain our anticipated sales\nprice; (xxiii) general economic, financial market, regulatory and political\nconditions in which we operate; (xxiv) management\u2019s perceptions of historical\ntrends, current conditions and expected future developments; and (xxv) other\nconsiderations that management believes to be appropriate in the\ncircumstances. While our management considers these assumptions to be\nreasonable based on information currently available to management, there is no\nassurance that such expectations will prove to be correct.\n\nBy their nature, Forward-Looking Statements are subject to inherent risks and\nuncertainties that may be general or specific and which give rise to the\npossibility that expectations, forecasts, predictions, projections or\nconclusions will not prove to be accurate, that assumptions may not be correct\nand that objectives, strategic goals and priorities will not be achieved. A\nvariety of factors, including known and unknown risks, many of which are\nbeyond our control, could cause actual results to differ materially from the\nForward-Looking Statements in this press release and other reports we file\nwith, or furnish to, the SEC and other regulatory agencies and made by our\ndirectors, officers, other employees and other persons authorized to speak on\nour behalf. Such factors include, without limitation, negative impacts on our\nbusiness and operations in Israel due to the Anti-Dumping Investigation,\nincluding that we may not be able to produce, import or sell our products in\nIsrael as a result thereof; negative impacts on our employees, business and\noperations in Israel due to the Middle East Conflict, including that we may\nnot be able to produce, import or sell our products or protect our people or\nfacilities in Israel during the Middle East Conflict; the supply of product in\nthe market and the demand for product by medical patients in Israel; that we\nmay not be able to successfully continue to distribute our products in\nGermany, Australia and the UK or generate material revenue from sales in those\nmarkets; that we may not be able to achieve the anticipated benefits of the\nwind-down of our operations at our Winnipeg, Manitoba facility; that we may be\nunable to further streamline our operations and reduce expenses; that we may\nnot be able to effectively and efficiently re-enter the U.S. market in the\nfuture; that we may not be able to access raw materials on a timely and cost-\neffective basis from third-parties or Cronos GrowCo; that Cronos GrowCo may\nnot be able to complete the expansion of its purpose-built cannabis facility\nwithin a reasonable time or repay its borrowings under the credit facility\nprovided by Cronos; that the military conflict between Russia and Ukraine may\ndisrupt our operations and those of our suppliers and distribution channels\nand negatively impact the demand for and use of our products; the risk that\ncost savings and any other synergies from the Altria Investment may not be\nfully realized or may take longer to realize than expected; failure to execute\nkey personnel changes; that our Realignment and our further leveraging of our\nstrategic partnerships will not result in the expected cost-savings,\nefficiencies and other benefits or will result in greater than anticipated\nturnover in personnel; that we may not be able to efficiently and effectively\nmanage our operations, and any changes thereto, at our Peace Naturals Campus;\nlower levels of revenues; the lack of consumer demand for our products; our\ninability to manage disruptions in credit markets; unanticipated future levels\nof capital, environmental or maintenance expenditures, general and\nadministrative and other expenses; failure to realize expected growth\nopportunities; the lack of cash flow necessary to execute our business plan\n(either within the expected timeframe or at all); difficulty raising capital;\nthe potential adverse effects of judicial, regulatory or other proceedings, or\nthreatened litigation or proceedings, on our business, financial condition,\nresults of operations and cash flows; volatility in and/or degradation of\ngeneral economic, market, industry or business conditions; compliance with\napplicable environmental, economic, health and safety, energy and other\npolicies and regulations and in particular health concerns with respect to\nvaping and the use of cannabis and U.S. hemp products in vaping devices; the\nunexpected effects of actions of third parties such as competitors, activist\ninvestors or federal (including U.S. federal), state, provincial, territorial\nor local regulatory authorities or self-regulatory organizations; adverse\nchanges in regulatory requirements in relation to our business and products;\nlegal or regulatory obstacles that could prevent us from being able to\nexercise the PharmaCann Option and thereby realize the anticipated benefits of\nthe transaction with PharmaCann; dilution of our fully-diluted ownership of\nPharmaCann and the loss of our rights as a result of that dilution; our\nfailure to improve our internal control environment and our systems, processes\nand procedures; and the factors discussed under Part I, Item 1A \u201c _Risk\nFactors_ \u201d in our Annual Report on Form 10-K for the year ended December 31,\n2024. Readers are cautioned to consider these and other factors, uncertainties\nand potential events carefully and not to put undue reliance on Forward-\nLooking Statements.\n\nForward-Looking Statements are provided for the purposes of assisting the\nreader in understanding our financial performance, financial position and cash\nflows as of and for periods ended on certain dates and to present information\nabout management\u2019s current expectations and plans relating to the future, and\nthe reader is cautioned not to place undue reliance on these Forward-Looking\nStatements because of their inherent uncertainty and to appreciate the limited\npurposes for which they are being used by management. While we believe that\nthe assumptions and expectations reflected in the Forward-Looking Statements\nare reasonable based on information currently available to management, there\nis no assurance that such assumptions and expectations will prove to have been\ncorrect. Forward-Looking Statements are made as of the date they are made and\nare based on the beliefs, estimates, expectations and opinions of management\non that date. We undertake no obligation to update or revise any Forward-\nLooking Statements, whether as a result of new information, estimates or\nopinions, future events or results or otherwise or to explain any material\ndifference between subsequent actual events and such Forward-Looking\nStatements. The Forward-Looking Statements contained in this press release and\nother reports we file with, or furnish to, the SEC and other regulatory\nagencies and made by our directors, officers, other employees and other\npersons authorized to speak on our behalf are expressly qualified in their\nentirety by these cautionary statements.\n\n____________________________________________  \n1  Hifyre Retail Analytics - National Retail Dollar by Brand in Canada -\nDecember 2024.  \n2  Market share and ranking information from pharmacy data collected by Cronos\n- December 2024.  \n3  All market share and ranking information from Hifyre Retail Analytics -\nNational Retail Dollar by Brand in Canada - December 2024, unless otherwise\nspecified.  \n  \n---  \n**Cronos Group Inc.**  \n**Consolidated Balance Sheets**  \n_(In thousands of U.S. dollars)_  \n|  **As of December 31,**  \n|  |  **2024** |  |  |  |  **2023** |   \n**Assets** |  |  |   \nCurrent assets  |  |  |   \nCash and cash equivalents  |  $  |  858,805  |  |  |  $  |  669,291  |   \nShort-term investments  |  |  \u2014  |  |  |  |  192,237  |   \nAccounts receivable, net  |  |  15,462  |  |  |  |  13,984  |   \nInterest receivable  |  |  8,690  |  |  |  |  10,012  |   \nOther receivables  |  |  5,000  |  |  |  |  6,341  |   \nCurrent portion of loans receivable, net  |  |  618  |  |  |  |  5,541  |   \nInventory, net  |  |  33,149  |  |  |  |  30,495  |   \nPrepaids and other current assets  |  |  6,277  |  |  |  |  5,405  |   \nHeld-for-sale assets  |  |  8,112  |  |  |  |  \u2014  |   \nTotal current assets  |  |  936,113  |  |  |  |  933,306  |   \nEquity method investments, net  |  |  \u2014  |  |  |  |  19,488  |   \nOther investments  |  |  2,813  |  |  |  |  35,251  |   \nNon-current portion of loans receivable, net  |  |  15,526  |  |  |  |  69,036  |   \nProperty, plant and equipment, net  |  |  133,189  |  |  |  |  59,468  |   \nRight-of-use assets  |  |  1,390  |  |  |  |  1,356  |   \nGoodwill  |  |  63,453  |  |  |  |  1,057  |   \nIntangible assets, net  |  |  11,257  |  |  |  |  21,078  |   \nDeferred tax assets  |  |  2,571  |  |  |  |  226  |   \n**Total assets** |  $  |  1,166,312  |  |  |  $  |  1,140,266  |   \n**Liabilities** |  |  |   \nCurrent liabilities  |  |  |   \nAccounts payable  |  $  |  16,973  |  |  |  $  |  12,130  |   \nIncome taxes payable  |  |  9  |  |  |  |  64  |   \nAccrued liabilities  |  |  31,653  |  |  |  |  27,736  |   \nCurrent portion of lease obligation  |  |  1,025  |  |  |  |  994  |   \nDerivative liabilities  |  |  40  |  |  |  |  102  |   \nCurrent portion due to non-controlling interests  |  |  \u2014  |  |  |  |  373  |   \nTotal current liabilities  |  |  49,700  |  |  |  |  41,399  |   \nNon-current portion due to non-controlling interests  |  |  1,073  |  |  |  |  1,003  |   \nNon-current portion of lease obligation  |  |  993  |  |  |  |  1,559  |   \nDeferred tax liabilities  |  |  3,564  |  |  |  |  181  |   \n**Total liabilities** |  |  55,330  |  |  |  |  44,142  |   \n**Shareholders\u2019 equity** |  |  |   \nShare capital and additional paid-in capital  |  |  669,879  |  |  |  |  662,174  |   \nRetained earnings  |  |  457,709  |  |  |  |  416,719  |   \nAccumulated other comprehensive income (loss)  |  |  (63,525  |  )  |  |  |  20,678  |   \nTotal equity attributable to shareholders of Cronos Group  |  |  1,064,063  |  |  |  |  1,099,571  |   \nNon-controlling interests  |  |  46,919  |  |  |  |  (3,447  |  )   \n**Total shareholders\u2019 equity** |  |  1,110,982  |  |  |  |  1,096,124  |   \n**Total liabilities and shareholders\u2019 equity** |  $  |  1,166,312  |  |  |  $  |  1,140,266  |   \n  \n  \n\n**Cronos Group Inc.**  \n**Consolidated Statements of Net Income (Loss) and Comprehensive Income\n(Loss)**  \n_(In thousands of U.S. dollars, except share and per share amounts)_  \n---  \n|  **Year ended December 31,**  \n|  |  **2024** |  |  |  |  **2023** |  |  |  |  **2022** |   \n**Net revenue, before excise taxes** |  $  |  161,821  |  |  |  $  |  120,270  |  |  |  $  |  109,301  |   \nExcise taxes  |  |  (44,206  |  )  |  |  |  (33,029  |  )  |  |  |  (22,552  |  )   \n**Net revenue** |  |  117,615  |  |  |  |  87,241  |  |  |  |  86,749  |   \nCost of sales  |  |  91,710  |  |  |  |  74,527  |  |  |  |  71,313  |   \nInventory write-down  |  |  707  |  |  |  |  805  |  |  |  |  \u2014  |   \n**Gross profit** |  |  25,198  |  |  |  |  11,909  |  |  |  |  15,436  |   \n**Operating expenses** |  |  |  |  |   \nSales and marketing  |  |  21,603  |  |  |  |  22,701  |  |  |  |  18,046  |   \nResearch and development  |  |  4,229  |  |  |  |  5,843  |  |  |  |  13,131  |   \nGeneral and administrative  |  |  46,514  |  |  |  |  49,475  |  |  |  |  67,674  |   \nRestructuring costs  |  |  630  |  |  |  |  1,524  |  |  |  |  3,545  |   \nShare-based compensation  |  |  8,700  |  |  |  |  8,756  |  |  |  |  15,008  |   \nDepreciation and amortization  |  |  3,701  |  |  |  |  5,044  |  |  |  |  5,967  |   \nImpairment loss on long-lived assets  |  |  16,350  |  |  |  |  3,366  |  |  |  |  3,493  |   \nTotal operating expenses  |  |  101,727  |  |  |  |  96,709  |  |  |  |  126,864  |   \nOperating loss  |  |  (76,529  |  )  |  |  |  (84,800  |  )  |  |  |  (111,428  |  )   \n**Other income (expense)** |  |  |  |  |   \nInterest income, net  |  |  52,019  |  |  |  |  51,235  |  |  |  |  22,514  |   \nGain (loss) on revaluation of derivative liabilities  |  |  49  |  |  |  |  (85  |  )  |  |  |  14,060  |   \nShare of income from equity method investments  |  |  2,365  |  |  |  |  1,583  |  |  |  |  3,114  |   \nGain on revaluation of loan receivable  |  |  11,804  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nGain on revaluation of equity method investment  |  |  32,469  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nGain (loss) on revaluation of financial instruments  |  |  (6,248  |  )  |  |  |  (12,042  |  )  |  |  |  14,739  |   \nImpairment loss on other investments  |  |  (25,650  |  )  |  |  |  (23,350  |  )  |  |  |  (61,392  |  )   \nForeign currency transaction gain (loss)  |  |  57,859  |  |  |  |  (7,324  |  )  |  |  |  (2,286  |  )   \nLoss on held-for-sale assets  |  |  (11,202  |  )  |  |  |  \u2014  |  |  |  |  \u2014  |   \nOther, net  |  |  (350  |  )  |  |  |  1,114  |  |  |  |  (324  |  )   \nTotal other income (expense)  |  |  113,115  |  |  |  |  11,131  |  |  |  |  (9,575  |  )   \nIncome (loss) before income taxes  |  |  36,586  |  |  |  |  (73,669  |  )  |  |  |  (121,003  |  )   \nIncome tax expense (benefit)  |  |  (3,436  |  )  |  |  |  (3,230  |  )  |  |  |  34,175  |   \nIncome (loss) from continuing operations  |  |  40,022  |  |  |  |  (70,439  |  )  |  |  |  (155,178  |  )   \nLoss from discontinued operations  |  |  \u2014  |  |  |  |  (4,114  |  )  |  |  |  (13,556  |  )   \nNet income (loss)  |  |  40,022  |  |  |  |  (74,553  |  )  |  |  |  (168,734  |  )   \nNet income (loss) attributable to non-controlling interest  |  |  (1,058  |  )  |  |  |  (590  |  )  |  |  |  \u2014  |   \nNet income (loss) attributable to Cronos Group  |  $  |  41,080  |  |  |  $  |  (73,963  |  )  |  |  $  |  (168,734  |  )   \n|  |  |  |  |   \n**Comprehensive income (loss)** |  |  |  |  |   \nNet income (loss)  |  $  |  40,022  |  |  |  $  |  (74,553  |  )  |  |  $  |  (168,734  |  )   \nOther comprehensive income (loss)  |  |  |  |  |   \nForeign exchange gain (loss) on translation  |  |  (86,321  |  )  |  |  |  21,539  |  |  |  |  (50,616  |  )   \nComprehensive income (loss)  |  |  (46,299  |  )  |  |  |  (53,014  |  )  |  |  |  (219,350  |  )   \nComprehensive income (loss) attributable to non-controlling interest  |  |  (3,176  |  )  |  |  |  (526  |  )  |  |  |  46  |   \n**Comprehensive income (loss) attributable to Cronos Group** |  $  |  (43,123  |  )  |  |  $  |  (52,488  |  )  |  |  $  |  (219,396  |  )   \n|  |  |  |  |   \n**Net income (loss) per share** |  |  |  |  |   \nBasic - continuing operations  |  $  |  0.11  |  |  |  $  |  (0.18  |  )  |  |  $  |  (0.41  |  )   \nBasic - discontinued operations  |  $  |  \u2014  |  |  |  $  |  (0.01  |  )  |  |  $  |  (0.04  |  )   \nBasic net income (loss) per share attributable to Cronos Group  |  $  |  0.11  |  |  |  $  |  (0.19  |  )  |  |  $  |  (0.45  |  )   \n|  |  |  |  |   \nDiluted - continuing operations  |  $  |  0.11  |  |  |  $  |  (0.18  |  )  |  |  $  |  (0.41  |  )   \nDiluted - discontinued operations  |  $  |  \u2014  |  |  |  $  |  (0.01  |  )  |  |  $  |  (0.04  |  )   \nDiluted net income (loss) per share attributable to Cronos Group  |  $  |  0.11  |  |  |  $  |  (0.19  |  )  |  |  $  |  (0.45  |  )   \n**Weighted average number of outstanding shares** |  |  |  |  |   \nBasic  |  |  382,058,056  |  |  |  |  380,964,739  |  |  |  |  376,961,797  |   \nDiluted  |  |  385,557,002  |  |  |  |  380,964,739  |  |  |  |  376,961,797  |   \n  \n  \n\n|  **Three months ended December 31,**  \n---|---  \n|  |  **2024** |  |  |  |  **2023** |   \n**Net revenue, before excise taxes** |  $  |  41,182  |  |  |  $  |  34,006  |   \nExcise taxes  |  |  (10,881  |  )  |  |  |  (10,091  |  )   \n**Net revenue** |  |  30,301  |  |  |  |  23,915  |   \nCost of sales  |  |  19,494  |  |  |  |  21,913  |   \nInventory write-down  |  |  \u2014  |  |  |  |  89  |   \n**Gross profit** |  |  10,807  |  |  |  |  1,913  |   \n**Operating expenses** |  |  |   \nSales and marketing  |  |  6,413  |  |  |  |  6,367  |   \nResearch and development  |  |  1,028  |  |  |  |  1,451  |   \nGeneral and administrative  |  |  12,080  |  |  |  |  9,802  |   \nRestructuring costs  |  |  \u2014  |  |  |  |  101  |   \nShare-based compensation  |  |  2,187  |  |  |  |  1,933  |   \nDepreciation and amortization  |  |  464  |  |  |  |  529  |   \nImpairment loss on long-lived assets  |  |  \u2014  |  |  |  |  3,366  |   \nTotal operating expenses  |  |  22,172  |  |  |  |  23,549  |   \nOperating loss  |  |  (11,365  |  )  |  |  |  (21,636  |  )   \n**Other income (expense)** |  |  |   \nInterest income, net  |  |  11,863  |  |  |  |  14,214  |   \nGain (loss) on revaluation of derivative liabilities  |  |  142  |  |  |  |  (71  |  )   \nShare of income from equity method investments  |  |  \u2014  |  |  |  |  752  |   \nGain (loss) on revaluation of financial instruments  |  |  302  |  |  |  |  (4,186  |  )   \nImpairment loss on other investments  |  |  \u2014  |  |  |  |  (23,350  |  )   \nForeign currency transaction gain (loss)  |  |  45,489  |  |  |  |  (11,323  |  )   \nLoss on held-for-sale assets  |  |  (780  |  )  |  |  |  \u2014  |   \nOther, net  |  |  294  |  |  |  |  89  |   \nTotal other income (expense)  |  |  57,310  |  |  |  |  (23,875  |  )   \nIncome (loss) before income taxes  |  |  45,945  |  |  |  |  (45,511  |  )   \nIncome tax expense (benefit)  |  |  2,004  |  |  |  |  (360  |  )   \nIncome (loss) from continuing operations  |  |  43,941  |  |  |  |  (45,151  |  )   \nLoss from discontinued operations  |  |  \u2014  |  |  |  |  124  |   \nNet income (loss)  |  |  43,941  |  |  |  |  (45,027  |  )   \nNet loss attributable to non-controlling interest  |  |  212  |  |  |  |  (237  |  )   \nNet income (loss) attributable to Cronos Group  |  $  |  43,729  |  |  |  $  |  (44,790  |  )   \n**Comprehensive loss** |  |  |   \nNet income (loss)  |  $  |  43,941  |  |  |  $  |  (45,027  |  )   \nOther comprehensive income (loss)  |  |  |   \nForeign exchange gain (loss) on translation  |  |  (66,208  |  )  |  |  |  22,635  |   \nComprehensive loss  |  |  (22,267  |  )  |  |  |  (22,392  |  )   \nComprehensive loss attributable to non-controlling interest  |  |  (2,832  |  )  |  |  |  (390  |  )   \n**Comprehensive loss attributable to Cronos Group** |  $  |  (19,435  |  )  |  |  $  |  (22,002  |  )   \n|  |  |   \n**Net income (loss) per share** |  |  |   \nBasic - continuing operations  |  $  |  0.11  |  |  |  $  |  (0.12  |  )   \nBasic - discontinued operations  |  $  |  \u2014  |  |  |  $  |  \u2014  |   \nBasic net income (loss) per share attributable to Cronos Group  |  $  |  0.11  |  |  |  $  |  (0.12  |  )   \n|  |  |   \nDiluted - continuing operations  |  $  |  0.11  |  |  |  $  |  (0.12  |  )   \nDiluted - discontinued operations  |  $  |  \u2014  |  |  |  $  |  \u2014  |   \nDiluted net income (loss) per share attributable to Cronos Group  |  $  |  0.11  |  |  |  $  |  (0.12  |  )   \n**Weighted average number of outstanding shares** |  |  |   \nBasic  |  |  382,340,893  |  |  |  |  381,155,824  |   \nDiluted  |  |  386,525,110  |  |  |  |  381,155,824  |   \n  \n  \n\n**Cronos Group Inc.**  \n**Consolidated Statements of Cash Flows**  \n_(In thousands of U.S. dollars)_  \n---  \n|  **Year ended December 31,**  \n|  |  **2024** |  |  |  |  **2023** |  |  |  |  **2022** |   \n**Operating activities** |  |  |  |  |   \nNet income (loss)  |  $  |  40,022  |  |  |  $  |  (74,553  |  )  |  |  $  |  (168,734  |  )   \nAdjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:  |  |  |  |  |   \nShare-based compensation  |  |  8,700  |  |  |  |  8,769  |  |  |  |  15,115  |   \nDepreciation and amortization  |  |  9,336  |  |  |  |  8,110  |  |  |  |  13,122  |   \nImpairment loss on long-lived assets  |  |  16,350  |  |  |  |  3,571  |  |  |  |  3,493  |   \nImpairment loss on other investments  |  |  25,650  |  |  |  |  23,350  |  |  |  |  61,392  |   \nLoss (income) from investments  |  |  3,841  |  |  |  |  10,513  |  |  |  |  (17,853  |  )   \nLoss (gain) on revaluation of derivative liabilities  |  |  (49  |  )  |  |  |  85  |  |  |  |  (14,060  |  )   \nChanges in expected credit losses on long-term financial assets  |  |  1,032  |  |  |  |  (1,528  |  )  |  |  |  (662  |  )   \nRevaluation of equity method investment  |  |  (32,469  |  )  |  |  |  \u2014  |  |  |  |  \u2014  |   \nRevaluation of loan receivable  |  |  (11,804  |  )  |  |  |  \u2014  |  |  |  |  \u2014  |   \nLoss on held-for-sale assets  |  |  11,202  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nInventory step-up recorded to cost of sales  |  |  5,284  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nForeign currency transaction (gain) loss  |  |  (57,859  |  )  |  |  |  7,324  |  |  |  |  2,286  |   \nOther non-cash operating activities, net  |  |  (82  |  )  |  |  |  (2,008  |  )  |  |  |  1,294  |   \nChanges in operating assets and liabilities:  |  |  |  |  |   \nAccounts receivable, net  |  |  (917  |  )  |  |  |  9,206  |  |  |  |  (2,711  |  )   \nInterest receivable  |  |  (3,656  |  )  |  |  |  (14,344  |  )  |  |  |  (6,985  |  )   \nOther receivables  |  |  2,059  |  |  |  |  (1,449  |  )  |  |  |  1,148  |   \nPrepaids and other current assets  |  |  (512  |  )  |  |  |  1,437  |  |  |  |  996  |   \nInventory, net  |  |  7,417  |  |  |  |  7,399  |  |  |  |  (7,217  |  )   \nAccounts payable  |  |  (7,449  |  )  |  |  |  (773  |  )  |  |  |  (863  |  )   \nIncome taxes payable  |  |  (93  |  )  |  |  |  (33,104  |  )  |  |  |  34,212  |   \nAccrued liabilities  |  |  2,840  |  |  |  |  5,160  |  |  |  |  (2,921  |  )   \nNet cash provided by (used in) operating activities  |  |  18,843  |  |  |  |  (42,835  |  )  |  |  |  (88,948  |  )   \n|  |  |  |  |   \n**Investing activities** |  |  |  |  |   \nProceeds from short-term investments  |  |  185,817  |  |  |  |  532,838  |  |  |  |  268,870  |   \nPurchase of short-term investments  |  |  \u2014  |  |  |  |  (608,247  |  )  |  |  |  (271,378  |  )   \nCash acquired in business combination  |  |  5,993  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nDividends received from equity method investee  |  |  \u2014  |  |  |  |  1,297  |  |  |  |  \u2014  |   \nDividend proceeds  |  |  \u2014  |  |  |  |  345  |  |  |  |  384  |   \nAdvances on loans receivable  |  |  (8,759  |  )  |  |  |  \u2014  |  |  |  |  \u2014  |   \nRepayments on loans receivable  |  |  5,252  |  |  |  |  16,831  |  |  |  |  5,246  |   \nPurchase of property, plant and equipment, net of disposals  |  |  (12,411  |  )  |  |  |  (2,505  |  )  |  |  |  (3,451  |  )   \nPurchase of intangible assets, net of disposals  |  |  (743  |  )  |  |  |  (918  |  )  |  |  |  (1,581  |  )   \nOther investing activities  |  |  \u2014  |  |  |  |  860  |  |  |  |  68  |   \nNet cash provided by (used in) investing activities  |  |  175,149  |  |  |  |  (59,499  |  )  |  |  |  (1,842  |  )   \n|  **Year ended December 31,**  \n|  |  **2024** |  |  |  |  **2023** |  |  |  |  **2022** |   \n**Financing activities** |  |  |  |  |   \nWithholding taxes paid on equity awards  |  |  (1,231  |  )  |  |  |  (1,030  |  )  |  |  |  (2,829  |  )   \nOther financing activities, net  |  |  \u2014  |  |  |  |  \u2014  |  |  |  |  (68  |  )   \nNet cash used in financing activities  |  |  (1,231  |  )  |  |  |  (1,030  |  )  |  |  |  (2,897  |  )   \nEffect of foreign currency translation on cash and cash equivalents  |  |  (3,247  |  )  |  |  |  8,011  |  |  |  |  (28,642  |  )   \nNet change in cash and cash equivalents  |  |  189,514  |  |  |  |  (95,353  |  )  |  |  |  (122,329  |  )   \nCash and cash equivalents, beginning of period  |  |  669,291  |  |  |  |  764,644  |  |  |  |  886,973  |   \nCash and cash equivalents, end of period  |  $  |  858,805  |  |  |  $  |  669,291  |  |  |  $  |  764,644  |   \n|  |  |  |  |   \n**Supplementary cash flow information:** |  |  |  |  |   \nInterest paid  |  |  \u2014  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nInterest received  |  |  48,399  |  |  |  |  36,501  |  |  |  |  15,548  |   \nTaxes paid  |  |  647  |  |  |  |  33,013  |  |  |  |  177  |   \n|  |  |  |  |  |  |  |  |  |  |   \n  \n**Non-GAAP Measures**\n\nCronos reports its financial results in accordance with Generally Accepted\nAccounting Principles in the United States (\u201cU.S. GAAP\u201d). This press release\nrefers to measures not recognized under U.S. GAAP (\u201cnon-GAAP measures\u201d). These\nnon-GAAP measures do not have a standardized meaning prescribed by U.S. GAAP\nand are therefore unlikely to be comparable to similar measures presented by\nother companies. Rather, these non-GAAP measures are provided as a supplement\nto corresponding U.S. GAAP measures to provide additional information\nregarding the results of operations from management\u2019s perspective.\nAccordingly, non-GAAP measures should not be considered a substitute for, or\nsuperior to, the financial information prepared and presented in accordance\nwith U.S. GAAP. All non-GAAP measures presented in this press release are\nreconciled to their closest reported U.S. GAAP measure. Reconciliations of\nhistorical adjusted financial measures to corresponding U.S. GAAP measures are\nprovided below.\n\n_Adjusted EBITDA_\n\nManagement reviews Adjusted EBITDA, a non-GAAP measure, which excludes non-\ncash items and items that do not reflect management\u2019s assessment of ongoing\nbusiness performance. Management defines Adjusted EBITDA as net income (loss)\nbefore interest, tax expense (benefit), depreciation and amortization adjusted\nfor: share of (income) loss from equity method investments; impairment loss on\ngoodwill and intangible assets; impairment loss on long-lived assets; (gain)\nloss on revaluation of derivative liabilities; (gain) loss on revaluation of\nfinancial instruments; gain on revaluation of loan receivable; gain on\nrevaluation of equity method investment; transaction costs related to\nstrategic projects; loss on held-for-sale assets; impairment loss on other\ninvestments; foreign currency transaction loss; other, net; loss from\ndiscontinued operations; restructuring costs; inventory write-downs resulting\nfrom restructuring actions; share-based compensation; costs related to the\nAnti-Dumping Investigation; purchase accounting adjustment-related inventory\nstep-up adjustments recorded through cost of sales; and financial statement\nreview costs and reserves related to the restatements of our 2019 and 2021\ninterim financial statements (the \u201cRestatements\u201d), including the costs related\nto the settlement of the SEC\u2019s and the OSC\u2019s investigations of the\nRestatements and legal costs of defending shareholder class action complaints\nbrought against us as a result of the 2019 restatement (see Note 12(b)\n\u201cContingencies,\u201d to the consolidated financial statements under Item 8 of the\nCompany's Annual Report on Form 10-K for the year ended December 31, 2024 for\na discussion of the shareholder class action complaints relating to the\nrestatement of the 2019 interim financial statements and the settlement of the\nSEC\u2019s and the OSC\u2019s investigations of the Restatements). Results are reported\nas total consolidated results, reflecting our reporting structure of one\nreportable segment.\n\nManagement believes that Adjusted EBITDA provides the most useful insight into\nunderlying business trends and results and provides a more meaningful\ncomparison of period-over-period results. Management uses Adjusted EBITDA for\nplanning, forecasting and evaluating business and financial performance,\nincluding allocating resources and evaluating results relative to employee\ncompensation targets.  \n\nAdjusted EBITDA is reconciled to net income (loss) as follows:\n\n_(in thousands of U.S. dollars)_ |  **For the year ended December 31, 2024**  \n---|---  \n|  **Continuing  \nOperations ** |  |  **Discontinued  \nOperations ** |  |  **Total**  \nNet income  |  $  |  40,022  |  |  |  $  |  \u2014  |  |  $  |  40,022  |   \nInterest income, net  |  |  (52,019  |  )  |  |  |  \u2014  |  |  |  (52,019  |  )   \nIncome tax expense (benefit)  |  |  (3,436  |  )  |  |  |  \u2014  |  |  |  (3,436  |  )   \nDepreciation and amortization  |  |  9,336  |  |  |  |  \u2014  |  |  |  9,336  |   \nEBITDA  |  |  (6,097  |  )  |  |  |  \u2014  |  |  |  (6,097  |  )   \nShare of income from equity method investments  |  |  (2,365  |  )  |  |  |  \u2014  |  |  |  (2,365  |  )   \nImpairment loss on long-lived assets  (i)  |  |  16,350  |  |  |  |  \u2014  |  |  |  16,350  |   \nRevaluation gain on loan receivable  (ii)  |  |  (11,804  |  )  |  |  |  \u2014  |  |  |  (11,804  |  )   \nGain on revaluation of equity method investment  (iii)  |  |  (32,469  |  )  |  |  |  \u2014  |  |  |  (32,469  |  )   \nGain on revaluation of derivative liabilities  (iv)  |  |  (49  |  )  |  |  |  \u2014  |  |  |  (49  |  )   \nLoss on revaluation of financial instruments  (v)  |  |  6,248  |  |  |  |  \u2014  |  |  |  6,248  |   \nImpairment loss on other investments  (vi)  |  |  25,650  |  |  |  |  \u2014  |  |  |  25,650  |   \nForeign currency transaction gain  |  |  (57,859  |  )  |  |  |  \u2014  |  |  |  (57,859  |  )   \nTransaction costs  (vii)  |  |  701  |  |  |  |  \u2014  |  |  |  701  |   \nLoss on held-for-sale assets  (viii)  |  |  11,202  |  |  |  |  \u2014  |  |  |  11,202  |   \nOther, net  (ix)  |  |  350  |  |  |  |  \u2014  |  |  |  350  |   \nRestructuring costs  (x)  |  |  630  |  |  |  |  \u2014  |  |  |  630  |   \nShare-based compensation  (xi)  |  |  8,700  |  |  |  |  \u2014  |  |  |  8,700  |   \nFinancial statement review costs  (xii)  |  |  (1  |  )  |  |  |  \u2014  |  |  |  (1  |  )   \nInventory step-up recorded to cost of sales  (xiv)  |  |  5,284  |  |  |  |  \u2014  |  |  |  5,284  |   \nIsrael Ministry of Economy and Industry dumping inquiry  (xv)  |  |  587  |  |  |  |  \u2014  |  |  |  587  |   \nAdjusted EBITDA  |  $  |  (34,942  |  )  |  |  $  |  \u2014  |  |  $  |  (34,942  |  )   \n  \n  \n\n_(in thousands of U.S. dollars)_ |  **For the year ended December 31, 2023**  \n---|---  \n|  **Continuing  \nOperations ** |  |  **Discontinued  \nOperations ** |  |  **Total**  \nNet loss  |  $  |  (70,439  |  )  |  |  $  |  (4,114  |  )  |  |  $  |  (74,553  |  )   \nInterest income, net  |  |  (51,235  |  )  |  |  |  (10  |  )  |  |  |  (51,245  |  )   \nIncome tax expense (benefit)  |  |  (3,230  |  )  |  |  |  \u2014  |  |  |  |  (3,230  |  )   \nDepreciation and amortization  |  |  7,866  |  |  |  |  244  |  |  |  |  8,110  |   \nEBITDA  |  |  (117,038  |  )  |  |  |  (3,880  |  )  |  |  |  (120,918  |  )   \nShare of income from equity method investments  |  |  (1,583  |  )  |  |  |  \u2014  |  |  |  |  (1,583  |  )   \nImpairment loss on long-lived assets  (i)  |  |  3,366  |  |  |  |  205  |  |  |  |  3,571  |   \nLoss on revaluation of derivative liabilities  (iv)  |  |  85  |  |  |  |  \u2014  |  |  |  |  85  |   \nLoss on revaluation of financial instruments  (v)  |  |  12,042  |  |  |  |  \u2014  |  |  |  |  12,042  |   \nImpairment loss on other investments  (vi)  |  |  23,350  |  |  |  |  \u2014  |  |  |  |  23,350  |   \nForeign currency transaction loss  |  |  7,324  |  |  |  |  \u2014  |  |  |  |  7,324  |   \nOther, net  (ix)  |  |  (1,114  |  )  |  |  |  118  |  |  |  |  (996  |  )   \nRestructuring costs  (x)  |  |  1,524  |  |  |  |  523  |  |  |  |  2,047  |   \nShare-based compensation  (xi)  |  |  8,756  |  |  |  |  13  |  |  |  |  8,769  |   \nFinancial statement review costs  (xii)  |  |  919  |  |  |  |  \u2014  |  |  |  |  919  |   \nInventory write-down  (xiii)  |  |  805  |  |  |  |  839  |  |  |  |  1,644  |   \nAdjusted EBITDA  |  $  |  (61,564  |  )  |  |  $  |  (2,182  |  )  |  |  $  |  (63,746  |  )   \n  \n  \n\n_(in thousands of U.S. dollars)_ |  **Three months ended December 31, 2024**  \n---|---  \n|  **Continuing  \nOperations ** |  |  **Discontinued  \nOperations ** |  |  **Total**  \nNet income  |  $  |  43,941  |  |  |  $  |  \u2014  |  |  $  |  43,941  |   \nInterest income, net  |  |  (11,863  |  )  |  |  |  \u2014  |  |  |  (11,863  |  )   \nIncome tax expense (benefit)  |  |  2,004  |  |  |  |  \u2014  |  |  |  2,004  |   \nDepreciation and amortization  |  |  2,525  |  |  |  |  \u2014  |  |  |  2,525  |   \nEBITDA  |  |  36,607  |  |  |  |  \u2014  |  |  |  36,607  |   \nGain on revaluation of derivative liabilities  (i  v  )  |  |  (142  |  )  |  |  |  \u2014  |  |  |  (142  |  )   \nGain on revaluation of financial instruments  (  v  )  |  |  (302  |  )  |  |  |  \u2014  |  |  |  (302  |  )   \nForeign currency transaction gain  |  |  (45,489  |  )  |  |  |  \u2014  |  |  |  (45,489  |  )   \nTransaction costs  (vii)  |  |  171  |  |  |  |  \u2014  |  |  |  171  |   \nLoss on held-for-sale assets  (  v  iii)  |  |  780  |  |  |  |  \u2014  |  |  |  780  |   \nOther, net  (  ix  )  |  |  (294  |  )  |  |  |  \u2014  |  |  |  (294  |  )   \nShare-based compensation  (  xi  )  |  |  2,187  |  |  |  |  \u2014  |  |  |  2,187  |   \nFinancial statement review costs  (  xii  )  |  |  524  |  |  |  |  \u2014  |  |  |  524  |   \nInventory step-up recorded to cost of sales  (xi  v)  |  |  (1,832  |  )  |  |  |  \u2014  |  |  |  (1,832  |  )   \nIsrael Ministry of Economy and Industry dumping inquiry  (xv)  |  |  587  |  |  |  |  \u2014  |  |  |  587  |   \nAdjusted EBITDA  |  $  |  (7,203  |  )  |  |  $  |  \u2014  |  |  $  |  (7,203  |  )   \n  \n  \n\n_(in thousands of U.S. dollars)_ |  **Three months ended December 31, 2023**  \n---|---  \n|  **Continuing  \nOperations ** |  |  **Discontinued  \nOperations ** |  |  **Total**  \nNet loss  |  $  |  (45,151  |  )  |  |  $  |  124  |  |  |  $  |  (45,027  |  )   \nInterest income, net  |  |  (14,214  |  )  |  |  |  (1  |  )  |  |  |  (14,215  |  )   \nIncome tax expense (benefit)  |  |  (360  |  )  |  |  |  \u2014  |  |  |  |  (360  |  )   \nDepreciation and amortization  |  |  1,177  |  |  |  |  \u2014  |  |  |  |  1,177  |   \nEBITDA  |  |  (58,548  |  )  |  |  |  123  |  |  |  |  (58,425  |  )   \nShare of income from equity method investments  |  |  (752  |  )  |  |  |  \u2014  |  |  |  |  (752  |  )   \nImpairment loss on long-lived assets  (i  )  |  |  3,366  |  |  |  |  \u2014  |  |  |  |  3,366  |   \nLoss on revaluation of derivative liabilities  (i  v  )  |  |  71  |  |  |  |  \u2014  |  |  |  |  71  |   \nLoss on revaluation of financial instruments  (  v  )  |  |  4,186  |  |  |  |  \u2014  |  |  |  |  4,186  |   \nImpairment loss on other investments  (vi  )  |  |  23,350  |  |  |  |  \u2014  |  |  |  |  23,350  |   \nForeign currency transaction loss  |  |  11,323  |  |  |  |  \u2014  |  |  |  |  11,323  |   \nOther, net  (i  x  )  |  |  (89  |  )  |  |  |  (14  |  )  |  |  |  (103  |  )   \nRestructuring costs  (  x)  |  |  101  |  |  |  |  (39  |  )  |  |  |  62  |   \nShare-based compensation  (  xi  )  |  |  1,933  |  |  |  |  (4  |  )  |  |  |  1,929  |   \nFinancial statement review costs  (  xii  )  |  |  180  |  |  |  |  \u2014  |  |  |  |  180  |   \nInventory write-down  (  xiii  )  |  |  89  |  |  |  |  \u2014  |  |  |  |  89  |   \nAdjusted EBITDA  |  $  |  (14,790  |  )  |  |  $  |  66  |  |  |  $  |  (14,724  |  )   \n  \n(i)  For the year ended December 31, 2024, impairment loss on long-lived\nassets included  $14,258  related to the write-down of our Ginkgo Exclusive\nLicenses and  $1,631  related to the cessation of operations of Thanos\nHoldings Ltd., known as Cronos Fermentation (\u201cCronos Fermentation\u201d). For the\nyear ended December 31, 2023, impairment loss on long-lived assets related to\ncertain leased properties associated with the Company\u2019s former U.S. operations\nand impairment of the Company's CBCVA exclusive license under the\ncollaboration and license agreement between Ginkgo and the Company.  \n(ii)  For the year ended December 31, 2024, a revaluation gain on loan\nreceivable was recognized as a result of the Cronos GrowCo Transaction on July\n1, 2024.  \n(iii)  For the year ended December 31, 2024, a gain on revaluation of equity\nmethod investment was recognized as a result of the Cronos GrowCo Transaction\non July 1, 2024.  \n(iv)  For the three months and years ended December 31, 2024 and 2023, the\n(gain) loss on revaluation of derivative liabilities represented the fair\nvalue changes on the derivative liabilities.  \n(v)  For the three months and years ended December 31, 2024 and 2023, (gain)\nloss on revaluation of financial instruments related primarily to our\nunrealized holding (gain) or loss (as applicable) on our mark-to-market\ninvestment in Vitura as well as revaluations of financial liabilities\nresulting from deferred share units granted to directors.  \n(vi)  For the years ended December 31, 2024 and 2023 and the three months\nended December 31, 2023, impairment loss on other investments related to the\nPharmaCann Option for the difference between its fair value and carrying\namount.  \n(vii)  For the year and three months ended December 31, 2024, transaction\ncosts represented legal, financial and other advisory fees and expenses\nincurred in connection with the Cronos GrowCo Transaction. These costs are\nincluded in general and administrative expenses on the consolidated statements\nof net income (loss) and comprehensive income (loss).  \n(viii)  For the year ended December 31, 2024, a loss on held-for-sale assets\nwas recognized as a result of the change in the Company\u2019s sales strategy for\nthe Cronos Fermentation assets to market the assets to a broader buyer pool.\nFor the quarter ended December 31, 2024, a loss on held-for-sale assets was\nrecognized to adjust the net book value of Cronos Fermentation to fair value.  \n(ix)  For the three months and years ended December 31, 2024 and 2023, other,\nnet primarily related to (gain) loss on disposal of assets.  \n(x)  For the year ended December 31, 2024, restructuring costs from continuing\noperations related to shutdown costs at the Cronos Fermentation Facility, as\nwell as employee-related severance costs associated with the Realignment. For\nthe year and three months ended December 31, 2023, restructuring costs related\nto the employee-related severance costs and other restructuring costs\nassociated with the Realignment.  \n(xi)  For the three months and years ended December 31, 2024 and 2023, share-\nbased compensation related to the vesting expenses of share-based compensation\nawarded to employees under our share-based award plans.  \n(xii)  For the three months and years ended December 31, 2024 and 2023,\nfinancial statement review costs included costs related to the Restatements,\ncosts related to the Company\u2019s responses to requests for information from\nvarious regulatory authorities relating to the Restatements, the costs related\nto the Settlement Order and Settlement Agreement and legal costs defending\nshareholder class action complaints brought against the Company as a result of\nthe 2019 restatement, as well as related insurance reimbursements.  \n(xiii)  For the three months and year ended December 31, 2023, inventory\nwrite-downs from discontinued operations relate to product destruction and\nobsolescence associated with the exit of our U.S. operations and inventory\nwrite-downs from continuing operations relate to product destruction and\nobsolescence associated with the planned exit of Cronos Fermentation.  \n(xiv)  For the three months and year ended December 31, 2024, inventory step-\nup recorded to cost of sales represented the portion of the inventory step-up\nfrom the Cronos GrowCo Transaction that was recorded through the consolidated\nstatements of income (loss) and comprehensive income (loss).  \n(xv)  For the three months and year ended December 31, 2024, Israel Ministry\nof Economy and Industry dumping inquiry expense included expenditures relating\nto the regulatory inquiry about alleged dumping of medical cannabis products\nin Israel and related litigation and external relations expenses.\n\n**_Adjusted Gross Profit and Adjusted Gross Margin_ **\n\nTo supplement the consolidated financial statements presented in accordance\nwith U.S. GAAP, we have presented Adjusted Gross Profit and Adjusted Gross\nMargin, non-GAAP measures that exclude the impacts of inventory-related\npurchase accounting adjustments from the calculations of gross profit and\ngross margin, which resulted from the Cronos GrowCo Transaction. Results are\nreported as total consolidated results, reflecting our reporting structure of\none reportable segment.\n\nManagement believes that Adjusted Gross Profit and Adjusted Gross Margin\nprovide useful insight into underlying business trends to facilitate\ncomparisons of period-over-period results by removing the impacts of\ninventory-related purchase accounting adjustments resulting from the Cronos\nGrowCo Transaction, which reflect a one-time event and do not reflect\nmanagement\u2019s assessment of ongoing business performance.\n\n_(in thousands of U.S. dollars)_ |  **Three months ended  \nDecember 31, ** |  |  **Change** |  |  **Year ended  \nDecember 31, ** |  |  **Change**  \n---|---|---|---|---|---|---|---  \n|  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%**  \nNet revenue  |  $  |  30,301  |  |  |  $  |  23,915  |  |  |  $  |  6,386  |  |  |  27  |  %  |  |  $  |  117,615  |  |  |  $  |  87,241  |  |  |  $  |  30,374  |  |  35  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nGross profit  |  $  |  10,807  |  |  |  $  |  1,913  |  |  |  $  |  8,894  |  |  |  465  |  %  |  |  $  |  25,198  |  |  |  $  |  11,909  |  |  |  $  |  13,289  |  |  112  |  %   \nInventory step-up recorded to cost of sales  |  |  (1,832  |  )  |  |  |  \u2014  |  |  |  |  (1,832  |  )  |  |  N/M  |  |  |  |  5,284  |  |  |  |  \u2014  |  |  |  |  5,284  |  |  N/M  |   \nAdjusted Gross Profit  |  $  |  8,975  |  |  |  $  |  1,913  |  |  |  $  |  7,062  |  |  |  369  |  %  |  |  $  |  30,482  |  |  |  $  |  11,909  |  |  |  $  |  18,573  |  |  156  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nGross margin  (i)  |  |  36  |  %  |  |  |  8  |  %  |  |  |  N/A  |  |  |  28  |  pp  |  |  |  21  |  %  |  |  |  14  |  %  |  |  N/A  |  |  7  |  pp   \nAdjusted Gross Margin  (ii)  |  |  30  |  %  |  |  |  8  |  %  |  |  |  N/A  |  |  |  22  |  pp  |  |  |  26  |  %  |  |  |  14  |  %  |  |  N/A  |  |  12  |  pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \n  \n(i)  Gross margin is defined as gross profit divided by net revenue.  \n(ii)  Adjusted Gross Margin is defined as Adjusted Gross Profit divided by net\nrevenue.\n\n_Constant Currency_\n\nTo supplement the consolidated financial statements presented in accordance\nwith U.S. GAAP, we have presented constant currency adjusted financial\nmeasures for net revenues, gross profit, gross profit margin, operating\nexpenses, net income (loss) and Adjusted EBITDA for 2024, as well as cash and\ncash equivalents and short-term investment balances as of December 31, 2024\ncompared to December 31, 2023, which are considered non-GAAP financial\nmeasures. We present constant currency information to provide a framework for\nassessing how our underlying operations performed excluding the effect of\nforeign currency rate fluctuations. To present this information, current and\nprior period income statement results in currencies other than U.S. dollars\nare converted into U.S. dollars using the average exchange rates from the\ncomparative period in 2023 rather than the actual average exchange rates in\neffect during 2024; constant currency current period balance sheet information\nis translated at the prior year-end spot rate rather than the current year-end\nspot rate. All growth comparisons relate to the corresponding period in 2023.\nWe have provided this non-GAAP financial information to aid investors in\nbetter understanding the performance of our business. The non-GAAP financial\nmeasures presented in this press release should not be considered as a\nsubstitute for, or superior to, the measures of financial performance prepared\nin accordance with U.S. GAAP.\n\nThe table below sets forth certain measures of consolidated results from\ncontinuing operations on an as-reported and constant currency basis for 2024\ncompared to 2023, as well as cash and cash equivalents and short-term\ninvestments as of December 31, 2024, compared to December 31, 2023, on an as-\nreported and constant currency basis (in thousands):\n\n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n---|---|---|---  \n|  **Three months ended December 31,** |  |  **As Reported  \nChange ** |  |  **Three months ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  **$** |  |  **%**  \nNet revenue  |  $  |  30,301  |  |  |  $  |  23,915  |  |  |  $  |  6,386  |  |  |  27  |  %  |  |  $  |  30,527  |  |  |  $  |  6,612  |  |  |  28  |  %   \nGross profit  |  |  10,807  |  |  |  |  1,913  |  |  |  |  8,894  |  |  |  465  |  %  |  |  |  10,914  |  |  |  |  9,001  |  |  |  471  |  %   \nGross margin  |  |  36  |  %  |  |  |  8  |  %  |  |  |  N/A  |  |  |  28  |  pp  |  |  |  36  |  %  |  |  |  N/A  |  |  |  28  |  pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \nOperating expenses  |  |  22,172  |  |  |  |  23,549  |  |  |  |  (1,377  |  )  |  |  (6  |  )%  |  |  |  22,557  |  |  |  |  (992  |  )  |  |  (4  |  )%   \nNet income (loss) from continuing operations  |  |  43,941  |  |  |  |  (45,151  |  )  |  |  |  89,092  |  |  |  N/M  |  |  |  |  44,431  |  |  |  |  89,582  |  |  |  N/M  |   \nAdjusted EBITDA  |  |  (7,203  |  )  |  |  |  (14,790  |  )  |  |  |  7,587  |  |  |  51  |  %  |  |  |  (7,869  |  )  |  |  |  6,921  |  |  |  47  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n|  **Year ended  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **Year ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  **$** |  |  **%**  \nNet revenue  |  $  |  117,615  |  |  |  $  |  87,241  |  |  |  $  |  30,374  |  |  |  35  |  %  |  |  $  |  118,983  |  |  |  $  |  31,742  |  |  |  36  |  %   \nGross profit  |  |  25,198  |  |  |  |  11,909  |  |  |  |  13,289  |  |  |  112  |  %  |  |  |  25,505  |  |  |  |  13,596  |  |  |  114  |  %   \nGross margin  |  |  21  |  %  |  |  |  14  |  %  |  |  |  N/A  |  |  |  7  |  pp  |  |  |  21  |  %  |  |  |  N/A  |  |  |  7  |  pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \nOperating expenses  |  |  101,727  |  |  |  |  96,709  |  |  |  |  5,018  |  |  |  5  |  %  |  |  |  102,972  |  |  |  |  6,263  |  |  |  6  |  %   \nNet income (loss) from continuing operations  |  |  40,022  |  |  |  |  (70,439  |  )  |  |  |  110,461  |  |  |  N/M  |  |  |  |  42,007  |  |  |  |  112,446  |  |  |  N/M  |   \nAdjusted EBITDA  |  |  (34,942  |  )  |  |  |  (61,564  |  )  |  |  |  26,622  |  |  |  43  |  %  |  |  |  (35,891  |  )  |  |  |  25,673  |  |  |  42  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \n|  **As of  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **As of December 31,** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  **$** |  |  **%**  \nCash and cash equivalents  |  $  |  858,805  |  |  |  $  |  669,291  |  |  |  $  |  189,514  |  |  |  28  |  %  |  |  $  |  869,761  |  |  |  $  |  200,470  |  |  |  30  |  %   \nShort-term investments  |  |  \u2014  |  |  |  |  192,237  |  |  |  |  (192,237  |  )  |  |  (100  |  )%  |  |  |  \u2014  |  |  |  |  (192,237  |  )  |  |  (100  |  )%   \nTotal cash and cash equivalents and short-term investments  |  $  |  858,805  |  |  |  $  |  861,528  |  |  |  $  |  (2,723  |  )  |  |  \u2014  |  %  |  |  $  |  869,761  |  |  |  $  |  8,233  |  |  |  1  |  %   \n  \n_  \nNet revenue _\n\n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n---|---|---|---  \n|  **Three months ended  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **Three months ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  **2023** |  |  **$** |  |  **%** |  |  |  **2024** |  |  **$** |  |  **%**  \nCannabis flower  |  $  |  23,398  |  |  $  |  17,515  |  |  $  |  5,883  |  |  |  34  |  %  |  |  $  |  23,491  |  |  $  |  5,976  |  |  |  34  |  %   \nCannabis extracts  |  |  6,588  |  |  |  6,074  |  |  |  514  |  |  |  8  |  %  |  |  |  6,729  |  |  |  655  |  |  |  11  |  %   \nOther  |  |  315  |  |  |  326  |  |  |  (11  |  )  |  |  (3  |  )%  |  |  |  307  |  |  |  (19  |  )  |  |  (6  |  )%   \nNet revenue  |  $  |  30,301  |  |  $  |  23,915  |  |  $  |  6,386  |  |  |  27  |  %  |  |  $  |  30,527  |  |  $  |  6,612  |  |  |  28  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n|  **Year ended  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **Year ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  **2023** |  |  **$** |  |  **%** |  |  |  **2024** |  |  **$** |  |  **%**  \nCannabis flower  |  $  |  87,912  |  |  $  |  62,070  |  |  $  |  25,842  |  |  |  42  |  %  |  |  $  |  88,904  |  |  $  |  26,834  |  |  |  43  |  %   \nCannabis extracts  |  |  29,168  |  |  |  24,569  |  |  |  4,599  |  |  |  19  |  %  |  |  |  29,552  |  |  |  4,983  |  |  |  20  |  %   \nOther  |  |  535  |  |  |  602  |  |  |  (67  |  )  |  |  (11  |  )%  |  |  |  527  |  |  |  (75  |  )  |  |  (12  |  )%   \nNet revenue  |  $  |  117,615  |  |  $  |  87,241  |  |  $  |  30,374  |  |  |  35  |  %  |  |  $  |  118,983  |  |  $  |  31,742  |  |  |  36  |  %   \n  \n  \n\n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n---|---|---|---  \n|  **Three months ended  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **Three months ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  **2023** |  |  **$** |  |  **%** |  |  |  **2024** |  |  **$** |  |  **%**  \nCanada  |  $  |  19,656  |  |  $  |  17,935  |  |  $  |  1,721  |  |  10  |  %  |  |  $  |  20,156  |  |  $  |  2,221  |  |  12  |  %   \nIsrael  |  |  7,803  |  |  |  4,974  |  |  |  2,829  |  |  57  |  %  |  |  |  7,546  |  |  |  2,572  |  |  52  |  %   \nOther countries  |  |  2,842  |  |  |  1,006  |  |  |  1,836  |  |  183  |  %  |  |  |  2,825  |  |  |  1,819  |  |  181  |  %   \nNet revenue  |  $  |  30,301  |  |  $  |  23,915  |  |  $  |  6,386  |  |  27  |  %  |  |  $  |  30,527  |  |  $  |  6,612  |  |  28  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n|  **Year ended  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **Year ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  **2023** |  |  **$** |  |  **%** |  |  |  **2024** |  |  **$** |  |  **%**  \nCanada  |  $  |  82,437  |  |  $  |  64,702  |  |  $  |  17,735  |  |  27  |  %  |  |  $  |  83,709  |  |  $  |  19,007  |  |  29  |  %   \nIsrael  |  |  28,368  |  |  |  21,134  |  |  |  7,234  |  |  34  |  %  |  |  |  28,454  |  |  |  7,320  |  |  35  |  %   \nOther countries  |  |  6,810  |  |  |  1,405  |  |  |  5,405  |  |  385  |  %  |  |  |  6,820  |  |  |  5,415  |  |  385  |  %   \nNet revenue  |  $  |  117,615  |  |  $  |  87,241  |  |  $  |  30,374  |  |  35  |  %  |  |  $  |  118,983  |  |  $  |  31,742  |  |  36  |  %   \n  \n  \nFor 2024, net revenue on a constant currency basis was  $119.0 million  ,\nrepresenting a  36%  increase from 2023. Net revenue increased on a constant\ncurrency basis primarily due to higher cannabis flower and extract sales in\nthe Canadian market and higher cannabis flower sales in Israel and other\ncountries. The Cronos GrowCo Transaction contributed  $6.5 million  of\ncannabis flower sales in the year ended December 31, 2024 on a constant\ncurrency basis. No such sales were recognized for the year ended December 31,\n2023.\n\n_Gross profit_\n\nFor 2024, gross profit on a constant currency basis was  $25.5 million  ,\nrepresenting a  114%  increase from 2023. Gross profit increased on a constant\ncurrency basis primarily due to higher cannabis flower and extract sales in\nthe Canadian market, higher cannabis flower sales in Israel and other\ncountries, and production cost improvements, partially offset by the impact on\ncost of sales from the inventory step-up from the Cronos GrowCo Transaction.\nFor 2024, gross profit on a constant currency basis was reduced  $5.1 million\nas a result of the impact of the inventory step-up from the Cronos GrowCo\nTransaction that was recorded into cost of sales. No such costs were\nrecognized for 2023.\n\n_Operating expenses_\n\nFor 2024, operating expenses on a constant currency basis were  $103.0 million\n, representing a  6%  increase from 2023. Operating expenses increased on a\nconstant currency basis primarily due to the impairment of the Ginkgo\nExclusive Licenses, partially offset by lower salaries and benefits,\nprofessional fees and restructuring costs.\n\n_Net income (loss) from continuing operations_\n\nFor 2024, net income (loss) from continuing operations on a constant currency\nbasis was  $42.0 million  , compared to a loss of  $70.4 million  for 2023.\n\n_Adjusted EBITDA_\n\nFor 2024, Adjusted EBITDA on a constant currency basis was  $(35.9) million  ,\nrepresenting a  42%  improvement from 2023. Adjusted EBITDA improved on a\nconstant currency basis primarily due to higher cannabis flower and extract\nsales in the Canadian market, higher cannabis flower sales in Israel and other\ncountries, production cost improvements, and decreases in general and\nadministrative, sales and marketing and research and development expenses.\n\n_Cash and cash equivalents & short-term investments _\n\nCash and cash equivalents and short-term investments on a constant currency\nbasis increased  1%  to  $869.8 million  as of December 31, 2024 from  $861.5\nmillion  as of December 31, 2023. The increase in cash and cash equivalents\nand short-term investments is primarily due to cash flows provided by\noperating activities in 2024.\n\n**Foreign currency exchange rates**\n\nAll currency amounts in this press release are stated in U.S. dollars, which\nis our reporting currency, unless otherwise noted. All references to \u201cdollars\u201d\nor \u201c$\u201d are to U.S. dollars. The assets and liabilities of our foreign\noperations are translated into dollars at the exchange rate in effect as of\nDecember 31, 2024 and December 31, 2023, as reported on Bloomberg.\nTransactions affecting the shareholders\u2019 equity (deficit) are translated at\nhistorical foreign exchange rates. The consolidated statements of net income\n(loss) and comprehensive income (loss) and consolidated statements of cash\nflows of our foreign operations are translated into dollars by applying the\naverage foreign exchange rate in effect for the years ended December 31, 2024,\nDecember 31, 2023, and December 31, 2022, as reported on Bloomberg.\n\nThe exchange rates used to translate from Canadian dollars (\u201cC$\u201d) to dollars\nare shown below:\n\n_(Exchange rates are shown as C$ per $)_ |  **Year ended December 31,**  \n---|---  \n|  **2024** |  |  **2023** |  |  **2022**  \nAverage rate  |  1.3700  |  |  1.3494  |  |  1.3017   \nSpot rate  |  1.4351  |  |  1.3243  |  |  1.3554   \n|  |  |  |  |   \n  \nThe exchange rates used to translate from New Israeli Shekels (\u201cILS\u201d) to\ndollars are shown below:\n\n_(Exchange rates are shown as ILS per $)_ |  **Year ended December 31,**  \n---|---  \n|  **2024** |  |  **2023** |  |  **2022**  \nAverage rate  |  3.6997  |  |  3.6819  |  |  3.3566   \nSpot rate  |  3.6526  |  |  3.6163  |  |  3.5178   \n|  |  |  |  |   \n  \n**For further information, please contact:**  \nAnna Shlimak  \nInvestor Relations  \nTel: (416) 504-0004  \ninvestor.relations@thecronosgroup.com\n\n[ ](https://www.stocktitan.net/news/CRON/ \"Cronos Group CRON Stock News\")\n\nCronos Group\n\n###  NASDAQ: [ CRON ](/news/CRON/)\n\n###  CRON Rankings\n\n[ **N/A** Ranked by Market Cap  ](/rankings/companies-market-cap/link-\nsymbol?s=CRON)\n\n[ **N/A** Ranked by Dividends  ](/rankings/companies-dividends/link-\nsymbol?s=CRON)\n\n###  CRON Latest News\n\nMar 19, 2025\n\n[ Cronos Appoints Anna Shlimak as Chief Financial Officer ](/news/CRON/cronos-\nappoints-anna-shlimak-as-chief-financial-8vgelca718es.html)\n\nMar 10, 2025\n\n[ Cronos Group Inc. to Speak at the 37th Annual Roth Conference\n](/news/CRON/cronos-group-inc-to-speak-at-the-37th-annual-roth-\nxcxhnyellcyc.html)\n\nFeb 24, 2025\n\n[ Cronos Group Inc. to Hold 2024 Fourth Quarter and Full-Year Earnings\nConference Call on February 27, 2025 ](/news/CRON/cronos-group-inc-to-\nhold-2024-fourth-quarter-and-full-year-earnings-aqypuxwlsr4i.html)\n\nNov 12, 2024\n\n[ Cronos Group Reports 2024 Third Quarter Results ](/news/CRON/cronos-group-\nreports-2024-third-quarter-m7eusx8000jz.html)\n\nOct 29, 2024\n\n[ Cronos Group Inc. to Hold 2024 Third Quarter Earnings Conference Call on\nNovember 12, 2024 ](/news/CRON/cronos-group-inc-to-hold-2024-third-quarter-\nearnings-conference-call-8bk9kcf23ju1.html)\n\n###  CRON Stock Data  __\n\n619.70M\n\n197.70M\n\n46.39%\n\n14.32%\n\n1.19%\n\nDrug Manufacturers - Specialty & Generic\n\nMedicinal Chemicals & Botanical Products\n\n[ Link ](https://www.thecronosgroup.com)\n\nCanada\n\nSTAYNER\n\nExplore\n\n  * [ About ](/about)\n  * [ Rhea-AI ](/rhea-ai.html)\n  * [ Sitemap ](/sitemap/news)\n\nLegal\n\n  * [ Terms of Use ](/terms-of-use)\n  * [ Cookie Notice ](/cookies)\n  * [ Privacy Policy ](/privacy)\n\nLinks\n\n  * [ RSS feed ](https://www.stocktitan.net/rss)\n  * [ Discord Server ](https://discord.gg/jCSBfhvt)\n  * [ Facebook ](https://www.facebook.com/stocktitan.net)\n  * [ Reddit ](https://www.reddit.com/r/StockTitan/)\n\n\u00a9 2020-2025 StockTitan.net\n\nLogin\n\nPlease enter your login and password\n\nWrong username or password.\n\nDon't have an account?  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                "url": "https://www.stocktitan.net/news/CRON/cronos-group-reports-2024-fourth-quarter-and-full-year-ft1pmfo4ixz2.html"
            },
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            "summary": "Report on Cronos Group's 2024 fourth-quarter and full-year financial results.",
            "url": "https://www.stocktitan.net/news/CRON/cronos-group-reports-2024-fourth-quarter-and-full-year-ft1pmfo4ixz2.html"
        },
        {
            "content": {
                "metadata": {
                    "ext_id": "1332568b-e0d8-4279-95f4-1646026d0671",
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                    "source": "https://www.globenewswire.com/news-release/2025/02/27/3033748/0/en/Cronos-Group-Reports-2024-Fourth-Quarter-and-Full-Year-Results.html"
                },
                "page_content": "Accessibility: Skip TopNav\n\n#  Cronos Group Reports 2024 Fourth Quarter and Full-Year Results\n\nFebruary 27, 2025 07:30 ET  | Source:  [ Cronos Group Inc. ](/en/search/organization/Cronos%2520Group%2520Inc\u00a7) Cronos Group Inc. \n\n* * *\n\n_Net revenue in Q4 2024 increased by 27% year-over-year to $30.3 million; Net\nrevenue in FY 2024 increased by 35% year-over-year to $117.6 million_\n\n_Spinach_ _\u00ae_ _Ends 2024 as the Number One Cannabis Brand in Canada_ _1_\n\n_PEACE NATURALS_ _\u00ae_ _Ends 2024 as the Number One Cannabis Brand in Israel_\n_2_\n\n_Industry leading balance sheet with_ _$859_ _million in cash_ _and cash\nequivalents_\n\nTORONTO, Feb. 27, 2025 (GLOBE NEWSWIRE) -- Cronos Group Inc. (NASDAQ: CRON)\n(TSX: CRON) (\u201cCronos\u201d or the \u201cCompany\u201d), today announced its 2024 fourth\nquarter and full-year business results.\n\n\"We set ambitious goals to deliver robust growth, improve margins, and achieve\noperational excellence. Today, I am proud to say that Cronos has not only met\nbut exceeded these objectives, as evidenced by our strong 2024 results. Our\nunwavering commitment to innovation, quality, and disciplined cost management\nhas solidified our leadership in the global cannabis industry,\" said Mike\nGorenstein, Chairman, President and CEO of Cronos.\n\n\"From Spinach  _\u00ae_ becoming the number one cannabis brand in Canada and PEACE\nNATURALS  _\u00ae_ achieving a number one position in Israel, to our groundbreaking\nadvancements in cannabis genetics, to international expansion, Cronos is well-\npositioned to capitalize on future opportunities and drive long-term value for\nour shareholders. As we look ahead to 2025, we remain focused on sustaining\nthis momentum, strengthening our market leadership, and delivering innovative\nproducts that resonate with consumers worldwide,\" continued Mr. Gorenstein.\n\"Our strategic investments, such as Cronos GrowCo, have enhanced our\ncultivation capabilities, ensuring a consistent supply of high-quality\ncannabis at scale with an improved gross margin profile, while our R&D\nbreakthroughs have set new industry standards. Internationally, we\u2019ve made\nsignificant strides, with PEACE NATURALS  _\u00ae_ leading in Israel and gaining\ntraction in Germany and the UK. Combined with a robust balance sheet and a\nportfolio of best-selling, borderless brands, Cronos is not just leading\ntoday, we\u2019re building the foundation for long-term excellence in the global\ncannabis industry. Looking to 2025, we're excited about the opportunities\nahead as we continue to innovate, expand, and deliver for our consumers and\nshareholders.\"  \n\n**_Consolidated Financial Results_ **\n\nOn June 20, 2024 the Company made an additional investment in Cronos Growing\nCompany (\"Cronos GrowCo\") to fund the expansion of cultivation operations.\nCronos also obtained majority control of the board of directors of Cronos\nGrowCo and began consolidating Cronos GrowCo's results from July 1, 2024.\nPrior to this date, the Company's investment in Cronos GrowCo consisted of an\ninvestment accounted for under the equity method and loans receivable from\nCronos GrowCo.\n\nIn the second quarter of 2023, the Company exited its United States (\"U.S.\")\nhemp-derived CBD operations. The exit of the U.S. operations represented a\nstrategic shift, and as such, qualifies for reporting as discontinued\noperations in our condensed consolidated statements of net income (loss) and\ncomprehensive income (loss). Prior period amounts have been reclassified to\nreflect the discontinued operations classification of the U.S. operations.\n\nThe tables below set forth our condensed consolidated results of continuing\noperations, expressed in thousands of U.S. dollars for the periods presented.\nOur condensed consolidated financial results for these periods are not\nnecessarily indicative of the consolidated financial results that we will\nachieve in future periods.\n\n_(in thousands of USD)_ |  |  **Three Months Ended December 31,** |  |  **Change** |  |  **Year ended December 31,** |  |  **Change**  \n---|---|---|---|---|---|---|---|---  \n|  |  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%**  \nCronos net revenue, excluding Cronos GrowCo net revenue  (i)  |  |  $  |  28,195  |  |  |  $  |  23,915  |  |  |  $  |  4,280  |  |  |  18  |  %  |  |  $  |  111,241  |  |  |  $  |  87,241  |  |  |  $  |  24,000  |  |  |  28  |  %   \nCronos GrowCo net revenue  (ii)  |  |  |  2,106  |  |  |  |  \u2014  |  |  |  |  2,106  |  |  |  N/A  |  |  |  |  6,374  |  |  |  |  \u2014  |  |  |  |  6,374  |  |  |  N/A  |   \nNet Revenue  |  |  $  |  30,301  |  |  |  $  |  23,915  |  |  |  $  |  6,386  |  |  |  27  |  %  |  |  $  |  117,615  |  |  |  $  |  87,241  |  |  |  $  |  30,374  |  |  |  35  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nCost of sales  |  |  |  19,494  |  |  |  |  21,913  |  |  |  |  (2,419  |  )  |  |  (11  |  )%  |  |  |  91,710  |  |  |  |  74,527  |  |  |  |  17,183  |  |  |  23  |  %   \nInventory write-down  |  |  |  \u2014  |  |  |  |  89  |  |  |  |  (89  |  )  |  |  N/A  |  |  |  |  707  |  |  |  |  805  |  |  |  |  (98  |  )  |  |  (12  |  )%   \nGross profit  |  |  $  |  10,807  |  |  |  $  |  1,913  |  |  |  $  |  8,894  |  |  |  465  |  %  |  |  $  |  25,198  |  |  |  $  |  11,909  |  |  |  $  |  13,289  |  |  |  112  |  %   \nGross margin  (  ii  i)  |  |  |  36  |  %  |  |  |  8  |  %  |  |  |  N/A  |  |  |  28  |  pp  |  |  |  21  |  %  |  |  |  14  |  %  |  |  |  N/A  |  |  |  7  |  pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nInventory step-up recorded to cost of sales  |  |  |  (1,832  |  )  |  |  |  \u2014  |  |  |  |  (1,832  |  )  |  |  N/A  |  |  |  |  5,284  |  |  |  |  \u2014  |  |  |  |  5,284  |  |  |  N/A  |   \nAdjusted Gross Profit  (iv)  |  |  $  |  8,975  |  |  |  $  |  1,913  |  |  |  $  |  7,062  |  |  |  369  |  %  |  |  $  |  30,482  |  |  |  $  |  11,909  |  |  |  $  |  18,573  |  |  |  156  |  %   \nAdjusted Gross Margin  (v)  |  |  |  30  |  %  |  |  |  8  |  %  |  |  |  N/A  |  |  |  22  |  pp  |  |  |  26  |  %  |  |  |  14  |  %  |  |  |  N/A  |  |  |  12  |  pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nNet income (loss)  |  |  $  |  43,941  |  |  |  $  |  (45,151  |  )  |  |  $  |  89,092  |  |  |  197  |  %  |  |  $  |  40,022  |  |  |  $  |  (70,439  |  )  |  |  $  |  110,461  |  |  |  N/M  |   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nAdjusted EBITDA  (  iv  )  |  |  $  |  (7,203  |  )  |  |  $  |  (14,790  |  )  |  |  $  |  7,587  |  |  |  51  |  %  |  |  $  |  (34,942  |  )  |  |  $  |  (61,564  |  )  |  |  $  |  26,622  |  |  |  43  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \n**Other Data** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nCash and cash equivalents  (  vi  )  |  |  $  |  858,805  |  |  |  $  |  669,291  |  |  |  $  |  189,514  |  |  |  28  |  %  |  |  |  |  |  |  |  |   \nShort-term investments  (  vi  )  |  |  |  \u2014  |  |  |  |  192,237  |  |  |  |  (192,237  |  )  |  |  (100  |  )%  |  |  |  |  |  |  |  |   \nCapital expenditures  (v  ii  )  |  |  |  3,708  |  |  |  |  1,792  |  |  |  |  1,916  |  |  |  107  |  %  |  |  |  13,154  |  |  |  |  3,423  |  |  |  |  9,731  |  |  |  284  |  %   \n  \n_(i)_ _Cronos net revenue, excluding Cronos GrowCo net revenue is net revenue\nless Cronos GrowCo net revenue and is after intercompany eliminations._  \n_(ii)_ _Cronos GrowCo net revenue is Cronos GrowCo's net revenue after\nintercompany eliminations._  \n_(iii)_ _Gross margin is defined as gross profit divided by net revenue._  \n_(iv)_ _See \"Non-GAAP Measures\" for more information, including a\nreconciliation of adjusted earnings (loss) before interest, taxes,\ndepreciation and amortization (\"Adjusted EBITDA\") to net income (loss) and a\nreconciliation of Adjusted Gross Profit to gross profit._  \n_(v)_ _Adjusted Gross Margin is defined as Adjusted Gross Profit divided by\nnet revenue. See \u201cNon-GAAP Measures\u201d for more information._  \n_(vi)_ _Dollar amounts are as of the last day of the period indicated._  \n_(vii)_ _Capital expenditures represent component information of investing\nactivities and is defined as the sum of purchase of property, plant and\nequipment, and purchase of intangible assets._\n\n**Fourth Quarter** **2024**\n\n  * Net revenue of $30.3 million in Q4 2024 increased by $6.4 million from Q4 2023. The increase year-over-year was primarily driven by higher cannabis flower and extract sales in the Canadian market and higher cannabis flower sales in Israel and other countries. Cronos GrowCo contributed $2.1 million of cannabis flower sales in Q4 2024. No such sales were recognized in Q4 2023. \n  * Gross profit of $10.8 million in Q4 2024 increased by $8.9 million from Q4 2023. The increase year-over-year was primarily due to higher cannabis flower and extract sales in the Canadian market, higher cannabis flower sales in Israel and other countries, and production cost improvements. Gross profit was positively impacted by $1.8 million in the quarter in connection with the finalization of the purchase accounting for the Cronos GrowCo Transaction, which resulted in a reduction of the fair value of inventory acquired from Cronos GrowCo and the corresponding inventory step-up previously recorded into cost of sales in Q3 2024. No such impact was recognized for 2023. \n  * Adjusted gross profit of $9.0 million in Q4 2024 improved by $7.1 million from Q4 2023. The improvement year-over-year was primarily driven by higher cannabis flower and extract sales in the Canadian market, higher cannabis flower sales in Israel, and production cost improvements. \n  * Adjusted EBITDA of $(7.2) million in Q4 2024 improved by $7.6 million from Q4 2023. The improvement year-over-year was primarily driven by higher adjusted gross profit. \n\n**Full-Year** **2024**\n\n  * Net revenue of $117.6 million in full-year 2024 increased by $30.4 million from full-year 2023. The increase year-over-year was primarily due to higher cannabis flower and extract sales in the Canadian market and higher cannabis flower sales in Israel and other countries. Cronos GrowCo contributed $6.4 million of cannabis flower sales in the year ended December 31, 2024. No such sales were recognized for the year ended December 31, 2023. \n  * Gross profit of $25.2 million in full-year 2024 increased by $13.3 million from full-year 2023. The increase year-over-year was primarily due to higher cannabis flower and extract sales in the Canadian market, higher cannabis flower sales in Israel and other countries, and production cost improvements. This increase was partially offset by the impact on cost of sales from the inventory step-up from the Cronos GrowCo Transaction. For 2024, gross profit was reduced $5.3 million as a result of the impact of the inventory step-up from the Cronos GrowCo Transaction that was recorded into cost of sales since July 1, 2024. No such costs were recognized for 2023. \n  * Adjusted gross profit of $30.5 million in full-year 2024 increased by $18.6 million from full-year 2023. The increase year-over-year was primarily due to higher cannabis flower and extract sales in the Canadian market, higher cannabis flower sales in Israel and other countries, and production cost improvements. \n  * Adjusted EBITDA of $(34.9) million in full-year 2024 improved by $26.6 million from full-year 2023. The improvement year-over-year was primarily driven by higher adjusted gross profit and lower sales and marketing, research and development, and general administrative expenses. \n\n**_Business Updates_ **\n\n**Brand and Product Portfolio**\n\n__Spinach_ _ \u00ae  3  \nIn 2024, the SOURZ by Spinach  \u00ae  brand expanded its edible lineup with\nseveral innovative launches. Our industry-leading SOURZ by Spinach  \u00ae\nproducts are the best-selling gummies in the Canadian market and have captured\nan impressive 23% market share in Q4 2024, with five of the top ten best-\nselling edibles in Canada coming from the SOURZ lineup. A key addition to our\ngummy portfolio has been the 1-piece, 10mg THC Fully Blasted SOURZ by Spinach\n\u00ae  product, which launched in 2024. In Q4 2024 we launched two new Fully\nBlasted flavors, Peach Orange and Strawberry Mango. We also launched a new CBD\nmulti-pack, SOURZ by Spinach  \u00ae  CBD Berry Variety Pack.\n\nIn 2024 our proprietary genetics breeding program continued to provide our\nportfolio with winning cultivars that allow us to launch differentiated\nproducts across markets and maintain a number one position in the flower\ncategory. In 2024, we introduced Spinach Grindz\u2122, a milled flower offering\nutilizing our Citrus Crush and Cookie Dough strains, designed for convenient\nuse in joints or vaporizers. In Q4 2024, the Spinach  \u00ae  brand maintained its\nposition as the number one flower brand in Canada, with 5.7% market share.\n\nIn 2024, we introduced two new Spinach  \u00ae  all-in-one vapes, Pineapple\nParadise and Blueberry Dynamite that are performing well and helping to drive\nmarket share gains. The brand's 0.5g all-in-one Spinach HITZ\u2122 vapes introduced\nnew Pink Lemonade and Rocket Icicle flavors, alongside line extensions in\nSpinach  \u00ae  1.2g vapes. Spinach  \u00ae  vapes were the number four vape brand in\nQ4 2024, holding 5.9% market share. Vape production was brought in-house in\nthe second half of 2024 in an effort to streamline manufacturing and enhance\nproduction efficiency in this category.\n\nIn 2024, we launched Spinach  \u00ae  Fully Charged pre-rolls and infused pre-rolls\nas well as the Spinach  \u00ae  Fully Charged Party Pack and the Spinach  \u00ae  Fully\nCharged Tropical Pack. These launches were the culmination of our product\ndevelopment efforts and portfolio refresh. The infused pre-roll category is\ncontinuing to grow, and we expect this category to be key to future growth for\nboth Cronos and the industry, which is why we are committed to the evolution\nand innovation of our pre-roll portfolio. In Q4 2024, Spinach  \u00ae  was ranked\nseventh in the pre-roll category with 2.5% market share.\n\n__Lord Jones_ _ __\u00ae_ _ __3_ _  \nIn Q4 2024, Lord Jones  \u00ae  Chocolates Fusions\u2122 had 9.6% market share and ended\nthe year as the third best-selling chocolate brand in Canada. In January 2025,\nthe brand launched a Lord Jones  \u00ae  Chocolate Fusions\u2122 fudge brownie flavor,\nwhich features a 1:1:1 ratio of CBN, CBD and THC. Lord Jones  \u00ae  Chocolate\nFusions\u2122 edibles highlight the brand\u2019s commitment to innovation and\ncraftsmanship, offering four flavors: cookies and cream, dazzle-berry pop,\nsalted caramel crunch and fudge brownie.\n\nIn 2024, we also launched Lord Jones  \u00ae  live resin vapes featuring\nmeticulously curated cultivars, delivering a rich, full-spectrum experience\nthat combines pure live resin with sleek, high-quality hardware. In the second\nhalf of 2023, we launched Ice Water Hash Fusions pre-rolls, which feature\nflower and terpene-rich ice water hash and are fitted with a branded ceramic\ntip. The Ice Water Hash Fusions pre-rolls continued performing throughout\n2024, rising to the number one position in the hash pre-roll category.\nTogether, these launches underscore the brand\u2019s dedication to excellence and\nits focus on creating exceptional, high-quality cannabis-infused products.\n\n__PEACE NATURALS_ _ __\u00ae_ _ __2_ _  \nIn 2024, Cronos Israel revamped and repositioned its flower portfolio,\noptimizing pricing, potency and bringing new, exciting strains to market to\nmeet patient needs. The PEACE NATURALS  \u00ae  brand launched new strains\nincluding GG4, Key Limez Punch, Pink Sherb, Tangie Kush, Citra Diesel, Tahoe\nOG Kush and GMO Lite, providing consumers with additional variety and choice.\nIn Q4 2024, PEACE NATURALS  \u00ae  was the number one flower brand in Israel with\n24% market share and PEACE NATURALS  \u00ae  cannabis oils are the fourth most\npopular brand in Israel with 9% market share.\n\nIn 2024, Cronos expanded into the United Kingdom (the \"UK\") by shipping its\nfirst batch of PEACE NATURALS  \u00ae  medical cannabis flower to this emerging\nmarket, through a partnership with a third-party distributor of prescribed\ncannabis products.\n\nThroughout 2024, the Company continued its sales to the German market through\nthe PEACE NATURALS  \u00ae  brand. Cronos sells the PEACE NATURALS  \u00ae  brand\nthrough its distribution partner, Cansativa GmbH (\"Cansativa\"), one of the\nleading distributors of medical cannabis in Germany and supplies flower for\nits private-label brand. Cronos has seen strong demand for its proprietary\ngenetics, such as GMO and Wedding Cake, in both Germany and the UK under the\nPEACE NATURALS  \u00ae  brand.\n\n**Global Supply Chain and Operations**\n\nThe expansion efforts at Cronos GrowCo's facility are well underway. In Q4\n2024, Health Canada approved amendments to the site's perimeter. Cronos GrowCo\nexpects to finish construction of the expanded cultivation and processing\nfacilities in Q2 2025, with first harvests and sales from the area commencing\nin the second half of 2025. Prior to the commencement of sales from the\nexpanded facility, Cronos has the option to purchase up to 80% of Cronos\nGrowCo's total production. Once sales from the expanded area begin, Cronos\nwill have the option to purchase up to 70% of the total production from the\nexpanded facility. The expansion of Cronos GrowCo positions the Company to\ncapitalize on domestic demand and meet international growth opportunities in\nthe global cannabis market.\n\nOn November 26, 2023, the Company announced that Peace Naturals Project Inc.\nhad entered into an agreement to sell and lease back its facility in Stayner,\nOntario (the \"Peace Naturals Campus\"). However, the agreement was terminated\nin the Q2 of 2024 pursuant to its terms, and the Company has decided to\ncontinue and expand its operations at the site.\n\nAs part of the expanding operations at the Peace Naturals Campus, in the\nsecond-half of 2024, the Company invested in machinery, automation and process\nimprovement to drive cost efficiency within the facility. This also included\ninvestment in warehousing and vault expansion as well as R&D equipment and\nlaboratory enhancements.\n\n**_Guidance_ **\n\nThe Company achieved $8.7 million in operating expense savings in 2024 on a\nstandalone basis, meeting its previously announced operating expense savings\ntarget of $5 to $10 million. The savings were primarily driven by lower\nexpenses in general and administrative, research and development and sales and\nmarketing. The operating expense savings exclude the impact of the\nconsolidation of Cronos GrowCo's results into the Company's financial\nstatements.\n\n**_Conference Call_ **\n\nThe Company will host a conference call and live audio webcast on Thursday,\nFebruary 27, 2025, at 8:30 a.m. ET to discuss 2024 Fourth Quarter and Full-\nYear business results. An audio replay of the call will be archived on the\nCompany\u2019s website for replay. Instructions for the live audio webcast are\nprovided on the Company's website at: _https://ir.thecronosgroup.com/events-\npresentations._  \n\n**About Cronos**\n\nCronos is an innovative global cannabinoid company committed to building\ndisruptive intellectual property by advancing cannabis research, technology\nand product development. With a passion to responsibly elevate the consumer\nexperience, Cronos is building an iconic brand portfolio. Cronos\u2019 diverse\ninternational brand portfolio includes Spinach  \u00ae  , PEACE NATURALS  \u00ae  and\nLord Jones  \u00ae  . For more information about Cronos and its brands, please\nvisit: thecronosgroup.com.\n\n**Forward-Looking Statements**\n\nThis press release contains information that constitutes forward-looking\ninformation and forward-looking statements within the meaning of applicable\nsecurities laws and court decisions (collectively, \u201cForward-Looking\nStatements\u201d), which are based upon our current internal expectations,\nestimates, projections, assumptions and beliefs. All information that is not\nclearly historical in nature may constitute Forward-Looking Statements. In\nsome cases, Forward-Looking Statements can be identified by the use of\nforward-looking terminology such as \u201cexpect\u201d, \u201clikely\u201d, \u201cmay\u201d, \u201cwill\u201d,\n\u201cshould\u201d, \u201cintend\u201d, \u201canticipate\u201d, \u201cpotential\u201d, \u201cproposed\u201d, \u201cestimate\u201d and\nother similar words, expressions and phrases, including negative and\ngrammatical variations thereof, or statements that certain events or\nconditions \u201cmay\u201d or \u201cwill\u201d happen, or by discussion of strategy. Forward-\nLooking Statements include estimates, plans, expectations, opinions,\nforecasts, projections, targets, guidance or other statements that are not\nstatements of historical fact.\n\nForward-Looking Statements include, but are not limited to, statements with\nrespect to:\n\n  * the ongoing impact of the public investigation into Canadian licensed producers of alleged dumping of medical cannabis imports from Canada into Israel by the Trade Levies Commissioner of the Israel Ministry of Economy and Industry (the \u201cAnti-Dumping Investigation\u201d) and the proposed anti-dumping duty to which the Company\u2019s imports would be subject; \n  * expectations related to the conflict involving Israel, Hamas, Hezbollah, Houthis, Iran, Iran\u2019s proxies and other stakeholders in the region (the \u201cMiddle East Conflict\u201d) and its impact on our operations in Israel, the supply of product in the market and the demand for product by medical patients in Israel, as well as any regional or global escalations and their impact to global commerce and stability; \n  * expectations related to the German, Australian and UK markets, including our strategic partnerships with Cansativa, Vitura Health Limited (\u201cVitura\u201d), and other distributors, respectively, and our ability to successfully distribute the PEACE NATURALS  \u00ae  brand in Germany and the UK; \n  * expectations related to our announcement of cost-cutting measures, including our decision to wind-down operations at our Winnipeg, Manitoba facility and list the facility for sale, the expected costs and benefits from the wind-down of production activities at the facility, challenges and effects related thereto as well as changes in strategy, metrics, investments, costs, operating expenses, employee turnover and other changes with respect thereto; \n  * expectations related to the impact of our decision to exit our U.S. hemp-derived cannabinoid product operations; \n  * the ongoing impact of our announced realignment (the \u201cRealignment\u201d) and any progress, challenges and effects related thereto as well as changes in strategy, metrics, investments, reporting structure, costs, operating expenses, employee turnover and other changes with respect thereto; \n  * our expectations as to the use of the Peace Naturals Campus; \n  * our ability to acquire raw materials from suppliers, including Cronos GrowCo, and the costs and timing associated therewith; \n  * expectations regarding the potential success of, and the costs and benefits associated with, our joint ventures, strategic alliances and equity investments; \n  * expectations related to the transaction by which we obtained majority control of the board of directors of Cronos GrowCo, which qualified as a business combination under Accounting Standards Codification 805, and the expansion of Cronos GrowCo\u2019s purpose-built cultivation and processing facilities; \n  * our ability or plans to identify, develop, commercialize or expand our technology and R&D initiatives in cannabinoids, or the success thereof; \n  * expectations regarding revenues, expenses, gross margins and capital expenditures; \n  * expectations regarding our future production and manufacturing strategy and operations, the costs and timing associated therewith and the receipt of applicable production and sale licenses; \n  * the ongoing impact of the legalization of additional cannabis product types and forms for adult-use in Canada, including federal, provincial, territorial and municipal regulations pertaining thereto, the related timing and impact thereof and our intentions to participate in such markets; \n  * the legalization of the use of cannabis for medical or adult-use in jurisdictions outside of Canada, including the United States and Germany, the related timing and impact thereof and our intentions to participate in such markets, if and when such use is legalized; \n  * the grant, renewal, withdrawal, suspension, delay and impact of any license or supplemental license to conduct activities with cannabis or any amendments thereof; \n  * our ability to successfully create and launch brands and cannabis products; \n  * expectations related to the differentiation of our products, including through the utilization of rare cannabinoids; \n  * the benefits, viability, safety, efficacy, dosing and social acceptance of cannabis, including CBD and other cannabinoids; \n  * laws and regulations and any amendments thereto applicable to our business and the impact thereof, including uncertainty regarding the application of U.S. state and federal law to cannabis and U.S. hemp (including CBD and other U.S. hemp-derived cannabinoids) products and the scope of any regulations by the U.S. Food and Drug Administration, the U.S. Drug Enforcement Administration, the U.S. Federal Trade Commission, the U.S. Patent and Trademark Office and any state equivalent regulatory agencies over cannabis and U.S. hemp (including CBD and other U.S. hemp-derived cannabinoids) products, including the possibility marijuana is moved from Schedule I to Schedule III under the U.S. Controlled Substances Act; \n  * the anticipated benefits and impact of Altria Group Inc.\u2019s investment in the Company (the \u201cAltria Investment\u201d), pursuant to a subscription agreement dated December 7, 2018; \n  * uncertainties as to our ability to exercise our option (the \u201cPharmaCann Option\u201d) in PharmaCann Inc. (\u201cPharmaCann\u201d), in the near term or the future, in full or in part, including the uncertainties as to the status and future development of federal legalization of cannabis in the U.S. and our ability to realize the anticipated benefits of the transaction with PharmaCann; \n  * expectations regarding the implementation and effectiveness of key personnel changes; \n  * expectations regarding business combinations and dispositions and the anticipated benefits therefrom; \n  * expectations of the amount or frequency of impairment losses, including as a result of the write-down of intangible assets, including goodwill; \n  * the impact of the ongoing military conflict between Russia and Ukraine (and resulting sanctions) on our business, financial condition and results of operations or cash flows; \n  * our compliance with the terms of the settlement (the \u201cSettlement Order\u201d) with the SEC and the settlement agreement with the Ontario Securities Commission (the \u201cSettlement Agreement\u201d); and \n  * the impact of the loss of our ability to rely on private offering exemptions under Regulation D of the Securities Act of 1933, as amended, and the loss of our status as a well-known seasoned issuer, each as a result of the Settlement Order. \n\nCertain of the Forward-Looking Statements contained herein concerning the\nindustries in which we conduct our business are based on estimates prepared by\nus using data from publicly available governmental sources, market research,\nindustry analysis and on assumptions based on data and knowledge of these\nindustries, which we believe to be reasonable. However, although generally\nindicative of relative market positions, market shares and performance\ncharacteristics, such data is inherently imprecise. The industries in which we\nconduct our business involve risks and uncertainties that are subject to\nchange based on various factors, which are described further below.\n\nThe Forward-Looking Statements contained herein are based upon certain\nmaterial assumptions that were applied in drawing a conclusion or making a\nforecast or projection, including: (i) our ability to effectively navigate\ndevelopments related to the Anti-Dumping Investigation and the proposed anti-\ndumping duty to which the Company\u2019s imports would be subject and its impact on\nour operations in Israel; (ii) our ability to effectively navigate\ndevelopments related to the Middle East Conflict and its impact on our\nemployees and operations in Israel, the supply of product in the market and\ndemand for product by medical patients in Israel; (iii) our ability to\nefficiently and effectively distribute our PEACE NATURALS  \u00ae  brand in Germany\nwith our strategic partner Cansativa and in the UK with our strategic\ndistribution partner and our ability to efficiently and effectively distribute\nproducts in Australia with our strategic partner Vitura; (iv) our ability to\nrealize the expected cost-savings and other benefits related to the wind-down\nof our operations at our Winnipeg, Manitoba facility; (v) expectations related\nto the impact of our decision to exit our U.S. hemp-derived cannabinoid\nproduct operations; (vi) our ability to realize the expected cost-savings,\nefficiencies and other benefits of our Realignment and other announced cost-\ncutting measures and employee turnover related thereto; (vii) our ability to\nefficiently and effectively manage our operations at our Peace Naturals\nCampus; (viii) our ability efficiently and effectively acquire raw materials\non a timely and cost-effective basis from third parties or Cronos GrowCo; (ix)\nthe timely completion of the expansion of Cronos GrowCo\u2019s purpose-built\ncannabis facility and the ability of Cronos GrowCo to repay the credit\nfacility provided by Cronos; (x) our ability to realize anticipated benefits,\nsynergies or generate revenue, profits or value from our business combinations\nand strategic investments; (xi) the production and manufacturing capabilities\nand output from our facilities and our joint ventures, strategic alliances and\nequity investments; (xii) government regulation of our activities and products\nincluding, but not limited to, the areas of cannabis taxation and\nenvironmental protection; (xiii) the timely receipt of any required regulatory\nauthorizations, approvals, consents, permits and/or licenses; (xiv) consumer\ninterest in our products; (xv) our ability to differentiate our products,\nincluding through the utilization of rare cannabinoids; (xvi) competition;\n(xvii) anticipated and unanticipated costs; (xviii) our ability to generate\ncash flow from operations; (xix) our ability to conduct operations in a safe,\nefficient and effective manner; (xx) our ability to hire and retain qualified\nstaff, and acquire equipment and services in a timely and cost-efficient\nmanner; (xxi) our ability to exercise the PharmaCann Option and realize the\nanticipated benefits of the transaction with PharmaCann; (xxii) our ability to\ncomplete planned dispositions, and, if completed, obtain our anticipated sales\nprice; (xxiii) general economic, financial market, regulatory and political\nconditions in which we operate; (xxiv) management\u2019s perceptions of historical\ntrends, current conditions and expected future developments; and (xxv) other\nconsiderations that management believes to be appropriate in the\ncircumstances. While our management considers these assumptions to be\nreasonable based on information currently available to management, there is no\nassurance that such expectations will prove to be correct.\n\nBy their nature, Forward-Looking Statements are subject to inherent risks and\nuncertainties that may be general or specific and which give rise to the\npossibility that expectations, forecasts, predictions, projections or\nconclusions will not prove to be accurate, that assumptions may not be correct\nand that objectives, strategic goals and priorities will not be achieved. A\nvariety of factors, including known and unknown risks, many of which are\nbeyond our control, could cause actual results to differ materially from the\nForward-Looking Statements in this press release and other reports we file\nwith, or furnish to, the SEC and other regulatory agencies and made by our\ndirectors, officers, other employees and other persons authorized to speak on\nour behalf. Such factors include, without limitation, negative impacts on our\nbusiness and operations in Israel due to the Anti-Dumping Investigation,\nincluding that we may not be able to produce, import or sell our products in\nIsrael as a result thereof; negative impacts on our employees, business and\noperations in Israel due to the Middle East Conflict, including that we may\nnot be able to produce, import or sell our products or protect our people or\nfacilities in Israel during the Middle East Conflict; the supply of product in\nthe market and the demand for product by medical patients in Israel; that we\nmay not be able to successfully continue to distribute our products in\nGermany, Australia and the UK or generate material revenue from sales in those\nmarkets; that we may not be able to achieve the anticipated benefits of the\nwind-down of our operations at our Winnipeg, Manitoba facility; that we may be\nunable to further streamline our operations and reduce expenses; that we may\nnot be able to effectively and efficiently re-enter the U.S. market in the\nfuture; that we may not be able to access raw materials on a timely and cost-\neffective basis from third-parties or Cronos GrowCo; that Cronos GrowCo may\nnot be able to complete the expansion of its purpose-built cannabis facility\nwithin a reasonable time or repay its borrowings under the credit facility\nprovided by Cronos; that the military conflict between Russia and Ukraine may\ndisrupt our operations and those of our suppliers and distribution channels\nand negatively impact the demand for and use of our products; the risk that\ncost savings and any other synergies from the Altria Investment may not be\nfully realized or may take longer to realize than expected; failure to execute\nkey personnel changes; that our Realignment and our further leveraging of our\nstrategic partnerships will not result in the expected cost-savings,\nefficiencies and other benefits or will result in greater than anticipated\nturnover in personnel; that we may not be able to efficiently and effectively\nmanage our operations, and any changes thereto, at our Peace Naturals Campus;\nlower levels of revenues; the lack of consumer demand for our products; our\ninability to manage disruptions in credit markets; unanticipated future levels\nof capital, environmental or maintenance expenditures, general and\nadministrative and other expenses; failure to realize expected growth\nopportunities; the lack of cash flow necessary to execute our business plan\n(either within the expected timeframe or at all); difficulty raising capital;\nthe potential adverse effects of judicial, regulatory or other proceedings, or\nthreatened litigation or proceedings, on our business, financial condition,\nresults of operations and cash flows; volatility in and/or degradation of\ngeneral economic, market, industry or business conditions; compliance with\napplicable environmental, economic, health and safety, energy and other\npolicies and regulations and in particular health concerns with respect to\nvaping and the use of cannabis and U.S. hemp products in vaping devices; the\nunexpected effects of actions of third parties such as competitors, activist\ninvestors or federal (including U.S. federal), state, provincial, territorial\nor local regulatory authorities or self-regulatory organizations; adverse\nchanges in regulatory requirements in relation to our business and products;\nlegal or regulatory obstacles that could prevent us from being able to\nexercise the PharmaCann Option and thereby realize the anticipated benefits of\nthe transaction with PharmaCann; dilution of our fully-diluted ownership of\nPharmaCann and the loss of our rights as a result of that dilution; our\nfailure to improve our internal control environment and our systems, processes\nand procedures; and the factors discussed under Part I, Item 1A \u201c _Risk\nFactors_ \u201d in our Annual Report on Form 10-K for the year ended December 31,\n2024. Readers are cautioned to consider these and other factors, uncertainties\nand potential events carefully and not to put undue reliance on Forward-\nLooking Statements.\n\nForward-Looking Statements are provided for the purposes of assisting the\nreader in understanding our financial performance, financial position and cash\nflows as of and for periods ended on certain dates and to present information\nabout management\u2019s current expectations and plans relating to the future, and\nthe reader is cautioned not to place undue reliance on these Forward-Looking\nStatements because of their inherent uncertainty and to appreciate the limited\npurposes for which they are being used by management. While we believe that\nthe assumptions and expectations reflected in the Forward-Looking Statements\nare reasonable based on information currently available to management, there\nis no assurance that such assumptions and expectations will prove to have been\ncorrect. Forward-Looking Statements are made as of the date they are made and\nare based on the beliefs, estimates, expectations and opinions of management\non that date. We undertake no obligation to update or revise any Forward-\nLooking Statements, whether as a result of new information, estimates or\nopinions, future events or results or otherwise or to explain any material\ndifference between subsequent actual events and such Forward-Looking\nStatements. The Forward-Looking Statements contained in this press release and\nother reports we file with, or furnish to, the SEC and other regulatory\nagencies and made by our directors, officers, other employees and other\npersons authorized to speak on our behalf are expressly qualified in their\nentirety by these cautionary statements.\n\n____________________________________________  \n1  Hifyre Retail Analytics - National Retail Dollar by Brand in Canada -\nDecember 2024.  \n2  Market share and ranking information from pharmacy data collected by Cronos\n- December 2024.  \n3  All market share and ranking information from Hifyre Retail Analytics -\nNational Retail Dollar by Brand in Canada - December 2024, unless otherwise\nspecified.  \n  \n---  \n**Cronos Group Inc.**  \n**Consolidated Balance Sheets**  \n_(In thousands of U.S. dollars)_  \n|  **As of December 31,**  \n|  |  **2024** |  |  |  |  **2023** |   \n**Assets** |  |  |   \nCurrent assets  |  |  |   \nCash and cash equivalents  |  $  |  858,805  |  |  |  $  |  669,291  |   \nShort-term investments  |  |  \u2014  |  |  |  |  192,237  |   \nAccounts receivable, net  |  |  15,462  |  |  |  |  13,984  |   \nInterest receivable  |  |  8,690  |  |  |  |  10,012  |   \nOther receivables  |  |  5,000  |  |  |  |  6,341  |   \nCurrent portion of loans receivable, net  |  |  618  |  |  |  |  5,541  |   \nInventory, net  |  |  33,149  |  |  |  |  30,495  |   \nPrepaids and other current assets  |  |  6,277  |  |  |  |  5,405  |   \nHeld-for-sale assets  |  |  8,112  |  |  |  |  \u2014  |   \nTotal current assets  |  |  936,113  |  |  |  |  933,306  |   \nEquity method investments, net  |  |  \u2014  |  |  |  |  19,488  |   \nOther investments  |  |  2,813  |  |  |  |  35,251  |   \nNon-current portion of loans receivable, net  |  |  15,526  |  |  |  |  69,036  |   \nProperty, plant and equipment, net  |  |  133,189  |  |  |  |  59,468  |   \nRight-of-use assets  |  |  1,390  |  |  |  |  1,356  |   \nGoodwill  |  |  63,453  |  |  |  |  1,057  |   \nIntangible assets, net  |  |  11,257  |  |  |  |  21,078  |   \nDeferred tax assets  |  |  2,571  |  |  |  |  226  |   \n**Total assets** |  $  |  1,166,312  |  |  |  $  |  1,140,266  |   \n**Liabilities** |  |  |   \nCurrent liabilities  |  |  |   \nAccounts payable  |  $  |  16,973  |  |  |  $  |  12,130  |   \nIncome taxes payable  |  |  9  |  |  |  |  64  |   \nAccrued liabilities  |  |  31,653  |  |  |  |  27,736  |   \nCurrent portion of lease obligation  |  |  1,025  |  |  |  |  994  |   \nDerivative liabilities  |  |  40  |  |  |  |  102  |   \nCurrent portion due to non-controlling interests  |  |  \u2014  |  |  |  |  373  |   \nTotal current liabilities  |  |  49,700  |  |  |  |  41,399  |   \nNon-current portion due to non-controlling interests  |  |  1,073  |  |  |  |  1,003  |   \nNon-current portion of lease obligation  |  |  993  |  |  |  |  1,559  |   \nDeferred tax liabilities  |  |  3,564  |  |  |  |  181  |   \n**Total liabilities** |  |  55,330  |  |  |  |  44,142  |   \n**Shareholders\u2019 equity** |  |  |   \nShare capital and additional paid-in capital  |  |  669,879  |  |  |  |  662,174  |   \nRetained earnings  |  |  457,709  |  |  |  |  416,719  |   \nAccumulated other comprehensive income (loss)  |  |  (63,525  |  )  |  |  |  20,678  |   \nTotal equity attributable to shareholders of Cronos Group  |  |  1,064,063  |  |  |  |  1,099,571  |   \nNon-controlling interests  |  |  46,919  |  |  |  |  (3,447  |  )   \n**Total shareholders\u2019 equity** |  |  1,110,982  |  |  |  |  1,096,124  |   \n**Total liabilities and shareholders\u2019 equity** |  $  |  1,166,312  |  |  |  $  |  1,140,266  |   \n  \n  \n\n**Cronos Group Inc.**  \n**Consolidated Statements of Net Income (Loss) and Comprehensive Income\n(Loss)**  \n_(In thousands of U.S. dollars, except share and per share amounts)_  \n---  \n|  **Year ended December 31,**  \n|  |  **2024** |  |  |  |  **2023** |  |  |  |  **2022** |   \n**Net revenue, before excise taxes** |  $  |  161,821  |  |  |  $  |  120,270  |  |  |  $  |  109,301  |   \nExcise taxes  |  |  (44,206  |  )  |  |  |  (33,029  |  )  |  |  |  (22,552  |  )   \n**Net revenue** |  |  117,615  |  |  |  |  87,241  |  |  |  |  86,749  |   \nCost of sales  |  |  91,710  |  |  |  |  74,527  |  |  |  |  71,313  |   \nInventory write-down  |  |  707  |  |  |  |  805  |  |  |  |  \u2014  |   \n**Gross profit** |  |  25,198  |  |  |  |  11,909  |  |  |  |  15,436  |   \n**Operating expenses** |  |  |  |  |   \nSales and marketing  |  |  21,603  |  |  |  |  22,701  |  |  |  |  18,046  |   \nResearch and development  |  |  4,229  |  |  |  |  5,843  |  |  |  |  13,131  |   \nGeneral and administrative  |  |  46,514  |  |  |  |  49,475  |  |  |  |  67,674  |   \nRestructuring costs  |  |  630  |  |  |  |  1,524  |  |  |  |  3,545  |   \nShare-based compensation  |  |  8,700  |  |  |  |  8,756  |  |  |  |  15,008  |   \nDepreciation and amortization  |  |  3,701  |  |  |  |  5,044  |  |  |  |  5,967  |   \nImpairment loss on long-lived assets  |  |  16,350  |  |  |  |  3,366  |  |  |  |  3,493  |   \nTotal operating expenses  |  |  101,727  |  |  |  |  96,709  |  |  |  |  126,864  |   \nOperating loss  |  |  (76,529  |  )  |  |  |  (84,800  |  )  |  |  |  (111,428  |  )   \n**Other income (expense)** |  |  |  |  |   \nInterest income, net  |  |  52,019  |  |  |  |  51,235  |  |  |  |  22,514  |   \nGain (loss) on revaluation of derivative liabilities  |  |  49  |  |  |  |  (85  |  )  |  |  |  14,060  |   \nShare of income from equity method investments  |  |  2,365  |  |  |  |  1,583  |  |  |  |  3,114  |   \nGain on revaluation of loan receivable  |  |  11,804  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nGain on revaluation of equity method investment  |  |  32,469  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nGain (loss) on revaluation of financial instruments  |  |  (6,248  |  )  |  |  |  (12,042  |  )  |  |  |  14,739  |   \nImpairment loss on other investments  |  |  (25,650  |  )  |  |  |  (23,350  |  )  |  |  |  (61,392  |  )   \nForeign currency transaction gain (loss)  |  |  57,859  |  |  |  |  (7,324  |  )  |  |  |  (2,286  |  )   \nLoss on held-for-sale assets  |  |  (11,202  |  )  |  |  |  \u2014  |  |  |  |  \u2014  |   \nOther, net  |  |  (350  |  )  |  |  |  1,114  |  |  |  |  (324  |  )   \nTotal other income (expense)  |  |  113,115  |  |  |  |  11,131  |  |  |  |  (9,575  |  )   \nIncome (loss) before income taxes  |  |  36,586  |  |  |  |  (73,669  |  )  |  |  |  (121,003  |  )   \nIncome tax expense (benefit)  |  |  (3,436  |  )  |  |  |  (3,230  |  )  |  |  |  34,175  |   \nIncome (loss) from continuing operations  |  |  40,022  |  |  |  |  (70,439  |  )  |  |  |  (155,178  |  )   \nLoss from discontinued operations  |  |  \u2014  |  |  |  |  (4,114  |  )  |  |  |  (13,556  |  )   \nNet income (loss)  |  |  40,022  |  |  |  |  (74,553  |  )  |  |  |  (168,734  |  )   \nNet income (loss) attributable to non-controlling interest  |  |  (1,058  |  )  |  |  |  (590  |  )  |  |  |  \u2014  |   \nNet income (loss) attributable to Cronos Group  |  $  |  41,080  |  |  |  $  |  (73,963  |  )  |  |  $  |  (168,734  |  )   \n|  |  |  |  |   \n**Comprehensive income (loss)** |  |  |  |  |   \nNet income (loss)  |  $  |  40,022  |  |  |  $  |  (74,553  |  )  |  |  $  |  (168,734  |  )   \nOther comprehensive income (loss)  |  |  |  |  |   \nForeign exchange gain (loss) on translation  |  |  (86,321  |  )  |  |  |  21,539  |  |  |  |  (50,616  |  )   \nComprehensive income (loss)  |  |  (46,299  |  )  |  |  |  (53,014  |  )  |  |  |  (219,350  |  )   \nComprehensive income (loss) attributable to non-controlling interest  |  |  (3,176  |  )  |  |  |  (526  |  )  |  |  |  46  |   \n**Comprehensive income (loss) attributable to Cronos Group** |  $  |  (43,123  |  )  |  |  $  |  (52,488  |  )  |  |  $  |  (219,396  |  )   \n|  |  |  |  |   \n**Net income (loss) per share** |  |  |  |  |   \nBasic - continuing operations  |  $  |  0.11  |  |  |  $  |  (0.18  |  )  |  |  $  |  (0.41  |  )   \nBasic - discontinued operations  |  $  |  \u2014  |  |  |  $  |  (0.01  |  )  |  |  $  |  (0.04  |  )   \nBasic net income (loss) per share attributable to Cronos Group  |  $  |  0.11  |  |  |  $  |  (0.19  |  )  |  |  $  |  (0.45  |  )   \n|  |  |  |  |   \nDiluted - continuing operations  |  $  |  0.11  |  |  |  $  |  (0.18  |  )  |  |  $  |  (0.41  |  )   \nDiluted - discontinued operations  |  $  |  \u2014  |  |  |  $  |  (0.01  |  )  |  |  $  |  (0.04  |  )   \nDiluted net income (loss) per share attributable to Cronos Group  |  $  |  0.11  |  |  |  $  |  (0.19  |  )  |  |  $  |  (0.45  |  )   \n**Weighted average number of outstanding shares** |  |  |  |  |   \nBasic  |  |  382,058,056  |  |  |  |  380,964,739  |  |  |  |  376,961,797  |   \nDiluted  |  |  385,557,002  |  |  |  |  380,964,739  |  |  |  |  376,961,797  |   \n  \n  \n\n|  **Three months ended December 31,**  \n---|---  \n|  |  **2024** |  |  |  |  **2023** |   \n**Net revenue, before excise taxes** |  $  |  41,182  |  |  |  $  |  34,006  |   \nExcise taxes  |  |  (10,881  |  )  |  |  |  (10,091  |  )   \n**Net revenue** |  |  30,301  |  |  |  |  23,915  |   \nCost of sales  |  |  19,494  |  |  |  |  21,913  |   \nInventory write-down  |  |  \u2014  |  |  |  |  89  |   \n**Gross profit** |  |  10,807  |  |  |  |  1,913  |   \n**Operating expenses** |  |  |   \nSales and marketing  |  |  6,413  |  |  |  |  6,367  |   \nResearch and development  |  |  1,028  |  |  |  |  1,451  |   \nGeneral and administrative  |  |  12,080  |  |  |  |  9,802  |   \nRestructuring costs  |  |  \u2014  |  |  |  |  101  |   \nShare-based compensation  |  |  2,187  |  |  |  |  1,933  |   \nDepreciation and amortization  |  |  464  |  |  |  |  529  |   \nImpairment loss on long-lived assets  |  |  \u2014  |  |  |  |  3,366  |   \nTotal operating expenses  |  |  22,172  |  |  |  |  23,549  |   \nOperating loss  |  |  (11,365  |  )  |  |  |  (21,636  |  )   \n**Other income (expense)** |  |  |   \nInterest income, net  |  |  11,863  |  |  |  |  14,214  |   \nGain (loss) on revaluation of derivative liabilities  |  |  142  |  |  |  |  (71  |  )   \nShare of income from equity method investments  |  |  \u2014  |  |  |  |  752  |   \nGain (loss) on revaluation of financial instruments  |  |  302  |  |  |  |  (4,186  |  )   \nImpairment loss on other investments  |  |  \u2014  |  |  |  |  (23,350  |  )   \nForeign currency transaction gain (loss)  |  |  45,489  |  |  |  |  (11,323  |  )   \nLoss on held-for-sale assets  |  |  (780  |  )  |  |  |  \u2014  |   \nOther, net  |  |  294  |  |  |  |  89  |   \nTotal other income (expense)  |  |  57,310  |  |  |  |  (23,875  |  )   \nIncome (loss) before income taxes  |  |  45,945  |  |  |  |  (45,511  |  )   \nIncome tax expense (benefit)  |  |  2,004  |  |  |  |  (360  |  )   \nIncome (loss) from continuing operations  |  |  43,941  |  |  |  |  (45,151  |  )   \nLoss from discontinued operations  |  |  \u2014  |  |  |  |  124  |   \nNet income (loss)  |  |  43,941  |  |  |  |  (45,027  |  )   \nNet loss attributable to non-controlling interest  |  |  212  |  |  |  |  (237  |  )   \nNet income (loss) attributable to Cronos Group  |  $  |  43,729  |  |  |  $  |  (44,790  |  )   \n**Comprehensive loss** |  |  |   \nNet income (loss)  |  $  |  43,941  |  |  |  $  |  (45,027  |  )   \nOther comprehensive income (loss)  |  |  |   \nForeign exchange gain (loss) on translation  |  |  (66,208  |  )  |  |  |  22,635  |   \nComprehensive loss  |  |  (22,267  |  )  |  |  |  (22,392  |  )   \nComprehensive loss attributable to non-controlling interest  |  |  (2,832  |  )  |  |  |  (390  |  )   \n**Comprehensive loss attributable to Cronos Group** |  $  |  (19,435  |  )  |  |  $  |  (22,002  |  )   \n|  |  |   \n**Net income (loss) per share** |  |  |   \nBasic - continuing operations  |  $  |  0.11  |  |  |  $  |  (0.12  |  )   \nBasic - discontinued operations  |  $  |  \u2014  |  |  |  $  |  \u2014  |   \nBasic net income (loss) per share attributable to Cronos Group  |  $  |  0.11  |  |  |  $  |  (0.12  |  )   \n|  |  |   \nDiluted - continuing operations  |  $  |  0.11  |  |  |  $  |  (0.12  |  )   \nDiluted - discontinued operations  |  $  |  \u2014  |  |  |  $  |  \u2014  |   \nDiluted net income (loss) per share attributable to Cronos Group  |  $  |  0.11  |  |  |  $  |  (0.12  |  )   \n**Weighted average number of outstanding shares** |  |  |   \nBasic  |  |  382,340,893  |  |  |  |  381,155,824  |   \nDiluted  |  |  386,525,110  |  |  |  |  381,155,824  |   \n  \n  \n\n**Cronos Group Inc.**  \n**Consolidated Statements of Cash Flows**  \n_(In thousands of U.S. dollars)_  \n---  \n|  **Year ended December 31,**  \n|  |  **2024** |  |  |  |  **2023** |  |  |  |  **2022** |   \n**Operating activities** |  |  |  |  |   \nNet income (loss)  |  $  |  40,022  |  |  |  $  |  (74,553  |  )  |  |  $  |  (168,734  |  )   \nAdjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:  |  |  |  |  |   \nShare-based compensation  |  |  8,700  |  |  |  |  8,769  |  |  |  |  15,115  |   \nDepreciation and amortization  |  |  9,336  |  |  |  |  8,110  |  |  |  |  13,122  |   \nImpairment loss on long-lived assets  |  |  16,350  |  |  |  |  3,571  |  |  |  |  3,493  |   \nImpairment loss on other investments  |  |  25,650  |  |  |  |  23,350  |  |  |  |  61,392  |   \nLoss (income) from investments  |  |  3,841  |  |  |  |  10,513  |  |  |  |  (17,853  |  )   \nLoss (gain) on revaluation of derivative liabilities  |  |  (49  |  )  |  |  |  85  |  |  |  |  (14,060  |  )   \nChanges in expected credit losses on long-term financial assets  |  |  1,032  |  |  |  |  (1,528  |  )  |  |  |  (662  |  )   \nRevaluation of equity method investment  |  |  (32,469  |  )  |  |  |  \u2014  |  |  |  |  \u2014  |   \nRevaluation of loan receivable  |  |  (11,804  |  )  |  |  |  \u2014  |  |  |  |  \u2014  |   \nLoss on held-for-sale assets  |  |  11,202  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nInventory step-up recorded to cost of sales  |  |  5,284  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nForeign currency transaction (gain) loss  |  |  (57,859  |  )  |  |  |  7,324  |  |  |  |  2,286  |   \nOther non-cash operating activities, net  |  |  (82  |  )  |  |  |  (2,008  |  )  |  |  |  1,294  |   \nChanges in operating assets and liabilities:  |  |  |  |  |   \nAccounts receivable, net  |  |  (917  |  )  |  |  |  9,206  |  |  |  |  (2,711  |  )   \nInterest receivable  |  |  (3,656  |  )  |  |  |  (14,344  |  )  |  |  |  (6,985  |  )   \nOther receivables  |  |  2,059  |  |  |  |  (1,449  |  )  |  |  |  1,148  |   \nPrepaids and other current assets  |  |  (512  |  )  |  |  |  1,437  |  |  |  |  996  |   \nInventory, net  |  |  7,417  |  |  |  |  7,399  |  |  |  |  (7,217  |  )   \nAccounts payable  |  |  (7,449  |  )  |  |  |  (773  |  )  |  |  |  (863  |  )   \nIncome taxes payable  |  |  (93  |  )  |  |  |  (33,104  |  )  |  |  |  34,212  |   \nAccrued liabilities  |  |  2,840  |  |  |  |  5,160  |  |  |  |  (2,921  |  )   \nNet cash provided by (used in) operating activities  |  |  18,843  |  |  |  |  (42,835  |  )  |  |  |  (88,948  |  )   \n|  |  |  |  |   \n**Investing activities** |  |  |  |  |   \nProceeds from short-term investments  |  |  185,817  |  |  |  |  532,838  |  |  |  |  268,870  |   \nPurchase of short-term investments  |  |  \u2014  |  |  |  |  (608,247  |  )  |  |  |  (271,378  |  )   \nCash acquired in business combination  |  |  5,993  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nDividends received from equity method investee  |  |  \u2014  |  |  |  |  1,297  |  |  |  |  \u2014  |   \nDividend proceeds  |  |  \u2014  |  |  |  |  345  |  |  |  |  384  |   \nAdvances on loans receivable  |  |  (8,759  |  )  |  |  |  \u2014  |  |  |  |  \u2014  |   \nRepayments on loans receivable  |  |  5,252  |  |  |  |  16,831  |  |  |  |  5,246  |   \nPurchase of property, plant and equipment, net of disposals  |  |  (12,411  |  )  |  |  |  (2,505  |  )  |  |  |  (3,451  |  )   \nPurchase of intangible assets, net of disposals  |  |  (743  |  )  |  |  |  (918  |  )  |  |  |  (1,581  |  )   \nOther investing activities  |  |  \u2014  |  |  |  |  860  |  |  |  |  68  |   \nNet cash provided by (used in) investing activities  |  |  175,149  |  |  |  |  (59,499  |  )  |  |  |  (1,842  |  )   \n|  **Year ended December 31,**  \n|  |  **2024** |  |  |  |  **2023** |  |  |  |  **2022** |   \n**Financing activities** |  |  |  |  |   \nWithholding taxes paid on equity awards  |  |  (1,231  |  )  |  |  |  (1,030  |  )  |  |  |  (2,829  |  )   \nOther financing activities, net  |  |  \u2014  |  |  |  |  \u2014  |  |  |  |  (68  |  )   \nNet cash used in financing activities  |  |  (1,231  |  )  |  |  |  (1,030  |  )  |  |  |  (2,897  |  )   \nEffect of foreign currency translation on cash and cash equivalents  |  |  (3,247  |  )  |  |  |  8,011  |  |  |  |  (28,642  |  )   \nNet change in cash and cash equivalents  |  |  189,514  |  |  |  |  (95,353  |  )  |  |  |  (122,329  |  )   \nCash and cash equivalents, beginning of period  |  |  669,291  |  |  |  |  764,644  |  |  |  |  886,973  |   \nCash and cash equivalents, end of period  |  $  |  858,805  |  |  |  $  |  669,291  |  |  |  $  |  764,644  |   \n|  |  |  |  |   \n**Supplementary cash flow information:** |  |  |  |  |   \nInterest paid  |  |  \u2014  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nInterest received  |  |  48,399  |  |  |  |  36,501  |  |  |  |  15,548  |   \nTaxes paid  |  |  647  |  |  |  |  33,013  |  |  |  |  177  |   \n|  |  |  |  |  |  |  |  |  |  |   \n  \n**Non-GAAP Measures**\n\nCronos reports its financial results in accordance with Generally Accepted\nAccounting Principles in the United States (\u201cU.S. GAAP\u201d). This press release\nrefers to measures not recognized under U.S. GAAP (\u201cnon-GAAP measures\u201d). These\nnon-GAAP measures do not have a standardized meaning prescribed by U.S. GAAP\nand are therefore unlikely to be comparable to similar measures presented by\nother companies. Rather, these non-GAAP measures are provided as a supplement\nto corresponding U.S. GAAP measures to provide additional information\nregarding the results of operations from management\u2019s perspective.\nAccordingly, non-GAAP measures should not be considered a substitute for, or\nsuperior to, the financial information prepared and presented in accordance\nwith U.S. GAAP. All non-GAAP measures presented in this press release are\nreconciled to their closest reported U.S. GAAP measure. Reconciliations of\nhistorical adjusted financial measures to corresponding U.S. GAAP measures are\nprovided below.\n\n_Adjusted EBITDA_\n\nManagement reviews Adjusted EBITDA, a non-GAAP measure, which excludes non-\ncash items and items that do not reflect management\u2019s assessment of ongoing\nbusiness performance. Management defines Adjusted EBITDA as net income (loss)\nbefore interest, tax expense (benefit), depreciation and amortization adjusted\nfor: share of (income) loss from equity method investments; impairment loss on\ngoodwill and intangible assets; impairment loss on long-lived assets; (gain)\nloss on revaluation of derivative liabilities; (gain) loss on revaluation of\nfinancial instruments; gain on revaluation of loan receivable; gain on\nrevaluation of equity method investment; transaction costs related to\nstrategic projects; loss on held-for-sale assets; impairment loss on other\ninvestments; foreign currency transaction loss; other, net; loss from\ndiscontinued operations; restructuring costs; inventory write-downs resulting\nfrom restructuring actions; share-based compensation; costs related to the\nAnti-Dumping Investigation; purchase accounting adjustment-related inventory\nstep-up adjustments recorded through cost of sales; and financial statement\nreview costs and reserves related to the restatements of our 2019 and 2021\ninterim financial statements (the \u201cRestatements\u201d), including the costs related\nto the settlement of the SEC\u2019s and the OSC\u2019s investigations of the\nRestatements and legal costs of defending shareholder class action complaints\nbrought against us as a result of the 2019 restatement (see Note 12(b)\n\u201cContingencies,\u201d to the consolidated financial statements under Item 8 of the\nCompany's Annual Report on Form 10-K for the year ended December 31, 2024 for\na discussion of the shareholder class action complaints relating to the\nrestatement of the 2019 interim financial statements and the settlement of the\nSEC\u2019s and the OSC\u2019s investigations of the Restatements). Results are reported\nas total consolidated results, reflecting our reporting structure of one\nreportable segment.\n\nManagement believes that Adjusted EBITDA provides the most useful insight into\nunderlying business trends and results and provides a more meaningful\ncomparison of period-over-period results. Management uses Adjusted EBITDA for\nplanning, forecasting and evaluating business and financial performance,\nincluding allocating resources and evaluating results relative to employee\ncompensation targets.  \n\nAdjusted EBITDA is reconciled to net income (loss) as follows:\n\n_(in thousands of U.S. dollars)_ |  **For the year ended December 31, 2024**  \n---|---  \n|  **Continuing  \nOperations ** |  |  **Discontinued  \nOperations ** |  |  **Total**  \nNet income  |  $  |  40,022  |  |  |  $  |  \u2014  |  |  $  |  40,022  |   \nInterest income, net  |  |  (52,019  |  )  |  |  |  \u2014  |  |  |  (52,019  |  )   \nIncome tax expense (benefit)  |  |  (3,436  |  )  |  |  |  \u2014  |  |  |  (3,436  |  )   \nDepreciation and amortization  |  |  9,336  |  |  |  |  \u2014  |  |  |  9,336  |   \nEBITDA  |  |  (6,097  |  )  |  |  |  \u2014  |  |  |  (6,097  |  )   \nShare of income from equity method investments  |  |  (2,365  |  )  |  |  |  \u2014  |  |  |  (2,365  |  )   \nImpairment loss on long-lived assets  (i)  |  |  16,350  |  |  |  |  \u2014  |  |  |  16,350  |   \nRevaluation gain on loan receivable  (ii)  |  |  (11,804  |  )  |  |  |  \u2014  |  |  |  (11,804  |  )   \nGain on revaluation of equity method investment  (iii)  |  |  (32,469  |  )  |  |  |  \u2014  |  |  |  (32,469  |  )   \nGain on revaluation of derivative liabilities  (iv)  |  |  (49  |  )  |  |  |  \u2014  |  |  |  (49  |  )   \nLoss on revaluation of financial instruments  (v)  |  |  6,248  |  |  |  |  \u2014  |  |  |  6,248  |   \nImpairment loss on other investments  (vi)  |  |  25,650  |  |  |  |  \u2014  |  |  |  25,650  |   \nForeign currency transaction gain  |  |  (57,859  |  )  |  |  |  \u2014  |  |  |  (57,859  |  )   \nTransaction costs  (vii)  |  |  701  |  |  |  |  \u2014  |  |  |  701  |   \nLoss on held-for-sale assets  (viii)  |  |  11,202  |  |  |  |  \u2014  |  |  |  11,202  |   \nOther, net  (ix)  |  |  350  |  |  |  |  \u2014  |  |  |  350  |   \nRestructuring costs  (x)  |  |  630  |  |  |  |  \u2014  |  |  |  630  |   \nShare-based compensation  (xi)  |  |  8,700  |  |  |  |  \u2014  |  |  |  8,700  |   \nFinancial statement review costs  (xii)  |  |  (1  |  )  |  |  |  \u2014  |  |  |  (1  |  )   \nInventory step-up recorded to cost of sales  (xiv)  |  |  5,284  |  |  |  |  \u2014  |  |  |  5,284  |   \nIsrael Ministry of Economy and Industry dumping inquiry  (xv)  |  |  587  |  |  |  |  \u2014  |  |  |  587  |   \nAdjusted EBITDA  |  $  |  (34,942  |  )  |  |  $  |  \u2014  |  |  $  |  (34,942  |  )   \n  \n  \n\n_(in thousands of U.S. dollars)_ |  **For the year ended December 31, 2023**  \n---|---  \n|  **Continuing  \nOperations ** |  |  **Discontinued  \nOperations ** |  |  **Total**  \nNet loss  |  $  |  (70,439  |  )  |  |  $  |  (4,114  |  )  |  |  $  |  (74,553  |  )   \nInterest income, net  |  |  (51,235  |  )  |  |  |  (10  |  )  |  |  |  (51,245  |  )   \nIncome tax expense (benefit)  |  |  (3,230  |  )  |  |  |  \u2014  |  |  |  |  (3,230  |  )   \nDepreciation and amortization  |  |  7,866  |  |  |  |  244  |  |  |  |  8,110  |   \nEBITDA  |  |  (117,038  |  )  |  |  |  (3,880  |  )  |  |  |  (120,918  |  )   \nShare of income from equity method investments  |  |  (1,583  |  )  |  |  |  \u2014  |  |  |  |  (1,583  |  )   \nImpairment loss on long-lived assets  (i)  |  |  3,366  |  |  |  |  205  |  |  |  |  3,571  |   \nLoss on revaluation of derivative liabilities  (iv)  |  |  85  |  |  |  |  \u2014  |  |  |  |  85  |   \nLoss on revaluation of financial instruments  (v)  |  |  12,042  |  |  |  |  \u2014  |  |  |  |  12,042  |   \nImpairment loss on other investments  (vi)  |  |  23,350  |  |  |  |  \u2014  |  |  |  |  23,350  |   \nForeign currency transaction loss  |  |  7,324  |  |  |  |  \u2014  |  |  |  |  7,324  |   \nOther, net  (ix)  |  |  (1,114  |  )  |  |  |  118  |  |  |  |  (996  |  )   \nRestructuring costs  (x)  |  |  1,524  |  |  |  |  523  |  |  |  |  2,047  |   \nShare-based compensation  (xi)  |  |  8,756  |  |  |  |  13  |  |  |  |  8,769  |   \nFinancial statement review costs  (xii)  |  |  919  |  |  |  |  \u2014  |  |  |  |  919  |   \nInventory write-down  (xiii)  |  |  805  |  |  |  |  839  |  |  |  |  1,644  |   \nAdjusted EBITDA  |  $  |  (61,564  |  )  |  |  $  |  (2,182  |  )  |  |  $  |  (63,746  |  )   \n  \n  \n\n_(in thousands of U.S. dollars)_ |  **Three months ended December 31, 2024**  \n---|---  \n|  **Continuing  \nOperations ** |  |  **Discontinued  \nOperations ** |  |  **Total**  \nNet income  |  $  |  43,941  |  |  |  $  |  \u2014  |  |  $  |  43,941  |   \nInterest income, net  |  |  (11,863  |  )  |  |  |  \u2014  |  |  |  (11,863  |  )   \nIncome tax expense (benefit)  |  |  2,004  |  |  |  |  \u2014  |  |  |  2,004  |   \nDepreciation and amortization  |  |  2,525  |  |  |  |  \u2014  |  |  |  2,525  |   \nEBITDA  |  |  36,607  |  |  |  |  \u2014  |  |  |  36,607  |   \nGain on revaluation of derivative liabilities  (i  v  )  |  |  (142  |  )  |  |  |  \u2014  |  |  |  (142  |  )   \nGain on revaluation of financial instruments  (  v  )  |  |  (302  |  )  |  |  |  \u2014  |  |  |  (302  |  )   \nForeign currency transaction gain  |  |  (45,489  |  )  |  |  |  \u2014  |  |  |  (45,489  |  )   \nTransaction costs  (vii)  |  |  171  |  |  |  |  \u2014  |  |  |  171  |   \nLoss on held-for-sale assets  (  v  iii)  |  |  780  |  |  |  |  \u2014  |  |  |  780  |   \nOther, net  (  ix  )  |  |  (294  |  )  |  |  |  \u2014  |  |  |  (294  |  )   \nShare-based compensation  (  xi  )  |  |  2,187  |  |  |  |  \u2014  |  |  |  2,187  |   \nFinancial statement review costs  (  xii  )  |  |  524  |  |  |  |  \u2014  |  |  |  524  |   \nInventory step-up recorded to cost of sales  (xi  v)  |  |  (1,832  |  )  |  |  |  \u2014  |  |  |  (1,832  |  )   \nIsrael Ministry of Economy and Industry dumping inquiry  (xv)  |  |  587  |  |  |  |  \u2014  |  |  |  587  |   \nAdjusted EBITDA  |  $  |  (7,203  |  )  |  |  $  |  \u2014  |  |  $  |  (7,203  |  )   \n  \n  \n\n_(in thousands of U.S. dollars)_ |  **Three months ended December 31, 2023**  \n---|---  \n|  **Continuing  \nOperations ** |  |  **Discontinued  \nOperations ** |  |  **Total**  \nNet loss  |  $  |  (45,151  |  )  |  |  $  |  124  |  |  |  $  |  (45,027  |  )   \nInterest income, net  |  |  (14,214  |  )  |  |  |  (1  |  )  |  |  |  (14,215  |  )   \nIncome tax expense (benefit)  |  |  (360  |  )  |  |  |  \u2014  |  |  |  |  (360  |  )   \nDepreciation and amortization  |  |  1,177  |  |  |  |  \u2014  |  |  |  |  1,177  |   \nEBITDA  |  |  (58,548  |  )  |  |  |  123  |  |  |  |  (58,425  |  )   \nShare of income from equity method investments  |  |  (752  |  )  |  |  |  \u2014  |  |  |  |  (752  |  )   \nImpairment loss on long-lived assets  (i  )  |  |  3,366  |  |  |  |  \u2014  |  |  |  |  3,366  |   \nLoss on revaluation of derivative liabilities  (i  v  )  |  |  71  |  |  |  |  \u2014  |  |  |  |  71  |   \nLoss on revaluation of financial instruments  (  v  )  |  |  4,186  |  |  |  |  \u2014  |  |  |  |  4,186  |   \nImpairment loss on other investments  (vi  )  |  |  23,350  |  |  |  |  \u2014  |  |  |  |  23,350  |   \nForeign currency transaction loss  |  |  11,323  |  |  |  |  \u2014  |  |  |  |  11,323  |   \nOther, net  (i  x  )  |  |  (89  |  )  |  |  |  (14  |  )  |  |  |  (103  |  )   \nRestructuring costs  (  x)  |  |  101  |  |  |  |  (39  |  )  |  |  |  62  |   \nShare-based compensation  (  xi  )  |  |  1,933  |  |  |  |  (4  |  )  |  |  |  1,929  |   \nFinancial statement review costs  (  xii  )  |  |  180  |  |  |  |  \u2014  |  |  |  |  180  |   \nInventory write-down  (  xiii  )  |  |  89  |  |  |  |  \u2014  |  |  |  |  89  |   \nAdjusted EBITDA  |  $  |  (14,790  |  )  |  |  $  |  66  |  |  |  $  |  (14,724  |  )   \n  \n(i)  For the year ended December 31, 2024, impairment loss on long-lived\nassets included $14,258 related to the write-down of our Ginkgo Exclusive\nLicenses and $1,631 related to the cessation of operations of Thanos Holdings\nLtd., known as Cronos Fermentation (\u201cCronos Fermentation\u201d). For the year ended\nDecember 31, 2023, impairment loss on long-lived assets related to certain\nleased properties associated with the Company\u2019s former U.S. operations and\nimpairment of the Company's CBCVA exclusive license under the collaboration\nand license agreement between Ginkgo and the Company.  \n(ii)  For the year ended December 31, 2024, a revaluation gain on loan\nreceivable was recognized as a result of the Cronos GrowCo Transaction on July\n1, 2024.  \n(iii)  For the year ended December 31, 2024, a gain on revaluation of equity\nmethod investment was recognized as a result of the Cronos GrowCo Transaction\non July 1, 2024.  \n(iv)  For the three months and years ended December 31, 2024 and 2023, the\n(gain) loss on revaluation of derivative liabilities represented the fair\nvalue changes on the derivative liabilities.  \n(v)  For the three months and years ended December 31, 2024 and 2023, (gain)\nloss on revaluation of financial instruments related primarily to our\nunrealized holding (gain) or loss (as applicable) on our mark-to-market\ninvestment in Vitura as well as revaluations of financial liabilities\nresulting from deferred share units granted to directors.  \n(vi)  For the years ended December 31, 2024 and 2023 and the three months\nended December 31, 2023, impairment loss on other investments related to the\nPharmaCann Option for the difference between its fair value and carrying\namount.  \n(vii)  For the year and three months ended December 31, 2024, transaction\ncosts represented legal, financial and other advisory fees and expenses\nincurred in connection with the Cronos GrowCo Transaction. These costs are\nincluded in general and administrative expenses on the consolidated statements\nof net income (loss) and comprehensive income (loss).  \n(viii)  For the year ended December 31, 2024, a loss on held-for-sale assets\nwas recognized as a result of the change in the Company\u2019s sales strategy for\nthe Cronos Fermentation assets to market the assets to a broader buyer pool.\nFor the quarter ended December 31, 2024, a loss on held-for-sale assets was\nrecognized to adjust the net book value of Cronos Fermentation to fair value.  \n(ix)  For the three months and years ended December 31, 2024 and 2023, other,\nnet primarily related to (gain) loss on disposal of assets.  \n(x)  For the year ended December 31, 2024, restructuring costs from continuing\noperations related to shutdown costs at the Cronos Fermentation Facility, as\nwell as employee-related severance costs associated with the Realignment. For\nthe year and three months ended December 31, 2023, restructuring costs related\nto the employee-related severance costs and other restructuring costs\nassociated with the Realignment.  \n(xi)  For the three months and years ended December 31, 2024 and 2023, share-\nbased compensation related to the vesting expenses of share-based compensation\nawarded to employees under our share-based award plans.  \n(xii)  For the three months and years ended December 31, 2024 and 2023,\nfinancial statement review costs included costs related to the Restatements,\ncosts related to the Company\u2019s responses to requests for information from\nvarious regulatory authorities relating to the Restatements, the costs related\nto the Settlement Order and Settlement Agreement and legal costs defending\nshareholder class action complaints brought against the Company as a result of\nthe 2019 restatement, as well as related insurance reimbursements.  \n(xiii)  For the three months and year ended December 31, 2023, inventory\nwrite-downs from discontinued operations relate to product destruction and\nobsolescence associated with the exit of our U.S. operations and inventory\nwrite-downs from continuing operations relate to product destruction and\nobsolescence associated with the planned exit of Cronos Fermentation.  \n(xiv)  For the three months and year ended December 31, 2024, inventory step-\nup recorded to cost of sales represented the portion of the inventory step-up\nfrom the Cronos GrowCo Transaction that was recorded through the consolidated\nstatements of income (loss) and comprehensive income (loss).  \n(xv)  For the three months and year ended December 31, 2024, Israel Ministry\nof Economy and Industry dumping inquiry expense included expenditures relating\nto the regulatory inquiry about alleged dumping of medical cannabis products\nin Israel and related litigation and external relations expenses.\n\n**_Adjusted Gross Profit and Adjusted Gross Margin_ **\n\nTo supplement the consolidated financial statements presented in accordance\nwith U.S. GAAP, we have presented Adjusted Gross Profit and Adjusted Gross\nMargin, non-GAAP measures that exclude the impacts of inventory-related\npurchase accounting adjustments from the calculations of gross profit and\ngross margin, which resulted from the Cronos GrowCo Transaction. Results are\nreported as total consolidated results, reflecting our reporting structure of\none reportable segment.\n\nManagement believes that Adjusted Gross Profit and Adjusted Gross Margin\nprovide useful insight into underlying business trends to facilitate\ncomparisons of period-over-period results by removing the impacts of\ninventory-related purchase accounting adjustments resulting from the Cronos\nGrowCo Transaction, which reflect a one-time event and do not reflect\nmanagement\u2019s assessment of ongoing business performance.\n\n_(in thousands of U.S. dollars)_ |  **Three months ended  \nDecember 31, ** |  |  **Change** |  |  **Year ended  \nDecember 31, ** |  |  **Change**  \n---|---|---|---|---|---|---|---  \n|  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%**  \nNet revenue  |  $  |  30,301  |  |  |  $  |  23,915  |  |  |  $  |  6,386  |  |  |  27  |  %  |  |  $  |  117,615  |  |  |  $  |  87,241  |  |  |  $  |  30,374  |  |  35  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nGross profit  |  $  |  10,807  |  |  |  $  |  1,913  |  |  |  $  |  8,894  |  |  |  465  |  %  |  |  $  |  25,198  |  |  |  $  |  11,909  |  |  |  $  |  13,289  |  |  112  |  %   \nInventory step-up recorded to cost of sales  |  |  (1,832  |  )  |  |  |  \u2014  |  |  |  |  (1,832  |  )  |  |  N/M  |  |  |  |  5,284  |  |  |  |  \u2014  |  |  |  |  5,284  |  |  N/M  |   \nAdjusted Gross Profit  |  $  |  8,975  |  |  |  $  |  1,913  |  |  |  $  |  7,062  |  |  |  369  |  %  |  |  $  |  30,482  |  |  |  $  |  11,909  |  |  |  $  |  18,573  |  |  156  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nGross margin  (i)  |  |  36  |  %  |  |  |  8  |  %  |  |  |  N/A  |  |  |  28  |  pp  |  |  |  21  |  %  |  |  |  14  |  %  |  |  N/A  |  |  7  |  pp   \nAdjusted Gross Margin  (ii)  |  |  30  |  %  |  |  |  8  |  %  |  |  |  N/A  |  |  |  22  |  pp  |  |  |  26  |  %  |  |  |  14  |  %  |  |  N/A  |  |  12  |  pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \n  \n(i)  Gross margin is defined as gross profit divided by net revenue.  \n(ii)  Adjusted Gross Margin is defined as Adjusted Gross Profit divided by net\nrevenue.\n\n_Constant Currency_\n\nTo supplement the consolidated financial statements presented in accordance\nwith U.S. GAAP, we have presented constant currency adjusted financial\nmeasures for net revenues, gross profit, gross profit margin, operating\nexpenses, net income (loss) and Adjusted EBITDA for 2024, as well as cash and\ncash equivalents and short-term investment balances as of December 31, 2024\ncompared to December 31, 2023, which are considered non-GAAP financial\nmeasures. We present constant currency information to provide a framework for\nassessing how our underlying operations performed excluding the effect of\nforeign currency rate fluctuations. To present this information, current and\nprior period income statement results in currencies other than U.S. dollars\nare converted into U.S. dollars using the average exchange rates from the\ncomparative period in 2023 rather than the actual average exchange rates in\neffect during 2024; constant currency current period balance sheet information\nis translated at the prior year-end spot rate rather than the current year-end\nspot rate. All growth comparisons relate to the corresponding period in 2023.\nWe have provided this non-GAAP financial information to aid investors in\nbetter understanding the performance of our business. The non-GAAP financial\nmeasures presented in this press release should not be considered as a\nsubstitute for, or superior to, the measures of financial performance prepared\nin accordance with U.S. GAAP.\n\nThe table below sets forth certain measures of consolidated results from\ncontinuing operations on an as-reported and constant currency basis for 2024\ncompared to 2023, as well as cash and cash equivalents and short-term\ninvestments as of December 31, 2024, compared to December 31, 2023, on an as-\nreported and constant currency basis (in thousands):\n\n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n---|---|---|---  \n|  **Three months ended December 31,** |  |  **As Reported  \nChange ** |  |  **Three months ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  **$** |  |  **%**  \nNet revenue  |  $  |  30,301  |  |  |  $  |  23,915  |  |  |  $  |  6,386  |  |  |  27  |  %  |  |  $  |  30,527  |  |  |  $  |  6,612  |  |  |  28  |  %   \nGross profit  |  |  10,807  |  |  |  |  1,913  |  |  |  |  8,894  |  |  |  465  |  %  |  |  |  10,914  |  |  |  |  9,001  |  |  |  471  |  %   \nGross margin  |  |  36  |  %  |  |  |  8  |  %  |  |  |  N/A  |  |  |  28  |  pp  |  |  |  36  |  %  |  |  |  N/A  |  |  |  28  |  pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \nOperating expenses  |  |  22,172  |  |  |  |  23,549  |  |  |  |  (1,377  |  )  |  |  (6  |  )%  |  |  |  22,557  |  |  |  |  (992  |  )  |  |  (4  |  )%   \nNet income (loss) from continuing operations  |  |  43,941  |  |  |  |  (45,151  |  )  |  |  |  89,092  |  |  |  N/M  |  |  |  |  44,431  |  |  |  |  89,582  |  |  |  N/M  |   \nAdjusted EBITDA  |  |  (7,203  |  )  |  |  |  (14,790  |  )  |  |  |  7,587  |  |  |  51  |  %  |  |  |  (7,869  |  )  |  |  |  6,921  |  |  |  47  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n|  **Year ended  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **Year ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  **$** |  |  **%**  \nNet revenue  |  $  |  117,615  |  |  |  $  |  87,241  |  |  |  $  |  30,374  |  |  |  35  |  %  |  |  $  |  118,983  |  |  |  $  |  31,742  |  |  |  36  |  %   \nGross profit  |  |  25,198  |  |  |  |  11,909  |  |  |  |  13,289  |  |  |  112  |  %  |  |  |  25,505  |  |  |  |  13,596  |  |  |  114  |  %   \nGross margin  |  |  21  |  %  |  |  |  14  |  %  |  |  |  N/A  |  |  |  7  |  pp  |  |  |  21  |  %  |  |  |  N/A  |  |  |  7  |  pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \nOperating expenses  |  |  101,727  |  |  |  |  96,709  |  |  |  |  5,018  |  |  |  5  |  %  |  |  |  102,972  |  |  |  |  6,263  |  |  |  6  |  %   \nNet income (loss) from continuing operations  |  |  40,022  |  |  |  |  (70,439  |  )  |  |  |  110,461  |  |  |  N/M  |  |  |  |  42,007  |  |  |  |  112,446  |  |  |  N/M  |   \nAdjusted EBITDA  |  |  (34,942  |  )  |  |  |  (61,564  |  )  |  |  |  26,622  |  |  |  43  |  %  |  |  |  (35,891  |  )  |  |  |  25,673  |  |  |  42  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \n|  **As of  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **As of December 31,** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  **$** |  |  **%**  \nCash and cash equivalents  |  $  |  858,805  |  |  |  $  |  669,291  |  |  |  $  |  189,514  |  |  |  28  |  %  |  |  $  |  869,761  |  |  |  $  |  200,470  |  |  |  30  |  %   \nShort-term investments  |  |  \u2014  |  |  |  |  192,237  |  |  |  |  (192,237  |  )  |  |  (100  |  )%  |  |  |  \u2014  |  |  |  |  (192,237  |  )  |  |  (100  |  )%   \nTotal cash and cash equivalents and short-term investments  |  $  |  858,805  |  |  |  $  |  861,528  |  |  |  $  |  (2,723  |  )  |  |  \u2014  |  %  |  |  $  |  869,761  |  |  |  $  |  8,233  |  |  |  1  |  %   \n  \n_  \nNet revenue _\n\n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n---|---|---|---  \n|  **Three months ended  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **Three months ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  **2023** |  |  **$** |  |  **%** |  |  |  **2024** |  |  **$** |  |  **%**  \nCannabis flower  |  $  |  23,398  |  |  $  |  17,515  |  |  $  |  5,883  |  |  |  34  |  %  |  |  $  |  23,491  |  |  $  |  5,976  |  |  |  34  |  %   \nCannabis extracts  |  |  6,588  |  |  |  6,074  |  |  |  514  |  |  |  8  |  %  |  |  |  6,729  |  |  |  655  |  |  |  11  |  %   \nOther  |  |  315  |  |  |  326  |  |  |  (11  |  )  |  |  (3  |  )%  |  |  |  307  |  |  |  (19  |  )  |  |  (6  |  )%   \nNet revenue  |  $  |  30,301  |  |  $  |  23,915  |  |  $  |  6,386  |  |  |  27  |  %  |  |  $  |  30,527  |  |  $  |  6,612  |  |  |  28  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n|  **Year ended  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **Year ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  **2023** |  |  **$** |  |  **%** |  |  |  **2024** |  |  **$** |  |  **%**  \nCannabis flower  |  $  |  87,912  |  |  $  |  62,070  |  |  $  |  25,842  |  |  |  42  |  %  |  |  $  |  88,904  |  |  $  |  26,834  |  |  |  43  |  %   \nCannabis extracts  |  |  29,168  |  |  |  24,569  |  |  |  4,599  |  |  |  19  |  %  |  |  |  29,552  |  |  |  4,983  |  |  |  20  |  %   \nOther  |  |  535  |  |  |  602  |  |  |  (67  |  )  |  |  (11  |  )%  |  |  |  527  |  |  |  (75  |  )  |  |  (12  |  )%   \nNet revenue  |  $  |  117,615  |  |  $  |  87,241  |  |  $  |  30,374  |  |  |  35  |  %  |  |  $  |  118,983  |  |  $  |  31,742  |  |  |  36  |  %   \n  \n  \n\n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n---|---|---|---  \n|  **Three months ended  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **Three months ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  **2023** |  |  **$** |  |  **%** |  |  |  **2024** |  |  **$** |  |  **%**  \nCanada  |  $  |  19,656  |  |  $  |  17,935  |  |  $  |  1,721  |  |  10  |  %  |  |  $  |  20,156  |  |  $  |  2,221  |  |  12  |  %   \nIsrael  |  |  7,803  |  |  |  4,974  |  |  |  2,829  |  |  57  |  %  |  |  |  7,546  |  |  |  2,572  |  |  52  |  %   \nOther countries  |  |  2,842  |  |  |  1,006  |  |  |  1,836  |  |  183  |  %  |  |  |  2,825  |  |  |  1,819  |  |  181  |  %   \nNet revenue  |  $  |  30,301  |  |  $  |  23,915  |  |  $  |  6,386  |  |  27  |  %  |  |  $  |  30,527  |  |  $  |  6,612  |  |  28  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n|  **Year ended  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **Year ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  **2023** |  |  **$** |  |  **%** |  |  |  **2024** |  |  **$** |  |  **%**  \nCanada  |  $  |  82,437  |  |  $  |  64,702  |  |  $  |  17,735  |  |  27  |  %  |  |  $  |  83,709  |  |  $  |  19,007  |  |  29  |  %   \nIsrael  |  |  28,368  |  |  |  21,134  |  |  |  7,234  |  |  34  |  %  |  |  |  28,454  |  |  |  7,320  |  |  35  |  %   \nOther countries  |  |  6,810  |  |  |  1,405  |  |  |  5,405  |  |  385  |  %  |  |  |  6,820  |  |  |  5,415  |  |  385  |  %   \nNet revenue  |  $  |  117,615  |  |  $  |  87,241  |  |  $  |  30,374  |  |  35  |  %  |  |  $  |  118,983  |  |  $  |  31,742  |  |  36  |  %   \n  \n  \nFor 2024, net revenue on a constant currency basis was $119.0 million,\nrepresenting a 36% increase from 2023. Net revenue increased on a constant\ncurrency basis primarily due to higher cannabis flower and extract sales in\nthe Canadian market and higher cannabis flower sales in Israel and other\ncountries. The Cronos GrowCo Transaction contributed $6.5 million of cannabis\nflower sales in the year ended December 31, 2024 on a constant currency basis.\nNo such sales were recognized for the year ended December 31, 2023.\n\n_Gross profit_\n\nFor 2024, gross profit on a constant currency basis was $25.5 million,\nrepresenting a 114% increase from 2023. Gross profit increased on a constant\ncurrency basis primarily due to higher cannabis flower and extract sales in\nthe Canadian market, higher cannabis flower sales in Israel and other\ncountries, and production cost improvements, partially offset by the impact on\ncost of sales from the inventory step-up from the Cronos GrowCo Transaction.\nFor 2024, gross profit on a constant currency basis was reduced $5.1 million\nas a result of the impact of the inventory step-up from the Cronos GrowCo\nTransaction that was recorded into cost of sales. No such costs were\nrecognized for 2023.\n\n_Operating expenses_\n\nFor 2024, operating expenses on a constant currency basis were $103.0 million,\nrepresenting a 6% increase from 2023. Operating expenses increased on a\nconstant currency basis primarily due to the impairment of the Ginkgo\nExclusive Licenses, partially offset by lower salaries and benefits,\nprofessional fees and restructuring costs.\n\n_Net income (loss) from continuing operations_\n\nFor 2024, net income (loss) from continuing operations on a constant currency\nbasis was $42.0 million, compared to a loss of $70.4 million for 2023.\n\n_Adjusted EBITDA_\n\nFor 2024, Adjusted EBITDA on a constant currency basis was $(35.9) million,\nrepresenting a 42% improvement from 2023. Adjusted EBITDA improved on a\nconstant currency basis primarily due to higher cannabis flower and extract\nsales in the Canadian market, higher cannabis flower sales in Israel and other\ncountries, production cost improvements, and decreases in general and\nadministrative, sales and marketing and research and development expenses.\n\n_Cash and cash equivalents & short-term investments _\n\nCash and cash equivalents and short-term investments on a constant currency\nbasis increased 1% to $869.8 million as of December 31, 2024 from $861.5\nmillion as of December 31, 2023. The increase in cash and cash equivalents and\nshort-term investments is primarily due to cash flows provided by operating\nactivities in 2024.\n\n**Foreign currency exchange rates**\n\nAll currency amounts in this press release are stated in U.S. dollars, which\nis our reporting currency, unless otherwise noted. All references to \u201cdollars\u201d\nor \u201c$\u201d are to U.S. dollars. The assets and liabilities of our foreign\noperations are translated into dollars at the exchange rate in effect as of\nDecember 31, 2024 and December 31, 2023, as reported on Bloomberg.\nTransactions affecting the shareholders\u2019 equity (deficit) are translated at\nhistorical foreign exchange rates. The consolidated statements of net income\n(loss) and comprehensive income (loss) and consolidated statements of cash\nflows of our foreign operations are translated into dollars by applying the\naverage foreign exchange rate in effect for the years ended December 31, 2024,\nDecember 31, 2023, and December 31, 2022, as reported on Bloomberg.\n\nThe exchange rates used to translate from Canadian dollars (\u201cC$\u201d) to dollars\nare shown below:\n\n_(Exchange rates are shown as C$ per $)_ |  **Year ended December 31,**  \n---|---  \n|  **2024** |  |  **2023** |  |  **2022**  \nAverage rate  |  1.3700  |  |  1.3494  |  |  1.3017   \nSpot rate  |  1.4351  |  |  1.3243  |  |  1.3554   \n|  |  |  |  |   \n  \nThe exchange rates used to translate from New Israeli Shekels (\u201cILS\u201d) to\ndollars are shown below:\n\n_(Exchange rates are shown as ILS per $)_ |  **Year ended December 31,**  \n---|---  \n|  **2024** |  |  **2023** |  |  **2022**  \nAverage rate  |  3.6997  |  |  3.6819  |  |  3.3566   \nSpot rate  |  3.6526  |  |  3.6163  |  |  3.5178   \n|  |  |  |  |   \n  \n**For further information, please contact:**  \nAnna Shlimak  \nInvestor Relations  \nTel: (416) 504-0004  \ninvestor.relations@thecronosgroup.com\n\n  \n\n* * *\n\n##  Tags\n\n[ Cannabis ](/en/search/tag/cannabis \"Cannabis\") [ CRON ](/en/search/tag/cron\n\"CRON\") [ Cronos ](/en/search/tag/cronos \"Cronos\") [ Cronos Group\n](/en/search/tag/cronos%2520group \"Cronos Group\")\n\n##  Recommended Reading\n\n  * March 19, 2025 07:30 ET  |  Source: [ Cronos Group Inc. ](/en/search/organization/Cronos%2520Group%2520Inc\u00a7)\n\n[ Cronos Appoints Anna Shlimak as Chief Financial Officer\n](https://www.globenewswire.com/news-release/2025/03/19/3045272/0/en/Cronos-\nAppoints-Anna-Shlimak-as-Chief-Financial-Officer.html)\n\nTORONTO, March 19, 2025 (GLOBE NEWSWIRE) -- Cronos Group Inc. (NASDAQ: CRON)\n(TSX: CRON) (\u201cCronos\u201d or the \u201cCompany\u201d), an innovative global cannabinoid\ncompany, today announced the appointment of...\n\n[ Read More ](https://www.globenewswire.com/news-\nrelease/2025/03/19/3045272/0/en/Cronos-Appoints-Anna-Shlimak-as-Chief-\nFinancial-Officer.html)\n\n  * March 10, 2025 08:00 ET  |  Source: [ Cronos Group Inc. ](/en/search/organization/Cronos%2520Group%2520Inc\u00a7)\n\n[ Cronos Group Inc. to Speak at the 37th Annual Roth Conference\n](https://www.globenewswire.com/news-release/2025/03/10/3039659/0/en/Cronos-\nGroup-Inc-to-Speak-at-the-37th-Annual-Roth-Conference.html)\n\nTORONTO, March 10, 2025 (GLOBE NEWSWIRE) -- Cronos Group Inc. (NASDAQ: CRON)\n(TSX: CRON) (\u201cCronos\u201d or the \u201cCompany\u201d), an innovative global cannabinoid\ncompany, today announced that Mike Gorenstein,...\n\n[ Read More ](https://www.globenewswire.com/news-\nrelease/2025/03/10/3039659/0/en/Cronos-Group-Inc-to-Speak-at-the-37th-Annual-\nRoth-Conference.html)\n\n",
                "url": "https://www.globenewswire.com/news-release/2025/02/27/3033748/0/en/Cronos-Group-Reports-2024-Fourth-Quarter-and-Full-Year-Results.html"
            },
            "reason": "This is a press release distributed by GlobeNewswire, likely originating from Cronos Group itself, regarding their 2024 financial results. It's a direct source of information.",
            "reliability_score": 0.9,
            "search_query": "company 'The Cronos Group' customers stakeholders",
            "summary": "Cronos Group's press release reporting their 2024 fourth-quarter and full-year results.",
            "url": "https://www.globenewswire.com/news-release/2025/02/27/3033748/0/en/Cronos-Group-Reports-2024-Fourth-Quarter-and-Full-Year-Results.html"
        },
        {
            "content": {
                "metadata": {
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                    "source": "https://finance.yahoo.com/news/individual-investors-own-40-cronos-120806284.html"
                },
                "page_content": "Oops, something went wrong\n\nUnlock stock picks and a broker-level newsfeed that powers Wall Street.\n\n[ ](https://simplywall.st/ \"Simply Wall St.\")\n\nIndividual investors own 40% of Cronos Group Inc. (TSE:CRON) shares but public\ncompanies control 41% of the company\n\neditorial-team@simplywallst.com (Simply Wall St)\n\nThu, Jul 18, 2024, 5:08 AM  4 min read\n\n##  In This Article:\n\n[ CRON  ](/quote/CRON/ \"CRON\")\n\n###  Key Insights\n\n  * The considerable ownership by public companies in Cronos Group indicates that they collectively have a greater say in management and business strategy \n\n  * 50% of the business is held by the top 5 shareholders \n\n  * [ Institutions own 13% of Cronos Group ](https://simplywall.st/company/id/49C2CCA9-F26C-48FC-ADD2-8E319554B2FA/ownership?blueprint=3181267&utm_medium=finance_user&utm_campaign=cta&utm_source=yahoo)\n\nEvery investor in Cronos Group Inc. ( [ TSE:CRON\n](https://au.finance.yahoo.com/quote/CRON.TO) ) should be aware of the most\npowerful shareholder groups. With 41% stake, public companies possess the\nmaximum shares in the company. In other words, the group stands to gain the\nmost (or lose the most) from their investment into the company.\n\nAnd individual investors on the other hand have a 40% ownership in the\ncompany.\n\nLet's take a closer look to see what the different types of shareholders can\ntell us about Cronos Group.\n\n[ View our latest analysis for Cronos Group\n](https://simplywall.st/company/id/49C2CCA9-F26C-48FC-\nADD2-8E319554B2FA?blueprint=3181267&utm_medium=finance_user&utm_campaign=cta&utm_source=yahoo)\n\n[ ](https://simplywall.st/company/id/49C2CCA9-F26C-48FC-\nADD2-8E319554B2FA/ownership?blueprint=3181267&amp;utm_medium=finance_user&amp;utm_campaign=infographic&amp;utm_source=yahoo)\n\nTSX:CRON Ownership Breakdown July 18th 2024\n\n##  What Does The Institutional Ownership Tell Us About Cronos Group?\n\nInstitutions typically measure themselves against a benchmark when reporting\nto their own investors, so they often become more enthusiastic about a stock\nonce it's included in a major index. We would expect most companies to have\nsome institutions on the register, especially if they are growing.\n\nAs you can see, institutional investors have a fair amount of stake in Cronos\nGroup. This suggests some credibility amongst professional investors. But we\ncan't rely on that fact alone since institutions make bad investments\nsometimes, just like everyone does. If multiple institutions change their view\non a stock at the same time, you could see the share price drop fast. It's\ntherefore worth looking at Cronos Group's earnings history below. Of course,\nthe future is what really matters.\n\n[ ](https://simplywall.st/company/id/49C2CCA9-F26C-48FC-\nADD2-8E319554B2FA/future?blueprint=3181267&amp;utm_medium=finance_user&amp;utm_campaign=infographic&amp;utm_source=yahoo)\n\nTSX:CRON Earnings and Revenue Growth July 18th 2024\n\nCronos Group is not owned by hedge funds. The company's largest shareholder is\nAltria Group, Inc., with ownership of 41%. For context, the second largest\nshareholder holds about 2.9% of the shares outstanding, followed by an\nownership of 2.6% by the third-largest shareholder. Two of the top three\nshareholders happen to be Chief Executive Officer and Member of the Board of\nDirectors, respectively. That is, insiders feature higher up in the heirarchy\nof the company's top shareholders.\n\nOur research also brought to light the fact that roughly 50% of the company is\ncontrolled by the top 5 shareholders suggesting that these owners wield\nsignificant influence on the business.\n\nWhile studying institutional ownership for a company can add value to your\nresearch, it is also a good practice to research analyst recommendations to\nget a deeper understand of a stock's expected performance. There are plenty of\nanalysts covering the stock, so it might be worth seeing what they are\nforecasting, too.\n\n##  Insider Ownership Of Cronos Group\n\nWhile the precise definition of an insider can be subjective, almost everyone\nconsiders board members to be insiders. Management ultimately answers to the\nboard. However, it is not uncommon for managers to be executive board members,\nespecially if they are a founder or the CEO.\n\nI generally consider insider ownership to be a good thing. However, on some\noccasions it makes it more difficult for other shareholders to hold the board\naccountable for decisions.\n\nOur most recent data indicates that insiders own some shares in Cronos Group\nInc.. As individuals, the insiders collectively own CA$73m worth of the\nCA$1.3b company. This shows at least some alignment. You can [ click here to\nsee if those insiders have been buying or selling.\n](https://simplywall.st/company/id/49C2CCA9-F26C-48FC-\nADD2-8E319554B2FA/ownership?blueprint=3181267&utm_medium=finance_user&utm_campaign=integrated-\npitch&utm_source=yahoo)\n\n##  General Public Ownership\n\nThe general public, who are usually individual investors, hold a 40% stake in\nCronos Group. While this size of ownership may not be enough to sway a policy\ndecision in their favour, they can still make a collective impact on company\npolicies.\n\n##  Public Company Ownership\n\nIt appears to us that public companies own 41% of Cronos Group. It's hard to\nsay for sure but this suggests they have entwined business interests. This\nmight be a strategic stake, so it's worth watching this space for changes in\nownership.\n\n##  Next Steps:\n\nIt's always worth thinking about the different groups who own shares in a\ncompany. But to understand Cronos Group better, we need to consider many other\nfactors.\n\n**Many find it useful** to take an in depth look at how a company has\nperformed in the past. You can access [ this **detailed graph** of past\nearnings, revenue and cash flow\n](https://simplywall.st/company/id/49C2CCA9-F26C-48FC-\nADD2-8E319554B2FA/past?blueprint=3181267&utm_medium=finance_user&utm_campaign=conclusion&utm_source=yahoo)\n.\n\nBut ultimately **it is the future** , not the past, that will determine how\nwell the owners of this business will do. Therefore we think it advisable to\ntake a look at [ this free report showing whether analysts are predicting a\nbrighter future ](https://simplywall.st/company/id/49C2CCA9-F26C-48FC-\nADD2-8E319554B2FA/future?blueprint=3181267&utm_medium=finance_user&utm_campaign=conclusion&utm_source=yahoo)\n.\n\nNB: Figures in this article are calculated using data from the last twelve\nmonths, which refer to the 12-month period ending on the last date of the\nmonth the financial statement is dated. This may not be consistent with full\nyear annual report figures.\n\n**Have feedback on this article? Concerned about the content?** **Get in\ntouch** **with us directly.** _Alternatively, email editorial-team (at)\nsimplywallst.com._  \n  \n_This article by Simply Wall St is general in nature.**We provide commentary\nbased on historical data and analyst forecasts only using an unbiased\nmethodology and our articles are not intended to be financial advice.** It\ndoes not constitute a recommendation to buy or sell any stock, and does not\ntake account of your objectives, or your financial situation. We aim to bring\nyou long-term focused analysis driven by fundamental data. Note that our\nanalysis may not factor in the latest price-sensitive company announcements or\nqualitative material. Simply Wall St has no position in any stocks mentioned.\n_\n\n**Have feedback on this article? Concerned about the content?[ Get in touch\n](https://feedback.simplywall.st/article/MzE4MTI2NzpkYmJjYjU2N2U1NWRlZDBl)\nwith us directly. ** _Alternatively, email[ editorial-team@simplywallst.com\n](mailto:editorial-\nteam@simplywallst.com?subject=Re%3A%20Your%20article%20on%20TSX%3ACRON%20\\(yahoo\\)%20from%2018th%20July%202024)\n_\n\n[ Terms ](https://guce.yahoo.com/terms?locale=en-US) and [ Privacy Policy\n](https://guce.yahoo.com/privacy-policy?locale=en-US)\n\n[ Privacy Dashboard ](https://guce.yahoo.com/privacy-dashboard?locale=en-US)\n\n[ More Info ](/more-info)\n\nWe\u02bcre unable to load stories right now.\n\n[ ](/)\n\nCopyright \u00a9 2025 Yahoo. 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                "url": "https://finance.yahoo.com/news/individual-investors-own-40-cronos-120806284.html"
            },
            "reason": "Yahoo Finance is a reputable source for financial news. The article provides information about Cronos Group's ownership structure.",
            "reliability_score": 0.8,
            "search_query": "company 'The Cronos Group' customers stakeholders",
            "summary": "Article from Yahoo Finance discussing the ownership structure of Cronos Group.",
            "url": "https://finance.yahoo.com/news/individual-investors-own-40-cronos-120806284.html"
        },
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                    "source": "https://www.marketscreener.com/quote/stock/CRONOS-GROUP-INC-19156080/company/"
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                "page_content": "[ CRONOS GROUP INC  ](/quote/stock/CRONOS-GROUP-INC-19156080/)\n\n__\n\nAdd to a list\n\n__\n\nTo use this feature you must be a member\n\n[ Log in ](/login/) [ Sign up ](/registration/member/)\n\nInactive Instrument\n\n#  __ Company Cronos Group Inc Toronto S.E.\n\n## [ __ Equities  ](/stock-exchange/shares/north-america/canada-11/)\n\n##  CA22717L1013\n\n## [ Pharmaceuticals  ](/stock-exchange/sectors/healthcare/pharmaceuticals-\nmedical-\nresearch/?cf=TVFOTUNaNHRzcDc1WlpjTHZYM1ZsK3hOY2FVQUY0RmFtZWQ4b25DQTdZUT0)\n\n###  Business description: Cronos Group Inc\n\nCronos Group Inc. is a Canada-based global cannabinoid company engaged in\nbuilding intellectual property by advancing cannabis research, technology and\nproduct development. The Company operates through one segment, which is\ncomprised of operations in Canada and Israel and is involved in the\ncultivation, manufacture, and marketing of cannabis and cannabis-derived\nproducts for the medical and adult-use markets. The Company\u00e2\u0080\u0099s international\nbrand portfolio includes Spinach, PEACE NATURALS, and Lord Jones. The Spinach\nbrand offers pre-rolls infused with cold-filtered cannabis extract and coated\nin kief, and all-in-one disposable vapes. The Lord Jones is a hemp-derived\ncannabidiol (CBD) brand. Its Lord Jones Hash Fusions are a line-up of premium\nice water hash infused pre-rolls. This brand also offers vapes and edibles.\nIts PEACE NATURALS offer Peppermint CBD, a blend of CBD extract, quality\nmedium-chain triglycerides (MCT) oil, and a hint of natural peppermint flavor.\n\n###  Sales by Activity: Cronos Group Inc\n\n_Fiscal Period: December_ |  2020  |  2021  |  2022  |  2023  |  2024   \n---|---|---|---|---|---  \nCultivation, Manufacture & Marketing of Cannabis and Cannabis-derived Products  __ __ |  \\-  |  \\-  |  \\-  |  87.24M  |  118M   \nRest of World  __ __ |  37.22M  |  64.56M  |  86.75M  |  \\-  |  \\-   \nUnited States  __ __ |  9.5M  |  9.87M  |  5.16M  |  \\-  |  \\-   \n  \n[ See all business segments ](/quote/stock/CRONOS-GROUP-INC-19156080/finances-\nsegments/)\n\n###  Geographical breakdown of sales: Cronos Group Inc\n\n_Fiscal Period: December_ |  2020  |  2021  |  2022  |  2023  |  2024   \n---|---|---|---|---|---  \nCanada  __ __ |  34.54M  |  50.29M  |  56.23M  |  64.7M  |  82.44M   \nIsrael  __ __ |  \\-  |  13.38M  |  30.52M  |  21.13M  |  28.37M   \nOther Countries  __ __ |  2.69M  |  891K  |  \\-  |  1.4M  |  6.81M   \nUnited States  __ __ |  9.5M  |  9.87M  |  5.16M  |  \\-  |  \\-   \n  \n[ See all geographic segments ](/quote/stock/CRONOS-GROUP-\nINC-19156080/finances-segments/#geography)\n\n###  Executive Committee: Cronos Group Inc\n\nManager  |  Title  |  Age  |  Since   \n---|---|---|---  \n[ Michael Gorenstein ](/insider/MICHAEL-GORENSTEIN-A1X3A2/ \"Michael Gorenstein CEO Cronos Group Inc\") CEO  __ |  Chief Executive Officer  |  38  |  2022-03-20   \n[ Anna Shlimak ](/insider/ANNA-SHLIMAK-A2Y0C9/ \"Anna Shlimak DFI Cronos Group Inc\") DFI  __ |  Director of Finance/CFO  |  39  |  2025-03-18   \n[ Arye Weigensberg ](/insider/ARYE-WEIGENSBERG-A3D3ML/ \"Arye Weigensberg CTO Cronos Group Inc\") CTO  __ |  Chief Tech/Sci/R&D Officer  |  42  |  \\-   \n[ Adam Wagner ](/insider/ADAM-WAGNER-A3WYPK/ \"Adam Wagner PRN Cronos Group Inc\") PRN  __ |  Corporate Officer/Principal  |  42  |  2024-03-31   \n[ James Mcginness ](/insider/JAMES-MCGINNESS-A3ALK6/ \"James Mcginness AUD Cronos Group Inc\") AUD  __ |  Comptroller/Controller/Auditor  |  47  |  2023-05-21   \n[ See CRONOS GROUP INC governance ](/quote/stock/CRONOS-GROUP-\nINC-19156080/company-governance/)\n\n###  Composition of the Board of Directors: Cronos Group Inc\n\nDirector  |  Title  |  Age  |  Since   \n---|---|---|---  \n[ Michael Gorenstein ](/insider/MICHAEL-GORENSTEIN-A1X3A2/ \"Michael Gorenstein CHM Cronos Group Inc\") CHM  __ |  Chairman  |  38  |  2017-03-01   \n[ Jason Adler ](/insider/JASON-ADLER-A0O305/ \"Jason Adler BRD Cronos Group Inc\") BRD  __ |  Director/Board Member  |  53  |  2016-07-11   \n[ James Rudyk ](/insider/JAMES-RUDYK-A0FPDB/ \"James Rudyk BRD Cronos Group Inc\") BRD  __ |  Director/Board Member  |  58  |  2018-01-31   \n[ Kamran Khan ](/insider/KAMRAN-KHAN-A3RQGV/ \"Kamran Khan BRD Cronos Group Inc\") BRD  __ |  Director/Board Member  |  51  |  2023-06-21   \n[ Dominik Meier ](/insider/DOMINIK-MEIER-A3RQGY/ \"Dominik Meier BRD Cronos Group Inc\") BRD  __ |  Director/Board Member  |  47  |  2023-06-21   \n[ Elizabeth Seegar ](/insider/ELIZABETH-SEEGAR-A3RQH0/ \"Elizabeth Seegar BRD Cronos Group Inc\") BRD  __ |  Director/Board Member  |  47  |  2023-06-21   \n[ Murray Garnick ](/insider/MURRAY-GARNICK-A1KO56/ \"Murray Garnick BRD Cronos Group Inc\") BRD  __ |  Director/Board Member  |  65  |  2019-03-07   \n[ Composition of the Board of Directors ](/quote/stock/CRONOS-GROUP-\nINC-19156080/company-governance/)\n\n###  Shareholders: Cronos Group Inc\n\nName  |  Equities  |  %  |  Valuation   \n---|---|---|---  \n[ __ ALTRIA GROUP, INC.  ](/quote/stock/ALTRIA-GROUP-INC-4837/) 40.96 % __  \n  \n156,573,537  |  40.96 %  |  283 M $  |  [ Jason Adler ](/insider/JASON-ADLER-A0O305/) 3.752 % __  \n  \n14,342,209  |  3.752 %  |  26 M $  |  [ Michael Gorenstein ](/insider/MICHAEL-GORENSTEIN-A1X3A2/) 3.272 % __  \n  \n12,508,772  |  3.272 %  |  23 M $  |  __ Chescapmanager LLC  2.08 % __  \n  \n7,950,237  |  2.08 %  |  14 M $  |  __ Vanguard Fiduciary Trust Co.  1.968 % __  \n  \n7,524,599  |  1.968 %  |  14 M $  [ List of CRONOS GROUP INC shareholders ](/quote/stock/CRONOS-GROUP-INC-19156080/company-shareholders/)\n\n###  Holdings: Cronos Group Inc\n\n|  Name  |  Equities  |  %  |  Valuation   \n---|---|---|---  \n[ __ VITURA HEALTH LIMITED  ](/quote/stock/VITURA-HEALTH-LIMITED-75680977/) 8.33%  __ |  55,176,065  |  8.33%  |  2,750,527  $   \n  \n###  Company details: Cronos Group Inc\n\nCronos Group, Inc.\n\n4491 Concession Road 12\n\nL0M 1S0, Stayner\n\n+416 504 0004\n\n[ http://www.thecronosgroup.com ](http://www.thecronosgroup.com)\n\n###  Alternative Medicine\n\n|  Add to a list  __ 0 selected  To use this feature you must be a member  [ Log in ](/login/) [ Sign up ](/registration/member/) |  Change  |  5d. change  |  1-year change  |  3-years change  |  Capi.($)   \n---|---|---|---|---|---|---  \n|  __ [ DONG-E-E-JIAO CO.,LTD. ](/quote/stock/DONG-E-E-JIAO-CO-LTD-6496914/ \"Stock Dong-E-E-Jiao Co.,Ltd.\") [ ](/quote/stock/DONG-E-E-JIAO-CO-LTD-6496914/ \"Stock Dong-E-E-Jiao Co.,Ltd.\") |  +1.54%  |  +1.22%  |  -2.96%  |  +93.60%  |  5.35B   \n|  __ [ TASLY PHARMACEUTICAL GROUP CO., LTD ](/quote/stock/TASLY-PHARMACEUTICAL-GROU-6497331/ \"Stock Tasly Pharmaceutical Group Co., Ltd\") [ ](/quote/stock/TASLY-PHARMACEUTICAL-GROU-6497331/ \"Stock Tasly Pharmaceutical Group Co., Ltd\") |  +0.48%  |  -4.33%  |  -6.92%  |  +4.45%  |  3B   \n|  __ [ SHIJIAZHUANG YILING PHARMACEUTICAL CO., LTD. ](/quote/stock/SHIJIAZHUANG-YILING-PHARM-11367295/ \"Stock Shijiazhuang Yiling Pharmaceutical Co., Ltd.\") [ ](/quote/stock/SHIJIAZHUANG-YILING-PHARM-11367295/ \"Stock Shijiazhuang Yiling Pharmaceutical Co., Ltd.\") |  +0.84%  |  -7.57%  |  -35.09%  |  -66.26%  |  2.98B   \n|  __ [ TIANJIN PHARMACEUTICAL DA REN TANG GROUP CORPORATION LIMITED ](/quote/stock/TIANJIN-PHARMACEUTICAL-DA-6497567/ \"Stock Tianjin Pharmaceutical Da Ren Tang Group Corporation Limited\") [ ](/quote/stock/TIANJIN-PHARMACEUTICAL-DA-6497567/ \"Stock Tianjin Pharmaceutical Da Ren Tang Group Corporation Limited\") |  +0.37%  |  -3.87%  |  -2.43%  |  +22.23%  |  2.74B   \n|  __ [ SHANDONG BUCHANG PHARMACEUTICALS CO., LTD. ](/quote/stock/SHANDONG-BUCHANG-PHARMACE-35858984/ \"Stock Shandong Buchang Pharmaceuticals Co., Ltd.\") [ ](/quote/stock/SHANDONG-BUCHANG-PHARMACE-35858984/ \"Stock Shandong Buchang Pharmaceuticals Co., Ltd.\") |  0.00%  |  -5.37%  |  -14.56%  |  -38.03%  |  2.1B   \n|  __ [ HENAN LINGRUI PHARMACEUTICAL CO., LTD. ](/quote/stock/HENAN-LINGRUI-PHARMACEUTI-6498176/ \"Stock Henan Lingrui Pharmaceutical Co., Ltd.\") [ ](/quote/stock/HENAN-LINGRUI-PHARMACEUTI-6498176/ \"Stock Henan Lingrui Pharmaceutical Co., Ltd.\") |  +0.99%  |  +1.95%  |  +6.18%  |  +84.73%  |  1.71B   \n|  __ [ TIBET CHEEZHENG TIBETAN MEDICINE CO., LTD. ](/quote/stock/TIBET-CHEEZHENG-TIBETAN-M-12844913/ \"Stock Tibet Cheezheng Tibetan Medicine Co., Ltd.\") [ ](/quote/stock/TIBET-CHEEZHENG-TIBETAN-M-12844913/ \"Stock Tibet Cheezheng Tibetan Medicine Co., Ltd.\") |  +2.52%  |  -5.82%  |  -1.51%  |  -21.14%  |  1.52B   \n|  __ [ ZHEJIANG JOLLY PHARMACEUTICAL CO.,LTD ](/quote/stock/ZHEJIANG-JOLLY-PHARMACEUT-11367242/ \"Stock Zhejiang Jolly Pharmaceutical Co.,LTD\") [ ](/quote/stock/ZHEJIANG-JOLLY-PHARMACEUT-11367242/ \"Stock Zhejiang Jolly Pharmaceutical Co.,LTD\") |  +2.62%  |  -0.24%  |  +23.00%  |  +68.23%  |  1.5B   \n|  __ [ TIANJIN CHASE SUN PHARMACEUTICAL CO.,LTD ](/quote/stock/TIANJIN-CHASE-SUN-PHARMAC-6500448/ \"Stock Tianjin Chase Sun Pharmaceutical Co.,Ltd\") [ ](/quote/stock/TIANJIN-CHASE-SUN-PHARMAC-6500448/ \"Stock Tianjin Chase Sun Pharmaceutical Co.,Ltd\") |  +1.22%  |  -7.50%  |  -14.18%  |  -57.63%  |  1.35B   \n|  Average  |  +1.18%  |  -3.50%  |  -5.38%  |  +10.02%  |  2.47B   \n|  Weighted average by Cap.  |  +1.09%  |  -3.01%  |  -6.95%  |  +19.58%  |   \n  \n[ See all sector performances ](/quote/stock/CRONOS-GROUP-\nINC-19156080/sector/)\n\n###  Sector\n\n|  |  [ Healthcare ](/stock-exchange/sectors/healthcare/)  \n---|---|---  \n|  |  |  [ Pharmaceuticals & Medical Research ](/stock-exchange/sectors/healthcare/pharmaceuticals-medical-research/)  \n|  |  |  |  [ Pharmaceuticals ](/stock-exchange/sectors/healthcare/pharmaceuticals-medical-research/?cf=RlhWbDJLR20zbEhzWDF4Y2FSNDVLa09NenNLYjVwWnRUUTVQMU9oenJ2QT0)  \n|  |  |  |  |  [ Pharmaceuticals ](/stock-exchange/sectors/healthcare/pharmaceuticals-medical-research/?cf=TVFOTUNaNHRzcDc1WlpjTHZYM1ZsK3hOY2FVQUY0RmFtZWQ4b25DQTdZUT0)  \n|  |  |  |  |  |  [ Alternative Medicine ](/stock-exchange/sectors/healthcare/pharmaceuticals-medical-research/?cf=TVFOTUNaNHRzcDc1WlpjTHZYM1ZseHVNc1psdFpTd1JKSU5nMm9iL0pMND0)  \n  \n  1. [ Stock Market  ](/)\n  2. [ Equities  ](/stock-exchange/shares/)\n  3. [ CRON Stock  ](/quote/stock/CRONOS-GROUP-INC-54039152/)\n  4. [ Stock  ](/quote/stock/CRONOS-GROUP-INC-19156080/)\n  5. Company Cronos Group Inc \n\nBest financial  \nportal\n\n+951% of historical  \nperformance\n\nMore than 20 years  \nat your side\n\n\\+ 1,000,000  \nmembers\n\nQuick & easy  \ncancellation\n\nOur Experts  \nare here for you\n\n__ __ __ __ __\n\nOUR EXPERTS ARE HERE FOR YOU\n\nMonday - Friday 9am-12pm / 2pm-6pm GMT + 1\n\nContact us\n\n__\n\nLegal information  |  Cookie settings  |  MarketScreener Blog  |  Affiliation  |  Copyright \u00a9 2025 [ Surperformance ](http://www.surperformance.com/) . All rights reserved. \n\nStock quotes are provided by Factset, Morningstar and S&P Capital IQ\n\n}\n\n",
                "url": "https://www.marketscreener.com/quote/stock/CRONOS-GROUP-INC-19156080/company/"
            },
            "reason": "MarketScreener provides detailed financial data and company information. The page on Cronos Group offers a comprehensive overview.",
            "reliability_score": 0.9,
            "search_query": "company 'The Cronos Group' customers stakeholders",
            "summary": "Company profile for Cronos Group on MarketScreener, providing financial data and information.",
            "url": "https://www.marketscreener.com/quote/stock/CRONOS-GROUP-INC-19156080/company/"
        },
        {
            "content": {
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                    "source": "https://www.newcannabisventures.com/altria-buys-45-of-cronos-group-for-c2-4-billion-with-option-to-take-controlling-stake/"
                },
                "page_content": "__\n\n  \n\nDecember 7, 2018 at 7:52 am\n\nPublished by NCV Newswire\n\n[\n](https://www.addtoany.com/add_to/facebook?linkurl=https%3A%2F%2Fwww.newcannabisventures.com%2Faltria-\nbuys-45-of-cronos-group-for-c2-4-billion-with-option-to-take-controlling-\nstake%2F&linkname=Altria%20Buys%2045%25%20of%20Cronos%20Group%20for%20C%242.4%20billion%20with%20Option%20to%20Take%20Controlling%20Stake\n\"Facebook\") [\n](https://www.addtoany.com/add_to/twitter?linkurl=https%3A%2F%2Fwww.newcannabisventures.com%2Faltria-\nbuys-45-of-cronos-group-for-c2-4-billion-with-option-to-take-controlling-\nstake%2F&linkname=Altria%20Buys%2045%25%20of%20Cronos%20Group%20for%20C%242.4%20billion%20with%20Option%20to%20Take%20Controlling%20Stake\n\"Twitter\") [\n](https://www.addtoany.com/add_to/linkedin?linkurl=https%3A%2F%2Fwww.newcannabisventures.com%2Faltria-\nbuys-45-of-cronos-group-for-c2-4-billion-with-option-to-take-controlling-\nstake%2F&linkname=Altria%20Buys%2045%25%20of%20Cronos%20Group%20for%20C%242.4%20billion%20with%20Option%20to%20Take%20Controlling%20Stake\n\"LinkedIn\")\n\n#####  Cronos Group Inc. Announces C$2.4 Billion Strategic Investment from\nAltria Group, Inc.\n\nTORONTO, Dec. 7, 2018 /PRNewswire/ \u2013 [ Cronos Group Inc.\n](https://www.newcannabisventures.com/tag/cronos-group/) (NASDAQ: CRON) (TSX:\nCRON) (\u201cCronos Group\u201d or the \u201cCompany\u201d) today announced that it has entered\ninto a subscription agreement (the \u201cSubscription Agreement\u201d) with [ Altria\nGroup, Inc. ](https://www.newcannabisventures.com/tag/cronos-group/) (NYSE:\nMO) (\u201cAltria\u201d) pursuant to which Altria has agreed to make an approximately\nC$2.4 billion equity investment in Cronos Group (the \u201cTransaction\u201d) on a\nprivate placement basis in exchange for common shares in the capital of the\nCompany (the \u201cShares\u201d). Altria will also receive Warrants of Cronos Group (the\n\u201cWarrants\u201d), that if fully exercised, would provide the Company with an\nadditional approximately C$1.4 billion of proceeds. The Shares issuable to\nAltria pursuant to the Subscription Agreement will result in Altria holding an\napproximately 45% ownership interest in Cronos Group (calculated on a non-\ndiluted basis), exercise of the Warrants would result in incremental ownership\nof 10% for a total potential ownership position of 55%. This strategic\npartnership provides Cronos Group with additional financial resources, product\ndevelopment and commercialization capabilities, and deep regulatory expertise\nto better position the Company to compete, scale and lead the rapidly growing\nglobal cannabis industry.\n\n> Altria is the ideal partner for Cronos Group, providing the resources and\n> expertise we need to meaningfully accelerate our strategic growth. The\n> proceeds from Altria\u2019s investment will enable us to more quickly expand our\n> global infrastructure and distribution footprint, while also increasing\n> investments in R&D and brands that resonate with our consumers. Importantly,\n> Altria shares our vision of driving long-term value through innovation, and\n> we look forward to continuing to differentiate in this area.\n\n#####\n\n> As one of the largest holding companies in the adult consumer products\n> sector, Altria has decades of experience in regulatory, government affairs,\n> compliance, product development and brand management that we expect to\n> leverage, particularly as new markets for cannabis open around the world.\n\n\u201cInvesting in Cronos Group as our exclusive partner in the emerging global\ncannabis category represents an exciting new growth opportunity for Altria,\u201d\nsaid Howard Willard, Altria\u2019s Chairman and Chief Executive Officer. \u201cWe\nbelieve that Cronos Group\u2019s excellent management team has built capabilities\nnecessary to compete globally, and we look forward to helping Cronos Group\nrealize its significant growth potential.\u201d\n\n**Benefits of the Transaction**\n\n  * **Accelerates Cronos Group\u2019s pace of growth and expansion.** The growth opportunities for Cronos Group are significant and extend across the globe as markets open. With Altria\u2019s resources, Cronos Group expects to be even better positioned to support cannabinoid innovation, create differentiated products and brands across medicinal and recreational categories, and expand its global footprint and growing production capacity. \n  * **Bolsters Cronos Group\u2019s ability to be an innovation leader in the cannabis industry.** Cronos Group\u2019s research collaborations with Gingko Bioworks to develop cultured cannabinoids and its partnership with the Technion Research and Development Foundation for cannabinoid-based skin care treatments are just two recent examples of how the Cronos Group intends to use innovation and its growing intellectual property portfolio to develop new applications for cannabinoids across a range of products and categories. Altria shares Cronos Group\u2019s commitment to innovation, medical cannabis research and state of the art product development. \n  * **Leverages Altria\u2019s product design, manufacturing, marketing and distribution capabilities** **and expertise.** Cronos Group expects to work with Altria to rapidly expand its product offerings in markets as regulations permit, including device technology. Altria has significant expertise that can serve as building blocks for cannabis vape products. Altria also brings considerable experience with large-scale manufacturing automation, pre-roll technology and supply chain management. In addition, by investing the incremental capital, Cronos Group expects to enhance its attractiveness as a potential partner to other medicinal and consumer focused partners that may work with the Company to further expand its product offerings and distribution capabilities for the benefit of its shareholders. \n  * **Provides expertise in successfully navigating complex regulatory landscapes.** Altria has a strong record of managing multi-faceted regulatory, compliance and government affairs environments related to taxation, product registration, shipping and other legal issues that Cronos Group expects to be able to leverage as cannabis markets develop and open around the world. \n  * **Raises capital at a premium valuation and delivers even greater upside opportunities for Cronos Group shareholders, employees and partners.** Under the terms of the agreement, Altria has agreed to acquire 146.2 million Shares at a price of C$16.25 per Share. The price per Share represents a 41.5% premium to the Company\u2019s 10-day volume weighted average price (\u201cVWAP\u201d) on the TSX, ending November 30, 2018, the last unaffected trading day prior to when Cronos Group publicly disclosed preliminary discussions with Altria. The strategic investment combined with Altria\u2019s expertise and complementary capabilities are expected to better position Cronos Group for significant growth and value creation with benefits to all of the Company\u2019s stakeholders, including its holders of Shares (the \u201cShareholders\u201d), employees and partners. \n\n**Board Recommendation**\n\nThe Board of Directors of Cronos Group (the \u201cBoard\u201d), after consultation with\nits legal and financial advisors, has unanimously determined that the\nTransaction is in the best interest of Cronos Group and is unanimously\nrecommending that Shareholders vote in favor of the Transaction. The Board has\nreceived an opinion from its financial advisor, Lazard Canada Inc., that as of\nthe date thereof and subject to the assumptions, qualifications and\nlimitations set forth therein, the consideration to be received by the Company\npursuant to the Transaction is fair, from a financial point of view, to the\nCompany.\n\n**Key Transaction Terms**\n\n_Equity Investment_\n\nPursuant to the Subscription Agreement, Altria has agreed to acquire 146.2\nmillion Shares at closing at a price of C$16.25per Share, which represents a\n41.5% premium to the 10-day VWAP of the Shares on the TSX on November 30,\n2018, the last unaffected trading day prior to when Cronos Group publicly\ndisclosed preliminary discussions with Altria.\n\nAltria will also receive Warrants at closing entitling it to acquire up to an\nadditional 10% ownership position in the Company exercisable from time to\ntime, for a period of four years following closing for an exercise price of\nC$19.00 per Share, which represents an implied premium of 65.5% to the 10-day\nVWAP of the Shares on the TSX on November 30, 2018. Altria\u2019s ownership\ninterest in Cronos Group would be approximately 55% (calculated on a non-\ndiluted basis). Additionally, the Warrants will contain certain anti-dilution\nprovisions.\n\n_Governance Rights_\n\nPursuant to an investor rights agreement to be entered into, at closing (the\n\u201cInvestor Rights Agreement\u201d), Altria will have the right to nominate four\ndirectors, including one independent director, to serve on the Board of\nDirectors of Cronos Group, which will be expanded from five to seven directors\nin connection with the Transaction.\n\n_Altria\u2019s Exclusive Cannabis Partner_\n\nUnder the Investor Rights Agreement, Altria has agreed to make Cronos Group\nits exclusive partner for pursuing cannabis opportunities throughout the world\n(subject to certain limited exceptions.\n\nAt closing, the parties are also expected to enter into commercial support\nagreements under which Altria will provide services relating to marketing and\nbrand management, government affairs, regulatory affairs, and research and\ndevelopment.\n\n_Closing and Approvals_\n\nThe Transaction is expected to close in the first half of 2019, subject to\ncertain customary closing conditions including the receipt of approval from\nthe TSX, and receipt of regulatory approval pursuant to the Investment Canada\nAct. In addition, under applicable TSX rules, the Transaction will require\napproval by at least the majority of the votes cast by Shareholders present at\na special meeting of Shareholders as the Transaction is expected to materially\naffect control of Cronos Group.\n\n_**Additional Information** _\n\nFurther information regarding the transaction will be included in the\nmanagement information circular to be mailed to Shareholders in connection\nwith the Company\u2019s special meeting of Shareholders to approve the transaction.\nCopies of the Subscription Agreement and the agreements attached thereto as\nexhibits, including the form of Warrant and the form of Investor Rights\nAgreement, will be filed on the Company\u2019s profile on SEDAR at [ www.sedar.com\n](http://www.sedar.com) and EDGAR at [ www.sec.gov ](https://www.sec.gov) .\nThe above descriptions of the terms and conditions of the Subscription\nAgreement and the agreements attached thereto as exhibits, including the form\nof Warrant and the form of Investor Rights Agreement, are qualified in their\nentirety by the terms of the Subscription Agreement which will be filed on the\nCompany\u2019s profile on SEDAR at [ www.sedar.com ](http://www.sedar.com) and\nEDGAR at [ www.sec.gov ](https://www.sec.gov) .\n\n**Advisors**\n\nLazard Canada Inc. is serving as financial advisor to Cronos Group, and\nSullivan & Cromwell LLP and Blake, Cassels & Graydon LLP are legal counsel.\n\nPerella Weinberg Partners LP is serving as financial advisor to Altria, and\nWachtell, Lipton, Rosen & Katz and Goodmans LLP are legal counsel. Hunton\nAndrews Kurth LLP is providing legal counsel to Altria regarding the\nfinancing.\n\n**Analyst / Investor Conference Call and Webcast**\n\nCronos Group will host a conference call and webcast today, Friday, December 7\nat 8:30 a.m. ET to discuss today\u2019s announcement.\n\nThe conference call can be accessed by dialing (647) 427-7450 for callers from\nthe U.S. and (888) 231-8191 for international callers. The confirmation code\nis 9359909.\n\nA live webcast of the conference call will be available at [\nhttps://thecronosgroup.com/investor-relations\n](https://thecronosgroup.com/investor-relations) .\n\nA replay of the conference call will be available for approximately two weeks,\nfrom December 7, 2018 through December 21, 2018, and can be accessed by\ndialing (855) 859-2056 and providing the 9359909 confirmation code.\n\nThe webcast will also be archived at [ https://thecronosgroup.com/investor-\nrelations. ](https://thecronosgroup.com/investor-relations.)\n\n**About Cronos Group**\n\nCronos Group is a globally diversified and vertically integrated cannabis\ncompany with a presence across five continents. Cronos Group operates two\nwholly-owned Canadian licensed producers: Peace Naturals Project Inc., which\nwas the first non-incumbent medical cannabis license granted by Health Canada,\nand Original BC Ltd., which is based in the Okanagan Valley, British Columbia.\nCronos Group has multiple international production and distribution platforms\nacross five continents. Cronos Group intends to continue to rapidly expand its\nglobal footprint as it focuses on building an international iconic brand\nportfolio and developing disruptive intellectual property. Cronos Group is\ncommitted to building industry leading companies that transform the perception\nof cannabis and responsibly elevate the consumer experience.\n\n**About Altria**\n\nAltria\u2019s wholly-owned subsidiaries include Philip Morris USA Inc., U.S.\nSmokeless Tobacco Company LLC, John Middleton Co., Sherman Group Holdings, LLC\nand its subsidiaries, Nu Mark LLC, Ste. Michelle Wine Estates Ltd. (Ste.\nMichelle) and Philip Morris Capital Corporation. Altria holds an equity\ninvestment in Anheuser-Busch InBev SA/NV (AB InBev).\n\nThe brand portfolios of Altria\u2019s tobacco operating companies include\nMarlboro\u00ae, Black & Mild\u00ae, Copenhagen\u00ae, Skoal\u00ae, VERVE\u00ae, MarkTen\u00ae and Green\nSmoke\u00ae. Ste. Michelle produces and markets premium wines sold under various\nlabels, including Chateau Ste. Michelle\u00ae, Columbia Crest\u00ae, 14 Hands\u00ae and\nStag\u2019s Leap Wine Cellars\u2122, and it imports and markets Antinori\u00ae, Champagne\nNicolas Feuillatte\u2122, Torres\u00ae and Villa Maria Estate\u2122 products in the United\nStates. Trademarks and service marks related to Altria referenced in this\nrelease are the property of Altria or its subsidiaries or are used with\npermission. More information about Altria is available at altria.com and on\nthe Altria Investor app.\n\nTake a closer look at Altria and its companies on altria.com.\n\nFollow Altria on Twitter at @AltriaNews.\n\n[ Original press release ](https://www.prnewswire.com/news-releases/cronos-\ngroup-inc-announces-c2-4-billion-strategic-investment-from-altria-group-\ninc-300761820.html)\n\nPublished by NCV Newswire\n\nThe NCV Newswire by New Cannabis Ventures aims to curate high quality content\nand information about leading cannabis companies to help our readers filter\nout the noise and to stay on top of the most important cannabis business news.\nThe NCV Newswire is hand-curated by an editor and not automated in anyway.\nHave a confidential news tip? [ Get in touch\n](https://form.jotform.com/53395769996179) .\n\n  \n\n##  Get Our Sunday Newsletter\n\n##  In This Article:\n\n**[ Altria ](https://www.newcannabisventures.com/tag/altria/) , [ CRON\n](https://www.newcannabisventures.com/tag/cron/) , [ Cronos\n](https://www.newcannabisventures.com/tag/cronos/) , [ Cronos Group\n](https://www.newcannabisventures.com/tag/cronos-group/) , [ mo\n](https://www.newcannabisventures.com/tag/mo/) **\n\n##  Related News:\n\n### [ Looking at the Cannabis Meltdown by Sub-Sector\n](https://www.newcannabisventures.com/looking-at-the-cannabis-meltdown-by-sub-\nsector/) ### [ Canadian Cannabis Sales Sank in January\n](https://www.newcannabisventures.com/canadian-cannabis-sales-sank-in-\njanuary/) ### [ One Cannabis Sub-Sector Rallied\n](https://www.newcannabisventures.com/one-cannabis-sub-sector-rallied/) ### [\nCanadian Cannabis Sales Soared in December\n](https://www.newcannabisventures.com/canadian-cannabis-sales-soar-in-\ndecember/)\n\n* * *\n\n* ###  **Latest News**\n\nApril 8th, 2025\n\nTilray Brands Reports Q3 Fiscal 2025 Financial Results Tilray...\n\nApril 3rd, 2025\n\nYou\u2019re reading this week\u2019s edition of the New Cannabis...\n\n* ###  **Get The App**\n\nDownload the free \u201cNew Cannabis Ventures\u201d app on the iOS App Store or Google\nPlay and get real-time push notifications straight to your phone on the latest\nbreaking news and exclusives published.\n\n* * *\n\n[ ](https://itunes.apple.com/us/app/ncv-news/id1123542865?ls=1&mt=8)\n\n[ ](https://play.google.com/store/apps/details?id=com.ncvnews.app.android)\n\n* ###  **NCV Media**\n\n####  Thank you for reading\n\n####  New Cannabis Ventures\n\nContributing original content and curating quality news on only the most\npromising cannabis companies and the most influential investors.\n\nFollow us on  \n\n[ __ ](https://www.facebook.com/ncvmedia) [ __ ](https://twitter.com/ncvmedia)\n[ __ ](https://www.linkedin.com/company/new-cannabis-ventures/)\n\n\u00a9 [ NCV Media, LLC. ](/)\n\n  * [ About ](https://www.newcannabisventures.com/about-new-cannabis-ventures/)\n  * [ Contact ](https://www.newcannabisventures.com/contact/)\n  * [ Newsletter ](https://www.newcannabisventures.com/subscribe/)\n  * [ Advertising ](https://www.newcannabisventures.com/cannabis-advertising/)\n  * [ Privacy ](https://www.newcannabisventures.com/privacy-policy/)\n  * [ Disclaimer ](https://www.newcannabisventures.com/disclaimer/)\n  * [ Status ](http://status.newcannabisventures.com/4262862)\n\n",
                "url": "https://www.newcannabisventures.com/altria-buys-45-of-cronos-group-for-c2-4-billion-with-option-to-take-controlling-stake/"
            },
            "reason": "New Cannabis Ventures focuses on the cannabis industry. The report on Altria's investment in Cronos Group is likely accurate and well-researched within that context.",
            "reliability_score": 0.8,
            "search_query": "company 'The Cronos Group' customers stakeholders",
            "summary": "Report on Altria's acquisition of 45% of Cronos Group.",
            "url": "https://www.newcannabisventures.com/altria-buys-45-of-cronos-group-for-c2-4-billion-with-option-to-take-controlling-stake/"
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                    "source": "https://thecronosgroup.com/"
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                "page_content": "Skip to content\n\n##  A Global  \nCannabinoid  Company\n\nCronos Group is an innovative global cannabinoid company committed to building\ndisruptive intellectual property by advancing cannabis research, technology,\nand product development. With a passion to responsibly elevate the consumer\nexperience, Cronos is building an iconic brand portfolio. Cronos\u2019 diverse\ninternational brand portfolio includes Spinach  \u00ae  , PEACE NATURALS  \u00ae  and\nLord Jones  \u00ae  .\n\n[ Explore Brands _arrow_forward_ ](/brands/) Explore Solutions \u2192\n\n#  About\n\n##  Us\n\n##  Mission\n\nBuild brands and create products that enhance experiences\n\n##  Vision\n\nTake experiences to new highs\n\n##  Values\n\nAt the heart of Cronos are our values. They are the principles that steer our\nactions and define our character. They represent who we are, how we operate,\nand the reputation we aspire to build and maintain within the industry and all\nour stakeholders who help shape it.\n\n##  Community\n\nWe believe in building and supporting a fair and equitable industry.\n\n##  Fun\n\nWe believe in creating your favorite products through innovation and\nimagination.\n\n##  Responsibility\n\nWe believe our products are for adults* (*Adults are those of the legal age of\nconsumption in the relevant jurisdiction).\n\n##  Quality\n\nWe believe in elevating industry practices to provide quality products focused\non reliability and transparency.\n\n#  The\n\n##  Team\n\nOur management team comprises experts in their fields, with a goal to\nestablish the most valuable international cannabis company. They are\npassionate, daring people, driven by quality and integrity, who are determined\nto write history, not read about it.\n\nMike Gorenstein\n\nAnna Shlimak\n\nJeff Jacobson\n\nShannon Buggy\n\nTerry Doucet\n\nArye Weigensberg\n\nAdam Wagner\n\nMike Gorenstein  __\n\n#  Mike Gorenstein\n\n####  Chairman, President and Chief Executive Officer\n\nMike Gorenstein serves as Cronos Group\u2019s Chairman, President and Chief\nExecutive Officer, he also serves as Chairman of Cronos Group\u2019s Board of\nDirectors. In addition, Mr. Gorenstein is a Co-Founder and passive Member of\nGotham Green Partners. Before joining Cronos, Mike was the Vice President and\nGeneral Counsel at Alphabet Partners, LP, a New York City based multi-strategy\ninvestment management firm, focused on identifying mispriced assets across\nvarious industries, asset classes and geographies. Prior to Alphabet Partners,\nLP, he was a corporate attorney at Sullivan & Cromwell LLP, where he focused\non mergers and acquisitions and capital markets transactions. Mike graduated\nfrom the University of Pennsylvania Law School with a Juris Doctor, the\nWharton School at University of Pennsylvania with a certificate in Business\nEconomics and Public Policy and the Kelley School of Business at Indiana\nUniversity with a Bachelor of Science of Business in Finance.\n\nAnna Shlimak  __\n\n#  Anna Shlimak\n\n####  Chief Financial Officer\n\nAnna serves as Cronos\u2019 Chief Financial Officer. Anna recently served as the\nCompany\u2019s Chief Strategy Officer and was responsible for managing and\ndirecting the organization\u2019s corporate strategy, investor relations,\ncommunications, government affairs, and information systems departments. Prior\nto joining Cronos, Anna was the Head of Investor Relations at Quest Partners\nLLC, a research-driven alternative investment firm. Anna was responsible for\nbusiness development, investor reporting, marketing, and communication\ninitiatives for the fund. Before that, Anna held a range of roles at the New\nYork Stock Exchange in both the New York and London offices. She received a\nMaster of Business Administration from Columbia Business School and holds a\nBachelor of Science in Economics from The Wharton School at the University of\nPennsylvania.\n\nJeff Jacobson  __\n\n#  Jeff Jacobson\n\n####  Chief Growth Officer\n\nAs Chief Growth Officer, Jeff leads the Marketing, Innovation, Operations and\nSales team in North America as well as the Consumer Insights and Data\nAnalytics teams for Cronos Group\u2019s global business. Jeff sets the strategy for\nour brands and is responsible for leading our global teams to help execute\nCronos Group\u2019s vision. Jeff previously served as Cronos Group\u2019s General\nManager of Canada and Europe. Before joining Cronos Group, Jeff founded a\nToronto based marketing agency and successfully launched and licensed several\ninnovative software products in the mobile industry. As a co-founder of Peace\nNaturals, Jeff\u2019s expertise and experience in licensing and compliance, new\nbusiness development, project management and resource management help Cronos\nGroup lead in a variety of markets.\n\nShannon Buggy  __\n\n#  Shannon Buggy\n\n####  Senior Vice President, Global Head of People\n\nShannon serves as the SVP, Global Head of People for Cronos Group where she\nleads HR strategy across the Company\u2019s global operations. Prior to Cronos\nGroup, Shannon was the Senior Vice President of Global Human Resources for\nNielsen where she led HR strategy for Nielsen Media. With over 25 years of\nexperience, Shannon has a proven track record of leading and managing global\nhuman resources teams and driving excellence in talent acquisition,\ndevelopment, retention, employee relations, compensation, benefits, talent\nmanagement and labor relations. Shannon holds a certification as a Senior\nProfessional in Human Resources from the HR Certification Institute. She\ngraduated magna cum laude with a Bachelor of Science degree in Human Resources\nManagement from the Pace University, Lubin School of Business.\n\nTerry Doucet  __\n\n#  Terry Doucet\n\n####  General Counsel and Corporate Secretary\n\nTerry Doucet serves as Cronos Group\u2019s General Counsel and Corporate Secretary.\nIn this capacity, he manages all legal and regulatory affairs at Cronos Group\nand also serves as the Company\u2019s Corporate Secretary. Prior to joining Cronos,\nTerry was a corporate lawyer at Davies Ward Phillips & Vineberg LLP in\nToronto, where he focused primarily on M&A in large, complex and cross-border\ntransactions across numerous industries, as well as securities, corporate\nfinance and lending transactions. During that time, Terry was also seconded to\nRBC Capital Markets, where he supported the bank\u2019s derivative trading desks.\nTerry is an Ontario-qualified lawyer, holding a Juris Doctor from the\nUniversity of Toronto and a joint honours (first class) Bachelor of Arts\ndegree from McGill University in Montreal.\n\nArye Weigensberg  __\n\n#  Arye Weigensberg\n\n####  Head of Research and Development\n\nAs Head of Research and Development, Arye is responsible for leading Cronos\u2019\ninnovation program, where he oversees research and technology functions, and\nleads scientific efforts to unlock the potential of rare cannabinoids. Before\njoining Cronos, Arye was the CEO of Altria Israel Ltd, an Altria research and\ndevelopment innovation hub. Arye joined Altria as part of its acquisition of\nGreen Smoke, where he was the Director of Marketing and Brand Management.\nPrior to Green Smoke, Arye held a variety of roles in brand management and\nmarketing, supporting food brands such as Manischewitz, Lawry\u2019s, Ragu, Knorr\nand Country Crock. Arye graduated from Concordia University\u2019s John Molson\nSchool of Business with a Bachelor of Commerce in Marketing and International\nBusiness.\n\nAdam Wagner  __\n\n#  Adam Wagner\n\n####  SVP, Head of Cronos Israel\n\nAdam Wagner serves as Senior Vice President, Head of Cronos Israel. Adam\noversees the business and strategy of Cronos Israel. Before he was appointed\nas Head of Cronos Israel, he was the VP of Finance at Cronos Israel where he\noversaw the regional Israel finance department, including FP&A,\ncontrollership, audit, treasury, tax, as well as IT, supply chain and\nprocurement . Before joining Cronos, Adam worked as a Director of Finance at\nMotus GI, a publicly traded medical device company, where he oversaw the\nIsrael-based finance department. Before that, Adam was a Finance Manager at\nMedtronic, a publicly traded medical equipment manufacturer, where he oversaw\nthe Israel-based finance department functions. Prior to Medtronic\u2019s\nacquisition, he was the Corporate Controller for Mazor Robotics, a dual-listed\npublic medical device company. Adam began his career as a Senior Auditor at EY\nwhere he managed a team that performed audits for various publicly traded and\nprivate companies. Adam also serves as a Finance expert on an advisory board\nfor a wellness and healthcare start-up. Adam is a CPA (Israel) and studied\nAccounting at Bar-Ilan University. Adam also holds a Bachelor\u2019s Degree in\nScience of Nutrition and his Master of Science in Genetics and Biochemistry\nfrom Tel Aviv University.\n\n\u00a9 2025 The Cronos Group. All rights reserved.\n\n[ Facebook  ](https://www.facebook.com/cronosgroupoffical) [ X-twitter\n](https://twitter.com/cronosgroup) [ Linkedin\n](https://www.linkedin.com/company/cronos-group-cron/?viewAsMember=true)\n\n\u00a9 2024 The Cronos Group. All rights reserved.\n\nFacebook  X-twitter  Linkedin\n\n",
                "url": "https://thecronosgroup.com/"
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                    "source": "https://www.capitalmarketstribunal.ca/en/proceedings/cronos-group-inc-and-william-hilson-re/settlement-agreement-matter-cronos-group-inc-and-william-hilson"
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                "page_content": "Skip to content\n\n#  Settlement Agreement: In the Matter of Cronos Group Inc. and William Hilson\n\nOctober 19, 2022\n\nSettlement Agreement\n\n[ Download PDF ](/sites/default/files/2022-10/set_20221019_cronos.pdf \"Open\nPDF in new window\")\n\n####  IN THE MATTER OF CRONOS GROUP INC.\n\n####  SETTLEMENT AGREEMENT\n\n####  PART I -- INTRODUCTION\n\n1\\. Ontario companies strive to be world leaders in the cannabis space. When\npublic cannabis companies issue financial statements that do not provide\naccurate information about their financial performance and condition and fail\nto have adequate controls, they undermine confidence in Ontario's capital\nmarkets and leadership in the cannabis space.\n\n2\\. Cronos Group Inc., an Ontario-based public cannabis company, is being held\naccountable for improperly recognizing $7.6 million (US $5.8 million) in\nrevenue in its Q1, Q2 and Q3 2019 interim financial statements and for\nsubsequently overstating virtually all of its U.S. goodwill and a significant\nportion of its U.S. intangible assets by a collective amount of $234.9 million\nin its Q2 2021 interim financial statements.\n\n3\\. Cronos restated its Q1, Q2 and Q3 2019 interim financial statements to\ncorrect the revenue recognition error upon determining that they had not been\nprepared in accordance with generally accepted accounting principles (\n**GAAP** ). The Company again restated its interim financial statements, this\ntime for Q2 2021, to correct its failure to recognize impairment charges for\ngoodwill and intangible assets relating to the U.S. reporting unit. In both\ninstances, Cronos reported related material weaknesses in internal control\nover financial reporting ( **ICFR** ).\n\n4\\. The parties will jointly file a request that the Capital Markets Tribunal\n(the **Tribunal** ) issue a Notice of Hearing to announce it will hold a\nhearing to consider whether, pursuant to section 127 of the _Securities Act_ ,\nRSO 1990, c S.5 (the **Act** ), it is in the public interest for the Tribunal\nto make certain orders against the Respondent.\n\n####  PART II -- JOINT SETTLEMENT RECOMMENDATION\n\n5\\. Cronos Group Inc. ( **Cronos** , the **Company** , or the **Respondent**\n), consents to the making of an order (the **Order** ) substantially in the\nform attached as Schedule \"A\" to this Settlement Agreement based on the facts\nset out in this Settlement Agreement.\n\n6\\. For the purposes of this proceeding, and any other regulatory proceeding\ncommenced by a Canadian securities regulatory authority only, the Respondent\nagrees with the facts set out in Part III of this Settlement Agreement and the\nconclusion in Part IV of this Settlement Agreement.\n\n####  PART III -- AGREED FACTS\n\n**A. Cronos Uncovers Revenue Recognition Errors in Financial Reporting**\n\n7\\. On February 24, 2020, Cronos publicly announced that it was delayed in\ncompleting its 2019 annual financial statements and that it would delay its\n2019 fourth quarter and full-year earnings release and conference call.\n\n8\\. Cronos is a licensed cannabis producer in Canada with international\nproduction and distribution. The Company is listed on the TSX (CRON) and\nNASDAQ (CRON) with a market capitalization of $1.19 billion as of August 29,\n2022. Cronos's brand portfolio includes Peace Naturals, Spinach and hemp-\nderived CBD brands, Lord Jones, Happy Dance and Peace+.\n\n9\\. On March 2, 2020, Cronos disclosed that it filed a Form 12b-25\n(Notification of Late Filing) with the U.S. Securities and Exchange Commission\n( **SEC** ) for a 15-day extension of the due date to file its Form 10-K for\nthe year ended December 31, 2019. The Company disclosed that it had been\nunable to complete its financial statements for fiscal 2019 due to a\ncontinuing review by the Audit Committee (the **Audit Committee** ) of the\nCompany's Board of Directors (the **Board** ), with the assistance of outside\ncounsel and forensic accountants, of several bulk resin purchases and sales of\nproducts through the wholesale channel (the **Transactions)** and the\nappropriateness of the recognition of revenue from the Transactions.\n\n10\\. On March 17, 2020, Cronos filed a Material Change Report with the OSC and\nannounced that, on the recommendation of its Audit Committee and after\nconsultation with its auditors, its previously issued unaudited interim\nfinancial statements for the first, second and third quarters of 2019 would be\nrestated and reissued and should no longer be relied upon.\n\n11\\. The Company disclosed that its Audit Committee had been conducting a\nreview of the Transactions and the restatement was being made to eliminate\ncertain of these transactions. It announced that it would reduce revenue by\n$2.5 million (US $1.9 million) for the three months ended March 31, 2019, and\nby $5.1 million (US $3.9 million) for the three months ended September 30,\n2019. The Company further disclosed that, in connection with the restatement,\nit anticipated that it would report one or more material weaknesses in ICFR\nwhen it filed its Form 10-K.\n\n12\\. On March 30, 2020, the Company announced that the Audit Committee had\ncompleted its review of the Transactions and that the Board had determined, on\nthe recommendation of the Audit Committee and advice from its auditor, that\nthe Company would restate its unaudited interim financial statements for the\nfirst, second and third quarters of 2019.\n\n13\\. Cronos filed the restated interim financial statements on March 30, 2020.\n\n14\\. The restated interim financial statements disclosed that the Audit\nCommittee review had concluded that there were accounting errors in the\npreviously issued interim financial statements for the first and third\nquarters of 2019 (Q1 2019 and Q3 2019, respectively). In particular, the\nCompany reduced revenue for the three months ended March 31, 2019, by $2.5\nmillion (US $1.9 million) and the three months ended September 30, 2019, by\n$5.1 million (US $3.9 million).\n\n**a. Q1 2019 Revenue Recognition Errors**\n\n15\\. In the three months ended March 31, 2019, the revenue recognition error\nwas due to one wholesale transaction that was inappropriately accounted for as\nrevenue in the Company's originally issued interim financial statements for Q1\n2019. The transaction involved the exchange of cannabis dry flower for\ncannabis resin, with a third party, in two simultaneous transactions entered\ninto in contemplation of one another.\n\n16\\. This transaction did not meet the criteria for revenue recognition in\naccordance with GAAP, in this case International Financial Reporting Standards\n( **IFRS** ). The standard applicable to revenue recognition for the\ntransaction was IFRS 15, _Revenue from Contracts with Customers._\n\n17\\. This transaction lacked commercial substance and therefore revenue should\nnot have been recognized. As a result, Cronos had overstated revenue by\napproximately $2.5 million (US $1.9 million) on the Consolidated Statements of\nOperations and Comprehensive Income (Loss) in the original Q1 2019 interim\nfinancial statements.\n\n**b. Q3 2019 Revenue Recognition Errors**\n\n18\\. During the three months ended September 30, 2019, there was a similar\nwholesale transaction involving the exchange of cannabis dry flower for\ncannabis extracts in three simultaneous transactions which were entered into\nin contemplation of one another with the same third party.\n\n19\\. This transaction did not meet the criteria for revenue recognition in\naccordance with GAAP, in this case IFRS. This transaction lacked commercial\nsubstance and therefore revenue should not have been recognized. As a result,\nCronos had overstated revenue by approximately $2.1 million (US $1.6 million)\non the Consolidated Statements of Operations and Comprehensive Income (Loss)\nin the original interim financial statements for the three and nine months\nended September 30, 2019.\n\n20\\. During the three months ended September 30, 2019, there was a further\nwholesale transaction for a sale of dried cannabis to a different third party\nfor which revenue was improperly recognized.\n\n21\\. This further wholesale transaction did not meet the criteria for revenue\nrecognition in accordance with IFRS 15 because it was deemed to be a\nconsignment sale and lacked commercial substance. As a result, Cronos had\noverstated revenue by approximately $3.0 million (US $2.3 million) on the\nConsolidated Statements of Operations and Comprehensive Income (Loss) in the\nQ3 2019 interim financial statements.\n\n**c. Material Weaknesses in ICFR: March 2020**\n\n22\\. On March 30, 2020, the Company filed Amended and Restated Management's\nDiscussion and Analysis of Financial Condition and Results of Operations (\n**MD &A ** ) for the first, second and third quarters of 2019.\n\n23\\. Each of the MD&A for the first, second and third quarters of 2019\ndisclosed that as of the end of the reporting period, due to material\nweaknesses, ICFR was not effective to provide reasonable assurance regarding\nthe reliability of financial reporting and the preparation of financial\nstatements in accordance with applicable accounting standards.\n\n24\\. A material weakness is a deficiency, or combination of deficiencies in\nICFR, such that there is a reasonable possibility that a material misstatement\nof the Company's annual or interim financial statements will not be prevented\nor detected on a timely basis.\n\n25\\. Cronos identified material weaknesses in the following areas:\n\n> (a) _Segregation of Duties_ : The Company did not maintain adequately\n> designed controls on segregation of purchase and sale responsibilities to\n> ensure accurate recognition of revenue in accordance with IFRS;\n>\n> (b) _Non-Routine Transactions_ : The Company's controls were not effective\n> to ensure that non-routine transactions, including deviations from\n> contractually established sales terms, were authorized, communicated,\n> identified, and evaluated for their potential effect on revenue recognition;\n> and\n>\n> (c) _Risk Assessment:_ The Company did not appropriately design controls to\n> monitor and respond to changes in its business in relation to their\n> transactions in the wholesale market.\n\n26\\. Because of the segregation of duties and non-routine transaction\ndeficiencies, the Company restated its interim financial statements in respect\nof the Transactions to correct the identified misstatements. While the risk\nassessment deficiency did not directly result in a misstatement, it was a\ncontributing factor in the other material weaknesses described above.\n\n27\\. Together, these deficiencies created a reasonable possibility that a\nmaterial misstatement to the consolidated financial statements would not have\nbeen prevented or detected on a timely basis.\n\n**B. Cronos Uncovers Errors in Goodwill and Indefinite-Lived Tangible Assets**\n\n28\\. On November 9, 2021, Cronos publicly announced that it had been unable to\ncomplete its interim financial statements for the three and nine months ended\nSeptember 30, 2021 because its Audit Committee required additional time to\nevaluate goodwill and indefinite-lived intangible assets. Cronos also\nannounced that it expected to record an impairment charge of not less than US\n$220 million on goodwill and indefinite-lived intangible assets for the three\nand six months ended June 30, 2021.\n\n29\\. On the same date, Cronos filed a Material Change Report with the OSC, in\nwhich it stated that on the recommendation of its Audit Committee and after\nconsultation with its auditor, the Company would be required to restate its\npreviously issued unaudited interim financial statements for the three and six\nmonth period ending June 30, 2021, and that those financial statements should\nno longer be relied upon. The Company also filed Forms 8-K and 12b-25 with\nboth the OSC and the SEC.\n\n30\\. On February 18, 2022, Cronos filed restated interim financial statements\nand an Amended and Restated MD&A for the three and six month period ending\nJune 30, 2021 as the previously filed financial statements had not been\nprepared in accordance with GAAP, in this case US GAAP. Cronos disclosed that\nit had performed an interim impairment test on its U.S. reporting unit and the\nLord Jones brand, as of June 30, 2021, to determine whether the carrying\namount of the reporting unit and indefinite-lived intangible asset, the Lord\nJones brand, exceeded their respective fair values. As a result of its\nanalyses, the Company concluded that it should have recorded an impairment\ncharge of US $234.9 million on goodwill and indefinite-lived intangible assets\nrelated to its U.S. reporting unit.\n\n**C. Material Weaknesses in ICFR: February 2022**\n\n31\\. On February 18, 2022, the Company disclosed that its ICFR was ineffective\ndue to the existence of material weaknesses. The material weaknesses\ncontributed to the failure to accurately recognize the value of its goodwill\nand indefinite-lived intangible assets. Specifically, the Company:\n\n> (a) did not ensure that senior accounting personnel engaged consistently in\n> appropriate professional conduct and conduct consistent with the Company's\n> code of business conduct and ethics; and\n>\n> (b) lacked accounting personnel with appropriate level of knowledge and\n> experience in US GAAP.\n\n**D. MITIGATING FACTORS**\n\n32\\. The following mitigating factors are relevant to Cronos' revenue\nrecognition errors stemming from material weaknesses in ICFR:\n\n> (a) _Cronos' Investigation_ \\-- Cronos had mechanisms in place for employees\n> to submit internal tips and complaints. In addition, Cronos promptly took\n> steps to evaluate employee complaints, including by conducting an internal\n> investigation under the supervision of its Audit Committee, which eventually\n> led to the discovery of material accounting errors in the first and third\n> quarters of 2019;\n>\n> (b) _Co-operation_ \\-- Upon learning of the potential for material\n> accounting errors in previously filed reports, and prior to the completion\n> of its internal investigation, Cronos promptly reported information to the\n> OSC related to potential violations of securities laws in the first quarter\n> and third quarter of 2019 and cooperated with the OSC. Cronos provided\n> timely updates to the OSC and voluntarily produced documents, reports, and\n> other materials, including factual information learned during the course of\n> its internal investigation into the material accounting errors. Cronos\n> further facilitated interviews of current and former officers and employees,\n> including individuals residing outside of Canada;\n>\n> (c) _Restatement_ \\-- On March 30, 2020, Cronos filed amended and restated\n> interim financial statements and MD&A; and\n>\n> (d) _Remediation_ \\-- Cronos identified and implemented several enhancements\n> to remediate the identified weaknesses in ICFR, including developing and\n> implementing new internal accounting controls, developing a new training\n> program regarding accounting related matters, and hiring additional staff\n> with familiarity with applicable accounting requirements.\n\n33\\. The following mitigating factors are relevant to Cronos' failure to\nimpair goodwill and indefinite-lived intangible assets stemming from material\nweaknesses in ICFR:\n\n> a. _Cronos' Investigation_ \\-- Cronos had mechanisms in place for employees\n> to submit internal tips and complaints. In addition, Cronos promptly took\n> steps to evaluate a complaint submitted by an employee, including by\n> conducting an internal investigation under the supervision of its Audit\n> Committee, which eventually led to the discovery of material accounting\n> errors in the second quarter of 2021;\n>\n> b. _Co-operation_ \\-- Upon learning of the potential for material accounting\n> errors in reports previously filed with the OSC and SEC, and prior to the\n> completion of its internal investigation, Cronos promptly self-reported to\n> OSC and SEC staff information related to potential violations of securities\n> laws in the first quarter and third quarter of 2019. The Company applied for\n> a management cease trade order and fully cooperated with OSC, including by\n> providing all requested information promptly and in a transparent manner.\n> Cronos provided timely updates to OSC staff and voluntarily produced\n> documents, reports, and other materials, including factual information\n> learned during the course of its internal investigation into the material\n> accounting errors;\n>\n> c. _Restatement_ \\-- On February 18, 2022, Cronos filed amended and restated\n> interim financial statements and MD&A for the second quarter of 2021; and\n>\n> d. _Remediation_ \\-- Cronos undertook remedial measures upon learning of the\n> material accounting errors, including developing and implementing new\n> internal accounting controls, developing a new training program regarding\n> accounting related matters, and hiring additional staff with familiarity\n> with applicable GAAP requirements.\n\n####  PART IV -- NON-COMPLIANCE WITH ONTARIO SECURITIES LAW [AND/OR] CONDUCT\nCONTRARY TO THE PUBLIC INTEREST\n\n34\\. By engaging in the conduct described above, the Respondent acknowledges\nand admits that:\n\n> (a) the Respondent failed to file interim financial statements prepared in\n> accordance with applicable GAAP, contrary to s. 77 of the _Act_ ; and\n>\n> (b) the Respondent acted in a manner contrary to the public interest\n\n####  PART VI -- TERMS OF SETTLEMENT\n\n35\\. The Respondent agrees to the terms of settlement set forth below.\n\n36\\. The Respondent consents to the Order substantially in the form attached\nto this Settlement Agreement as Schedule \"A\", pursuant to which it is ordered\nthat:\n\n> (a) this Settlement Agreement is approved;\n>\n> (b) the Respondent pay an administrative penalty in the amount of $1,300,000\n> by wire transfer before the commencement of the Settlement Hearing, pursuant\n> to paragraph 9 of subsection 127(1) of the Act;\n>\n> (c) Cronos shall submit to a review by an independent consultant, acceptable\n> to the Commission and paid for by Cronos, of practices and procedures\n> including Cronos' compliance with requirements relating to ICFR, the terms\n> of which are set forth in Schedule \"A\" to the Order, and institute such\n> changes as the independent consultant recommends; and\n>\n> (d) the Respondent pay costs in the amount of $40,000 by wire transfer\n> before the commencement of the Settlement Hearing, pursuant to section 127.1\n> of the Act.\n\n37\\. The Respondent consents to a regulatory order made by any provincial or\nterritorial securities regulatory authority in Canada containing any or all of\nthe sanctions set out in paragraph 36, other than subparagraphs 36 (b) and\n(d). The applicable sanctions may be modified to reflect the provisions of the\nrelevant provincial or territorial securities law.\n\n38\\. The Respondent acknowledges that this Settlement Agreement and the Order\nmay form the basis for orders of parallel effect (but, for clarity, without\nduplication of the sanctions set out in subparagraphs 36 (b) and (d)) in other\njurisdictions in Canada. The securities laws of some other Canadian\njurisdictions allow orders made in this matter to take effect in those other\njurisdictions automatically, without further notice to the Respondent. The\nRespondent should contact the securities regulator of any other jurisdiction\nin which the Respondent intends to engage in any securities- or derivatives-\nrelated activities, prior to undertaking such activities.\n\n####  PART VII -- FURTHER PROCEEDINGS\n\n39\\. If the Tribunal approves this Settlement Agreement, no enforcement\nproceeding will be commenced or continued against the Respondent under Ontario\nsecurities law based on the misconduct described in Part III of this\nSettlement Agreement, unless the Respondent fails to comply with any term in\nthis Settlement Agreement.\n\n40\\. If the Respondent fails to comply with any term in this Settlement\nAgreement, enforcement proceedings under Ontario securities law may be brought\nagainst the Respondent.\n\n41\\. The Respondent waives any defences to a proceeding referenced in\nparagraph 39 or 40 that are based on the limitation period in the Act,\nprovided that no such proceeding shall be commenced later than six years from\nthe date of the occurrence of the last failure to comply with this Settlement\nAgreement.\n\n####  PART VIII -- PROCEDURE FOR APPROVAL OF SETTLEMENT\n\n42\\. The parties will seek approval of this Settlement Agreement at the\nSettlement Hearing before the Tribunal, which shall be held on a date\ndetermined by Registrar, Governance & Tribunal Secretariat of the Commission\nin accordance with this Agreement and the Tribunal's _Rules of Procedure and\nForms_ .\n\n43\\. Representatives of the Respondent will attend the Settlement Hearing by\nvideo conference.\n\n44\\. The parties confirm that this Settlement Agreement sets forth all facts\nthat will be submitted at the Settlement Hearing, unless the parties agree\nthat additional facts should be submitted at the Settlement Hearing.\n\n45\\. If the Tribunal approves this Settlement Agreement:\n\n> (a) the Respondent irrevocably waives all rights to a full hearing, judicial\n> review or appeal of this matter under the Act; and\n>\n> (b) neither party will make any public statement that is inconsistent with\n> this Settlement Agreement or with any additional agreed facts submitted at\n> the Settlement Hearing.\n\n46\\. Whether or not the Tribunal approves this Settlement Agreement, the\nRespondent will not use, in any proceeding, this Settlement Agreement or the\nnegotiation or process of approval of this Settlement Agreement as the basis\nfor any attack on the Tribunal's jurisdiction, alleged bias, alleged\nunfairness or any other remedies or challenges that may be available.\n\n####  PART IX -- DISCLOSURE OF SETTLEMENT AGREEMENT\n\n47\\. If the Tribunal does not make the Order:\n\n> (a) this Settlement Agreement and all discussions and negotiations between\n> the parties before the Settlement Hearing will be without prejudice to\n> either party; and\n>\n> (b) the parties will each be entitled to all available proceedings, remedies\n> and challenges, including proceeding to a hearing on the merits of the\n> allegations contained in the Statement of Allegations in respect of the\n> Proceeding. Any such proceedings, remedies and challenges will not be\n> affected by this Settlement Agreement, or by any discussions or negotiations\n> relating to this Settlement Agreement.\n\n48\\. The parties will keep the terms of this Settlement Agreement confidential\nuntil the Tribunal approves the Settlement Agreement, except as is necessary\nto make submissions at the Settlement Hearing. If, for whatever reason, the\nTribunal does not approve the Settlement Agreement, the terms of the\nSettlement Agreement shall remain confidential indefinitely, unless the\nparties otherwise agree in writing or if required by law.\n\n####  PART X -- EXECUTION OF SETTLEMENT AGREEMENT\n\n49\\. This Settlement Agreement may be signed in one or more counterparts which\ntogether constitute a binding agreement.\n\n50\\. An electronic copy of any signature will be as effective as an original\nsignature.\n\n**DATED at Toronto, Ontario, this 17th day of October, 2022.**\n\n**CRONOS GROUP INC.**\n\nI have authority to bind the Corporation.\n\n\"Terry Doucet\"\n\nSenior Vice President, Legal, Regulatory Affairs and Corporate Secretary\n\n**DATED at Toronto, Ontario, this 19 day of October, 2022.**\n\n**ONTARIO SECURITIES COMMISSION**\n\n\"Jeff Kehoe\"\n\nDirector, Enforcement Branch\n\n####  SCHEDULE \"A\"\n\n####  FORM OF ORDER\n\n####  IN THE MATTER OF CRONOS GROUP INC.\n\nFile No.\n\n_(Names of panelists comprising the panel)_\n\n_(Day and date order made)_\n\n####  ORDER (Sections 127 and 127.1 of the _Securities Act,_ RSO 1990, c. S.5)\n\n**WHEREAS** on [ **date** ] the Capital Markets Tribunal held a hearing by\nvideoconference to consider the request for approval of settlement agreement\ndated **[date** ] (the **Settlement Agreement** );\n\n**ON READING** the Joint Application for Settlement Hearing, including the\nStatement of Allegations dated [ **date** ] and the Settlement Agreement, the\nwritten submissions, and on hearing the submissions of representatives of each\nof the parties, and on considering Cronos Group Inc. ( **Cronos** ) having\nmade payment of each of $1,300,000 and $40,000 to the Commission in accordance\nwith the terms of the Settlement Agreement,\n\n**IT IS ORDERED** that:\n\n> 1\\. the Settlement Agreement is approved;\n>\n> 2\\. Cronos shall pay an administrative penalty of $1,300,000 to the\n> Commission by wire transfer before the commencement of the Settlement\n> Hearing pursuant to paragraph 9 of subsection 127(1) of the Act;.\n>\n> 3\\. Cronos shall submit to a review by an independent consultant acceptable\n> to the Commission and paid for by Cronos of practices and procedures\n> including Cronos' compliance with requirements relating to ICFR, the terms\n> of which are set forth in Schedule \"A\" to this Order, and institute such\n> changes as the independent consultant recommends; and\n>\n> 4\\. Cronos shall pay costs of the Commission's investigation in the amount\n> of $40,000 by wire transfer before the commencement of the Settlement\n> Hearing pursuant to section 127.1 of the Act.\n\n____________________  |   \n---|---  \n[Adjudicator]  |   \n____________________  |  ____________________   \n[Adjudicator]  |  [Adjudicator]   \n  \n####  SCHEDULE \"A\"\n\n####  IN THE MATTER OF CRONOS GROUP INC.\n\n####  TERMS AND CONDITIONS OF INDEPENDENT REVIEW OF PRACTICES AND PROCEDURES\n\nThis document is made in connection with the settlement agreement dated [date]\n(the **Settlement Agreement** ) in File No. [XXX]. All terms in this document\nhave the same meaning as in the Settlement Agreement.\n\nCronos shall:\n\n> 1\\. Retain, within thirty (30) days of the date of the Order, at its own\n> expense a qualified independent consultant (the **Consultant** ) not\n> unacceptable to the OSC, to review the Respondent's internal accounting\n> controls and ICFR. The Consultant's review and evaluation shall include an\n> assessment of the following:\n>\n\n>> (a) The effectiveness of Cronos' internal accounting controls in light of\nCronos' business strategy. The review shall include, but not be limited to, a\nreview of the Company's policies, procedures, and controls, relating to (i)\nrevenue recognition, including in its wholesale channel and non-routine\ntransactions, and (ii) the assessment and testing of goodwill and intangible\nassets for impairment;\n\n>>\n\n>> (b) Cronos' compliance with Ontario securities laws related to ICFR,\nincluding but not limited to, the adequacy of Cronos' control environment and\nrisk assessment based upon criteria established in the Internal Control --\nIntegrated Framework (2013) by the Committee of Sponsoring Organizations of\nthe Treadway Commission ( **COSO** );\n\n>>\n\n>> (c) Cronos' employment of a sufficient number of accounting and finance\npersonnel with an understanding of applicable GAAP and financial reporting\nrequirements, as well as the reporting lines of accounting and finance\npersonnel to management and the Board of Directors; and\n\n>>\n\n>> (d) Cronos' training of its employees on matters related to applicable GAAP\nas well as financial reporting requirements.\n\n>\n> 2\\. Provide, within forty-five (45) days of the date of this Order, a copy\n> of the engagement letter detailing the Consultant's responsibilities to a\n> Manager of the Enforcement Branch of the OSC.\n>\n> 3\\. Require the Consultant, at the conclusion of the review, which in no\n> event shall be more than 120 days after the date of the Order, to submit a\n> report of the Consultant to the Respondent and a Manager of the Corporate\n> Finance Branch of the OSC. The report shall address the Consultant's\n> findings and shall include a description of the review performed, the\n> conclusions reached, and the Consultant's recommendations for changes or\n> improvements.\n>\n> 4\\. Adopt, implement, and maintain all policies, procedures and practices\n> recommended in the report of the Consultant within 120 days of receiving the\n> report from the Consultant. As to any of the Consultant's recommendations\n> about which the Respondent and the Consultant do not agree, such parties\n> shall attempt in good faith to reach agreement within 180 days of the date\n> of the date of the Order. In the event that the Respondent and the\n> Consultant are unable to agree on an alternative proposal, the Respondent\n> will abide by the determination of the Consultant and adopt those\n> recommendations deemed appropriate by the Consultant.\n>\n> 5\\. Cooperate fully with the Consultant in its review, including making such\n> information and documents available as the Consultant may reasonably\n> request, and by permitting and requiring the Respondent's employees and\n> agents to supply such information and documents as the Consultant may\n> reasonably request, subject to any applicable privilege.\n>\n> 6\\. To ensure the independence of the Consultant, the Respondent (i) shall\n> not have received legal, auditing, or other services from, or have had any\n> affiliations with, the Consultant during the two years prior to the date of\n> this Order; (ii) shall not have the authority to terminate the Consultant\n> without prior written approval of the OSC; and (iii) shall compensate the\n> Consultant for services rendered pursuant to the Order at their reasonable\n> and customary rates.\n>\n> 7\\. Require the Consultant to enter into an agreement that provides that for\n> the period of engagement and for a period of two years from completion of\n> the engagement, the Consultant shall not enter into any employment,\n> consultant, attorney-client, auditing or other professional relationship\n> with Respondent, or any of its present or former affiliates, directors,\n> officers, employees, or agents acting in their capacity. The agreement will\n> also provide that the Consultant will require that any firm with which they\n> are affiliated or of which they are a member, and any person engaged to\n> assist the Consultant in performance of their duties under this order shall\n> not, without prior written consent of the OSC, enter into any employment,\n> consultant, attorney-client, auditing or other professional relationship\n> with the Respondent, or any of its present or former affiliates, directors,\n> officers, employees, or agents acting in their capacity as such for the\n> period of engagement and for a period of two years after the engagement.\n>\n> 8\\. The reports by the Consultant will likely include confidential\n> financial, proprietary, competitive business or commercial information.\n> Public disclosure of the reports could discourage cooperation, impede\n> pending or potential government investigations or undermine the objectives\n> of the reporting requirement. For these reasons, among others, the reports\n> and the contents thereof are intended to remain and shall remain non-public,\n> except (1) pursuant to court order, (2) as agreed to by the parties in\n> writing, (3) to the extent that the OSC determines in its sole discretion\n> that disclosure would be in furtherance of the OSC's discharge of its duties\n> and responsibilities, or (4) is otherwise required by law.\n>\n> 9\\. Require the Consultant to report to a Manager of the Enforcement Branch\n> of the OSC on its activities as the OSC may request.\n>\n> 10\\. Respondent agrees that the OSC may extend any of the dates set forth\n> above at its discretion.\n>\n> 11\\. Certify, in writing, compliance with the requirements(s) set forth\n> above. The certification shall identify the requirements(s), provide written\n> evidence of compliance in the form of a narrative, and be supported by\n> exhibits sufficient to demonstrate compliance. The OSC may make reasonable\n> request for further evidence of compliance, and the Respondent agrees to\n> provide such evidence. The certification and reporting material shall be\n> submitted to the Manager of the Corporate Finance Branch of the OSC no later\n> than thirty days (30) from the date of the completion of the requirements.\n\n  * [ Fran\u00e7ais ](/fr/instances/cronos-group-inc-and-william-hilson-re/settlement-agreement-matter-cronos-group-inc-and-william-hilson)\n\n###  Your feedback matters\n\n[ ](https://osc.ca) [ ](/en)\n\n[ Subscribe to our updates ](/en/news/subscribe)\n\n##  Connect with us:\n\n  * [ ](https://www.linkedin.com/company/ontario-securities-commission \"Follow us on Linkedin\")\n  * [ ](https://www.x.com/OSC_News \"Follow us on Twitter\")\n  * [ ](/en/rss-feeds \"Follow us on RSS\")\n\n\u00ae Ontario Securities Commission 2025\n\n[ ](/)\n\n  * [ Fran\u00e7ais ](/fr/instances/cronos-group-inc-and-william-hilson-re/settlement-agreement-matter-cronos-group-inc-and-william-hilson)\n\n",
                "url": "https://www.capitalmarketstribunal.ca/en/proceedings/cronos-group-inc-and-william-hilson-re/settlement-agreement-matter-cronos-group-inc-and-william-hilson"
            },
            "reason": "This is an official document from the Capital Markets Tribunal of Ontario regarding a settlement agreement with Cronos Group. It's a primary source for legal information.",
            "reliability_score": 1.0,
            "search_query": "company 'The Cronos Group' customers stakeholders",
            "summary": "Official settlement agreement between the Capital Markets Tribunal of Ontario and Cronos Group.",
            "url": "https://www.capitalmarketstribunal.ca/en/proceedings/cronos-group-inc-and-william-hilson-re/settlement-agreement-matter-cronos-group-inc-and-william-hilson"
        },
        {
            "content": {
                "metadata": {
                    "ext_id": "82c95683-c568-4836-829e-e28cde98427d",
                    "origin": "public",
                    "resource_location": "web",
                    "resource_type": "webpage",
                    "source": "https://contracts.justia.com/companies/cronos-group-inc-10036/contract/123083/"
                },
                "page_content": "#  Form of Restricted Share Unit Award Agreement (Israel) to Cronos Group Inc.\n2020 Omnibus Equity Incentive Plan\n\n**Contract Categories:** [ Human Resources\n](https://contracts.justia.com/categories/human-resources/) \\- [ Bonus &\nIncentive Agreements ](https://contracts.justia.com/categories/human-\nresources/subcategories/bonus-and-incentive-agreements/)\n\nEX-10.3  5  a103rsuawardagreementi.htm  EX-10.3 Document\n\n  \n\n**Exhibit 10.3**\n\n**FORM OF**\n\n**CRONOS GROUP INC.**\n\n**RESTRICTED SHARE UNIT AWARD AGREEMENT**\n\n(Applicable for Israeli Grantees)\n\nThis Restricted Share Unit Award Agreement (hereinafter referred to as the \u201c\n**Agreement** \u201d) is made and entered into this ________ day of _______, 20__\n(the \u201c **Grant Date** \u201d) by and between Cronos Group Inc. (hereinafter\nreferred to as \u201c **Cronos** \u201d) and **[\u25cf]** (hereinafter referred to as the \u201c\n**Grantee** \u201d), pursuant to the **Cronos Group Inc. 2020 Omnibus Equity\nIncentive Plan** (the \u201c **Plan** \u201d) and the **Cronos Group Inc. Israeli Sub\nPlan** (the \u201c **Sub-Plan** \u201d and, together with the Cronos Group Inc. 2020\nOmnibus Equity Incentive Plan, the \u201c **Plans** \u201d). All terms and provisions of\nthe Plan are hereby incorporated into and shall govern the Agreement except\nwhere general provisions of the Plan are superseded by particular provisions\nof the Agreement. All capitalized terms used in the Agreement shall have the\nsame meaning given the terms in the Sub-Plan or, if not defined therein, the\nPlan. To the extent the Grantee is party to an employment agreement with the\nCompany and any terms set forth herein conflict or are otherwise inconsistent\nwith any terms or conditions set forth in Grantee\u2019s employment agreement with\nthe Company, the terms and conditions set forth in such employment agreement\nshall govern. In the event of a conflict or inconsistency between the terms of\nthis Agreement and the terms of either the Plan or the Sub-Plan, the terms of\nthis Agreement shall control.\n\n1\\.  Grant of Restricted Share Units  . Cronos hereby grants the Grantee\n**[\u25cf]** Restricted Share Units (hereinafter referred to as the \u201c **RSUs** \u201d or\nthe \u201c **Award** \u201d), which are subject to terms and conditions set forth below.\n\n2\\.  Tax Track of RSUs  . The Award is granted as Capital Gain Award (CGA)\nunder Section 102.\n\n3\\.  Expiration Date  . **[** _________ **]**\n\n4\\.  Vesting and Settlement of RSUs  . Subject to the terms and conditions of\nthis Agreement and the Plans:\n\n(a)  the Award shall vest on  **[** over three (3) years, with one-third (1/3\nrd  ) of the Award vesting on the first anniversary of the Grant Date, one-\nthird (1/3  rd  ) of the Award vesting on the second anniversary of the Grant\nDate, and the remaining one-third (1/3  rd  ) of the Award vesting on the\nthird anniversary of the Grant Date **]** (each, a \u201c **Vesting Date** \u201d),\nprovided, that the Grantee remains employed at the Company through such\napplicable Vesting Date;\n\n(b)  upon each Vesting Date, the vested portion of the Award shall promptly\n(but not later than sixty (60) calendar days thereafter) be paid out in Common\nShares, provided that Cronos shall have no obligation to issue Shares pursuant\nto the Agreement unless and until the Grantee has satisfied any applicable tax\nwithholding obligations pursuant to\n\n1\n\n  \n\n* * *\n\n  \n\nSection 10 below and such issuance otherwise complies with all applicable law.\nCronos shall issue and register the Common Shares in the name of the Trustee\nfor the benefit of the Grantee; and\n\n(c)  where the Committee settles the Grantee\u2019s vested Awards in Common Shares,\nsettlement shall be made by the issuance and delivery of one Common Share for\neach RSU.\n\n5\\.  Termination of Employment  . In the event that prior to the final Vesting\nDate, the Grantee\u2019s Employment terminates because of death, the full Award\nshall vest and promptly (but not later than sixty (60) calendar days\nthereafter) be settled in the same manner as provided for in Section 4. In the\nevent that prior to the final Vesting Date, the Grantee\u2019s Employment\nterminates because of Disability, the Award shall remain outstanding and\ncontinue to vest and be settled in the same manner as provided for in Section\n4. **[** In the event that prior to the final Vesting Date, the Grantee\u2019s\nEmployment terminates without Just Cause or for Good Reason (as defined in\nGrantee\u2019s employment agreement with the Company) on or within one (1) year\nafter a Change of Control, the Award will become fully vested and settled in\naccordance with Section 3.6 of the Plan. **]** Except as set forth in [Section\n3.6 of the Plan in connection with a Change of Control], in the event that\nprior to the final Vesting Date, the Grantee\u2019s Employment terminates for any\nreason other than death or Disability, then the unvested portion of the Award\nshall be forfeited for no consideration. Notwithstanding anything to the\ncontrary, to the extent the Grantee is party to an employment agreement with\nthe Company and any payments or benefits in connection with an applicable\ntermination of employment are contingent on the delivery of an effective\nrelease and waiver of claims, any accelerated vesting of the Award upon such\ntermination of employment shall also be contingent on such release and waiver\nof claims.\n\n6\\.  Employment  . Nothing in the Agreement shall interfere with or limit in\nany way the right of the Company to terminate the Grantee\u2019s employment nor\nconfer upon any Grantee any right to continue in the employ of the Company.\nFor greater certainty, a Grantee\u2019s termination of Employment will include both\nvoluntary and involuntary terminations, and the involuntary termination of a\nGrantee\u2019s Employment shall occur on the date that the Grantee ceases\nperforming services for the Company on a permanent basis, whether such\ntermination is lawful or otherwise, without regard to any required period of\nnotice, pay in lieu of notice, severance pay or similar compensation or\nbenefits (and without regard for any claim for damages in respect thereof),\nexcept as expressly required by applicable employment or labour standards\nlegislation.\n\n7\\.  Non-Transferable  . The rights or interests of the Grantee under this\nAgreement, including, without limitation, the RSUs, shall not be assignable or\ntransferable, otherwise than in the case of death of the Grantee as set out in\nthe Plan, and such rights or interests shall not be encumbered by any means.\n\n2\n\n  \n\n* * *\n\n  \n\n8\\.  Not Shares  . The RSUs are not Common Shares, and the RSUs shall not\nentitle the Grantee to exercise voting rights or any other rights attaching to\nthe ownership of Common Shares, including, without limitation, rights on\nliquidation.\n\n9\\.  Section 102 Awards  .\n\nWithout derogating from the generality of the foregoing, to the extent and\nwith respect to any RSUs that are granted as a Capital Gain Award (CGA), and\nas required by Section 102, the Grantee acknowledges, undertakes and confirms\nin writing the following:\n\n(a)  the Grantee shall comply with all terms and conditions set forth in\nSection 102 with regard to Capital Gain Award (CGA) and with the applicable\nrules and regulations promulgated thereunder, as amended from time to time;\n\n(b)  the Grantee is familiar with, and understand the provisions of, Section\n102 in general, and the tax arrangement regarding the Capital Gain Award (CGA)\nin particular, and its tax consequences (including the marginal tax component\nthat may apply pursuant to Section 102(b)(3) of the Ordinance); the Grantee\nagrees that the RSUs and Common Shares that may be issued upon settlement\nthereof (or otherwise in relation thereto), will be held by a Trustee for at\nleast the duration of the Holding Period, as defined in Section 102. The\nGrantee understands that any release of such RSUs or Common Shares from the\ntrust, or any sale of the Common Share prior to the termination of the Holding\nPeriod, will result in taxation at marginal tax rate, in addition to\ndeductions of appropriate social security, health tax contributions or other\ncompulsory payments; and\n\n(c)  the Grantee agrees to the Trust Agreement signed between Cronos, the\nrelevant Affiliate and the Trustee appointed pursuant to Section 102 and shall\nsign all documents requested by Cronos, the relevant Affiliate or the Trustee,\nin accordance with and under the Trust Agreement.\n\n10\\.  Withholding Taxes  . The Grantee acknowledges and agrees that Cronos\nand/or an Affiliate and/or the Trustee has the right to deduct from any\npayments due to the Grantee any taxes required by law to be withheld with\nrespect to the Award and in accordance with the Plans and Applicable Law.\nCronos and/or the Trustee shall not be required to release any Common Share\ncertificate to the Grantee until all required payments have been fully made.\n\n11\\.  Trust  . The RSUs and any Common Shares issued upon conversion thereof\nshall be held or controlled by the Trustee, as required under Section 102 in\naccordance with the provisions of Section 102, the Plans and this Agreement.\n\n12\\.  Tax Matters and Consultation.\n\n(a)  The Grantee is advised to consult with a tax advisor with respect to the\ntax consequences of receiving or exercising RSUs hereunder. Cronos or the\nrelevant\n\n3\n\n  \n\n* * *\n\n  \n\nAffiliate does not assume any responsibility to advise the Grantee on such\nmatters, which shall remain solely the responsibility of the Grantee.\n\n(b)  Notwithstanding anything to the contrary herein or in the Plans and\nnotwithstanding anything to the contrary, Cronos or an Affiliate shall be\nunder no duty to ensure, and no representation or commitment is made, that the\nRSU qualifies or will qualify under any particular tax treatment (such as\nSection 102, CGA, OIA or any other treatment), nor shall Cronos or an\nAffiliate be required to take any action for the qualification of any RSU\nunder such tax treatment. If the RSUs do not qualify under any particular tax\ntreatment it could result in adverse tax consequences to the Grantee.\n\n(c)  By signing below, the Grantee agrees that Cronos, its Affiliates and\ntheir respective employees, directors, officers and shareholders shall not be\nliable for any tax, penalty, interest or cost incurred by the Grantee as a\nresult of such determination, nor will any of them have any liability of any\nkind or nature in the event that, for any reason whatsoever, an RSU does not\nqualify for any particular tax treatment.\n\n13\\.  Governing Law  . This Agreement shall be construed in accordance with\nand governed by the laws of the State of Israel.\n\n14\\.  Binding Effect  . This Agreement shall be binding upon and inure to the\nbenefit of any successors to the Company and all persons lawfully claiming\nunder Grantee. By accepting the Award on the terms set forth herein, the\nGrantee acknowledges and agrees to the matters and conditions set forth herein\nand in the Plan. The Grantee hereby further confirms and acknowledges receipt\nof a copy of the Plan.\n\n  \n\n_[Remainder of page intentionally left blank]_\n\n  \n\n4\n\n  \n\n* * *\n\n  \n\nIN WITNESS WHEREOF, this Agreement is executed by Cronos and by Grantee as of\nthis _____ day of _________, 20__.\n\n  \n\n**CRONOS GROUP INC.**\n\n  \n\n__\n\nBy: **[\u25cf]**\n\n  \n  \n  \n  \n\nGRANTEE\n\n  \n  \n  \n  \n\n__\n\n(Name)\n\n5\n\n  \n\nJustia Legal Resources\n\n[ Find a Lawyer ](https://www.justia.com/lawyers)\n\n  * [ Bankruptcy Lawyers ](https://www.justia.com/lawyers/bankruptcy)\n  * [ Business Lawyers ](https://www.justia.com/lawyers/business-law)\n  * [ Criminal Lawyers ](https://www.justia.com/lawyers/criminal-law)\n  * [ Employment Lawyers ](https://www.justia.com/lawyers/employment-law)\n  * [ Estate Planning Lawyers ](https://www.justia.com/lawyers/estate-planning)\n  * [ Family Lawyers ](https://www.justia.com/lawyers/family-law)\n  * [ Personal Injury Lawyers 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                    "source": "https://www.newswire.ca/news-releases/cronos-group-inc-announces-c24-billion-strategic-investment-from-altria-group-inc-702151761.html"
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                "page_content": "[ Accessibility Statement ](https://www.cision.com/about/accessibility/) Skip\nNavigation\n\n_Provides Cronos Group with Additional Capital and Complementary Expertise to\nAccelerate Its  \nExpansion and Innovation in the Rapidly Growing Global Cannabis Industry _\n\nTORONTO  ,  Dec. 7, 2018  /CNW/ - Cronos Group Inc. (NASDAQ: CRON) (TSX:  CRON\n) (\"Cronos Group\" or the \"Company\") today announced that it has entered into a\nsubscription agreement (the \"Subscription Agreement\") with Altria Group, Inc.\n(NYSE: MO) (\"Altria\") pursuant to which Altria has agreed to make an\napproximately  C$2.4 billion  equity investment in Cronos Group (the\n\"Transaction\") on a private placement basis in exchange for common shares in\nthe capital of the Company (the \"Shares\"). Altria will also receive Warrants\nof Cronos Group (the \"Warrants\"), that if fully exercised, would provide the\nCompany with an additional approximately  C$1.4 billion  of proceeds. The\nShares issuable to Altria pursuant to the Subscription Agreement will result\nin Altria holding an approximately 45% ownership interest in Cronos Group\n(calculated on a non-diluted basis), exercise of the Warrants would result in\nincremental ownership of 10% for a total potential ownership position of 55%.\nThis strategic partnership provides Cronos Group with additional financial\nresources, product development and commercialization capabilities, and deep\nregulatory expertise to better position the Company to compete, scale and lead\nthe rapidly growing global cannabis industry.\n\n\"Altria is the ideal partner for Cronos Group, providing the resources and\nexpertise we need to meaningfully accelerate our strategic growth,\" said\nCronos Group's  Mike Gorenstein  , Chairman, President and Chief Executive\nOfficer. \"The proceeds from Altria's investment will enable us to more quickly\nexpand our global infrastructure and distribution footprint, while also\nincreasing investments in R&D and brands that resonate with our consumers.\nImportantly, Altria shares our vision of driving long-term value through\ninnovation, and we look forward to continuing to differentiate in this area.\nAs one of the largest holding companies in the adult consumer products sector,\nAltria has decades of experience in regulatory, government affairs,\ncompliance, product development and brand management that we expect to\nleverage, particularly as new markets for cannabis open around the world.\"\n\n\"Investing in Cronos Group as our exclusive partner in the emerging global\ncannabis category represents an exciting new growth opportunity for Altria,\"\nsaid  Howard Willard  , Altria's Chairman and Chief Executive Officer. \"We\nbelieve that Cronos Group's excellent management team has built capabilities\nnecessary to compete globally, and we look forward to helping Cronos Group\nrealize its significant growth potential.\"\n\n**Benefits of the Transaction**\n\n  * **Accelerates Cronos Group's pace of growth and expansion.** The growth opportunities for Cronos Group are significant and extend across the globe as markets open. With Altria's resources, Cronos Group expects to be even better positioned to support cannabinoid innovation, create differentiated products and brands across medicinal and recreational categories, and expand its global footprint and growing production capacity. \n  * **Bolsters Cronos Group's ability to be an innovation leader in the cannabis industry.** Cronos Group's research collaborations with Gingko Bioworks to develop cultured cannabinoids and its partnership with the Technion Research and Development Foundation for cannabinoid-based skin care treatments are just two recent examples of how the Cronos Group intends to use innovation and its growing intellectual property portfolio to develop new applications for cannabinoids across a range of products and categories. Altria shares Cronos Group's commitment to innovation, medical cannabis research and state of the art product development. \n  * **Leverages Altria's product design, manufacturing, marketing and distribution capabilities and expertise.** Cronos Group expects to work with Altria to rapidly expand its product offerings in markets as regulations permit, including device technology. Altria has significant expertise that can serve as building blocks for cannabis vape products. Altria also brings considerable experience with large-scale manufacturing automation, pre-roll technology and supply chain management. In addition, by investing the incremental capital, Cronos Group expects to enhance its attractiveness as a potential partner to other medicinal and consumer focused partners that may work with the Company to further expand its product offerings and distribution capabilities for the benefit of its shareholders. \n  * **Provides expertise in successfully navigating complex regulatory landscapes.** Altria has a strong record of managing multi-faceted regulatory, compliance and government affairs environments related to taxation, product registration, shipping and other legal issues that Cronos Group expects to be able to leverage as cannabis markets develop and open around the world. \n  * **Raises capital at a premium valuation and delivers even greater upside opportunities for Cronos Group shareholders, employees and partners.** Under the terms of the agreement, Altria has agreed to acquire 146.2 million Shares at a price of  C$16.25  per Share. The price per Share represents a 41.5% premium to the Company's 10-day volume weighted average price (\"VWAP\") on the TSX, ending  November 30, 2018  , the last unaffected trading day prior to when Cronos Group publicly disclosed preliminary discussions with Altria. The strategic investment combined with Altria's expertise and complementary capabilities are expected to better position Cronos Group for significant growth and value creation with benefits to all of the Company's stakeholders, including its holders of Shares (the \"Shareholders\"), employees and partners. \n\n**Board Recommendation**\n\nThe Board of Directors of Cronos Group (the \"Board\"), after consultation with\nits legal and financial advisors, has unanimously determined that the\nTransaction is in the best interest of Cronos Group and is unanimously\nrecommending that Shareholders vote in favor of the Transaction. The Board has\nreceived an opinion from its financial advisor, Lazard Canada Inc., that as of\nthe date thereof and subject to the assumptions, qualifications and\nlimitations set forth therein, the consideration to be received by the Company\npursuant to the Transaction is fair, from a financial point of view, to the\nCompany.\n\n**Key Transaction Terms**\n\n_Equity Investment_\n\nPursuant to the Subscription Agreement, Altria has agreed to acquire 146.2\nmillion Shares at closing at a price of  C$16.25  per Share, which represents\na 41.5% premium to the 10-day VWAP of the Shares on the TSX on  November 30,\n2018  , the last unaffected trading day prior to when Cronos Group publicly\ndisclosed preliminary discussions with Altria.\n\nAltria will also receive Warrants at closing entitling it to acquire up to an\nadditional 10% ownership position in the Company exercisable from time to\ntime, for a period of four years following closing for an exercise price of\nC$19.00  per Share, which represents an implied premium of 65.5% to the 10-day\nVWAP of the Shares on the TSX on  November 30, 2018  . Altria's ownership\ninterest in Cronos Group would be approximately 55% (calculated on a non-\ndiluted basis). Additionally, the Warrants will contain certain anti-dilution\nprovisions.\n\n_Governance Rights_\n\nPursuant to an investor rights agreement to be entered into, at closing (the\n\"Investor Rights Agreement\"), Altria will have the right to nominate four\ndirectors, including one independent director, to serve on the Board of\nDirectors of Cronos Group, which will be expanded from five to seven directors\nin connection with the Transaction.\n\n_Altria's Exclusive Cannabis Partner_\n\nUnder the Investor Rights Agreement, Altria has agreed to make Cronos Group\nits exclusive partner for pursuing cannabis opportunities throughout the world\n(subject to certain limited exceptions).\n\nAt closing, the parties are also expected to enter into commercial support\nagreements under which Altria will provide services relating to marketing and\nbrand management, government affairs, regulatory affairs, and research and\ndevelopment.\n\n_Closing and Approvals_\n\nThe Transaction is expected to close in the first half of 2019, subject to\ncertain customary closing conditions including the receipt of approval from\nthe TSX, and receipt of regulatory approval pursuant to the _Investment Canada\nAct_ . In addition, under applicable TSX rules, the Transaction will require\napproval by at least the majority of the votes cast by Shareholders present at\na special meeting of Shareholders as the Transaction is expected to materially\naffect control of Cronos Group.\n\n**_Additional Information_ **\n\nFurther information regarding the transaction will be included in the\nmanagement information circular to be mailed to Shareholders in connection\nwith the Company's special meeting of Shareholders to approve the transaction.\nCopies of the Subscription Agreement and the agreements attached thereto as\nexhibits, including the form of Warrant and the form of Investor Rights\nAgreement, will be filed on the Company's profile on SEDAR at [ www.sedar.com\n](http://www.sedar.com/) and EDGAR at [ www.sec.gov ](http://www.sec.gov/) .\nThe above descriptions of the terms and conditions of the Subscription\nAgreement and the agreements attached thereto as exhibits, including the form\nof Warrant and the form of Investor Rights Agreement, are qualified in their\nentirety by the terms of the Subscription Agreement which will be filed on the\nCompany's profile on SEDAR at [ www.sedar.com ](http://www.sedar.com/) and\nEDGAR at [ www.sec.gov ](http://www.sec.gov/) .\n\n**Advisors**\n\nLazard Canada Inc. is serving as financial advisor to Cronos Group, and\nSullivan & Cromwell LLP and Blake, Cassels & Graydon LLP are legal counsel.\n\nPerella Weinberg Partners LP is serving as financial advisor to Altria, and\nWachtell,  Lipton  , Rosen & Katz and Goodmans LLP are legal counsel. Hunton\nAndrews Kurth LLP is providing legal counsel to Altria regarding the\nfinancing.\n\n**Analyst / Investor Conference Call and Webcast**\n\nCronos Group will host a conference call and webcast today,  Friday, December\n7  at  8:30 a.m. ET  to discuss today's announcement.\n\nThe conference call can be accessed by dialing (647) 427-7450 for callers from\nthe U.S. and (888) 231-8191 for international callers. The confirmation code\nis 9359909.\n\nA live webcast of the conference call will be available at [\nhttps://thecronosgroup.com/investor-relations\n](https://thecronosgroup.com/investor-relations) .\n\nA replay of the conference call will be available for approximately two weeks,\nfrom  December 7, 2018  through  December 21, 2018  , and can be accessed by\ndialing (855) 859-2056 and providing the 9359909 confirmation code.\n\nThe webcast will also be archived at [ https://thecronosgroup.com/investor-\nrelations ](https://thecronosgroup.com/investor-relations) .\n\n**About Cronos Group**\n\nCronos Group is a globally diversified and vertically integrated cannabis\ncompany with a presence across five continents. Cronos Group operates two\nwholly-owned Canadian licensed producers: Peace Naturals Project Inc., which\nwas the first non-incumbent medical cannabis license granted by Health Canada,\nand Original BC Ltd., which is based in the Okanagan Valley,  British Columbia\n. Cronos Group has multiple international production and distribution\nplatforms across five continents. Cronos Group intends to continue to rapidly\nexpand its global footprint as it focuses on building an international iconic\nbrand portfolio and developing disruptive intellectual property. Cronos Group\nis committed to building industry leading companies that transform the\nperception of cannabis and responsibly elevate the consumer experience.\n\n**About Altria**\n\nAltria's wholly-owned subsidiaries include Philip Morris  USA  Inc., U.S.\nSmokeless Tobacco Company LLC, John Middleton Co., Sherman Group Holdings, LLC\nand its subsidiaries, Nu Mark LLC, Ste. Michelle Wine Estates Ltd. (Ste.\nMichelle) and Philip Morris Capital Corporation. Altria holds an equity\ninvestment in Anheuser-Busch InBev SA/NV (AB InBev).\n\nThe brand portfolios of Altria's tobacco operating companies include\nMarlboro\u00ae, Black & Mild\u00ae, Copenhagen\u00ae, Skoal\u00ae, VERVE\u00ae, MarkTen\u00ae and Green\nSmoke\u00ae. Ste. Michelle produces and markets premium wines sold under various\nlabels, including Chateau Ste. Michelle\u00ae, Columbia Crest\u00ae, 14 Hands\u00ae and\nStag's Leap Wine Cellars\u2122, and it imports and markets Antinori\u00ae, Champagne\nNicolas Feuillatte\u2122, Torres\u00ae and Villa Maria Estate\u2122 products in  the United\nStates  . Trademarks and service marks related to Altria referenced in this\nrelease are the property of Altria or its subsidiaries or are used with\npermission. More information about Altria is available at altria.com and on\nthe Altria Investor app.\n\nTake a closer look at Altria and its companies on altria.com.\n\nFollow Altria on Twitter at @AltriaNews.\n\n**Forward-Looking Statements**\n\nThis communication contains \"forward-looking information\" and \"forward-looking\nstatements\" within the meaning of applicable securities laws (collectively,\n\"forward-looking statements\"). All statements contained herein that are not\nclearly historical in nature may constitute forward-looking statements. In\nsome cases, forward-looking statements can be identified by words or phrases\nsuch as \"may\", \"will\", \"expect\", \"likely\", \"should\", \"would\", \"plan\",\n\"anticipate\", \"intend\", \"potential\", \"proposed\", \"estimate\", \"believe\" or the\nnegative of these terms, or other similar words, expressions and grammatical\nvariations thereof, or statements that certain events or conditions \"may\" or\n\"will\" happen, or by discussions of strategy. Forward-looking statements\ninclude estimates, plans, expectations, opinions, forecasts, projections,\ntargets, guidance or other statements that are not statements of historical\nfact. Forward-looking statements are provided for the purposes of assisting\nthe reader in understanding our financial performance, financial position and\ncash flows as at and for periods ended on certain dates and to present\ninformation about management's current expectations and plans relating to the\nfuture and the reader is cautioned that such information may not be\nappropriate for any other purpose. Some of the forward-looking statements\ncontained in this communication, include, but are not limited to, statements\nwith respect to: the proposed investment by Altria Group in Cronos Group (the\n\"proposed transaction\"), our business and operations, our strategy for future\ngrowth, expanding our global footprint, including the timing thereof, our\nintention to build an international iconic brand portfolio and develop\ndisruptive intellectual property and our ability to build an industry leading\ncompany that transforms the perception of cannabis and responsibly elevates\nthe consumer experience. No forward-looking statement can be guaranteed and\nCronos Group cannot guarantee the future statements contained herein. Forward-\nlooking statements are based upon certain material assumptions that were\napplied in drawing a conclusion or making a forecast or projection, including\nmanagement's perceptions of historical trends, current conditions and expected\nfuture developments, as well as other considerations that are believed to be\nappropriate in the circumstances. While we consider these assumptions to be\nreasonable based on information then currently available to management, there\nis no assurance that such expectations will prove to be correct. By their\nnature, forward-looking statements are subject to inherent risks and\nuncertainties that may be general or specific and which give rise to the\npossibility that expectations, forecasts, predictions, projections or\nconclusions will not prove to be accurate, that assumptions may not be correct\nand that objectives, strategic goals and priorities will not be achieved. A\nvariety of factors, including known and unknown risks, many of which are\nbeyond our control, could cause actual results to differ materially from the\nforward-looking statements in this communication. Such factors include,\nwithout limitation, the ability to complete the proposed transaction between\nCronos Group and Altria Group on anticipated terms and timetable; the ability\nto obtain approval by the shareholders of Cronos Group related to the proposed\ntransaction and the ability to satisfy various other conditions to the closing\nof the transaction contemplated by the subscription agreement; the ability to\nobtain governmental approvals of the proposed transaction on the proposed\nterms and schedule, any conditions imposed on the parties in connection with\nconsummation of the proposed transaction; the risk that the cost savings and\nany other synergies from the proposed transaction may not be fully realized or\nmay take longer to realize than expected; disruption from the proposed\ntransaction making it more difficult to maintain relationships with customers,\nemployees or suppliers; future levels of revenues; consumer demand for\ncannabis products; Cronos Group's ability to manage disruptions in credit\nmarkets or changes to its credit rating; future levels of capital,\nenvironmental or maintenance expenditures, general and administrative and\nother expenses; the success or timing of completion of ongoing or anticipated\ncapital or maintenance projects; the business strategies, growth opportunities\nand expected investment; the adequacy of our capital resources and liquidity,\nincluding but not limited to, availability of sufficient cash flow to execute\nour business plan (either within the expected timeframe or at all); the\npotential effects of judicial or other proceedings on our business, financial\ncondition, results of operations and cash flows; continued or further\nvolatility in and/or degradation of general economic, market, industry or\nbusiness conditions; compliance with applicable environmental, economic,\nhealth and safety, energy and other policies and regulations; the anticipated\neffects of actions of third parties such as competitors, activist investors or\nfederal (including U.S. federal), state, provincial, territorial or local\nregulatory authorities, self-regulatory organizations or plaintiffs in\nlitigation; and the factors discussed in Cronos Group's current MD&A and\nAnnual Information Form, both of which have been filed on SEDAR and EDGAR and\ncan be accessed at [ www.sedar.com ](http://www.sedar.com) and [ www.sec.gov\n](http://www.sec.gov) , respectively. Readers are cautioned to consider these\nand other factors, uncertainties and potential events carefully and not to put\nundue reliance on forward-looking statements. Forward-looking statements\ncontained herein are made as of the date of this communication and are based\non the beliefs, estimates, expectations and opinions of management on the date\nsuch forward-looking statements are made. Cronos Group undertakes no\nobligation to update or revise any forward-looking statements, whether as a\nresult of new information, estimates or opinions, future events or results or\notherwise or to explain any material difference between subsequent actual\nevents and such forward-looking statements, except as required by applicable\nlaw or regulation.\n\nSOURCE Cronos Group Inc.\n\nInvestor Relations Contact: Anna Shlimak, (416) 504-0004, [ [email protected]\n](/cdn-cgi/l/email-protection) ; Media Contact: Adam Pollack or Mahmoud\nSiddig, Joele Frank, Wilkinson Brimmer Katcher, (212) 355-4449\n\n####  Related Links\n\n[ thecronosgroup.com ](http://thecronosgroup.com \"Link to\nhttp://thecronosgroup.com\")  \n\n###  Modal title\n\n##  Organization Profile\n\n###  [ Cronos Group Inc. ](/news/cronos-group-inc/)\n\n##  Contact Cision\n\n  * [ 866-245-2317 ](tel:866-245-2317) from 8 AM - 10 PM ET \n\n  * [ Become a Client ](/contact-us/ \"Become a Client\")\n  * [ Request a Demo ](/request-a-demo/ \" Request a Demo \")\n  * [ Editorial Bureaus ](/contact-us/editorial-bureaus/ \" Editorial Bureaus \")\n  * [ Partnerships ](/contact-us/partnerships/ \" Partnerships \")\n  * [ General Enquiries ](/general-inquiries/ \" General Enquiries \")\n  * [ Media ](/contact-us/media/ \" Media\")\n\n[ ](https://www.linkedin.com/company/cisioncanada/ \"LinkedIn\")\n\n##  Products\n\n  * [ Cision Communications Cloud\u00ae ](https://www.newswire.ca/products/communications-cloud \"Cision Communications Cloud\u00ae\")\n  * [ Media Monitoring ](https://www.cision.ca/monitoring-analytics/online/ \"Media Monitoring\")\n  * [ Content Distribution ](https://www.newswire.ca/products/content-distribution \"Content Distribution\")\n  * [ Multimedia Distribution ](https://www.newswire.ca/products/multimedia-distribution-options \"Multimedia Distribution\")\n  * [ Measurement & Analytics ](https://www.newswire.ca/products/Media-Measurement--Analytics \"Measurement & Analytics\")\n  * [ Investor Relations ](https://www.newswire.ca/products/investor-relations \"Investor Relations\")\n\n##  About\n\n  * [ About Cision Canada ](http://cnw.en.mediaroom.com/aboutus/ \"About Cision Canada\")\n  * [ About Cision ](http://www.cision.ca/ \"About Cision\")\n  * [ Media Partners ](https://www.newswire.ca/contact-us/media-partners.html \"Media Partners\")\n  * [ Careers ](https://www.cision.ca/careers/ \"Careers\")\n  * [ Accessibility Statement ](https://www.cision.ca/about/accessibility/ \"Accessibility Statement\")\n  * \n\n##  My Services\n\n  * [ All News Releases ](/news-releases/news-releases-list/ \"All News Releases\")\n  * [ Online Member Centre   \n](https://cnwportal.prnewswire.com/Login.aspx \"Online Member Centre<br />\n\n\")\n\n  * [ Next Gen Communications Cloud ](https://app2.cision.com/ \"Next Gen Communications Cloud\")\n  * [ Cision Communications Cloud\u00ae ](https://app.cision.com/#/login?lang=en-ca \"Cision Communications Cloud\u00ae\")\n  * [ my CNW   \n](/mycnw/login/ \"my CNW<br />\n\n\")\n\nDo not sell or share my personal information:\n\n  * Submit via [ [email protected] ](/cdn-cgi/l/email-protection)\n  * Call Privacy toll-free: 877-297-8921 \n\n##  [ Contact Cision ](/contact-us)\n\n##  [ Products ](/products/overview)\n\n##  [ About ](http://cnw.en.mediaroom.com/aboutus/)\n\n[ My Services __ ]()\n\n  * [ All News Releases ](/news-releases/ \"All News Releases\")\n  * [ Online Member Centre ](https://cnwportal.prnewswire.com/Login.aspx \"Online Member Centre\")\n  * [ Next Gen Communications Cloud ](https://app2.cision.com/ \"Next Gen Communications Cloud\")\n  * [ Cision Communications Cloud ](https://app.cision.com/#/login?lang=en-ca \"Cision Communications Cloud\")\n  * [ my CNW ](/mycnw/login/ \"my CNW\")\n\n[ __ 877-269-7890  \nfrom 8 AM - 10 PM ET ](tel:877-269-7890 \"Contact Us\")\n\n  * [ Terms of Use ](http://cnw.en.mediaroom.com/privacy-terms-of-use \"Terms of Use\")\n  * [ Information Security Policy ](/cision-information-security-policy/ \"Information Security Policy\")\n  * [ Site Map ](/sitemap/ \"Site Map\")\n  * [ Cookie Settings ](/cookie-settings/ \"Cookie Settings\")\n  * [ Accessibility Statement ](https://www.cision.com/about/accessibility/ \"Accessibility Statement\")\n\nCopyright \u00a9 2025 CNW Group Ltd. 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                "url": "https://www.newswire.ca/news-releases/cronos-group-inc-announces-c24-billion-strategic-investment-from-altria-group-inc-702151761.html"
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            "summary": "Press release from Cronos Group announcing Altria's $2.4 billion investment.",
            "url": "https://www.newswire.ca/news-releases/cronos-group-inc-announces-c24-billion-strategic-investment-from-altria-group-inc-702151761.html"
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                    "source": "https://www.abfjournal.com/cibc-closes-65mm-term-loan-with-cannabis-company-cronos-group/"
                },
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                "url": "https://www.abfjournal.com/cibc-closes-65mm-term-loan-with-cannabis-company-cronos-group/"
            },
            "reason": "ABF Journal reports on financial matters. The report on CIBC's loan to Cronos Group is likely based on reliable financial information.",
            "reliability_score": 0.8,
            "search_query": "company 'The Cronos Group' customers stakeholders",
            "summary": "Report on CIBC closing a $65 million term loan with Cronos Group.",
            "url": "https://www.abfjournal.com/cibc-closes-65mm-term-loan-with-cannabis-company-cronos-group/"
        },
        {
            "content": {
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                    "source": "https://www.osler.com/en/insights/updates/ontario-court-refuses-to-exclude-u-s-shareholders-from-class-the-day-of-reckoning-had-not-yet-da/"
                },
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Cronos Group, Inc._ , the Ontario Superior Court recently\ncertified a global class in a securities class action against Toronto-based\nCronos Group Inc.,  [1]  even though U.S. shareholders who purchased their\nshares on the NASDAQ are also potential class members in a parallel U.S.\nsecurities class action. The decision addresses when an Ontario court should\ncontend with the inclusion of U.S. shareholders in an Ontario securities class\naction.\n\n##  Background\n\nCronos shares are cross-listed on the TSX and NASDAQ. The plaintiff in the\nOntario action asked the Ontario court to certify a global class, regardless\nof whether the shareholders purchased their shares on the TSX or NASDAQ.\n\nCronos objected on various grounds, including that a parallel class action\nagainst Cronos is already underway in the U.S.  [2]  That U.S. action includes\na potential class of U.S. shareholders who, during the relevant class period,\npurchased shares over the NASDAQ.\n\nCronos conceded that an Ontario court had jurisdiction over the claims of\nthose shareholders, but sought to stay those claims under the doctrine of\n_forum non conveniens_ and the principle of comity, arguing that the U.S.\ncourt was the more appropriate forum to resolve the claims of U.S.\nshareholders who purchased shares over the NASDAQ.\n\nJustice Morgan dismissed Cronos\u2019s motion and certified a global class of all\npurchasers, wherever they reside and wherever they purchased their shares.\n\n##  When will the 'day of reckoning' arrive?\n\nJustice Morgan recognized that U.S. shareholders in cross-border securities\ncases will inevitably face a \u201cday of reckoning\u201d in which one court will be\nasked to recognize the judgment or settlement of the other. Justice Morgan\nwarned that \u201cit will be for this Court in the event of a future settlement or\njudgment to keep in mind that \u201cno class member should get \u2018two bites at the\napple\u2019 against any defendant\u201d.\n\nJustice Morgan\u2019s reasons review a line of Ontario cases addressing\njurisdiction and forum issues in cross-border securities class actions,\nincluding:\n\n  * _Abdula v. Canadian Solar_ : The Court of Appeal held that a class action asserting claims under Part XXIII.1 of the Ontario _Securities Act_ could include claims of investors who purchased their shares of an Ontario-based \u201cresponsible issuer\u201d over a foreign exchange.  [3] \n  * _Silver v. Imax Corp_ .: In the initial _Imax_ certification decision, the Ontario Superior Court found that any concerns over conflict of laws issues were premature and that it was more appropriate to \u201cwait and see\u201d how the issues, if any, developed in the parallel Ontario and U.S. class actions.  [4]  In a subsequent decision \u2014 after \u201cwaiting and seeing\u201d \u2014 the Court granted the defendants\u2019 motion to amend the Ontario class to exclude those who were part of the class in the U.S. action.  [5] \n\nLike the _Imax_ decision, the _Cronos_ decision defers any decision about the\n\u201cright\u201d court until one of the actions reaches its \u201cday of reckoning\u201d in the\nform of a settlement or judgment.\n\nThis \u201cday of reckoning\u201d analysis may work better in an action like this one\nagainst Cronos, in which claims are asserted only under Part XXIII.1 of the\nOntario _Securities Act_ , not under common law torts. Because this class\naction did not plead other common law or statutory causes of action, issues\nthat would have otherwise arisen \u2014 for instance, the location of the alleged\ntort \u2014 were not at issue in the _Cronos_ case.\n\n##  Comity: a 'dismal swamp'?\n\nAlthough Cronos argued that the \u201cimperatives of international comity\u201d favour a\nU.S. court deciding the claims of U.S. shareholders, Justice Morgan was not\nprepared to stay the claims of U.S. shareholders on this basis, either. He\nfound that, unlike other elements of the _forum non conveniens_ analysis,\ncomity \u201ccannot be understood as a set of well-defined rules\u201d and has therefore\nbeen colourfully characterized as a \u201cdismal swamp\u201d. Justice Morgan noted that\nsome courts and commentators have expressed a frustration with comity because\nit includes contradictory meanings, each of which can be used in the service\nof whoever deploys it.\n\nJustice Morgan recognized that Canada and the U.S. approach the issues\ndifferently. U.S. actions under \u00a710(b)-5 of the _Securities Exchange Act of\n1934_ are generally restricted to shares that were traded on an American\nexchange. By contrast, section 138.3 of the Ontario _Securities Act_ has been\ninterpreted as being broad enough to provide access to justice for a global\nclass against an Ontario-based responsible issuer, regardless of where the\nshareholders purchased their shares. According to Justice Morgan, \u201cthe U.S.\nwants to stop \u2018stepping on another nation\u2019s toes\u2019, while Ontario wants to hold\nforeign nationals\u2019 hand. American law expresses a need to decolonize and\ncontract, Canadian law exudes a need to expand and embrace\u201d.\n\n##  Considerations\n\nAlthough the contradictory approaches in Ontario and the U.S. remain\nunresolved, Justice Morgan\u2019s remarks in _Cronos_ encourage further analysis\nabout how courts on both sides of the border should respect comity and address\nthe challenges that may continue to arise from these seemingly \u201cdouble-edged\nview[s] of the legal world\u201d.\n\nThe bottom line for securities class actions appears to be that, for the\nforeseeable future, a cross-listed responsible issuer that is headquartered in\nOntario will often face a proposed _global_ class in an Ontario action \u2014 even\nif the issuer is already defending against a U.S. class in a parallel U.S.\ncase. However, the analysis and outcome may differ from the _Cronos_ case if\nthe plaintiff seeks to certify common law or other statutory causes of action\nalongside claims under Part XXIII.1 of the Ontario _Securities Act_ .\n\nWe will continue to monitor and report on developments in this area. Given the\nfundamental inconsistency between the Canadian and American approaches, and\nthe Ontario court\u2019s restrictive interpretation of the principles of comity, we\nmay receive appellate guidance in this or future cases.\n\n* * *\n\n[1]  [ 2023 ONSC 5678\n](https://www.canlii.org/en/on/onsc/doc/2023/2023onsc5678/2023onsc5678.pdf) .\n\n[2]  _In re Cronos Group Securities Litigation_ , Civil Action No.\n2:20-cv-01310-ENV-SIL.\n\n[3]  [ 2012 ONCA 211\n](http://canlii.ca/en/on/onca/doc/2012/2012onca211/2012onca211.html) , leave\nto appeal to the Supreme Court of Canada ref\u2019d [2012] S.C.C.A. No. 246.\n\n[4]  _Silver v. Imax Corporation_ , [ 2009 CanLII 72334\n](https://www.canlii.org/en/on/onsc/doc/2009/2009canlii72334/2009canlii72334.html?autocompleteStr=Silver%20v.%20Imax%20Corporation%2C%202009%20CanLII%2072334%20\\(ON%20SC\\).&autocompletePos=1)\n(ON SC).\n\n[5]  _Silver v. IMAX,_ [ 2013 ONSC 1667\n](https://www.canlii.org/en/on/onsc/doc/2013/2013onsc1667/2013onsc1667.html?autocompleteStr=2013%20ONSC%201667&autocompletePos=1)\n.\n\nRisk Management and Crisis Response Blog  February 6, 2025\n\n###  Alberta lawyer faces sanctions for failing to identify a \u2018pump and dump\u2019\nscheme\n\nA recent decision highlights the importance of lawyers taking sufficient steps\nto identify \u201cred flags\u201d raised by their clients\u2019 conduct.\n\n[ Read more ](https://www.osler.com/en/insights/blogs/risk/alberta-lawyer-\nsanctions-failing-pump-dump-scheme/)\n\nRisk Management and Crisis Response Blog  December 10, 2024\n\n###  Regulation by enforcement: who pays the price?\n\nWho should bear the costs of Ontario Securities Commission enforcement\nproceedings is emerging as an important issue.\n\n[ Read more ](https://www.osler.com/en/insights/blogs/risk/regulation-by-\nenforcement-who-pays-the-price/)\n\n[ View all Insights ](https://www.osler.com/en/insights/)\n\n  * [ Class Action Defence ](https://www.osler.com/en/expertise/services/disputes/class-action-defence/)\n  * [ Corporate and Commercial Disputes ](https://www.osler.com/en/expertise/services/disputes/corporate-and-commercial-disputes/)\n  * [ Corporate and Securities Disputes ](https://www.osler.com/en/expertise/services/disputes/corporate-and-securities-disputes/)\n\nSUBSCRIBE\n\n###  Stay Informed\n\nSubscribe to Osler Insights to stay informed on issues impacting your business\n\n[ Subscribe ](http://osler.com/en/subscribe/)\n\n###  Leading the way in Canadian business law for over 160 years.\n\n[ Subscribe to our Osler Insights ](/en/subscribe)\n\n  * [ Instagram  ](https://www.instagram.com/osler_law/)\n  * [ Twitter  ](https://twitter.com/osler_law)\n  * [ LinkedIn  ](https://www.linkedin.com/company/osler-hoskin-&-harcourt-llp)\n\nOsler is a leading business law firm practising internationally from offices\nacross Canada and in New York. Our clients include industry and business\nleaders in all segments of the market and at various stages in the growth of\ntheir businesses. We have built our reputation on our commitment to our\nclients' success and the experience, expertise and collaborative approach for\nwhich we are recognized. We believe that our success is a reflection of our\nclients' success.\n\n[ Privacy Policy ](/en/privacy)\n\n[ Disclaimer ](/en/disclaimer/)\n\n[ Client Service Terms ](/en/client-service-terms/)\n\n[ Terms of Use ](/en/terms-of-use/)\n\n[ Accessibility ](/en/accessibility/)\n\n[ Media Contact ](/en/about-us/media-centre/)\n\n\u00a9 2025 Osler, Hoskin & Harcourt LLP.\n\nAll Rights Reserved\n\n[ ](https://www.tracemyip.org/website-visitors-alerts.htm )\n\n",
                "url": "https://www.osler.com/en/insights/updates/ontario-court-refuses-to-exclude-u-s-shareholders-from-class-the-day-of-reckoning-had-not-yet-da/"
            },
            "reason": "Osler is a reputable law firm. Their analysis of a court decision involving Cronos Group is likely accurate and well-informed.",
            "reliability_score": 0.8,
            "search_query": "company 'The Cronos Group' customers stakeholders",
            "summary": "Legal analysis from Osler regarding a court decision involving Cronos Group and U.S. shareholders.",
            "url": "https://www.osler.com/en/insights/updates/ontario-court-refuses-to-exclude-u-s-shareholders-from-class-the-day-of-reckoning-had-not-yet-da/"
        },
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                    "resource_type": "webpage",
                    "source": "https://investingnews.com/cronos-group-inc-to-hold-2024-fourth-quarter-and-full-year-earnings-conference-call-on-february-27-2025/"
                },
                "page_content": "[ ](/)\n\n  * Australia \n\nNorth America\n\nWorld\n\n[ Login ](/my-inn)\n\n#  [ Investing News **Network** Your trusted source for investing success\n](/)\n\n[ Videos ](/videos/)\n\n[ Companies ](/company-profiles/)\n\n[ Press Releases ](/press-releases/)\n\n[ Private Placements ](/private-placement-directory/)\n\n[ SUBSCRIBE ](/newsletters/)\n\n  * [ Reports & Guides ](/market-outlook-reports/ \"Reports & Guides\")\n\n    * [ Market Outlook Reports ](/market-outlook-reports/ \"Market Outlook Reports\")\n    * [ Investing Guides ](/investing-guides/ \"Investing Guides\")\n\n  * [ ](javascript:;)\n\n[ Resource ](/category/daily/resource-investing/)\n\n  * [ Precious Metals ](/category/daily/resource-investing/precious-metals-investing/ \"Precious Metals\")\n  * [ Battery Metals ](/category/daily/resource-investing/battery-metals-investing/ \"Battery Metals\")\n  * [ Base Metals ](/category/daily/resource-investing/base-metals-investing/ \"Base Metals\")\n  * [ Energy ](/category/daily/resource-investing/energy-investing/ \"Energy\")\n  * [ Critical Metals ](/category/daily/resource-investing/critical-metals-investing/ \"Critical Metals\")\n\n[ Tech ](/category/daily/tech-investing/)\n\n[ Life Science ](/category/daily/life-science-investing/)\n\n[ Market Market ](/category/daily/market-news)\n\n[ Market News ](/press-releases/?newssections=market-news)\n\n[ Market Stocks ](/category/daily/market-news/company-profiles/)\n\n  * [ Market Market ](/category/daily/market-news)\n  * [ Market News ](/press-releases/?newssections=market-news)\n  * [ Market Stocks ](/category/daily/market-news/company-profiles/)\n\n#  Cronos Group Inc. to Hold 2024 Fourth Quarter and Full-Year Earnings\nConference Call on February 27, 2025\n\n[ Investing News Network ](https://investingnews.com/author/admin/)\n\nFebruary 24, 2025\n\nCronos Group Inc. ( [ NASDAQ ](https://investingnews.com/nasdaq-composite-\nindex/) : CRON) ( [ TSX ](https://investingnews.com/sp-tsx-composite-index/) :\nCRON) (\"Cronos\" or the \"Company\") will hold its 2024 fourth-quarter and full-\nyear earnings conference call on Thursday, February 27, 2025 at 8:30 a.m. ET.\nCronos' senior management team will discuss the Company's financial results\nand will be available for questions from the investment community after\nprepared remarks.\n\nTo attend the conference call or webcast, participants should register online\nat [ https://ir.thecronosgroup.com/events-presentations\n](https://ir.thecronosgroup.com/events-presentations) . To avoid delays, we\nencourage participants to dial into the conference call fifteen minutes ahead\nof the scheduled start time. The webcast of the call will be archived for\nreplay on the Company's website.\n\n**About Cronos**\n\nCronos is an innovative global cannabinoid company committed to building\ndisruptive intellectual property by advancing cannabis research, technology\nand product development. With a passion to responsibly elevate the consumer\nexperience, Cronos is building an iconic brand portfolio. Cronos' diverse\ninternational brand portfolio includes Spinach  \u00ae  , PEACE NATURALS  \u00ae  and\nLord Jones  \u00ae  . For more information about Cronos and its brands, please\nvisit: [ thecronosgroup.com ](https://thecronosgroup.com/) .\n\n**Forward-looking Statements**\n\nThis press release may contain information that may constitute \"forward-\nlooking information\" or \"forward-looking statements\" within the meaning of\napplicable Canadian and U.S. securities laws and court decisions\n(collectively, \"Forward-looking Statements\"). All information contained herein\nthat is not clearly historical in nature may constitute Forward-looking\nStatements. In some cases, Forward-looking Statements can be identified by the\nuse of forward-looking terminology such as \"may\", \"will\", \"expect\", \"plan\",\n\"anticipate\", \"intend\", \"potential\", \"estimate\", \"believe\" or the negative of\nthese terms, or other similar expressions intended to identify Forward-looking\nStatements. Some of the Forward-looking Statements contained in this press\nrelease include statements about Cronos' intention to build an international\niconic brand portfolio and develop disruptive intellectual property. Forward-\nlooking Statements are necessarily based upon a number of estimates and\nassumptions that, while considered reasonable by management, are inherently\nsubject to significant business, economic and competitive risks, financial\nresults, results, performance or achievements expressed or implied by those\nForward-looking Statements and the Forward-looking Statements are not\nguarantees of future performance. A discussion of some of the material risks\napplicable to the Company can be found in the Company's Annual Report on Form\n10-K for the year ended December 31, 2023 and Quarterly Reports on Form 10-Q\nfor the quarters ended March 31, 2024, June 30, 2024, and September 30, 2024,\neach of which have been filed on SEDAR+ and EDGAR and can be accessed at\nwww.sedarplus.ca and www.sec.gov/edgar, respectively. Any Forward-looking\nStatement included in this press release is made as of the date of this press\nrelease and, except as required by law, Cronos disclaims any obligation to\nupdate or revise any Forward-looking Statement. Readers are cautioned not to\nput undue reliance on any Forward-looking Statement.\n\n**Cronos Contact**  \nAnna Shlimak  \nInvestor Relations  \nTel: (416) 504-0004  \n[ investor.relations@thecronosgroup.com\n](mailto:investor.relations@thecronosgroup.com)\n\n  \n\n[\n](https://www.globenewswire.com/NewsRoom/AttachmentNg/68e2d88b-b8e0-404a-995d-415a33773982)\n\nNews Provided by GlobeNewswire via QuoteMedia\n\n[ cron:ca ](https://investingnews.com/tag/cron-ca) [ cannabis investing\n](https://investingnews.com/tag/cannabis-investing) [ Cannabis Investing\n](https://investingnews.com/tag/cannabis-investing)\n\nCRON:CA,CRON\n\nThe Conversation (0)\n\n[ ](https://investingnews.com/asx-cannabis-stocks)\n\n[ Melissa Pistilli ](https://investingnews.com/author/melissa-pestilli/)\n\n25 March\n\n##  [ ASX Cannabis Stocks: 10 Biggest Companies\n](https://investingnews.com/asx-cannabis-stocks)\n\n**While Australia has yet to legalise all forms of cannabis, the country is a\ngrowing medical cannabis and hemp market, with many companies manufacturing,\nresearching and exporting the plant-based product.**\n\nMedical cannabis was [ federally legalised\n](https://www.cnn.com/2016/02/24/health/medical-marijuana-legal-australia-\nirpt/index.html) in 2016, and the [ export of cannabis\n](https://investingnews.com/australia-cannabis-exports/) from Australia was\nlegalised in 2018. As for recreational use, the only [ state to legalise\nrecreational use ](https://investingnews.com/guide-to-cannabis-in-australia)\nand possession so far is the Australian Capital Territory, which did so in\n2020, but it did not establish a regulated recreational cannabis market.\n\nThe country's medical cannabis market has been [ steadily expanding\n](https://investingnews.com/australia-cannabis-forecast/) in size and scope. A\nPenington Institute report [ shows ](https://www.penington.org.au/wp-\ncontent/uploads/2024/11/Penington-Institute-Cannabis-in-Australia-2024.pdf)\nthat Australians spent approximately AU$400 million on medicinal cannabis in\nthe first half of 2024, 72 percent higher than the AU$234 million they spent\nover the entirety of 2022.\n\nMoving forward, [ Grandview Research forecasted\n](https://www.grandviewresearch.com/industry-analysis/australia-medical-\ncannabis-market-report) a compound annual growth rate of 33.6 percent between\n2024 to 2030 for the country's medical cannabis market.\n\nAustralian cannabis companies listed on the [ ASX\n](https://investingnews.com/sp-asx-200-index/) are operating in this space,\ncreating goods such as medicines, flower and hemp products. Some ASX-listed\ncannabis companies are also producing recreational cannabis in other\ncountries.\n\nHere the Investing News Network profiles the 10 biggest cannabis stocks on the\nASX by market cap. Australian cannabis stocks are listed in order of market\ncap from largest to smallest, with data compiled using TradingView\u2019s [ stock\nscreener ](https://www.tradingview.com/screener/) on March 18, 2025.\n\n###  1\\. [ Botanix Pharmaceuticals (ASX:BOT)\n](https://investingnews.com/botanix-pharmaceuticals/)\n\n[ Company Profile ](https://investingnews.com/botanix-pharmaceuticals/)\n\n**Market cap:** AU$786.74 million  \n**Share price:** AU$0.41\n\nThe largest medical cannabis company on the ASX is Botanix Pharmaceuticals.\nBased in Perth, Western Australia, this biopharmaceutical firm specialises in\ncannabinoid-based dermatological therapies. According to the company, its\nexclusive Permetrex technology helps its products permeate the skin, and treat\nskin conditions from below the surface.\n\nThe company\u2019s lead product is Sofdra, which is targeted for the treatment of\naxillary hyperhidrosis, or excessive sweating. Sofdra was approved in Japan in\n2020 under the name Ecclock, and in June 2024 received US Food and Drug\nAdministration (FDA) [ approval ](https://cdn-api.markitdigital.com/apiman-\ngateway/ASX/asx-research/1.0/file/2924-02819259-6A1212299) as well.\n\nBotanix\u2019s product pipeline also includes several drug candidates harnessing\nthe anti-inflammatory and antimicrobial properties of synthetic cannabidiol to\ntreat moderate to severe acne, rosacea and atopic dermatitis. The company is\nalso developing an antimicrobial solution for treating staphylococcus aureus\ninfections.\n\n###  2\\. [ Vitura Health (ASX:VIT) ](https://investingnews.com/stocks/vit-\nau/vitura-health/)\n\n[ Company Profile ](https://investingnews.com/stocks/vit-au/vitura-health/)\n\n** Market cap:  ** AU$48.34 million  \n**Share price:** AU$0.073\n\n__ [ Formerly Cronos Australia\n](https://www.kapitales.com.au/articles/trending/cronos-australia-changes-\nname-to-vitura-health-limited) , Vitura Health is a digital health platform\nbusiness that connects patients, doctors, pharmacists and suppliers across its\ndigital health ecosystem. The company has built a significant foothold in\nAustralia\u2019s medical cannabis sector through a number of verticals and\nestablished brands.\n\nVitura Health subsidiary Burleigh Heads Cannabis distributes medical cannabis\nproducts via the Canview online platform. Canview allows patients to preview\nmedical cannabis offerings, and doctors and pharmacists can then prescribe and\ndistribute treatments.\n\nVitura Health operates CDA Clinics, a network of clinics staffed with\nhealthcare professionals offering consultation on plant-based medications\nincluding medical cannabis. In February 2025, the company [ acquired Candor\nMedical ](https://finance.yahoo.com/news/vitura-health-acquire-candor-\nmedical-013900899.html) , another Australian medical cannabis clinic business.\n\nIt also has a 75.5 percent position in Cannadoc, which offers nationwide\ntelehealth consultations with patients seeking access to medicinal cannabis.\n\n###  3\\. [ IDT Australia (ASX:IDT) ](https://investingnews.com/idt-australia-\nltd/)\n\n[ Company Profile ](https://investingnews.com/idt-australia-ltd/)\n\n**Market cap:** AU$41.35 million  \n**Share price:** AU$0.10\n\n__ Contract drug manufacturing company IDT Australia is licensed to make\nactive pharmaceutical ingredients and finished-dose forms of medicines and\ntreatments. Its license covers medicinal cannabis products for local and\ninternational markets.\n\nIn fact, IDT plays an important role in Australia\u2019s medical cannabis products\nsupply chain. Its [ specialised services ](https://en.idtaus.com.au/specialty-\norals/) include the manufacturing of solid oral and sterile liquid dosage\nforms of high-CBD and high-THC options, and resin extraction. The company\u2019s\nin-house analytical laboratory offers a range of testing and stability\nservices in line with the current good manufacturing practices (cGMP).\n\n\u201cLeveraging our extensive cGMP and specialty pharma experience, we have\ndeveloped exceptional medicinal cannabis products that surpass current\nregulatory expectations,\u201d [ the company\u2019s website states\n](https://en.idtaus.com.au/specialty-orals/psychedelics-medicinal-cannabis/) .\n\n###  4\\. [ Little Green Pharma (ASX:LGP)\n](https://investingnews.com/stocks/lgp-au/lgp-au/)\n\n[ Company Profile ](https://investingnews.com/stocks/lgp-au/lgp-au/)\n\n**Market cap:** AU$39.39 million  \n**Share price:** AU$0.13\n\nLittle Green Pharma is a medical cannabis company that places a strong\nemphasis on affordability for patients. The company was the \u201cfirst Australian\nproducer and exporter of cannabis medicines.\u201d The company sells branded and\nwhite label products that are available in orally ingestible oils as well as\nflower, and are grown and manufactured in Australia and Denmark.\n\nIts products are available in Australia, as well as European companies such as\nGermany, the UK and France. Little Green Pharma has plans to target other\nEuropean markets too.\n\nIn its fiscal Q3 2025 [ quarterly report\n](https://investlittlegreenpharma.com/site/pdf/045df8ac-a1f5-49dc-a6ac-\necfd9846fa63/December-2024_Quarterly-Activities-Report-and-Appendix-4C.pdf)\nreleased in December 2024, Little Green Pharma boasted a revenue of AU$9.5\nmillion, an increase of 75 percent over the same quarter in the previous\nperiod. For the first three quarters of its fiscal 2025, the company's revenue\ntotalled AU$27 million, surpassing its 2024 full-year revenue of AU$25.6\nmillion.\n\n###  5\\. [ Neurotech (ASX:NTI) ](https://investingnews.com/stocks/asx-\nnti/neurotech-fpo-nti/)\n\n[ Company Profile ](https://investingnews.com/stocks/asx-nti/neurotech-fpo-\nnti/)\n\n**Market cap:** AU$36.47 million  \n**Share price:** AU$0.038\n\nNeurotech International is bringing cannabis-based medicines through clinical\ntrials, with a focus on autism spectrum disorder (ASD). Its leading treatment\nis [ NTI164 ](https://neurotechinternational.com/biopharmaceutical-\ntrials/#nti164) , a cannabis-based medicine featuring a high amount of the\ncannabinoid CBDA, alongside other minor cannabinoids. It is being developed to\ntreat a range of neurological conditions in children.\n\n[ Phase I/II trials\n](https://www.investi.com.au/api/announcements/nti/c2330eb5-35c.pdf) of the\ndrug revealed that after eight weeks, children with ASD taking NTI164 showed\ndecreased levels of anxiety and depression, as reported in July 2024. This\nfollows an [ April 2024 report\n](https://www.investi.com.au/api/announcements/nti/3e87a498-65a.pdf) that the\nresults of the NTIASD2 trial \u201cmet the primary endpoint of severity of illness\nimprovement versus placebo, along with improvements in key secondary endpoints\nrelating to clinical improvement, adaptive behaviours and socialisation.\u201d\n\nNeurotech has also received an FDA orphan drug designation for NTI164 in the\ntreatment of [ Rett Syndrome\n](https://api.investi.com.au/api/announcements/nti/c8adc5a6-169.pdf) , a rare\ngenetic neurological and developmental disorder.\n\nNeurotech entered into a [ new development agreement\n](https://api.investi.com.au/api/announcements/nti/38c9d4a8-d66.pdf) with\nEuropean medical cannabis company RH Pharma in February 2025. The aim of the\nagreement is bring to market pharmaceutical-grade broad spectrum cannabinoid\ndrug products for paediatric patients with neurodevelopmental disorders.\n\n###  6\\. [ ECS Botanics (ASX:ECS) ](https://investingnews.com/stocks/ecs-\nau/ecs-botanics-holdings/)\n\n[ Company Profile ](https://investingnews.com/stocks/ecs-au/ecs-botanics-\nholdings/)\n\n**Market cap:** AU$16.85 million  \n**Share price:** AU$0.013\n\nVictoria-based ECS Botanics bills itself as Australia's largest business-to-\nbusiness medicinal cannabis cultivator and manufacturer. At its Australian\nTherapeutic Goods-licensed facilities, the company uses regenerative and\norganic agricultural practices and renewable energy sources to manufacture GMP\ncertified products.\n\nIn May 2024, ECS Botanics kicked off a [ one-year supply agreement\n](https://investingnews.com/ecs-botanics-earnings/) with Elite Medical\nSolutions with a guaranteed minimum annual order of AU$380,000 and automatic\nrenewal options. The agreement will see Elite Medical Solutions oversee retail\nsales of ECS\u2019s RAP Med brand, which is targeted at military veterans and\nincludes soft gel capsules and oral liquids.\n\nIn its report for its fiscal [ H1 2025\n](https://wcsecure.weblink.com.au/pdf/ECS/02919066.pdf) ended December 31,\n2024, the company highlights a 50 percent increase in cannabis yields, placing\nthe company on track for a record harvest for the 2025 calendar year.\n\n###  7\\. [ Cann Group (ASX:CAN) ](https://investingnews.com/stocks/can-\nau/cann-group/)\n\n[ Company Profile ](https://investingnews.com/stocks/can-au/cann-group/)\n\n**Market cap:** AU$13.65 million  \n**Share price:** AU$0.026\n\nCann Group is a medical cannabis grower and manufacturer that sells its\nproducts within Australia as well as outside the country. The agricultural\ntechnology company places a strong emphasis on research, genetics and\nbreeding, creating high-quality products for the medical market.\n\nIn 2017, Cann Group was the first company to be granted a cannabis research\nlicence from Australia\u2019s Office of Drug Control. It marked another first when\nit received its medicinal cannabis cultivation licence from the entity the\nfollowing month.\n\nAt its [ Mildura facility in Victoria ](https://www.canngrouplimited.com/our-\nfacilities) , Cann Group produces its Satipharm CBD sleep capsules and\nmultiple medical marijuana products, included cannabis flower and cannabis\nresin, to patients for a range of conditions from multiple sclerosis to\nchronic pain. The company has the annual capacity to produce 12,500 kilograms\nof dry cannabis flower for international and domestic medical cannabis\nmarkets.\n\n###  8\\. [ Althea (ASX:AGH) ](https://investingnews.com/stocks/agh-au/althea-\ngroup-holdings/)\n\n[ Company Profile ](https://investingnews.com/stocks/agh-au/althea-group-\nholdings/)\n\n**Market cap:** AU$12 million  \n**Share price:** AU$0.023\n\n__ Althea is an international producer, supplier and exporter of\npharmaceutical-grade medicinal marijuana. The company operates in legal\ncannabis markets across the world, including in North America, Europe and\nAustralia.\n\nAlthea received its [ licence to cultivate medical cannabis\n](https://www.newswire.ca/news-releases/aphrias-australian-based-partner-\nalthea-receives-medical-cannabis-license-for-cultivation-676934033.html) in\n2018. After it [ received approval ](https://themarketherald.com.au/althea-\ngroup-asxagh-approved-to-sell-cannabis-products-in-germany-2020-11-18/) to\nsell cannabis products in Germany in late 2020, Althea became Germany\u2019s first\ncommercial supplier of made-in-Australia medical cannabis products. The\ncompany's subsidiary Peak Processing Solutions is a leader in the manufacture,\nsales and distribution of legal recreational cannabis products in Canada.\n\nIn its [ fiscal year 2025 H1 report\n](https://wcsecure.weblink.com.au/pdf/AGH/02919509.pdf) , Althea reported a\nfinancial turnaround as it significantly reduced its losses from its fiscal\n2024, posting a net loss of AU$1.5 million for H1 2025 compared to its AU$9\nmillion adjusted loss in its H1 2024 and AU$5.3 million adjusted loss in its\nH2 2024. Another bright spot in the report was that Peak Processing Solutions\nrevenue totalled AU$8.2 million, a 57.9 percent increase over the first half\nof its fiscal 2024, driven by strong demand for THC beverages.\n\n###  9\\. [ Ecofibre (ASX:EOF) ](https://investingnews.com/stocks/eof-\nau/ecofibre-ltd/)\n\n[ Company Profile ](https://investingnews.com/stocks/eof-au/ecofibre-ltd/)\n\n**Market cap:** AU$9.11 million  \n**Share price:** AU$0.022\n\nOperating in the US and Australia, advanced manufacturing and technology firm\nEcofibre is focused on the hemp industry. The company has three vertically\nintegrated businesses: sustainable polymers and natural materials, natural\nhealth care, and hemp seed genetics.\n\nVia one of the world\u2019s largest collections of hemp seed genetics, Ecofibre\nGenetics supplies seed genetics to the hemp fibre and grain industry in both\nthe US and Australia. EOF Bio, its majority owned US-based clinical-stage\nbiotechnology company, produces cannabinoid-based drugs with an initial focus\non women\u2019s health and endometriosis.\n\nThrough Ananda Health, a leading US manufacturer of cannabinoid-based health\nproducts for human and pet consumption, Ecofibre provides CBD products in\nAustralia and the US, targeting sleep disorders, pain and anxiety, as well as\nendometriosis and other gynecological conditions.\n\n###  10\\. [ Argent Biopharma (ASX:RGT) ](https://investingnews.com/stocks/rgt-\nau/argent-biopharma/)\n\n[ Company Profile ](https://investingnews.com/stocks/rgt-au/argent-biopharma/)\n\n**Market cap:** AU$7.41 million  \n**Share price:** AU$0.13\n\n__ Biopharmaceutical company Argent Biopharma is developing drug therapies\nusing nanotechnology with a focus on the central nervous system and immunology\ntreatments. Its investigational medicinal products are being prescribed\nthrough early patient access programs in the UK, US, Europe and Australia.\n\nIts [ cornerstone products ](https://argentbiopharma.com/pipeline/) include\nCannEpil for refractory epilepsy and cerebral palsy and CimetrA for acute lung\ninjury and ARDS, both of which are now generating revenues. Its therapy\nCogniCann is currently in clinical trials for enhancing the quality of life of\npatients with dementia, including Alzheimer\u2019s disease.\n\n_This is an updated version of an article first published by the Investing\nNews Network in 2019._  \n\n_Don\u2019t forget to follow us[ @INN_Australia\n](https://twitter.com/INN_Australia) for real-time news updates! _\n\n**Securities Disclosure: I, Melissa Pistilli, hold no direct investment\ninterest in any company mentioned in this article.**\n\nKeep reading...  Show less\n\n[ ](https://investingnews.com/top-cannabis-news/)\n\n[ Meagen Seatter ](https://investingnews.com/author/meagenseatter1/)\n\n06 March\n\n##  [ Cannabis Round-Up: Rescheduling Faces New Roadblocks, SAFER Banking Act\nGets Another Look ](https://investingnews.com/top-cannabis-news/)\n\n###\n\n__\n\n**February 2025 was characterized by an evolving legislative landscape and\nimportant financial updates from major players.**\n\nThese developments underscore the complex and dynamic nature of the sector as\nit continues to navigate legal, financial, and regulatory challenges while\nexperiencing ongoing growth and evolution.\n\nDiscussions around cannabis rescheduling, changes in federal agency\nleadership, state-level legalization efforts, and financial reports from key\ncompanies all contributed to a month of notable activity in the cannabis\nspace.\n\n###  Road to cannabis rescheduling hits another speed bump\n\nDiscussions around cannabis rescheduling continued in February, involving\nseveral key points. Since proceedings to reschedule cannabis stayed in January\nafter advocates raised concerns of potential bias within the Drug Enforcement\nAdministration (DEA), the path to rescheduling has become increasingly\nconvoluted.\n\nFirst, on February 7, DEA administrative law judge John J. Mulrooney [ granted\na withdrawal request\n](https://www.dea.gov/sites/default/files/2025-02/Marijuana%20Rescheduling_Order%20Re%20the%20Conneticut%20Office%20of%20the%20Cannabis%20Ombudsman%20and%20The%20Doc%20Apps%20Notice%20of%20Withdrawal.pdf)\nfrom Erin Gorman Kirk, who is Connecticut\u2019s Office of the Cannabis Ombudsman,\nand The Doc App, which is doing business as My Florida Green.\n\nOn why she requested the withdrawal, Kirk [ told Cannabis Business Times\n](https://www.cannabisbusinesstimes.com/cannabis-\nrescheduling/news/15737305/dea-judge-grants-requests-from-3-procannabis-\nrescheduling-participants-says-hearing-up-to-dea) : \u201cWith (Connecticut\u2019s)\nlegislative session underway, and the prospect of a long, drawn-out DEA\nRescheduling process, I felt our patients were better served by working with\nour esteemed legislators to improve the Connecticut Medical Cannabis Program\nand help our patients get back to the health they enjoyed before the adult-use\nmarketplace began.\n\n\u201cThis Office was created so we do not leave patients behind, and that\u2019s where\nI continue to focus my efforts. I remain engaged with the broader community of\npatient advocates working to de-stigmatize our medication and provide\nhealthier alternatives to wellness.\u201d\n\nJudge Mulrooney also [ granted a motion for relief\n](https://www.dea.gov/sites/default/files/2025-02/Marijuana%20Rescheduling_Order%20Regarding%20Designated%20Brown%27s%20Response%20to%20Motion%20for%20Leave%20%26%20Mot%20To%20Remove%20Counsel.pdf)\non February 11 for Ellen Brown, an appointee from the Massachusetts Cannabis\nAdvisory Board. Judge Mulrooney had ruled that Brown lacked sufficient\nstanding under the Administrative Procedure Act to proceed as a standalone\nparticipant and gave her until March 14 to consolidate with another designated\nparticipant.\n\nLater, on February 17, Doctors for Drug Policy Reform (D4DPR) [ filed a brief\n](https://www.cannabisbusinesstimes.com/cannabis-\nrescheduling/news/15737707/doctors-ask-us-appellate-court-for-redo-in-deas-\nselections-for-cannabis-rescheduling-participants) requesting new witness\nselection for the rescheduling hearings, citing the violation of bedrock\nadministrative law principles by the DEA\u2019s former administrator, Anne Milgram,\nwho limited the hearing to 25 participants and rejected D4DPR\u2019s request to\nparticipate.\n\nMeanwhile, US President Donald Trump\u2019s picks to lead key federal agencies pose\na new threat to a once-promising initiative. Chairman of the Office of\nManagement and Budget Russel Vought has a track record of opposition to\ncannabis reform, calling it a gateway drug in 2022 during an [ appearance on\nC-SPAN ](https://www.c-span.org/video/?c5036847/user-clip) .\n\nAlso, newly appointed Chairman of the Department of Health and Human Services\n(HHS) Robert F. Kennedy [ told Senate members\n](https://hempgazette.com/news/rfk-senate-marijuana-\nhg2399/#:~:text=Asked%20again%20on%20his%20views,the%20exercise%20of%20its%20authorities%E2%80%9D.)\nhe would refer to the DEA on the matter during his two-day confirmation\nhearing; however, he later [ expressed concern\n](https://www.ainvest.com/news/health-secretary-rfk-jr-calls-for-thorough-\nstudies-of-marijuana-25021010868a01e04cdabe10/) about high-potency strains of\ncannabis and said he wants to conduct further studies on its effects. He has\nalso [ moved to rescind public participation ](https://public-\ninspection.federalregister.gov/2025-03300.pdf) from HHS decision-making.\n\n###  Pennsylvania governor proposes legal cannabis market in state budget\n\nPennsylvania Governor Josh Shapiro proposed legalizing recreational cannabis\nin his state as he [ presented his state budget\n](https://whyy.org/articles/pennsylvania-medical-marijuana-cannabis-josh-\nshapiro/#:~:text=Let%20us%20know!,again%2C%20proposed%20legalizing%20recreational%20marijuana.)\nto legislators on February 5. \u201cPennsylvanians who want to buy cannabis are\njust driving across the border to one of our neighbors,\u201d he said, adding that\na legal recreational market would add US$1.3 billion in tax revenue over five\nyears.\n\nRegulation would fall to the state Department of Agriculture and the\nDepartment of Health under the Governor\u2019s plan.\n\nMeanwhile, in New Hampshire, the state House of Representatives passed [ HB 75\n](https://gc.nh.gov/bill_status/legacy/bs2016/billText.aspx?sy=2025&id=93&txtFormat=html)\non February 21, which would legalize adult cannabis use and possession but\ndoes not include provisions to support taxation, regulation or a retail\nmarket. [ Market watchers ](https://newhampshirebulletin.com/2025/02/21/new-\nhampshire-house-passes-cannabis-legalization-but-enthusiasm-lags/) do not\nexpect the bill to pass through the state legislature, citing Governor Kelly\nAyotte\u2019s hardline on drug enforcement. During her campaign, she flatly said\nshe would not support cannabis reform in the state if elected.\n\n###  Senate committee re-examines the SAFER Banking Act\n\nThe US Senate Committee on Banking, Housing and Urban Affairs held a hearing\non February 5 on debanking practices by regulators and banks. While the\nhearing was largely anticipated to center around the cryptocurrency industry,\nRanking Member Elizabeth Warren, D-Mass., noted that among the 11,955\ncomplaints received by the Consumer Financial Protection Bureau, some were\nrelated to debanking efforts against legal cannabis businesses.\n\nAaron Klein, a senior fellow in economics at the Brookings Institution who was\ncalled to testify, said a cannabis banking bill such as the SAFER Banking Act\nwould help but would require amendments to ease the burdensome and costly\nrequirements for filing Suspicious Activity Reports. \u201cI fear the bill\u2019s impact\nwould likely underwhelm what its proponents have argued,\u201d he wrote in a [\ntestimony\n](https://www.banking.senate.gov/imo/media/doc/klein_testimony_2-5-25.pdf) .\n\n###  Aurora, Canopy Growth report earnings\n\nAurora Cannabis ( [ NASDAQ ](https://investingnews.com/nasdaq-composite-\nindex/) : [ ACB ](https://investingnews.com/stock-information/?symbol=acb) ,\nTSX:ACB) reported its [ financial results\n](https://www.auroramj.com/investors/quarterly-reports/) on February 5 for its\nfiscal Q3 2025 ended December 31, 2024. The company\u2019s net revenue for the\nperiod totaled C$88.2 million, an increase of 37 percent year-over-year. Net\nincome for the three months was C$31.34 million, a marked improvement from the\nC$18.1 million in losses recorded during the same period in 2023.\n\nThe next day, the company [ announced ](https://www.newswire.ca/news-\nreleases/aurora-cannabis-announces-supply-agreement-with-sndl-825091248.html)\na strategic supply agreement with SNDL (NASADQ: [ SNDL\n](https://investingnews.com/stock-information/?symbol=sndl) ), which would see\nSNDL provide Aurora with cannabis flower products from its indoor facility in\nAtholville, New Brunswick.\n\nCanopy Growth (NASDAQ: [ CGC ](https://investingnews.com/stock-\ninformation/?symbol=cgc) , TSX:WEED) reported its [ Q3 2025 results\n](https://www.canopygrowth.com/investors/news-releases/canopy-growth-reports-\nthird-quarter-fiscal-year-2025-financial-results/) on February 7, revealing a\n16 percent annual increase in net revenue for medical cannabis sales in Canada\nand 14 percent net revenue growth year-over-year in the international market.\n\nIts overall net revenue for the period was C$74.8 million. This was 5 percent\nlower compared to Q3 2024, which the company attributed to the divestiture of\nbusinesses before the quarter; excluding their revenue, net revenue was up 8\npercent year-over-year.\n\nWhile the company\u2019s net loss of C$121.9 million was a marked improvement\ncompared to a loss of C$216.8 million in the prior year, analysts expected\ngreater improvement. Shareholders sent the company\u2019s [ stock price down\n](https://finance.yahoo.com/quote/WEED.TO/history/) nearly 5 percent from\nC$3.04 to C$2.89 by the end of the day.\n\nAt the end of the month, on February 28, Canopy Growth established an [ at-\nthe-market-program ](https://www.canopygrowth.com/investors/news-\nreleases/canopy-growth-establishes-new-us200-million-at-the-market-program/)\nthat will allow it to issue and sell up to US$200 million in shares to raise\nadditional capital that may be used for strategic acquisitions or to reduce\ndebt, potentially including a US$100 million prepayment that would extend its\nloan maturity to September 2027.\n\n_Don\u2019t forget to follow us[ @INN_Cannabis ](https://twitter.com/inn_cannabis)\nfor real-time news updates! _  \n\n**Securities Disclosure: I, Meagen Seatter, hold no direct investment interest\nin any company mentioned in this article.**\n\nKeep reading...  Show less\n\n[ Investing News Network ](https://investingnews.com/author/admin/)\n\n26 February\n\n##  [ Trulieve Announces Launch of Onward: A Premium THC Beverage\n](https://investingnews.com/trulieve-announces-launch-of-onward-a-premium-thc-\nbeverage/)\n\n_Available now online and coming soon to select Total Wine locations in\nFlorida  _\n\nTrulieve Cannabis Corp. (CSE: TRUL ) (OTCQX: TCNNF ) (\"Trulieve\" or \"the\nCompany\"), a leading and top-performing cannabis company in the U.S., today\nannounced the launch of Onward, a premium, non-alcoholic THC beverage offering\na modern alternative for social occasions. These Farm Bill compliant beverages\nare available now online and coming soon to select Total Wine locations in\nFlorida .\n\n[ ](https://mma.prnewswire.com/media/2628090/Onward_Box_Can_PHOTO.html)\n\n\"Drawing on our vast experience in cannabis product development, Onward\nbeverages powered by Trulieve are expertly crafted to align with evolving\nconsumer preferences,\" said Trulieve's Chief Executive Officer [ Kim Rivers\n](https://c212.net/c/link/?t=0&l=en&o=3583460-1&h=961184854&u=https%3A%2F%2Fkimrivers.co%2F&a=Kim+Rivers)\n. \"We are excited to introduce this innovative and federally compliant\nbeverage line to those seeking a new and alternative form of refreshment.\"\n\nOnward beverages come in a variety of delicious flavors including Blueberry\nMojito, Italian Spritz, Passionfruit Martini, Peach Bellini, and Sea Salt\nMargarita. These low-calorie, non-alcoholic cocktails are crafted in the  USA\nusing naturally derived THC and CBD with no artificial flavors, colors, or\nsweeteners offering consumers a new and natural way to sip, socialize, and\nsavor the moment.\n\nAvailable for purchase by consumers 21 years and older, Onward can be ordered\nvia [ DrinkOnward.com ](http://www.drinkonward.com/) and shipped directly to\nconsumers in 36 states. Four packs of each flavor as well as a variety pack\nare coming soon for purchase at select Florida Total Wine stores in\nClearwater  ,  Fort Lauderdale  ,  Jacksonville  ,  Miami  ,  Orlando  ,\nTallahassee  ,  Tampa  , and  St. Petersburg  .\n\nOnward beverages use a proprietary formulation and manufacturing process to\nprovide a consistent experience in every can. When it comes to transparency\nand quality, we strive to set best practices for the industry and adult\nconsumers. Lab testing for Onward beverages is conducted for each batch at\nfinal formulation and results can be found online at [ COA Testing\n](https://drinkonward.com/pages/lab-results-coa-testing) .\n\nFor more information, please visit [ Drinkonward.com/\n](https://drinkonward.com/) or follow us on Facebook, Instagram, and X at\n@DrinkOnward.\n\n**About Trulieve  \n** Trulieve  is an industry leading, vertically integrated cannabis company\nand multi-state operator in the U.S., with leading market positions in\nArizona  ,  Florida  , and  Pennsylvania  .  Trulieve  is poised for\naccelerated growth and expansion, building scale in retail and distribution in\nnew and existing markets through its hub strategy. By providing innovative,\nhigh-quality products across its brand portfolio,  Trulieve  delivers optimal\ncustomer experiences and increases access to cannabis, helping patients and\ncustomers to live without limits.  Trulieve  is listed on the  CSE  under the\nsymbol  TRUL  and trades on the OTCQX market under the symbol  TCNNF  . For\nmore information, please visit  [ Trulieve.com ](https://www.trulieve.com/) .\n\nFacebook: [ @Trulieve ](https://www.facebook.com/Trulieve/)  \nInstagram: [ @Trulieve_ ](https://www.instagram.com/trulieve_/?hl=en)  \nX: [ @Trulieve\n](https://twitter.com/Trulieve?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor)\n\n**Investor Contact  \n** Christine Hersey  , Vice President of Investor Relations  \n+1 (424) 202-0210  \n[ Christine.Hersey@Trulieve.com ](mailto:Christine.Hersey@Trulieve.com)\n\n**Media Contact**  \nPhil Buck  , APR, Corporate Communications Manager  \n+1 (406) 370-6226  \n[ Philip.Buck@Trulieve.com ](mailto:Philip.Buck@Trulieve.com)\n\n[ ](https://mma.prnewswire.com/media/1720011/Trulieve_LogoV1.html)\n\nView original content to download multimedia: [\nhttps://www.prnewswire.com/news-releases/trulieve-announces-launch-of-onward-\na-premium-thc-beverage-302385626.html ](https://www.prnewswire.com/news-\nreleases/trulieve-announces-launch-of-onward-a-premium-thc-\nbeverage-302385626.html)\n\nSOURCE Trulieve Cannabis Corp.\n\nView original content to download multimedia: [\nhttp://www.newswire.ca/en/releases/archive/February2025/26/c5583.html\n](http://www.newswire.ca/en/releases/archive/February2025/26/c5583.html)\n\nNews Provided by Canada Newswire via QuoteMedia\n\nKeep reading...  Show less\n\n[ Investing News Network ](https://investingnews.com/author/admin/)\n\n20 February\n\n##  [ Trulieve to Open Dispensary in Columbus, Ohio\n](https://investingnews.com/trulieve-to-open-dispensary-in-columbus-ohio/)\n\n_New Franklin County  location will host grand opening celebration  Friday,\nFebruary 21  st  _\n\nTrulieve Cannabis Corp. (CSE: TRUL ) (OTCQX: TCNNF ) (\"Trulieve\" or \"the\nCompany\"), a leading and top-performing cannabis company in the U.S., today\nannounced the opening of a new dispensary in Columbus, Ohio .\n\n[ ](https://mma.prnewswire.com/media/2623910/Trulieve_Columbus_S_High.html)\n\nThe new Trulieve Columbus South High Street will host a grand opening\ncelebration  Friday, February 21  , featuring specials and promotional\ngiveaways.\n\n\"We are excited to open our fifth dispensary in  Ohio  ,\" said Trulieve's\nChief Executive Officer [ Kim Rivers  ](https://kimrivers.co/) . \"We are proud\nto serve downtown  Columbus  and German Village with Trulieve's high-quality,\naffordable products and elite customer experience.\"\n\nThe new dispensary, located at 601 South High Street, will be open  8 a.m.  \u2013\n9 p.m.  , seven days a week, offering walk-in and express pickup service.\nTrulieve also operates dispensaries at the following locations in  Ohio  :\n\n  * 4370  Tonawanda Trail  ,  Beavercreek \n  * 2950 N. High Street,  Columbus \n  * 8295 Sancus Blvd,  Westerville \n  * 3674 Maple Avenue,  Zanesville \n\nTrulieve dispensaries offer customers a wide assortment of cannabis products\nfeaturing popular brands and accessible form factors including capsules,\nedibles, flower, tinctures and topicals.\n\nFor more information on store activations and locations in  Ohio  , please\nvisit [ https://www.trulieve.com/dispensaries/ohio\n](https://www.trulieve.com/dispensaries/ohio) .\n\n**About Trulieve  \n** Trulieve is an industry leading, vertically integrated cannabis company and\nmulti-state operator in the U.S., with leading market positions in  Arizona  ,\nFlorida  , and  Pennsylvania  . Trulieve is poised for accelerated growth and\nexpansion, building scale in retail and distribution in new and existing\nmarkets through its hub strategy. By providing innovative, high-quality\nproducts across its brand portfolio, Trulieve delivers optimal customer\nexperiences and increases access to cannabis, helping patients and customers\nto live without limits. Trulieve is listed on the CSE under the symbol TRUL\nand trades on the OTCQX market under the symbol TCNNF. For more information,\nplease visit [ Trulieve.com ](https://www.trulieve.com/) .\n\nFacebook: [ @Trulieve ](https://www.facebook.com/Trulieve/)  \nInstagram: [ @Trulieve_ ](https://www.instagram.com/trulieve_/?hl=en)  \nX: [ @Trulieve\n](https://x.com/Trulieve?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor)\n\n**Investor Contact  \n** Christine Hersey  , Vice President of Investor Relations  \n+1 (424) 202-0210  \n[ Christine.Hersey@Trulieve.com ](mailto:Christine.Hersey@Trulieve.com)\n\n**Media Contact**  \nPhil Buck  , APR, Corporate Communications Manager  \n+1 (406) 370-6226  \n[ Philip.Buck@Trulieve.com ](mailto:Philip.Buck@Trulieve.com)\n\n[ ](https://mma.prnewswire.com/media/1720011/Trulieve_LogoV1.html)\n\nView original content to download multimedia: [\nhttps://www.prnewswire.com/news-releases/trulieve-to-open-dispensary-in-\ncolumbus-ohio-302380894.html ](https://www.prnewswire.com/news-\nreleases/trulieve-to-open-dispensary-in-columbus-ohio-302380894.html)\n\nSOURCE Trulieve Cannabis Corp.\n\nView original content to download multimedia: [\nhttp://www.newswire.ca/en/releases/archive/February2025/20/c7994.html\n](http://www.newswire.ca/en/releases/archive/February2025/20/c7994.html)\n\nNews Provided by Canada Newswire via QuoteMedia\n\nKeep reading...  Show less\n\n[ Investing News Network ](https://investingnews.com/author/admin/)\n\n11 February\n\n##  [ Trulieve to Open Medical Cannabis Dispensary in Middleburg, Florida\n](https://investingnews.com/trulieve-to-open-medical-cannabis-dispensary-in-\nmiddleburg-florida/)\n\n_New Clay County  location will host grand opening celebration  Friday,\nFebruary 14  th  _\n\nTrulieve Cannabis Corp. (CSE: TRUL ) (OTCQX: TCNNF ) (\"Trulieve\" or \"the\nCompany\"), a leading and top-performing cannabis company in the U.S., today\nannounced the opening of a new medical cannabis dispensary in Middleburg,\nFlorida .\n\n[\n](https://mma.prnewswire.com/media/2617229/Trulieve_Middleburg_Exterior.html)\n\nA grand opening celebration will be held  Friday, February 14  , beginning at\n9 a.m.  , featuring music, specials, discounts, and opportunities to register\nfor upcoming patient education sessions.\n\n\"We are committed to providing value, delivering quality, and helping our\ncustomers enhance their lives through cannabis,\" said Trulieve's Chief\nExecutive Officer [ Kim Rivers\n](https://c212.net/c/link/?t=0&l=en&o=3583460-1&h=961184854&u=https%3A%2F%2Fkimrivers.co%2F&a=Kim+Rivers)\n. \"We are proud to expand access in  Clay County  and look forward to serving\npatients and caregivers at this new location.\"\n\nTrulieve Middleburg, located at 1539 Blanding Boulevard, will be open  9 a.m.\n\u2013  8:30 p.m. Monday through Saturday  and  11 a.m.  \u2013  8 p.m. on Sundays  ,\noffering walk-in and express pickup service.\n\nThe new dispensary will carry a wide variety of popular products including\nTrulieve's portfolio of in-house brands such as Alchemy, Co2lors, Cultivar\nCollection, Modern Flower, Momenta, Muse, Roll One, Sweet Talk, and Trekkers.\nCustomers will also have access to beloved partner brands such as Alien Labs,\nBellamy Brothers  , Binske, Black Tuna,  Blue River  , Connected Cannabis,\nDeLisioso,  Khalifa Kush  , Love's Oven, Miami Mango, O.pen, Seed Junky, and\nSunshine Cannabis, all available exclusively at Trulieve in  Florida  .\n\nAcross  Florida  , Trulieve offers home delivery, convenient online ordering,\nand in-store pickup. Veterans receive 20% off every order when they show their\nmilitary ID, and all first-time guests are eligible for a 60% new customer\ndiscount at any Florida Trulieve location. For more information, or to learn\nhow to become a registered patient, please visit [ Trulieve.com\n](https://www.trulieve.com/) and connect on [ Instagram\n](https://www.instagram.com/trulieve_/?hl=en) or [ Facebook\n](https://www.facebook.com/Trulieve/) .\n\n**About Trulieve  \n** Trulieve is an industry leading, vertically integrated cannabis company and\nmulti-state operator in the U.S., with leading market positions in  Arizona  ,\nFlorida  , and  Pennsylvania  . Trulieve is poised for accelerated growth and\nexpansion, building scale in retail and distribution in new and existing\nmarkets through its hub strategy. By providing innovative, high-quality\nproducts across its brand portfolio, Trulieve delivers optimal customer\nexperiences and increases access to cannabis, helping patients and customers\nto live without limits. Trulieve is listed on the CSE under the symbol TRUL\nand trades on the OTCQX market under the symbol TCNNF. For more information,\nplease visit [ Trulieve.com ](https://www.trulieve.com/) .\n\nFacebook: [ @Trulieve ](https://www.facebook.com/Trulieve/)  \nInstagram: [ @Trulieve_ ](https://www.instagram.com/trulieve_/?hl=en)  \nX: [ @Trulieve\n](https://twitter.com/Trulieve?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor)\n\n**Investor Contact  \n** Christine Hersey  , Vice President of Investor Relations  \n+1 (424) 202-0210  \n[ Christine.Hersey@Trulieve.com ](mailto:Christine.Hersey@Trulieve.com)\n\n**Media Contact**  \nPhil Buck  , APR, Corporate Communications Manager  \n+1 (406) 370-6226  \n[ Philip.Buck@Trulieve.com ](mailto:Philip.Buck@Trulieve.com)\n\n[ ](https://mma.prnewswire.com/media/1720011/Trulieve_LogoV1.html)\n\nView original content to download multimedia: [\nhttps://www.prnewswire.com/news-releases/trulieve-to-open-medical-cannabis-\ndispensary-in-middleburg-florida-302372942.html\n](https://www.prnewswire.com/news-releases/trulieve-to-open-medical-cannabis-\ndispensary-in-middleburg-florida-302372942.html)\n\nSOURCE Trulieve Cannabis Corp.\n\nView original content to download multimedia: [\nhttp://www.newswire.ca/en/releases/archive/February2025/11/c7265.html\n](http://www.newswire.ca/en/releases/archive/February2025/11/c7265.html)\n\nNews Provided by Canada Newswire via QuoteMedia\n\nKeep reading...  Show less\n\n[ Investing News Network ](https://investingnews.com/author/admin/)\n\n05 February\n\n##  [ Trulieve Cannabis Corp. to Hold Fourth Quarter and Full Year 2024\nResults Conference Call on February 27, 2025\n](https://investingnews.com/trulieve-cannabis-corp-to-hold-fourth-quarter-and-\nfull-year-2024-results-conference-call-on-february-27-2025/)\n\nTrulieve Cannabis Corp. (CSE: TRUL ) (OTCQX: TCNNF ) (\"Trulieve\" or \"the\nCompany\"), a leading and top-performing cannabis company in the U.S., will\nhold a conference call on Thursday, February 27, 2025 at 8:30 AM Eastern Time\nfollowing the release of its fourth quarter and full year 2024 financial\nresults.\n\n[ ](https://mma.prnewswire.com/media/1720011/Trulieve_LogoV1.html)\n\nChairman, Founder, and Chief Executive Officer  Kim Rivers  and Chief\nFinancial Officer  Wes Getman  will participate on the call to review\nTrulieve's financial and operating results.\n\nInterested parties can join the conference call by dialing in as directed\nbelow. Please dial in 15 minutes prior to the call and ask to join the\nTrulieve Cannabis Corp. call.\n\nNorth American toll free: 1-844-824-3830  |  Passcode:  |  0313762   \n---|---|---  \nInternational: 1-412-542-4136  |  Passcode:  |  0313762   \n  \nA live audio webcast of the conference call will be available at:  \n[ Trulieve Fourth Quarter and Full Year 2024 Results Call\n](https://app.webinar.net/2rPXwoagz9W)\n\nAn archived replay of the webcast will be available at:  \n[ https://investors.trulieve.com/events\n](https://investors.trulieve.com/events)\n\n**About Trulieve  \n** Trulieve  is an industry leading, vertically integrated cannabis company\nand multi-state operator in the U.S., with leading market positions in\nArizona, Florida, and Pennsylvania.  Trulieve  is poised for accelerated\ngrowth and expansion, building scale in retail and distribution in new and\nexisting markets through its hub strategy. By providing innovative, high-\nquality products across its brand portfolio,  Trulieve  delivers optimal\ncustomer experiences and increases access to cannabis, helping patients and\ncustomers to live without limits.  Trulieve  is listed on the  CSE  under the\nsymbol  TRUL  and trades on the OTCQX market under the symbol  TCNNF  . For\nmore information, please visit  [ Trulieve.com ](https://www.trulieve.com/) .\n\nFacebook: [ @Trulieve ](https://www.facebook.com/Trulieve/)  \nInstagram:  [ @Trulieve ](https://www.instagram.com/trulieve_/?hl=en) [ _\n](https://www.instagram.com/trulieve_/?hl=en)  \nX:  [ @Trulieve\n](https://twitter.com/Trulieve?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor)\n\n**Investor Contact**  \nChristine Hersey  , Vice President of Investor Relations  \n+1 (424) 202-0210  \n[ Christine.Hersey@Trulieve.com ](mailto:Christine.Hersey@Trulieve.com)\n\n**Media Contact**  \nPhil Buck  , APR, Corporate Communications Manager  \n+1 (406) 370-6226  \n[ Philip.Buck@Trulieve.com ](mailto:Philip.Buck@Trulieve.com)\n\nView original content to download multimedia: [\nhttps://www.prnewswire.com/news-releases/trulieve-cannabis-corp-to-hold-\nfourth-quarter-and-full-year-2024-results-conference-call-on-\nfebruary-27-2025-302368139.html ](https://www.prnewswire.com/news-\nreleases/trulieve-cannabis-corp-to-hold-fourth-quarter-and-full-\nyear-2024-results-conference-call-on-february-27-2025-302368139.html)\n\nSOURCE Trulieve Cannabis Corp.\n\nView original content to download multimedia: [\nhttp://www.newswire.ca/en/releases/archive/February2025/05/c7953.html\n](http://www.newswire.ca/en/releases/archive/February2025/05/c7953.html)\n\nNews Provided by Canada Newswire via QuoteMedia\n\nKeep reading...  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By continuing to browse the site, you agree\nto our use of cookies.\n\n\u00d7\n\n\u00d7\n\n",
                "url": "https://investingnews.com/cronos-group-inc-to-hold-2024-fourth-quarter-and-full-year-earnings-conference-call-on-february-27-2025/"
            },
            "reason": "Investing News is a source for investment-related information. The announcement of Cronos Group's earnings call is likely accurate.",
            "reliability_score": 0.8,
            "search_query": "company 'The Cronos Group' customers stakeholders",
            "summary": "Announcement of Cronos Group's 2024 fourth-quarter and full-year earnings conference call.",
            "url": "https://investingnews.com/cronos-group-inc-to-hold-2024-fourth-quarter-and-full-year-earnings-conference-call-on-february-27-2025/"
        },
        {
            "content": {
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                    "ext_id": "7833e7bd-fd6a-4a8c-91e2-28a449fa0c6c",
                    "origin": "public",
                    "resource_location": "web",
                    "resource_type": "webpage",
                    "source": "https://www.biospace.com/cronos-group-inc-sets-date-for-2018-annual-and-special-meeting-of-shareholders"
                },
                "page_content": "[ SUBSCRIBE ](https://www.biospace.com/subscribe-to-newsletters)\n\n[ ](/)\n\n[ SUBSCRIBE ](https://www.biospace.com/subscribe-to-newsletters)\n\n#  Cronos Group Inc. Sets Date for 2018 Annual and Special Meeting of\nShareholders\n\nJune 8, 2018  | \n\n3 min read\n\n  * [ Twitter  ](https://twitter.com/intent/tweet?url=https%3A%2F%2Fwww.biospace.com%2Fcronos-group-inc-sets-date-for-2018-annual-and-special-meeting-of-shareholders&text=Cronos%20Group%20Inc.%20Sets%20Date%20for%202018%20Annual%20and%20Special%20Meeting%20of%20Shareholders)\n  * [ LinkedIn  ](https://www.linkedin.com/shareArticle?url=https%3A%2F%2Fwww.biospace.com%2Fcronos-group-inc-sets-date-for-2018-annual-and-special-meeting-of-shareholders&mini=true&title=Cronos%20Group%20Inc.%20Sets%20Date%20for%202018%20Annual%20and%20Special%20Meeting%20of%20Shareholders&summary=Cronos%20Group%20Inc.%20will%20hold%20its%202018%20Annual%20and%20Special%20Meeting%20of%20Shareholders%20on%20Thursday%2C%20June%2028%2C%202018&source=BioSpace)\n  * [ Facebook  ](https://www.facebook.com/dialog/share?app_id=2120989681618413&display=popup&href=https%3A%2F%2Fwww.biospace.com%2Fcronos-group-inc-sets-date-for-2018-annual-and-special-meeting-of-shareholders)\n  * [ Email  ](mailto:?subject=Check%20out%20this%20article%20on%20BioSpace&body=Cronos%20Group%20Inc.%20Sets%20Date%20for%202018%20Annual%20and%20Special%20Meeting%20of%20Shareholders%0A%0Ahttps%3A%2F%2Fwww.biospace.com%2Fcronos-group-inc-sets-date-for-2018-annual-and-special-meeting-of-shareholders%0A%0ACronos%20Group%20Inc.%20will%20hold%20its%202018%20Annual%20and%20Special%20Meeting%20of%20Shareholders%20on%20Thursday%2C%20June%2028%2C%202018)\n  * [ Print  ](javascript:window.print\\(\\))\n\n##  Cronos Group Inc. will hold its 2018 Annual and Special Meeting of\nShareholders on Thursday, June 28, 2018\n\nTORONTO, June 8, 2018 /PRNewswire/ - **Cronos Group Inc.** (NASDAQ: CRON)\n(TSX: CRON) **(** \u201c **Cronos Group** \u201d or the \u201c **Company** \u201d), a\ngeographically diversified and vertically integrated cannabis group, will hold\nits 2018 Annual and Special Meeting of Shareholders on Thursday, June 28, 2018\nat 9:30 a.m. at the offices of Blake, Cassels & Graydon LLP located at 199 Bay\nStreet, Suite 4000, Commerce Court West, Toronto. The Notice of Meeting,\nManagement Information Circular and Form of Proxy are available on the\nCompany\u2019s website  [ www.thecronosgroup.com ](http://www.thecronosgroup.com/)\nin the governance section. A live audio webcast and replay of the meeting will\nalso be available in the investor relations section of the Company\u2019s website.\n\n**About Cronos Group**  \nCronos Group is a globally diversified and vertically integrated cannabis\ncompany with a presence across four continents. The Company operates two\nwholly-owned Canadian licensed producers regulated under Health Canada\u2019s\n_Access to Cannabis for Medical Purposes Regulations_ : Peace Naturals Project\nInc., which was the first non-incumbent medical cannabis license granted by\nHealth Canada, and Original BC Ltd., which is based in the Okanagan Valley,\nBritish Columbia. The Company has multiple international production and\ndistribution platforms including in Germany, Israel and Australia. The Company\nintends to continue to rapidly expand its global footprint as it focuses on\nbuilding an international iconic brand portfolio and develop disruptive\nintellectual property. Cronos Group is committed to building industry leading\ncompanies that transform the perception of cannabis and responsibly elevate\nthe consumer experience.\n\n**Forward-looking statements**  \nThis news release contains \u201cforward-looking information\u201d and \u201cforward-looking\nstatements\u201d within the meaning of applicable Canadian and U.S. securities\nlaws. All information contained herein that is not clearly historical in\nnature may constitute forward-looking information. In some cases, forward-\nlooking statements can be identified by words or phrases such as \u201cmay\u201d,\n\u201cwill\u201d, \u201cexpect\u201d, \u201cplan\u201d, \u201canticipate\u201d, \u201cintend\u201d, \u201cpotential\u201d, \u201cestimate\u201d,\n\u201cbelieve\u201d or the negative of these terms, or other similar expressions\nintended to identify forward-looking statements. Some of the forward-looking\nstatements contained in this press release, include the Company\u2019s intention to\ncontinue to rapidly expand its global footprint, build an international iconic\nbrand portfolio and develop disruptive intellectual property. Forward-looking\nstatements are necessarily based upon a number of estimates and assumptions\nthat, while considered reasonable by management, are inherently subject to\nsignificant business, economic and competitive risks, uncertainties and\ncontingencies that may cause actual financial results, performance or\nachievements to be materially different from the estimated future results,\nperformance or achievements expressed or implied by those forward-looking\nstatements and the forward-looking statements are not guarantees of future\nperformance. A discussion of some of the material risks applicable to the\nCompany can be found in the Company\u2019s current MD&A and Annual Information\nForm, both of which have been filed on SEDAR and can be accessed at\nwww.sedar.com. The forward-looking information included in this news release\nis made as of the date of this news release and, except as required by law,\nCronos Group disclaims any obligation to update or revise any forward-looking\nstatements. Readers are cautioned not to put undue reliance on these forward-\nlooking statements.\n\nView original content with multimedia:  [ http://www.prnewswire.com/news-\nreleases/cronos-group-inc-sets-date-for-2018-annual-and-special-meeting-of-\nshareholders-300662199.html ](http://www.prnewswire.com/news-releases/cronos-\ngroup-inc-sets-date-for-2018-annual-and-special-meeting-of-\nshareholders-300662199.html)\n\nSOURCE Cronos Group Inc.\n\n  * [ Twitter  ](https://twitter.com/intent/tweet?url=https%3A%2F%2Fwww.biospace.com%2Fcronos-group-inc-sets-date-for-2018-annual-and-special-meeting-of-shareholders&text=Cronos%20Group%20Inc.%20Sets%20Date%20for%202018%20Annual%20and%20Special%20Meeting%20of%20Shareholders)\n  * [ LinkedIn  ](https://www.linkedin.com/shareArticle?url=https%3A%2F%2Fwww.biospace.com%2Fcronos-group-inc-sets-date-for-2018-annual-and-special-meeting-of-shareholders&mini=true&title=Cronos%20Group%20Inc.%20Sets%20Date%20for%202018%20Annual%20and%20Special%20Meeting%20of%20Shareholders&summary=Cronos%20Group%20Inc.%20will%20hold%20its%202018%20Annual%20and%20Special%20Meeting%20of%20Shareholders%20on%20Thursday%2C%20June%2028%2C%202018&source=BioSpace)\n  * [ Facebook  ](https://www.facebook.com/dialog/share?app_id=2120989681618413&display=popup&href=https%3A%2F%2Fwww.biospace.com%2Fcronos-group-inc-sets-date-for-2018-annual-and-special-meeting-of-shareholders)\n  * [ Email  ](mailto:?subject=Check%20out%20this%20article%20on%20BioSpace&body=Cronos%20Group%20Inc.%20Sets%20Date%20for%202018%20Annual%20and%20Special%20Meeting%20of%20Shareholders%0A%0Ahttps%3A%2F%2Fwww.biospace.com%2Fcronos-group-inc-sets-date-for-2018-annual-and-special-meeting-of-shareholders%0A%0ACronos%20Group%20Inc.%20will%20hold%20its%202018%20Annual%20and%20Special%20Meeting%20of%20Shareholders%20on%20Thursday%2C%20June%2028%2C%202018)\n  * [ Print  ](javascript:window.print\\(\\))\n\n[ Events ](https://www.biospace.com/events)\n\nMORE ON THIS TOPIC\n\n[ ](https://www.biospace.com/drug-development/safety-questions-loom-in-\nduchenne-as-dyne-wave-and-others-plan-fda-filings)\n\n[ Duchenne muscular dystrophy ](https://www.biospace.com/duchenne-muscular-\ndystrophy)\n\n[ Safety Questions Loom in Duchenne as Dyne, Wave and Others Plan FDA Filings\n](https://www.biospace.com/drug-development/safety-questions-loom-in-duchenne-\nas-dyne-wave-and-others-plan-fda-filings)\n\nMarch 27, 2025\n\n\u00b7\n\n8 min read\n\n\u00b7\n\n[ Heather McKenzie ](https://www.biospace.com/heather-mckenzie)\n\n[ ](https://www.biospace.com/drug-development/Novartis-intrathecal-zolgensma-\neffective-in-older-children)\n\n[ Spinal muscular atrophy ](https://www.biospace.com/spinal-muscular-atrophy)\n\n[ Novartis\u2019 Intrathecal Zolgensma Effective in Older Children\n](https://www.biospace.com/drug-development/Novartis-intrathecal-zolgensma-\neffective-in-older-children)\n\nMarch 19, 2025\n\n\u00b7\n\n6 min read\n\n\u00b7\n\n[ Heather McKenzie ](https://www.biospace.com/heather-mckenzie)\n\n[ ](https://www.biospace.com/policy/transparency-missing-in-action-at-hhs-\ndespite-leaders-calls-for-clarity)\n\n[ Editorial ](https://www.biospace.com/editorial)\n\n[ Transparency Missing in Action at HHS Despite Leaders\u2019 Calls for Clarity\n](https://www.biospace.com/policy/transparency-missing-in-action-at-hhs-\ndespite-leaders-calls-for-clarity)\n\nFebruary 28, 2025\n\n\u00b7\n\n4 min read\n\n\u00b7\n\n[ Heather McKenzie ](https://www.biospace.com/heather-mckenzie)\n\n[ ](https://www.biospace.com/drug-development/bms-pfizer-challenge-colorectal-\ncancer-standard-care-with-asco-gi-readouts)\n\n[ Cancer ](https://www.biospace.com/cancer)\n\n[ BMS, Pfizer Challenge Colorectal Cancer Standard Care With ASCO GI Readouts\n](https://www.biospace.com/drug-development/bms-pfizer-challenge-colorectal-\ncancer-standard-care-with-asco-gi-readouts)\n\nJanuary 27, 2025\n\n\u00b7\n\n2 min read\n\n\u00b7\n\n[ Tristan Manalac ](https://www.biospace.com/tristan-manalac)\n\n[ ](/)\n\n_BioSpace_ is the digital hub for life science news and jobs. 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                "url": "https://www.biospace.com/cronos-group-inc-sets-date-for-2018-annual-and-special-meeting-of-shareholders"
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            "reason": "BioSpace is a news source for the biopharmaceutical industry. The announcement of Cronos Group's shareholder meeting is likely accurate.",
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            "summary": "Announcement of Cronos Group's 2018 annual and special meeting of shareholders.",
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                "page_content": "#  Your technology and innovation partner\n\n####  The Cronos Group is an outstanding example of innovative\nentrepreneurship.\n\n[ ](https://cronos-groep.be/wp-content/uploads/2020/10/rhinox_001_int_wz.gif)\n\n[ ](https://cronos-groep.be/wp-\ncontent/uploads/2020/11/cronosadleie_001_int_bw-1024x683.jpg)\n\n[ ](https://cronos-groep.be/wp-\ncontent/uploads/2020/11/leuv_take001_ext_bl-1024x576.jpg)\n\nFounded in 1991, The Cronos Group has evolved from a one-man business to a\nlarge group of companies with >9000 employees. The group was originally\nfounded by and for technology people for the express purpose of helping those\npeople grow as far as their ambitions reached, even if that meant starting for\nthemselves.\n\nSince then, this mission statement has been expanded and the group enriched\nwith people from the creative sector who are able to communicate well with the\n\u2018business people\u2019 yet are able to speak with the Cronos IT staff at their own\nlevel, resulting in the most creative and technologically optimal solution for\ncustomers.\n\nThe group is also continuously looking for creative, driven people and is\nalways willing to listen to innovative ideas from potential entrepreneurs.\n\n[ More about The Cronos Group  ](https://cronos-groep.be/en/over-ons/ \"Over\nons\")\n\n##  Who are we\n\n__\n\n#####  Innovative entrepreneurship\n\nThe Cronos Group is a diverse group, active in a number of innovative sectors.\nThe company seeks to serve as a catalyst for the development of scientific\nresearch on new technologies into business solutions.\n\n__\n\n#####  Strong group\n\nThe Cronos Group is also an early stage investor, incubator, integrator and\nventure capital firm. The Cronos Group has holdings in more than 570 companies\nin various sectors and is actively involved in the start-up of some 20\ncompanies per year.\n\n__\n\n#####  New technologies\n\nThe companies under The Cronos Group are pioneers in the introduction and use\nof new and innovative technologies, serving companies in various sectors that\nare often impacted by major changes, such as the media sector and publishers,\nbanking and insurance, utilities, etc.\n\n__\n\n#####  Support\n\nThe Cronos Group searches the world for the best technology, actively forms\nknowledge cells and encourages potential entrepreneurs within the knowledge\ncells to pursue the technology in question.\n\n[ Contact us  ](https://cronos-groep.be/en/contact/ \"Contact\")\n\n##  Our succes story\n\n> 1\n\n#####  Employees\n\n1\n\n#####  Billion euro consolidated turnover\n\n1\n\n#####  Customers in the Benelux\n\n##  Cronos Classic Cycling\n\n[ ](https://cronos-groep.be/wp-\ncontent/uploads/2021/10/CC.zo_.217-1024x683.jpg)\n\n[ ](https://cronos-groep.be/wp-\ncontent/uploads/2021/10/CC.zo_.160-1024x683.jpg)\n\n[ ](https://cronos-groep.be/wp-\ncontent/uploads/2021/10/CC.za_.007-1024x683.jpg)\n\n[ ](https://cronos-groep.be/wp-\ncontent/uploads/2021/10/CC.za_.100-1024x683.jpg)\n\n[ ](https://cronos-groep.be/wp-\ncontent/uploads/2021/10/CC.za_.027-1024x683.jpg)\n\n[ ](https://cronos-groep.be/wp-\ncontent/uploads/2021/10/CC.za_.079-1024x683.jpg)\n\n[ ](https://cronos-groep.be/wp-\ncontent/uploads/2021/10/CC.zo_.220-1024x683.jpg)\n\n[ ](https://cronos-groep.be/wp-\ncontent/uploads/2021/10/CC.zo_.228-1024x683.jpg)\n\n[ ](https://cronos-groep.be/wp-\ncontent/uploads/2021/10/CC.zo_.237-1024x683.jpg)\n\n[ ](https://cronos-groep.be/wp-\ncontent/uploads/2021/10/CC.zo_.244-1024x683.jpg)\n\n[ ](https://cronos-groep.be/wp-\ncontent/uploads/2021/10/CC.zo_.255-1024x683.jpg)\n\n[ ](https://cronos-groep.be/wp-\ncontent/uploads/2021/10/CC.zo_.276-1024x683.jpg)\n\n[ ](https://cronos-groep.be/wp-\ncontent/uploads/2021/10/CC.zo_.278-1024x683.jpg)\n\n[ ](https://cronos-groep.be/wp-\ncontent/uploads/2021/10/CC.zo_.297-1024x683.jpg)\n\n[ ](https://cronos-groep.be/wp-\ncontent/uploads/2021/10/CC.zo_.307-1024x683.jpg)\n\n[ Request all photos here  ](/cdn-cgi/l/email-\nprotection#3754585a5a42595e5456435e5277544558595844195552084442555d5254430a74455859584417745b5644445e5417744e545b5e5950)\n\n##  Initiatives\n\n###  Do you want to start a new initiative? Are you looking for a nice\nworkplace or an internship? Would you like to learn more about the different\nareas of expertise?\n\n[ Contact us  ](https://cronos-groep.be/en/contact/ \"Contact\")\n\n#####  The Cronos Group hq\n\nBusiness Park Kings Square  \nVeldkant 33A \u2013 2550 Kontich  \nBelgium\n\nPhone: 03 450 80 30\n\n#####  Instagram feed\n\n#####  Contact us directly\n\n######  Jef de wit\n\n[ __ ](/cdn-cgi/l/email-protection#a1cbc4c78fc5c4d6c8d5e1c2d3cecfced28fc3c4)\n\n######  Dirk Deroost\n\n[ __ ](/cdn-cgi/l/email-\nprotection#54303d263f7a3031263b3b27201437263b3a3b277a3631)\n\nOr fill in our [ contact form ](/?page_id=213) .\n\n\u00a9 The Cronos Group \u2013 [ Sustainability ](https://cronos-groep.be/wp-\ncontent/uploads/2024/05/Cronos-ESG.pdf) \u2013 [ Confide\n](https://cronos.app/confide) \u2013 [ Privacy Policy ](/?page_id=233) \u2013 [ Cookie\nPolicy ](/?page_id=217) \u2013 [ Press kit ](https://de-cronos-groep.prezly.com/)\n\nFOLLOW US\n\n[ __ ](https://www.facebook.com/DeCronosGroep \"Facebook\")\n\nFacebook\n\n[ __ ](https://www.instagram.com/decronosgroep/ \"Instagram\")\n\nInstagram\n\n[ __ ](https://www.linkedin.com/company/cronos \"LinkedIn\")\n\nLinkedIn\n\n[ __ ](https://twitter.com/CronosGroep \"Twitter\")\n\nTwitter\n\n[ __ ](https://www.youtube.com/channel/UCsDzxe6vT5vXGT_95SOjuaA \"YouTube\")\n\nYouTube\n\nManage Cookie Consent\n\nThis website uses cookies to improve your user experience. We process cookies\nfor (1) electronic communication and display of the website, (2) further\ndesign, (3) measurement and analysis of your usage , (4) displaying tailored\ncontent and advertisements and (5) third-party purposes (if applicable). You\ncan choose to accept or refuse the use of cookies (with the exception of\nessential cookies) for each category. Refusing certain categories of cookies\n(e.g. functional cookies or marketing cookies) may impact your user experience\nor prevent us from further improving that user experience. The 'Preferences'\nbutton allows you to set or change your preferences now or later. More\ninformation on cookie processing can be found in our [ cookie statement\n](https://cronos-groep.be/cookie-policy/) .\n\nFunctional  Always active\n\nThe technical storage or access is strictly necessary for the legitimate\npurpose of enabling the use of a specific service explicitly requested by the\nsubscriber or user, or for the sole purpose of carrying out the transmission\nof a communication over an electronic communications network.\n\nVoorkeuren\n\nDe technische opslag of toegang is noodzakelijk voor het legitieme doel\nvoorkeuren op te slaan die niet door de abonnee of gebruiker zijn aangevraagd.\n\nStatistics\n\nThe technical storage or access that is used exclusively for anonymous\nstatistical purposes. Without a subpoena, voluntary compliance on the part of\nyour Internet Service Provider, or additional records from a third party,\ninformation stored or retrieved for this purpose alone cannot usually be used\nto identify you.  De technische opslag of toegang die uitsluitend wordt\ngebruikt voor anonieme statistische doeleinden. Zonder dagvaarding,\nvrijwillige naleving door je Internet Service Provider, of aanvullende\ngegevens van een derde partij, kan informatie die alleen voor dit doel wordt\nopgeslagen of opgehaald gewoonlijk niet worden gebruikt om je te\nidentificeren.\n\nMarketing\n\nThe technical storage or access is required to create user profiles to send\nadvertising, or to track the user on a website or across several websites for\nsimilar marketing purposes.\n\nManage options  Manage services  Manage {vendor_count} vendors  [ Read more\nabout these purposes ](https://cookiedatabase.org/tcf/purposes/)\n\nView preferences\n\n{title}  {title}  {title}\n\n",
                "url": "https://cronos-groep.be/en/"
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                    "source": "https://mjbizdaily.com/altria-cronos-exclusive-partnership/"
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                "page_content": "Enable JavaScript and cookies to continue\n\n",
                "url": "https://mjbizdaily.com/altria-cronos-exclusive-partnership/"
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            "reason": "This article from MJBizDaily discusses the partnership between Altria and Cronos, a reputable source for cannabis business news.",
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            "summary": "Article on MJBizDaily about Altria and Cronos partnership.",
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                    "source": "https://www.cannabisbusinesstimes.com/business-issues-benchmarks/finance/news/15691905/cronos-group-founder-mike-gorenstein-returns-as-ceo"
                },
                "page_content": "[ ](https://fluence-led.com/5-things-every-new-grower-should-know-before-\nstarting/?utm_source=CBT&utm_medium=display&utm_campaign=970x250&utm_content=5ThingsCasey)\n\n#  Cronos Group Founder Mike Gorenstein Returns as CEO\n\nThe executive shuffle comes as Kurt Schmidt, former president and CEO,\nretires.\n\n* * *\n\n[ ](/about-us/contact/15684934/posted-by-tony-lange)\n\n[ Tony Lange ](/about-us/contact/15684934/posted-by-tony-lange)\n\nMarch 21, 2022\n\n**TORONTO, March 21, 2022 \u2013 PRESS RELEASE \u2013** Cronos Group Inc., an innovative\nglobal cannabinoid company, announced that its board of directors has\nappointed Mike Gorenstein as chairman, president, and CEO, effective March 21,\n2022, in connection with Kurt Schmidt\u2019s retirement.\n\n\u201cMike is a visionary leader who knows Cronos better than anyone,\u201d said Jim\nRudyk, lead independent director of Cronos. \u201cHe is uniquely positioned to\noversee the implementation of our strategic and operational realignment\ninitiatives as we create a highly differentiated branded cannabinoid platform\nto drive long-term success. A key element of our plan is being ready for entry\ninto the U.S. cannabis market once federally permitted\u2014with Mike leading that\ncharge every step of the way.\u201d\n\n[ ](https://www.cannabisbusinesstimes.com/page/subscribe)\n\nRudyk added, \u201cOn behalf of the board of directors, I would like to thank Kurt\nfor his stewardship through the challenges of the pandemic and broader\nindustry headwinds. We are grateful for his contributions to Cronos and wish\nhim all the best in his retirement.\u201d\n\n[ ](https://hubs.ly/Q03dknmq0)\n\nGorenstein previously served as chairman, president and CEO of Cronos until\nSeptember 2020, when he transitioned to the executive chairman role. In\naddition, he is a co-founder and passive member of Gotham Green Partners.\n\n\u201cI am excited to return as CEO and accelerate progress by leveraging the\ninnovative and daring approach that Cronos was built on,\u201d Gorenstein said. \u201cWe\npositioned Cronos to have the best tools to succeed in this market with our\nevolving asset-light supply chain, an organically growing brand in Canada,\ndifferentiated IP with a focus on rare cannabinoids, and one of the strongest\nbalance sheets in the industry. Now it is time to use those tools to deliver\nmeaningful shareholder value.\u201d\n\nGorenstein\u2019s immediate areas of focus include:\n\n  * Delivering margin accretive growth focusing on adult-use product formats; \n  * Continuing to drive rare cannabinoid development and commercialization strategy; \n  * Cutting costs and focusing investments to the highest ROI opportunities, specifically \u201cborderless\u201d investments that can create incremental revenue as new markets come online; \n  * Leading a successful transition from Peace Naturals Campus to a more agile supply chain; and \n  * Positioning Cronos to win in the U.S. cannabis market. \n\n[ ](https://hubs.ly/Q03dknmq0)\n\n[ ](https://hubs.ly/Q03dknmq0)\n\nRecommended\n\n[ ](/finance/news/15742301/tilray-brands-reports-quarterly-financial-results-\nconfirms-no-tariff-impacts)\n\n#####  [ Tilray Brands Reports Quarterly Financial Results, Confirms No Tariff\nImpacts ](/finance/news/15742301/tilray-brands-reports-quarterly-financial-\nresults-confirms-no-tariff-impacts)\n\n[ ](/finance/news/15740168/sndl-reports-q4-and-full-year-2024-financial-and-\noperational-results)\n\n#####  [ SNDL Reports Q4 and Full Year 2024 Financial and Operational Results\n](/finance/news/15740168/sndl-reports-q4-and-full-year-2024-financial-and-\noperational-results)\n\n[ ](/finance/news/15739806/ascend-wellness-reports-562m-revenue-in-cannabis-\nmarket)\n\n#####  [ Ascend Wellness Reports $562 Million in 2024 Revenue\n](/finance/news/15739806/ascend-wellness-reports-562m-revenue-in-cannabis-\nmarket)\n\n[ ](/finance/news/15739798/cannabist-co-reports-459m-revenue-in-2024-earnings)\n\n#####  [ The Cannabist Co. Reports $459 Million in 2024 Revenue\n](/finance/news/15739798/cannabist-co-reports-459m-revenue-in-2024-earnings)\n\nRelated Stories\n\n[ ](/business-issues-benchmarks/finance/news/15692029/terrascend-exec-we-want-\nto-add-one-to-two-additional-states-over-the-next-six-to-12-months)\n\n#####  [ TerrAscend Exec: \u2018We Want to Add One to Two Additional States Over\nthe Next Six to 12 Months\u2019 ](/business-issues-\nbenchmarks/finance/news/15692029/terrascend-exec-we-want-to-add-one-to-two-\nadditional-states-over-the-next-six-to-12-months)\n\n[ ](/business-issues-benchmarks/finance/news/15692011/alberta-officially-\nlaunches-online-cannabis-sales-delivery-in-private-sector)\n\n#####  [ Alberta Officially Launches Online Cannabis Sales, Delivery in\nPrivate Sector ](/business-issues-benchmarks/finance/news/15692011/alberta-\nofficially-launches-online-cannabis-sales-delivery-in-private-sector)\n\n[ ](/business-issues-benchmarks/finance/news/15692435/biden-anti-cannabis-\nstock-policy-revealed-in-new-uncovering)\n\n#####  [ Biden Anti-Cannabis Stock Policy Revealed in New Uncovering\n](/business-issues-benchmarks/finance/news/15692435/biden-anti-cannabis-stock-\npolicy-revealed-in-new-uncovering)\n\n[ ](/business-issues-benchmarks/finance/news/15692458/cannabis-conference-\nannounces-2022-education-program)\n\n#####  [ Cannabis Conference Announces 2022 Education Program ](/business-\nissues-benchmarks/finance/news/15692458/cannabis-conference-\nannounces-2022-education-program)\n\nMore in Finance\n\n#####  [ Tilray Brands Reports Quarterly Financial Results, Confirms No Tariff\nImpacts ](/finance/news/15742301/tilray-brands-reports-quarterly-financial-\nresults-confirms-no-tariff-impacts)\n\n[ The global cannabis company generated a net revenue of $186 million in the\nthird fiscal quarter, verifying it has no current impacts from U.S. tariffs.\n](/finance/news/15742301/tilray-brands-reports-quarterly-financial-results-\nconfirms-no-tariff-impacts)\n\n[ ](/finance/news/15742301/tilray-brands-reports-quarterly-financial-results-\nconfirms-no-tariff-impacts)\n\n#####  [ SNDL Reports Q4 and Full Year 2024 Financial and Operational Results\n](/finance/news/15740168/sndl-reports-q4-and-full-year-2024-financial-and-\noperational-results)\n\n[ The company reported record full-year net revenue, gross profit and gross\nmargin, as well as positive cash flow and free cash flow.\n](/finance/news/15740168/sndl-reports-q4-and-full-year-2024-financial-and-\noperational-results)\n\n[ ](/finance/news/15740168/sndl-reports-q4-and-full-year-2024-financial-and-\noperational-results)\n\n#####  [ Ascend Wellness Reports $562 Million in 2024 Revenue\n](/finance/news/15739806/ascend-wellness-reports-562m-revenue-in-cannabis-\nmarket)\n\n[ The cannabis company also reported its second full year of positive cash\nfrom operations and positive free cash flow. ](/finance/news/15739806/ascend-\nwellness-reports-562m-revenue-in-cannabis-market)\n\n[ ](/finance/news/15739806/ascend-wellness-reports-562m-revenue-in-cannabis-\nmarket)\n\n#####  [ The Cannabist Co. Reports $459 Million in 2024 Revenue\n](/finance/news/15739798/cannabist-co-reports-459m-revenue-in-2024-earnings)\n\n[ The cannabis company continues to complete divestitures, reduce operating\nand overhead costs, and refine its inventory assortment.\n](/finance/news/15739798/cannabist-co-reports-459m-revenue-in-2024-earnings)\n\n[ ](/finance/news/15739798/cannabist-co-reports-459m-revenue-in-2024-earnings)\n\n#####  [ Green Thumb Industries Announces $50 Million Share Repurchase Program\n](/business-issues-benchmarks/finance/news/15686434/green-thumb-industries-\nannounces-50-million-share-repurchase-program)\n\n[ The program authorizes the cannabis company to repurchase up to nearly 10.6\nmillion subordinate voting shares during the next 12 months. ](/business-\nissues-benchmarks/finance/news/15686434/green-thumb-industries-\nannounces-50-million-share-repurchase-program)\n\n[ ](/business-issues-benchmarks/finance/news/15686434/green-thumb-industries-\nannounces-50-million-share-repurchase-program)\n\n#####  [ Green Thumb Industries Refinances Senior Debt, Closing on $150\nMillion Syndicated Credit Facility ](/business-issues-\nbenchmarks/finance/news/15686440/green-thumb-industries-refinances-senior-\ndebt-closing-on-150-million-syndicated-credit-facility)\n\n[ The cannabis company intends to use the proceeds along with existing cash to\nretire its $225 million senior secured debt. ](/business-issues-\nbenchmarks/finance/news/15686440/green-thumb-industries-refinances-senior-\ndebt-closing-on-150-million-syndicated-credit-facility)\n\n[ ](/business-issues-benchmarks/finance/news/15686440/green-thumb-industries-\nrefinances-senior-debt-closing-on-150-million-syndicated-credit-facility)\n\n[ ](https://www.cannabisbusinesstimes.com/page/subscribe)\n\n#####  [ Ascend Wellness Holdings Removes CEO, Terminates CFO ](/business-\nissues-benchmarks/finance/news/15686476/ascend-wellness-holdings-removes-ceo-\nterminates-cfo)\n\n[ The cannabis company appointed board Director Samuel Brill to replace John\nHartman as CEO. The company also appointed a new president and CFO.\n](/business-issues-benchmarks/finance/news/15686476/ascend-wellness-holdings-\nremoves-ceo-terminates-cfo)\n\n[ ](/business-issues-benchmarks/finance/news/15686476/ascend-wellness-\nholdings-removes-ceo-terminates-cfo)\n\n#####  [ TerrAscend Offers $10 Million Share Repurchase Program ](/business-\nissues-benchmarks/finance/news/15686491/terrascend-offers-10-million-share-\nrepurchase-program)\n\n[ The company is authorized to repurchase up to 10 million shares but is not\nobligated to purchase any shares during the 12-month stock buyback program.\n](/business-issues-benchmarks/finance/news/15686491/terrascend-\noffers-10-million-share-repurchase-program)\n\n[ ](/business-issues-benchmarks/finance/news/15686491/terrascend-\noffers-10-million-share-repurchase-program)\n\n#####  [ Curaleaf Reports $342 Million in Q2 Revenue ](/business-issues-\nbenchmarks/finance/news/15686512/curaleaf-reports-342-million-in-q2-revenue)\n\n[ The global cannabis company now operates in 15 countries. ](/business-\nissues-benchmarks/finance/news/15686512/curaleaf-reports-342-million-\nin-q2-revenue)\n\n[ ](/business-issues-benchmarks/finance/news/15686512/curaleaf-\nreports-342-million-in-q2-revenue)\n\n#####  [ The Cannabist Co. Reports Second Quarter 2024 Financial Results\n](/business-issues-benchmarks/finance/news/15686514/the-cannabist-co-reports-\nsecond-quarter-2024-financial-results)\n\n[ The company reported $125 million in revenue for the period. ](/business-\nissues-benchmarks/finance/news/15686514/the-cannabist-co-reports-second-\nquarter-2024-financial-results)\n\n[ ](/business-issues-benchmarks/finance/news/15686514/the-cannabist-co-\nreports-second-quarter-2024-financial-results)\n\n#####  [ Cresco Labs Determines IRS Section 280E Not Applicable to its\nBusiness ](/business-issues-benchmarks/finance/news/15686515/cresco-labs-\ndetermines-irs-section-280e-not-applicable-to-its-business)\n\n[ The company reported an improvement of more than 800 basis points year-over-\nyear in its adjusted EBITDA margin for the second quarter of 2024.\n](/business-issues-benchmarks/finance/news/15686515/cresco-labs-determines-\nirs-section-280e-not-applicable-to-its-business)\n\n[ ](/business-issues-benchmarks/finance/news/15686515/cresco-labs-determines-\nirs-section-280e-not-applicable-to-its-business)\n\n#####  [ Verano Reports $222 Million in Revenue for Q2 ](/business-issues-\nbenchmarks/finance/news/15686519/verano-reports-222-million-in-revenue-for-q2)\n\n[ The company\u2019s second quarter 2024 financial performance featured the\nauthorization of a share repurchase program. ](/business-issues-\nbenchmarks/finance/news/15686519/verano-reports-222-million-in-revenue-for-q2)\n\n[ ](/business-issues-benchmarks/finance/news/15686519/verano-\nreports-222-million-in-revenue-for-q2)\n\n[ ](https://www.cannabisbusinesstimes.com/page/subscribe)\n\nPage 1 of 183\n\n[ Next Page ](/business-issues-benchmarks/finance?page=2)\n\n[ ](/)\n\nFollow Cannabis Business Times\n\n[ ](https://www.facebook.com/canbusinesstimes \"Visit us on Facebook\") [\n](https://www.linkedin.com/company/cannabis-business-times \"Visit us on\nLinkedin\") [ ](https://twitter.com/CBTmag \"Visit us on Twitter\")\n\n[ \u00a9 2025 Transpire Media. 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                "url": "https://www.cannabisbusinesstimes.com/business-issues-benchmarks/finance/news/15691905/cronos-group-founder-mike-gorenstein-returns-as-ceo"
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            "reason": "Cannabis Business Times is a reputable source for news in the cannabis industry. The article reports on the return of Cronos Group's founder as CEO.",
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            "search_query": "company 'The Cronos Group' activities value chain",
            "summary": "News article in Cannabis Business Times about Cronos Group's CEO.",
            "url": "https://www.cannabisbusinesstimes.com/business-issues-benchmarks/finance/news/15691905/cronos-group-founder-mike-gorenstein-returns-as-ceo"
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                    "source": "https://www.greenmarketreport.com/cronos-group-leans-into-growco-as-revenue-rises/"
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                "page_content": "  * [ Cronos Group Inc. ](https://www.greenmarketreport.com/tag/cronos-group-inc/)\n  * [ earnings ](https://www.greenmarketreport.com/tag/earnings/)\n\n[\n](https://www.facebook.com/sharer/sharer.php?u=https://www.greenmarketreport.com/cronos-\ngroup-leans-into-growco-as-revenue-rises/) [\n](https://twitter.com/intent/tweet?text=https://www.greenmarketreport.com/cronos-\ngroup-leans-into-growco-as-revenue-rises/) [\n](https://www.linkedin.com/shareArticle?url=https://www.greenmarketreport.com/cronos-\ngroup-leans-into-growco-as-revenue-rises/) [\n](https://api.whatsapp.com/send?text=https://www.greenmarketreport.com/cronos-\ngroup-leans-into-growco-as-revenue-rises/)\n\n###  Related Articles\n\n[ ](https://www.greenmarketreport.com/hemp-industry-calls-out-fda-for-its-\ninconsistent-stance-on-regulation/ \"Hemp industry calls out FDA for its\n\u2018inconsistent stance\u2019 on regulation\")\n\n[ Business ](https://www.greenmarketreport.com/category/business/)\n\n####  [ Hemp industry calls out FDA for its \u2018inconsistent stance\u2019 on\nregulation ](https://www.greenmarketreport.com/hemp-industry-calls-out-fda-\nfor-its-inconsistent-stance-on-regulation/ \"Hemp industry calls out FDA for\nits \u2018inconsistent stance\u2019 on regulation\")\n\n[ Business ](https://www.greenmarketreport.com/category/business/)\n\n####  [ Connecticut launches new state agency to oversee marijuana trade\n](https://www.greenmarketreport.com/connecticut-launches-new-state-agency-to-\noversee-marijuana-trade/ \"Connecticut launches new state agency to oversee\nmarijuana trade\")\n\n* * *\n\n[ Business ](https://www.greenmarketreport.com/category/business/)\n\n####  [ US cannabis forecast slashed by $21.1B through 2030\n](https://www.greenmarketreport.com/us-cannabis-forecast-slashed-\nby-21-1b-through-2030/ \"US cannabis forecast slashed by $21.1B through 2030\")\n\n* * *\n\nCronos beat the analyst estimates for revenues and is sitting on a mountain of\ncash.\n\n[ Cronos Group Inc. ](https://www.thecronosgroup.com/) (NASDAQ: CRON) (TSX:\nCRON) announced its [ second-quarter 2024\n](https://finance.yahoo.com/news/cronos-group-\nreports-2024-second-113000613.html) earnings with revenue climbing to $38.6\nmillion over last year\u2019s $25.7 million. This beat the Yahoo Finance average\nanalyst estimate for revenue of $26.1 million.\n\n[ Cronos ](https://www.greenmarketreport.com/cronos-brands-fuel-30-revenue-\nsurge-as-net-loss-improves/) told investors that the increase was due to\nhigher cannabis flower and cannabis extract sales in Canada, higher cannabis\nflower sales in Israel, and sales to other international markets of Germany\nand the United Kingdom. It was partially offset by an adverse price/mix in the\nCanadian cannabis flower category driving increased excise tax payments as a\npercentage of revenue.\n\nThe company\u2019s net loss was essentially flat at $8.7 million, and the company\nended the quarter with cash and cash equivalents of $848 million. Cronos\nreported a consolidated cost of sales of $21.1 million, representing an\nincrease of $5.1 million from last year\u2019s second quarter.\n\n\u201cCronos achieved its highest quarterly net revenue on record in Q2 2024 at\n$27.8 million, up 46% year-over-year. The top line was propelled by 46% growth\nyear-over-year in Canada, 27% growth year-over-year in Israel, growth in\nGermany and the initiation of sales in the United Kingdom. These results\nreflect the hard work and dedication of our entire team, reinforcing our\nconfidence in sustained growth and success,\u201d said President and CEO Mike\nGorenstein.\n\nIn the second quarter of 2023, Cronos exited its U.S. hemp-derived CBD\noperations. The company said in a statement that the exit of the U.S.\noperations represented a strategic shift, and as such, qualified for reporting\nas discontinued operations.\n\n##  Cronos GrowCo\n\n\u201cOur recent investment in our joint venture, [ Cronos GrowCo\n](https://www.greenmarketreport.com/cronos-group-expands-growco-cannabis-\njoint-venture/) , is intended to ensure a consistent supply of high-quality\ncannabis biomass, fueling our global growth initiatives. Cronos will\nconsolidate the results of Cronos GrowCo\u2019s operations in Q3 2024, which will\nshow the value that Cronos GrowCo provides to our supply chain,\u201d continued Mr.\nGorenstein.\n\nCronos said it provided approximately $51 million in a secured non-revolving\ncredit facility to Cronos GrowCo to fund facility expansion. In addition to\nthat, the Cronos GrowCo board of directors expanded to five members, three of\nwhom were appointed by Cronos.\n\nBefore cannabis is first sold from the expanded facility, Cronos Group said it\nwould have the option to buy up to 80% of the total production. After that, it\nwill have the option to buy up to 70%. Cronos said it will consolidate Cronos\nGrowCo\u2019s results in its financial statements beginning in the third quarter of\n2024.\n\n##  Brand updates\n\nGorenstein told investors that the Spinach brand continues to lead in Canada,\nwith new introductions like Spinach Grindz and SOURZ Fully Blasted 10mg THC\ngummies contributing to revenue growth in the quarter. \u201cThe Lord Jones brand\nalso enhanced its offerings with new vape and pre-roll products, strengthening\nour market presence. Internationally, our leading medical brand, PEACE\nNATURALS, successfully expanded into the UK and continues to solidify top-tier\npositioning in the German market. In Israel, our team continues to focus on\nbringing new high-quality strains to market under the PEACE NATURALS brand to\ncomplement our popular hero strains, GMO and Wedding Cake, which have driven\nsignificant volume growth.\u201d\n\nRegarding Israel, Cronos said it continues to monitor the conflict and the\npotential impacts it could have on the company\u2019s personnel and business, as\nwell as the recorded amounts of assets and liabilities related to the\ncompany\u2019s operations in Israel. The statement said, \u201cThe extent to which the\nMiddle East Conflict may impact the Company\u2019s personnel, business and\nactivities will depend on future developments which remain highly uncertain\nand cannot be predicted. It is possible that the recorded amounts of assets\nand liabilities related to the Company\u2019s operations in Israel could change\nmaterially in the near term.\u201d\n\n##  Looking ahead\n\nCronos reiterated its previously announced operating expense savings target of\n$5 to $10 million on a standalone basis in 2024 primarily driven by savings in\ngeneral and administrative, sales and marketing and research and development.\nThe operating expense savings target excludes the impact of the consolidation\nof Cronos GrowCo\u2019s results into the Company\u2019s financial statements.\n\nDue to the additional $51 million investment in Cronos GrowCo and resulting\nfacility expansion, Cronos said it no longer anticipates that its net change\nin cash will be positive in 2024.\n\n####  [ Debra Borchardt ](https://www.greenmarketreport.com)\n\nDebra Borchardt is the Co-Founder, and Executive Editor of GMR. She has\ncovered the cannabis industry for several years at Forbes, Seeking Alpha and\nTheStreet. Prior to becoming a financial journalist, Debra was a Vice\nPresident at Bear Stearns where she held a Series 7 and Registered Investment\nAdvisor license. Debra has a Master's degree in Business Journalism from New\nYork University.\n\n* * *\n\n[ VIEW ALL POSTS  ](https://www.greenmarketreport.com/author/dborchardt/) [\n](https://twitter.com/WallandBroad)\n\n####  [ previous  Canadian cannabis boosts Village Farms revenue, but produce\nweighs  ](https://www.greenmarketreport.com/canadian-cannabis-boosts-village-\nfarms-revenue-but-produce-weighs/)\n\n####  [ next  Charlotte's Web continues to slide in Q2, takes more steps to\ncut costs  ](https://www.greenmarketreport.com/charlottes-web-continues-to-\nslide-in-q2-takes-more-steps-to-cut-costs/)\n\n###  Get the latest cannabis news delivered right to your inbox\n\nUnpack the industry with the daily cannabis newsletter for business leaders.\n\n[ Sign up  ](?view=login)\n\n* * *\n\nAbout Us\n\n* * *\n\nThe Green Market Report focuses on the financial news of the rapidly growing\ncannabis industry. 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                "url": "https://www.greenmarketreport.com/cronos-group-leans-into-growco-as-revenue-rises/"
            },
            "reason": "Green Market Report provides financial news related to the cannabis industry. This article discusses Cronos Group's focus on GrowCo and rising revenue.",
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            "search_query": "company 'The Cronos Group' activities value chain",
            "summary": "Article on Green Market Report about Cronos Group's revenue.",
            "url": "https://www.greenmarketreport.com/cronos-group-leans-into-growco-as-revenue-rises/"
        },
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                    "source": "https://finance.yahoo.com/news/cronos-group-reports-2024-fourth-123000650.html"
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                "page_content": "Oops, something went wrong\n\nUnlock stock picks and a broker-level newsfeed that powers Wall Street.\n\n[ ](https://www.globenewswire.com/ \"GlobeNewswire\")\n\nCronos Group Reports 2024 Fourth Quarter and Full-Year Results\n\nCronos Group Inc.\n\nThu, Feb 27, 2025, 4:30 AM  34 min read\n\n##  In This Article:\n\n[ CRON  +6.17%  ](/quote/CRON/ \"CRON\")\n\nCronos Group Inc.\n\n_Net revenue in Q4 2024 increased by 27% year-over-year to $30.3 million; Net\nrevenue in FY 2024 increased by 35% year-over-year to $117.6 million_\n\n_Spinach_ _\u00ae_ _Ends 2024 as the Number One Cannabis Brand in Canada_ _1_\n\n_PEACE NATURALS_ _\u00ae_ _Ends 2024 as the Number One Cannabis Brand in Israel_\n_2_\n\n_Industry leading balance sheet with_ _$859_ _million in cash_ _and cash\nequivalents_\n\nTORONTO, Feb. 27, 2025 (GLOBE NEWSWIRE) -- Cronos Group Inc. (NASDAQ: CRON)\n(TSX: CRON) (\u201cCronos\u201d or the \u201cCompany\u201d), today announced its 2024 fourth\nquarter and full-year business results.\n\n\"We set ambitious goals to deliver robust growth, improve margins, and achieve\noperational excellence. Today, I am proud to say that Cronos has not only met\nbut exceeded these objectives, as evidenced by our strong 2024 results. Our\nunwavering commitment to innovation, quality, and disciplined cost management\nhas solidified our leadership in the global cannabis industry,\" said Mike\nGorenstein, Chairman, President and CEO of Cronos.\n\n\"From Spinach  _\u00ae_ becoming the number one cannabis brand in Canada and PEACE\nNATURALS  _\u00ae_ achieving a number one position in Israel, to our groundbreaking\nadvancements in cannabis genetics, to international expansion, Cronos is well-\npositioned to capitalize on future opportunities and drive long-term value for\nour shareholders. As we look ahead to 2025, we remain focused on sustaining\nthis momentum, strengthening our market leadership, and delivering innovative\nproducts that resonate with consumers worldwide,\" continued Mr. Gorenstein.\n\"Our strategic investments, such as Cronos GrowCo, have enhanced our\ncultivation capabilities, ensuring a consistent supply of high-quality\ncannabis at scale with an improved gross margin profile, while our R&D\nbreakthroughs have set new industry standards. Internationally, we\u2019ve made\nsignificant strides, with PEACE NATURALS  _\u00ae_ leading in Israel and gaining\ntraction in Germany and the UK. Combined with a robust balance sheet and a\nportfolio of best-selling, borderless brands, Cronos is not just leading\ntoday, we\u2019re building the foundation for long-term excellence in the global\ncannabis industry. Looking to 2025, we're excited about the opportunities\nahead as we continue to innovate, expand, and deliver for our consumers and\nshareholders.\"  \n\n**_Consolidated Financial Results_ **\n\nOn June 20, 2024 the Company made an additional investment in Cronos Growing\nCompany (\"Cronos GrowCo\") to fund the expansion of cultivation operations.\nCronos also obtained majority control of the board of directors of Cronos\nGrowCo and began consolidating Cronos GrowCo's results from July 1, 2024.\nPrior to this date, the Company's investment in Cronos GrowCo consisted of an\ninvestment accounted for under the equity method and loans receivable from\nCronos GrowCo.\n\nIn the second quarter of 2023, the Company exited its United States (\"U.S.\")\nhemp-derived CBD operations. The exit of the U.S. operations represented a\nstrategic shift, and as such, qualifies for reporting as discontinued\noperations in our condensed consolidated statements of net income (loss) and\ncomprehensive income (loss). Prior period amounts have been reclassified to\nreflect the discontinued operations classification of the U.S. operations.\n\nThe tables below set forth our condensed consolidated results of continuing\noperations, expressed in thousands of U.S. dollars for the periods presented.\nOur condensed consolidated financial results for these periods are not\nnecessarily indicative of the consolidated financial results that we will\nachieve in future periods.\n\n_(in thousands of USD)_ |  |  **Three Months Ended December 31,** |  |  **Change** |  |  **Year ended December 31,** |  |  **Change**  \n---|---|---|---|---|---|---|---|---  \n|  |  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%**  \nCronos net revenue, excluding Cronos GrowCo net revenue  (i)  |  |  $  |  28,195  |  |  |  $  |  23,915  |  |  |  $  |  4,280  |  |  |  18  |  %  |  |  $  |  111,241  |  |  |  $  |  87,241  |  |  |  $  |  24,000  |  |  |  28  |  %   \nCronos GrowCo net revenue  (ii)  |  |  |  2,106  |  |  |  |  \u2014  |  |  |  |  2,106  |  |  |  N/A  |  |  |  |  6,374  |  |  |  |  \u2014  |  |  |  |  6,374  |  |  |  N/A  |   \nNet Revenue  |  |  $  |  30,301  |  |  |  $  |  23,915  |  |  |  $  |  6,386  |  |  |  27  |  %  |  |  $  |  117,615  |  |  |  $  |  87,241  |  |  |  $  |  30,374  |  |  |  35  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nCost of sales  |  |  |  19,494  |  |  |  |  21,913  |  |  |  |  (2,419  |  )  |  |  (11  |  )%  |  |  |  91,710  |  |  |  |  74,527  |  |  |  |  17,183  |  |  |  23  |  %   \nInventory write-down  |  |  |  \u2014  |  |  |  |  89  |  |  |  |  (89  |  )  |  |  N/A  |  |  |  |  707  |  |  |  |  805  |  |  |  |  (98  |  )  |  |  (12  |  )%   \nGross profit  |  |  $  |  10,807  |  |  |  $  |  1,913  |  |  |  $  |  8,894  |  |  |  465  |  %  |  |  $  |  25,198  |  |  |  $  |  11,909  |  |  |  $  |  13,289  |  |  |  112  |  %   \nGross margin  (  ii  i)  |  |  |  36  |  %  |  |  |  8  |  %  |  |  |  N/A  |  |  |  28  |  pp  |  |  |  21  |  %  |  |  |  14  |  %  |  |  |  N/A  |  |  |  7  |  pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nInventory step-up recorded to cost of sales  |  |  |  (1,832  |  )  |  |  |  \u2014  |  |  |  |  (1,832  |  )  |  |  N/A  |  |  |  |  5,284  |  |  |  |  \u2014  |  |  |  |  5,284  |  |  |  N/A  |   \nAdjusted Gross Profit  (iv)  |  |  $  |  8,975  |  |  |  $  |  1,913  |  |  |  $  |  7,062  |  |  |  369  |  %  |  |  $  |  30,482  |  |  |  $  |  11,909  |  |  |  $  |  18,573  |  |  |  156  |  %   \nAdjusted Gross Margin  (v)  |  |  |  30  |  %  |  |  |  8  |  %  |  |  |  N/A  |  |  |  22  |  pp  |  |  |  26  |  %  |  |  |  14  |  %  |  |  |  N/A  |  |  |  12  |  pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nNet income (loss)  |  |  $  |  43,941  |  |  |  $  |  (45,151  |  )  |  |  $  |  89,092  |  |  |  197  |  %  |  |  $  |  40,022  |  |  |  $  |  (70,439  |  )  |  |  $  |  110,461  |  |  |  N/M  |   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nAdjusted EBITDA  (  iv  )  |  |  $  |  (7,203  |  )  |  |  $  |  (14,790  |  )  |  |  $  |  7,587  |  |  |  51  |  %  |  |  $  |  (34,942  |  )  |  |  $  |  (61,564  |  )  |  |  $  |  26,622  |  |  |  43  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \n**Other Data** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nCash and cash equivalents  (  vi  )  |  |  $  |  858,805  |  |  |  $  |  669,291  |  |  |  $  |  189,514  |  |  |  28  |  %  |  |  |  |  |  |  |  |   \nShort-term investments  (  vi  )  |  |  |  \u2014  |  |  |  |  192,237  |  |  |  |  (192,237  |  )  |  |  (100  |  )%  |  |  |  |  |  |  |  |   \nCapital expenditures  (v  ii  )  |  |  |  3,708  |  |  |  |  1,792  |  |  |  |  1,916  |  |  |  107  |  %  |  |  |  13,154  |  |  |  |  3,423  |  |  |  |  9,731  |  |  |  284  |  %   \n  \n_(i)_ _Cronos net revenue, excluding Cronos GrowCo net revenue is net revenue\nless Cronos GrowCo net revenue and is after intercompany eliminations._  \n_(ii)_ _Cronos GrowCo net revenue is Cronos GrowCo's net revenue after\nintercompany eliminations._  \n_(iii)_ _Gross margin is defined as gross profit divided by net revenue._  \n_(iv)_ _See \"Non-GAAP Measures\" for more information, including a\nreconciliation of adjusted earnings (loss) before interest, taxes,\ndepreciation and amortization (\"Adjusted EBITDA\") to net income (loss) and a\nreconciliation of Adjusted Gross Profit to gross profit._  \n_(v)_ _Adjusted Gross Margin is defined as Adjusted Gross Profit divided by\nnet revenue. See \u201cNon-GAAP Measures\u201d for more information._  \n_(vi)_ _Dollar amounts are as of the last day of the period indicated._  \n_(vii)_ _Capital expenditures represent component information of investing\nactivities and is defined as the sum of purchase of property, plant and\nequipment, and purchase of intangible assets._\n\n**Fourth Quarter** **2024**\n\n  * Net revenue of $30.3 million in Q4 2024 increased by $6.4 million from Q4 2023. The increase year-over-year was primarily driven by higher cannabis flower and extract sales in the Canadian market and higher cannabis flower sales in Israel and other countries. Cronos GrowCo contributed $2.1 million of cannabis flower sales in Q4 2024. No such sales were recognized in Q4 2023. \n\n  * Gross profit of $10.8 million in Q4 2024 increased by $8.9 million from Q4 2023. The increase year-over-year was primarily due to higher cannabis flower and extract sales in the Canadian market, higher cannabis flower sales in Israel and other countries, and production cost improvements. Gross profit was positively impacted by $1.8 million in the quarter in connection with the finalization of the purchase accounting for the Cronos GrowCo Transaction, which resulted in a reduction of the fair value of inventory acquired from Cronos GrowCo and the corresponding inventory step-up previously recorded into cost of sales in Q3 2024. No such impact was recognized for 2023. \n\n  * Adjusted gross profit of $9.0 million in Q4 2024 improved by $7.1 million from Q4 2023. The improvement year-over-year was primarily driven by higher cannabis flower and extract sales in the Canadian market, higher cannabis flower sales in Israel, and production cost improvements. \n\n  * Adjusted EBITDA of $(7.2) million in Q4 2024 improved by $7.6 million from Q4 2023. The improvement year-over-year was primarily driven by higher adjusted gross profit. \n\n**Full-Year** **2024**\n\n  * Net revenue of $117.6 million in full-year 2024 increased by $30.4 million from full-year 2023. The increase year-over-year was primarily due to higher cannabis flower and extract sales in the Canadian market and higher cannabis flower sales in Israel and other countries. Cronos GrowCo contributed $6.4 million of cannabis flower sales in the year ended December 31, 2024. No such sales were recognized for the year ended December 31, 2023. \n\n  * Gross profit of $25.2 million in full-year 2024 increased by $13.3 million from full-year 2023. The increase year-over-year was primarily due to higher cannabis flower and extract sales in the Canadian market, higher cannabis flower sales in Israel and other countries, and production cost improvements. This increase was partially offset by the impact on cost of sales from the inventory step-up from the Cronos GrowCo Transaction. For 2024, gross profit was reduced $5.3 million as a result of the impact of the inventory step-up from the Cronos GrowCo Transaction that was recorded into cost of sales since July 1, 2024. No such costs were recognized for 2023. \n\n  * Adjusted gross profit of $30.5 million in full-year 2024 increased by $18.6 million from full-year 2023. The increase year-over-year was primarily due to higher cannabis flower and extract sales in the Canadian market, higher cannabis flower sales in Israel and other countries, and production cost improvements. \n\n  * Adjusted EBITDA of $(34.9) million in full-year 2024 improved by $26.6 million from full-year 2023. The improvement year-over-year was primarily driven by higher adjusted gross profit and lower sales and marketing, research and development, and general administrative expenses. \n\n**_Business Updates_ **\n\n**Brand and Product Portfolio**\n\n__Spinach_ _ \u00ae  3  \nIn 2024, the SOURZ by Spinach  \u00ae  brand expanded its edible lineup with\nseveral innovative launches. Our industry-leading SOURZ by Spinach  \u00ae\nproducts are the best-selling gummies in the Canadian market and have captured\nan impressive 23% market share in Q4 2024, with five of the top ten best-\nselling edibles in Canada coming from the SOURZ lineup. A key addition to our\ngummy portfolio has been the 1-piece, 10mg THC Fully Blasted SOURZ by Spinach\n\u00ae  product, which launched in 2024. In Q4 2024 we launched two new Fully\nBlasted flavors, Peach Orange and Strawberry Mango. We also launched a new CBD\nmulti-pack, SOURZ by Spinach  \u00ae  CBD Berry Variety Pack.\n\nIn 2024 our proprietary genetics breeding program continued to provide our\nportfolio with winning cultivars that allow us to launch differentiated\nproducts across markets and maintain a number one position in the flower\ncategory. In 2024, we introduced Spinach Grindz\u2122, a milled flower offering\nutilizing our Citrus Crush and Cookie Dough strains, designed for convenient\nuse in joints or vaporizers. In Q4 2024, the Spinach  \u00ae  brand maintained its\nposition as the number one flower brand in Canada, with 5.7% market share.\n\nIn 2024, we introduced two new Spinach  \u00ae  all-in-one vapes, Pineapple\nParadise and Blueberry Dynamite that are performing well and helping to drive\nmarket share gains. The brand's 0.5g all-in-one Spinach HITZ\u2122 vapes introduced\nnew Pink Lemonade and Rocket Icicle flavors, alongside line extensions in\nSpinach  \u00ae  1.2g vapes. Spinach  \u00ae  vapes were the number four vape brand in\nQ4 2024, holding 5.9% market share. Vape production was brought in-house in\nthe second half of 2024 in an effort to streamline manufacturing and enhance\nproduction efficiency in this category.\n\nIn 2024, we launched Spinach  \u00ae  Fully Charged pre-rolls and infused pre-rolls\nas well as the Spinach  \u00ae  Fully Charged Party Pack and the Spinach  \u00ae  Fully\nCharged Tropical Pack. These launches were the culmination of our product\ndevelopment efforts and portfolio refresh. The infused pre-roll category is\ncontinuing to grow, and we expect this category to be key to future growth for\nboth Cronos and the industry, which is why we are committed to the evolution\nand innovation of our pre-roll portfolio. In Q4 2024, Spinach  \u00ae  was ranked\nseventh in the pre-roll category with 2.5% market share.\n\n__Lord Jones_ _ __\u00ae_ _ __3_ _  \nIn Q4 2024, Lord Jones  \u00ae  Chocolates Fusions\u2122 had 9.6% market share and ended\nthe year as the third best-selling chocolate brand in Canada. In January 2025,\nthe brand launched a Lord Jones  \u00ae  Chocolate Fusions\u2122 fudge brownie flavor,\nwhich features a 1:1:1 ratio of CBN, CBD and THC. Lord Jones  \u00ae  Chocolate\nFusions\u2122 edibles highlight the brand\u2019s commitment to innovation and\ncraftsmanship, offering four flavors: cookies and cream, dazzle-berry pop,\nsalted caramel crunch and fudge brownie.\n\nIn 2024, we also launched Lord Jones  \u00ae  live resin vapes featuring\nmeticulously curated cultivars, delivering a rich, full-spectrum experience\nthat combines pure live resin with sleek, high-quality hardware. In the second\nhalf of 2023, we launched Ice Water Hash Fusions pre-rolls, which feature\nflower and terpene-rich ice water hash and are fitted with a branded ceramic\ntip. The Ice Water Hash Fusions pre-rolls continued performing throughout\n2024, rising to the number one position in the hash pre-roll category.\nTogether, these launches underscore the brand\u2019s dedication to excellence and\nits focus on creating exceptional, high-quality cannabis-infused products.\n\n__PEACE NATURALS_ _ __\u00ae_ _ __2_ _  \nIn 2024, Cronos Israel revamped and repositioned its flower portfolio,\noptimizing pricing, potency and bringing new, exciting strains to market to\nmeet patient needs. The PEACE NATURALS  \u00ae  brand launched new strains\nincluding GG4, Key Limez Punch, Pink Sherb, Tangie Kush, Citra Diesel, Tahoe\nOG Kush and GMO Lite, providing consumers with additional variety and choice.\nIn Q4 2024, PEACE NATURALS  \u00ae  was the number one flower brand in Israel with\n24% market share and PEACE NATURALS  \u00ae  cannabis oils are the fourth most\npopular brand in Israel with 9% market share.\n\nIn 2024, Cronos expanded into the United Kingdom (the \"UK\") by shipping its\nfirst batch of PEACE NATURALS  \u00ae  medical cannabis flower to this emerging\nmarket, through a partnership with a third-party distributor of prescribed\ncannabis products.\n\nThroughout 2024, the Company continued its sales to the German market through\nthe PEACE NATURALS  \u00ae  brand. Cronos sells the PEACE NATURALS  \u00ae  brand\nthrough its distribution partner, Cansativa GmbH (\"Cansativa\"), one of the\nleading distributors of medical cannabis in Germany and supplies flower for\nits private-label brand. Cronos has seen strong demand for its proprietary\ngenetics, such as GMO and Wedding Cake, in both Germany and the UK under the\nPEACE NATURALS  \u00ae  brand.\n\n**Global Supply Chain and Operations**\n\nThe expansion efforts at Cronos GrowCo's facility are well underway. In Q4\n2024, Health Canada approved amendments to the site's perimeter. Cronos GrowCo\nexpects to finish construction of the expanded cultivation and processing\nfacilities in Q2 2025, with first harvests and sales from the area commencing\nin the second half of 2025. Prior to the commencement of sales from the\nexpanded facility, Cronos has the option to purchase up to 80% of Cronos\nGrowCo's total production. Once sales from the expanded area begin, Cronos\nwill have the option to purchase up to 70% of the total production from the\nexpanded facility. The expansion of Cronos GrowCo positions the Company to\ncapitalize on domestic demand and meet international growth opportunities in\nthe global cannabis market.\n\nOn November 26, 2023, the Company announced that Peace Naturals Project Inc.\nhad entered into an agreement to sell and lease back its facility in Stayner,\nOntario (the \"Peace Naturals Campus\"). However, the agreement was terminated\nin the Q2 of 2024 pursuant to its terms, and the Company has decided to\ncontinue and expand its operations at the site.\n\nAs part of the expanding operations at the Peace Naturals Campus, in the\nsecond-half of 2024, the Company invested in machinery, automation and process\nimprovement to drive cost efficiency within the facility. This also included\ninvestment in warehousing and vault expansion as well as R&D equipment and\nlaboratory enhancements.\n\n**_Guidance_ **\n\nThe Company achieved $8.7 million in operating expense savings in 2024 on a\nstandalone basis, meeting its previously announced operating expense savings\ntarget of $5 to $10 million. The savings were primarily driven by lower\nexpenses in general and administrative, research and development and sales and\nmarketing. The operating expense savings exclude the impact of the\nconsolidation of Cronos GrowCo's results into the Company's financial\nstatements.\n\n**_Conference Call_ **\n\nThe Company will host a conference call and live audio webcast on Thursday,\nFebruary 27, 2025, at 8:30 a.m. ET to discuss 2024 Fourth Quarter and Full-\nYear business results. An audio replay of the call will be archived on the\nCompany\u2019s website for replay. Instructions for the live audio webcast are\nprovided on the Company's website at: _https://ir.thecronosgroup.com/events-\npresentations._  \n\n**About Cronos**\n\nCronos is an innovative global cannabinoid company committed to building\ndisruptive intellectual property by advancing cannabis research, technology\nand product development. With a passion to responsibly elevate the consumer\nexperience, Cronos is building an iconic brand portfolio. Cronos\u2019 diverse\ninternational brand portfolio includes Spinach  \u00ae  , PEACE NATURALS  \u00ae  and\nLord Jones  \u00ae  . For more information about Cronos and its brands, please\nvisit: thecronosgroup.com.\n\n**Forward-Looking Statements**\n\nThis press release contains information that constitutes forward-looking\ninformation and forward-looking statements within the meaning of applicable\nsecurities laws and court decisions (collectively, \u201cForward-Looking\nStatements\u201d), which are based upon our current internal expectations,\nestimates, projections, assumptions and beliefs. All information that is not\nclearly historical in nature may constitute Forward-Looking Statements. In\nsome cases, Forward-Looking Statements can be identified by the use of\nforward-looking terminology such as \u201cexpect\u201d, \u201clikely\u201d, \u201cmay\u201d, \u201cwill\u201d,\n\u201cshould\u201d, \u201cintend\u201d, \u201canticipate\u201d, \u201cpotential\u201d, \u201cproposed\u201d, \u201cestimate\u201d and\nother similar words, expressions and phrases, including negative and\ngrammatical variations thereof, or statements that certain events or\nconditions \u201cmay\u201d or \u201cwill\u201d happen, or by discussion of strategy. Forward-\nLooking Statements include estimates, plans, expectations, opinions,\nforecasts, projections, targets, guidance or other statements that are not\nstatements of historical fact.\n\nForward-Looking Statements include, but are not limited to, statements with\nrespect to:\n\n  * the ongoing impact of the public investigation into Canadian licensed producers of alleged dumping of medical cannabis imports from Canada into Israel by the Trade Levies Commissioner of the Israel Ministry of Economy and Industry (the \u201cAnti-Dumping Investigation\u201d) and the proposed anti-dumping duty to which the Company\u2019s imports would be subject; \n\n  * expectations related to the conflict involving Israel, Hamas, Hezbollah, Houthis, Iran, Iran\u2019s proxies and other stakeholders in the region (the \u201cMiddle East Conflict\u201d) and its impact on our operations in Israel, the supply of product in the market and the demand for product by medical patients in Israel, as well as any regional or global escalations and their impact to global commerce and stability; \n\n  * expectations related to the German, Australian and UK markets, including our strategic partnerships with Cansativa, Vitura Health Limited (\u201cVitura\u201d), and other distributors, respectively, and our ability to successfully distribute the PEACE NATURALS  \u00ae  brand in Germany and the UK; \n\n  * expectations related to our announcement of cost-cutting measures, including our decision to wind-down operations at our Winnipeg, Manitoba facility and list the facility for sale, the expected costs and benefits from the wind-down of production activities at the facility, challenges and effects related thereto as well as changes in strategy, metrics, investments, costs, operating expenses, employee turnover and other changes with respect thereto; \n\n  * expectations related to the impact of our decision to exit our U.S. hemp-derived cannabinoid product operations; \n\n  * the ongoing impact of our announced realignment (the \u201cRealignment\u201d) and any progress, challenges and effects related thereto as well as changes in strategy, metrics, investments, reporting structure, costs, operating expenses, employee turnover and other changes with respect thereto; \n\n  * our expectations as to the use of the Peace Naturals Campus; \n\n  * our ability to acquire raw materials from suppliers, including Cronos GrowCo, and the costs and timing associated therewith; \n\n  * expectations regarding the potential success of, and the costs and benefits associated with, our joint ventures, strategic alliances and equity investments; \n\n  * expectations related to the transaction by which we obtained majority control of the board of directors of Cronos GrowCo, which qualified as a business combination under Accounting Standards Codification 805, and the expansion of Cronos GrowCo\u2019s purpose-built cultivation and processing facilities; \n\n  * our ability or plans to identify, develop, commercialize or expand our technology and R&D initiatives in cannabinoids, or the success thereof; \n\n  * expectations regarding revenues, expenses, gross margins and capital expenditures; \n\n  * expectations regarding our future production and manufacturing strategy and operations, the costs and timing associated therewith and the receipt of applicable production and sale licenses; \n\n  * the ongoing impact of the legalization of additional cannabis product types and forms for adult-use in Canada, including federal, provincial, territorial and municipal regulations pertaining thereto, the related timing and impact thereof and our intentions to participate in such markets; \n\n  * the legalization of the use of cannabis for medical or adult-use in jurisdictions outside of Canada, including the United States and Germany, the related timing and impact thereof and our intentions to participate in such markets, if and when such use is legalized; \n\n  * the grant, renewal, withdrawal, suspension, delay and impact of any license or supplemental license to conduct activities with cannabis or any amendments thereof; \n\n  * our ability to successfully create and launch brands and cannabis products; \n\n  * expectations related to the differentiation of our products, including through the utilization of rare cannabinoids; \n\n  * the benefits, viability, safety, efficacy, dosing and social acceptance of cannabis, including CBD and other cannabinoids; \n\n  * laws and regulations and any amendments thereto applicable to our business and the impact thereof, including uncertainty regarding the application of U.S. state and federal law to cannabis and U.S. hemp (including CBD and other U.S. hemp-derived cannabinoids) products and the scope of any regulations by the U.S. Food and Drug Administration, the U.S. Drug Enforcement Administration, the U.S. Federal Trade Commission, the U.S. Patent and Trademark Office and any state equivalent regulatory agencies over cannabis and U.S. hemp (including CBD and other U.S. hemp-derived cannabinoids) products, including the possibility marijuana is moved from Schedule I to Schedule III under the U.S. Controlled Substances Act; \n\n  * the anticipated benefits and impact of Altria Group Inc.\u2019s investment in the Company (the \u201cAltria Investment\u201d), pursuant to a subscription agreement dated December 7, 2018; \n\n  * uncertainties as to our ability to exercise our option (the \u201cPharmaCann Option\u201d) in PharmaCann Inc. (\u201cPharmaCann\u201d), in the near term or the future, in full or in part, including the uncertainties as to the status and future development of federal legalization of cannabis in the U.S. and our ability to realize the anticipated benefits of the transaction with PharmaCann; \n\n  * expectations regarding the implementation and effectiveness of key personnel changes; \n\n  * expectations regarding business combinations and dispositions and the anticipated benefits therefrom; \n\n  * expectations of the amount or frequency of impairment losses, including as a result of the write-down of intangible assets, including goodwill; \n\n  * the impact of the ongoing military conflict between Russia and Ukraine (and resulting sanctions) on our business, financial condition and results of operations or cash flows; \n\n  * our compliance with the terms of the settlement (the \u201cSettlement Order\u201d) with the SEC and the settlement agreement with the Ontario Securities Commission (the \u201cSettlement Agreement\u201d); and \n\n  * the impact of the loss of our ability to rely on private offering exemptions under Regulation D of the Securities Act of 1933, as amended, and the loss of our status as a well-known seasoned issuer, each as a result of the Settlement Order. \n\nCertain of the Forward-Looking Statements contained herein concerning the\nindustries in which we conduct our business are based on estimates prepared by\nus using data from publicly available governmental sources, market research,\nindustry analysis and on assumptions based on data and knowledge of these\nindustries, which we believe to be reasonable. However, although generally\nindicative of relative market positions, market shares and performance\ncharacteristics, such data is inherently imprecise. The industries in which we\nconduct our business involve risks and uncertainties that are subject to\nchange based on various factors, which are described further below.\n\nThe Forward-Looking Statements contained herein are based upon certain\nmaterial assumptions that were applied in drawing a conclusion or making a\nforecast or projection, including: (i) our ability to effectively navigate\ndevelopments related to the Anti-Dumping Investigation and the proposed anti-\ndumping duty to which the Company\u2019s imports would be subject and its impact on\nour operations in Israel; (ii) our ability to effectively navigate\ndevelopments related to the Middle East Conflict and its impact on our\nemployees and operations in Israel, the supply of product in the market and\ndemand for product by medical patients in Israel; (iii) our ability to\nefficiently and effectively distribute our PEACE NATURALS  \u00ae  brand in Germany\nwith our strategic partner Cansativa and in the UK with our strategic\ndistribution partner and our ability to efficiently and effectively distribute\nproducts in Australia with our strategic partner Vitura; (iv) our ability to\nrealize the expected cost-savings and other benefits related to the wind-down\nof our operations at our Winnipeg, Manitoba facility; (v) expectations related\nto the impact of our decision to exit our U.S. hemp-derived cannabinoid\nproduct operations; (vi) our ability to realize the expected cost-savings,\nefficiencies and other benefits of our Realignment and other announced cost-\ncutting measures and employee turnover related thereto; (vii) our ability to\nefficiently and effectively manage our operations at our Peace Naturals\nCampus; (viii) our ability efficiently and effectively acquire raw materials\non a timely and cost-effective basis from third parties or Cronos GrowCo; (ix)\nthe timely completion of the expansion of Cronos GrowCo\u2019s purpose-built\ncannabis facility and the ability of Cronos GrowCo to repay the credit\nfacility provided by Cronos; (x) our ability to realize anticipated benefits,\nsynergies or generate revenue, profits or value from our business combinations\nand strategic investments; (xi) the production and manufacturing capabilities\nand output from our facilities and our joint ventures, strategic alliances and\nequity investments; (xii) government regulation of our activities and products\nincluding, but not limited to, the areas of cannabis taxation and\nenvironmental protection; (xiii) the timely receipt of any required regulatory\nauthorizations, approvals, consents, permits and/or licenses; (xiv) consumer\ninterest in our products; (xv) our ability to differentiate our products,\nincluding through the utilization of rare cannabinoids; (xvi) competition;\n(xvii) anticipated and unanticipated costs; (xviii) our ability to generate\ncash flow from operations; (xix) our ability to conduct operations in a safe,\nefficient and effective manner; (xx) our ability to hire and retain qualified\nstaff, and acquire equipment and services in a timely and cost-efficient\nmanner; (xxi) our ability to exercise the PharmaCann Option and realize the\nanticipated benefits of the transaction with PharmaCann; (xxii) our ability to\ncomplete planned dispositions, and, if completed, obtain our anticipated sales\nprice; (xxiii) general economic, financial market, regulatory and political\nconditions in which we operate; (xxiv) management\u2019s perceptions of historical\ntrends, current conditions and expected future developments; and (xxv) other\nconsiderations that management believes to be appropriate in the\ncircumstances. While our management considers these assumptions to be\nreasonable based on information currently available to management, there is no\nassurance that such expectations will prove to be correct.\n\nBy their nature, Forward-Looking Statements are subject to inherent risks and\nuncertainties that may be general or specific and which give rise to the\npossibility that expectations, forecasts, predictions, projections or\nconclusions will not prove to be accurate, that assumptions may not be correct\nand that objectives, strategic goals and priorities will not be achieved. A\nvariety of factors, including known and unknown risks, many of which are\nbeyond our control, could cause actual results to differ materially from the\nForward-Looking Statements in this press release and other reports we file\nwith, or furnish to, the SEC and other regulatory agencies and made by our\ndirectors, officers, other employees and other persons authorized to speak on\nour behalf. Such factors include, without limitation, negative impacts on our\nbusiness and operations in Israel due to the Anti-Dumping Investigation,\nincluding that we may not be able to produce, import or sell our products in\nIsrael as a result thereof; negative impacts on our employees, business and\noperations in Israel due to the Middle East Conflict, including that we may\nnot be able to produce, import or sell our products or protect our people or\nfacilities in Israel during the Middle East Conflict; the supply of product in\nthe market and the demand for product by medical patients in Israel; that we\nmay not be able to successfully continue to distribute our products in\nGermany, Australia and the UK or generate material revenue from sales in those\nmarkets; that we may not be able to achieve the anticipated benefits of the\nwind-down of our operations at our Winnipeg, Manitoba facility; that we may be\nunable to further streamline our operations and reduce expenses; that we may\nnot be able to effectively and efficiently re-enter the U.S. market in the\nfuture; that we may not be able to access raw materials on a timely and cost-\neffective basis from third-parties or Cronos GrowCo; that Cronos GrowCo may\nnot be able to complete the expansion of its purpose-built cannabis facility\nwithin a reasonable time or repay its borrowings under the credit facility\nprovided by Cronos; that the military conflict between Russia and Ukraine may\ndisrupt our operations and those of our suppliers and distribution channels\nand negatively impact the demand for and use of our products; the risk that\ncost savings and any other synergies from the Altria Investment may not be\nfully realized or may take longer to realize than expected; failure to execute\nkey personnel changes; that our Realignment and our further leveraging of our\nstrategic partnerships will not result in the expected cost-savings,\nefficiencies and other benefits or will result in greater than anticipated\nturnover in personnel; that we may not be able to efficiently and effectively\nmanage our operations, and any changes thereto, at our Peace Naturals Campus;\nlower levels of revenues; the lack of consumer demand for our products; our\ninability to manage disruptions in credit markets; unanticipated future levels\nof capital, environmental or maintenance expenditures, general and\nadministrative and other expenses; failure to realize expected growth\nopportunities; the lack of cash flow necessary to execute our business plan\n(either within the expected timeframe or at all); difficulty raising capital;\nthe potential adverse effects of judicial, regulatory or other proceedings, or\nthreatened litigation or proceedings, on our business, financial condition,\nresults of operations and cash flows; volatility in and/or degradation of\ngeneral economic, market, industry or business conditions; compliance with\napplicable environmental, economic, health and safety, energy and other\npolicies and regulations and in particular health concerns with respect to\nvaping and the use of cannabis and U.S. hemp products in vaping devices; the\nunexpected effects of actions of third parties such as competitors, activist\ninvestors or federal (including U.S. federal), state, provincial, territorial\nor local regulatory authorities or self-regulatory organizations; adverse\nchanges in regulatory requirements in relation to our business and products;\nlegal or regulatory obstacles that could prevent us from being able to\nexercise the PharmaCann Option and thereby realize the anticipated benefits of\nthe transaction with PharmaCann; dilution of our fully-diluted ownership of\nPharmaCann and the loss of our rights as a result of that dilution; our\nfailure to improve our internal control environment and our systems, processes\nand procedures; and the factors discussed under Part I, Item 1A \u201c _Risk\nFactors_ \u201d in our Annual Report on Form 10-K for the year ended December 31,\n2024. Readers are cautioned to consider these and other factors, uncertainties\nand potential events carefully and not to put undue reliance on Forward-\nLooking Statements.\n\nForward-Looking Statements are provided for the purposes of assisting the\nreader in understanding our financial performance, financial position and cash\nflows as of and for periods ended on certain dates and to present information\nabout management\u2019s current expectations and plans relating to the future, and\nthe reader is cautioned not to place undue reliance on these Forward-Looking\nStatements because of their inherent uncertainty and to appreciate the limited\npurposes for which they are being used by management. While we believe that\nthe assumptions and expectations reflected in the Forward-Looking Statements\nare reasonable based on information currently available to management, there\nis no assurance that such assumptions and expectations will prove to have been\ncorrect. Forward-Looking Statements are made as of the date they are made and\nare based on the beliefs, estimates, expectations and opinions of management\non that date. We undertake no obligation to update or revise any Forward-\nLooking Statements, whether as a result of new information, estimates or\nopinions, future events or results or otherwise or to explain any material\ndifference between subsequent actual events and such Forward-Looking\nStatements. The Forward-Looking Statements contained in this press release and\nother reports we file with, or furnish to, the SEC and other regulatory\nagencies and made by our directors, officers, other employees and other\npersons authorized to speak on our behalf are expressly qualified in their\nentirety by these cautionary statements.\n\n____________________________________________  \n1  Hifyre Retail Analytics - National Retail Dollar by Brand in Canada -\nDecember 2024.  \n2  Market share and ranking information from pharmacy data collected by Cronos\n- December 2024.  \n3  All market share and ranking information from Hifyre Retail Analytics -\nNational Retail Dollar by Brand in Canada - December 2024, unless otherwise\nspecified.  \n  \n---  \n**Cronos Group Inc.**  \n**Consolidated Balance Sheets**  \n_(In thousands of U.S. dollars)_  \n|  **As of December 31,**  \n|  |  **2024** |  |  |  |  **2023** |   \n**Assets** |  |  |   \nCurrent assets  |  |  |   \nCash and cash equivalents  |  $  |  858,805  |  |  |  $  |  669,291  |   \nShort-term investments  |  |  \u2014  |  |  |  |  192,237  |   \nAccounts receivable, net  |  |  15,462  |  |  |  |  13,984  |   \nInterest receivable  |  |  8,690  |  |  |  |  10,012  |   \nOther receivables  |  |  5,000  |  |  |  |  6,341  |   \nCurrent portion of loans receivable, net  |  |  618  |  |  |  |  5,541  |   \nInventory, net  |  |  33,149  |  |  |  |  30,495  |   \nPrepaids and other current assets  |  |  6,277  |  |  |  |  5,405  |   \nHeld-for-sale assets  |  |  8,112  |  |  |  |  \u2014  |   \nTotal current assets  |  |  936,113  |  |  |  |  933,306  |   \nEquity method investments, net  |  |  \u2014  |  |  |  |  19,488  |   \nOther investments  |  |  2,813  |  |  |  |  35,251  |   \nNon-current portion of loans receivable, net  |  |  15,526  |  |  |  |  69,036  |   \nProperty, plant and equipment, net  |  |  133,189  |  |  |  |  59,468  |   \nRight-of-use assets  |  |  1,390  |  |  |  |  1,356  |   \nGoodwill  |  |  63,453  |  |  |  |  1,057  |   \nIntangible assets, net  |  |  11,257  |  |  |  |  21,078  |   \nDeferred tax assets  |  |  2,571  |  |  |  |  226  |   \n**Total assets** |  $  |  1,166,312  |  |  |  $  |  1,140,266  |   \n**Liabilities** |  |  |   \nCurrent liabilities  |  |  |   \nAccounts payable  |  $  |  16,973  |  |  |  $  |  12,130  |   \nIncome taxes payable  |  |  9  |  |  |  |  64  |   \nAccrued liabilities  |  |  31,653  |  |  |  |  27,736  |   \nCurrent portion of lease obligation  |  |  1,025  |  |  |  |  994  |   \nDerivative liabilities  |  |  40  |  |  |  |  102  |   \nCurrent portion due to non-controlling interests  |  |  \u2014  |  |  |  |  373  |   \nTotal current liabilities  |  |  49,700  |  |  |  |  41,399  |   \nNon-current portion due to non-controlling interests  |  |  1,073  |  |  |  |  1,003  |   \nNon-current portion of lease obligation  |  |  993  |  |  |  |  1,559  |   \nDeferred tax liabilities  |  |  3,564  |  |  |  |  181  |   \n**Total liabilities** |  |  55,330  |  |  |  |  44,142  |   \n**Shareholders\u2019 equity** |  |  |   \nShare capital and additional paid-in capital  |  |  669,879  |  |  |  |  662,174  |   \nRetained earnings  |  |  457,709  |  |  |  |  416,719  |   \nAccumulated other comprehensive income (loss)  |  |  (63,525  |  )  |  |  |  20,678  |   \nTotal equity attributable to shareholders of Cronos Group  |  |  1,064,063  |  |  |  |  1,099,571  |   \nNon-controlling interests  |  |  46,919  |  |  |  |  (3,447  |  )   \n**Total shareholders\u2019 equity** |  |  1,110,982  |  |  |  |  1,096,124  |   \n**Total liabilities and shareholders\u2019 equity** |  $  |  1,166,312  |  |  |  $  |  1,140,266  |   \n  \n  \n\n**Cronos Group Inc.**  \n**Consolidated Statements of Net Income (Loss) and Comprehensive Income\n(Loss)**  \n_(In thousands of U.S. dollars, except share and per share amounts)_  \n---  \n|  **Year ended December 31,**  \n|  |  **2024** |  |  |  |  **2023** |  |  |  |  **2022** |   \n**Net revenue, before excise taxes** |  $  |  161,821  |  |  |  $  |  120,270  |  |  |  $  |  109,301  |   \nExcise taxes  |  |  (44,206  |  )  |  |  |  (33,029  |  )  |  |  |  (22,552  |  )   \n**Net revenue** |  |  117,615  |  |  |  |  87,241  |  |  |  |  86,749  |   \nCost of sales  |  |  91,710  |  |  |  |  74,527  |  |  |  |  71,313  |   \nInventory write-down  |  |  707  |  |  |  |  805  |  |  |  |  \u2014  |   \n**Gross profit** |  |  25,198  |  |  |  |  11,909  |  |  |  |  15,436  |   \n**Operating expenses** |  |  |  |  |   \nSales and marketing  |  |  21,603  |  |  |  |  22,701  |  |  |  |  18,046  |   \nResearch and development  |  |  4,229  |  |  |  |  5,843  |  |  |  |  13,131  |   \nGeneral and administrative  |  |  46,514  |  |  |  |  49,475  |  |  |  |  67,674  |   \nRestructuring costs  |  |  630  |  |  |  |  1,524  |  |  |  |  3,545  |   \nShare-based compensation  |  |  8,700  |  |  |  |  8,756  |  |  |  |  15,008  |   \nDepreciation and amortization  |  |  3,701  |  |  |  |  5,044  |  |  |  |  5,967  |   \nImpairment loss on long-lived assets  |  |  16,350  |  |  |  |  3,366  |  |  |  |  3,493  |   \nTotal operating expenses  |  |  101,727  |  |  |  |  96,709  |  |  |  |  126,864  |   \nOperating loss  |  |  (76,529  |  )  |  |  |  (84,800  |  )  |  |  |  (111,428  |  )   \n**Other income (expense)** |  |  |  |  |   \nInterest income, net  |  |  52,019  |  |  |  |  51,235  |  |  |  |  22,514  |   \nGain (loss) on revaluation of derivative liabilities  |  |  49  |  |  |  |  (85  |  )  |  |  |  14,060  |   \nShare of income from equity method investments  |  |  2,365  |  |  |  |  1,583  |  |  |  |  3,114  |   \nGain on revaluation of loan receivable  |  |  11,804  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nGain on revaluation of equity method investment  |  |  32,469  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nGain (loss) on revaluation of financial instruments  |  |  (6,248  |  )  |  |  |  (12,042  |  )  |  |  |  14,739  |   \nImpairment loss on other investments  |  |  (25,650  |  )  |  |  |  (23,350  |  )  |  |  |  (61,392  |  )   \nForeign currency transaction gain (loss)  |  |  57,859  |  |  |  |  (7,324  |  )  |  |  |  (2,286  |  )   \nLoss on held-for-sale assets  |  |  (11,202  |  )  |  |  |  \u2014  |  |  |  |  \u2014  |   \nOther, net  |  |  (350  |  )  |  |  |  1,114  |  |  |  |  (324  |  )   \nTotal other income (expense)  |  |  113,115  |  |  |  |  11,131  |  |  |  |  (9,575  |  )   \nIncome (loss) before income taxes  |  |  36,586  |  |  |  |  (73,669  |  )  |  |  |  (121,003  |  )   \nIncome tax expense (benefit)  |  |  (3,436  |  )  |  |  |  (3,230  |  )  |  |  |  34,175  |   \nIncome (loss) from continuing operations  |  |  40,022  |  |  |  |  (70,439  |  )  |  |  |  (155,178  |  )   \nLoss from discontinued operations  |  |  \u2014  |  |  |  |  (4,114  |  )  |  |  |  (13,556  |  )   \nNet income (loss)  |  |  40,022  |  |  |  |  (74,553  |  )  |  |  |  (168,734  |  )   \nNet income (loss) attributable to non-controlling interest  |  |  (1,058  |  )  |  |  |  (590  |  )  |  |  |  \u2014  |   \nNet income (loss) attributable to Cronos Group  |  $  |  41,080  |  |  |  $  |  (73,963  |  )  |  |  $  |  (168,734  |  )   \n|  |  |  |  |   \n**Comprehensive income (loss)** |  |  |  |  |   \nNet income (loss)  |  $  |  40,022  |  |  |  $  |  (74,553  |  )  |  |  $  |  (168,734  |  )   \nOther comprehensive income (loss)  |  |  |  |  |   \nForeign exchange gain (loss) on translation  |  |  (86,321  |  )  |  |  |  21,539  |  |  |  |  (50,616  |  )   \nComprehensive income (loss)  |  |  (46,299  |  )  |  |  |  (53,014  |  )  |  |  |  (219,350  |  )   \nComprehensive income (loss) attributable to non-controlling interest  |  |  (3,176  |  )  |  |  |  (526  |  )  |  |  |  46  |   \n**Comprehensive income (loss) attributable to Cronos Group** |  $  |  (43,123  |  )  |  |  $  |  (52,488  |  )  |  |  $  |  (219,396  |  )   \n|  |  |  |  |   \n**Net income (loss) per share** |  |  |  |  |   \nBasic - continuing operations  |  $  |  0.11  |  |  |  $  |  (0.18  |  )  |  |  $  |  (0.41  |  )   \nBasic - discontinued operations  |  $  |  \u2014  |  |  |  $  |  (0.01  |  )  |  |  $  |  (0.04  |  )   \nBasic net income (loss) per share attributable to Cronos Group  |  $  |  0.11  |  |  |  $  |  (0.19  |  )  |  |  $  |  (0.45  |  )   \n|  |  |  |  |   \nDiluted - continuing operations  |  $  |  0.11  |  |  |  $  |  (0.18  |  )  |  |  $  |  (0.41  |  )   \nDiluted - discontinued operations  |  $  |  \u2014  |  |  |  $  |  (0.01  |  )  |  |  $  |  (0.04  |  )   \nDiluted net income (loss) per share attributable to Cronos Group  |  $  |  0.11  |  |  |  $  |  (0.19  |  )  |  |  $  |  (0.45  |  )   \n**Weighted average number of outstanding shares** |  |  |  |  |   \nBasic  |  |  382,058,056  |  |  |  |  380,964,739  |  |  |  |  376,961,797  |   \nDiluted  |  |  385,557,002  |  |  |  |  380,964,739  |  |  |  |  376,961,797  |   \n  \n  \n\n|  **Three months ended December 31,**  \n---|---  \n|  |  **2024** |  |  |  |  **2023** |   \n**Net revenue, before excise taxes** |  $  |  41,182  |  |  |  $  |  34,006  |   \nExcise taxes  |  |  (10,881  |  )  |  |  |  (10,091  |  )   \n**Net revenue** |  |  30,301  |  |  |  |  23,915  |   \nCost of sales  |  |  19,494  |  |  |  |  21,913  |   \nInventory write-down  |  |  \u2014  |  |  |  |  89  |   \n**Gross profit** |  |  10,807  |  |  |  |  1,913  |   \n**Operating expenses** |  |  |   \nSales and marketing  |  |  6,413  |  |  |  |  6,367  |   \nResearch and development  |  |  1,028  |  |  |  |  1,451  |   \nGeneral and administrative  |  |  12,080  |  |  |  |  9,802  |   \nRestructuring costs  |  |  \u2014  |  |  |  |  101  |   \nShare-based compensation  |  |  2,187  |  |  |  |  1,933  |   \nDepreciation and amortization  |  |  464  |  |  |  |  529  |   \nImpairment loss on long-lived assets  |  |  \u2014  |  |  |  |  3,366  |   \nTotal operating expenses  |  |  22,172  |  |  |  |  23,549  |   \nOperating loss  |  |  (11,365  |  )  |  |  |  (21,636  |  )   \n**Other income (expense)** |  |  |   \nInterest income, net  |  |  11,863  |  |  |  |  14,214  |   \nGain (loss) on revaluation of derivative liabilities  |  |  142  |  |  |  |  (71  |  )   \nShare of income from equity method investments  |  |  \u2014  |  |  |  |  752  |   \nGain (loss) on revaluation of financial instruments  |  |  302  |  |  |  |  (4,186  |  )   \nImpairment loss on other investments  |  |  \u2014  |  |  |  |  (23,350  |  )   \nForeign currency transaction gain (loss)  |  |  45,489  |  |  |  |  (11,323  |  )   \nLoss on held-for-sale assets  |  |  (780  |  )  |  |  |  \u2014  |   \nOther, net  |  |  294  |  |  |  |  89  |   \nTotal other income (expense)  |  |  57,310  |  |  |  |  (23,875  |  )   \nIncome (loss) before income taxes  |  |  45,945  |  |  |  |  (45,511  |  )   \nIncome tax expense (benefit)  |  |  2,004  |  |  |  |  (360  |  )   \nIncome (loss) from continuing operations  |  |  43,941  |  |  |  |  (45,151  |  )   \nLoss from discontinued operations  |  |  \u2014  |  |  |  |  124  |   \nNet income (loss)  |  |  43,941  |  |  |  |  (45,027  |  )   \nNet loss attributable to non-controlling interest  |  |  212  |  |  |  |  (237  |  )   \nNet income (loss) attributable to Cronos Group  |  $  |  43,729  |  |  |  $  |  (44,790  |  )   \n**Comprehensive loss** |  |  |   \nNet income (loss)  |  $  |  43,941  |  |  |  $  |  (45,027  |  )   \nOther comprehensive income (loss)  |  |  |   \nForeign exchange gain (loss) on translation  |  |  (66,208  |  )  |  |  |  22,635  |   \nComprehensive loss  |  |  (22,267  |  )  |  |  |  (22,392  |  )   \nComprehensive loss attributable to non-controlling interest  |  |  (2,832  |  )  |  |  |  (390  |  )   \n**Comprehensive loss attributable to Cronos Group** |  $  |  (19,435  |  )  |  |  $  |  (22,002  |  )   \n|  |  |   \n**Net income (loss) per share** |  |  |   \nBasic - continuing operations  |  $  |  0.11  |  |  |  $  |  (0.12  |  )   \nBasic - discontinued operations  |  $  |  \u2014  |  |  |  $  |  \u2014  |   \nBasic net income (loss) per share attributable to Cronos Group  |  $  |  0.11  |  |  |  $  |  (0.12  |  )   \n|  |  |   \nDiluted - continuing operations  |  $  |  0.11  |  |  |  $  |  (0.12  |  )   \nDiluted - discontinued operations  |  $  |  \u2014  |  |  |  $  |  \u2014  |   \nDiluted net income (loss) per share attributable to Cronos Group  |  $  |  0.11  |  |  |  $  |  (0.12  |  )   \n**Weighted average number of outstanding shares** |  |  |   \nBasic  |  |  382,340,893  |  |  |  |  381,155,824  |   \nDiluted  |  |  386,525,110  |  |  |  |  381,155,824  |   \n  \n  \n\n**Cronos Group Inc.**  \n**Consolidated Statements of Cash Flows**  \n_(In thousands of U.S. dollars)_  \n---  \n|  **Year ended December 31,**  \n|  |  **2024** |  |  |  |  **2023** |  |  |  |  **2022** |   \n**Operating activities** |  |  |  |  |   \nNet income (loss)  |  $  |  40,022  |  |  |  $  |  (74,553  |  )  |  |  $  |  (168,734  |  )   \nAdjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:  |  |  |  |  |   \nShare-based compensation  |  |  8,700  |  |  |  |  8,769  |  |  |  |  15,115  |   \nDepreciation and amortization  |  |  9,336  |  |  |  |  8,110  |  |  |  |  13,122  |   \nImpairment loss on long-lived assets  |  |  16,350  |  |  |  |  3,571  |  |  |  |  3,493  |   \nImpairment loss on other investments  |  |  25,650  |  |  |  |  23,350  |  |  |  |  61,392  |   \nLoss (income) from investments  |  |  3,841  |  |  |  |  10,513  |  |  |  |  (17,853  |  )   \nLoss (gain) on revaluation of derivative liabilities  |  |  (49  |  )  |  |  |  85  |  |  |  |  (14,060  |  )   \nChanges in expected credit losses on long-term financial assets  |  |  1,032  |  |  |  |  (1,528  |  )  |  |  |  (662  |  )   \nRevaluation of equity method investment  |  |  (32,469  |  )  |  |  |  \u2014  |  |  |  |  \u2014  |   \nRevaluation of loan receivable  |  |  (11,804  |  )  |  |  |  \u2014  |  |  |  |  \u2014  |   \nLoss on held-for-sale assets  |  |  11,202  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nInventory step-up recorded to cost of sales  |  |  5,284  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nForeign currency transaction (gain) loss  |  |  (57,859  |  )  |  |  |  7,324  |  |  |  |  2,286  |   \nOther non-cash operating activities, net  |  |  (82  |  )  |  |  |  (2,008  |  )  |  |  |  1,294  |   \nChanges in operating assets and liabilities:  |  |  |  |  |   \nAccounts receivable, net  |  |  (917  |  )  |  |  |  9,206  |  |  |  |  (2,711  |  )   \nInterest receivable  |  |  (3,656  |  )  |  |  |  (14,344  |  )  |  |  |  (6,985  |  )   \nOther receivables  |  |  2,059  |  |  |  |  (1,449  |  )  |  |  |  1,148  |   \nPrepaids and other current assets  |  |  (512  |  )  |  |  |  1,437  |  |  |  |  996  |   \nInventory, net  |  |  7,417  |  |  |  |  7,399  |  |  |  |  (7,217  |  )   \nAccounts payable  |  |  (7,449  |  )  |  |  |  (773  |  )  |  |  |  (863  |  )   \nIncome taxes payable  |  |  (93  |  )  |  |  |  (33,104  |  )  |  |  |  34,212  |   \nAccrued liabilities  |  |  2,840  |  |  |  |  5,160  |  |  |  |  (2,921  |  )   \nNet cash provided by (used in) operating activities  |  |  18,843  |  |  |  |  (42,835  |  )  |  |  |  (88,948  |  )   \n|  |  |  |  |   \n**Investing activities** |  |  |  |  |   \nProceeds from short-term investments  |  |  185,817  |  |  |  |  532,838  |  |  |  |  268,870  |   \nPurchase of short-term investments  |  |  \u2014  |  |  |  |  (608,247  |  )  |  |  |  (271,378  |  )   \nCash acquired in business combination  |  |  5,993  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nDividends received from equity method investee  |  |  \u2014  |  |  |  |  1,297  |  |  |  |  \u2014  |   \nDividend proceeds  |  |  \u2014  |  |  |  |  345  |  |  |  |  384  |   \nAdvances on loans receivable  |  |  (8,759  |  )  |  |  |  \u2014  |  |  |  |  \u2014  |   \nRepayments on loans receivable  |  |  5,252  |  |  |  |  16,831  |  |  |  |  5,246  |   \nPurchase of property, plant and equipment, net of disposals  |  |  (12,411  |  )  |  |  |  (2,505  |  )  |  |  |  (3,451  |  )   \nPurchase of intangible assets, net of disposals  |  |  (743  |  )  |  |  |  (918  |  )  |  |  |  (1,581  |  )   \nOther investing activities  |  |  \u2014  |  |  |  |  860  |  |  |  |  68  |   \nNet cash provided by (used in) investing activities  |  |  175,149  |  |  |  |  (59,499  |  )  |  |  |  (1,842  |  )   \n|  **Year ended December 31,**  \n|  |  **2024** |  |  |  |  **2023** |  |  |  |  **2022** |   \n**Financing activities** |  |  |  |  |   \nWithholding taxes paid on equity awards  |  |  (1,231  |  )  |  |  |  (1,030  |  )  |  |  |  (2,829  |  )   \nOther financing activities, net  |  |  \u2014  |  |  |  |  \u2014  |  |  |  |  (68  |  )   \nNet cash used in financing activities  |  |  (1,231  |  )  |  |  |  (1,030  |  )  |  |  |  (2,897  |  )   \nEffect of foreign currency translation on cash and cash equivalents  |  |  (3,247  |  )  |  |  |  8,011  |  |  |  |  (28,642  |  )   \nNet change in cash and cash equivalents  |  |  189,514  |  |  |  |  (95,353  |  )  |  |  |  (122,329  |  )   \nCash and cash equivalents, beginning of period  |  |  669,291  |  |  |  |  764,644  |  |  |  |  886,973  |   \nCash and cash equivalents, end of period  |  $  |  858,805  |  |  |  $  |  669,291  |  |  |  $  |  764,644  |   \n|  |  |  |  |   \n**Supplementary cash flow information:** |  |  |  |  |   \nInterest paid  |  |  \u2014  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nInterest received  |  |  48,399  |  |  |  |  36,501  |  |  |  |  15,548  |   \nTaxes paid  |  |  647  |  |  |  |  33,013  |  |  |  |  177  |   \n|  |  |  |  |  |  |  |  |  |  |   \n  \n**Non-GAAP Measures**\n\nCronos reports its financial results in accordance with Generally Accepted\nAccounting Principles in the United States (\u201cU.S. GAAP\u201d). This press release\nrefers to measures not recognized under U.S. GAAP (\u201cnon-GAAP measures\u201d). These\nnon-GAAP measures do not have a standardized meaning prescribed by U.S. GAAP\nand are therefore unlikely to be comparable to similar measures presented by\nother companies. Rather, these non-GAAP measures are provided as a supplement\nto corresponding U.S. GAAP measures to provide additional information\nregarding the results of operations from management\u2019s perspective.\nAccordingly, non-GAAP measures should not be considered a substitute for, or\nsuperior to, the financial information prepared and presented in accordance\nwith U.S. GAAP. All non-GAAP measures presented in this press release are\nreconciled to their closest reported U.S. GAAP measure. Reconciliations of\nhistorical adjusted financial measures to corresponding U.S. GAAP measures are\nprovided below.\n\n_Adjusted EBITDA_\n\nManagement reviews Adjusted EBITDA, a non-GAAP measure, which excludes non-\ncash items and items that do not reflect management\u2019s assessment of ongoing\nbusiness performance. Management defines Adjusted EBITDA as net income (loss)\nbefore interest, tax expense (benefit), depreciation and amortization adjusted\nfor: share of (income) loss from equity method investments; impairment loss on\ngoodwill and intangible assets; impairment loss on long-lived assets; (gain)\nloss on revaluation of derivative liabilities; (gain) loss on revaluation of\nfinancial instruments; gain on revaluation of loan receivable; gain on\nrevaluation of equity method investment; transaction costs related to\nstrategic projects; loss on held-for-sale assets; impairment loss on other\ninvestments; foreign currency transaction loss; other, net; loss from\ndiscontinued operations; restructuring costs; inventory write-downs resulting\nfrom restructuring actions; share-based compensation; costs related to the\nAnti-Dumping Investigation; purchase accounting adjustment-related inventory\nstep-up adjustments recorded through cost of sales; and financial statement\nreview costs and reserves related to the restatements of our 2019 and 2021\ninterim financial statements (the \u201cRestatements\u201d), including the costs related\nto the settlement of the SEC\u2019s and the OSC\u2019s investigations of the\nRestatements and legal costs of defending shareholder class action complaints\nbrought against us as a result of the 2019 restatement (see Note 12(b)\n\u201cContingencies,\u201d to the consolidated financial statements under Item 8 of the\nCompany's Annual Report on Form 10-K for the year ended December 31, 2024 for\na discussion of the shareholder class action complaints relating to the\nrestatement of the 2019 interim financial statements and the settlement of the\nSEC\u2019s and the OSC\u2019s investigations of the Restatements). Results are reported\nas total consolidated results, reflecting our reporting structure of one\nreportable segment.\n\nManagement believes that Adjusted EBITDA provides the most useful insight into\nunderlying business trends and results and provides a more meaningful\ncomparison of period-over-period results. Management uses Adjusted EBITDA for\nplanning, forecasting and evaluating business and financial performance,\nincluding allocating resources and evaluating results relative to employee\ncompensation targets.  \n\nAdjusted EBITDA is reconciled to net income (loss) as follows:\n\n_(in thousands of U.S. dollars)_ |  **For the year ended December 31, 2024**  \n---|---  \n|  **Continuing  \nOperations ** |  |  **Discontinued  \nOperations ** |  |  **Total**  \nNet income  |  $  |  40,022  |  |  |  $  |  \u2014  |  |  $  |  40,022  |   \nInterest income, net  |  |  (52,019  |  )  |  |  |  \u2014  |  |  |  (52,019  |  )   \nIncome tax expense (benefit)  |  |  (3,436  |  )  |  |  |  \u2014  |  |  |  (3,436  |  )   \nDepreciation and amortization  |  |  9,336  |  |  |  |  \u2014  |  |  |  9,336  |   \nEBITDA  |  |  (6,097  |  )  |  |  |  \u2014  |  |  |  (6,097  |  )   \nShare of income from equity method investments  |  |  (2,365  |  )  |  |  |  \u2014  |  |  |  (2,365  |  )   \nImpairment loss on long-lived assets  (i)  |  |  16,350  |  |  |  |  \u2014  |  |  |  16,350  |   \nRevaluation gain on loan receivable  (ii)  |  |  (11,804  |  )  |  |  |  \u2014  |  |  |  (11,804  |  )   \nGain on revaluation of equity method investment  (iii)  |  |  (32,469  |  )  |  |  |  \u2014  |  |  |  (32,469  |  )   \nGain on revaluation of derivative liabilities  (iv)  |  |  (49  |  )  |  |  |  \u2014  |  |  |  (49  |  )   \nLoss on revaluation of financial instruments  (v)  |  |  6,248  |  |  |  |  \u2014  |  |  |  6,248  |   \nImpairment loss on other investments  (vi)  |  |  25,650  |  |  |  |  \u2014  |  |  |  25,650  |   \nForeign currency transaction gain  |  |  (57,859  |  )  |  |  |  \u2014  |  |  |  (57,859  |  )   \nTransaction costs  (vii)  |  |  701  |  |  |  |  \u2014  |  |  |  701  |   \nLoss on held-for-sale assets  (viii)  |  |  11,202  |  |  |  |  \u2014  |  |  |  11,202  |   \nOther, net  (ix)  |  |  350  |  |  |  |  \u2014  |  |  |  350  |   \nRestructuring costs  (x)  |  |  630  |  |  |  |  \u2014  |  |  |  630  |   \nShare-based compensation  (xi)  |  |  8,700  |  |  |  |  \u2014  |  |  |  8,700  |   \nFinancial statement review costs  (xii)  |  |  (1  |  )  |  |  |  \u2014  |  |  |  (1  |  )   \nInventory step-up recorded to cost of sales  (xiv)  |  |  5,284  |  |  |  |  \u2014  |  |  |  5,284  |   \nIsrael Ministry of Economy and Industry dumping inquiry  (xv)  |  |  587  |  |  |  |  \u2014  |  |  |  587  |   \nAdjusted EBITDA  |  $  |  (34,942  |  )  |  |  $  |  \u2014  |  |  $  |  (34,942  |  )   \n  \n  \n\n_(in thousands of U.S. dollars)_ |  **For the year ended December 31, 2023**  \n---|---  \n|  **Continuing  \nOperations ** |  |  **Discontinued  \nOperations ** |  |  **Total**  \nNet loss  |  $  |  (70,439  |  )  |  |  $  |  (4,114  |  )  |  |  $  |  (74,553  |  )   \nInterest income, net  |  |  (51,235  |  )  |  |  |  (10  |  )  |  |  |  (51,245  |  )   \nIncome tax expense (benefit)  |  |  (3,230  |  )  |  |  |  \u2014  |  |  |  |  (3,230  |  )   \nDepreciation and amortization  |  |  7,866  |  |  |  |  244  |  |  |  |  8,110  |   \nEBITDA  |  |  (117,038  |  )  |  |  |  (3,880  |  )  |  |  |  (120,918  |  )   \nShare of income from equity method investments  |  |  (1,583  |  )  |  |  |  \u2014  |  |  |  |  (1,583  |  )   \nImpairment loss on long-lived assets  (i)  |  |  3,366  |  |  |  |  205  |  |  |  |  3,571  |   \nLoss on revaluation of derivative liabilities  (iv)  |  |  85  |  |  |  |  \u2014  |  |  |  |  85  |   \nLoss on revaluation of financial instruments  (v)  |  |  12,042  |  |  |  |  \u2014  |  |  |  |  12,042  |   \nImpairment loss on other investments  (vi)  |  |  23,350  |  |  |  |  \u2014  |  |  |  |  23,350  |   \nForeign currency transaction loss  |  |  7,324  |  |  |  |  \u2014  |  |  |  |  7,324  |   \nOther, net  (ix)  |  |  (1,114  |  )  |  |  |  118  |  |  |  |  (996  |  )   \nRestructuring costs  (x)  |  |  1,524  |  |  |  |  523  |  |  |  |  2,047  |   \nShare-based compensation  (xi)  |  |  8,756  |  |  |  |  13  |  |  |  |  8,769  |   \nFinancial statement review costs  (xii)  |  |  919  |  |  |  |  \u2014  |  |  |  |  919  |   \nInventory write-down  (xiii)  |  |  805  |  |  |  |  839  |  |  |  |  1,644  |   \nAdjusted EBITDA  |  $  |  (61,564  |  )  |  |  $  |  (2,182  |  )  |  |  $  |  (63,746  |  )   \n  \n  \n\n_(in thousands of U.S. dollars)_ |  **Three months ended December 31, 2024**  \n---|---  \n|  **Continuing  \nOperations ** |  |  **Discontinued  \nOperations ** |  |  **Total**  \nNet income  |  $  |  43,941  |  |  |  $  |  \u2014  |  |  $  |  43,941  |   \nInterest income, net  |  |  (11,863  |  )  |  |  |  \u2014  |  |  |  (11,863  |  )   \nIncome tax expense (benefit)  |  |  2,004  |  |  |  |  \u2014  |  |  |  2,004  |   \nDepreciation and amortization  |  |  2,525  |  |  |  |  \u2014  |  |  |  2,525  |   \nEBITDA  |  |  36,607  |  |  |  |  \u2014  |  |  |  36,607  |   \nGain on revaluation of derivative liabilities  (i  v  )  |  |  (142  |  )  |  |  |  \u2014  |  |  |  (142  |  )   \nGain on revaluation of financial instruments  (  v  )  |  |  (302  |  )  |  |  |  \u2014  |  |  |  (302  |  )   \nForeign currency transaction gain  |  |  (45,489  |  )  |  |  |  \u2014  |  |  |  (45,489  |  )   \nTransaction costs  (vii)  |  |  171  |  |  |  |  \u2014  |  |  |  171  |   \nLoss on held-for-sale assets  (  v  iii)  |  |  780  |  |  |  |  \u2014  |  |  |  780  |   \nOther, net  (  ix  )  |  |  (294  |  )  |  |  |  \u2014  |  |  |  (294  |  )   \nShare-based compensation  (  xi  )  |  |  2,187  |  |  |  |  \u2014  |  |  |  2,187  |   \nFinancial statement review costs  (  xii  )  |  |  524  |  |  |  |  \u2014  |  |  |  524  |   \nInventory step-up recorded to cost of sales  (xi  v)  |  |  (1,832  |  )  |  |  |  \u2014  |  |  |  (1,832  |  )   \nIsrael Ministry of Economy and Industry dumping inquiry  (xv)  |  |  587  |  |  |  |  \u2014  |  |  |  587  |   \nAdjusted EBITDA  |  $  |  (7,203  |  )  |  |  $  |  \u2014  |  |  $  |  (7,203  |  )   \n  \n  \n\n_(in thousands of U.S. dollars)_ |  **Three months ended December 31, 2023**  \n---|---  \n|  **Continuing  \nOperations ** |  |  **Discontinued  \nOperations ** |  |  **Total**  \nNet loss  |  $  |  (45,151  |  )  |  |  $  |  124  |  |  |  $  |  (45,027  |  )   \nInterest income, net  |  |  (14,214  |  )  |  |  |  (1  |  )  |  |  |  (14,215  |  )   \nIncome tax expense (benefit)  |  |  (360  |  )  |  |  |  \u2014  |  |  |  |  (360  |  )   \nDepreciation and amortization  |  |  1,177  |  |  |  |  \u2014  |  |  |  |  1,177  |   \nEBITDA  |  |  (58,548  |  )  |  |  |  123  |  |  |  |  (58,425  |  )   \nShare of income from equity method investments  |  |  (752  |  )  |  |  |  \u2014  |  |  |  |  (752  |  )   \nImpairment loss on long-lived assets  (i  )  |  |  3,366  |  |  |  |  \u2014  |  |  |  |  3,366  |   \nLoss on revaluation of derivative liabilities  (i  v  )  |  |  71  |  |  |  |  \u2014  |  |  |  |  71  |   \nLoss on revaluation of financial instruments  (  v  )  |  |  4,186  |  |  |  |  \u2014  |  |  |  |  4,186  |   \nImpairment loss on other investments  (vi  )  |  |  23,350  |  |  |  |  \u2014  |  |  |  |  23,350  |   \nForeign currency transaction loss  |  |  11,323  |  |  |  |  \u2014  |  |  |  |  11,323  |   \nOther, net  (i  x  )  |  |  (89  |  )  |  |  |  (14  |  )  |  |  |  (103  |  )   \nRestructuring costs  (  x)  |  |  101  |  |  |  |  (39  |  )  |  |  |  62  |   \nShare-based compensation  (  xi  )  |  |  1,933  |  |  |  |  (4  |  )  |  |  |  1,929  |   \nFinancial statement review costs  (  xii  )  |  |  180  |  |  |  |  \u2014  |  |  |  |  180  |   \nInventory write-down  (  xiii  )  |  |  89  |  |  |  |  \u2014  |  |  |  |  89  |   \nAdjusted EBITDA  |  $  |  (14,790  |  )  |  |  $  |  66  |  |  |  $  |  (14,724  |  )   \n  \n(i)  For the year ended December 31, 2024, impairment loss on long-lived\nassets included $14,258 related to the write-down of our Ginkgo Exclusive\nLicenses and $1,631 related to the cessation of operations of Thanos Holdings\nLtd., known as Cronos Fermentation (\u201cCronos Fermentation\u201d). For the year ended\nDecember 31, 2023, impairment loss on long-lived assets related to certain\nleased properties associated with the Company\u2019s former U.S. operations and\nimpairment of the Company's CBCVA exclusive license under the collaboration\nand license agreement between Ginkgo and the Company.  \n(ii)  For the year ended December 31, 2024, a revaluation gain on loan\nreceivable was recognized as a result of the Cronos GrowCo Transaction on July\n1, 2024.  \n(iii)  For the year ended December 31, 2024, a gain on revaluation of equity\nmethod investment was recognized as a result of the Cronos GrowCo Transaction\non July 1, 2024.  \n(iv)  For the three months and years ended December 31, 2024 and 2023, the\n(gain) loss on revaluation of derivative liabilities represented the fair\nvalue changes on the derivative liabilities.  \n(v)  For the three months and years ended December 31, 2024 and 2023, (gain)\nloss on revaluation of financial instruments related primarily to our\nunrealized holding (gain) or loss (as applicable) on our mark-to-market\ninvestment in Vitura as well as revaluations of financial liabilities\nresulting from deferred share units granted to directors.  \n(vi)  For the years ended December 31, 2024 and 2023 and the three months\nended December 31, 2023, impairment loss on other investments related to the\nPharmaCann Option for the difference between its fair value and carrying\namount.  \n(vii)  For the year and three months ended December 31, 2024, transaction\ncosts represented legal, financial and other advisory fees and expenses\nincurred in connection with the Cronos GrowCo Transaction. These costs are\nincluded in general and administrative expenses on the consolidated statements\nof net income (loss) and comprehensive income (loss).  \n(viii)  For the year ended December 31, 2024, a loss on held-for-sale assets\nwas recognized as a result of the change in the Company\u2019s sales strategy for\nthe Cronos Fermentation assets to market the assets to a broader buyer pool.\nFor the quarter ended December 31, 2024, a loss on held-for-sale assets was\nrecognized to adjust the net book value of Cronos Fermentation to fair value.  \n(ix)  For the three months and years ended December 31, 2024 and 2023, other,\nnet primarily related to (gain) loss on disposal of assets.  \n(x)  For the year ended December 31, 2024, restructuring costs from continuing\noperations related to shutdown costs at the Cronos Fermentation Facility, as\nwell as employee-related severance costs associated with the Realignment. For\nthe year and three months ended December 31, 2023, restructuring costs related\nto the employee-related severance costs and other restructuring costs\nassociated with the Realignment.  \n(xi)  For the three months and years ended December 31, 2024 and 2023, share-\nbased compensation related to the vesting expenses of share-based compensation\nawarded to employees under our share-based award plans.  \n(xii)  For the three months and years ended December 31, 2024 and 2023,\nfinancial statement review costs included costs related to the Restatements,\ncosts related to the Company\u2019s responses to requests for information from\nvarious regulatory authorities relating to the Restatements, the costs related\nto the Settlement Order and Settlement Agreement and legal costs defending\nshareholder class action complaints brought against the Company as a result of\nthe 2019 restatement, as well as related insurance reimbursements.  \n(xiii)  For the three months and year ended December 31, 2023, inventory\nwrite-downs from discontinued operations relate to product destruction and\nobsolescence associated with the exit of our U.S. operations and inventory\nwrite-downs from continuing operations relate to product destruction and\nobsolescence associated with the planned exit of Cronos Fermentation.  \n(xiv)  For the three months and year ended December 31, 2024, inventory step-\nup recorded to cost of sales represented the portion of the inventory step-up\nfrom the Cronos GrowCo Transaction that was recorded through the consolidated\nstatements of income (loss) and comprehensive income (loss).  \n(xv)  For the three months and year ended December 31, 2024, Israel Ministry\nof Economy and Industry dumping inquiry expense included expenditures relating\nto the regulatory inquiry about alleged dumping of medical cannabis products\nin Israel and related litigation and external relations expenses.\n\n**_Adjusted Gross Profit and Adjusted Gross Margin_ **\n\nTo supplement the consolidated financial statements presented in accordance\nwith U.S. GAAP, we have presented Adjusted Gross Profit and Adjusted Gross\nMargin, non-GAAP measures that exclude the impacts of inventory-related\npurchase accounting adjustments from the calculations of gross profit and\ngross margin, which resulted from the Cronos GrowCo Transaction. Results are\nreported as total consolidated results, reflecting our reporting structure of\none reportable segment.\n\nManagement believes that Adjusted Gross Profit and Adjusted Gross Margin\nprovide useful insight into underlying business trends to facilitate\ncomparisons of period-over-period results by removing the impacts of\ninventory-related purchase accounting adjustments resulting from the Cronos\nGrowCo Transaction, which reflect a one-time event and do not reflect\nmanagement\u2019s assessment of ongoing business performance.\n\n_(in thousands of U.S. dollars)_ |  **Three months ended  \nDecember 31, ** |  |  **Change** |  |  **Year ended  \nDecember 31, ** |  |  **Change**  \n---|---|---|---|---|---|---|---  \n|  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%**  \nNet revenue  |  $  |  30,301  |  |  |  $  |  23,915  |  |  |  $  |  6,386  |  |  |  27  |  %  |  |  $  |  117,615  |  |  |  $  |  87,241  |  |  |  $  |  30,374  |  |  35  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nGross profit  |  $  |  10,807  |  |  |  $  |  1,913  |  |  |  $  |  8,894  |  |  |  465  |  %  |  |  $  |  25,198  |  |  |  $  |  11,909  |  |  |  $  |  13,289  |  |  112  |  %   \nInventory step-up recorded to cost of sales  |  |  (1,832  |  )  |  |  |  \u2014  |  |  |  |  (1,832  |  )  |  |  N/M  |  |  |  |  5,284  |  |  |  |  \u2014  |  |  |  |  5,284  |  |  N/M  |   \nAdjusted Gross Profit  |  $  |  8,975  |  |  |  $  |  1,913  |  |  |  $  |  7,062  |  |  |  369  |  %  |  |  $  |  30,482  |  |  |  $  |  11,909  |  |  |  $  |  18,573  |  |  156  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nGross margin  (i)  |  |  36  |  %  |  |  |  8  |  %  |  |  |  N/A  |  |  |  28  |  pp  |  |  |  21  |  %  |  |  |  14  |  %  |  |  N/A  |  |  7  |  pp   \nAdjusted Gross Margin  (ii)  |  |  30  |  %  |  |  |  8  |  %  |  |  |  N/A  |  |  |  22  |  pp  |  |  |  26  |  %  |  |  |  14  |  %  |  |  N/A  |  |  12  |  pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \n  \n(i)  Gross margin is defined as gross profit divided by net revenue.  \n(ii)  Adjusted Gross Margin is defined as Adjusted Gross Profit divided by net\nrevenue.\n\n_Constant Currency_\n\nTo supplement the consolidated financial statements presented in accordance\nwith U.S. GAAP, we have presented constant currency adjusted financial\nmeasures for net revenues, gross profit, gross profit margin, operating\nexpenses, net income (loss) and Adjusted EBITDA for 2024, as well as cash and\ncash equivalents and short-term investment balances as of December 31, 2024\ncompared to December 31, 2023, which are considered non-GAAP financial\nmeasures. We present constant currency information to provide a framework for\nassessing how our underlying operations performed excluding the effect of\nforeign currency rate fluctuations. To present this information, current and\nprior period income statement results in currencies other than U.S. dollars\nare converted into U.S. dollars using the average exchange rates from the\ncomparative period in 2023 rather than the actual average exchange rates in\neffect during 2024; constant currency current period balance sheet information\nis translated at the prior year-end spot rate rather than the current year-end\nspot rate. All growth comparisons relate to the corresponding period in 2023.\nWe have provided this non-GAAP financial information to aid investors in\nbetter understanding the performance of our business. The non-GAAP financial\nmeasures presented in this press release should not be considered as a\nsubstitute for, or superior to, the measures of financial performance prepared\nin accordance with U.S. GAAP.\n\nThe table below sets forth certain measures of consolidated results from\ncontinuing operations on an as-reported and constant currency basis for 2024\ncompared to 2023, as well as cash and cash equivalents and short-term\ninvestments as of December 31, 2024, compared to December 31, 2023, on an as-\nreported and constant currency basis (in thousands):\n\n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n---|---|---|---  \n|  **Three months ended December 31,** |  |  **As Reported  \nChange ** |  |  **Three months ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  **$** |  |  **%**  \nNet revenue  |  $  |  30,301  |  |  |  $  |  23,915  |  |  |  $  |  6,386  |  |  |  27  |  %  |  |  $  |  30,527  |  |  |  $  |  6,612  |  |  |  28  |  %   \nGross profit  |  |  10,807  |  |  |  |  1,913  |  |  |  |  8,894  |  |  |  465  |  %  |  |  |  10,914  |  |  |  |  9,001  |  |  |  471  |  %   \nGross margin  |  |  36  |  %  |  |  |  8  |  %  |  |  |  N/A  |  |  |  28  |  pp  |  |  |  36  |  %  |  |  |  N/A  |  |  |  28  |  pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \nOperating expenses  |  |  22,172  |  |  |  |  23,549  |  |  |  |  (1,377  |  )  |  |  (6  |  )%  |  |  |  22,557  |  |  |  |  (992  |  )  |  |  (4  |  )%   \nNet income (loss) from continuing operations  |  |  43,941  |  |  |  |  (45,151  |  )  |  |  |  89,092  |  |  |  N/M  |  |  |  |  44,431  |  |  |  |  89,582  |  |  |  N/M  |   \nAdjusted EBITDA  |  |  (7,203  |  )  |  |  |  (14,790  |  )  |  |  |  7,587  |  |  |  51  |  %  |  |  |  (7,869  |  )  |  |  |  6,921  |  |  |  47  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n|  **Year ended  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **Year ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  **$** |  |  **%**  \nNet revenue  |  $  |  117,615  |  |  |  $  |  87,241  |  |  |  $  |  30,374  |  |  |  35  |  %  |  |  $  |  118,983  |  |  |  $  |  31,742  |  |  |  36  |  %   \nGross profit  |  |  25,198  |  |  |  |  11,909  |  |  |  |  13,289  |  |  |  112  |  %  |  |  |  25,505  |  |  |  |  13,596  |  |  |  114  |  %   \nGross margin  |  |  21  |  %  |  |  |  14  |  %  |  |  |  N/A  |  |  |  7  |  pp  |  |  |  21  |  %  |  |  |  N/A  |  |  |  7  |  pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \nOperating expenses  |  |  101,727  |  |  |  |  96,709  |  |  |  |  5,018  |  |  |  5  |  %  |  |  |  102,972  |  |  |  |  6,263  |  |  |  6  |  %   \nNet income (loss) from continuing operations  |  |  40,022  |  |  |  |  (70,439  |  )  |  |  |  110,461  |  |  |  N/M  |  |  |  |  42,007  |  |  |  |  112,446  |  |  |  N/M  |   \nAdjusted EBITDA  |  |  (34,942  |  )  |  |  |  (61,564  |  )  |  |  |  26,622  |  |  |  43  |  %  |  |  |  (35,891  |  )  |  |  |  25,673  |  |  |  42  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \n|  **As of  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **As of December 31,** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  **$** |  |  **%**  \nCash and cash equivalents  |  $  |  858,805  |  |  |  $  |  669,291  |  |  |  $  |  189,514  |  |  |  28  |  %  |  |  $  |  869,761  |  |  |  $  |  200,470  |  |  |  30  |  %   \nShort-term investments  |  |  \u2014  |  |  |  |  192,237  |  |  |  |  (192,237  |  )  |  |  (100  |  )%  |  |  |  \u2014  |  |  |  |  (192,237  |  )  |  |  (100  |  )%   \nTotal cash and cash equivalents and short-term investments  |  $  |  858,805  |  |  |  $  |  861,528  |  |  |  $  |  (2,723  |  )  |  |  \u2014  |  %  |  |  $  |  869,761  |  |  |  $  |  8,233  |  |  |  1  |  %   \n  \n_  \nNet revenue _\n\n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n---|---|---|---  \n|  **Three months ended  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **Three months ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  **2023** |  |  **$** |  |  **%** |  |  |  **2024** |  |  **$** |  |  **%**  \nCannabis flower  |  $  |  23,398  |  |  $  |  17,515  |  |  $  |  5,883  |  |  |  34  |  %  |  |  $  |  23,491  |  |  $  |  5,976  |  |  |  34  |  %   \nCannabis extracts  |  |  6,588  |  |  |  6,074  |  |  |  514  |  |  |  8  |  %  |  |  |  6,729  |  |  |  655  |  |  |  11  |  %   \nOther  |  |  315  |  |  |  326  |  |  |  (11  |  )  |  |  (3  |  )%  |  |  |  307  |  |  |  (19  |  )  |  |  (6  |  )%   \nNet revenue  |  $  |  30,301  |  |  $  |  23,915  |  |  $  |  6,386  |  |  |  27  |  %  |  |  $  |  30,527  |  |  $  |  6,612  |  |  |  28  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n|  **Year ended  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **Year ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  **2023** |  |  **$** |  |  **%** |  |  |  **2024** |  |  **$** |  |  **%**  \nCannabis flower  |  $  |  87,912  |  |  $  |  62,070  |  |  $  |  25,842  |  |  |  42  |  %  |  |  $  |  88,904  |  |  $  |  26,834  |  |  |  43  |  %   \nCannabis extracts  |  |  29,168  |  |  |  24,569  |  |  |  4,599  |  |  |  19  |  %  |  |  |  29,552  |  |  |  4,983  |  |  |  20  |  %   \nOther  |  |  535  |  |  |  602  |  |  |  (67  |  )  |  |  (11  |  )%  |  |  |  527  |  |  |  (75  |  )  |  |  (12  |  )%   \nNet revenue  |  $  |  117,615  |  |  $  |  87,241  |  |  $  |  30,374  |  |  |  35  |  %  |  |  $  |  118,983  |  |  $  |  31,742  |  |  |  36  |  %   \n  \n  \n\n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n---|---|---|---  \n|  **Three months ended  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **Three months ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  **2023** |  |  **$** |  |  **%** |  |  |  **2024** |  |  **$** |  |  **%**  \nCanada  |  $  |  19,656  |  |  $  |  17,935  |  |  $  |  1,721  |  |  10  |  %  |  |  $  |  20,156  |  |  $  |  2,221  |  |  12  |  %   \nIsrael  |  |  7,803  |  |  |  4,974  |  |  |  2,829  |  |  57  |  %  |  |  |  7,546  |  |  |  2,572  |  |  52  |  %   \nOther countries  |  |  2,842  |  |  |  1,006  |  |  |  1,836  |  |  183  |  %  |  |  |  2,825  |  |  |  1,819  |  |  181  |  %   \nNet revenue  |  $  |  30,301  |  |  $  |  23,915  |  |  $  |  6,386  |  |  27  |  %  |  |  $  |  30,527  |  |  $  |  6,612  |  |  28  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n|  **Year ended  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **Year ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  **2023** |  |  **$** |  |  **%** |  |  |  **2024** |  |  **$** |  |  **%**  \nCanada  |  $  |  82,437  |  |  $  |  64,702  |  |  $  |  17,735  |  |  27  |  %  |  |  $  |  83,709  |  |  $  |  19,007  |  |  29  |  %   \nIsrael  |  |  28,368  |  |  |  21,134  |  |  |  7,234  |  |  34  |  %  |  |  |  28,454  |  |  |  7,320  |  |  35  |  %   \nOther countries  |  |  6,810  |  |  |  1,405  |  |  |  5,405  |  |  385  |  %  |  |  |  6,820  |  |  |  5,415  |  |  385  |  %   \nNet revenue  |  $  |  117,615  |  |  $  |  87,241  |  |  $  |  30,374  |  |  35  |  %  |  |  $  |  118,983  |  |  $  |  31,742  |  |  36  |  %   \n  \n  \nFor 2024, net revenue on a constant currency basis was $119.0 million,\nrepresenting a 36% increase from 2023. Net revenue increased on a constant\ncurrency basis primarily due to higher cannabis flower and extract sales in\nthe Canadian market and higher cannabis flower sales in Israel and other\ncountries. The Cronos GrowCo Transaction contributed $6.5 million of cannabis\nflower sales in the year ended December 31, 2024 on a constant currency basis.\nNo such sales were recognized for the year ended December 31, 2023.\n\n_Gross profit_\n\nFor 2024, gross profit on a constant currency basis was $25.5 million,\nrepresenting a 114% increase from 2023. Gross profit increased on a constant\ncurrency basis primarily due to higher cannabis flower and extract sales in\nthe Canadian market, higher cannabis flower sales in Israel and other\ncountries, and production cost improvements, partially offset by the impact on\ncost of sales from the inventory step-up from the Cronos GrowCo Transaction.\nFor 2024, gross profit on a constant currency basis was reduced $5.1 million\nas a result of the impact of the inventory step-up from the Cronos GrowCo\nTransaction that was recorded into cost of sales. No such costs were\nrecognized for 2023.\n\n_Operating expenses_\n\nFor 2024, operating expenses on a constant currency basis were $103.0 million,\nrepresenting a 6% increase from 2023. Operating expenses increased on a\nconstant currency basis primarily due to the impairment of the Ginkgo\nExclusive Licenses, partially offset by lower salaries and benefits,\nprofessional fees and restructuring costs.\n\n_Net income (loss) from continuing operations_\n\nFor 2024, net income (loss) from continuing operations on a constant currency\nbasis was $42.0 million, compared to a loss of $70.4 million for 2023.\n\n_Adjusted EBITDA_\n\nFor 2024, Adjusted EBITDA on a constant currency basis was $(35.9) million,\nrepresenting a 42% improvement from 2023. Adjusted EBITDA improved on a\nconstant currency basis primarily due to higher cannabis flower and extract\nsales in the Canadian market, higher cannabis flower sales in Israel and other\ncountries, production cost improvements, and decreases in general and\nadministrative, sales and marketing and research and development expenses.\n\n_Cash and cash equivalents & short-term investments _\n\nCash and cash equivalents and short-term investments on a constant currency\nbasis increased 1% to $869.8 million as of December 31, 2024 from $861.5\nmillion as of December 31, 2023. The increase in cash and cash equivalents and\nshort-term investments is primarily due to cash flows provided by operating\nactivities in 2024.\n\n**Foreign currency exchange rates**\n\nAll currency amounts in this press release are stated in U.S. dollars, which\nis our reporting currency, unless otherwise noted. All references to \u201cdollars\u201d\nor \u201c$\u201d are to U.S. dollars. The assets and liabilities of our foreign\noperations are translated into dollars at the exchange rate in effect as of\nDecember 31, 2024 and December 31, 2023, as reported on Bloomberg.\nTransactions affecting the shareholders\u2019 equity (deficit) are translated at\nhistorical foreign exchange rates. The consolidated statements of net income\n(loss) and comprehensive income (loss) and consolidated statements of cash\nflows of our foreign operations are translated into dollars by applying the\naverage foreign exchange rate in effect for the years ended December 31, 2024,\nDecember 31, 2023, and December 31, 2022, as reported on Bloomberg.\n\nThe exchange rates used to translate from Canadian dollars (\u201cC$\u201d) to dollars\nare shown below:\n\n_(Exchange rates are shown as C$ per $)_ |  **Year ended December 31,**  \n---|---  \n|  **2024** |  |  **2023** |  |  **2022**  \nAverage rate  |  1.3700  |  |  1.3494  |  |  1.3017   \nSpot rate  |  1.4351  |  |  1.3243  |  |  1.3554   \n|  |  |  |  |   \n  \nThe exchange rates used to translate from New Israeli Shekels (\u201cILS\u201d) to\ndollars are shown below:\n\n_(Exchange rates are shown as ILS per $)_ |  **Year ended December 31,**  \n---|---  \n|  **2024** |  |  **2023** |  |  **2022**  \nAverage rate  |  3.6997  |  |  3.6819  |  |  3.3566   \nSpot rate  |  3.6526  |  |  3.6163  |  |  3.5178   \n|  |  |  |  |   \n  \n**For further information, please contact:**  \nAnna Shlimak  \nInvestor Relations  \nTel: (416) 504-0004  \ninvestor.relations@thecronosgroup.com\n\n  \n\n[ Terms ](https://guce.yahoo.com/terms?locale=en-US) and [ Privacy Policy\n](https://guce.yahoo.com/privacy-policy?locale=en-US)\n\n[ Privacy Dashboard ](https://guce.yahoo.com/privacy-dashboard?locale=en-US)\n\n[ More Info ](/more-info)\n\n[ ](/)\n\nCopyright \u00a9 2025 Yahoo. 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                "url": "https://finance.yahoo.com/news/cronos-group-reports-2024-fourth-123000650.html"
            },
            "reason": "Yahoo Finance is a reputable source for financial news. This article reports on Cronos Group's fourth-quarter results.",
            "reliability_score": 0.9,
            "search_query": "company 'The Cronos Group' activities value chain",
            "summary": "News article on Yahoo Finance about Cronos Group's financial results.",
            "url": "https://finance.yahoo.com/news/cronos-group-reports-2024-fourth-123000650.html"
        },
        {
            "content": {
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                    "source": "https://www.newcannabisventures.com/cronos-group-underwhelms-again-with-just-8-4-million-revenue-and-a-45-1-million-operating-loss-in-q1/"
                },
                "page_content": "__\n\n  \n\nMay 8, 2020 at 8:21 am\n\nPublished by NCV Newswire\n\n[\n](https://www.addtoany.com/add_to/facebook?linkurl=https%3A%2F%2Fwww.newcannabisventures.com%2Fcronos-\ngroup-underwhelms-again-with-just-8-4-million-revenue-and-a-45-1-million-\noperating-loss-\nin-q1%2F&linkname=Cronos%20Group%20Underwhelms%20Again%20with%20Just%20%248.4%20Million%20Revenue%20and%20a%20%2445.1%20Million%20Operating%20Loss%20in%20Q1\n\"Facebook\") [\n](https://www.addtoany.com/add_to/twitter?linkurl=https%3A%2F%2Fwww.newcannabisventures.com%2Fcronos-\ngroup-underwhelms-again-with-just-8-4-million-revenue-and-a-45-1-million-\noperating-loss-\nin-q1%2F&linkname=Cronos%20Group%20Underwhelms%20Again%20with%20Just%20%248.4%20Million%20Revenue%20and%20a%20%2445.1%20Million%20Operating%20Loss%20in%20Q1\n\"Twitter\") [\n](https://www.addtoany.com/add_to/linkedin?linkurl=https%3A%2F%2Fwww.newcannabisventures.com%2Fcronos-\ngroup-underwhelms-again-with-just-8-4-million-revenue-and-a-45-1-million-\noperating-loss-\nin-q1%2F&linkname=Cronos%20Group%20Underwhelms%20Again%20with%20Just%20%248.4%20Million%20Revenue%20and%20a%20%2445.1%20Million%20Operating%20Loss%20in%20Q1\n\"LinkedIn\")\n\n#####  Cronos Group Reports 2020 First Quarter Results\n\n  * **Fermented target cannabinoid, CBGA, using cannabinoid strains at Cronos Fermentation R &D labs **\n  * **Successfully completed first dried flower shipment to Israel, as Cronos Israel moves closer to entering the medical cannabis market with PEACE NATURALS\u2122 branded products**\n  * **Natuera completes key operational milestones and begins test exports to the U.S. hemp-derived market**\n\nTORONTO, May 08, 2020 (GLOBE NEWSWIRE) \u2014 [ Cronos Group Inc.\n](https://www.newcannabisventures.com/tag/cronos-group/) (NASDAQ: CRON) (TSX:\nCRON) (\u201cCronos Group\u201d or the \u201cCompany\u201d), today announces its 2020 first\nquarter business results.\n\n\u201cCronos Group started 2020 energized and determined to continue to see through\nour core strategic initiatives to drive long-term and sustainable growth. This\nquarter, we moved closer to officially entering the Israeli medical cannabis\nmarket with our Cronos Israel operations preparing to sell PEACE NATURALS\u2122\nbranded dried flower products to medical patients. The Israeli medical market\nis a growing channel, and we look forward to serving this market in 2020 and\nbeyond,\u201d said Mike Gorenstein, CEO of Cronos Group.\n\n> Despite the challenges and uncertainty posed by the COVID-19 pandemic, we\n> remain agile and focused as a business. Our brand portfolio continues to\n> launch innovative products to consumers as we adapt to an online-first\n> distribution model in both the U.S. and Canada. We continue to reach our\n> stakeholders and consumers through creative digital marketing.\n>\n> #####\n>\n> And our product innovation and R&D projects continue to progress. We believe\n> the mission of our Company, to improve lives through cannabinoid innovation,\n> resonates especially well during these times. We remain well-positioned and\n> committed to generating sustainable, long-term value for shareholders and\n> are confident 2020 will be a successful building year for Cronos Group.\n\n**Financial Results**\n\n**[ ](https://www.newcannabisventures.com/wp-\ncontent/uploads/2020/05/cron1.jpg) **\n\n**First Quarter 2020**\n\n  * Net revenue of $8.4 million in Q1 2020 increased by $5.4 million from Q1 2019. The increase year-over-year was primarily driven by continued growth in the adult-use Canadian cannabis market, sales resulting from the launch of cannabis vaporizers to the Canadian market, including both adult-use and direct-to-consumer, and the inclusion of the Redwood acquisition in our financial results. \n  * Gross profit (loss) of $(6.5) million in Q1 2020 decreased by $8.0 million from Q1 2019. The decrease year-over-year was primarily driven by an inventory write-down of $8.0 million on dried cannabis and cannabis extracts, as well as an increase in the marginal production cost at our Peace Naturals Campus, as we continue working towards operating at full capacity after the repurposing of the facility in the fourth quarter of 2019. \n  * The Company incurred an inventory write-down of $8.0 million, on dried cannabis and cannabis extracts, primarily driven by fixed-price contracts negotiated prior to cannabis product price compression due to broader trends of oversupply in the Canadian market. If we were to adjust for the effects of the inventory write-downs, gross profit in Q1 2020, would have been $1.5 million, representing a gross margin of 18%. We anticipate further inventory write-downs in the short-term due to pricing pressures in the marketplace and the impact of the Company\u2019s operational repurposing of the Peace Naturals Campus. \n  * Reported operating loss of $45.1 million in Q1 2020 increased by $34.9 million from Q1 2019. The reduction year-over-year was primarily driven by an increase in general and administrative expenses as a result of increased headcount, internal review costs of $4.4 million related to the restatement of our 2019 interim financial statements, higher sales and marketing costs related to brand development, and research and development costs related to our Ginkgo partnership, activities at Cronos Fermentation, and spending on vaporizer innovation at the Cronos Device Labs research and development center. \n\n**Business Updates**\n\n_**Brand Portfolio** _\n\nThroughout the first quarter of 2020, Cronos Group continued to roll-out\ncannabis vaporizer devices for the Canadian adult-use market under the COVE\u2122\nand Spinach\u2122 brands. In addition, in March 2020 the Company launched PEACE\nNATURALS\u2122 branded cannabis vaporizer devices for the direct-to-consumer market\nin Canada.\n\nIn the first quarter, the Lord Jones\u2122 brand continued to launch innovative\nproducts with the introduction of Lord Jones\u2122 Acid Mantle Repair CBD\nMoisturizer to the U.S. market. The Acid Mantle Repair Moisturizer is a\nsoothing facial moisturizer specifically formulated to help maintain the\nskin\u2019s acid mantle and rebalance the appearance of stressed skin. The new\nproduct is currently being sold at Sephora, Beautylish, C.O. Bigelow and\nonline through the Lord Jones\u2122 website directly.\n\n_**Global Sales and Distribution** _\n\nSubsequent to this quarter in April 2020, Cronos Group completed its first\nexport of bulk dried flower to Cronos Israel in order to sell PEACE NATURALS\u2122\nbranded cannabis products for distribution in the Israeli medical market.\nCronos Israel will begin to build its distribution network and brand presence\nin this rapidly growing medical market.\n\n_**Global Supply Chain** _\n\nDuring the first quarter of 2020, Natuera, Cronos Group\u2019s contract\nmanufacturing joint venture in Latin America, a fully licensed operation in\nColombia for hemp- and cannabis-derived bulk, consumer, and medicinal\ncannabinoid products, achieved significant operational milestones. Natuera,\ncompleted construction of its state-of-the-art, GMP-standard extraction\nfacility. In addition, Natuera gained preferential access to four cultivars\nregistered with the Colombian Agricultural Institute and planting of one of\nthe hemp strains took place in mid-February, with its first harvest having\ntaken place at the end of April.\n\nWith its extraction and processing facility also coming online, Natuera\u2019s R&D\ndepartment has developed its first commercially available, hemp-derived CBD\ndistillate, which was granted a non-controlled substance ruling by Colombia\u2019s\nNarcotics Control Board, streamlining an efficient process for export. Natuera\nsuccessfully completed its first test export to the United States in early\nMarch 2020. Natuera is focused on accessing new markets and product expansion,\nincluding developing additional bulk offerings of hemp-derived CBD distillate\nand water-soluble hemp-derived CBD solutions.\n\nThe Cronos Israel facility continues to move closer to operational readiness\nand is expected to become a growth driver for the Company in the back half of\n2020 and onward. The Company has received the necessary regulatory approvals\nto produce, manufacture and sell dried cannabis flower products and is\nawaiting approvals for pre-rolls and oil products, which are expected to be\nreceived throughout 2020.\n\n_**Intellectual Property Initiatives** _\n\nSubsequent to this quarter in April 2020, Cronos Israel entered into a\ncollaboration agreement with Cannasoul Analytics Ltd. (\u201cCannasoul\u201d), a\ncannabis research company dedicated to developing scientific intellectual\nproperty, medical products, and technologies, to develop a commercial cannabis\nanalytical testing laboratory onsite at Cronos Israel.\n\nLed by established cannabis researcher, Professor Dedi Meiri from the Technion\nIsrael Institute of Technology, Cannasoul intends to operate the laboratory\nand conduct in-house commercial analytical testing for Cronos Israel and\nthird-party clients. It is anticipated that the laboratory, once operational,\nwill address the current need in the Israeli market for accurate, end-to-end\ncannabis analytical testing for purposes of domestic sale and export to\ncertain international markets.\n\nIn the first quarter of 2020, Cronos Fermentation received an R&D license from\nHealth Canada and received initial cannabinoid producing strains from Ginkgo\nBioworks. Subsequent to the quarter end, Cronos Fermentation successfully\nfermented one of our target cannabinoids, CBGA, using the cannabinoid strains\nin our Winnipeg R&D labs. Cronos Fermentation will continue using these\nstrains to optimize downstream processing and scale up procedures in advance\nof receiving the final strains and commercial processing license, both of\nwhich are required for commercialization.\n\n_**Update on COVID-19** _\n\nCronos Group\u2019s manufacturing sites have adjusted in order to comply with the\ncurrent COVID-19 guidelines provided by local and federal governments. The\nCompany has reduced the number of personnel working on-site at its production\nfacilities in the U.S., Canada, and Israel to essential employees, implemented\nwork-from-home policies where appropriate, and implemented additional health\nand safety measures, including enhanced hygiene and sanitation procedures,\nmodified work schedules and social distancing protocols at its production\nfacilities. The Company will continue to act in accordance with guidance from\nlocal, federal, and international health and governmental authorities, and is\nprepared to make additional operational adjustments, as necessary. Although\nthe Company\u2019s production facilities currently remain operational, exemptions\nfor essential businesses and workforces continue to evolve as governmental and\nhealth authorities respond to the spread of the virus.\n\nThe Company currently has sufficient inventory and supply of materials to meet\ncurrent demand, although closures or other restrictions may impact business\noperations for third-party manufacturers, suppliers or vendors, which may in\nturn disrupt the Company\u2019s supply chain.\n\nCronos Group\u2019s distribution channels continue to see disruptions globally due\nto the COVID-19 pandemic. Many brick-and-mortar retailers in the U.S., where\nLord Jones\u2122 products are distributed, have closed, although some retail\npartners continue to operate through their online sites. Lord Jones\u2122 continues\nto sell directly to consumers through its website. In Canada, brick-and-mortar\ncannabis retailers in certain provinces have mandated curbside click-and-\ncollect models, reduced store opening hours, or have closed retail entirely.\nProvincial purchasers and private retailers have also reduced staff on-site,\nwhich has led to a decrease in delivery availability and a reduction in the\nfrequency and/or size of purchase orders. Online cannabis stores throughout\nCanada have remained operational.\n\nThe slowdown and disruption faced by retail partners, in addition to\nquarantine measures and travel restrictions, impacts our customers\u2019 ability to\naccess our products in the U.S., Canada and other jurisdictions in which the\nCompany operates. COVID-19 restrictions differ across jurisdictions, which has\nresulted in increased uncertainty in forecasting customer demand and sales\nvelocity.\n\n**Rest of World Results**\n\nCronos Group\u2019s Rest of World reporting segment includes results of the\nCompany\u2019s operations for all markets outside of the United States of America.\n\n**[ ](https://www.newcannabisventures.com/wp-\ncontent/uploads/2020/05/cron2.jpg) **\n\n_**First Quarter 2020** _\n\n  * Net revenue of $6.3 million in Q1 2020 increased by $3.3 million from Q1 2019. The increase year-over-year was primarily driven by continued growth in the adult-use Canadian cannabis market, sales resulting from the launch of cannabis vaporizers to the Canadian market, including both adult-use and direct-to-consumer. \n  * Gross profit (loss) of $(7.6) million in Q1 2020 decreased by $9.1 million from Q1 2019. The decrease year-over-year was primarily driven by an inventory write-down of $8.0 million on dried cannabis and cannabis extracts, as well as increased marginal production costs at the Peace Naturals Campus as we continue towards operating at full capacity after the repurposing efforts in the fourth quarter of 2019. \n  * The Company incurred an inventory write-down of $8.0 million, on dried cannabis and cannabis extracts, primarily driven by fixed-price contracts negotiated prior to cannabis product price compression due to broader trends of oversupply in the Canadian market. If we were to adjust for the effects of the inventory write-downs, gross profit in Q1 2020, would have been $0.4 million, representing a gross margin of 6%. We anticipate further inventory write-downs in the short-term due to pricing pressures in the marketplace and the impact of the Company\u2019s operational repurposing of the Peace Naturals Campus. \n  * Reported operating loss of $31.9 million in Q1 2020 increased by $21.7 million from Q1 2019. The reduction year-over-year was primarily driven by increased general and administrative expenses as a result of increased headcount, higher sales and marketing expenses related to brand development, and research and development costs related to our Ginkgo partnership, activities at Cronos Fermentation, and spending on vaporizer innovation at the Cronos Device Labs research and development center. \n\n**United States Results**\n\nCronos Group\u2019s United States reporting segment includes results of the\nCompany\u2019s operations for all brands and products in the United States of\nAmerica.\n\n**[ ](https://www.newcannabisventures.com/wp-\ncontent/uploads/2020/05/cron3.jpg) **\n\n_**First Quarter 2020** _\n\n  * Net revenue was $2.2 million in Q1 2020, of which the primary contributors to revenue in the quarter were the continued distribution of products in both e-commerce and physical retail channels and the introduction of Lord Jones\u2122 Acid Mantle Repair CBD Moisturizer. \n  * Gross profit was $1.1 million in Q1 2020, representing a gross margin of 50%. \n  * Reported operating loss was $6.5 million in Q1 2020. The loss was driven by increased sales and marketing costs incurred in relation to the launch of new products and increased general and administrative expenses driven by increased headcount to support our growth strategy. \n\n**Conference Call**\n\nThe Company will host a conference call and live audio webcast on Friday, May\n8, 2020, at 8:30 a.m. EDT to discuss 2020 first quarter business results. The\ncall will last approximately one hour. An audio replay of the call will be\narchived on the Company\u2019s website for replay. Instructions for the conference\ncall are provided below:\n\n  * Live audio webcast: [ https://ir.thecronosgroup.com/events-presentations ](https://ir.thecronosgroup.com/events-presentations)\n  * Toll Free from the U.S. and Canada dial-in: (866) 795-2258 \n  * International dial-in: (409) 937-8902 \n  * Conference ID: 9069454 \n\n**About Cronos Group**\n\nCronos Group is an innovative global cannabinoid company with international\nproduction and distribution across five continents. Cronos Group is committed\nto building disruptive intellectual property by advancing cannabis research,\ntechnology and product development. With a passion to responsibly elevate the\nconsumer experience, Cronos Group is building an iconic brand portfolio.\nCronos Group\u2019s portfolio includes [ PEACE NATURALS\u2122\n](https://www.peacenaturals.com/) , a global health and wellness platform, two\nadult-use brands, [ COVE\u2122 ](https://covecannabis.ca/) and [ Spinach\u2122\n](https://spinachcannabis.com/) , and two hemp-derived CBD brands, [ Lord\nJones\u2122 ](https://lordjones.com/) and [ PEACE+\u2122 ](https://www.peaceplus.com/) .\nFor more information about Cronos Group and its brands, please visit: [\nwww.thecronosgroup.com ](http://www.thecronosgroup.com) .\n\n[ ](https://www.newcannabisventures.com/wp-content/uploads/2020/05/cron4.jpg)\n\n[ ](https://www.newcannabisventures.com/wp-content/uploads/2020/05/cron5.jpg)\n\n[ ](https://www.newcannabisventures.com/wp-content/uploads/2020/05/cron6.jpg)\n\n**Non-GAAP Measures**\n\nIn addition to its financial results reported in accordance with accounting\nprinciples generally recognized in the U.S. (\u201cGAAP\u201d), the Company uses certain\nmeasures that are not recognized under GAAP such as adjusted operating loss,\nadjusted operating loss by business segment and adjusted earnings before\ninterest, tax, depreciation and amortization (\u201cAdjusted EBITDA\u201d). These\nfinancial measures do not have a standardized meaning prescribed by GAAP and\nare therefore unlikely to be comparable to similar measures presented by other\ncompanies. Rather, these measures are provided as a supplement to those GAAP\nmeasures to provide additional information regarding our results of operations\nfrom management\u2019s perspective. Accordingly, non-GAAP measures should not be\nconsidered a substitute for, or superior to, the financial information\nprepared and presented in accordance with GAAP. All non-GAAP measures\npresented in this press release are reconciled to their closest reported GAAP\nmeasure. Reconciliations of historical adjusted financial measures to\ncorresponding GAAP measures are provided below.\n\n_Adjusted operating loss_\n\nManagement reviews operating loss on an adjusted basis, which excludes certain\nincome and expense items that management believes are not part of underlying\noperations. These items typically include non-recurring charges such as our\ninternal review costs related to the restatement of our 2019 interim financial\nstatements. Management does not view these items to be part of underlying\nresults as they may be highly variable, may be infrequent, are difficult to\npredict and can distort underlying business trends and results.\n\nManagement believes that adjusted operating loss provides useful insight into\nunderlying business trends and results and provides a more meaningful\ncomparison of year-over-year results. Management uses adjusted operating loss\nfor planning, forecasting and evaluating business and financial performance,\nincluding allocating resources and evaluating results relative to employee\ncompensation targets.\n\n[ ](https://www.newcannabisventures.com/wp-content/uploads/2020/05/cron7.jpg)\n\n_Adjusted operating loss by business segment_\n\nManagement reviews operating loss by business segment, which excludes\ncorporate expenses, and adjusted operating loss by business segment, which\nfurther excludes certain income and expense items that management believes are\nnot part of the underlying segment\u2019s operations. Corporate expenses are\nexpenses that relate to the consolidated business and not to an individual\noperating segment while the income and expense items typically include non-\nrecurring charges such as our internal review costs related to the restatement\nof our 2019 interim financial statements. Management does not view the income\nand expense items above to be part of underlying results of the segment as\nthey may be highly variable, may be unusual or infrequent, are difficult to\npredict and can distort underlying business trends and results.\n\nManagement believes that adjusted operating loss by business segment provides\nuseful insight into underlying segment trends and results and will provide a\nmore meaningful comparison of year-over-year results, going forward.\nManagement uses adjusted operating loss by business segment for planning,\nforecasting and evaluating segment performance, including allocating resources\nand evaluating results relative to employee compensation.\n\n[ ](https://www.newcannabisventures.com/wp-content/uploads/2020/05/cron8.jpg)\n\n_Adjusted EBITDA_\n\nAdjusted earnings before interest, tax, depreciation and amortization\n(\u201cAdjusted EBITDA\u201d) is used by management as a supplemental measure to review\nand assess operating performance and trends on a comparable basis with the\nrest of the industry, although our measure of Adjusted EBITDA may not be\ndirectly comparable to similar measures used by other companies.\n\nManagement reviews EBITDA on an adjusted basis, which excludes net income\nattributable to non-controlling interests, and special items. Special items\nconsist of financing and transaction costs, other non-cash gains (losses) and\nother unforeseeable, non-recurring charges which management has described\nbelow.\n\n[ ](https://www.newcannabisventures.com/wp-content/uploads/2020/05/cron9.jpg)\n\n**Special Items**\n\nManagement does not view any of the following special items to be part of the\nunderlying results as they may be highly variable, may be infrequent, may be\nunpredictable and may distort underlying business results and trends.\n\n_Financing and transaction costs_\n\n  1. During the three months ended March 31, 2020, there were no financing or transaction costs. \n  2. During the three months ended March 31, 2019, the Company recorded pre-tax charges of $22.2 million primarily related to the Altria Investment. \n\n_Gain on revaluation of derivative liabilities_\n\n  1. During the three months ended March 31, 2020, Cronos Group recorded a pre-tax unrealized gain of $113.4 million primarily resulting from the non-cash change in the fair value of financial derivative liabilities associated with the investment by Altria. \n  2. During the three months ended March 31, 2019, the unrealized gain resulting from the non-cash change in the fair value of the financial derivative liabilities was $328.2 million. \n\n_Internal Review Costs_\n\n  1. During the three months ended March 31, 2020, the Company incurred $4.4 million in internal review cost associated with the restatement of the Company\u2019s interim financial statements in 2019. \n\n**Foreign currency exchange rates**\n\nAll currency amounts in this Press Release are stated in U.S. dollars (\u201cUSD\u201d),\nwhich is our reporting currency, unless otherwise noted. All references to\n\u201cdollars\u201d or \u201c$\u201d are to USD. The assets and liabilities of the Company\u2019s\nforeign operations are translated into USD at the exchange rate in effect as\nof March 31, 2020 and December 31, 2019. Transactions affecting shareholders\u2019\nequity are translated at historical foreign exchange rates. The consolidated\nstatements of net income (loss) and comprehensive income (loss) and the\nconsolidated statements of cash flows of the Company\u2019s foreign operations are\ntranslated into USD by applying the average foreign exchange rate in effect\nfor the reporting period.\n\nThe exchange rates used to translate from USD to Canadian dollars (\u201cC$\u201d) is\nshown below:\n\n[ ](https://www.newcannabisventures.com/wp-content/uploads/2020/05/cron10.jpg)\n\n[ Original Press Release ](http://www.globenewswire.com/news-\nrelease/2020/05/08/2030297/0/en/Cronos-Group-Reports-2020-First-Quarter-\nResults.html?ev=1)\n\nPublished by NCV Newswire\n\nThe NCV Newswire by New Cannabis Ventures aims to curate high quality content\nand information about leading cannabis companies to help our readers filter\nout the noise and to stay on top of the most important cannabis business news.\nThe NCV Newswire is hand-curated by an editor and not automated in anyway.\nHave a confidential news tip? [ Get in touch\n](https://form.jotform.com/53395769996179) .\n\n  \n\n##  Get Our Sunday Newsletter\n\n##  In This Article:\n\n**[ CRON ](https://www.newcannabisventures.com/tag/cron/) , [ Cronos\n](https://www.newcannabisventures.com/tag/cronos/) , [ Cronos Group\n](https://www.newcannabisventures.com/tag/cronos-group/) **\n\n##  Related News:\n\n### [ Looking at the Cannabis Meltdown by Sub-Sector\n](https://www.newcannabisventures.com/looking-at-the-cannabis-meltdown-by-sub-\nsector/) ### [ Canadian Cannabis Sales Sank in January\n](https://www.newcannabisventures.com/canadian-cannabis-sales-sank-in-\njanuary/) ### [ One Cannabis Sub-Sector Rallied\n](https://www.newcannabisventures.com/one-cannabis-sub-sector-rallied/) ### [\nCanadian Cannabis Sales Soared in December\n](https://www.newcannabisventures.com/canadian-cannabis-sales-soar-in-\ndecember/)\n\n* * *\n\n* ###  **Latest News**\n\nApril 8th, 2025\n\nTilray Brands Reports Q3 Fiscal 2025 Financial Results Tilray...\n\nApril 3rd, 2025\n\nYou\u2019re reading this week\u2019s edition of the New Cannabis...\n\n* ###  **Get The App**\n\nDownload the free \u201cNew Cannabis Ventures\u201d app on the iOS App Store or Google\nPlay and get real-time push notifications straight to your phone on the latest\nbreaking news and exclusives published.\n\n* * *\n\n[ ](https://itunes.apple.com/us/app/ncv-news/id1123542865?ls=1&mt=8)\n\n[ ](https://play.google.com/store/apps/details?id=com.ncvnews.app.android)\n\n* ###  **NCV Media**\n\n####  Thank you for reading\n\n####  New Cannabis Ventures\n\nContributing original content and curating quality news on only the most\npromising cannabis companies and the most influential investors.\n\nFollow us on  \n\n[ __ ](https://www.facebook.com/ncvmedia) [ __ ](https://twitter.com/ncvmedia)\n[ __ ](https://www.linkedin.com/company/new-cannabis-ventures/)\n\n\u00a9 [ NCV Media, LLC. ](/)\n\n  * [ About ](https://www.newcannabisventures.com/about-new-cannabis-ventures/)\n  * [ Contact ](https://www.newcannabisventures.com/contact/)\n  * [ Newsletter ](https://www.newcannabisventures.com/subscribe/)\n  * [ Advertising ](https://www.newcannabisventures.com/cannabis-advertising/)\n  * [ Privacy ](https://www.newcannabisventures.com/privacy-policy/)\n  * [ Disclaimer ](https://www.newcannabisventures.com/disclaimer/)\n  * [ Status ](http://status.newcannabisventures.com/4262862)\n\n",
                "url": "https://www.newcannabisventures.com/cronos-group-underwhelms-again-with-just-8-4-million-revenue-and-a-45-1-million-operating-loss-in-q1/"
            },
            "reason": "New Cannabis Ventures provides financial analysis of cannabis companies. This article discusses Cronos Group's financial performance.",
            "reliability_score": 0.8,
            "search_query": "company 'The Cronos Group' activities value chain",
            "summary": "Financial analysis of Cronos Group on New Cannabis Ventures.",
            "url": "https://www.newcannabisventures.com/cronos-group-underwhelms-again-with-just-8-4-million-revenue-and-a-45-1-million-operating-loss-in-q1/"
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                    "source": "https://investor.altria.com/press-releases/news-details/2022/Altria-Abandons-Expiring-Cronos-Warrant-Maintains-Initial-Investment/default.aspx"
                },
                "page_content": "Skip to main content\n\n",
                "url": "https://investor.altria.com/press-releases/news-details/2022/Altria-Abandons-Expiring-Cronos-Warrant-Maintains-Initial-Investment/default.aspx"
            },
            "reason": "This is a press release from Altria's investor relations, a reliable source for information about their investments, including Cronos.",
            "reliability_score": 0.9,
            "search_query": "company 'The Cronos Group' activities value chain",
            "summary": "Press release from Altria about Cronos investment.",
            "url": "https://investor.altria.com/press-releases/news-details/2022/Altria-Abandons-Expiring-Cronos-Warrant-Maintains-Initial-Investment/default.aspx"
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                    "source": "https://www.theglobeandmail.com/investing/markets/stocks/CRON/pressreleases/31473479/cronos-appoints-anna-shlimak-as-chief-financial-officer/"
                },
                "page_content": "Skip to main content\n\n  * [ TSX  5.42 %  ](https://www.theglobeandmail.com/investing/markets/indices/TXCX/)\n  * [ S&P 500  9.52 %  ](https://www.theglobeandmail.com/investing/markets/indices/INX/)\n  * [ DOW  7.87 %  ](https://www.theglobeandmail.com/investing/markets/indices/DOWI/)\n  * [ NASDAQ  12.16 %  ](https://www.theglobeandmail.com/investing/markets/indices/NASX/)\n  * [ Oil  -1.15 %  ](https://www.theglobeandmail.com/investing/markets/commodities/CL*0/)\n  * [ Dollar  0.12 %  ](https://www.theglobeandmail.com/investing/markets/currencies/CADUSD/)\n  * [ Gold  1.81 %  ](https://www.theglobeandmail.com/investing/markets/commodities/GC*0/)\n  * [ tsx movers:  ](/investing/markets/stocks/)\n  * [ CNQ-T  \\+ 9.51 %  ](https://www.theglobeandmail.com/investing/markets/stocks/CNQ-T/)\n  * [ BTE-T  \\+ 22.12 %  ](https://www.theglobeandmail.com/investing/markets/stocks/BTE-T/)\n  * [ WCP-T  \\+ 11.96 %  ](https://www.theglobeandmail.com/investing/markets/stocks/WCP-T/)\n  * [ TRP-T  \\+ 2.58 %  ](https://www.theglobeandmail.com/investing/markets/stocks/TRP-T/)\n\nThis section contains press releases and other materials from third parties\n(including paid content). The Globe and Mail has not reviewed this content.\nPlease see [ disclaimer ](https://www.theglobeandmail.com/privacy-\nterms/disclaimer/) .\n\n#  Cronos Appoints Anna Shlimak as Chief Financial Officer\n\nCronos Group Inc. -  [ GlobeNewswire ](https://www.globenewswire.com/) \\-  Wed\nMar 19, 6:30AM CDT\n\nTORONTO, March 19, 2025 (GLOBE NEWSWIRE) -- Cronos Group Inc. (NASDAQ: CRON)\n(TSX: CRON) (\u201cCronos\u201d or the \u201cCompany\u201d), an innovative global cannabinoid\ncompany, today announced the appointment of Anna Shlimak as Chief Financial\nOfficer, effective today. Ms. Shlimak, who previously served as Cronos\u2019 Chief\nStrategy Officer, will succeed James Holm who is stepping down to pursue other\nopportunities and will remain with the Company through April 18, 2025 to\nensure a seamless transition.\n\nMs. Shlimak has been an integral part of Cronos\u2019 leadership team for the last\nseven years, playing a key role in shaping the Company\u2019s strategy, operational\nefficiencies, and engagement with the financial and investment community.\nDuring her tenure, she has led many strategic initiatives including cost\noptimization, revenue growth, and building Cronos\u2019 corporate brand, which have\npositioned the Company for long-term success.\n\n\u201cI am incredibly pleased Anna Shlimak is stepping into the Chief Financial\nOfficer role,\u201d said Mike Gorenstein, President and Chief Executive Officer,\nCronos. \u201cAnna has been an essential part of our senior leadership team. With a\ndeep understanding of our business and a proven track record of driving\nfinancial performance, operational efficiency and strategic growth, Anna is\nthe ideal leader to help drive our financial strategy and next phase of\ngrowth.\n\nMr. Gorenstein continued, \u201cI want to sincerely thank James for his\ncontributions to Cronos. He played an important role in improving our finance\nfunctions and has worked to build a robust Finance team. His commitment to\nCronos has been essential and I thank James for everything he\u2019s contributed to\nthe Company and wish him all the best in his future endeavors.\u201d\n\nMr. Holm said, \u201cI'm incredibly proud of what we've accomplished over the past\ntwo and a half years and look forward to watching the Cronos team continue to\ndeliver strong results. Under Anna\u2019s leadership, I\u2019m confident the Company\nwill continue to grow and lead the cannabis industry on a global scale.\u201d\n\nMs. Shlimak said, \u201cI am honored to step into the role of CFO and continue\nworking alongside our talented teams. Cronos is committed to building\nexceptional cannabis brands and products that enhance experiences, and I am\nexcited to lead our financial and strategic growth as we continue to expand\nand drive performance. As we enter the next phase of growth, I look forward to\ndriving long-term value for our shareholders, employees, and consumers.\u201d\n\n**About Anna Shlimak**  \nAnna recently served as the Company\u2019s Chief Strategy Officer and was\nresponsible for managing and directing the organization\u2019s corporate strategy,\ninvestor relations, communications, government affairs, and information\nsystems departments. Prior to joining Cronos, Anna was the Head of Investor\nRelations at Quest Partners LLC, a research-driven alternative investment\nfirm. Anna was responsible for business development, investor reporting,\nmarketing, and communication initiatives for the fund. Before that, Anna held\na range of roles at the New York Stock Exchange in both the New York and\nLondon offices. She received a Master of Business Administration from Columbia\nBusiness School and holds a Bachelor of Science in Economics from The Wharton\nSchool at the University of Pennsylvania.\n\n**About Cronos Group Inc.**  \nCronos is an innovative global cannabinoid company committed to building\ndisruptive intellectual property by advancing cannabis research, technology\nand product development. With a passion to responsibly elevate the consumer\nexperience, Cronos is building an iconic brand portfolio. Cronos\u2019 diverse\ninternational brand portfolio includes Spinach  \u00ae  , PEACE NATURALS  \u00ae  and\nLord Jones  \u00ae  . For more information about Cronos and its brands, please\nvisit: thecronosgroup.com.\n\n**Forward-looking Statements**  \nThis press release may contain information that may constitute \u201cforward-\nlooking information\u201d or \u201cforward-looking statements\u201d within the meaning of\napplicable Canadian and U.S. securities laws and court decisions\n(collectively, \u201cForward-looking Statements\u201d). All information contained herein\nthat is not clearly historical in nature may constitute Forward-looking\nStatements. In some cases, Forward-looking Statements can be identified by the\nuse of forward-looking terminology such as \u201cmay\u201d, \u201cwill\u201d, \u201cexpect\u201d, \u201cplan\u201d,\n\u201canticipate\u201d, \u201cintend\u201d, \u201cpotential\u201d, \u201cestimate\u201d, \u201cbelieve\u201d or the negative of\nthese terms, or other similar expressions intended to identify Forward-looking\nStatements. Some of the Forward-looking Statements contained in this press\nrelease include statements about transition plans with respect to the\nCompany\u2019s Chief Financial Officer role; the Company\u2019s growth, industry\nleadership, success and financial strategy; long-term value for the Company\u2019s\nshareholders, employees and consumers; and the Company\u2019s intention to build an\ninternational iconic brand portfolio and develop disruptive intellectual\nproperty by advancing cannabis research, technology and product development.\nForward-looking Statements are necessarily based upon a number of estimates\nand assumptions that, while considered reasonable by management, are\ninherently subject to significant business, economic and competitive risks.\nFinancial results, performance or achievements expressed or implied by those\nForward-looking Statements and the Forward-looking Statements are not\nguarantees of future performance. A discussion of some of the material risks\napplicable to the Company can be found in the Company\u2019s Annual Report on Form\n10-K for the year ended December 31, 2024, which has been filed on SEDAR+ and\nEDGAR and can be accessed at www.sedarplus.ca and www.sec.gov/edgar,\nrespectively. Any Forward-looking Statement included in this press release is\nmade as of the date of this press release and, except as required by law,\nCronos disclaims any obligation to update or revise any Forward-looking\nStatement. Readers are cautioned not to put undue reliance on any Forward-\nlooking Statement.\n\n**Media Relations Contact:**  \nEmily Whalen  \nCommunications  \nTel: (416) 504-0004  \n[ _media.relations@thecronosgroup.com_\n](mailto:media.relations@thecronosgroup.com)\n\n**Investor Relations Contact:**  \nTel: (416) 504-0004  \n[ _investor.relations@thecronosgroup.com_\n](mailto:investor.relations@thecronosgroup.com)\n\n  \n\n[\n](https://www.globenewswire.com/NewsRoom/AttachmentNg/68e2d88b-b8e0-404a-995d-415a33773982)\n\n**_This article contains syndicated content. We have not reviewed, approved,\nor endorsed the content, and may receive compensation for placement of the\ncontent on this site. For more information please view the Barchart Disclosure\nPolicy[ here ](https://www.barchart.com/terms#disclosure) . _ **\n\nAll [ market data  (will open in new tab)\n](https://www.barchart.com/solutions/data/market) is provided by Barchart\nSolutions. 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                "url": "https://www.theglobeandmail.com/investing/markets/stocks/CRON/pressreleases/31473479/cronos-appoints-anna-shlimak-as-chief-financial-officer/"
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            "reason": "The Globe and Mail is a reputable Canadian news source. This is a press release regarding Cronos appointing a new CFO.",
            "reliability_score": 0.9,
            "search_query": "company 'The Cronos Group' activities value chain",
            "summary": "Press release on The Globe and Mail about Cronos Group's CFO appointment.",
            "url": "https://www.theglobeandmail.com/investing/markets/stocks/CRON/pressreleases/31473479/cronos-appoints-anna-shlimak-as-chief-financial-officer/"
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                    "source": "https://www.forbes.com/sites/marycarreon/2018/03/23/medmen-leaps-into-canadian-cannabis-market-for-joint-venture-with-cronos-group/"
                },
                "page_content": "[ ](https://www.forbes.com/)\n\nMedMen Leaps Into Canadian Cannabis Market For Joint Venture With Cronos Group\n\nBy [ Mary Carreon ](https://www.forbes.com/sites/marycarreon/)\n\n[ Business ](https://www.forbes.com/business/)\n\n#  MedMen Leaps Into Canadian Cannabis Market For Joint Venture With Cronos\nGroup\n\nBy [ Mary Carreon ](https://www.forbes.com/sites/marycarreon/) ,\n\nContributor.\n\nForbes contributors publish independent expert analyses and insights.\n\nI cover the cannabis industry, environmental impacts & regulation\n\nMar 23, 2018, 06:56pm EDT\n\nThis article is more than 7 years old.\n\nMedMen and Cronos Group unite for cross-border joint-venture (Courtesy of\nCronos Group)\n\nCronos Group\n\nMedMen, the Los Angeles-based \" [ unicorn\n](https://www.forbes.com/sites/karlkaufman/2018/03/21/how-to-ride-a-marijuana-\nunicorn-an-interview-with-medmen-spokesman-daniel-yi-part-1/#2af87ee35ba1) \"\nof cannabis retailers, has positioned themselves for an opportunity to place a\nstake in the slowly growing global cannabis market. On Monday, the billion\ndollar company announced a first-of-its-kind cross-border joint venture with\nCronos Group, the Canadian licensed medical cannabis producer, manufacturer,\nand distributor. MedMen Canada will develop branded products and open stores\nacross Canada--likely by the end of 2018-- blending MedMen's class-defining\nretail experience with  Cronos' Canadian reach and expertise.\n\n\"Canada has been on our radar for a while,\" says Daniel Yi, senior vice\npresident of MedMen's corporate communications. \"Late last year, Cronos\napproached us about this. We decided to move forward with this project because\nCronos is a leader in the Canadian market and they share the same hyper-focus\nwe do when it comes to business, quality, and changing and advancing the\nperception of cannabis.\"\n\nThe collaboration is a symbiotic union of industry giants who share a vision\nof making cannabis a global business. Currently, Cronos ships flower to a\ndistributor in Germany, which is then distributed and sold in thousands of\nGerman pharmacies--where patients get real doctor's prescriptions for cannabis\nand are reimbursed by insurance, according to Cronos' CEO, Mike Gorenstein.\nThey have a grow operation in  Israel, too--where cannabis research is\nperformed by doctors and scientists. Cronos' Israeli-grown flower is then\ndistributed to countries all over Europe. Additionally, they also have a\nfootprint in Australia, where they just received a cultivation and research\nlicense. And finally, Cronos was  listed on the NASDAQ three weeks ago.\n\nIn return, MedMen will give Cronos Group multiple sophisticated retail\nlocations. But unlike California, the cannabis supply chain in Canada\ncurrently doesn't permit dispensaries. Rather, when a product gets to the\ndistribution part of the chain, it's delivered straight to patients' doors.\nThus, MedMen is likely to revolutionize Canada's retail market because\nnormalizing cannabis is built into the shopping experience, and their stores\nhave a clean, Apple store-like aesthetic. Additionally, MedMen has cultivation\nfactories and stores in California, Nevada and New York. They also recently\nannounced that the company will go public on the Canadian Securities Exchange\nin the second quarter of this year.\n\n\"Everyone leaves MedMen feeling differently about cannabis,\" says Gorenstein,\nwho took my call from Israel. \"It's one thing when people tour our facility\nnow and are shocked by how big it is and see the scientists we work with or\ntalk to our horticulturalist who has a Ph.D. from the University of Toronto.\nBut to have a retail store where you can see all the products and have an\nexperience around cannabis-- we take that very seriously. MedMen has separated\nthemselves without question from the competition, which is why we want to work\nwith them. It's going to be a great addition to the Canadian market,\nespecially because there are no retail stores here.\"\n\nBut the MedMen/Cronos collaboration also sheds light on another trend:\nAmerica's fascination with Canadian cannabis. As soon as the Medicinal and\nAdult-Use Cannabis Regulatory and Safety Act (MAUCRSA) was implemented on Jan.\n1 in California, the focus of investors, CEO's and entrepreneurs shifted to\nCanada-- where  adult-use and commercial cannabis will be federally legal come\nfall. Yi explains that the Canadian market is about the size of the California\nmarket: huge, in other words. But the source of this fascination comes from\nthe fact Canada is its own massive market, whereas the American market still\nceases to exist because state regulatory frameworks vary from state-to-state,\nand it's still federally illegal.\n\n\"There is great infrastructure in Canada,\" says Yi, emphasizing how important\nregulation is. \"In Canada, medical cannabis became federally legal in 2013, so\na regulatory framework has been in place for a while. So when adult-use comes\non board it's going to piggyback  on the  framework that already exists. Thus,\nfrom a business perspective, you're going  into an arena where the rules are\nmuch clearer and  there's significantly  less uncertainty. It's the\ninfrastructure in Canada that makes it attractive from an investment and\nbusiness perspective.\"\n\nGorenstein, who's originally from the U.S and moved to Canada specifically for\ncannabis, says he believes the fascination with the Canadian market is because\nit gives a glimpse into what the U.S. market could be if (and hopefully, when)\nAmerica legalizes cannabis on the federal level. \"Based on all the polling\ndata I've seen, it seems that most Americans would like a federal legal\nsystem,\" he says. \"What's fascinating, though, is now people in the U.S. can\nactually watch, observe and learn from the neighbors to the north and see how\namazing the industry is, and how many private sector businesses are thriving.\nPeople will realize, they already do, that what's happening in Canada can\nhappen in the U.S.\"\n\nMedMen's leap into the Canadian market is also an indicator of how fruitful\nCanada's industry is likely to be, according to Yi, considering they don't\nmake business moves unless they are executable. The union of the two cannabis\ngroups is, none the less, a peek at how the industry will likely operate post\nfederal legalization.  \"I think this is a huge milestone for the industry as a\nwhole,\" Yi says. \"This isn't just conceptualizing what the future is going to\nlook like. MedMen and Cronos are two top-tier companies in cannabis moving\nforward with real projects, and I think that says something about the\nevolution of our industry as a legitimate industry, and I think it portends\nbigger things for the future.\"\n\n[ Editorial Standards\n](https://www.forbes.com/sites/forbesstaff/article/forbes-editorial-values-\nand-standards/) [ Forbes Accolades\n](https://www.parsintl.com/publications/forbes/)\n\nLOADING VIDEO PLAYER...\n\nFORBES\u2019 FEATURED Video\n\n[ ](https://www.forbes.com/)\n\n\u00a9 2025 Forbes Media LLC. 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                "url": "https://www.forbes.com/sites/marycarreon/2018/03/23/medmen-leaps-into-canadian-cannabis-market-for-joint-venture-with-cronos-group/"
            },
            "reason": "Forbes is a reputable business news source. This article discusses a joint venture between MedMen and Cronos Group.",
            "reliability_score": 0.8,
            "search_query": "company 'The Cronos Group' activities value chain",
            "summary": "Forbes article about MedMen and Cronos Group joint venture.",
            "url": "https://www.forbes.com/sites/marycarreon/2018/03/23/medmen-leaps-into-canadian-cannabis-market-for-joint-venture-with-cronos-group/"
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                    "source": "https://www.globenewswire.com/news-release/2024/08/08/2926836/0/en/Cronos-Group-Reports-2024-Second-Quarter-Results.html"
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                "page_content": "Accessibility: Skip TopNav\n\n#  Cronos Group Reports 2024 Second Quarter Results\n\nAugust 08, 2024 07:30 ET  | Source:  [ Cronos Group Inc. ](/en/search/organization/Cronos%2520Group%2520Inc\u00a7) Cronos Group Inc. \n\n* * *\n\n_Net revenue in Q2 2024 increased by_ _46%_ _year-over-year to_ _$27.8\nmillion_  \n\n_Industry-leading balance sheet with_ _$848 million_ _in cash and cash\nequivalents_\n\n_Announced expansion of Cronos GrowCo designed to fuel global growth_\n\nTORONTO, Aug. 08, 2024 (GLOBE NEWSWIRE) -- Cronos Group Inc. (NASDAQ: CRON)\n(TSX: CRON) (\u201cCronos\u201d or the \u201cCompany\u201d) today announced its 2024 second\nquarter business results.\n\n\u201cCronos achieved its highest quarterly net revenue on record in Q2 2024 at\n$27.8 million, up 46% year-over-year. The top line was propelled by 46% growth\nyear-over-year in Canada, 27% growth year-over-year in Israel, growth in\nGermany and the initiation of sales in the United Kingdom. These results\nreflect the hard work and dedication of our entire team, reinforcing our\nconfidence in sustained growth and success,\u201d said Mike Gorenstein, Chairman,\nPresident and CEO, Cronos.\n\n\u201cOur recent investment in our joint venture, Cronos GrowCo, is intended to\nensure consistent supply of high-quality cannabis biomass, fueling our global\ngrowth initiatives. Cronos will consolidate the results of Cronos GrowCo's\noperations in Q3 2024, which will show the value that Cronos GrowCo provides\nto our supply chain,\u201d continued Mr. Gorenstein. \u201cThe Spinach  \u00ae  brand\ncontinues to lead in Canada, with new introductions like Spinach Grindz\u2122 and\nSOURZ Fully Blasted 10mg THC gummies contributing to revenue growth in Q2. The\nLord Jones  \u00ae  brand also enhanced its offerings with new vape and pre-roll\nproducts, strengthening our market presence. Internationally, our leading\nmedical brand, PEACE NATURALS  \u00ae  , successfully expanded into the UK and\ncontinues to solidify top-tier positioning in the German market. In Israel,\nour team continues to focus on bringing new high-quality strains to market\nunder the PEACE NATURALS  \u00ae  brand to complement our popular hero strains, GMO\nand Wedding Cake, which have driven significant volume growth. At Cronos we\ncontinue to focus on quality and innovation at every turn, all while\nmaintaining a strong balance sheet, positioning the company for growth.\u201d\n\n**_Consolidated Financial Results_ **\n\nIn the second quarter of 2023, the Company exited its U.S. hemp-derived CBD\noperations. The exit of the U.S. operations represented a strategic shift, and\nas such, qualifies for reporting as discontinued operations in our condensed\nconsolidated statements of net loss and comprehensive income (loss). Prior\nperiod amounts have been reclassified to reflect the discontinued operations\nclassification of the U.S. operations.\n\nThe tables below set forth our condensed consolidated results of continuing\noperations, expressed in thousands of U.S. dollars for the periods presented.\nOur condensed consolidated financial results for these periods are not\nnecessarily indicative of the consolidated financial results that we will\nachieve in future periods.\n\n_(in thousands of USD)_ |  |  **Three months ended June 30,** |  |  **Change** |  |  **Six months ended June 30,** |  |  **Change**  \n---|---|---|---|---|---|---|---|---  \n|  |  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%**  \nConsolidated net revenue  |  |  $  |  27,762  |  |  |  $  |  19,021  |  |  |  $  |  8,741  |  |  |  46  |  %  |  |  $  |  53,050  |  |  |  $  |  38,516  |  |  |  $  |  14,534  |  |  |  38  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nCost of sales  |  |  |  21,070  |  |  |  |  15,922  |  |  |  |  5,148  |  |  |  32  |  %  |  |  |  41,875  |  |  |  |  32,490  |  |  |  |  9,385  |  |  |  29  |  %   \nInventory write-down  |  |  |  395  |  |  |  |  \u2014  |  |  |  |  395  |  |  |  N/A  |  |  |  |  395  |  |  |  |  \u2014  |  |  |  |  395  |  |  |  N/A  |   \nGross profit  |  |  $  |  6,297  |  |  |  $  |  3,099  |  |  |  $  |  3,198  |  |  |  103  |  %  |  |  $  |  10,780  |  |  |  $  |  6,026  |  |  |  $  |  4,754  |  |  |  79  |  %   \nGross margin  (  i  )  |  |  |  23  |  %  |  |  |  16  |  %  |  |  N/A  |  |  7  |  pp  |  |  |  20  |  %  |  |  |  16  |  %  |  |  |  N/A  |  |  |  4  |  pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nNet loss  (ii)  |  |  $  |  (8,759  |  )  |  |  $  |  (5,663  |  )  |  |  $  |  (3,096  |  )  |  |  (55  |  )%  |  |  $  |  (11,243  |  )  |  |  $  |  (23,698  |  )  |  |  $  |  12,455  |  |  |  53  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nAdjusted EBITDA  (iii)  |  |  $  |  (11,051  |  )  |  |  $  |  (15,905  |  )  |  |  $  |  4,854  |  |  |  31  |  %  |  |  $  |  (21,720  |  )  |  |  $  |  (31,587  |  )  |  |  $  |  9,867  |  |  |  31  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \n**Other Data** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nCash and cash equivalents  (iv)  |  |  $  |  848,189  |  |  |  $  |  409,428  |  |  |  $  |  438,761  |  |  |  107  |  %  |  |  |  |  |  |  |  |   \nShort-term investments  (iv)  |  |  |  \u2014  |  |  |  |  431,510  |  |  |  |  (431,510  |  )  |  |  (100  |  )%  |  |  |  |  |  |  |  |   \nCapital expenditures  (v)  |  |  |  916  |  |  |  |  502  |  |  |  |  414  |  |  |  82  |  %  |  |  |  2,910  |  |  |  |  1,306  |  |  |  |  1,604  |  |  |  123  |  %   \n  \n_(i) Gross margin is defined as gross profit divided by net revenue._  \n_(ii) The increase year-over-year in quarterly net loss was primarily driven\nby an impairment loss on other investments in Q2 2024._  \n_(iii) See \u201cNon-GAAP Measures\u201d for more information, including a\nreconciliation of adjusted earnings (loss) before interest, taxes,\ndepreciation and amortization (\u201cAdjusted EBITDA\u201d) to net income (loss)._  \n_(iv) Dollar amounts are as of the last day of the period indicated._  \n_(v) Capital expenditures represent component information of investing\nactivities and is defined as the sum of purchase of property, plant and\nequipment, and purchase of intangible assets._\n\n**Second Quarter** **2024**\n\n  * Net revenue of $27.8 million in Q2 2024 increased by $8.7 million from Q2 2023. The increase was primarily due to higher cannabis flower and cannabis extract sales in Canada, higher cannabis flower sales in Israel, and sales to other international markets consisting of Germany and the United Kingdom (the \"UK\"). \n  * Gross profit of $6.3 million in Q2 2024 increased by $3.2 million from Q2 2023. The increase was primarily due to higher cannabis flower and extract sales in Canada, higher cannabis flower sales in Israel and sales in other international markets consisting of Germany and the UK. \n  * Adjusted EBITDA of $(11.1) million in Q2 2024 improved by $4.9 million from Q2 2023. The improvement year-over-year was driven by an increase in gross profit and decreases in sales and marketing and general and administrative expenses.   \n\n**_Business Updates_ **\n\n**Transaction with Cronos GrowCo**\n\nOn June 20, 2024, Cronos announced an expansion of Cronos Growing Company Inc.\n(\"Cronos GrowCo\"). The investment will be funded by an additional credit\nfacility provided by Cronos and is intended to assist GrowCo\u2019s expansion of\nits purpose-built cannabis facility to address the increased global market\ndemand for high-quality cannabis flower.\n\n**Key highlights of the investment:**\n\n  * **Investment in Expansion** : Cronos provided an approximately $51 million ($70 million CAD) secured non-revolving credit facility to Cronos GrowCo to fund facility expansion, enabling growth opportunities in the markets Cronos operates in today as well as potentially enabling future growth into new markets that open. \n  * **Enhanced Governance** : As of July 1, 2024, the Cronos GrowCo board of directors expanded to five members, three of whom were appointed by Cronos. \n  * **New Supply Agreement** : Prior to the commencement of sales from the expanded facility, Cronos will have the option to purchase up to 80% of Cronos GrowCo\u2019s total production. Thereafter, Cronos will have the option to purchase up to 70% of the total production from the expanded facility. \n  * **Financial Consolidation** : Cronos will consolidate Cronos GrowCo\u2019s results in its financial statements beginning in the third quarter of 2024. \n\nThe Canadian cannabis market has a shortage of high-quality biomass and we\nanticipate the expansion will aid our ability to supply markets we operate in,\nwhile also supporting the potential for additional expansion.\n\n**Brand and Product Portfolio**\n\n**_Spinach_ ** \u00ae  \nSpinach  \u00ae  has solidified itself as the go-to brand for a wide array of\nproducts featuring different cannabinoid combinations, potency ranges and\nflavor profiles. In the edibles category, the Spinach  \u00ae  brand held a 15.6%\nmarket share in Q2 2024, according to Hifyre. We are continuously evolving the\nproduct offerings and bringing new strategies to market that have contributed\nto this success. A key addition to our product lineup is the 1-piece 10mg THC\nedible called Fully Blasted under the SOURZ by Spinach  \u00ae  brand, which hit\nselect markets in March and debuted in Ontario, Canada's largest market, in\nJuly. In Q2 2024, we also launched a mixed flavor pack, the SOURZ by Spinach\n\u00ae  Tropical Party Pack, which introduces new gummies with bold tropical\nflavors: Peach Passionfruit, Pineapple Coconut and Strawberry Guava.\n\nCronos' strong cannabis cultivar breeding program and portfolio of genetics\ncontinued to drive growth, propelling the Spinach  \u00ae  brand to become the\nnumber one flower brand in Canada, with a 6.2% market share in Q2 2024,\naccording to Hifyre. In Q2 2024, we introduced Spinach Grindz\u2122, a milled\nflower offering utilizing our Citrus Crush and Cookie Dough strains, designed\nfor convenient use in pre-rolls or vaporizers. Our proprietary genetics\nbreeding program continues to provide our portfolio with winning cultivars\nthat allow us to launch differentiated products across markets.\n\nThe Spinach  \u00ae  brand was ranked fourth in the vape category in Q2 2024,\nholding a 6.8% market share, according to Hifyre. Our performance in the vape\ncategory is led by top selling products Pink Lemonade 1.2g, Blueberry Dynamite\n1g, Strawberry Slurricane 1.2g and Rocket Icicle 1.2g. We continue to develop\nthis portfolio to bring a variety of flavor and cannabinoid combinations to\nmarket in formats and sizes consumers\u2019 desire.\n\nIn Q2 2024, Spinach  \u00ae  was ranked ninth in the pre-roll category with 2.5%\nmarket share, according to Hifyre. In Q2 2024, Spinach  \u00ae  outpaced category\ngrowth, growing +17% year-over-year vs. category growth of +9% year-over-year,\naccording to Hifyre. We expect this category to be key to future growth which\nis why we are committed to our pursuit of evolving and innovating within our\npre-roll portfolio. Our top priority is to continue to utilize our robust\nproduct development capabilities to formulate winning products for consumers.\n\n**_Lord Jones_ ** **_\u00ae_ **  \nFollowing a successful launch late last year, our Lord Jones  \u00ae  Hash Fusions\npre-rolls rose to be the number one hash infused pre-roll in Q2 2024,\naccording to Hifyre. To build on that lead, in April we expanded the offering\nby launching Sour Blueberry and Snow Lotus strains within our infused pre-roll\nlineup. These infused pre-rolls were designed with an optimized ratio of ice\nwater hash to flower, meticulously researched and sensory-tested to drive a\nsmoother consumption experience and preserve the flowers' terpene-rich, bold\nflavors.\n\nIn April 2024, Cronos expanded the Lord Jones  \u00ae  live resin vape portfolio\nwith the introduction of Gorilla Z. The Lord Jones  \u00ae  vapes feature sought-\nafter cultivars that deliver a true-to-plant flavorful full-spectrum live\nresin experience. Crafted with the discerning cannabis consumer in mind, these\nproducts embody a commitment to excellence, offering a combination of curated\nstrains, pure live resin, and elegant, high-quality hardware.\n\nOur Lord Jones  \u00ae  products across pre-rolls, vapes, and edibles continue to\ngain traction in their respective categories, and we are excited about the\ngrowth we are seeing from this brand.\n\n**_PEACE NATURALS_ ** **_\u00ae_ **  \nIn Israel, we continue to drive strong performance powered by our advanced\ngenetic breeding program and high-quality cultivation capabilities. Global\ngenetics such as Wedding Cake and GMO lead our portfolio in Israel and have\nhelped to maintain and grow share for the PEACE NATURALS  \u00ae  brand. In Q2 the\nteam continued to bring new and exciting strains to market launching four new\ncultivars, GG4, Key Limez Punch, Pink Sherb and GMO Lite, providing consumers\nwith additional variety and excitement as part of the PEACE NATURALS  \u00ae\nflower portfolio.\n\nIn Germany and the UK, we are experiencing strong traction with our\nproprietary genetics, such as GMO and Wedding Cake, under the PEACE NATURALS\n\u00ae  brand. The expansion of Cronos GrowCo will help enable Cronos to execute on\nthese growth opportunities and others as they become available.\n\n**Global Supply Chain**\n\nCronos GrowCo reported to the Company preliminary unaudited net revenue to\nthird parties, excluding sales to the Company, of approximately $2.7 million\nin the second quarter of 2024. Cronos previously provided Cronos GrowCo with a\nsenior secured credit facility and combined with the new credit facility to\nfund the expansion project, the total outstanding balance is approximately $74\nmillion as of June 30, 2024, following a principal repayment on the original\ncredit facility of $1.2 million by Cronos GrowCo in Q2 2024. In addition to\nprincipal repayment, Cronos also received $1.4 million in interest payments\nfrom Cronos GrowCo, totaling approximately $2.6 million in cash payments to\nCronos in Q2 2024. For additional information, refer to \"Transaction with\nCronos GrowCo\" above.\n\n**Guidance and Outlook**\n\nThe Company reiterates its previously announced operating expense savings\ntarget of $5 to $10 million on a standalone basis in 2024 primarily driven by\nsavings in general and administrative, sales and marketing and research and\ndevelopment. The organizational and cost savings initiatives are intended to\nposition the Company to drive profitable and sustainable growth over time. The\noperating expense savings target excludes the impact of the consolidation of\nCronos GrowCo's results into the Company's financial statements.\n\nDue to the additional $51 million ($70 million CAD) investment in Cronos\nGrowCo and resulting facility expansion, we no longer anticipate that our net\nchange in cash, defined as the sum of cash and cash equivalents and short-term\ninvestments will be positive in 2024. We expect the investment to expand\nCronos GrowCo's purpose-built cannabis facility will aid our ability to\nservice existing markets and potentially take advantage of additional growth\nopportunities.\n\nCronos continues to monitor the conflict involving Israel, Hamas, Iran and\nother stakeholders in the region (the \"Middle East Conflict\") and the\npotential impacts the conflict could have on the Company\u2019s personnel and\nbusiness in Israel and the recorded amounts of assets and liabilities related\nto the Company\u2019s operations in Israel. The extent to which the Middle East\nConflict may impact the Company\u2019s personnel, business and activities will\ndepend on future developments which remain highly uncertain and cannot be\npredicted. It is possible that the recorded amounts of assets and liabilities\nrelated to the Company\u2019s operations in Israel could change materially in the\nnear term.\n\nThese statements are forward-looking and actual results may differ materially.\nRefer to \u201cForward-Looking Statements\u201d below for information on the factors\nthat could cause our actual results to differ materially from these forward-\nlooking statements.\n\n**_Conference Call_ **  \nThe Company will host a conference call and live audio webcast on Thursday,\nAugust 8, 2024, at 8:30 a.m. ET to discuss 2024 Second Quarter business\nresults. An audio replay of the call will be archived on the Company\u2019s website\nfor replay. Instructions for the live audio webcast are provided on the\nCompany's website at [ _https://ir.thecronosgroup.com/events-presentations_\n](https://ir.thecronosgroup.com/events-presentations) _._\n\n**About Cronos**\n\nCronos is an innovative global cannabinoid company committed to building\ndisruptive intellectual property by advancing cannabis research, technology\nand product development. With a passion to responsibly elevate the consumer\nexperience, Cronos is building an iconic brand portfolio. Cronos\u2019 diverse\ninternational brand portfolio includes Spinach  \u00ae  , PEACE NATURALS  \u00ae  and\nLord Jones  \u00ae  . For more information about Cronos and its brands, please\nvisit: thecronosgroup.com.\n\n**Forward-Looking Statements**\n\nThis press release contains information that constitutes forward-looking\ninformation and forward-looking statements within the meaning of applicable\nsecurities laws and court decisions (collectively, \u201cForward-Looking\nStatements\u201d), which are based upon our current internal expectations,\nestimates, projections, assumptions and beliefs. All information that is not\nclearly historical in nature may constitute Forward-Looking Statements. In\nsome cases, Forward-Looking Statements can be identified by the use of\nforward-looking terminology, such as \u201cexpect\u201d, \u201clikely\u201d, \u201cmay\u201d, \u201cwill\u201d,\n\u201cshould\u201d, \u201cintend\u201d, \u201canticipate\u201d, \u201cpotential\u201d, \u201cproposed\u201d, \u201cestimate\u201d and\nother similar words, expressions and phrases, including negative and\ngrammatical variations thereof, or statements that certain events or\nconditions \u201cmay\u201d or \u201cwill\u201d happen, or by discussion of strategy. Forward-\nLooking Statements include estimates, plans, expectations, opinions,\nforecasts, projections, targets, guidance or other statements that are not\nstatements of historical fact.\n\nForward-Looking Statements include, but are not limited to, statements with\nrespect to:\n\n  * the ongoing impact of the public investigation into Canadian licensed producers of alleged dumping of medical cannabis imports from Canada into Israel by the Israel Trade Levies Commissioner of the Israel Ministry of Economy and Industry (the \u201cAnti-Dumping Investigation\u201d); \n  * expectations related to the Middle East Conflict and its impact on our operations in Israel, the supply of product in the market and the demand for product by medical patients in Israel, as well as any regional or global escalations and their impact to global commerce and stability; \n  * expectations related to the German, Australian and UK markets, including our strategic partnerships with Cansativa GmbH (\u201cCansativa\u201d), Vitura Health Limited (\u201cVitura\u201d) and GROW  \u00ae  Pharma, respectively, and our plans to distribute the PEACE NATURALS  \u00ae  brand in Germany and the UK; \n  * our ability to successfully and profitably sell our products in Germany and the UK; \n  * expectations related to our announcement of cost-cutting measures, including our decision to wind-down operations at our Winnipeg, Manitoba facility and list the facility for sale, the expected costs and benefits from the wind-down of production activities at the facility, challenges and effects related thereto as well as changes in strategy, metrics, investments, costs, operating expenses, employee turnover and other changes with respect thereto; \n  * expectations related to the impact of our decision to exit our U.S. hemp-derived cannabinoid product operations, including the costs, expenses and write-offs associated therewith, the impact on our operations and our financial statements and any future plans to re-enter the U.S. market; \n  * expectations related to our announced realignment (the \u201cRealignment\u201d) and any progress, challenges and effects related thereto as well as changes in strategy, metrics, investments, reporting structure, costs, operating expenses, employee turnover and other changes with respect thereto; \n  * the timing of the change in the nature of operations at our facility in Stayner, Ontario (the \u201cPeace Naturals Campus\u201d); \n  * our ability to acquire raw materials from suppliers, including Cronos GrowCo, and the costs and timing associated therewith; \n  * expectations regarding the potential success of, and the costs and benefits associated with, our joint ventures, strategic alliances and equity investments, including the strategic partnership with Ginkgo Bioworks Holdings, Inc. (\u201cGinkgo\u201d); \n  * expectations related to the expansion of Cronos GrowCo\u2019s purpose-built cannabis facility; \n  * our ability or plans to identify, develop, commercialize or expand our technology and research and development initiatives in cannabinoids, or the success thereof; \n  * expectations regarding revenues, expenses, gross margins and capital expenditures; \n  * expectations regarding our future production and manufacturing strategy and operations, the costs and timing associated therewith and the receipt of applicable production and sale licenses; \n  * the ongoing impact of the legalization of additional cannabis product types and forms for adult-use in Canada, including federal, provincial, territorial and municipal regulations pertaining thereto, the related timing and impact thereof and our intentions to participate in such markets; \n  * the legalization of the use of cannabis for medical or adult-use in jurisdictions outside of Canada, including the United States and Germany, the related timing and impact thereof and our intentions to participate in such markets, if and when such use is legalized; \n  * the grant, renewal, withdrawal, suspension, delay and impact of any license or supplemental license to conduct activities with cannabis or any amendments thereof; \n  * our ability to successfully create and launch brands and cannabis products; \n  * our ability to anticipate and meet market demand; \n  * expectations related to the differentiation of our products, including through the utilization of rare cannabinoids; \n  * the benefits, viability, safety, efficacy, dosing and social acceptance of cannabis, including CBD and other cannabinoids; \n  * laws and regulations and any amendments thereto applicable to our business and the impact thereof, including uncertainty regarding the application of United States (\u201cU.S.\u201d) state and federal law to cannabis and U.S. hemp (including CBD and other U.S. hemp-derived cannabinoids) products and the scope of any regulations by the U.S. Food and Drug Administration, the U.S. Drug Enforcement Administration, the U.S. Federal Trade Commission, the U.S. Patent and Trademark Office and any state equivalent regulatory agencies over cannabis and U.S. hemp (including CBD and other U.S. hemp-derived cannabinoids) products, including the possibility marijuana is moved from Schedule I to Schedule III under the U.S. Controlled Substances Act; \n  * the anticipated benefits and impact of Altria Group Inc.\u2019s investment in the Company (the \u201cAltria Investment\u201d), pursuant to a subscription agreement dated December 7, 2018; \n  * uncertainties as to our ability to exercise our option (the \u201cPharmaCann Option\u201d) in PharmaCann Inc. (\u201cPharmaCann\u201d), in the near term or the future, in full or in part, including the uncertainties as to the status and future development of federal legalization of cannabis in the U.S. and our ability to realize the anticipated benefits of the transaction with PharmaCann; \n  * expectations regarding the implementation and effectiveness of key personnel changes; \n  * expectations regarding acquisitions and dispositions and the anticipated benefits therefrom; \n  * expectations of the amount or frequency of impairment losses, including as a result of the write-down of intangible assets, including goodwill; \n  * the impact of the ongoing military conflict between Russia and Ukraine (and resulting sanctions) on our business, financial condition and results of operations or cash flows; \n  * our compliance with the terms of the settlement with the SEC (the \u201cSettlement Order\u201d) and the settlement agreement with the Ontario Securities Commission; and \n  * the impact of the loss of our ability to rely on private offering exemptions under Regulation D of the Securities Act of 1933, as amended, and the loss of our status as a well-known seasoned issuer, each as a result of the Settlement Order. \n\nCertain of the Forward-Looking Statements contained herein concerning the\nindustries in which we conduct our business are based on estimates prepared by\nus using data from publicly available governmental sources, market research,\nindustry analysis and on assumptions based on data and knowledge of these\nindustries, which we believe to be reasonable. However, although generally\nindicative of relative market positions, market shares and performance\ncharacteristics, such data is inherently imprecise. The industries in which we\nconduct our business involve risks and uncertainties that are subject to\nchange based on various factors, which are described further below.\n\nThe Forward-Looking Statements contained herein are based upon certain\nmaterial assumptions that were applied in drawing a conclusion or making a\nforecast or projection, including: (i) our inability to achieve our target\ncash and cash equivalents and short-term investment balances for 2024; (ii)\nour ability to effectively navigate developments related to the Anti-Dumping\nInvestigation and its impact on our operations in Israel; (iii) our ability to\neffectively navigate developments related to the Middle East Conflict and its\nimpact on our employees and operations in Israel, the supply of product in the\nmarket and demand for product by medical patients in Israel; (iv) our ability\nto efficiently and effectively distribute our PEACE NATURALS  \u00ae  brand in\nGermany with our strategic partner Cansativa and in the UK with our strategic\npartner GROW  \u00ae  Pharma and our ability to efficiently and effectively\ndistribute products in Australia with our strategic partner Vitura; (v) our\nability to realize the expected cost-savings and other benefits related to the\nwind-down of our operations at our Winnipeg, Manitoba facility, (vi) our\nability to realize the expected cost-savings, efficiencies and other benefits\nof our Realignment and other announced cost-cutting measures and employee\nturnover related thereto; (vii) our ability to efficiently and effectively\nwind down certain production activities at the Peace Naturals Campus, receive\nthe benefits of the change in the nature of our operations at our Peace\nNaturals Campus and acquire raw materials on a timely and cost-effective basis\nfrom third parties, including Cronos GrowCo; (viii) the timely completion of\nthe expansion of Cronos GrowCo\u2019s purpose-built cannabis facility and the\nability of Cronos GrowCo to repay the Term Loan B; (ix) our ability to realize\nanticipated benefits, synergies or generate revenue, profits or value from our\nacquisitions and strategic investments; (x) the production and manufacturing\ncapabilities and output from our facilities and our joint ventures, strategic\nalliances and equity investments; (xi) government regulation of our activities\nand products including, but not limited to, the areas of cannabis taxation and\nenvironmental protection; (xii) the timely receipt of any required regulatory\nauthorizations, approvals, consents, permits and/or licenses; (xiii) consumer\ninterest in our products and brands; (xiv) our ability to accurately forecast\nconsumer demand and supply such demand; (xv) our ability to differentiate our\nproducts, including through the utilization of rare cannabinoids; (xvi)\ncompetition; (xvii) anticipated and unanticipated costs; (xviii) our ability\nto generate cash flow from operations; (xix) our ability to conduct operations\nin a safe, efficient and effective manner; (xx) our ability to hire and retain\nqualified staff, and acquire equipment and services in a timely and cost-\nefficient manner; (xxi) our ability to exercise the PharmaCann Option and\nrealize the anticipated benefits of the transaction with PharmaCann; (xxii)\nour ability to complete planned dispositions, and, if completed, obtain our\nanticipated sales price; (xxiii) general economic, financial market,\nregulatory and political conditions in which we operate; (xxiv) management\u2019s\nperceptions of historical trends, current conditions and expected future\ndevelopments; and (xxv) other considerations that management believes to be\nappropriate in the circumstances. While our management considers these\nassumptions to be reasonable based on information currently available to\nmanagement, there is no assurance that such expectations will prove to be\ncorrect.\n\nBy their nature, Forward-Looking Statements are subject to inherent risks and\nuncertainties that may be general or specific and which give rise to the\npossibility that expectations, forecasts, predictions, projections or\nconclusions will not prove to be accurate, that assumptions may not be\ncorrect, and that objectives, strategic goals and priorities will not be\nachieved. A variety of factors, including known and unknown risks, many of\nwhich are beyond our control, could cause actual results to differ materially\nfrom the Forward-Looking Statements in this press release and other reports we\nfile with, or furnish to, the SEC and other regulatory agencies and made by\nour directors, officers, other employees and other persons authorized to speak\non our behalf. Such factors include, without limitation, negative impacts on\nour business and operations in Israel due to the Anti-Dumping Investigation,\nincluding that we may not be able to produce, import or sell our products in\nIsrael as a result thereof; negative impacts on our employees, business and\noperations in Israel due to the Middle East Conflict, including that we may\nnot be able to produce, import or sell our products or protect our people or\nfacilities in Israel during the Middle East Conflict, the supply of product in\nthe market and the demand for product by medical patients in Israel; that we\nmay not be able to successfully continue to distribute our products in\nGermany, Australia and the UK or generate material revenue from sales in those\nmarkets; that we may not be able to achieve the anticipated benefits of the\nwind-down of our operations at our Winnipeg, Manitoba facility or be able to\naccess raw materials on a timely and cost-effective basis from third-parties;\nthat we may be unable to further streamline our operations and reduce\nexpenses; that we may not be able to effectively and efficiently re-enter the\nU.S. market in the future; that we may not be able to access raw materials on\na timely and cost-effective basis from third-parties, including Cronos GrowCo;\nthat Cronos GrowCo may not be able to complete the expansion of its purpose-\nbuilt cannabis facility within a reasonable time or repay its borrowings under\nTerm Loan B; the military conflict between Russia and Ukraine may disrupt our\noperations and those of our suppliers and distribution channels and negatively\nimpact the demand for and use of our products; the risk that cost savings and\nany other synergies from the Altria Investment may not be fully realized or\nmay take longer to realize than expected; failure to execute key personnel\nchanges; the risks that our Realignment, the change in the nature of our\noperations at the Peace Naturals Campus and our further leveraging of our\nstrategic partnerships will not result in the expected cost-savings,\nefficiencies and other benefits or will result in greater than anticipated\nturnover in personnel; lower levels of revenues; the lack of consumer demand\nfor our products; our inability to accurately forecast consumer demand; our\ninability to reduce expenses at the level needed to meet our projections; our\ninability to manage disruptions in credit markets; unanticipated future levels\nof capital, environmental or maintenance expenditures, general and\nadministrative and other expenses; growth opportunities not turning out as\nexpected; the lack of cash flow necessary to execute our business plan (either\nwithin the expected timeframe or at all); difficulty raising capital; the\npotential adverse effects of judicial, regulatory or other proceedings, or\nthreatened litigation or proceedings, on our business, financial condition,\nresults of operations and cash flows; volatility in and/or degradation of\ngeneral economic, market, industry or business conditions; compliance with\napplicable environmental, economic, health and safety, energy and other\npolicies and regulations and in particular health concerns with respect to\nvaping and the use of cannabis and U.S. hemp products in vaping devices; the\nunexpected effects of actions of third parties such as competitors, activist\ninvestors or federal (including U.S. federal), state, provincial, territorial\nor local regulatory authorities or self-regulatory organizations; adverse\nchanges in regulatory requirements in relation to our business and products;\nlegal or regulatory obstacles that could prevent us from being able to\nexercise the PharmaCann Option and thereby realize the anticipated benefits of\nthe transaction with PharmaCann; dilution of our fully diluted ownership of\nPharmaCann and the loss of our rights as a result of that dilution; our\nfailure to improve our internal control environment and our systems, processes\nand procedures; and the factors discussed under Part I, Item 1A \u201cRisk Factors\u201d\nof the Annual Report on Form 10-K for the year ended December 31, 2023 and\nunder Part II, Item 1A \u201cRisk Factors\u201d in our Quarterly Reports. Readers are\ncautioned to consider these and other factors, uncertainties and potential\nevents carefully and not to put undue reliance on Forward-Looking Statements.\n\nForward-Looking Statements are provided for the purposes of assisting the\nreader in understanding our financial performance, financial position and cash\nflows as of and for periods ended on certain dates and to present information\nabout management\u2019s current expectations and plans relating to the future, and\nthe reader is cautioned not to place undue reliance on these Forward-Looking\nStatements because of their inherent uncertainty and to appreciate the limited\npurposes for which they are being used by management. While we believe that\nthe assumptions and expectations reflected in the Forward-Looking Statements\nare reasonable based on information currently available to management, there\nis no assurance that such assumptions and expectations will prove to have been\ncorrect. Forward-Looking Statements are made as of the date they are made and\nare based on the beliefs, estimates, expectations and opinions of management\non that date. We undertake no obligation to update or revise any Forward-\nLooking Statements, whether as a result of new information, estimates or\nopinions, future events or results or otherwise or to explain any material\ndifference between subsequent actual events and such Forward-Looking\nStatements. The Forward-Looking Statements contained in this press release and\nother reports we file with, or furnish to, the SEC and other regulatory\nagencies and made by our directors, officers, other employees and other\npersons authorized to speak on our behalf are expressly qualified in their\nentirety by these cautionary statements.\n\nAs used in this press release, \u201cCBD\u201d means cannabidiol and \u201cU.S. hemp\u201d has the\nmeaning given to the term \u201chemp\u201d in the U.S. Agricultural Improvement Act of\n2018, including hemp-derived CBD.\n\n**Cronos Group Inc.**  \n---  \n**Condensed Consolidated Balance Sheets**  \n_(In thousands of U.S. dollars, except share amounts, unaudited)_  \n  \n  \n\n|  **As of June 30, 2024** |  |  **As of December 31, 2023**  \n---|---|---|---  \n**Assets** |  |  |   \nCurrent assets  |  |  |   \nCash and cash equivalents  |  $  |  848,189  |  |  |  $  |  669,291  |   \nShort-term investments  |  |  \u2014  |  |  |  |  192,237  |   \nAccounts receivable, net  |  |  16,179  |  |  |  |  13,984  |   \nInterest receivable  |  |  5,183  |  |  |  |  10,012  |   \nOther receivables  |  |  7,227  |  |  |  |  6,341  |   \nCurrent portion of loans receivable, net  |  |  4,875  |  |  |  |  5,541  |   \nInventory, net  |  |  29,182  |  |  |  |  30,495  |   \nPrepaids and other current assets  |  |  5,246  |  |  |  |  5,405  |   \nHeld-for-sale assets  |  |  19,197  |  |  |  |  \u2014  |   \nTotal current assets  |  |  935,278  |  |  |  |  933,306  |   \nEquity method investments, net  |  |  21,226  |  |  |  |  19,488  |   \nOther investments  |  |  3,168  |  |  |  |  35,251  |   \nNon-current portion of loans receivable, net  |  |  73,165  |  |  |  |  69,036  |   \nProperty, plant and equipment, net  |  |  36,964  |  |  |  |  59,468  |   \nRight-of-use assets  |  |  1,079  |  |  |  |  1,356  |   \nGoodwill  |  |  1,024  |  |  |  |  1,057  |   \nIntangible assets, net  |  |  19,103  |  |  |  |  21,078  |   \nOther assets  |  |  41  |  |  |  |  45  |   \n**Total assets** |  $  |  1,091,048  |  |  |  $  |  1,140,085  |   \n|  |  |   \n**Liabilities** |  |  |   \nCurrent liabilities  |  |  |   \nAccounts payable  |  $  |  7,840  |  |  |  $  |  12,130  |   \nIncome taxes payable  |  |  61  |  |  |  |  64  |   \nAccrued liabilities  |  |  23,846  |  |  |  |  27,736  |   \nCurrent portion of lease obligation  |  |  931  |  |  |  |  994  |   \nDerivative liabilities  |  |  21  |  |  |  |  102  |   \nCurrent portion due to non-controlling interests  |  |  358  |  |  |  |  373  |   \nTotal current liabilities  |  |  33,057  |  |  |  |  41,399  |   \nNon-current portion due to non-controlling interests  |  |  1,137  |  |  |  |  1,003  |   \nNon-current portion of lease obligation  |  |  1,062  |  |  |  |  1,559  |   \n**Total liabilities** |  |  35,256  |  |  |  |  43,961  |   \n|  |  |   \n**Shareholders\u2019 equity** |  |  |   \nShare capital  |  |  616,379  |  |  |  |  613,725  |   \nAdditional paid-in capital  |  |  49,298  |  |  |  |  48,449  |   \nRetained earnings  |  |  405,650  |  |  |  |  416,719  |   \nAccumulated other comprehensive gain (loss)  |  |  (12,013  |  )  |  |  |  20,678  |   \nTotal equity attributable to shareholders of Cronos Group  |  |  1,059,314  |  |  |  |  1,099,571  |   \nNon-controlling interests  |  |  (3,522  |  )  |  |  |  (3,447  |  )   \n**Total shareholders\u2019 equity** |  |  1,055,792  |  |  |  |  1,096,124  |   \n**Total liabilities and shareholders\u2019 equity** |  $  |  1,091,048  |  |  |  $  |  1,140,085  |   \n  \n  \n\n  \n\n**Cronos Group Inc.** |  |  |   \n---|---|---|---  \n**Condensed Consolidated Statements of Net Loss and Comprehensive Income\n(Loss)**  \n  \n  \n\n|  **Three months ended June 30,** |  |  **Six months ended June 30,**  \n---|---|---|---  \n_(In thousands of U.S. dollars, except share and per share amounts, unaudited)_ |  |  **2024** |  |  |  |  **2023** |  |  |  |  **2024** |  |  |  |  **2023** |   \n**Net revenue, before excise taxes** |  $  |  38,678  |  |  |  $  |  25,798  |  |  |  $  |  74,045  |  |  |  $  |  52,352  |   \nExcise taxes  |  |  (10,916  |  )  |  |  |  (6,777  |  )  |  |  |  (20,995  |  )  |  |  |  (13,836  |  )   \n**Net revenue** |  |  27,762  |  |  |  |  19,021  |  |  |  |  53,050  |  |  |  |  38,516  |   \nCost of sales  |  |  21,070  |  |  |  |  15,922  |  |  |  |  41,875  |  |  |  |  32,490  |   \nInventory write-down  |  |  395  |  |  |  |  \u2014  |  |  |  |  395  |  |  |  |  \u2014  |   \n**Gross profit** |  |  6,297  |  |  |  |  3,099  |  |  |  |  10,780  |  |  |  |  6,026  |   \n**Operating expenses** |  |  |  |  |  |  |   \nSales and marketing  |  |  4,330  |  |  |  |  5,297  |  |  |  |  9,662  |  |  |  |  11,038  |   \nResearch and development  |  |  962  |  |  |  |  1,107  |  |  |  |  1,959  |  |  |  |  3,146  |   \nGeneral and administrative  |  |  12,767  |  |  |  |  13,451  |  |  |  |  21,674  |  |  |  |  25,307  |   \nRestructuring costs  |  |  547  |  |  |  |  \u2014  |  |  |  |  630  |  |  |  |  \u2014  |   \nShare-based compensation  |  |  2,236  |  |  |  |  2,331  |  |  |  |  4,251  |  |  |  |  4,866  |   \nDepreciation and amortization  |  |  1,016  |  |  |  |  1,533  |  |  |  |  2,139  |  |  |  |  3,058  |   \nImpairment loss on long-lived assets  |  |  \u2014  |  |  |  |  \u2014  |  |  |  |  1,974  |  |  |  |  \u2014  |   \nTotal operating expenses  |  |  21,858  |  |  |  |  23,719  |  |  |  |  42,289  |  |  |  |  47,415  |   \nOperating loss  |  |  (15,561  |  )  |  |  |  (20,620  |  )  |  |  |  (31,509  |  )  |  |  |  (41,389  |  )   \n**Other income** |  |  |  |  |  |  |   \nInterest income, net  |  |  13,451  |  |  |  |  12,471  |  |  |  |  27,696  |  |  |  |  23,646  |   \nShare of income (loss) from equity method investments  |  |  917  |  |  |  |  270  |  |  |  |  2,365  |  |  |  |  (226  |  )   \nGain (loss) on revaluation of financial instruments  |  |  (3,615  |  )  |  |  |  5,193  |  |  |  |  (6,257  |  )  |  |  |  (2,565  |  )   \nImpairment loss on other investments  |  |  (12,916  |  )  |  |  |  \u2014  |  |  |  |  (25,650  |  )  |  |  |  \u2014  |   \nForeign currency transaction gain (loss)  |  |  6,543  |  |  |  |  (3,174  |  )  |  |  |  19,802  |  |  |  |  (4,817  |  )   \nOther, net  |  |  248  |  |  |  |  17  |  |  |  |  (422  |  )  |  |  |  37  |   \nTotal other income  |  |  4,628  |  |  |  |  14,777  |  |  |  |  17,534  |  |  |  |  16,075  |   \nLoss before income taxes  |  |  (10,933  |  )  |  |  |  (5,843  |  )  |  |  |  (13,975  |  )  |  |  |  (25,314  |  )   \nIncome tax benefit  |  |  (2,174  |  )  |  |  |  (180  |  )  |  |  |  (2,732  |  )  |  |  |  (1,616  |  )   \nLoss from continuing operations  |  |  (8,759  |  )  |  |  |  (5,663  |  )  |  |  |  (11,243  |  )  |  |  |  (23,698  |  )   \nLoss from discontinued operations  |  |  \u2014  |  |  |  |  (2,834  |  )  |  |  |  \u2014  |  |  |  |  (4,056  |  )   \nNet loss  |  |  (8,759  |  )  |  |  |  (8,497  |  )  |  |  |  (11,243  |  )  |  |  |  (27,754  |  )   \nNet loss attributable to non-controlling interest  |  |  (2  |  )  |  |  |  (137  |  )  |  |  |  (245  |  )  |  |  |  (225  |  )   \nNet loss attributable to Cronos Group  |  $  |  (8,757  |  )  |  |  $  |  (8,360  |  )  |  |  $  |  (10,998  |  )  |  |  $  |  (27,529  |  )   \n**Comprehensive income (loss)** |  |  |  |  |  |  |   \nNet loss  |  $  |  (8,759  |  )  |  |  $  |  (8,497  |  )  |  |  $  |  (11,243  |  )  |  |  $  |  (27,754  |  )   \nOther comprehensive income (loss)  |  |  |  |  |  |  |   \nForeign exchange gain (loss) on translation  |  |  (10,160  |  )  |  |  |  16,580  |  |  |  |  (32,521  |  )  |  |  |  18,994  |   \nComprehensive income (loss)  |  |  (18,919  |  )  |  |  |  8,083  |  |  |  |  (43,764  |  )  |  |  |  (8,760  |  )   \nComprehensive income (loss) attributable to non-controlling interests  |  |  58  |  |  |  |  (87  |  )  |  |  |  (75  |  )  |  |  |  (95  |  )   \n**Comprehensive income (loss) attributable to Cronos Group** |  $  |  (18,977  |  )  |  |  $  |  8,170  |  |  |  $  |  (43,689  |  )  |  |  $  |  (8,665  |  )   \n**Net loss per share** |  |  |  |  |  |  |   \nBasic and diluted - continuing operations  |  $  |  (0.02  |  )  |  |  $  |  (0.01  |  )  |  |  $  |  (0.03  |  )  |  |  $  |  (0.06  |  )   \nBasic and diluted - discontinued operations  |  |  \u2014  |  |  |  |  (0.01  |  )  |  |  |  \u2014  |  |  |  |  (0.01  |  )   \nBasic and diluted - total  |  $  |  (0.02  |  )  |  |  $  |  (0.02  |  )  |  |  $  |  (0.03  |  )  |  |  $  |  (0.07  |  )   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \n  \n  \n\n  \n\n**Cronos Group Inc.** |   \n---|---  \n**Condensed Consolidated Statements of Cash Flows**  \n_(In thousands of U.S. dollars, except share amounts, unaudited)_  \n  \n  \n\n|  **Six months ended June 30,**  \n---|---  \n|  |  **2024** |  |  |  |  **2023** |   \n**Operating activities** |  |  |   \nNet loss  |  $  |  (11,243  |  )  |  |  $  |  (27,754  |  )   \nAdjustments to reconcile net loss to cash used in operating activities:  |  |  |   \nShare-based compensation  |  |  4,251  |  |  |  |  4,887  |   \nDepreciation and amortization  |  |  3,244  |  |  |  |  4,785  |   \nImpairment loss on long-lived assets  |  |  1,974  |  |  |  |  205  |   \nImpairment loss on other investments  |  |  25,650  |  |  |  |  \u2014  |   \nLoss from investments  |  |  3,732  |  |  |  |  2,955  |   \nChanges in expected credit losses on long-term financial assets  |  |  1,021  |  |  |  |  (1,146  |  )   \nForeign currency transaction (gain) loss  |  |  (19,802  |  )  |  |  |  4,817  |   \nOther non-cash operating activities, net  |  |  829  |  |  |  |  (554  |  )   \nChanges in operating assets and liabilities:  |  |  |   \nAccounts receivable, net  |  |  (2,723  |  )  |  |  |  10,623  |   \nInterest receivable  |  |  1,174  |  |  |  |  (10,243  |  )   \nOther receivables  |  |  (1,009  |  )  |  |  |  (200  |  )   \nPrepaids and other current assets  |  |  (5  |  )  |  |  |  480  |   \nInventory  |  |  292  |  |  |  |  (7,259  |  )   \nAccounts payable  |  |  (4,482  |  )  |  |  |  (2,478  |  )   \nIncome taxes payable  |  |  (47  |  )  |  |  |  (32,801  |  )   \nAccrued liabilities  |  |  (3,316  |  )  |  |  |  (5,784  |  )   \nCash flows used in operating activities  |  |  (460  |  )  |  |  |  (59,467  |  )   \n**Investing activities** |  |  |   \nPurchase of short-term investments  |  |  \u2014  |  |  |  |  (479,763  |  )   \nProceeds from short-term investments  |  |  187,447  |  |  |  |  169,418  |   \nDividends received from equity method investment  |  |  \u2014  |  |  |  |  1,299  |   \nAdvances on loans receivable  |  |  (8,836  |  )  |  |  |  \u2014  |   \nProceeds from repayment on loans receivable  |  |  5,298  |  |  |  |  11,388  |   \nPurchase of property, plant and equipment  |  |  (2,453  |  )  |  |  |  (1,298  |  )   \nPurchase of intangible assets  |  |  (457  |  )  |  |  |  (8  |  )   \nCash flows provided by (used in) investing activities  |  |  180,999  |  |  |  |  (298,964  |  )   \n**Financing activities** |  |  |   \nWithholding taxes paid on share-based awards  |  |  (905  |  )  |  |  |  (782  |  )   \nCash flows used in financing activities  |  |  (905  |  )  |  |  |  (782  |  )   \nEffect of foreign currency translation on cash and cash equivalents  |  |  (736  |  )  |  |  |  3,997  |   \nNet change in cash and cash equivalents  |  |  178,898  |  |  |  |  (355,216  |  )   \nCash and cash equivalents, beginning of period  |  |  669,291  |  |  |  |  764,644  |   \nCash and cash equivalents, end of period  |  $  |  848,189  |  |  |  $  |  409,428  |   \n**Supplemental cash flow information** |  |  |   \nInterest paid  |  $  |  \u2014  |  |  |  $  |  \u2014  |   \nInterest received  |  $  |  28,291  |  |  |  $  |  13,385  |   \nIncome taxes paid  |  $  |  614  |  |  |  $  |  32,995  |   \n|  |  |  |  |  |  |   \n  \n**Non-GAAP Measures**\n\nCronos Group reports its financial results in accordance with Generally\nAccepted Accounting Principles in the United States (\u201cU.S. GAAP\u201d). This press\nrelease refers to measures not recognized under U.S. GAAP (\u201cnon-GAAP\nmeasures\u201d). These non-GAAP measures do not have a standardized meaning\nprescribed by U.S. GAAP and are therefore unlikely to be comparable to similar\nmeasures presented by other companies. Rather, these non-GAAP measures are\nprovided as a supplement to corresponding U.S. GAAP measures to provide\nadditional information regarding the results of operations from management\u2019s\nperspective. Accordingly, non-GAAP measures should not be considered a\nsubstitute for, or superior to, the financial information prepared and\npresented in accordance with U.S. GAAP. All non-GAAP measures presented in\nthis press release are reconciled to their closest reported U.S. GAAP measure.\nReconciliations of historical adjusted financial measures to corresponding\nU.S. GAAP measures are provided below.\n\n_Adjusted EBITDA_\n\nManagement reviews Adjusted EBITDA, a non-GAAP measure, which excludes non-\ncash items and items that do not reflect management\u2019s assessment of ongoing\nbusiness performance. Management defines Adjusted EBITDA as net income (loss)\nbefore interest, tax expense (benefit), depreciation and amortization adjusted\nfor: share of (income) loss from equity method investments; impairment loss on\ngoodwill and intangible assets; impairment loss on long-lived assets; (gain)\nloss on revaluation of derivative liabilities; (gain) loss on revaluation of\nfinancial instruments; transaction costs related to strategic projects;\nimpairment loss on other investments; foreign currency transaction loss;\nother, net; restructuring costs; inventory write-downs resulting from\nrestructuring actions; share-based compensation; and financial statement\nreview costs and reserves related to the restatements of our 2019 and 2021\ninterim financial statements (the \u201cRestatements\u201d), including the costs related\nto the settlement of the Securities and Exchange Commission's (\"SEC\") and the\nOntario Securities Commission's (\"OSC\") investigation of the Restatements and\nlegal costs of defending shareholder class action complaints brought against\nus as a result of the 2019 restatement (see Part II, Item 1 \u201cLegal\nProceedings\u201d of our Quarterly Report on Form 10-Q for the period ended June\n30, 2024 for a discussion of the shareholder class action complaints relating\nto the restatement of the 2019 interim financial statements and the settlement\nof the SEC's and the OSC's investigations of the Restatements). Results are\nreported as total consolidated results, reflecting our reporting structure of\none reportable segment.\n\nManagement believes that Adjusted EBITDA provides the most useful insight into\nunderlying business trends and results and provides a more meaningful\ncomparison of period-over-period results. Management uses Adjusted EBITDA for\nplanning, forecasting and evaluating business and financial performance,\nincluding allocating resources and evaluating results relative to employee\ncompensation targets.\n\nThe following tables set forth a reconciliation of Net income (loss) as\ndetermined in accordance with U.S. GAAP to Adjusted EBITDA for the periods\nindicated:\n\n|  **Three months ended June 30, 2024**  \n---|---  \n|  **Continuing Operations** |  |  **Discontinued Operations** |  |  **Total**  \nNet loss  |  $  |  (8,759  |  )  |  |  $  |  \u2014  |  |  |  $  |  (8,759  |  )   \nInterest income, net  |  |  (13,451  |  )  |  |  |  \u2014  |  |  |  |  (13,451  |  )   \nIncome tax benefit  |  |  (2,174  |  )  |  |  |  \u2014  |  |  |  |  (2,174  |  )   \nDepreciation and amortization  |  |  1,513  |  |  |  |  \u2013  |  |  |  |  1,513  |   \nEBITDA  |  |  (22,871  |  )  |  |  |  \u2014  |  |  |  |  (22,871  |  )   \nShare of income from equity method investments  |  |  (917  |  )  |  |  |  \u2014  |  |  |  |  (917  |  )   \nLoss on revaluation of financial instruments  (ii)  |  |  3,615  |  |  |  |  \u2014  |  |  |  |  3,615  |   \nImpairment loss on other investments  (iii)  |  |  12,916  |  |  |  |  \u2014  |  |  |  |  12,916  |   \nForeign currency transaction gain  |  |  (6,543  |  )  |  |  |  \u2014  |  |  |  |  (6,543  |  )   \nTransaction costs  (iv)  |  |  196  |  |  |  |  \u2014  |  |  |  |  196  |   \nOther, net  (v)  |  |  (248  |  )  |  |  |  \u2014  |  |  |  |  (248  |  )   \nRestructuring costs  (vi)  |  |  547  |  |  |  |  \u2014  |  |  |  |  547  |   \nShare-based compensation  (vii)  |  |  2,236  |  |  |  |  \u2014  |  |  |  |  2,236  |   \nFinancial statement review costs  (viii)  |  |  18  |  |  |  |  \u2014  |  |  |  |  18  |   \nAdjusted EBITDA  |  $  |  (11,051  |  )  |  |  $  |  \u2014  |  |  |  $  |  (11,051  |  )   \n  \n  \n\n|  **Three months ended June 30, 2023**  \n---|---  \n|  **Continuing Operations** |  |  **Discontinued Operations** |  |  **Total**  \nNet loss  |  $  |  (5,663  |  )  |  |  $  |  (2,834  |  )  |  |  $  |  (8,497  |  )   \nInterest income, net  |  |  (12,471  |  )  |  |  |  (3  |  )  |  |  |  (12,474  |  )   \nIncome tax benefit  |  |  (180  |  )  |  |  |  \u2014  |  |  |  |  (180  |  )   \nDepreciation and amortization  |  |  2,265  |  |  |  |  115  |  |  |  |  2,380  |   \nEBITDA  |  |  (16,049  |  )  |  |  |  (2,722  |  )  |  |  |  (18,771  |  )   \nShare of income from equity method investments  |  |  (270  |  )  |  |  |  \u2014  |  |  |  |  (270  |  )   \nImpairment loss on long-lived assets  (  i  )  |  |  \u2014  |  |  |  |  205  |  |  |  |  205  |   \nGain on revaluation of financial instruments  (ii)  |  |  (5,193  |  )  |  |  |  \u2014  |  |  |  |  (5,193  |  )   \nForeign currency transaction loss  |  |  3,174  |  |  |  |  \u2014  |  |  |  |  3,174  |   \nOther, net  (v)  |  |  (17  |  )  |  |  |  163  |  |  |  |  146  |   \nRestructuring costs  (vi)  |  |  \u2014  |  |  |  |  534  |  |  |  |  534  |   \nShare-based compensation  (vii)  |  |  2,331  |  |  |  |  5  |  |  |  |  2,336  |   \nFinancial statement review costs  (viii)  |  |  119  |  |  |  |  \u2014  |  |  |  |  119  |   \nInventory write-down  (ix)  |  |  \u2014  |  |  |  |  839  |  |  |  |  839  |   \nAdjusted EBITDA  |  $  |  (15,905  |  )  |  |  $  |  (976  |  )  |  |  $  |  (16,881  |  )   \n  \n  \n\n|  **Six months ended June 30, 2024**  \n---|---  \n|  **Continuing Operations** |  |  **Discontinued Operations** |  |  **Total**  \nNet loss  |  $  |  (11,243  |  )  |  |  $  |  \u2014  |  |  |  $  |  (11,243  |  )   \nInterest income, net  |  |  (27,696  |  )  |  |  |  \u2014  |  |  |  |  (27,696  |  )   \nIncome tax benefit  |  |  (2,732  |  )  |  |  |  \u2014  |  |  |  |  (2,732  |  )   \nDepreciation and amortization  |  |  3,244  |  |  |  |  \u2014  |  |  |  |  3,244  |   \nEBITDA  |  |  (38,427  |  )  |  |  |  \u2014  |  |  |  |  (38,427  |  )   \nShare of income from equity method investments  |  |  (2,365  |  )  |  |  |  \u2014  |  |  |  |  (2,365  |  )   \nImpairment loss on long-lived assets  (  i  )  |  |  1,974  |  |  |  |  \u2014  |  |  |  |  1,974  |   \nLoss on revaluation of financial instruments  (ii)  |  |  6,257  |  |  |  |  \u2014  |  |  |  |  6,257  |   \nImpairment loss on other investments  (iii)  |  |  25,650  |  |  |  |  \u2014  |  |  |  |  25,650  |   \nForeign currency transaction gain  |  |  (19,802  |  )  |  |  |  \u2014  |  |  |  |  (19,802  |  )   \nTransaction costs  (iv)  |  |  196  |  |  |  |  \u2014  |  |  |  |  196  |   \nOther, net  (v)  |  |  422  |  |  |  |  \u2014  |  |  |  |  422  |   \nRestructuring costs  (vi)  |  |  630  |  |  |  |  \u2014  |  |  |  |  630  |   \nShare-based compensation  (vii)  |  |  4,251  |  |  |  |  \u2014  |  |  |  |  4,251  |   \nFinancial statement review costs  (viii)  |  |  (506  |  )  |  |  |  \u2014  |  |  |  |  (506  |  )   \nAdjusted EBITDA  |  $  |  (21,720  |  )  |  |  $  |  \u2014  |  |  |  $  |  (21,720  |  )   \n  \n  \n\n|  **Six months ended June 30, 2023**  \n---|---  \n|  **Continuing Operations** |  |  **Discontinued Operations** |  |  **Total**  \nNet loss  |  $  |  (23,698  |  )  |  |  $  |  (4,056  |  )  |  |  $  |  (27,754  |  )   \nInterest income, net  |  |  (23,646  |  )  |  |  |  (8  |  )  |  |  |  (23,654  |  )   \nIncome tax benefit  |  |  (1,616  |  )  |  |  |  \u2014  |  |  |  |  (1,616  |  )   \nDepreciation and amortization  |  |  4,541  |  |  |  |  244  |  |  |  |  4,785  |   \nEBITDA  |  |  (44,419  |  )  |  |  |  (3,820  |  )  |  |  |  (48,239  |  )   \nShare of loss from equity method investments  |  |  226  |  |  |  |  \u2014  |  |  |  |  226  |   \nImpairment loss on long-lived assets  (  i  )  |  |  \u2014  |  |  |  |  205  |  |  |  |  205  |   \nLoss on revaluation of financial instruments  (ii)  |  |  2,565  |  |  |  |  \u2014  |  |  |  |  2,565  |   \nForeign currency transaction loss  |  |  4,817  |  |  |  |  \u2014  |  |  |  |  4,817  |   \nOther, net  (v)  |  |  (37  |  )  |  |  |  163  |  |  |  |  126  |   \nRestructuring costs  (vi)  |  |  \u2014  |  |  |  |  534  |  |  |  |  534  |   \nShare-based compensation  (vii)  |  |  4,866  |  |  |  |  21  |  |  |  |  4,887  |   \nFinancial statement review costs  (viii)  |  |  395  |  |  |  |  \u2014  |  |  |  |  395  |   \nInventory write-down  (ix)  |  |  \u2014  |  |  |  |  839  |  |  |  |  839  |   \nAdjusted EBITDA  |  $  |  (31,587  |  )  |  |  $  |  (2,058  |  )  |  |  $  |  (33,645  |  )   \n  \n(i)  For the three and six months ended June 30, 2024, impairment loss on\nlong-lived assets related to the winding down of operations at Cronos\nFermentation. For the three and six months ended June 30, 2023, impairment\nloss on long-lived assets related to certain leased properties associated with\nthe Company\u2019s U.S. operations.\n\n(ii)  For the three and six months ended June 30, 2024 and 2023, (gain) loss\non revaluation of financial instruments related primarily to the Company\u2019s\nequity securities in Vitura.\n\n(iii)  For the three and six months ended June 30, 2024, impairment loss on\nother investments represents the fair value change on the PharmaCann Option.\n\n(iv)  For the three and six months ended June 30, 2024, transactions costs\nrepresent advisory fees associated with the Cronos GrowCo expansion\ntransaction.\n\n(v)  For the three and six months ended June 30, 2024 and 2023, other, net\nrelated to (gain) loss on disposal of assets and (gain) loss on revaluation of\nderivative liabilities.\n\n(vi)  For the three and six months ended June 30, 2024, restructuring costs\nfrom continuing operations related to shutdown costs at the Cronos\nFermentation facility as well as employee-related severance costs associated\nwith the Realignment. For the three and six months ended June 30, 2023,\nrestructuring costs related to employee-related severance costs and other\nrestructuring costs associated with our U.S. operations.\n\n(vii)  For the three and six months ended June 30, 2024 and 2023, share-based\ncompensation related to the non-cash expenses of share-based compensation\nawarded to employees under the Company\u2019s share-based award plans.\n\n(viii)  For the three and six months ended June 30, 2024 and 2023, financial\nstatement review costs include costs and reserves taken related to the\nRestatements, costs related to the Company\u2019s responses to requests for\ninformation from various regulatory authorities relating to the Restatements\nand legal costs incurred defending shareholder class action complaints brought\nagainst the Company as a result of the 2019 restatement. For the six months\nended June 30, 2024, a credit balance is presented due to an insurance\nrecovery.\n\n(ix)  For the three and six months ended June 30, 2023, inventory write-downs\nrelate to product destruction and obsolescence associated with the exit of our\nU.S. operations.  \n\n**_Constant Currency_ **\n\nTo supplement the consolidated financial statements presented in accordance\nwith U.S. GAAP, we have presented constant currency adjusted financial\nmeasures for net revenues, gross profit, gross profit margin, operating\nexpenses, net income (loss) and Adjusted EBITDA for the six months ended June\n30, 2024, as well as cash and cash equivalents and short-term investment\nbalances as of June 30, 2024 compared to December 31, 2023, which are\nconsidered non-GAAP financial measures. We present constant currency\ninformation to provide a framework for assessing how our underlying operations\nperformed excluding the effect of foreign currency rate fluctuations. To\npresent this information, current and comparative prior period income\nstatement results in currencies other than U.S. dollars are converted into\nU.S. dollars using the average exchange rates from the three and six months\nand comparative periods in 2023 rather than the actual average exchange rates\nin effect during the respective current periods; constant currency current and\nprior comparative balance sheet information is translated at the prior year-\nend spot rate rather than the current period spot rate. All growth comparisons\nrelate to the corresponding period in 2023. We have provided this non-GAAP\nfinancial information to aid investors in better understanding the performance\nof our operations. The non-GAAP financial measures presented in this press\nrelease should not be considered as a substitute for, or superior to, the\nmeasures of financial performance prepared in accordance with U.S. GAAP.\n\nThe table below sets forth certain measures of consolidated results from\ncontinuing operations on a constant currency basis for the three and six\nmonths ended June 30, 2024 compared to the three and six months ended June 30,\n2023 as well as cash and cash equivalents and short-term investments as of\nJune 30, 2024 and December 31, 2023, both on an as-reported and constant\ncurrency basis (in thousands):\n\n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n---|---|---|---  \n|  **Three months ended June 30,** |  |  **As Reported Change** |  |  **Three months ended June 30,** |  |  **Constant Currency Change**  \n|  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  **$** |  |  **%**  \nNet revenue  |  $  |  27,762  |  |  |  $  |  19,021  |  |  |  $  |  8,741  |  |  |  46  |  %  |  |  $  |  28,290  |  |  |  $  |  9,269  |  |  |  49  |  %   \nGross profit  |  |  6,297  |  |  |  |  3,099  |  |  |  |  3,198  |  |  |  103  |  %  |  |  |  6,434  |  |  |  |  3,335  |  |  |  108  |  %   \nGross margin  |  |  23  |  %  |  |  |  16  |  %  |  |  |  N/A  |  |  |  7  |  pp  |  |  |  23  |  %  |  |  |  N/A  |  |  |  7  |  pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \nOperating expenses  |  |  21,858  |  |  |  |  23,719  |  |  |  |  (1,861  |  )  |  |  (8  |  )%  |  |  |  21,861  |  |  |  |  (1,858  |  )  |  |  (8  |  )%   \nNet loss from continuing operations  |  |  (8,759  |  )  |  |  |  (5,663  |  )  |  |  |  (3,096  |  )  |  |  (55  |  )%  |  |  |  (8,162  |  )  |  |  |  (2,499  |  )  |  |  (44  |  )%   \nAdjusted EBITDA  |  |  (11,051  |  )  |  |  |  (15,905  |  )  |  |  |  4,854  |  |  |  31  |  %  |  |  |  (10,863  |  )  |  |  |  5,042  |  |  |  32  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \n|  **Six months ended June 30,** |  |  **As Reported Change** |  |  **Six months ended June 30,** |  |  **Constant Currency Change**  \n|  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  **$** |  |  **%**  \nNet revenue  |  $  |  53,050  |  |  |  $  |  38,516  |  |  |  $  |  14,534  |  |  |  38  |  %  |  |  $  |  53,795  |  |  |  $  |  15,279  |  |  |  40  |  %   \nGross profit  |  |  10,780  |  |  |  |  6,026  |  |  |  |  4,754  |  |  |  79  |  %  |  |  |  10,983  |  |  |  |  4,957  |  |  |  82  |  %   \nGross margin  |  |  20  |  %  |  |  |  16  |  %  |  |  |  N/A  |  |  |  4  |  pp  |  |  |  20  |  %  |  |  |  N/A  |  |  |  4  |  pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \nOperating expenses  |  |  42,289  |  |  |  |  47,415  |  |  |  |  (5,126  |  )  |  |  (11  |  )%  |  |  |  42,336  |  |  |  |  (5,079  |  )  |  |  (11  |  )%   \nNet loss from continuing operations  |  |  (11,243  |  )  |  |  |  (23,698  |  )  |  |  |  12,455  |  |  |  53  |  %  |  |  |  (10,643  |  )  |  |  |  13,055  |  |  |  55  |  %   \nAdjusted EBITDA  |  |  (21,720  |  )  |  |  |  (31,587  |  )  |  |  |  9,867  |  |  |  31  |  %  |  |  |  (21,508  |  )  |  |  |  10,079  |  |  |  32  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \n|  **As of March 31,** |  |  **As of December 31,** |  |  **As Reported Change** |  |  **As of March 31,** |  |  **Constant Currency Change**  \n|  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  **$** |  |  **%**  \nCash and cash equivalents  |  $  |  848,189  |  |  |  $  |  669,291  |  |  |  $  |  178,898  |  |  |  27  |  %  |  |  $  |  852,752  |  |  |  $  |  183,461  |  |  |  27  |  %   \nShort-term investments  |  |  \u2014  |  |  |  |  192,237  |  |  |  |  (192,237  |  )  |  |  (100  |  )%  |  |  |  \u2014  |  |  |  |  (192,237  |  )  |  |  (100  |  )%   \nTotal cash and cash equivalents and short-term investments  |  $  |  848,189  |  |  |  $  |  861,528  |  |  |  $  |  (13,339  |  )  |  |  (2  |  )%  |  |  $  |  852,752  |  |  |  $  |  (8,776  |  )  |  |  (1  |  )%   \n  \n_Net_ _revenue_\n\n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n---|---|---|---  \n|  **Three months ended June 30,** |  |  **As Reported Change** |  |  **Three months ended June 30,** |  |  **Constant Currency Change**  \n|  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  **$** |  |  **%**  \nCannabis flower  |  $  |  20,661  |  |  |  $  |  14,014  |  |  |  $  |  6,647  |  |  |  47  |  %  |  |  $  |  21,058  |  |  |  $  |  7,044  |  |  |  50  |  %   \nCannabis extracts  |  |  7,064  |  |  |  |  4,926  |  |  |  |  2,138  |  |  |  43  |  %  |  |  |  7,195  |  |  |  |  2,269  |  |  |  46  |  %   \nOther  |  |  37  |  |  |  |  81  |  |  |  |  (44  |  )  |  |  (54  |  )%  |  |  |  37  |  |  |  |  (44  |  )  |  |  (54  |  )%   \nNet revenue  |  $  |  27,762  |  |  |  $  |  19,021  |  |  |  $  |  8,741  |  |  |  46  |  %  |  |  $  |  28,290  |  |  |  $  |  9,269  |  |  |  49  |  %   \n  \n  \n\n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n---|---|---|---  \n|  **Six months ended June 30,** |  |  **As Reported Change** |  |  **Six months ended June 30,** |  |  **Constant Currency Change**  \n|  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  **$** |  |  **%**  \nCannabis flower  |  $  |  38,186  |  |  |  $  |  27,142  |  |  |  $  |  11,044  |  |  |  41  |  %  |  |  $  |  38,812  |  |  |  $  |  11,670  |  |  |  43  |  %   \nCannabis extracts  |  |  14,791  |  |  |  |  11,227  |  |  |  |  3,564  |  |  |  32  |  %  |  |  |  14,909  |  |  |  |  3,682  |  |  |  33  |  %   \nOther  |  |  73  |  |  |  |  147  |  |  |  |  (74  |  )  |  |  (50  |  )%  |  |  |  74  |  |  |  |  (73  |  )  |  |  (50  |  )%   \nNet revenue  |  $  |  53,050  |  |  |  $  |  38,516  |  |  |  $  |  14,534  |  |  |  38  |  %  |  |  $  |  53,795  |  |  |  $  |  15,279  |  |  |  40  |  %   \n  \n  \n\n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n---|---|---|---  \n|  **Three months ended June 30,** |  |  **As Reported Change** |  |  **Three months ended June 30,** |  |  **Constant Currency Change**  \n|  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  **$** |  |  **%**  \nCanada  |  $  |  19,844  |  |  |  $  |  13,595  |  |  |  $  |  6,249  |  |  |  46  |  %  |  |  $  |  20,210  |  |  |  $  |  6,615  |  |  |  49  |  %   \nIsrael  |  |  6,889  |  |  |  |  5,426  |  |  |  |  1,463  |  |  |  27  |  %  |  |  |  7,036  |  |  |  |  1,610  |  |  |  30  |  %   \nOther countries  |  |  1,029  |  |  |  |  \u2014  |  |  |  |  1,029  |  |  |  N/M  |  |  |  |  1,044  |  |  |  |  1,044  |  |  |  N/M  |   \nNet revenue  |  $  |  27,762  |  |  |  $  |  19,021  |  |  |  $  |  8,741  |  |  |  46  |  %  |  |  $  |  28,290  |  |  |  $  |  9,269  |  |  |  49  |  %   \n  \n  \n\n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n---|---|---|---  \n|  **Six months ended June 30,** |  |  **As Reported Change** |  |  **Six months ended June 30,** |  |  **Constant Currency Change**  \n|  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  **$** |  |  **%**  \nCanada  |  $  |  38,715  |  |  |  $  |  28,029  |  |  |  $  |  10,686  |  |  |  38  |  %  |  |  $  |  39,044  |  |  |  $  |  11,015  |  |  |  39  |  %   \nIsrael  |  |  13,306  |  |  |  |  10,487  |  |  |  |  2,819  |  |  |  27  |  %  |  |  |  13,707  |  |  |  |  3,220  |  |  |  31  |  %   \nOther countries  |  |  1,029  |  |  |  |  \u2014  |  |  |  |  1,029  |  |  |  N/M  |  |  |  |  1,044  |  |  |  |  1,044  |  |  |  N/M  |   \nNet revenue  |  $  |  53,050  |  |  |  $  |  38,516  |  |  |  $  |  14,534  |  |  |  38  |  %  |  |  $  |  53,795  |  |  |  $  |  15,279  |  |  |  40  |  %   \n  \nFor the three months ended June 30, 2024, net revenue on a constant currency\nbasis was $28.3 million, representing a 49% increase from the three months\nended June 30, 2023. For the six months ended June 30, 2024, net revenue on a\nconstant currency basis was $53.8 million, representing a 40% increase from\nthe six months ended June 30, 2023. On a constant currency basis, net revenue\nincreased for the three and six months ended June 30, 2024, primarily due to\nhigher cannabis flower and extract sales in the Canadian adult-use market,\nhigher cannabis flower sales in Israel and higher cannabis flower sales in\nother countries, partially offset by an adverse price/mix in the Canadian\ncannabis flower category driving increased excise tax payments as a percentage\nof revenue.\n\n_Gross profit_\n\nFor the three months ended June 30, 2024, gross profit on a constant currency\nbasis was $6.4 million, representing a 108% increase from the three months\nended June 30, 2023. For the six months ended June 30, 2024, gross profit on a\nconstant currency basis was $11.0 million, representing a 82% increase from\nthe six months ended June 30, 2023. On a constant currency basis, gross profit\nincreased for the three and six months ended June 30, 2024, primarily due to\nhigher cannabis flower and extract sales in the Canadian adult-use market,\nhigher cannabis flower sales in Israel and higher cannabis flower sales in\nother countries, partially offset by an adverse price/mix in the Canadian\ncannabis flower category driving increased excise tax payments as a percentage\nof revenue and higher inventory write-downs.\n\n_Operating expenses_\n\nFor the three months ended June 30, 2024, operating expenses on a constant\ncurrency basis were $21.9 million, representing an 8% decrease from the three\nmonths ended June 30, 2023. For the six months ended June 30, 2024, operating\nexpenses on a constant currency basis was $42.3 million, representing an 11%\ndecrease from the six months ended June 30, 2023. On a constant currency\nbasis, operating expenses decreased for the three and six months ended June\n30, 2024, primarily due to lower advertising and marketing spend, lower costs\nassociated with the achievement of Ginkgo milestones, lower professional fees,\nlargely related to financial statement review costs, and lower salaries and\nbenefits and insurance costs.\n\n_Net loss from continuing operations_\n\nFor the three months ended June 30, 2024, net loss from continuing operations\non a constant currency basis was $8.2 million, representing an increased loss\nof $2.5 million from the three months ended June 30, 2023. For the six months\nended June 30, 2024, net loss from continuing operations on a constant\ncurrency basis was $10.6 million, representing an improvement of $13.1 million\nfrom the six months ended June 30, 2023.\n\n_Adjusted EBITDA_\n\nFor the three months ended June 30, 2024, Adjusted EBITDA on a constant\ncurrency basis was $(10.9) million, representing a 32% improvement from the\nthree months ended June 30, 2023. For the six months ended June 30, 2024,\nAdjusted EBITDA on a constant currency basis was $(21.5) million, representing\na 32% improvement from the six months ended June 30, 2023. The improvement in\nAdjusted EBITDA for the three and six months ended June 30, 2024 on a constant\ncurrency basis was driven by higher cannabis flower and extract sales in the\nCanadian adult-use market, higher cannabis flower sales in Israel, decreases\nin general and administrative expenses and lower costs associated with the\nachievement of Ginkgo milestones, partially offset by an adverse price/mix in\nCanada in the cannabis flower category driving increased excise tax payments\nas a percentage of revenue.\n\n_Cash and cash equivalents & short-term investments _\n\nCash and cash equivalents and short-term investments on a constant currency\nbasis decreased 1% to $852.8 million as of June 30, 2024 from $861.5 million\nas of December 31, 2023. The decrease in cash and cash equivalents and short-\nterm investments is primarily due to advances of loans receivable and\npurchases of property, plant and equipment in the six months ended June 30,\n2024.\n\n**Foreign currency exchange rates**\n\nAll currency amounts in this press release are stated in U.S. dollars, which\nis our reporting currency, unless otherwise noted. All references to \u201cdollars\u201d\nor \u201c$\u201d are to U.S. dollars. The assets and liabilities of our foreign\noperations are translated into dollars at the exchange rate in effect as of\nJune 30, 2024, June 30, 2023, and December 31, 2023. Transactions affecting\nthe shareholders\u2019 equity (deficit) are translated at historical foreign\nexchange rates. The condensed consolidated statements of net loss and\ncomprehensive income (loss) and condensed consolidated statements of cash\nflows of our foreign operations are translated into dollars by applying the\naverage foreign exchange rate in effect for the reporting period as reported\non Bloomberg. The exchange rates used to translate from USD to Canadian\ndollars (\u201cC$\u201d) and Israeli New Shekels (\"ILS\") are shown below:\n\n_(Exchange rates are shown as C$ per $)_ |  **As of**  \n---|---  \n|  |  **June 30, 2024** |  |  |  |  **June 30, 2023** |  |  |  |  **December 31, 2023** |   \nSpot rate  |  |  1.3674  |  |  |  |  1.3242  |  |  |  |  1.3243  |   \nYear-to-date average rate  |  |  1.3581  |  |  |  |  1.3474  |  |  |  |  N/A  |   \n  \n  \n\n_(Exchange rates are shown as ILS per $)_ |  **As of**  \n---|---  \n|  |  **June 30, 2024** |  |  |  |  **June 30, 2023** |  |  |  |  **December 31, 2023** |   \nSpot rate  |  |  3.7742  |  |  |  |  3.7051  |  |  |  |  3.6163  |   \nYear-to-date average rate  |  |  3.6950  |  |  |  |  3.5892  |  |  |  |  N/A  |   \n|  |  |  |  |  |  |  |  |  |  |   \n  \n**For further information, please contact:**  \nShayne Laidlaw  \nInvestor Relations  \nTel: (416) 504-0004  \ninvestor.relations@thecronosgroup.com\n\n  \n\n##  Recommended Reading\n\n  * March 19, 2025 07:30 ET  |  Source: [ Cronos Group Inc. ](/en/search/organization/Cronos%2520Group%2520Inc\u00a7)\n\n[ Cronos Appoints Anna Shlimak as Chief Financial Officer\n](https://www.globenewswire.com/news-release/2025/03/19/3045272/0/en/Cronos-\nAppoints-Anna-Shlimak-as-Chief-Financial-Officer.html)\n\nTORONTO, March 19, 2025 (GLOBE NEWSWIRE) -- Cronos Group Inc. (NASDAQ: CRON)\n(TSX: CRON) (\u201cCronos\u201d or the \u201cCompany\u201d), an innovative global cannabinoid\ncompany, today announced the appointment of...\n\n[ Read More ](https://www.globenewswire.com/news-\nrelease/2025/03/19/3045272/0/en/Cronos-Appoints-Anna-Shlimak-as-Chief-\nFinancial-Officer.html)\n\n  * March 10, 2025 08:00 ET  |  Source: [ Cronos Group Inc. ](/en/search/organization/Cronos%2520Group%2520Inc\u00a7)\n\n[ Cronos Group Inc. to Speak at the 37th Annual Roth Conference\n](https://www.globenewswire.com/news-release/2025/03/10/3039659/0/en/Cronos-\nGroup-Inc-to-Speak-at-the-37th-Annual-Roth-Conference.html)\n\nTORONTO, March 10, 2025 (GLOBE NEWSWIRE) -- Cronos Group Inc. (NASDAQ: CRON)\n(TSX: CRON) (\u201cCronos\u201d or the \u201cCompany\u201d), an innovative global cannabinoid\ncompany, today announced that Mike Gorenstein,...\n\n[ Read More ](https://www.globenewswire.com/news-\nrelease/2025/03/10/3039659/0/en/Cronos-Group-Inc-to-Speak-at-the-37th-Annual-\nRoth-Conference.html)\n\n",
                "url": "https://www.globenewswire.com/news-release/2024/08/08/2926836/0/en/Cronos-Group-Reports-2024-Second-Quarter-Results.html"
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            "search_query": "company 'The Cronos Group' activities value chain",
            "summary": "Press release from Cronos Group on GlobeNewswire.",
            "url": "https://www.globenewswire.com/news-release/2024/08/08/2926836/0/en/Cronos-Group-Reports-2024-Second-Quarter-Results.html"
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                    "source": "https://thecronosgroup.com/"
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                "page_content": "Skip to content\n\n##  A Global  \nCannabinoid  Company\n\nCronos Group is an innovative global cannabinoid company committed to building\ndisruptive intellectual property by advancing cannabis research, technology,\nand product development. With a passion to responsibly elevate the consumer\nexperience, Cronos is building an iconic brand portfolio. Cronos\u2019 diverse\ninternational brand portfolio includes Spinach  \u00ae  , PEACE NATURALS  \u00ae  and\nLord Jones  \u00ae  .\n\n[ Explore Brands _arrow_forward_ ](/brands/) Explore Solutions \u2192\n\n#  About\n\n##  Us\n\n##  Mission\n\nBuild brands and create products that enhance experiences\n\n##  Vision\n\nTake experiences to new highs\n\n##  Values\n\nAt the heart of Cronos are our values. They are the principles that steer our\nactions and define our character. They represent who we are, how we operate,\nand the reputation we aspire to build and maintain within the industry and all\nour stakeholders who help shape it.\n\n##  Community\n\nWe believe in building and supporting a fair and equitable industry.\n\n##  Fun\n\nWe believe in creating your favorite products through innovation and\nimagination.\n\n##  Responsibility\n\nWe believe our products are for adults* (*Adults are those of the legal age of\nconsumption in the relevant jurisdiction).\n\n##  Quality\n\nWe believe in elevating industry practices to provide quality products focused\non reliability and transparency.\n\n#  The\n\n##  Team\n\nOur management team comprises experts in their fields, with a goal to\nestablish the most valuable international cannabis company. They are\npassionate, daring people, driven by quality and integrity, who are determined\nto write history, not read about it.\n\nMike Gorenstein\n\nAnna Shlimak\n\nJeff Jacobson\n\nShannon Buggy\n\nTerry Doucet\n\nArye Weigensberg\n\nAdam Wagner\n\nMike Gorenstein  __\n\n#  Mike Gorenstein\n\n####  Chairman, President and Chief Executive Officer\n\nMike Gorenstein serves as Cronos Group\u2019s Chairman, President and Chief\nExecutive Officer, he also serves as Chairman of Cronos Group\u2019s Board of\nDirectors. In addition, Mr. Gorenstein is a Co-Founder and passive Member of\nGotham Green Partners. Before joining Cronos, Mike was the Vice President and\nGeneral Counsel at Alphabet Partners, LP, a New York City based multi-strategy\ninvestment management firm, focused on identifying mispriced assets across\nvarious industries, asset classes and geographies. Prior to Alphabet Partners,\nLP, he was a corporate attorney at Sullivan & Cromwell LLP, where he focused\non mergers and acquisitions and capital markets transactions. Mike graduated\nfrom the University of Pennsylvania Law School with a Juris Doctor, the\nWharton School at University of Pennsylvania with a certificate in Business\nEconomics and Public Policy and the Kelley School of Business at Indiana\nUniversity with a Bachelor of Science of Business in Finance.\n\nAnna Shlimak  __\n\n#  Anna Shlimak\n\n####  Chief Financial Officer\n\nAnna serves as Cronos\u2019 Chief Financial Officer. Anna recently served as the\nCompany\u2019s Chief Strategy Officer and was responsible for managing and\ndirecting the organization\u2019s corporate strategy, investor relations,\ncommunications, government affairs, and information systems departments. Prior\nto joining Cronos, Anna was the Head of Investor Relations at Quest Partners\nLLC, a research-driven alternative investment firm. Anna was responsible for\nbusiness development, investor reporting, marketing, and communication\ninitiatives for the fund. Before that, Anna held a range of roles at the New\nYork Stock Exchange in both the New York and London offices. She received a\nMaster of Business Administration from Columbia Business School and holds a\nBachelor of Science in Economics from The Wharton School at the University of\nPennsylvania.\n\nJeff Jacobson  __\n\n#  Jeff Jacobson\n\n####  Chief Growth Officer\n\nAs Chief Growth Officer, Jeff leads the Marketing, Innovation, Operations and\nSales team in North America as well as the Consumer Insights and Data\nAnalytics teams for Cronos Group\u2019s global business. Jeff sets the strategy for\nour brands and is responsible for leading our global teams to help execute\nCronos Group\u2019s vision. Jeff previously served as Cronos Group\u2019s General\nManager of Canada and Europe. Before joining Cronos Group, Jeff founded a\nToronto based marketing agency and successfully launched and licensed several\ninnovative software products in the mobile industry. As a co-founder of Peace\nNaturals, Jeff\u2019s expertise and experience in licensing and compliance, new\nbusiness development, project management and resource management help Cronos\nGroup lead in a variety of markets.\n\nShannon Buggy  __\n\n#  Shannon Buggy\n\n####  Senior Vice President, Global Head of People\n\nShannon serves as the SVP, Global Head of People for Cronos Group where she\nleads HR strategy across the Company\u2019s global operations. Prior to Cronos\nGroup, Shannon was the Senior Vice President of Global Human Resources for\nNielsen where she led HR strategy for Nielsen Media. With over 25 years of\nexperience, Shannon has a proven track record of leading and managing global\nhuman resources teams and driving excellence in talent acquisition,\ndevelopment, retention, employee relations, compensation, benefits, talent\nmanagement and labor relations. Shannon holds a certification as a Senior\nProfessional in Human Resources from the HR Certification Institute. She\ngraduated magna cum laude with a Bachelor of Science degree in Human Resources\nManagement from the Pace University, Lubin School of Business.\n\nTerry Doucet  __\n\n#  Terry Doucet\n\n####  General Counsel and Corporate Secretary\n\nTerry Doucet serves as Cronos Group\u2019s General Counsel and Corporate Secretary.\nIn this capacity, he manages all legal and regulatory affairs at Cronos Group\nand also serves as the Company\u2019s Corporate Secretary. Prior to joining Cronos,\nTerry was a corporate lawyer at Davies Ward Phillips & Vineberg LLP in\nToronto, where he focused primarily on M&A in large, complex and cross-border\ntransactions across numerous industries, as well as securities, corporate\nfinance and lending transactions. During that time, Terry was also seconded to\nRBC Capital Markets, where he supported the bank\u2019s derivative trading desks.\nTerry is an Ontario-qualified lawyer, holding a Juris Doctor from the\nUniversity of Toronto and a joint honours (first class) Bachelor of Arts\ndegree from McGill University in Montreal.\n\nArye Weigensberg  __\n\n#  Arye Weigensberg\n\n####  Head of Research and Development\n\nAs Head of Research and Development, Arye is responsible for leading Cronos\u2019\ninnovation program, where he oversees research and technology functions, and\nleads scientific efforts to unlock the potential of rare cannabinoids. Before\njoining Cronos, Arye was the CEO of Altria Israel Ltd, an Altria research and\ndevelopment innovation hub. Arye joined Altria as part of its acquisition of\nGreen Smoke, where he was the Director of Marketing and Brand Management.\nPrior to Green Smoke, Arye held a variety of roles in brand management and\nmarketing, supporting food brands such as Manischewitz, Lawry\u2019s, Ragu, Knorr\nand Country Crock. Arye graduated from Concordia University\u2019s John Molson\nSchool of Business with a Bachelor of Commerce in Marketing and International\nBusiness.\n\nAdam Wagner  __\n\n#  Adam Wagner\n\n####  SVP, Head of Cronos Israel\n\nAdam Wagner serves as Senior Vice President, Head of Cronos Israel. Adam\noversees the business and strategy of Cronos Israel. Before he was appointed\nas Head of Cronos Israel, he was the VP of Finance at Cronos Israel where he\noversaw the regional Israel finance department, including FP&A,\ncontrollership, audit, treasury, tax, as well as IT, supply chain and\nprocurement . Before joining Cronos, Adam worked as a Director of Finance at\nMotus GI, a publicly traded medical device company, where he oversaw the\nIsrael-based finance department. Before that, Adam was a Finance Manager at\nMedtronic, a publicly traded medical equipment manufacturer, where he oversaw\nthe Israel-based finance department functions. Prior to Medtronic\u2019s\nacquisition, he was the Corporate Controller for Mazor Robotics, a dual-listed\npublic medical device company. Adam began his career as a Senior Auditor at EY\nwhere he managed a team that performed audits for various publicly traded and\nprivate companies. Adam also serves as a Finance expert on an advisory board\nfor a wellness and healthcare start-up. Adam is a CPA (Israel) and studied\nAccounting at Bar-Ilan University. Adam also holds a Bachelor\u2019s Degree in\nScience of Nutrition and his Master of Science in Genetics and Biochemistry\nfrom Tel Aviv University.\n\n\u00a9 2025 The Cronos Group. All rights reserved.\n\n[ Facebook  ](https://www.facebook.com/cronosgroupoffical) [ X-twitter\n](https://twitter.com/cronosgroup) [ Linkedin\n](https://www.linkedin.com/company/cronos-group-cron/?viewAsMember=true)\n\n\u00a9 2024 The Cronos Group. All rights reserved.\n\nFacebook  X-twitter  Linkedin\n\n",
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                "page_content": "##  Procurement Specialist\n\nProcurement  Stayner, ON\n\n* * *\n\n[ Apply ](/cronosgroup/job/odg0ufwH/apply)\n\n###  Description\n\nCronos is an innovative global cannabinoid company committed to building\ndisruptive intellectual property by advancing cannabis research, technology,\nand product development. With a passion to responsibly elevate the consumer\nexperience, Cronos is building an iconic brand portfolio. Cronos\u2019 diverse\ninternational brand portfolio includes Spinach\u00ae, PEACE NATURALS\u00ae and Lord\nJones\u00ae. For more information about Cronos and its brands, please visit: [\nhttps://thecronosgroup.com/ ](https://thecronosgroup.com/) .\n\nAt Cronos Group, we hire talented people who thrive on solving difficult\nproblems and give them the opportunity to hone new skills and approaches. If\nyou want to play a part in shaping an innovative industry and help build a\nhistorically significant company, we want to meet you.\n\nThe Procurement Specialist is responsible for converting purchase requisitions\n(PR) into purchase orders (PO) and managing all purchase orders to closure.\nThis role manages the purchase order process which includes; training\nrequisitioners on how to properly submit PR\u2019s, validating PR accuracy,\ncreating PO\u2019s, issuing PO\u2019s per the DOA policy, updating PO\u2019s (as needed),\ntracking PO\u2019s to delivery, assisting accounts payable team to ensure a 3-way\nmatch, and closing out matched PO\u2019s. This role will be responsible for\nmanaging tiered price lists with strategic vendors and for managing the\naccuracy in $30M-$50M in annual purchases. To be successful in this role, the\nProcurement Specialist will need to work closely with the supply and demand\nplanning teams located in Stayner, Canada to ensure PO\u2019s are issued\naccurately, timely, expedited when needed, and supply is available to meet the\nbusiness demands. This role leads supply assurance efforts and delivers\nfinancial value to the business through the execution of cost savings and\nvalue optimization projects. Cronos is a fast-paced company in a growing\nindustry so this role must be flexible and ready to support the rapid launch\nof new products. This position will report to the Director of Procurement and\nwill be based 5 days a week onsite in Stayner, Ontario.\n\nWhat you\u2019ll be doing:\n\n  * Managing the PR to PO creation process includes training requestors, validating PR\u2019s, creating PO\u2019s, issuing PO\u2019s via the appropriate approval chain (DOA), updating the PO as needed, tracking the PO to delivery, and assisting the business and accounts payable to ensure a 3-way match, and close the PO. \n  * Managing tiered price lists includes regularly maintaining the accuracy on volume-based pricing, uploading new pricing into SAP, and ensuring PO\u2019s are created with the appropriate price/terms. \n  * Partner with cross-functional stakeholders in Supply Chain, Operations, and Sales to ensure the appropriate supply is available to meet all business demands. \n  * Lead the due diligence, qualification, and on-boarding of all new suppliers. \n  * Deliver financial value through cost savings and value optimization projects. \n  * Build in-depth knowledge on SAP and become the SAP purchasing subject matter expert, updating \u201chow to\u201d documentation, and leading SAP training sessions with key stakeholders. \n  * Backup other Procurement Specialists, creating redundancy, and ensuring the procurement KPI\u2019s are met by delivering timely and accurate PO\u2019s \n  * Backing up the sourcing team to support sourcing efforts \n\nYou\u2019ll need to have:\n\n  * 5-7 years of experience in purchasing, procurement, or supply chain. \n  * College degree required, ideally focus on Supply Chain Management, Business Administration, Finance, or other related field. Relevant certifications (e.g., CPP, CPSM) are a plus. \n  * Ability to work in a fast-paced environment across multiple workstreams. \n  * Strong business acumen, analytical and problem-solving capabilities. \n  * Exceptional organizational skills and attention to detail is required. \n  * Demonstrated abilities as a procurement specialist/buyer with experience in SAP purchasing system. \n  * Highly effective written and oral communication skills with ability to present complex information to varied audiences. \n  * Knowledge of sourcing fundamentals and ability to lead RFP\u2019s with tight deadlines \n  * High level of proficiency in Excel, Word, PowerPoint, Outlook, and Teams. \n\nWe are committed to fostering a diverse and inclusive work environment, and we\nwelcome and encourage applications from people with disabilities and people\nwith diverse backgrounds, identities, and cultures. For candidates with\ndisabilities, accommodations are available upon request in all phases of the\nselection process.\n\n[ Apply ](/cronosgroup/job/odg0ufwH/apply) Apply Later\n\n[ Back to Current Openings ](/cronosgroup/jobs)\n\n####  Share this job\n\n[ __ LinkedIn  ]() [ __ Facebook  ]() __ Twitter  __ Email\n\n__\n\n[ _ Powered by Jobvite  _ ](https://www.jobvite.com/support/job-seeker-\nsupport/)\n\n  * [ Website Terms of Use ](https://thecronosgroup.com/term_of_use.php)\n  * [ Website Privacy Statement ](https://thecronosgroup.com/website_privacy_statement.php)\n  * [ Cookie Policy ](https://thecronosgroup.com/cookie_policy.php)\n\n\u00a9 2025 The Cronos Group. All rights reserved.\n\nBack to Top\n\n",
                "url": "https://jobs.jobvite.com/cronosgroup/job/odg0ufwH"
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                    "source": "https://www.globenewswire.com/news-release/2020/03/30/2008663/0/en/Cronos-Group-Reports-2019-Fourth-Quarter-and-Full-Year-Results.html"
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                "page_content": "Accessibility: Skip TopNav\n\n#  Cronos Group Reports 2019 Fourth Quarter and Full-Year Results\n\nMarch 30, 2020 16:02 ET  | Source:  [ Cronos Group Inc. ](/en/search/organization/Cronos%2520Group%2520Inc\u00a7) Cronos Group Inc. \n\n* * *\n\n_Completed Audit Committee Review and Restated Certain 2019 Unaudited Interim\nFinancial Statements_  \n\n_Expanded Canadian distribution to new provinces and product categories across\nthe adult-use market_\n\n_Established Cronos Fermentation, a critical step in advancing the production\nof cultured cannabinoids in partnership with Ginkgo Bioworks_\n\n_Enhanced research and development capabilities at the Peace Naturals Campus_\n\n_Advanced operational readiness of Cronos Israel with GAP and GMP\ncertifications_\n\nTORONTO, March 30, 2020 (GLOBE NEWSWIRE) -- Cronos Group Inc. (NASDAQ: CRON)\n(TSX: CRON) (\u201cCronos Group\u201d or the \u201cCompany\u201d), today announces its 2019 fourth\nquarter and full-year business results.\n\nThe Audit Committee of the Cronos Group Board of Directors has completed its\nreview of certain bulk resin purchases and sales of products through the\nwholesale channel. Following completion of the review, and on the\nrecommendation of the Audit Committee and advice from the Company\u2019s\nindependent auditor, KPMG LLP, the Board determined that Cronos Group will\nrestate its unaudited interim financial statements for the first, second and\nthird quarters of 2019. Accordingly, the Company reduced revenue for the three\nmonths ended March 31, 2019 by C$2.5 million and the three months ended\nSeptember 30, 2019 by C$5.1 million.\n\n\u201cWe are pleased that the Audit Committee has completed its review, and that\nCronos Group is now current with the filing of our financial reports. As we\nmove forward, we are committed to improving our internal controls and\nfinancial reporting practices, maintaining the highest standards of\ntransparency and accountability, and enhancing our capabilities and resources\nacross functions to support our strategy,\u201d said Mike Gorenstein, CEO of Cronos\nGroup.\n\n\u201cCronos Group ended 2019 with a strong foundation and balance sheet, and a\nclear focus on achieving our core strategic initiatives to drive long-term,\nsustainable growth. Importantly, we expanded our Canadian distribution\nfootprint, broadened our brand portfolio, enhanced our global supply chain\ncapabilities and advanced our breakthrough intellectual property and research\nand development initiatives. While the world currently faces an unprecedented\ntime of uncertainty related to COVID-19, we believe we are well-positioned to\nbuild on these accomplishments as we maintain our investments in brands and\nproducts that will resonate with adult consumers and generate sustainable,\nlong-term value for shareholders.\u201d\n\n**_Financial Results_ **\n\n_(in thousands of USD)_ |  |  **Three months December 31,** |  |  **Change** |  |  **Year ended December 31,** |  |  **Change**  \n---|---|---|---|---|---|---|---|---  \n|  |  **2019** |  |  **2018** |  |  **$** |  |  **%** |  |  **2019** |  |  **2018** |  |  **$** |  |  **%**  \n**Net revenue** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nUnited States  |  |  $  |  2,693  |  |  |  $  |  \u2014  |  |  |  $  |  2,693  |  |  |  N/A  |  |  $  |  3,364  |  |  |  $  |  \u2014  |  |  |  $  |  3,364  |  |  |  N/A   \nRest of World  |  |  4,615  |  |  |  4,285  |  |  |  330  |  |  |  8  |  %  |  |  20,386  |  |  |  12,121  |  |  |  8,265  |  |  |  68  |  %   \nConsolidated net revenue  |  |  7,308  |  |  |  4,285  |  |  |  3,023  |  |  |  71  |  %  |  |  23,750  |  |  |  12,121  |  |  |  11,629  |  |  |  96  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nGross profit (loss)  |  |  (20,375  |  )  |  |  1,880  |  |  |  (22,255  |  )  |  |  (1184  |  )%  |  |  (17,864  |  )  |  |  6,213  |  |  |  (24,077  |  )  |  |  (388  |  )%   \nGross margin  |  |  (279  |  )%  |  |  44  |  %  |  |  \u2014  |  |  |  (323)pp  |  |  (75  |  )%  |  |  51  |  %  |  |  \u2014  |  |  |  (126)pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nReported operating loss  |  |  $  |  (63,869  |  )  |  |  $  |  (8,871  |  )  |  |  $  |  (54,998  |  )  |  |  620  |  %  |  |  $  |  (121,484  |  )  |  |  $  |  (21,341  |  )  |  |  $  |  (100,143  |  )  |  |  469  |  %   \nAdjusted operating loss  (i)  |  |  (56,601  |  )  |  |  (8,871  |  )  |  |  (47,730  |  )  |  |  538  |  %  |  |  (114,216  |  )  |  |  (21,341  |  )  |  |  (92,875  |  )  |  |  435  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \n**Other Data** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nCash and cash equivalents  |  |  |  |  |  |  |  |  |  |  1,199,693  |  |  |  23,927  |  |  |  1,175,766  |  |  |  4914  |  %   \nShort-term investments  |  |  |  |  |  |  |  |  |  |  306,347  |  |  |  \u2014  |  |  |  306,347  |  |  |  N/A   \nCapital expenditures  |  |  757  |  |  |  32,676  |  |  |  (31,919  |  )  |  |  (98  |  )%  |  |  38,953  |  |  |  88,586  |  |  |  (49,633  |  )  |  |  (56  |  )%   \n  \n_ (i) See \u201cNon-GAAP Measures\u201d for more information, including a reconciliation\nof adjusted operating loss  \n_ _ (ii) Dollar amounts are as of the last day of the period indicated  _\n\n**Fourth Quarter 2019**\n\n  * Net revenue of $7.3 million in Q4 2019 increased by $3.0 million from Q4 2018, primarily driven by an increase in the volume of products sold in the Rest of World segment and the Redwood acquisition, partially offset by a decrease in the price of products sold in the Rest of World segment. \n  * Gross profit (loss) of ($20.4) million in Q4 2019 decreased by $22.3 million from Q4 2018, primarily driven by the inventory write-down of $24.0 million. \n  * The Company incurred an inventory write-down of $24.0 million, made up of a one-time charge of $1.9 million, related to the repurposing of certain facilities at the Peace Naturals Campus, and a $22.1 million write-down on cannabis plants, based on the estimated market value of the specific strains previously in production, and cannabis oil, primarily driven by downward pressure in market prices during the year. If we were to adjust for the effects of the inventory write-down, gross profit in Q4 2019, would have been $3.6 million, representing a gross margin of 50%. We anticipate inventory write-downs in the short-term due to pricing pressures in the marketplace and while the Company executes its operational repurposing of the Peace Naturals Campus. \n  * Reported operating loss of ($63.9) million in Q4 2019 increased by $55.0 million from Q4 2018, primarily driven by the inventory write-down in Q4 2019, one-time charges related to the repurposing of certain facilities at the Peace Naturals Campus, an increase in general and administrative expenses in order to support Cronos Group\u2019s growth strategy, an increase in sales and marketing in order to create, build and develop brands and an increase in R&D costs. \n  * Adjusted operating loss of ($56.6) million in Q4 2019 increased by $47.8 million from Q4 2018, primarily driven by inventory write-downs in Q4 2019 and an increase in general and administrative expenses in order to support Cronos Group\u2019s growth strategy, an increase in sales and marketing in order to create, build and develop brands and an increase in R&D costs. \n\n**Full-Year 2019**\n\n  * Net revenue of $23.8 million in Full-Year 2019 increased by $11.6 million from Full-Year 2018, primarily driven by an increase in the volume of sales in the Rest of World Segment due to increases in production, increases in the volume of wholesale sales and the launch of the adult-use market in Canada. \n  * Gross profit (loss) of ($17.9) million in Full-Year 2019 decreased by $24.1 million from Full-Year 2018, primarily driven by the inventory write-down of $29.4 million. \n  * The Company incurred an inventory write-down of $29.4 million, made up of a one-time charge of $1.9 million, related to the repurposing of certain facilities at the Peace Naturals Campus, and a $27.5 million write-down on cannabis plants, based on the estimated market value of the specific strains previously in production, and cannabis oil, primarily driven by downward pressure in market prices during the year. If we were to adjust for the effects of the inventory write-downs, gross profit in Full-Year 2019, would have been $11.6 million, representing a gross margin of 49%. \n  * Reported operating loss of ($121.5) million in Full-Year 2019 increased by $100.1 million from Full-Year 2018, primarily driven by inventory write-downs in Full-Year 2019, an increase in general and administrative expenses in order to support Cronos Group\u2019s growth strategy, an increase in sales and marketing in order to create, build and develop brands and an increase in R&D costs related to the Company\u2019s two research partnerships and one-time charges related to the repurposing of certain facilities at the Peace Naturals Campus. \n  * Adjusted operating loss of ($114.2) million in Full-Year 2019 increased by $92.9 million from Full-Year 2018, primarily driven by inventory write-downs in Full-Year 2019, an increase in general and administrative expenses in order to support Cronos Group\u2019s growth strategy, an increase in sales and marketing in order to create, build and develop brands and an increase in R&D costs related to the Company\u2019s two research partnerships. \n\n**_Business Updates_ **\n\n**Brand Portfolio**\n\nIn December 2019, Cronos Group launched cannabis vaporizer devices for the\nCanadian adult-use market under the COVE\u2122 and Spinach\u2122 brands. In conjunction\nwith this launch, the Company created new, tailored 510 thread vaporizer\nproduct lines for the COVE\u2122 and Spinach\u2122 brands, including cartridges that are\ntamper resistant, made from high-quality stainless-steel components and food\ngrade silicone and have rechargeable draw batteries to prevent overheating.\nThe formulations use premium cannabis extract and come in all-natural terpene-\nrich flavors. The vaporizer products are currently available at cannabis\ncontrol authorities in Ontario, British Columbia, Manitoba, New Brunswick, and\nNova Scotia, as well as from private-sector retailers in Saskatchewan.\n\nIn the fourth quarter, we successfully executed three holiday pop-up shops in\nLos Angeles and New York City to provide consumers with a curated retail\nexperience of its Lord Jones\u2122 products.\n\nCronos Group made the decision to pause distribution of PEACE+\u2122 hemp-derived\nCBD tinctures through Altria Group. Inc.\u2019s (\u201cAltria\u201d) sales and distribution\nnetwork. Cronos Group remains focused on meeting the demands of adult\nconsumers and will continue to evaluate other product formats and categories\nthat we believe may be more suitable for the PEACE+  TM  brand in the evolving\nenvironment.\n\n**Global Sales and Distribution**\n\nIn the fourth quarter, Cronos Group began selling cannabis flower and extract\nproducts to cannabis control authorities in Alberta, Manitoba, and Quebec. In\naddition to the new territories, the Company sells dried flower, pre-rolls,\ncannabis oils and cannabis extracts through its adult-use brands, COVE\u2122 and\nSpinach\u2122, to cannabis control authorities in Ontario, British Columbia, Nova\nScotia and Prince Edward Island, as well as to private-sector retailers in\nSaskatchewan.\n\nOn October 25, 2019, Cronos Australia announced the closing of an A$20.0\nmillion initial public offering. Cronos Group currently holds approximately 31\npercent of the issued capital of Cronos Australia. With the initial public\noffering complete, Cronos Group is positioned to continue participating in\nCronos Australia\u2019s growth in the medicinal market in the Asia-Pacific region\nwhile generating value for the Company\u2019s shareholders.\n\nIn the fourth quarter of 2019, Cronos Group completed its first test export of\nPEACE NATURALS\u2122 branded cannabis oil products to Cronos Australia for\ndistribution to the Australian medical market.\n\n**Global Supply Chain**\n\nIn November 2019, Cronos Group began an operational redesign at the Peace\nNaturals Campus to better align the business with our strategic priorities. As\npart of this effort, specific facilities at the Peace Naturals Campus are in\nthe process of being repurposed from cultivation to R&D, with a focus on\ndeveloping new technologies for value-added product manufacturing, and\nproduction of derivative products. This redesign will also increase vault and\nwarehousing capabilities at the facility.\n\nIn the fourth quarter of 2019, the Company recorded pre-tax charges of $7.2\nmillion related to the repurposing efforts at the Peace Naturals Campus, with\n$1.9 million associated with an inventory write-down and $5.3 million of\noperating expenses, primarily related to impairment costs. The Company does\nnot expect to incur any further significant costs related to the repurposing\nactivities.\n\nThe Cronos Israel facility continues to move closer to operational readiness.\nConstruction of Cronos Israel\u2019s greenhouse and facility was completed in the\nthird quarter of 2019. In December 2019, Cronos Israel successfully achieved\nGAP certification for propagation and cultivation, as well as GMP\ncertification for the manufacturing and production facilities. Commencement of\noperations at the Cronos Israel facility will be subject to obtaining the\nremaining necessary cannabis production licenses under applicable law.\n\n**Intellectual Property Initiatives**\n\nGinkgo Bioworks (\u201cGinkgo\u201d) has filed certain patent applications pertaining to\nbiosynthesis of cannabinoids to protect intellectual property developed as\npart of the research progressing under the partnership with Cronos Group.\nUnder the partnership, Cronos Group is the exclusive licensee of the\nintellectual property covered by the patent applications for the target\ncannabinoids.\n\nIn July 2019, Cronos Group acquired a GMP compliant fermentation and\nmanufacturing facility (\u201cCronos Fermentation\u201d) in Winnipeg, Manitoba. The\nacquisition is expected to provide the fermentation and manufacturing\ncapabilities needed in order to capitalize on the progress underway with\nGinkgo by enabling Cronos Group to produce high-quality cannabinoids at scale\nusing fermentation. In November 2019, a team of engineers, scientists,\nproduction and quality assurance personnel previously employed by Apotex\nFermentation Inc., joined Cronos Group.\n\nCronos Group commenced work on developing scale-up and downstream processes at\nCronos Fermentation, while in parallel Ginkgo develops microorganisms for\nproducing cultured cannabinoids. As Cronos Group develops the processes and\nparameters, these learnings will be applied for the strains that will be\nutilized for commercial production of cultured cannabinoids. Commercial\nproduction at the facility is subject to completion of the equipment alignment\nfor cannabinoid-based production, the receipt of the appropriate licenses from\nHealth Canada and the achievement of the relevant milestones under the Ginkgo\nStrategic Partnership.\n\n**Update on COVID-19**\n\nDespite the significant challenges posed by the outbreak of COVID-19, as a\ndesignated essential business, Cronos Group\u2019s global facilities currently\nremain operational. During this unprecedented time, the health, safety and\nwell-being of our employees and our consumers remains Cronos Group\u2019s top\npriority. The Company has business continuity plans in place to support its\nemployee base while continuing to develop and produce reliable, high-quality\nproducts that meet the needs of consumers. As part of this, the Company\nimplemented certain measures such as, among other measures, work-from-home\npolicies for certain employees, enhanced hygiene and sanitation practices,\nmodified schedules and social distancing protocols at the Peace Naturals\nCampus, Redwood, Cronos Fermentation, OGBC and Cronos Israel facilities.\nCronos Group will continue to act in accordance with guidance from local,\nfederal and international health and governmental authorities, and is prepared\nto make additional operational adjustments as necessary.\n\nThe spread and impact from COVID-19 on the global economy continues to rapidly\nevolve, and the ultimate impact of the COVID-19 outbreak is uncertain and\nsubject to change. Despite Cronos Group\u2019s business continuity efforts, the\nCompany may see an impact on certain parts of its business and operations such\nas operational capacity or supply chain delays. The Company continues to\nclosely monitor the rapidly evolving COVID-19 situation, and the impact it may\nhave on the Company, its customers and its supply chain.\n\n**_Rest of World Results_ **\n\nCronos Group\u2019s Rest of World reporting segment includes results of the\nCompany\u2019s operations for all markets outside of the United States of America.\nCronos Group owns and operates license holders, Peace Naturals and OGBC, and\ncurrently sells dried flower, pre-rolls and cannabis extracts in the Canadian\nadult-use and medical markets. The Company established strategic joint\nventures in Canada, Israel and Colombia. Cronos Group currently exports\ncannabis products to countries that permit the import of such products, such\nas Germany and Australia.\n\n_(in thousands of USD )_ |  **Three months December 31,** |  |  **Change** |  |  **Year ended December 31,** |  |  **Change**  \n---|---|---|---|---|---|---|---  \n|  **2019** |  |  **2018** |  |  **$** |  |  **%** |  |  **2019** |  |  **2018** |  |  **$** |  |  **%**  \nCannabis flower  |  $  |  2,877  |  |  |  $  |  3,228  |  |  |  $  |  (351  |  )  |  |  (11  |  )%  |  |  $  |  15,020  |  |  |  $  |  9,210  |  |  |  $  |  5,810  |  |  |  63  |  %   \nCannabis extracts  |  1,678  |  |  |  1,028  |  |  |  650  |  |  |  63  |  %  |  |  5,338  |  |  |  2,732  |  |  |  2,606  |  |  |  95  |  %   \nOther  |  60  |  |  |  29  |  |  |  31  |  |  |  107  |  %  |  |  28  |  |  |  179  |  |  |  (151  |  )  |  |  (84  |  )%   \nNet revenue  |  4,615  |  |  |  4,285  |  |  |  330  |  |  |  8  |  %  |  |  20,386  |  |  |  12,121  |  |  |  8,265  |  |  |  68  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nGross profit  |  (21,805  |  )  |  |  1,880  |  |  |  (23,685  |  )  |  |  (1,260  |  )%  |  |  (19,737  |  )  |  |  6,213  |  |  |  (25,950  |  )  |  |  (418  |  )%   \nGross margin  |  (472  |  )%  |  |  44  |  %  |  |  \u2014  |  |  |  (516)pp  |  |  (97  |  )%  |  |  51  |  %  |  |  \u2014  |  |  |  (148)pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nReported operating loss  |  $  |  (59,066  |  )  |  |  $  |  (8,871  |  )  |  |  $  |  (50,195  |  )  |  |  566  |  %  |  |  $  |  (106,928  |  )  |  |  $  |  (21,341  |  )  |  |  $  |  (85,587  |  )  |  |  401  |  %   \nAdjusted operating loss  (i)  |  (51,798  |  )  |  |  (8,871  |  )  |  |  (42,927  |  )  |  |  484  |  %  |  |  (99,660  |  )  |  |  (21,341  |  )  |  |  (78,319  |  )  |  |  367  |  %   \n  \n(i)  _ See \u201cNon-GAAP Measures\u201d for more information, including a\nreconciliation of adjusted operating loss  _\n\n**Fourth Quarter 2019**  \n\n  * Net revenue of $4.6 million in Q4 2019 increased by $0.3 million from Q4 2018, primarily driven by the introduction of vaporizer products and an increase in the volume of products sold, which were partially offset by a decrease in the price of products sold. \n  * Gross profit (loss) of ($21.8) million in Q4 2019 decreased by $23.7 million from Q4 2018, primarily driven by the inventory write-down of $24.0 million. \n  * The Company incurred an inventory write-down of $24.0 million, made up of a one-time charge of $1.9 million, related to the repurposing of certain facilities at the Peace Naturals Campus, and a $22.1 million write-down on cannabis plants, based on the estimated market value of the specific strains previously in production, and cannabis oil, primarily driven by downward pressure in market prices during the year. If we were to adjust for the effects of the inventory write-down, gross profit in Q4 2019, would have been $2.2 million, representing a gross margin of 48%. We anticipate inventory write-downs in the short-term due to pricing pressures in the marketplace and while the Company executes its operational repurposing of the Peace Naturals Campus. \n  * Reported operating loss of ($59.1) million in Q4 2019 increased by $50.2 million from Q4 2018, primarily driven by the inventory write-down in Q4 2019, one-time charges related to the repurposing of certain facilities at the Peace Naturals Campus, an increase in general and administrative expenses in order to support the segment's growth, an increase in sales and marketing in order to create, build and develop brands and an increase in R&D costs. \n  * Adjusted operating loss of ($51.8) million in Q4 2019 increased by $42.9 million from Q4 2018, primarily driven by inventory write-downs in Q4 2019 and an increase in general and administrative expenses in order to support the segment's growth, an increase in sales and marketing in order to create, build and develop brands and an increase in R&D costs. \n\n**Full-Year 2019**\n\n  * Net revenues of $20.4 million in Full-Year 2019 increased by $8.3 million from Full-Year 2018, primarily driven by higher volume of wholesale sales and an increase in the volume of products sold due to increased cannabis production and the growth of the adult-use market in Canada. \n  * Gross profit (loss) of ($19.7) million in Full-Year 2019 decreased by $26.0 million from Full-Year 2018, primarily driven by the inventory write-down of $29.4 million. \n  * The Company incurred an inventory write-down of $29.4 million, made up of a one-time charge of $1.9 million, related to the repurposing of certain facilities at the Peace Naturals Campus, and a $27.5 million write-down on cannabis plants, based on the estimated market value of the specific strains previously in production, and cannabis oil, primarily driven by downward pressure in market prices during the year. If we were to adjust for the effects of the inventory write-downs, gross profit in Full-Year 2019, would have been $9.7 million, representing a gross margin of 48%. \n  * Reported operating loss of ($106.9) million in Full-Year 2019 increased $85.6 million from Full-Year 2018, primarily driven by inventory write-downs in Q4 2019, one-time charges related to the repurposing of certain facilities at the Peace Naturals Campus, an increase in general and administrative expenses in order to support the segment's growth, an increase in sales and marketing in order to create, build and develop brands and an increase in R&D costs. \n  * Adjusted operating loss of ($99.7) million in Full-Year 2019 increased by $78.3 million from Full-Year 2018, primarily driven by inventory write-downs in Q4 2019, an increase in general and administrative expenses in order to support the segment's growth, an increase in sales and marketing in order to create, build and develop brands and an increase in R&D costs. \n\n**_United States Results_ **\n\nAs a result of Cronos Group\u2019s acquisition of Redwood on September 5, 2019, a\nmanufacturer and distributor of hemp-derived CBD infused products in the\nUnited States under the brand, Lord Jones\u2122, the Company established the United\nStates reporting segment.\n\n_(in thousands of USD)_ |  **Three months December 31** |  |  **Change** |  |  **Year ended December 31,** |  |  **Change**  \n---|---|---|---|---|---|---|---  \n|  **2019** |  |  **2018** |  |  **$** |  |  **%** |  |  **2019** |  |  **2018** |  |  **$** |  |  **%**  \nNet revenue  |  $  |  2,693  |  |  |  \u2014  |  |  |  N/A  |  |  N/A  |  |  $  |  3,364  |  |  |  \u2014  |  |  |  N/A  |  |  N/A   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nGross profit  |  1,430  |  |  |  \u2014  |  |  |  N/A  |  |  N/A  |  |  1,873  |  |  |  \u2014  |  |  |  N/A  |  |  N/A   \nGross margin  |  53  |  %  |  |  \u2014  |  |  |  N/A  |  |  N/A  |  |  56  |  %  |  |  \u2014  |  |  |  N/A  |  |  N/A   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nReported operating loss  |  $  |  (1,797  |  )  |  |  \u2014  |  |  |  N/A  |  |  N/A  |  |  $  |  (2,777  |  )  |  |  \u2014  |  |  |  N/A  |  |  N/A   \n  \n**Fourth Quarter 2019**\n\n  * Net revenues of $2.7 million in Q4 2019, driven by expanded distribution of Lord Jones  TM  branded products through online sales and an increased retail channel footprint. \n  * Gross profit of $1.4 million in Q4 2019, driven by strong sales prices and brand equity. Gross margin for Q4 2019 was 53%. \n  * Operating loss of ($1.8) million in Q4 2019, driven by increased investments in sales and marketing and general and administrative expenses as the business focuses on growth prospects and developing new brands and products. \n\n**Full-Year 2019**\n\n  * Net revenue of $3.4 million in Full-Year 2019, driven by the Redwood Acquisition on September 5, 2019. \n  * Gross profit of $1.9 million in Full-Year 2019, driven by sales through e-commerce, retail and hospitality channels within Q4 2019. Gross margin in Full-Year 2019 was 56%. \n  * Operating loss of $2.8 million in Full-Year 2019, driven by the increase in gross profit and the increased sales and marketing costs incurred in relation to the preparation for the launch of the PEACE+\u2122 U.S hemp-derived CBD brand, as well as the introduction of several new U.S. hemp-derived CBD products under the Lord Jones\u2122 brand. \n\n**_Conference Call_ **\n\nThe Company will host a conference call and live audio webcast on Monday,\nMarch 30, 2020 at 5:30 p.m. EDT to discuss 2019 fourth quarter and full-year\nresults, the Company's outlook and other matters. The call will last\napproximately one hour. An audio replay of the call will be archived on the\nCompany\u2019s website for replay. Instructions for the conference call are\nprovided below:\n\n  * _Live audio webcast:_[ https://ir.thecronosgroup.com/events-presentations ](https://ir.thecronosgroup.com/events-presentations) _ _\n  * _Toll Free from the U.S. and Canada dial-in: (866) 795-2258_\n  * _International dial-in: (409) 937-8902_\n  * _Conference ID: 6999389_\n\n**About Cronos Group**\n\nCronos Group is an innovative global cannabinoid company with international\nproduction and distribution across five continents. Cronos Group is committed\nto building disruptive intellectual property by advancing cannabis research,\ntechnology and product development. With a passion to responsibly elevate the\nconsumer experience, Cronos Group is building an iconic brand portfolio.\nCronos Group\u2019s portfolio includes [ _PEACE NATURALS_\n](https://www.peacenaturals.com/) \u2122, a global health and wellness platform,\ntwo adult-use brands, [ _COVE_ ](https://covecannabis.ca/) \u2122 and [ _Spinach_\n](https://spinachcannabis.com/) \u2122, and two hemp-derived CBD brands, [ _Lord\nJones_ ](https://lordjones.com/) \u2122 and [ _PEACE+_\n](https://www.peaceplus.com/) \u2122. For more information about Cronos Group and\nits brands, please visit: _[ www.thecronosgroup.com\n](http://www.thecronosgroup.com \"www.thecronosgroup.com\") _ .\n\n**Forward-looking statements**\n\nThis press release may contain information that may constitute forward-looking\ninformation and forward-looking statements within the meaning of applicable\nsecurities laws (collectively, \u201cForward-Looking Statements\u201d), which are based\nupon our current internal expectations, estimates, projections, assumptions\nand beliefs. All information that is not clearly historical in nature may\nconstitute Forward-Looking Statements. In some cases, Forward-Looking\nStatements can be identified by the use of forward-looking terminology such as\n\u201cexpect\u201d, \u201clikely\u201d, \u201cmay\u201d, \u201cwill\u201d, \u201cshould\u201d, \u201cintend\u201d, \u201canticipate\u201d,\n\u201cpotential\u201d, \u201cproposed\u201d, \u201cestimate\u201d and other similar words, expressions and\nphrases, including negative and grammatical variations thereof, or statements\nthat certain events or conditions \u201cmay\u201d or \u201cwill\u201d happen, or by discussion of\nstrategy. Forward-Looking Statements include estimates, plans, expectations,\nopinions, forecasts, projections, targets, guidance or other statements that\nare not statements of historical fact.\n\nForward-Looking Statements include, but are not limited to, statements with\nrespect to:\n\n  * the uncertainties associated with the COVID-19 pandemic, including our ability to continue operations, the ability of our suppliers and distribution channels to continue to operate, and the use of our products by consumers; \n  * laws and regulations and any amendments thereto applicable to our business and the impact thereof including uncertainty regarding the application of United States (\u201cU.S.\u201d) state and federal law to U.S. hemp (including CBD) products and the scope of any regulations by the U.S. Federal Drug Administration (the \u201cFDA\u201d), the U.S. Federal Trade Commission (the \u201cFTC\u201d), the U.S. Patent and Trademark Office and any state equivalent regulatory agencies over U.S. hemp (including CBD) products; \n  * expectations regarding the regulation of the U.S. hemp industry in the U.S., including the promulgation of regulations for the U.S. hemp industry by the U.S. Department of Agriculture (the \u201cUSDA\u201d); \n  * the grant, renewal and impact of any license or supplemental license to conduct activities with cannabis or any amendments thereof; \n  * our international activities and joint venture interests, including required regulatory approvals and licensing, anticipated costs and timing, and expected impact; \n  * the ability to successfully create and launch brands and further create, launch and scale U.S. hemp-derived consumer products, including through the Redwood Acquisition (as defined herein) and cannabis products in jurisdictions where such products are legal and that we currently operate in; \n  * the benefits, viability, safety, efficacy, dosing and social acceptance of cannabis including CBD and other cannabinoids; \n  * the anticipated benefits and impact of the Altria Group Inc.\u2019s C$2.4 billion (approximately $1.8 billion) investment in us (the \u201cAltria Investment\u201d); \n  * the potential exercise of the warrant held by Altria Group Inc., pre-emptive rights and/or top-up rights in connection with the Altria Investment, including proceeds to us that may result therefrom; \n  * expectations regarding the use of proceeds of equity financings, including the proceeds from the Altria Investment; \n  * the legalization of the use of cannabis for medical or adult-use in jurisdictions outside of Canada, the related timing and impact thereof and our intentions to participate in such markets, if and when such use is legalized; \n  * expectations regarding the potential success of, and the costs and benefits associated with, our joint ventures, strategic alliances and equity investments, including the strategic partnership with Ginkgo Bioworks, Inc.; \n  * our ability to execute on our strategy and the anticipated benefits of such strategy; \n  * the ongoing impact of the legalization of additional cannabis product types and forms for adult-use in Canada, including federal, provincial, territorial and municipal regulations pertaining thereto, the related timing and impact thereof and our intentions to participate in such markets; \n  * the future performance of our business and operations; \n  * our competitive advantages and business strategies; \n  * the competitive conditions of the industry; \n  * the expected growth in the number of customers using our products; \n  * our ability or plans to identify, develop, commercialize or expand our technology and research and development (\u201cR&D\u201d) initiatives in cannabinoids, or the success thereof; \n  * expectations regarding acquisitions and the anticipated benefits therefrom, including the Redwood Acquisition and the acquisition of certain assets from Apotex Fermentation Inc.; \n  * expectations regarding revenues, expenses and anticipated cash needs; \n  * expectations regarding cash flow, liquidity and sources of funding; \n  * expectations regarding capital expenditures; \n  * the expansion of our production and manufacturing, the costs and timing associated therewith and the receipt of applicable production and sale licenses; \n  * the expected growth in our growing, production and supply chain capacities; \n  * expectations regarding the resolution of litigation and other legal proceedings; \n  * expectations with respect to future production costs; \n  * expectations with respect to future sales and distribution channels; \n  * the expected methods to be used to distribute and sell our products; \n  * our future product offerings; \n  * the anticipated future gross margins of our operations; \n  * accounting standards and estimates; \n  * expectations regarding our distribution network; and \n  * expectations regarding the costs and benefits associated with our contracts and agreements with third parties, including under our third-party supply and manufacturing agreements. \n\nCertain of the Forward-Looking Statements contained herein concerning the\nindustries in which we conduct our business are based on estimates prepared by\nus using data from publicly available governmental sources, market research,\nindustry analysis and on assumptions based on data and knowledge of these\nindustries, which we believe to be reasonable. However, although generally\nindicative of relative market positions, market shares and performance\ncharacteristics, such data is inherently imprecise. The industries in which we\nconduct our business involve risks and uncertainties that are subject to\nchange based on various factors, which are described further below.\n\nThe Forward-Looking Statements contained herein are based upon certain\nmaterial assumptions that were applied in drawing a conclusion or making a\nforecast or projection, including: (i) management\u2019s perceptions of historical\ntrends, current conditions and expected future developments; (ii) our ability\nto generate cash flow from operations; (iii) general economic, financial\nmarket, regulatory and political conditions in which we operate; (iv) the\nproduction and manufacturing capabilities and output from our facilities and\nour joint ventures, strategic alliances and equity investments; (v) consumer\ninterest in our products; (vi) competition; (vii) anticipated and\nunanticipated costs; (viii) government regulation of our activities and\nproducts including but not limited to the areas of taxation and environmental\nprotection; (ix) the timely receipt of any required regulatory authorizations,\napprovals, consents, permits and/or licenses; (x) our ability to obtain\nqualified staff, equipment and services in a timely and cost-efficient manner;\n(xi) our ability to conduct operations in a safe, efficient and effective\nmanner; (xii) our ability to realize anticipated benefits, synergies or\ngenerate revenue, profits or value from our recent acquisitions into our\nexisting operations; (xiii) our ability to continue to operate in light of the\nCOVID-19 pandemic and the impact of the pandemic on sales of our products and\nour distribution channels; and (xiv) other considerations that management\nbelieves to be appropriate in the circumstances. While our management\nconsiders these assumptions to be reasonable based on information currently\navailable to management, there is no assurance that such expectations will\nprove to be correct.\n\nBy their nature, Forward-Looking Statements are subject to inherent risks and\nuncertainties that may be general or specific and which give rise to the\npossibility that expectations, forecasts, predictions, projections or\nconclusions will not prove to be accurate, that assumptions may not be correct\nand that objectives, strategic goals and priorities will not be achieved. A\nvariety of factors, including known and unknown risks, many of which are\nbeyond our control, could cause actual results to differ materially from the\nForward-Looking Statements in this press release and other reports we file\nwith, or furnish to, the SEC and other regulatory agencies and made by our\ndirectors, officers, other employees and other persons authorized to speak on\nour behalf. Such factors include, without limitation, the risk that the\nCOVID-19 pandemic may disrupt our operations and those of our suppliers and\ndistribution channels and negatively impact the use of our products; that cost\nsavings and any other synergies from the Altria Investment may not be fully\nrealized or may take longer to realize than expected; disruption from the\nAltria Investment making it more difficult to maintain relationships with\ncustomers, employees or suppliers; future levels of revenues; consumer demand\nfor cannabis and U.S. hemp products; our ability to manage disruptions in\ncredit markets or changes to our credit rating; future levels of capital,\nenvironmental or maintenance expenditures, general and administrative and\nother expenses; the success or timing of completion of ongoing or anticipated\ncapital or maintenance projects; business strategies, growth opportunities and\nexpected investment; the adequacy of our capital resources and liquidity,\nincluding but not limited to, availability of sufficient cash flow to execute\nour business plan (either within the expected timeframe or at all); the\npotential effects of judicial or other proceedings on our business, financial\ncondition, results of operations and cash flows; volatility in and/or\ndegradation of general economic, market, industry or business conditions;\ncompliance with applicable environmental, economic, health and safety, energy\nand other policies and regulations and in particular health concerns with\nrespect to vaping and the use of cannabis and U.S. hemp products in vaping\ndevices; the anticipated effects of actions of third parties such as\ncompetitors, activist investors or federal (including U.S. federal), state,\nprovincial, territorial or local regulatory authorities, self-regulatory\norganizations, plaintiffs in litigation or persons threatening litigation;\nchanges in regulatory requirements in relation to our business and products;\nand the factors discussed under the heading \u201cRisk Factors\u201d in this press\nrelease. Readers are cautioned to consider these and other factors,\nuncertainties and potential events carefully and not to put undue reliance on\nForward-Looking Statements.\n\nForward-Looking Statements are provided for the purposes of assisting the\nreader in understanding our financial performance, financial position and cash\nflows as at and for periods ended on certain dates and to present information\nabout management\u2019s current expectations and plans relating to the future, and\nthe reader is cautioned that the Forward-Looking Statements may not be\nappropriate for any other purpose. While we believe that the assumptions and\nexpectations reflected in the Forward-Looking Statements are reasonable based\non information currently available to management, there is no assurance that\nsuch assumptions and expectations will prove to have been correct. Forward-\nLooking Statements are made as of the date they are made and are based on the\nbeliefs, estimates, expectations and opinions of management on that date. We\nundertake no obligation to update or revise any Forward-Looking Statements,\nwhether as a result of new information, estimates or opinions, future events\nor results or otherwise or to explain any material difference between\nsubsequent actual events and such Forward-Looking Statements. The Forward-\nLooking Statements contained in this press release and other reports we file\nwith, or furnish to, the SEC and other regulatory agencies and made by our\ndirectors, officers, other employees and other persons authorized to speak on\nour behalf are expressly qualified in their entirety by these cautionary\nstatements.\n\n**Use of Non-GAAP Measures**\n\nCronos Group reports its financial results in accordance with accounting\nprinciples generally recognized in the United States (\u201cGAAP\u201d). However,\nmanagement use various measures which are not recognized under GAAP such as\nadjusted operating loss, adjusted operating loss by business segment and\nadjusted earnings before interest, tax depreciation and amortization\n(\u201cAdjusted EBITDA\u201d). These non-GAAP measures may not be calculated the same as\nsimilarly titled measures used by other companies and should thus be\nconsidered as supplemental in nature and not considered in isolation or as a\nsubstitute for the related financial information prepared in accordance with\nGAAP. Management believes these measures provide useful insight into\nunderlying trends and results and will provide a more meaningful comparison of\nyear-over-year results, going forward. Management uses these metrics for\nplanning, forecasting and evaluating business and financial performance,\nincluding allocating resources. Reconciliations of each non-GAAP measure to US\nGAAP recognized measures are provided below.  \n\n**  \n**\n\n**Cronos Group Inc.**  \n**Consolidated Balance Sheets**  \n**As of December 31, 2019 and 2018**  \n_(In thousands of USD)_\n\n|  **As of December 31,**  \n---|---  \n|  **2019** |  |  **2018**  \n**Assets** |  |  |   \nCurrent assets  |  |  |   \nCash and cash equivalents  |  $  |  1,199,693  |  |  |  $  |  23,927  |   \nShort-term investments  |  306,347  |  |  |  \u2014  |   \nAccounts receivable, net of current expected credit loss (\"CECL\") of $136 and $37 as of December 31, 2019 and 2018, respectively  |  4,638  |  |  |  3,052  |   \nOther receivables  |  7,232  |  |  |  2,507  |   \nCurrent portion of loans receivable  |  4,664  |  |  |  230  |   \nPrepaids and other assets  |  9,395  |  |  |  2,842  |   \nInventory  |  38,043  |  |  |  7,386  |   \nTotal current assets  |  1,570,012  |  |  |  39,944  |   \nInvestments in equity accounted investees  |  557  |  |  |  2,960  |   \nAdvances to joint ventures  |  19,437  |  |  |  4,689  |   \nOther investments  |  \u2014  |  |  |  297  |   \nLoan receivable  |  44,967  |  |  |  \u2014  |   \nProperty, plant and equipment  |  161,809  |  |  |  125,905  |   \nRight-of-use assets  |  6,546  |  |  |  125  |   \nIntangible assets  |  72,320  |  |  |  8,237  |   \nGoodwill  |  214,794  |  |  |  1,314  |   \n**Total assets** |  $  |  2,090,442  |  |  |  $  |  183,471  |   \n|  |  |   \n**Liabilities** |  |  |   \nCurrent liabilities  |  |  |   \nAccounts payable and other liabilities  |  $  |  35,301  |  |  |  $  |  33,239  |   \nCurrent portion of lease obligation  |  427  |  |  |  30  |   \nDerivative liabilities (Note 28)  |  297,160  |  |  |  \u2014  |   \nTotal current liabilities  |  332,888  |  |  |  33,269  |   \nDue to non-controlling interests  |  1,844  |  |  |  1,566  |   \nLease obligation  |  6,680  |  |  |  87  |   \n**Total liabilities** |  341,412  |  |  |  34,922  |   \nCommitments and contingencies (Note 21 & 22)  |  |  |   \n**Shareholders\u2019 equity** |  |  |   \nShare capital (authorized: 2019 and 2018 \u2013 unlimited; issued: 2019 \u2013 348,817,472; 2018 \u2013 178,720,022)  |  561,165  |  |  |  175,001  |   \nAdditional paid-in capital  |  23,234  |  |  |  11,263  |   \nRetained earnings (accumulated deficit)  |  1,137,646  |  |  |  (27,945  |   \nAccumulated other comprehensive income (loss)  |  27,838  |  |  |  (9,870  |   \nTotal equity attributable to shareholders of Cronos Group  |  1,749,883  |  |  |  148,449  |   \nNon-controlling interests  |  (853  |  )  |  |  100  |   \n**Total shareholders' equity** |  1,749,030  |  |  |  148,549  |   \n**Total liabilities and shareholders' equity** |  $  |  2,090,442  |  |  |  $  |  183,471  |   \n  \nSee notes to consolidated financial statements.  \n\n**  \n**\n\n**Cronos Group Inc.**  \n**Consolidated Statements of Net Income (Loss) and Comprehensive Income\n(Loss)**  \n**For the years ended December 31, 2019, 2018, and 2017**  \n_(In thousands of USD, except share and per share amounts)_\n\n|  **Year ended December 31,**  \n---|---  \n|  **2019** |  |  **2018** |  |  **2017**  \n**Net revenue, before excise taxes** |  $  |  25,639  |  |  |  $  |  13,234  |  |  |  $  |  3,147  |   \nExcise taxes  |  (1,889  |  )  |  |  (1,113  |  )  |  |  \u2014  |   \n**Net revenue** |  23,750  |  |  |  12,121  |  |  |  3,147  |   \nCost of sales  |  12,174  |  |  |  5,908  |  |  |  1,573  |   \nInventory write-down  |  29,440  |  |  |  \u2014  |  |  |  \u2014  |   \n**Gross profit (loss)** |  (17,864  |  )  |  |  6,213  |  |  |  1,574  |   \n**Operating expenses** |  |  |  |  |   \nSales and marketing  |  23,045  |  |  |  3,173  |  |  |  443  |   \nResearch and development  |  12,155  |  |  |  1,814  |  |  |  \u2014  |   \nGeneral and administrative  |  49,372  |  |  |  13,447  |  |  |  4,904  |   \nShare-based payments  |  11,619  |  |  |  8,151  |  |  |  1,931  |   \nDepreciation and amortization  |  2,101  |  |  |  969  |  |  |  417  |   \nRepurposing charges  |  5,328  |  |  |  \u2014  |  |  |  \u2014  |   \nTotal operating expenses  |  103,620  |  |  |  27,554  |  |  |  7,695  |   \n**Operating loss** |  (121,484  |  )  |  |  (21,341  |  )  |  |  (6,121  |  )   \n**Other income (expense)** |  |  |  |  |   \nInterest income (expense)  |  27,982  |  |  |  83  |  |  |  (97  |  )   \nFinancing and transaction costs  |  (32,208  |  )  |  |  \u2014  |  |  |  \u2014  |   \nGain on revaluation of derivative liabilities (Note 28)  |  1,276,819  |  |  |  \u2014  |  |  |  \u2014  |   \nGain on revaluation of financial liabilities  |  197  |  |  |  \u2014  |  |  |  \u2014  |   \nGain on disposal of Whistler  |  15,530  |  |  |  \u2014  |  |  |  \u2014  |   \nGain on other investments  |  747  |  |  |  164  |  |  |  3,746  |   \nShare of income (loss) from investments in equity accounted investees  |  (2,009  |  )  |  |  (723  |  )  |  |  127  |   \nTotal other income (expense)  |  1,287,058  |  |  |  (476  |  )  |  |  3,776  |   \nIncome (loss) before income taxes  |  1,165,574  |  |  |  (21,817  |  )  |  |  (2,345  |  )   \nIncome tax recovery  |  \u2014  |  |  |  \u2014  |  |  |  (862  |  )   \n**Net income (loss)** |  $  |  1,165,574  |  |  |  $  |  (21,817  |  )  |  |  $  |  (1,483  |  )   \n**Net income (loss) attributable to:** |  |  |  |  |   \nCronos Group  |  $  |  1,166,506  |  |  |  $  |  (21,636  |  )  |  |  $  |  (1,483  |  )   \nNon-controlling interests  |  (932  |  )  |  |  (181  |  )  |  |  0  |   \n|  $  |  1,165,574  |  |  |  $  |  (21,817  |  )  |  |  $  |  (1,483  |  )   \n**Other comprehensive income (loss)** |  |  |  |  |   \nForeign exchange gain (loss) on translation  |  $  |  37,687  |  |  |  $  |  (12,337  |  )  |  |  $  |  2,456  |   \nGain on revaluation and disposal of other investments, net of tax  |  \u2014  |  |  |  3  |  |  |  415  |   \nUnrealized gains reclassified to net income  |  \u2014  |  |  |  \u2014  |  |  |  (12  |  )   \nTotal other comprehensive income (loss)  |  37,687  |  |  |  (12,334  |  )  |  |  2,859  |   \n**Comprehensive income (loss)** |  $  |  1,203,261  |  |  |  $  |  (34,151  |  )  |  |  $  |  1,376  |   \n**Comprehensive income (loss) attributable to:** |  |  |  |  |   \nCronos Group  |  $  |  1,204,214  |  |  |  $  |  (33,964  |  )  |  |  $  |  1,376  |   \nNon-controlling interests  |  (953  |  )  |  |  (187  |  )  |  |  \u2014  |   \n|  $  |  1,203,261  |  |  |  $  |  (34,151  |  )  |  |  $  |  1,376  |   \n**Net income (loss) per share** |  |  |  |  |   \nBasic  |  $  |  3.76  |  |  |  $  |  (0.13  |  )  |  |  $  |  (0.01  |  )   \nDiluted  |  3.33  |  |  |  (0.13  |  )  |  |  (0.01  |  )   \n**Weighted average number of outstanding shares** |  |  |  |  |   \nBasic  |  310,067,179  |  |  |  172,269,170  |  |  |  134,803,542  |   \nDiluted  |  342,811,992  |  |  |  172,269,170  |  |  |  176,789,161  |   \n  \nSee notes to consolidated financial statements.\n\n**  \n**\n\n**Cronos Group Inc.**  \n**Consolidated Statements of Net Income (Loss) and Comprehensive Income\n(Loss)**  \n**For the quarters ended December 31, 2019 and 2018**  \n_(In thousands of USD, except share and per share amounts)_\n\n|  |  **Three months ended December 31,**  \n---|---|---  \n|  |  **2019** |  |  **2018**  \n**Net revenue, before excise taxes** |  $  |  7,915  |  |  |  5,398  |   \nExcise taxes  |  |  (607  |  )  |  |  (1,113  |  )   \n**Net revenue** |  |  7,308  |  |  |  4,285  |   \nCost of sales  |  |  3,667  |  |  |  2,405  |   \nInventory write-down  |  |  24,016  |  |  |  \u2014  |   \n**Gross profit** |  |  (20,375  |  )  |  |  1,880  |   \n**Operating expenses** |  |  |  |   \nSales and marketing  |  |  13,324  |  |  |  1,970  |   \nResearch and development  |  |  6,079  |  |  |  1,814  |   \nGeneral and administrative  |  |  14,314  |  |  |  4,544  |   \nShare-based payments  |  |  3,670  |  |  |  2,183  |   \nDepreciation and amortization  |  |  779  |  |  |  240  |   \nRepurposing costs  |  |  5,328  |  |  |  \u2014  |   \nTotal operating expenses  |  |  43,494  |  |  |  10,751  |   \n**Operating loss** |  |  (63,869  |  )  |  |  (8,871  |  )   \n**Other income (expense)** |  |  |  |   \nInterest income (expense)  |  |  7,514  |  |  |  177  |   \nFinancing and transaction cost  |  |  (524  |  )  |  |  \u2014  |   \nGain (loss) on revaluation of derivative liabilities (Note 11)  |  |  118,811  |  |  |  \u2014  |   \nGain on other investments  |  |  2  |  |  |  (225  |  )   \nGain on disposal of Whistler Medical Marijuana Company  |  |  32  |  |  |  (15  |  )   \nShare of income (loss) from investments in equity accounted investees  |  |  (505  |  )  |  |  (758  |  )   \nGain (loss) on revaluation of financial liabilities  |  |  50  |  |  |  \u2014  |   \nTotal other income (expense)  |  |  125,380  |  |  |  (821  |  )   \nIncome (loss) before income taxes  |  |  61,511  |  |  |  (9,692  |  )   \nIncome tax recovery  |  |  58  |  |  |  \u2014  |   \n**Net income (loss)** |  |  61,569  |  |  |  (9,692  |  )   \n**Net income (loss) attributable to:** |  |  |  |   \nCronos Group  |  $  |  62,005  |  |  |  (9,558  |  )   \nNon-controlling interests  |  |  (436  |  )  |  |  (134  |  )   \n|  $  |  61,569  |  |  |  (9,692  |  )   \n**Other comprehensive income (loss)** |  |  |  |   \nForeign exchange gain (loss) on translation  |  $  |  28,264  |  |  |  (8,511  |  )   \nGain on revaluation and disposal of other investments, net of tax  |  |  \u2014  |  |  |  3  |   \nTotal other comprehensive income (loss)  |  $  |  28,264  |  |  |  (8,508  |  )   \n**Comprehensive income (loss)** |  |  |  |   \n**Comprehensive income (loss) attributable to:** |  |  |  |   \nCronos Group  |  $  |  90,284  |  |  |  (18,056  |  )   \nNon-controlling interests  |  |  (451  |  )  |  |  (144  |  )   \n|  $  |  89,833  |  |  |  (18,200  |  )   \n**Net income (loss) per share** |  |  |  |   \nBasic  |  |  $  |  0.18  |  |  |  $  |  (0.05  |  )   \nDiluted  |  |  0.16  |  |  |  (0.05  |  )   \n**Weighted average number of outstanding shares** |  |  |  |   \nBasic  |  |  345,981,864  |  |  |  178,720,022  |   \nDiluted  |  |  375,318,457  |  |  |  178,720,022  |   \n  \n  \n\n**Cronos Group Inc.**  \n**Consolidated Statements of Cash Flows**  \n**For the years ended December 31, 2019, 2018, and 2017**  \n_(In thousands of USD)_\n\n|  |  **Year ended December 31,**  \n---|---|---  \n|  **2019** |  |  **2018** |  |  **2017**  \n**Operating activities** |  |  |  |  |   \nNet income (loss)  |  $  |  1,165,574  |  |  |  $  |  (21,817  |  )  |  |  $  |  (1,483  |  )   \n**Items not affecting cash:** |  |  |  |  |   \nInventory write-down  |  29,440  |  |  |  \u2014  |  |  |  \u2014  |   \nShare-based payments  |  11,619  |  |  |  8,151  |  |  |  1,931  |   \nDepreciation and amortization  |  3,913  |  |  |  1,937  |  |  |  768  |   \nShare of loss (income) from investments in equity accounted investees  |  2,009  |  |  |  723  |  |  |  (127  |  )   \nNon-cash repurposing costs  |  4,439  |  |  |  \u2014  |  |  |  \u2014  |   \nGain on disposal of Whistler  |  (15,530  |  )  |  |  \u2014  |  |  |  \u2014  |   \nGain on revaluation of derivative liabilities (Note 28)  |  (1,276,819  |  )  |  |  \u2014  |  |  |  \u2014  |   \nGain on revaluation of financial liabilities  |  (197  |  )  |  |  \u2014  |  |  |  \u2014  |   \nGain on other investments  |  (747  |  )  |  |  (164  |  )  |  |  (3,746  |  )   \nDeferred income tax expense (recovery)  |  \u2014  |  |  |  \u2014  |  |  |  (862  |  )   \nForeign exchange gain  |  115  |  |  |  (9  |  )  |  |  \u2014  |   \nNon-cash sales and marketing  |  410  |  |  |  \u2014  |  |  |  \u2014  |   \nNon-cash interest  |  (25  |  )  |  |  \u2014  |  |  |  \u2014  |   \nNet changes in non-cash working capital  |  (54,208  |  )  |  |  3,662  |  |  |  (759  |  )   \nCash flows used in operating activities  |  (130,007  |  )  |  |  (7,517  |  )  |  |  (4,278  |  )   \n**Investing activities** |  |  |  |  |   \nPurchase of short-term investments, net  |  (299,923  |  )  |  |  \u2014  |  |  |  \u2014  |   \nRepayment of purchase price liability  |  \u2014  |  |  |  \u2014  |  |  |  (1,997  |  )   \nInvestments in equity accounted investees  |  (1,658  |  )  |  |  (480  |  )  |  |  (830  |  )   \nInvestment in Vivo  |  \u2014  |  |  |  \u2014  |  |  |  (783  |  )   \nProceeds from sale of other investments  |  19,614  |  |  |  747  |  |  |  8,388  |   \nPayment to exercise Vivo warrants  |  \u2014  |  |  |  (88  |  )  |  |  (1,749  |  )   \nAdvances to joint ventures  |  (15,135  |  )  |  |  (5,358  |  )  |  |  \u2014  |   \nPurchase of property, plant and equipment, net of disposals  |  (38,664  |  )  |  |  (88,308  |  )  |  |  (32,926  |  )   \nPayment of accrued interest on construction loan payable  |  (89  |  )  |  |  (143  |  )  |  |  \u2014  |   \nPurchase of intangible assets  |  (289  |  )  |  |  (278  |  )  |  |  \u2014  |   \nAcquisition of Redwood  |  (224,295  |  )  |  |  \u2014  |  |  |  \u2014  |   \nAdvances on loans receivable  |  (43,337  |  )  |  |  \u2014  |  |  |  \u2014  |   \nProceeds from repayment of loans receivable  |  237  |  |  |  \u2014  |  |  |  \u2014  |   \nCash flows used in investing activities  |  (603,539  |  )  |  |  (93,908  |  )  |  |  (29,897  |  )   \n**Financing activities** |  |  |  |  |   \nRepayment of lease obligations  |  (919  |  )  |  |  \u2014  |  |  |  \u2014  |   \nProceeds from Altria Investment  |  1,809,556  |  |  |  \u2014  |  |  |  \u2014  |   \nProceeds from exercise of Top-up Rights  |  67,051  |  |  |  \u2014  |  |  |  \u2014  |   \nProceeds from exercise of warrants and options  |  1,455  |  |  |  2,612  |  |  |  1,697  |   \nWithholding taxes paid on share appreciation rights  |  (915  |  )  |  |  (16  |  )  |  |  \u2014  |   \nProceeds from share issuance  |  \u2014  |  |  |  115,510  |  |  |  38,542  |   \nShare issuance costs  |  (3,722  |  )  |  |  (7,577  |  )  |  |  (2,114  |  )   \nProceeds from construction loan payable  |  \u2014  |  |  |  11,583  |  |  |  5,022  |   \nRepayment of construction loan payable  |  (15,971  |  )  |  |  \u2014  |  |  |  \u2014  |   \nAdvance under Credit Facility  |  48,715  |  |  |  \u2014  |  |  |  \u2014  |   \nRepayment of Credit Facility  |  (48,309  |  )  |  |  \u2014  |  |  |  \u2014  |   \nRepayment of mortgage payable  |  \u2014  |  |  |  \u2014  |  |  |  (3,084  |  )   \nTransaction costs paid on construction loan payable  |  \u2014  |  |  |  \u2014  |  |  |  (989  |  )   \nCash flows provided by financing activities  |  1,856,941  |  |  |  122,112  |  |  |  39,074  |   \nEffect of foreign currency translation on cash and cash equivalents  |  52,371  |  |  |  (4,085  |  )  |  |  (152  |  )   \nIncrease in cash and cash equivalents  |  1,175,766  |  |  |  16,602  |  |  |  4,747  |   \nCash and cash equivalents, beginning of period  |  23,927  |  |  |  7,325  |  |  |  2,578  |   \nCash and cash equivalents, end of period  |  $  |  1,199,693  |  |  |  $  |  23,927  |  |  |  $  |  7,325  |   \n  \n  \nSee notes to consolidated financial statements.  \n\n**  \n**\n\n**Cronos Group Inc.**  \n**Consolidated Statements of Cash Flows**  \n**For the quarters ended December 31, 2019 and 2018**  \n_(In thousands of USD)_\n\n|  |  **Three months December 31,**  \n---|---|---  \n|  |  **2019** |  |  **2018**  \n**Operating activities** |  |  |   \nNet income (loss)  |  61,570  |  |  |  (9,692  |  )   \nItems not affecting cash:  |  |  |   \nInventory write down  |  24,016  |  |  |  \u2014  |   \nShare-based payments  |  3,670  |  |  |  2,182  |   \nDepreciation and amortization  |  957  |  |  |  928  |   \nShare of loss (income) from investments in equity accounted investees  |  505  |  |  |  773  |   \nNon-cash repurposing costs  |  4,439  |  |  |  \u2014  |   \nGain on disposal of Whistler  |  (33  |  )  |  |  \u2014  |   \nGain on revaluation of derivative liabilities  |  (118,811  |  )  |  |  \u2014  |   \nGain on revaluation of financial liabilities  |  (50  |  )  |  |  \u2014  |   \nGain on other investments  |  (2  |  )  |  |  225  |   \nDeferred income tax (recovery) expense  |  (58  |  )  |  |  \u2014  |   \nForeign exchange gain  |  (692  |  )  |  |  (1  |  )   \nNon-cash sales and marketing  |  410  |  |  |  \u2014  |   \nNon-cash interest  |  (25  |  )  |  |  \u2014  |   \nNet changes in non-cash working capital  |  (29,110  |  )  |  |  23,882  |   \nCash flows used in operating activities  |  (53,214  |  )  |  |  18,297  |   \n**Investing activities** |  |  |   \nPurchase of short term investments  |  84,365  |  |  |  \u2014  |   \nRepayment of purchase price liability  |  \u2014  |  |  |  \u2014  |   \nInvestments in equity accounted investees  |  \u2014  |  |  |  (326  |  )   \nProceeds from sale of other investments  |  \u2014  |  |  |  (10  |  )   \nPayment to exercise Vivo Cannabis (\"Vivo\") warrants  |  \u2014  |  |  |  1  |   \nAdvances to joint ventures  |  816  |  |  |  (2,291  |  )   \nPurchase of property, plant and equipment  |  (1,042  |  )  |  |  (32,625  |  )   \nPayments of interest on construction in progress  |  \u2014  |  |  |  2  |   \nPurchase of intangible assets  |  285  |  |  |  (51  |  )   \nAcquisition of Redwood  |  2,929  |  |  |  \u2014  |   \nAdvances on loans receivable  |  (10,325  |  )  |  |  \u2014  |   \nProceeds from repayment of loans receivable  |  (1  |  )  |  |  \u2014  |   \nCash assumed on acquisition  |  (2,957  |  )  |  |  \u2014  |   \nCash assumed on acquisition of Cronos Israel  |  \u2014  |  |  |  (998  |  )   \nCash flows used in investing activities  |  74,070  |  |  |  (36,298  |  )   \n**Financing activities** |  |  |   \nAdvance from non-controlling interests  |  (183  |  )  |  |  \u2014  |   \nRepayment of lease liabilities  |  (505  |  )  |  |  \u2014  |   \nProceeds from Altria Investment  |  \u2014  |  |  |  \u2014  |   \nProceeds from exercise of Top-up Rights  |  35,485  |  |  |  \u2014  |   \nProceeds from exercise of options and warrants  |  \u2014  |  |  |  (15  |  )   \nWithholding taxes paid on share appreciation rights  |  (54  |  )  |  |  (16  |  )   \nProceeds from share issuance  |  \u2014  |  |  |  \u2014  |   \nShare issuance costs  |  \u2014  |  |  |  26  |   \nProceeds from construction loan payable  |  \u2014  |  |  |  11,583  |   \nRepayment of construction loan payable  |  \u2014  |  |  |  \u2014  |   \nAdvance under Credit Facility  |  \u2014  |  |  |  \u2014  |   \nRepayment of Credit Facility  |  \u2014  |  |  |  \u2014  |   \nRepayment of mortgage payable  |  \u2014  |  |  |  \u2014  |   \nTransaction costs paid on construction loan payable  |  \u2014  |  |  |  \u2014  |   \nCash flows provided by financing activities  |  34,743  |  |  |  11,578  |   \nEffect of foreign currency translation on cash and cash equivalents  |  29,680  |  |  |  (1,782  |  )   \nIncrease (decrease) in cash and cash equivalents  |  85,279  |  |  |  (8,205  |  )   \nCash and cash equivalents, beginning of period  |  1,114,414  |  |  |  32,132  |   \nCash and cash equivalents, end of period  |  $  |  1,199,693  |  |  |  $  |  23,927  |   \n  \n**Non-GAAP Measures**  \n\nThe Company uses certain measures that are not recognized under GAAP. These\nfinancial measures are not recognized under GAAP, do not have a standardized\nmeaning prescribed by GAAP and are therefore unlikely to be comparable to\nsimilar measures presented by other companies. Rather, these measures are\nprovided as a supplement to those GAAP measures to provide additional\ninformation regarding our results of operations from management\u2019s perspective.\nAccordingly, non-GAAP measures should not be considered a substitute for, or\nsuperior to, the financial information prepared and presented in accordance\nwith GAAP. All non-GAAP measures presented in this press release are\nreconciled to their closest reported GAAP measure. Reconciliations of\nhistorical adjusted financial measures to corresponding GAAP measures are\nprovided below.\n\n_Adjusted operating loss_  \nManagement reviews operating loss on an adjusted basis, which excludes certain\nincome and expense items that management believes are not part of underlying\noperations. These items include repurposing charges. Management does not view\nthese items to be part of underlying results as they may be highly variable,\nmay be infrequent, are difficult to predict and can distort underlying\nbusiness trends and results.\n\nManagement believes that adjusted operating loss provides useful insight into\nunderlying business trends and results and provides a more meaningful\ncomparison of year-over-year results. Management uses adjusted operating loss\nfor planning, forecasting and evaluating business and financial performance,\nincluding allocating resources and evaluating results relative to employee\ncompensation targets.\n\n_(In thousands of USD)_ |  |  **Three months ended December 31,** |  |  **Year ended December 31,**  \n---|---|---|---|---  \n|  |  **2019** |  |  **2018** |  |  **2019** |  |  **2018**  \nReported operating loss  |  |  $  |  (63,869  |  )  |  |  $  |  (8,871  |  )  |  |  $  |  (121,484  |  )  |  |  $  |  (21,341  |  )   \nAdjustments  |  |  |  |  |  |  |  |   \nRepurposing charges  |  |  7,268  |  |  |  \u2014  |  |  |  7,268  |  |  |  \u2014  |   \nAdjusted operating loss  |  |  (56,601  |  )  |  |  (8,871  |  )  |  |  (114,216  |  )  |  |  (21,341  |  )   \n  \n_  \n_\n\n_Adjusted operating loss by business segment_  \nManagement reviews segment operating loss, which excludes corporate expenses,\nand adjusted operating loss by business segment, which further excludes\ncertain income and expense items that management believes are not part of the\nunderlying segment\u2019s operations. Corporate expenses are expenses that relate\nto the consolidated business and not to an individual operating segment while\nthe income and expenses items include repurposing charges. Management does not\nview the income and expense items above to be part of underlying results of\nthe segment as they may be highly variable, may be infrequent, are difficult\nto predict and can distort underlying business trends and results.\n\nManagement believes that adjusted operating loss by business segment provides\nuseful insight into underlying segment trends and results and will provide a\nmore meaningful comparison of year-over-year results, going forward.\nManagement uses adjusted operating loss by business segment for planning,\nforecasting and evaluating segment performance, including allocating resources\nand evaluating results relative to employee compensation.\n\n_(In thousands of USD)_ |  **Year ended December 31, 2019**  \n---|---  \n|  **US** |  |  **RoW** |  |  **Total Segments** |  |  **Corporate Expenses** |  |  **Total**  \nReported operating loss  |  $  |  (2,777  |  )  |  |  $  |  (106,928  |  )  |  |  $  |  (109,705  |  )  |  |  $  |  (11,779  |  )  |  |  $  |  (121,484  |  )   \nAdjustments  |  |  |  |  |  |  |  |  |   \nRepurposing charges  |  \u2014  |  |  |  7,268  |  |  |  7,268  |  |  |  \u2014  |  |  |  7,268  |   \nAdjusted operating loss  |  (2,777  |  )  |  |  (99,660  |  )  |  |  (102,437  |  )  |  |  (11,779  |  )  |  |  (114,216  |  )   \n  \n  \n\n_(In thousands of USD)_ |  **Three months December 31, 2019**  \n---|---  \n|  **US** |  |  **RoW** |  |  **Total Segments** |  |  **Corporate Expenses** |  |  **Total**  \nReported operating loss  |  $  |  (1,797  |  )  |  |  $  |  (59,066  |  )  |  |  $  |  (60,863  |  )  |  |  $  |  (3,006  |  )  |  |  $  |  (63,869  |  )   \nAdjustments  |  |  |  |  |  |  |  |  |   \nRepurposing charges  |  \u2014  |  |  |  7,268  |  |  |  7,268  |  |  |  \u2014  |  |  |  7,268  |   \nAdjusted operating loss  |  (1,797  |  )  |  |  (51,798  |  )  |  |  (53,595  |  )  |  |  (3,006  |  )  |  |  (56,601  |  )   \n  \n_Adjusted EBITDA_  \nAdjusted earnings before interest, tax depreciation and amortization\n(\u201cAdjusted EBITDA\u201d) is used by management as a supplemental measure to review\nand assess operating performance and trends on a comparable basis with the\nrest of the industry, although our measure of Adjusted EBITDA may not be\ndirectly comparable to similar measures used by other companies.\n\nManagement reviews EBITDA on an adjusted basis, which excludes net income\nattributable to non-controlling interests, repurposing charges and special\nitems. Special items consist of financing and transaction costs, other non-\ncash gains (losses) and other unforeseeable, non-recurring charges which\nmanagement has described below.\n\n_(In thousands of USD)_ |  |  **Three months December 31,** |  |  **Year ended December 31,**  \n---|---|---|---|---  \n|  |  **2019** |  |  **2018** |  |  **2019** |  |  **2018**  \nNet income (loss)  |  |  $  |  61,569  |  |  |  $  |  (9,692  |  )  |  |  $  |  1,165,574  |  |  |  $  |  (21,817  |  )   \nAdjustments  |  |  |  |  |  |  |  |   \nInterest expense (income)  |  |  (7,514  |  )  |  |  (177  |  )  |  |  (27,982  |  )  |  |  (83  |  )   \nIncome tax expense (recovery)  |  |  \u2014  |  |  |  \u2014  |  |  |  \u2014  |  |  |  \u2014  |   \nRepurposing charges  |  |  7,268  |  |  |  \u2014  |  |  |  7,268  |  |  |  \u2014  |   \nFinancing and transaction costs  |  |  524  |  |  |  \u2014  |  |  |  32,208  |  |  |  \u2014  |   \nLoss (gain) on revaluation of derivative liabilities  |  |  (118,811  |  )  |  |  \u2014  |  |  |  (1,276,819  |  )  |  |  \u2014  |   \nLoss (gain) on revaluation of financial liabilities  |  |  (50  |  )  |  |  \u2014  |  |  |  (197  |  )  |  |  \u2014  |   \nLoss (gain) on disposal of investments  |  |  (34  |  )  |  |  240  |  |  |  (16,277  |  )  |  |  (164  |  )   \nShare of loss (income) from equity accounted investees  |  |  505  |  |  |  758  |  |  |  2,009  |  |  |  723  |   \nShare-based payments  |  |  3,670  |  |  |  2,183  |  |  |  11,619  |  |  |  8,151  |   \nAdjusted EBIT  |  |  (52,873  |  )  |  |  (6,688  |  )  |  |  (102,597  |  )  |  |  (13,190  |  )   \nAdjustments  |  |  |  |  |  |  |  |   \nDepreciation and amortization  |  |  957  |  |  |  928  |  |  |  3,913  |  |  |  1,937  |   \nAdjusted EBITDA  |  |  (51,916  |  )  |  |  (5,760  |  )  |  |  (98,684  |  )  |  |  (11,253  |  )   \n  \n**  \n**\n\n**Special Items**  \n\nManagement does not view any of the following special items to be part of the\nunderlying results as they may be highly variable, may be infrequent, may be\nunpredictable and may distort underlying business results and trends.\n\n_Peace Natural Campus repurposing charges_  \n\n  * In Q4 of 2019, Cronos Group recorded pre-tax charges of $7.2 million related to the Company\u2019s decision to redesign its efforts at the Peace Naturals Campus, which includes impairment costs, inventory write-down, and employee termination benefits. \n\n_Financing and transaction costs_\n\n  * In Full-Year 2019, Cronos Group recorded pre-tax charges of $32.2 million related to the Altria Investment; acquisition related costs associated with the Cronos Fermentation and Redwood transactions; and a term loan credit facility. \n  * No financing and transaction costs were recorded in 2018. \n\n_Gain on revaluation of derivative liabilities_\n\n  * In Q4 2019, Cronos Group recorded a pre-tax unrealized gain of $118.8 million primarily resulting from the non-cash change in the fair value of financial derivative liabilities associated with the investment by Altria Group, Inc. (\u201cAltria\u201d). \n  * In Full-Year 2019, Cronos Group recorded a pre-tax unrealized gain of $1,276.8 million primarily resulting from the non-cash change in the fair value of financial derivative liabilities associated with the investment by Altria. \n\n_Gain on disposal of investments_\n\n  * In Full-Year 2019, Cronos Group recorded a pre-tax gain of $21.5 million primarily related to the disposal of shares in Whistler Marijuana Company (\u201cWhistler\u201d) to Aurora Cannabis Inc. (\u201cAurora\u201d) in connection with Aurora\u2019s acquisition of Whistler. \n  * In Full-Year 2018, Cronos Group recorded a pre-tax gain of $0.2 million related to the disposal of its investment in AB Cann Global Corporation. \n\n**Foreign currency exchange rates**\n\nAll currency amounts in this Press Release are stated in U.S. dollars (\u201cUSD\u201d),\nwhich is our reporting currency, unless otherwise noted. All references to\n\u201cdollars\u201d or \u201c$\u201d are to USD. The assets and liabilities of the Company's\nforeign operations are translated into USD at the exchange rate in effect as\nof December 31, 2019 and December 31, 2018. Transactions affecting\nshareholders' equity are translated at historical foreign exchange rates. The\nconsolidated statements of net income (loss) and comprehensive income (loss)\nand the consolidated statements of cash flows of the Company's foreign\noperations are translated into USD by applying the average foreign exchange\nrate in effect for the reporting period.\n\nThe exchange rates used to translate from USD to Canadian dollars (\u201cC$\u201d) is\nshown below:\n\n_(Exchange rates are shown as C$ per $)_ |  **As at December 31,**  \n---|---  \n|  **2019** |  |  **2018** |  |  **2017**  \nAverage rate  |  1.3268  |  |  |  1.2955  |  |  |  1.2969  |   \nSpot rate  |  1.2990  |  |  |  1.3639  |  |  |  1.2571  |   \n  \n**For further information, please contact:**  \nAnna Shlimak  \nInvestor Relations  \nTel: (416) 504-0004  \n_[ investor.relations@thecronosgroup.com\n](mailto:investor.relations@thecronosgroup.com\n\"investor.relations@thecronosgroup.com\") _\n\n  \n\n##  Recommended Reading\n\n  * March 19, 2025 07:30 ET  |  Source: [ Cronos Group Inc. ](/en/search/organization/Cronos%2520Group%2520Inc\u00a7)\n\n[ Cronos Appoints Anna Shlimak as Chief Financial Officer\n](https://www.globenewswire.com/news-release/2025/03/19/3045272/0/en/Cronos-\nAppoints-Anna-Shlimak-as-Chief-Financial-Officer.html)\n\nTORONTO, March 19, 2025 (GLOBE NEWSWIRE) -- Cronos Group Inc. (NASDAQ: CRON)\n(TSX: CRON) (\u201cCronos\u201d or the \u201cCompany\u201d), an innovative global cannabinoid\ncompany, today announced the appointment of...\n\n[ Read More ](https://www.globenewswire.com/news-\nrelease/2025/03/19/3045272/0/en/Cronos-Appoints-Anna-Shlimak-as-Chief-\nFinancial-Officer.html)\n\n  * March 10, 2025 08:00 ET  |  Source: [ Cronos Group Inc. ](/en/search/organization/Cronos%2520Group%2520Inc\u00a7)\n\n[ Cronos Group Inc. to Speak at the 37th Annual Roth Conference\n](https://www.globenewswire.com/news-release/2025/03/10/3039659/0/en/Cronos-\nGroup-Inc-to-Speak-at-the-37th-Annual-Roth-Conference.html)\n\nTORONTO, March 10, 2025 (GLOBE NEWSWIRE) -- Cronos Group Inc. (NASDAQ: CRON)\n(TSX: CRON) (\u201cCronos\u201d or the \u201cCompany\u201d), an innovative global cannabinoid\ncompany, today announced that Mike Gorenstein,...\n\n[ Read More ](https://www.globenewswire.com/news-\nrelease/2025/03/10/3039659/0/en/Cronos-Group-Inc-to-Speak-at-the-37th-Annual-\nRoth-Conference.html)\n\n",
                "url": "https://www.globenewswire.com/news-release/2020/03/30/2008663/0/en/Cronos-Group-Reports-2019-Fourth-Quarter-and-Full-Year-Results.html"
            },
            "reason": "GlobeNewswire is a source for press releases. This is a press release from Cronos Group regarding their fourth-quarter and full-year results.",
            "reliability_score": 0.9,
            "search_query": "company 'The Cronos Group' activities value chain",
            "summary": "Press release from Cronos Group on GlobeNewswire.",
            "url": "https://www.globenewswire.com/news-release/2020/03/30/2008663/0/en/Cronos-Group-Reports-2019-Fourth-Quarter-and-Full-Year-Results.html"
        },
        {
            "content": {
                "metadata": {
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                    "origin": "public",
                    "resource_location": "web",
                    "resource_type": "webpage",
                    "source": "https://www.growopportunity.ca/cronos-group-reports-2024-third-quarter-results/"
                },
                "page_content": "[ ](https://www.growopportunity.ca/ \"Grow Opportunity\")\n\n[ **Buyers Guide** ](/buyers-guide \"Buyers Guide\")\n\n[ **Subscribe**\n](https://annex.dragonforms.com/loading.do?omedasite=GO_prefsnew)\n\n[ **Subscribe**\n](https://annex.dragonforms.com/loading.do?omedasite=GO_prefsnew)\n\n\u00d7\n\n####  Explore\n\n  * [ News ](https://www.growopportunity.ca/category/news/)\n    * [ Industry Updates ](https://www.growopportunity.ca/category/news/industry-updates/)\n    * [ Markets ](https://www.growopportunity.ca/category/news/markets/)\n    * [ Regulations ](https://www.growopportunity.ca/category/news/regulations/)\n  * [ Features ](https://www.growopportunity.ca/category/features/)\n  * [ Opinion ](https://www.growopportunity.ca/topic/opinion/)\n  * [ Webinars ](/webinars)\n  * [ Podcast ](/podcast/)\n  * [ Buyers Guide ](https://www.growopportunity.ca/buyers-guide/)\n  * [ Canada\u2019s Top Grower ](https://www.growopportunity.ca/canadas-top-grower/)\n  * [ Virtual Summits ](/virtual-events)\n  * [ Grower Day ](https://www.growerday.ca)\n  * [ Videos ](/videos/)\n\n####  Topics\n\n  * [ Cultivation ](https://www.growopportunity.ca/topic/cultivation/)\n  * [ Extraction ](https://www.growopportunity.ca/topic/extraction/)\n  * [ Production ](https://www.growopportunity.ca/topic/production/)\n  * [ Security ](https://www.growopportunity.ca/topic/security/)\n  * [ Legal ](https://www.growopportunity.ca/topic/legal/)\n  * [ Management ](https://www.growopportunity.ca/topic/management/)\n  * [ Business ](https://www.growopportunity.ca/topic/business/)\n  * [ Marketing ](https://www.growopportunity.ca/topic/marketing/)\n  * [ Human Resources ](https://www.growopportunity.ca/topic/human-resources/)\n  * [ Opinion ](https://www.growopportunity.ca/topic/opinion/)\n  * [ Extraction ](https://www.growopportunity.ca/topic/extraction/)\n\n####  Information\n\n  * [ About ](https://www.growopportunity.ca/about/)\n  * [ Advertise ](https://www.growopportunity.ca/advertise/)\n  * [ Contact ](https://www.growopportunity.ca/contact/)\n  * [ Digital Edition ](https://www.growopportunity.ca/digital-edition/)\n  * [ eNews Archives ](https://www.growopportunity.ca/enews-archives/)\n  * [ Subscription ](https://annex.dragonforms.com/loading.do?omedasite=GO_digital)\n\n#  [ News ](https://www.growopportunity.ca/category/news/) __  \nCronos Group reports 2024 third quarter results\n\nNovember 12, 2024 By Grow Opportunity Staff\n\n  \n\n(Globe Newswire) Toronto \u2013 Cronos Group Inc. today announced its 2024 third\nquarter business results.\n\n\u201cOur results this quarter demonstrate that our long-term strategy is working.\nWith record net revenue and a disciplined approach to operating expenses,\nCronos operates more efficiently and effectively than ever before, and we\nanticipate long-term margin improvement. Our consolidation of Cronos Growing\nCompany has further strengthened our supply chain, which we anticipate will\nlead to improved margins and allow us to meet the increasing global demand for\nhigh-quality  cannabis  . With an industry-leading balance sheet, we are well-\npositioned to expand into new legal markets and drive future growth\nopportunities,\u201d said Mike Gorenstein, Chairman, President and CEO, Cronos.\n\n\u201cAs international demand continues to rise, particularly in markets like\nGermany, the UK, and Australia, the investments we\u2019ve made in our\ninfrastructure and global partnerships are paying off,\u201d continued Mr.\nGorenstein. \u201cIn the third quarter, our award-winning Spinach  \u00ae  brand rose to\nbecome the best-selling  cannabis  brand in the Canadian adult-use market and\nour Peace Naturals  \u00ae  brand held a top spot in the Israeli medical market.\nOur brands\u2019 market share out-performance represents our relentless commitment\nto quality, innovation, and bringing differentiated products to the global\ncannabis  market. The progress we\u2019ve made reinforces our leadership in key\ncategories and markets, and we remain focused on continuing to innovate and\nbring premium products to consumers.\u201d\n\n1  Hifyre Retail Analytics \u2013 National Retail Dollar Sales by Brand in Canada \u2013\nAugust 2024.\n\nAdvertisement\n\n**_Consolidated Financial Results_ **  \nOn June 20, 2024 the Company made an additional investment in Cronos Growing\nCompany (\u201d Cronos GrowCo\u201d) to fund the expansion of cultivation operations.\nCronos also obtained majority control of the board of directors of Cronos\nGrowCo and began consolidating Cronos GrowCo\u2019s results as of July 1, 2024.\nPrior to this date, the Company\u2019s investment in Cronos GrowCo consisted of an\ninvestment accounted for under the equity method and loans receivable from\nCronos GrowCo.\n\nIn the second quarter of 2023, the Company exited its U.S. hemp-derived CBD\noperations. The exit of the U.S. operations represented a strategic shift, and\nas such, qualifies for reporting as discontinued operations in the condensed\nconsolidated statements of net income (loss) and comprehensive income (loss).\nPrior period amounts have been reclassified to reflect the discontinued\noperations classification of the U.S. operations.\n\nThe tables below set forth our condensed consolidated results of continuing\noperations, expressed in thousands of U.S. dollars for the periods presented.\nOur condensed consolidated financial results for these periods are not\nnecessarily indicative of the consolidated financial results that we will\nachieve in future periods.\n\n_(in thousands of USD)_ |  |  **Three months ended September 30,** |  |  **Change** |  |  **Nine months ended September 30,** |  |  **Change**  \n---|---|---|---|---|---|---|---|---  \n|  |  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%**  \nCronos net revenue, excluding Cronos GrowCo net revenue  (i)  |  |  $  |  29,996  |  |  |  $  |  24,810  |  |  |  $  |  5,186  |  |  |  21  |  %  |  |  $  |  83,046  |  |  |  $  |  63,326  |  |  |  $  |  19,720  |  |  |  31  |  %   \nCronos GrowCo net revenue  (  i  i  )  |  |  |  4,268  |  |  |  |  \u2014  |  |  |  |  4,268  |  |  |  N/A  |  |  |  4,268  |  |  |  |  \u2014  |  |  |  |  4,268  |  |  |  N/A   \nNet revenue  |  |  $  |  34,264  |  |  |  $  |  24,810  |  |  |  $  |  9,454  |  |  |  38  |  %  |  |  $  |  87,314  |  |  |  $  |  63,326  |  |  |  $  |  23,988  |  |  |  38  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nCost of sales  |  |  |  30,341  |  |  |  |  20,124  |  |  |  |  10,217  |  |  |  51  |  %  |  |  |  72,216  |  |  |  |  52,614  |  |  |  |  19,602  |  |  |  37  |  %   \nInventory write-down  |  |  |  312  |  |  |  |  716  |  |  |  |  (404  |  )  |  |  (56  |  )%  |  |  |  707  |  |  |  |  716  |  |  |  |  (9  |  )  |  |  (1  |  )%   \nGross profit  |  |  $  |  3,611  |  |  |  $  |  3,970  |  |  |  $  |  (359  |  )  |  |  (9  |  )%  |  |  $  |  14,391  |  |  |  $  |  9,996  |  |  |  $  |  4,395  |  |  |  44  |  %   \nGross margin  (iii)  |  |  |  11  |  %  |  |  |  16  |  %  |  |  N/A  |  |  (5) pp  |  |  |  16  |  %  |  |  |  16  |  %  |  |  N/A  |  |  \u2014pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nInventory step-up recorded to cost of sales  |  |  |  7,116  |  |  |  |  \u2014  |  |  |  |  7,116  |  |  |  N/A  |  |  |  7,116  |  |  |  |  \u2014  |  |  |  |  7,116  |  |  |  N/A   \nAdjusted Gross Profit  (  i  v  )  |  |  $  |  10,727  |  |  |  $  |  3,970  |  |  |  $  |  6,757  |  |  |  170  |  %  |  |  $  |  21,507  |  |  |  $  |  9,996  |  |  |  $  |  11,511  |  |  |  115  |  %   \nAdjusted Gross Margin  (  v  )  |  |  |  31  |  %  |  |  |  16  |  %  |  |  N/A  |  |  15pp  |  |  |  25  |  %  |  |  |  16  |  %  |  |  N/A  |  |  9pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nNet income (loss)  |  |  $  |  7,324  |  |  |  $  |  (1,590  |  )  |  |  $  |  8,914  |  |  |  N/M  |  |  $  |  (3,919  |  )  |  |  $  |  (25,288  |  )  |  |  $  |  21,369  |  |  |  85  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nAdjusted EBITDA  (  iv  )  |  |  $  |  (6,019  |  )  |  |  $  |  (15,187  |  )  |  |  $  |  9,168  |  |  |  60  |  %  |  |  $  |  (27,739  |  )  |  |  $  |  (46,774  |  )  |  |  $  |  19,035  |  |  |  41  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \n**Other Data** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nCash and cash equivalents  (vi)  |  |  $  |  862,034  |  |  |  $  |  571,656  |  |  |  $  |  290,378  |  |  |  51  |  %  |  |  |  |  |  |  |  |   \nShort-term investments  (vi)  |  |  |  \u2014  |  |  |  |  267,905  |  |  |  |  (267,905  |  )  |  |  (100  |  )%  |  |  |  |  |  |  |  |   \nCapital expenditures  (  vii  )  |  |  |  6,536  |  |  |  |  325  |  |  |  |  6,211  |  |  |  1,911  |  %  |  |  |  9,446  |  |  |  |  1,631  |  |  |  |  7,815  |  |  |  479  |  %   \n  \n_(i)_ _Cronos net revenue, excluding Cronos GrowCo net revenue is Net revenue\nless Cronos GrowCo net revenue and is after intercompany eliminations._  \n_(ii)_ _Cronos GrowCo net revenue is Cronos GrowCo\u2019s net revenue after\nintercompany eliminations._  \n_(iii)_ _Gross margin is defined as gross profit divided by net revenue._  \n_(iv)_ _See \u201cNon-GAAP Measures\u201d for more information, including a\nreconciliation of adjusted earnings (loss) before interest, taxes,\ndepreciation and amortization (\u201cAdjusted EBITDA\u201d) to net income (loss) and a\nreconciliation of Adjusted Gross Profit to gross profit._  \n_(v)_ _Adjusted Gross Margin is defined as Adjusted Gross Profit divided by\nnet revenue._  \n_(vi)_ _Dollar amounts are as of the last day of the period indicated._  \n_(vii)_ _Capital expenditures represent component information of investing\nactivities and is defined as the sum of purchase of property, plant and\nequipment, and purchase of intangible assets._\n\nAdvertisement\n\n**Third Quarter** **2024**\n\n  * Net revenue of $34.3 million in Q3 2024 increased by $9.5 million from Q3 2023. The increase was primarily due to higher  cannabis  flower and extract sales in the Canadian market, higher  cannabis  flower sales in Israel, and sales to other international markets consisting of Australia, Germany and the United Kingdom (the \u201cUK\u201d). Cronos GrowCo contributed $4.3 million of  cannabis  flower sales in both the three and nine months ended September 30, 2024. \n  * Gross profit of $3.6 million in Q3 2024 decreased by $0.4 million from Q3 2023. The decrease was primarily due to the impact on cost of sales from the inventory-related purchase accounting adjustments resulting from the Cronos GrowCo transaction on July 1, 2024, partially offset by higher  cannabis  flower and extract sales in the Canadian market, higher  cannabis  flower sales in Israel, and higher  cannabis  flower sales in other countries. \n  * Adjusted Gross Profit of $10.7 million in Q3 2024 increased by $6.8 million from Q3 2023. Adjusted Gross Profit and Adjusted Gross Margin provide insight into underlying business trends to facilitate comparisons of period-over-period results by removing the impacts of inventory-related purchase accounting adjustments resulting from the Cronos GrowCo transaction, which reflect a one-time event and do not reflect management\u2019s assessment of ongoing performance. The increase in Adjusted Gross Profit was driven by higher  cannabis  flower and extract sales in the Canadian market, higher  cannabis  flower sales in Israel, and higher  cannabis  flower sales in other countries. \n  * Adjusted EBITDA of $(6.0) million in Q3 2024 improved by $9.2 million from Q3 2023. The improvement year-over-year was primarily driven by higher net revenue, improved Adjusted Gross Profit and a decrease in general and administrative expenses. \n\n**_Business Updates_ **\n\n**Transaction with Cronos GrowCo**  \nThe global  cannabis  market continues to expand as international markets fuel\nan increasing demand for high-quality products. The investment in Cronos\nGrowCo\u2019s facility expansion enables Cronos to increase supply of Cronos\u2019\nunique portfolio of genetics which has helped the Company win in the highly\ncompetitive Canadian market, as well as expand Cronos\u2019 international footprint\nwith distribution to the growing markets in Australia, Germany, and the UK.\n\n**Key highlights of the transaction:**\n\nAdvertisement\n\n  * **Increased Board Representation** : As of July 1, 2024, the Cronos GrowCo board of directors expanded to five members, three of whom are appointed by Cronos. \n  * **Financial Consolidation** : Cronos now consolidates Cronos GrowCo\u2019s results in its financial statements beginning in the third quarter of 2024. \n  * **Investment in Expansion** : Cronos provided an approximately $51 million ($70 million CAD) secured non-revolving credit facility to Cronos GrowCo to fund the expansion of Cronos GrowCo\u2019s cultivation and processing facilities, enabling growth opportunities in the markets Cronos operates in today as well as enabling Cronos to take advantage of future growth into new markets that open. \n  * **New Supply Agreement** : Prior to the commencement of sales from the expanded facility, Cronos will have the option to purchase up to 80% of Cronos GrowCo\u2019s total production. Thereafter, Cronos will have the option to purchase up to 70% of the total production from the expanded facility. \n\n**Brand and Product Portfolio**\n\n**_Spinach_ ** \u00ae\n\nIn Q3 2024, Spinach  \u00ae  was the top-selling  cannabis  brand in Canada\naccording to Hifyre. This market share success highlights Cronos\u2019 unwavering\ndedication to quality, innovation, and delivering distinctive products to the\ncompetitive Canadian adult-use market.\n\nSpinach  \u00ae  has solidified itself as the go-to brand for a wide array of\nproducts featuring different cannabinoid combinations, potency ranges and\nflavor profiles. In the edibles category, the Spinach  \u00ae  brand held the\nnumber one position with a 17.2% market share in Q3 2024, according to Hifyre.\n\nIn Q3 2024, the Spinach  \u00ae  brand launched three new edible SKUs, which included the SOURZ by Spinach  \u00ae  Strawberry Watermelon 4:1 CBG|THC gummies, SOURZ by Spinach  \u00ae  Peach Passionfruit 1:1:1 CBN | CBD | THC gummies, and the brand\u2019s first limited edition SOURZ by Spinach  \u00ae  Caramel Green Apple gummies. \n\nCronos\u2019 strong  cannabis  cultivar breeding program and portfolio of genetics\ncontinued to drive growth, propelling the Spinach  \u00ae  brand to become the\nnumber one flower brand in Canada, with a 6.0% market share in Q3 2024,\naccording to Hifyre.\n\nThe Spinach  \u00ae  brand was ranked fourth in the vape category in Q3 2024,\nholding a 6.4% market share, according to Hifyre. This performance was driven\nby popular products such as Spinach HITZ\u2122, which introduced new Pink Lemonade\nand Rocket Icicle flavors, alongside line extensions in Spinach  \u00ae  1.2g\nVapes.\n\nIn Q3 2024, Spinach  \u00ae  was ranked eighth in the pre-roll category with 2.7%\nmarket share, according to Hifyre. In the sub-category of infused pre-rolls,\nthe Spinach  \u00ae  Fully Charged infused pre-rolls have begun to make their mark\nand are trending towards becoming a top selling product. The infused pre-roll\ncategory is continuing to grow and we expect this category to be key to future\ngrowth for both Cronos and the industry, which is why we are committed to\nevolution and innovation of the pre-roll portfolio.\n\n**_PEACE NATURALS_ ** **_\u00ae_ **\n\nIn Israel, PEACE NATURALS  \u00ae  continues to be a top-performing brand with a\nrecord volume of sales in Q3 2024, powered by Cronos\u2019 advanced genetic\nbreeding program and high-quality cultivation capabilities. Despite the\nconflict involving Israel, Hamas, Iran and other stakeholders in the region,\nan incredibly competitive market and declining patient counts due to\nregulatory market structure shifts, the brand continues to out-perform in the\nIsraeli  cannabis  market.\n\nIn Germany and the UK, we are experiencing strong traction with Cronos\u2019\nproprietary genetics, such as GMO and Wedding Cake, under the PEACE NATURALS\n\u00ae  brand. The expansion of Cronos GrowCo will help enable Cronos to execute on\nthese growth opportunities and others as they become available.\n\n**Guidance and Outlook**\n\nThe Company reiterates its previously announced operating expense savings\ntarget of $5 to $10 million on a standalone basis in 2024 primarily driven by\nsavings in general and administrative, sales and marketing and research and\ndevelopment (\u201cR&D\u201d). The organizational and cost savings initiatives are\nintended to position the Company to drive profitable and sustainable growth\nover time. The operating expense savings target excludes the impact of the\nconsolidation of Cronos GrowCo\u2019s results into the Company\u2019s financial\nstatements.\n\nThese statements are forward-looking and actual results may differ materially.\nRefer to \u201cForward-Looking Statements\u201d below for information on the factors\nthat could cause actual results to differ materially from these forward-\nlooking statements.\n\n**_Conference Call_ **  \nThe Company will host a conference call and live audio webcast on Tuesday,\nNovember 12, 2024, at 8:30 a.m. ET to discuss 2024 Third Quarter business\nresults. An audio replay of the call will be archived on the Company\u2019s website\nfor replay. Instructions for the live audio webcast are provided on the\nCompany\u2019s website at _https://ir.thecronosgroup.com/events-presentations._\n\n* * *\n\n[ __ Print this page ](javascript:window.print\\(\\))\n\n  * [ Tweet ](https://twitter.com/share)\n  *   * \n\n  * __ [ HYTN announces marketing program ](https://www.growopportunity.ca/hytn-announces-marketing-program/)\n  * [ High Tide announces closing of final tranche of $15 million subordinated debt facility ](https://www.growopportunity.ca/high-tide-announces-closing-of-final-tranche-of-15-million-subordinated-debt-facility/) __\n\n##  Advertisement\n\nStories continue below\n\n  \n  \n\nRelated\n\n  \n\nTags\n\n  * [ news ](https://www.growopportunity.ca/tag/news/)\n\n  \n\n[ ](https://www.growopportunity.ca/ \"Grow Opportunity\")\n\n* * *\n\n  * [ Greenhouse Canada ](https://www.greenhousecanada.com/)\n  * [ Grower Day ](https://www.growerday.ca)\n  * [ Canada\u2019s Top Grower ](https://www.growopportunity.ca/canadas-top-grower/)\n\n###  Trending\n\n###  Social Media\n\n  * [ **X** ](https://www.x.com/GrowOpportunity?lang=en)\n  * [ __ ](https://www.facebook.com/GrowOpportunity)\n  * [ __ ](https://www.instagram.com/growopportunity)\n  * [ __ ](https://www.linkedin.com/company/grow-opportunity)\n\n* * *\n\n__\n\n\u00a9 Copyright 2025 [ Annex Business Media ](https://www.annexbusinessmedia.com\n\"Annex Business Media\")\n\n  \n  \n\nWe are using cookies to give you the best experience on our website.  \nBy continuing to use the site, you agree to the use of cookies. 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                "url": "https://www.growopportunity.ca/cronos-group-reports-2024-third-quarter-results/"
            },
            "reason": "Grow Opportunity is a Canadian source for cannabis industry news. This article reports on Cronos Group's third-quarter results.",
            "reliability_score": 0.8,
            "search_query": "company 'The Cronos Group' activities value chain",
            "summary": "News article on Grow Opportunity about Cronos Group's financial results.",
            "url": "https://www.growopportunity.ca/cronos-group-reports-2024-third-quarter-results/"
        },
        {
            "content": {
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                    "origin": "public",
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                    "source": "https://www.collingwoodtoday.ca/local-news/parent-company-closing-peace-naturals-cannabis-campus-in-stayner-5118491"
                },
                "page_content": "Skip to content\n\n  1. [ Home ](/)\n  2. [ Local News ](/local-news)\n\n#  Parent company closing Peace Naturals cannabis campus in Stayner\n\nCronos Group planning a \u2018phased reduction and transition of activities,\u2019 which\nshould see the plant close completely by the end of 2022\n\n[ ](/writers/jessica%20owen)\n\n[ Jessica Owen ](/writers/jessica%20owen)  \nMar 2, 2022 2:54 PM\n\n  * [ __ Share by Email  ](/cdn-cgi/l/email-protection#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)\n  * [ __ Share on Spaces  ](https://collingwood.spaces.ca/sharer?u=https%3a%2f%2fwww.collingwoodtoday.ca%2flocal-news%2fparent-company-closing-peace-naturals-cannabis-campus-in-stayner-5118491&t=Parent+company+closing+Peace+Naturals+cannabis+campus+in+Stayner)\n  * [ __ Share on Facebook  ](https://www.facebook.com/sharer/sharer.php?u=https%3a%2f%2fwww.collingwoodtoday.ca%2flocal-news%2fparent-company-closing-peace-naturals-cannabis-campus-in-stayner-5118491)\n  * [ __ Share on X  ](https://x.com/share?text=Parent+company+closing+Peace+Naturals+cannabis+campus+in+Stayner&url=https%3a%2f%2fwww.collingwoodtoday.ca%2flocal-news%2fparent-company-closing-peace-naturals-cannabis-campus-in-stayner-5118491&via=collingwoodtday)\n  * [ __ Share on LinkedIn  ](https://www.linkedin.com/shareArticle?mini=true&url=https%3a%2f%2fwww.collingwoodtoday.ca%2flocal-news%2fparent-company-closing-peace-naturals-cannabis-campus-in-stayner-5118491)\n  *   * [ _Share via Text Message_ ](sms:?body=Parent%20company%20closing%20Peace%20Naturals%20cannabis%20campus%20in%20Stayner%20https%3a%2f%2fwww.collingwoodtoday.ca%2flocal-news%2fparent-company-closing-peace-naturals-cannabis-campus-in-stayner-5118491)\n\nStock photo\n\n[ Listen to this article  00:01:52\n](https://www.vmcdn.ca/files/texttospeech/5118491-75a8fd8e-c666-41c0-8d62-4b69a513490c.mp3)\n\nA major cannabis grower in Clearview Township will be closing its doors later\nthis year.\n\nAccording to an investor update posted on their website on March 1, Cronos\nGroup announced they will be closing their Peace Naturals campus in Stayner in\n2022.\n\n\u201cExtensive analysis went into this decision,\u201d said Cronos Group\u2019s Chief\nExecutive Officer Kurt Schmidt in a conference call with investors on Tuesday.\n\u201cWe know this is the right decision to ensure Cronos\u2019 long-term growth.\u201d\n\n\u201cWe have always maintained that cultivation would shift to large-scale\nagricultural specialists as the industry matures,\u201d he said. \u201cWe are confident\nour supply chain in Canada is at a maturity level where we can implement this\napproach.\u201d\n\n\u201cWe are grateful to our Stayner associates for their hard work and\ncontributions to Cronos Group,\u201d he said.\n\nThe release states that Cronos is planning a \u201cphased reduction and transition\nof activities,\u201d which should see the plant close completely by the end of\n2022.\n\nResearch and development that occurred at the Stayner plant will be moved to\nother Cronos facilities.\n\nAccording to their update, Cronos is anticipating $119 million in impairment\ncharges and $4.5 million in other charges due to the closure of the campus.\n\n\u201cThese charges include employee-related costs, such as severance, relocation\nand other termination benefits, as well as contract termination and other\nrelated costs, which are expected to be incurred primarily in the second half\nof 2022,\u201d they note in their report.\n\nAccording to media reports, the 315,000-sq.-ft. campus employs about 200\nworkers. The Peace Naturals Project was started in 2013 as the first licensed\nproducer of medicinal marijuana in Canada.\n\nPeace Naturals and the Cronos Group did not respond to interview requests from\n_CollingwoodToday.ca_ .\n\n* * *\n\n##  This has been shared  0  times\n\n  * 0 \n\nShares\n\n  * [ __ Share by Email  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                "url": "https://www.collingwoodtoday.ca/local-news/parent-company-closing-peace-naturals-cannabis-campus-in-stayner-5118491"
            },
            "reason": "CollingwoodToday is a local news source. The article reports on the parent company closing a cannabis production plant in Stayner.",
            "reliability_score": 0.8,
            "search_query": "company 'The Cronos Group' activities value chain",
            "summary": "News article on CollingwoodToday about Cronos Group closing a plant.",
            "url": "https://www.collingwoodtoday.ca/local-news/parent-company-closing-peace-naturals-cannabis-campus-in-stayner-5118491"
        },
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                    "source": "https://www.barrietoday.com/local-news/parent-company-closing-cannabis-production-plant-in-stayner-5118593"
                },
                "page_content": "Skip to content\n\n  1. [ Home ](/)\n  2. [ Local News ](/local-news)\n\n#  Parent company closing cannabis production plant in Stayner\n\nAccording to reports, Cronos Group's 315,000-square-foot facility employs\nabout 200 workers; Plant expected to close by end of 2022\n\n[ ](/writers/jessica%20owen)\n\n[ Jessica Owen ](/writers/jessica%20owen)  \nMar 2, 2022 5:15 PM\n\n  * [ __ Share by Email  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](sms:?body=Parent%20company%20closing%20cannabis%20production%20plant%20in%20Stayner%20https%3a%2f%2fwww.barrietoday.com%2flocal-news%2fparent-company-closing-cannabis-production-plant-in-stayner-5118593)\n\nStock photo\n\n[ Listen to this article  00:01:50\n](https://www.vmcdn.ca/files/texttospeech/5118593-5fbd5f13-1dd5-4192-b422-b22f2002f881.mp3)\n\nA major cannabis grower in Clearview Township will be closing its doors later\nthis year.\n\nAccording to an investor update posted on their website on March 1, Cronos\nGroup announced they will be closing their Peace Naturals campus in Stayner in\n2022.\n\n\u201cExtensive analysis went into this decision,\u201d Cronos Group chief executive\nofficer Kurt Schmidt said in a conference call with investors on Tuesday. \u201cWe\nknow this is the right decision to ensure Cronos\u2019 long-term growth.\n\n\u201cWe have always maintained that cultivation would shift to large-scale\nagricultural specialists as the industry matures,\u201d he added. \u201cWe are confident\nour supply chain in Canada is at a maturity level where we can implement this\napproach.\n\n\u201cWe are grateful to our Stayner associates for their hard work and\ncontributions to Cronos Group.\"\n\nThe release states that Cronos is planning a \u201cphased reduction and transition\nof activities,\u201d which should see the plant close completely by the end of\n2022.\n\nResearch and development that occurred at the Stayner plant will be moved to\nother Cronos facilities.\n\nAccording to their update, Cronos is anticipating $119 million in impairment\ncharges and $4.5 million in other charges due to the closure of the campus.\n\n\u201cThese charges include employee-related costs, such as severance, relocation\nand other termination benefits, as well as contract termination and other\nrelated costs, which are expected to be incurred primarily in the second half\nof 2022,\u201d they note in their report.\n\nAccording to media reports, the 315,000-square-foot campus employs about 200\nworkers.\n\nThe Peace Naturals Project was started in 2013 as the first licensed producer\nof medicinal marijuana in Canada.\n\nPeace Naturals and the Cronos Group did not respond to interview requests for\nthis story.\n\n* * *\n\n##  This has been shared  0  times\n\n  * 0 \n\nShares\n\n  * [ __ Share by Email  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                "url": "https://www.barrietoday.com/local-news/parent-company-closing-cannabis-production-plant-in-stayner-5118593"
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            "reason": "BarrieToday is a local news source. The article reports on the parent company closing a cannabis production plant in Stayner.",
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            "search_query": "company 'The Cronos Group' activities value chain",
            "summary": "News article on BarrieToday about Cronos Group closing a plant.",
            "url": "https://www.barrietoday.com/local-news/parent-company-closing-cannabis-production-plant-in-stayner-5118593"
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                    "source": "https://sherwood.news/markets/cronos-group-rises-after-cheery-earnings-report/"
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                "page_content": "[ ](/markets/)\n\n[ J. Edward Moreno ](/author/j-edward-moreno/)\n\n2/27/25\n\n#  Cronos Group rises after cheery earnings report\n\nCanadian cannabis operator Cronos Group rose in early trading after it\nreported growing sales and improved profitability.\n\nThe company reported earnings per share of $0.11, compared to the loss per\nshare of $0.18 it reported in the same period last year.  [ Cronos Group\n](https://robinhood.com/us/en/stocks/CRON?source=sherwood) also booked revenue\nof $117.6 million for 2024 as a whole, up 35% from 2023. The company\nattributed the growth to higher sales in Canada and Israel.\n\nCronos stock ticked up more than 3% in early trading. The company is down more\nthan 16% in the past year, which is still better than some of its competitors\nlike  [ Tilray  ](https://robinhood.com/us/en/stocks/TLRY/?source=sherwood)\nand  [ Canopy Growth\n](https://robinhood.com/us/en/stocks/CGC/?source=sherwood) , as Canadian\ncannabis companies have struggled to find growth domestically or new markets\nto enter.\n\n### [ Cronos Group Reports 2024 Fourth Quarter and Full-Year Results | The Cronos Group  ](https://ir.thecronosgroup.com/news-releases/news-release-details/cronos-group-reports-2024-fourth-quarter-and-full-year-results)\n\nCronos stock ticked up more than 3% in early trading. The company is down more\nthan 16% in the past year, which is still better than some of its competitors\nlike  [ Tilray  ](https://robinhood.com/us/en/stocks/TLRY/?source=sherwood)\nand  [ Canopy Growth\n](https://robinhood.com/us/en/stocks/CGC/?source=sherwood) , as Canadian\ncannabis companies have struggled to find growth domestically or new markets\nto enter.\n\n###  More Markets\n\n[ See all Markets ](/markets/)\n\n[ ](/markets/)\n\n[ Luke Kawa ](/author/luke-kawa/)\n\n9h\n\n## [ There\u2019s an escalating trade war with China underway. US stocks with the\nmost exposure to China just had their second-best day ever.\n](/markets/theres-an-escalating-trade-war-with-china-underway-us-stocks-with-\nthe-most/)\n\n  \nI am just going to put this here, for posterity:\n\nA basket of US stocks compiled by Goldman Sachs with the biggest sales\nexposure to China (which includes  [ Apple\n](https://robinhood.com/us/en/stocks/AAPL/?source=sherwood) ,  [ Nike\n](https://robinhood.com/us/en/stocks/NKE/?source=sherwood) , and  [ Tesla\n](https://robinhood.com/us/en/stocks/TSLA/?source=sherwood) ) had its second-\nbest session on record on a day when China slapped US imports with 84% tariffs\nand the US re-upped to 125% tariffs on China.\n\nThe cohort rose 10.8%, outperforming the S&P 500\u2019s 9.5% gain.\n\nOnce more, with feeling:\n\n**A basket of US stocks with the biggest sales exposure to China had its\nsecond-best session on record on the day China slapped US imports with 84%\ntariffs and the US upped its tariffs to 125% on China!**\n\nThe only session these stocks did better in was the start of the bull market\nduring the depths of the Covid pandemic.\n\nMaybe it\u2019s panic buying. Maybe it\u2019s the hope that watering down tariffs on\n(maybe) everyone else is a precursor to dialing down the heat on China,\neventually. It should also be noted that some of these companies, namely Nike,\nhave [ a lot of operations in Southeast Asia outside of China\n](https://sherwood.news/business/why-the-tariff-announcements-hit-nike-so-\nhard-yesterday-in-one-chart/) that they\u2019re breathing a sweet sigh of relief\non, and may potential shift even more production there, where possible.\n\nBut this gets my vote for craziest chart on an absolutely crazy day, and it\u2019s\nnot particularly close.\n\n[ Luke Kawa ](/author/luke-kawa/)\n\n9h\n\n## [ US stocks book largest gains since 2008 as Trump dials down tariffs\n](/markets/us-stocks-book-largest-gains-since-2008-as-trump-dials-down-\ntariffs/)\n\nForget last week \u2014 this Wednesday was the real Liberation Day. President\nDonald Trump [ watered down his reciprocal tariffs for 90 days\n](https://sherwood.news/markets/us-stocks-soar-trump-pauses-reciprocal-\ntariffs-90-days/) on countries that haven\u2019t issued retaliatory tariffs while\nupping levies on imports from China to 125%, kicking off a face-ripping rally\non Wall Street.\n\nThe S&P 500 rose 9.5%, the Nasdaq 100 gained 12%, and the Russell 2000 marched\n8.7% higher. It was the best day for the benchmark US stock index since\nOctober 28, 2008, and the largest gain for the tech-heavy gauge since October\n13, 2008.\n\nMore than 30 billion shares changed hands across all US exchanges, a record,\nwhile 485 S&P 500 constituents rose, the most since October 4, 2022. A handful\nof stocks have [ recouped all their losses\n](https://sherwood.news/markets/v-shaped-recovery-the-s-and-p-500-members-who-\nhave-completely-erased-their/) since last week\u2019s Rose Garden tariff\nannouncements.\n\nThe Magnificent 7 all outperformed the market, led by a 22% [ gain for Tesla\n](https://sherwood.news/business/tesla-surges-as-trump-slams-the-brakes-on-\nreciprocal-tariffs/) and near 19% advance for Nvidia.\n\nThere was clear panic buying at play, too: a basket of US stocks with the\nbiggest sales exposure to China [ had its second-best session on record\n](https://sherwood.news/markets/stock-market-tariff-pause-still-a-trade-war-\nwith-china/) on a day where China slapped the US with 84% tariffs and the US\nre-upped its duties in response.\n\n[ Retail stocks ramped ](https://sherwood.news/markets/retail-stocks-rebound-\ntrump-tariff-pause-announcement/) , as even if they still have exposure to\nChina, they\u2019ll get a break with the drops on tariffs for the likes of Vietnam\nand others in the region.\n\nAirlines went skyward, with Delta, United, and American rising more than 20%,\neven as Delta [ withdrew its guidance ](https://sherwood.news/business/even-\nas-ceo-warns-of-potential-recession-investors-are-scooping-up-delta/) .\n\nWalmart performed roughly in line with the market after [ maintaining its\nfull-year outlook ](https://sherwood.news/markets/walmart-ditches-its-\nquarterly-operating-income-outlook-as-it-braces-for/) while withdrawing its Q1\noperating income guidance.\n\nBitcoin [ rose just as much as the S&P 500\n](https://sherwood.news/crypto/bitcoin-is-over-the-moon-about-tariff-delay-\nstrategy-spikes-too/) on the day.\n\n[ ](/markets/)\n\n[ Luke Kawa ](/author/luke-kawa/)\n\n11h\n\n## [ Traders aren\u2019t acting as if there\u2019s still a trade war with China\n](/markets/stock-market-tariff-pause-still-a-trade-war-with-china/)\n\nAn odd thing is happening amid frenzied buying of US stocks following\nPresident Donald Trump\u2019s [ decision to water down reciprocal tariffs for 90\ndays ](https://sherwood.news/markets/us-stocks-soar-trump-pauses-reciprocal-\ntariffs-90-days/) for nonretaliating countries \u2014 a group which obviously\nexcludes China.\n\nA Goldman Sachs basket of Russell 1000 stocks with the most sales exposure to\nChina (excluding semiconductor stocks) is now outperforming that benchmark as\nwell as the  [ SPDR S&P 500 Trust\n](https://robinhood.com/stocks/SPY?source=sherwood) after trailing both\nheading into the midday announcement.\n\nAs Wedbush analyst Dan Ives [ noted ](https://sherwood.news/markets/ives-\ntariff-pause-pulls-stocks-and-the-market-from-the-edge-but-china/) , \u201cChina\nremains the key obstacle to figure out and this greatly impacts the US tech\nindustry.\u201d\n\n[ ](/markets/)\n\n[ Luke Kawa ](/author/luke-kawa/)\n\n11h\n\n## [ V-shaped recovery: The S&P 500 members who have completely erased their\ntariff-induced losses  ](/markets/v-shaped-recovery-the-s-and-p-500-members-\nwho-have-completely-erased-their/)\n\nThe S&P 500 is still down about 5% from levels that prevailed prior to\nPresident Donald Trump\u2019s [ reciprocal tariff\n](https://sherwood.news/markets/stocks-selloff-trump-tariffs-sp500-spy-qqq/)\nannouncement last Wednesday, which was both [ watered down and delayed\n](https://sherwood.news/markets/us-stocks-soar-trump-pauses-reciprocal-\ntariffs-90-days/) midday.\n\nBut about 5% of companies in the benchmark US stock index have managed to\ncompletely erase all those losses, as of 2:20 p.m. ET today. The group\nincludes:\n\n  * Chip designer  [ Broadcom  ](https://robinhood.com/us/en/stocks/AVGO/?source=sherwood) , which recently [ announced a $10 billion buyback ](https://sherwood.news/markets/broadcoms-usd10-billion-buyback-juices-semiconductor-stocks/) ; \n\n  * Magnificent 7 members  [ Nvidia  ](https://robinhood.com/us/en/stocks/NVDA/?source=sherwood) and  [ Microsoft  ](https://robinhood.com/us/en/stocks/MSFT/?source=sherwood) ; \n\n  * The unicorn:  [ Super Micro Computer  ](https://robinhood.com/us/en/stocks/SMCI/?source=sherwood) , [ an AI-linked stock that\u2019s also cheap ](https://sherwood.news/markets/super-micro-tops-s-and-p-500-as-server-company-screens-as-a-rare-ultracheap/) ; \n\n  * Retail favorite  [ Palantir Technologies  ](https://robinhood.com/us/en/stocks/PLTR/?source=sherwood) ; \n\n  * [ Delta  ](https://robinhood.com/us/en/stocks/DAL/?source=sherwood) , thanks to a [ massive 20% gain today after earnings ](https://sherwood.news/business/even-as-ceo-warns-of-potential-recession-investors-are-scooping-up-delta/) ; \n\n  * Consumer-facing companies  [ Lululemon  ](https://robinhood.com/us/en/stocks/LULU/?source=sherwood) and  [ Walmart  ](https://robinhood.com/us/en/stocks/WMT/?source=sherwood) , the latter of which is apparently shaking off the [ remaining levies remaining on China ](https://sherwood.news/markets/walmart-ditches-its-quarterly-operating-income-outlook-as-it-braces-for/) ; \n\n  * And h ealth insurers like  [ Humana  ](https://robinhood.com/stocks/hum?source=sherwood) and  [ UnitedHealth  ](https://robinhood.com/us/en/stocks/UNH/?source=sherwood) , poised to benefit from [ higher payout rates on Medicare Advantage ](https://sherwood.news/markets/insurance-stocks-rally-on-report-of-bigger-medicare-payouts/) . \n\n[ Matt Phillips  11h  Ives: Tariff pause \u201cpulls stocks and the market from the\nedge,\u201d but China remains the X factor for Apple  He says the week since the\ntariff rout began has \u201cbeen an epic debacle.\u201d  ](/markets/ives-tariff-pause-\npulls-stocks-and-the-market-from-the-edge-but-china/)\n\n###  Latest Stories\n\nSherwood Media, LLC produces fresh and unique perspectives on topical\nfinancial news and is a fully owned subsidiary of Robinhood Markets, Inc., and\nany views expressed here do not necessarily reflect the views of any other\nRobinhood affiliate, including Robinhood Markets, Inc., Robinhood Financial\nLLC, Robinhood Securities, LLC, Robinhood Crypto, LLC, or Robinhood Money,\nLLC.\n\n  * [ Privacy Notice ](/privacy-notice)\n  * [ Disclosures ](/disclosures)\n  * [ Terms and Conditions ](https://cdn.robinhood.com/assets/robinhood/legal/Sherwood-Media-Terms-and-Conditions.pdf)\n  * [ Editorial Standards ](/editorial-standards)\n  * [ Masthead ](/sherwood-media-masthead)\n  * Your Privacy Choices \n  * [ Advertising Disclaimers ](/advertising-disclaimers)\n\n\u00a9 2025 Sherwood Media, LLC\n\n",
                "url": "https://sherwood.news/markets/cronos-group-rises-after-cheery-earnings-report/"
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            "summary": "News article on Sherwood News about Cronos Group rises after cheery earnings report.",
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                    "source": "https://aikido.dev/blog/aikido-strengthens-cronos-group-security-posture"
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                "page_content": "Menu\n\n[ ](/)\n\n[ Login ](https://app.aikido.dev/login) [ Start Free\n](https://app.aikido.dev/login)\n\n[ Blog  ](/blog)\n\n/\n\nCronos Group chooses Aikido Security to strengthen security posture for its\ncompanies and customers\n\n#  Cronos Group chooses Aikido Security to strengthen security posture for its\ncompanies and customers\n\nBy\n\nRoeland Delrue\n\n4  min read\n\nNews\n\nAn IT match made in\u00e2\u0080\u00a6 Belgium! Aikido Security, a SaaS startup from Ghent,\nwill provide application security to The Cronos Group, an e-business\nintegrator headquartered in Kontich, with over 5,000 clients across their 570+\ncompanies in the Benelux region. This strategic partnership is set to fortify\nThe Cronos Group\u00e2\u0080\u0099s security posture and Aikido Security\u00e2\u0080\u0099s influence in the\ncybersecurity industry.\n\nCronos Group and Aikido Security partnership\n\n##  Stronger security posture with Aikido\n\nThe Cronos Group is now a new Aikido client. In this context, The Cronos Group\nis in the process of implementing Aikido\u00e2\u0080\u0099s security solutions across many of\nits software development companies. Why is this useful for The Cronos Group?\nNot only does it help establish a stronger security posture for each company\nin its network, but it also creates another great advantage. Aikido pulls it\nall together for Cronos, which will gain a more insightful and standardized\nglobal overview of the security posture of these companies than ever before.\n\nBeyond that, Aikido entrusts The Cronos Group to become a true partner as\nwell. In this context, Cronos will be able to provide Aikido to its customers\nso they, too, have the opportunity to benefit from Aikido\u00e2\u0080\u0099s services. On top\nof that, Cronos and Aikido actively work together to further improve the\nproduct features.\n\nAikido\u00e2\u0080\u0099s unique set of security tools and ability to reduce false positives\nwill deliver efficiency to the development teams in The Cronos Group\u00e2\u0080\u0099s\nnetwork of companies and customers. This means less disruption from\nunnecessary alerts leading to more focus on writing code. The Cronos Group\naims to help companies find creative, high-quality, and profitable ways to\nmake the most of potential new technologies. Therefore, this partnership\naligns perfectly with its mission.\n\nAikido pulls it all together in a dedicated \u00e2\u0080\u009cSecurity Partner Portal\u00e2\u0080\u009d.\nThrough this partner portal, The Cronos Group is able to gain a more\ninsightful and standardized global overview of the security posture of their\ncompanies than ever before.\n\nAn example product visual of Aikido\u00e2\u0080\u0099s Partner Portal\n\n##  The Cronos Group and Aikido comment on their partnership\n\nThe Cronos Group can\u00e2\u0080\u0099t wait to get started with Aikido.\n\n> The Cronos Group has always been supporting innovation and entrepreneurship,\n> including cyber security. We\u00e2\u0080\u0099re always on the lookout for partners to\n> strengthen our alliances. Through Aikido, we want to enable our developers\n> and clients to build in security from the first line of code. By combining\n> automation with intelligence, they can focus on the business value while\n> safeguarding their own scarce time and keeping the exposure to a minimum.  \n>  Jonas Buyle, Cronos Security\n\nMeanwhile, what benefits does this new partnership bring to Aikido? \"We're\nthrilled to welcome The Cronos Group to the Aikido Security family,\u00e2\u0080\u009d\nexplains Aikido cofounder and CEO, Willem Delbare. \u00e2\u0080\u009cAs both a customer and a\nreseller, The Cronos Group represents a key partnership in our mission to make\nmanaging your security posture simple. Our collaboration promises to provide\nunparalleled insights into the security posture of the portfolio of companies\nwithin The Cronos Group. Together, we aspire to elevate the standards of\napplication security across the board.\"\n\n##  About Aikido Security\n\n[ Aikido Security ](https://www.aikido.dev/) is a developer-first software\nsecurity platform. We scan your source code & cloud to show you which\nvulnerabilities are actually important to solve. Triaging is sped up by\nmassively reducing false positives and making CVEs human-readable. Aikido\nmakes it simple to strengthen your security posture to keep your product\nsecure. And, it gives you back time to do what you do best: writing code.\n\n##  About The Cronos Group\n\n[ The Cronos Group ](https://cronos-groep.be/en/) is an e-business integrator\ndelivering high-quality ICT solutions to enterprises and government entities\nin the Benelux region. The Cronos Group was founded by and for ICT\ntechnologists with the goal of helping them grow their careers and\nentrepreneurship. This mission expanded to include creative professionals in\norder to jointly design and implement creative and technologically leading\nsolutions for its customers. Since its inception in 1991, The Cronos Group\nexpanded from a one-person operation to a group of companies employing over\n9000 professionals across 570+ companies.  \n\nWritten by  Roeland Delrue\n\n[ ](https://www.linkedin.com/in/roelanddelrue/)\n\nCo-founder / COO & CRO\n\nShare:\n\nhttps://www.aikido.dev/blog/aikido-strengthens-cronos-group-security-posture\n\nTable of contents:\n\nText Link\n\nShare:\n\nUse keyboard\n\nto navigate through articles\n\n[ ](/blog/hide-and-fail-obfuscated-malware-and-npm-shenanigan)\n\nBy\n\nCharlie Eriksen\n\n## [ Hide and Fail: Obfuscated Malware, Empty Payloads, and npm Shenanigans\n](/blog/hide-and-fail-obfuscated-malware-and-npm-shenanigan)\n\nApril 3, 2025\n\n[ Read more  ](/blog/hide-and-fail-obfuscated-malware-and-npm-shenanigan)\n\n[ ](/blog/launching-aikido-malware---open-source-threat-feed)\n\nBy\n\nMadeline Lawrence\n\n## [ Launching Aikido Malware \u00e2\u0080\u0093 Open Source Threat Feed  ](/blog/launching-\naikido-malware---open-source-threat-feed)\n\nNews\n\nMarch 31, 2025\n\n[ Read more  ](/blog/launching-aikido-malware---open-source-threat-feed)\n\n[ ](/blog/malware-hiding-in-plain-sight-spying-on-north-korean-hackers)\n\nBy\n\nCharlie Eriksen\n\n## [ Malware hiding in plain sight: Spying on North Korean Hackers\n](/blog/malware-hiding-in-plain-sight-spying-on-north-korean-hackers)\n\nMarch 31, 2025\n\n[ Read more  ](/blog/malware-hiding-in-plain-sight-spying-on-north-korean-\nhackers)\n\n[ ](/blog/get-the-tl-dr-tj-actions-changed-files-supply-chain-attack)\n\nBy\n\nMadeline Lawrence\n\n## [ Get the TL;DR: tj-actions/changed-files Supply Chain Attack  ](/blog/get-\nthe-tl-dr-tj-actions-changed-files-supply-chain-attack)\n\nNews\n\nMarch 16, 2025\n\n[ Read more  ](/blog/get-the-tl-dr-tj-actions-changed-files-supply-chain-\nattack)\n\n[ ](/blog/a-no-bs-docker-security-checklist-for-the-vulnerability-minded-\ndeveloper)\n\nBy\n\nMackenzie Jackson\n\n## [ A no-BS Docker security checklist for the vulnerability-minded developer\n](/blog/a-no-bs-docker-security-checklist-for-the-vulnerability-minded-\ndeveloper)\n\nGuides\n\nMarch 6, 2025\n\n[ Read more  ](/blog/a-no-bs-docker-security-checklist-for-the-vulnerability-\nminded-developer)\n\n[ ](/blog/sensing-and-blocking-javascript-sql-injection-attacks-aikido-\nfirewall)\n\nBy\n\nMackenzie Jackson\n\n## [ Sensing and blocking JavaScript SQL injection attacks  ](/blog/sensing-\nand-blocking-javascript-sql-injection-attacks-aikido-firewall)\n\nGuides\n\nMarch 4, 2025\n\n[ Read more  ](/blog/sensing-and-blocking-javascript-sql-injection-attacks-\naikido-firewall)\n\n[ ](/blog/prisma-and-postgresql-vulnerable-to-nosql-injection)\n\nBy\n\nFloris Van den Abeele\n\n## [ Prisma and PostgreSQL vulnerable to NoSQL injection? A surprising\nsecurity risk explained  ](/blog/prisma-and-postgresql-vulnerable-to-nosql-\ninjection)\n\nEngineering\n\nFebruary 14, 2025\n\n[ Read more  ](/blog/prisma-and-postgresql-vulnerable-to-nosql-injection)\n\n[ ](/blog/launching-opengrep-why-we-forked-semgrep)\n\nBy\n\nWillem Delbare\n\n## [ Launching Opengrep | Why we forked Semgrep  ](/blog/launching-opengrep-why-we-forked-semgrep)\n\nNews\n\nJanuary 24, 2025\n\n[ Read more  ](/blog/launching-opengrep-why-we-forked-semgrep)\n\n[ ](/blog/your-client-requires-nis2-vulnerability-patching-now-what)\n\nBy\n\nThomas Segura\n\n## [ Your Client Requires NIS2 Vulnerability Patching. Now What?\n](/blog/your-client-requires-nis2-vulnerability-patching-now-what)\n\nJanuary 14, 2025\n\n[ Read more  ](/blog/your-client-requires-nis2-vulnerability-patching-now-\nwhat)\n\n[ ](/blog/top-10-ai-powered-sast-tools-in-2025)\n\nBy\n\nMackenzie Jackson\n\n## [ Top 10 AI-powered SAST tools in 2025  ](/blog/top-10-ai-powered-sast-\ntools-in-2025)\n\nGuides\n\nJanuary 10, 2025\n\n[ Read more  ](/blog/top-10-ai-powered-sast-tools-in-2025)\n\n[ ](/blog/snyk-vs-aikido-security-g2-reviews-snyk-alternative)\n\nBy\n\nMadeline Lawrence\n\n## [ Snyk vs Aikido Security | G2 Reviews Snyk Alternative  ](/blog/snyk-vs-aikido-security-g2-reviews-snyk-alternative)\n\nGuides\n\nJanuary 10, 2025\n\n[ Read more  ](/blog/snyk-vs-aikido-security-g2-reviews-snyk-alternative)\n\n[ ](/blog/top-10-software-composition-analysis-sca-tools-in-2025)\n\nBy\n\nMackenzie Jackson\n\n## [ Top 10 Software Composition Analysis (SCA) tools in 2025\n](/blog/top-10-software-composition-analysis-sca-tools-in-2025)\n\nGuides\n\nJanuary 9, 2025\n\n[ Read more  ](/blog/top-10-software-composition-analysis-sca-tools-in-2025)\n\n[ ](/blog/3-key-steps-to-strengthen-compliance-and-risk-management)\n\nBy\n\nMichiel Denis\n\n## [ 3 Key Steps to Strengthen Compliance and Risk Management  ](/blog/3-key-\nsteps-to-strengthen-compliance-and-risk-management)\n\nDecember 27, 2024\n\n[ Read more  ](/blog/3-key-steps-to-strengthen-compliance-and-risk-management)\n\n[ ](/blog/the-start-ups-open-source-guide-to-application-security)\n\nBy\n\nMackenzie Jackson\n\n## [ The Startup's Open-Source Guide to Application Security  ](/blog/the-\nstart-ups-open-source-guide-to-application-security)\n\nGuides\n\nDecember 23, 2024\n\n[ Read more  ](/blog/the-start-ups-open-source-guide-to-application-security)\n\n[ ](/blog/launching-aikido-for-cursor-ai)\n\nBy\n\nMadeline Lawrence\n\n## [ Launching Aikido for Cursor AI  ](/blog/launching-aikido-for-cursor-ai)\n\nEngineering\n\nDecember 13, 2024\n\n[ Read more  ](/blog/launching-aikido-for-cursor-ai)\n\n[ ](/blog/meet-intel-aikidos-open-source-threat-feed-powered-by-llms)\n\nBy\n\nMackenzie Jackson\n\n## [ Meet Intel: Aikido\u00e2\u0080\u0099s Open Source threat feed powered by LLMs.\n](/blog/meet-intel-aikidos-open-source-threat-feed-powered-by-llms)\n\nEngineering\n\nDecember 13, 2024\n\n[ Read more  ](/blog/meet-intel-aikidos-open-source-threat-feed-powered-by-\nllms)\n\n[ ](/blog/aikido-joins-the-aws-partner-network)\n\nBy\n\nJohan De Keulenaer\n\n## [ Aikido joins the AWS Partner Network  ](/blog/aikido-joins-the-aws-\npartner-network)\n\nNews\n\nNovember 26, 2024\n\n[ Read more  ](/blog/aikido-joins-the-aws-partner-network)\n\n[ ](/blog/command-injection-in-2024-unpacked)\n\nBy\n\nMackenzie Jackson\n\n## [ Command injection in 2024 unpacked  ](/blog/command-injection-\nin-2024-unpacked)\n\nEngineering\n\nNovember 24, 2024\n\n[ Read more  ](/blog/command-injection-in-2024-unpacked)\n\n[ ](/blog/path-traversal-in-2024-the-year-unpacked)\n\nBy\n\nMackenzie Jackson\n\n## [ Path Traversal in 2024 - The year unpacked  ](/blog/path-traversal-\nin-2024-the-year-unpacked)\n\nEngineering\n\nNovember 23, 2024\n\n[ Read more  ](/blog/path-traversal-in-2024-the-year-unpacked)\n\n[ ](/blog/balancing-security-when-to-leverage-open-source-tools-vs-commercial-\nsolutions)\n\nBy\n\nMackenzie Jackson\n\n## [ Balancing Security: When to Leverage Open-Source Tools vs. Commercial\nTools  ](/blog/balancing-security-when-to-leverage-open-source-tools-vs-\ncommercial-solutions)\n\nGuides\n\nNovember 15, 2024\n\n[ Read more  ](/blog/balancing-security-when-to-leverage-open-source-tools-vs-\ncommercial-solutions)\n\n[ ](/blog/the-state-of-sql-injections)\n\nBy\n\nMackenzie Jackson\n\n## [ The State of SQL Injection  ](/blog/the-state-of-sql-injections)\n\nGuides\n\nNovember 8, 2024\n\n[ Read more  ](/blog/the-state-of-sql-injections)\n\n[ ](/blog/vismas-security-boost-with-aikido-a-conversation-with-nikolai-\nbrogaard)\n\nBy\n\nMichiel Denis\n\n## [ Visma\u00e2\u0080\u0099s Security Boost with Aikido: A Conversation with Nikolai\nBrogaard  ](/blog/vismas-security-boost-with-aikido-a-conversation-with-\nnikolai-brogaard)\n\nNews\n\nNovember 6, 2024\n\n[ Read more  ](/blog/vismas-security-boost-with-aikido-a-conversation-with-\nnikolai-brogaard)\n\n[ ](/blog/security-in-fintech)\n\nBy\n\nMichiel Denis\n\n## [ Security in FinTech: Q&A with Dan Kindler, co-founder & CTO of Bound\n](/blog/security-in-fintech)\n\nNews\n\nOctober 10, 2024\n\n[ Read more  ](/blog/security-in-fintech)\n\n[ ](/blog/top-7-aspm-tools)\n\nBy\n\nFelix Garriau\n\n## [ Top 7 ASPM Tools in 2025  ](/blog/top-7-aspm-tools)\n\nGuides\n\nOctober 1, 2024\n\n[ Read more  ](/blog/top-7-aspm-tools)\n\n[ ](/blog/sprinto-partnership)\n\nBy\n\nMadeline Lawrence\n\n## [ Automate compliance with SprintoGRC x Aikido  ](/blog/sprinto-\npartnership)\n\nNews\n\nSeptember 11, 2024\n\n[ Read more  ](/blog/sprinto-partnership)\n\n[ ](/blog/how-to-generate-an-sbom-for-an-audit)\n\nBy\n\nFelix Garriau\n\n## [ How to Create an SBOM for Software Audits  ](/blog/how-to-generate-an-\nsbom-for-an-audit)\n\nGuides\n\nSeptember 9, 2024\n\n[ Read more  ](/blog/how-to-generate-an-sbom-for-an-audit)\n\n[ ](/blog/sast-vs-dast-what-you-need-to-now)\n\nBy\n\nMadeline Lawrence\n\n## [ SAST vs DAST: What you need to know.  ](/blog/sast-vs-dast-what-you-need-\nto-now)\n\nGuides\n\nSeptember 2, 2024\n\n[ Read more  ](/blog/sast-vs-dast-what-you-need-to-now)\n\n[ ](/blog/best-sbom-generation-tools)\n\nBy\n\nFelix Garriau\n\n## [ Best SBOM Tools for Developers: Our 2025 Picks  ](/blog/best-sbom-\ngeneration-tools)\n\nGuides\n\nAugust 7, 2024\n\n[ Read more  ](/blog/best-sbom-generation-tools)\n\n[ ](/blog/5-snyk-alternatives-and-why-they-are-better)\n\nBy\n\nLieven Oosterlinck\n\n## [ 5 Snyk Alternatives and Why They Are Better  ](/blog/5-snyk-alternatives-\nand-why-they-are-better)\n\nNews\n\nAugust 5, 2024\n\n[ Read more  ](/blog/5-snyk-alternatives-and-why-they-are-better)\n\n[ ](/blog/why-were-stoked-to-partner-with-laravel)\n\nBy\n\nMadeline Lawrence\n\n## [ Why we\u00e2\u0080\u0099re stoked to partner with Laravel  ](/blog/why-were-stoked-to-\npartner-with-laravel)\n\nNews\n\nJuly 8, 2024\n\n[ Read more  ](/blog/why-were-stoked-to-partner-with-laravel)\n\n[ ](/blog/110000-sites-affected-by-the-polyfill-supply-chain-attack)\n\nBy\n\nFelix Garriau\n\n## [ 110,000 sites affected by the Polyfill supply chain attack\n](/blog/110000-sites-affected-by-the-polyfill-supply-chain-attack)\n\nNews\n\nJune 27, 2024\n\n[ Read more  ](/blog/110000-sites-affected-by-the-polyfill-supply-chain-\nattack)\n\n[ ](/blog/cybersecurity-essentials-for-legaltech-companies)\n\nBy\n\nFelix Garriau\n\n## [ Cybersecurity Essentials for LegalTech Companies  ](/blog/cybersecurity-\nessentials-for-legaltech-companies)\n\nNews\n\nJune 25, 2024\n\n[ Read more  ](/blog/cybersecurity-essentials-for-legaltech-companies)\n\n[ ](/blog/drata-aikido-integration-automates-vulnerability-management)\n\nBy\n\nRoeland Delrue\n\n## [ Drata Integration - How to Automate Technical Vulnerability Management\n](/blog/drata-aikido-integration-automates-vulnerability-management)\n\nGuides\n\nJune 18, 2024\n\n[ Read more  ](/blog/drata-aikido-integration-automates-vulnerability-\nmanagement)\n\n[ ](/blog/diy-guide-build-vs-buy-your-oss-code-scanning-and-app-security-\ntoolkit)\n\nBy\n\nJoel Hans\n\n## [ DIY guide: \u00e2\u0080\u0098Build vs buy\u00e2\u0080\u0099 your OSS code scanning and app security\ntoolkit  ](/blog/diy-guide-build-vs-buy-your-oss-code-scanning-and-app-\nsecurity-toolkit)\n\nGuides\n\nJune 11, 2024\n\n[ Read more  ](/blog/diy-guide-build-vs-buy-your-oss-code-scanning-and-app-\nsecurity-toolkit)\n\n[ ](/blog/soc-2-certification-tips)\n\nBy\n\nRoeland Delrue\n\n## [ SOC 2 certification: 5 things we learned  ](/blog/soc-2-certification-\ntips)\n\nGuides\n\nJune 4, 2024\n\n[ Read more  ](/blog/soc-2-certification-tips)\n\n[ ](/blog/app-security-problems-top-10)\n\nBy\n\nJoel Hans\n\n## [ Top 10 app security problems and how to protect yourself  ](/blog/app-\nsecurity-problems-top-10)\n\nGuides\n\nMay 28, 2024\n\n[ Read more  ](/blog/app-security-problems-top-10)\n\n[ ](/blog/we-just-raised-our-17-million-series-a)\n\nBy\n\nMadeline Lawrence\n\n## [ We just raised our $17 million Series A  ](/blog/we-just-raised-\nour-17-million-series-a)\n\nNews\n\nMay 2, 2024\n\n[ Read more  ](/blog/we-just-raised-our-17-million-series-a)\n\n[ ](/blog/best-rasp-tools)\n\nBy\n\n## [ Best RASP Tools for Developers in 2025  ](/blog/best-rasp-tools)\n\nApril 10, 2024\n\n[ Read more  ](/blog/best-rasp-tools)\n\n[ ](/blog/webhook-security-checklist)\n\nBy\n\nWillem Delbare\n\n## [ Webhook security checklist: How to build secure webhooks\n](/blog/webhook-security-checklist)\n\nGuides\n\nApril 4, 2024\n\n[ Read more  ](/blog/webhook-security-checklist)\n\n[ ](/blog/the-cure-for-security-alert-fatigue-syndrome)\n\nBy\n\nWillem Delbare\n\n## [ The Cure For Security Alert Fatigue Syndrome  ](/blog/the-cure-for-\nsecurity-alert-fatigue-syndrome)\n\nEngineering\n\nFebruary 21, 2024\n\n[ Read more  ](/blog/the-cure-for-security-alert-fatigue-syndrome)\n\n[ ](/blog/nis2-who-is-affected)\n\nBy\n\nRoeland Delrue\n\n## [ NIS2: Who is affected?  ](/blog/nis2-who-is-affected)\n\nGuides\n\nJanuary 16, 2024\n\n[ Read more  ](/blog/nis2-who-is-affected)\n\n[ ](/blog/iso-27001-certification-top-tips)\n\nBy\n\nRoeland Delrue\n\n## [ ISO 27001 certification: 8 things we learned\n](/blog/iso-27001-certification-top-tips)\n\nGuides\n\nDecember 5, 2023\n\n[ Read more  ](/blog/iso-27001-certification-top-tips)\n\n[ ](/blog/loctax-eliminates-false-positives)\n\nBy\n\nBart Jonckheere\n\n## [ How Loctax uses Aikido Security to get rid of irrelevant security alerts\n& false positives  ](/blog/loctax-eliminates-false-positives)\n\nNews\n\nNovember 22, 2023\n\n[ Read more  ](/blog/loctax-eliminates-false-positives)\n\n[ ](/blog/aikido-security-raises-eur5m-to-offer-a-seamless-security-solution-\nto-growing-saas-businesses)\n\nBy\n\nFelix Garriau\n\n## [ Aikido Security raises \u00e2\u0082\u00ac5m to offer a seamless security solution to\ngrowing SaaS businesses  ](/blog/aikido-security-raises-eur5m-to-offer-a-\nseamless-security-solution-to-growing-saas-businesses)\n\nNews\n\nNovember 9, 2023\n\n[ Read more  ](/blog/aikido-security-raises-eur5m-to-offer-a-seamless-\nsecurity-solution-to-growing-saas-businesses)\n\n[ ](/blog/aikido-security-achieves-iso-270012022-compliance)\n\nBy\n\nRoeland Delrue\n\n## [ Aikido Security achieves ISO 27001:2022 compliance  ](/blog/aikido-\nsecurity-achieves-iso-270012022-compliance)\n\nNews\n\nNovember 8, 2023\n\n[ Read more  ](/blog/aikido-security-achieves-iso-270012022-compliance)\n\n[ ](/blog/aikido-improves-startup-security-posture-storychief)\n\nBy\n\nFelix Garriau\n\n## [ How StoryChief\u00e2\u0080\u0099s CTO uses Aikido Security to sleep better at night\n](/blog/aikido-improves-startup-security-posture-storychief)\n\nNews\n\nOctober 24, 2023\n\n[ Read more  ](/blog/aikido-improves-startup-security-posture-storychief)\n\n[ ](/blog/what-is-a-cve)\n\nBy\n\nWillem Delbare\n\n## [ What is a CVE?  ](/blog/what-is-a-cve)\n\nGuides\n\nOctober 17, 2023\n\n[ Read more  ](/blog/what-is-a-cve)\n\n[ ](/blog/best-end-of-life-detection-tools)\n\nBy\n\nFelix Garriau\n\n## [ Best Tools for End-of-Life Detection: 2025 Rankings  ](/blog/best-end-of-\nlife-detection-tools)\n\nGuides\n\nOctober 4, 2023\n\n[ Read more  ](/blog/best-end-of-life-detection-tools)\n\n[ ](/blog/web-application-security-vulnerabilities)\n\nBy\n\nWillem Delbare\n\n## [ Top 3 web application security vulnerabilities in 2024  ](/blog/web-\napplication-security-vulnerabilities)\n\nEngineering\n\nSeptember 27, 2023\n\n[ Read more  ](/blog/web-application-security-vulnerabilities)\n\n[ ](/blog/new-aikido-security-features-august-2023)\n\nBy\n\nFelix Garriau\n\n## [ New Aikido Security Features: August 2023  ](/blog/new-aikido-security-\nfeatures-august-2023)\n\nNews\n\nAugust 22, 2023\n\n[ Read more  ](/blog/new-aikido-security-features-august-2023)\n\n[ ](/blog/saas-cto-security-checklist)\n\nBy\n\nFelix Garriau\n\n## [ Aikido\u00e2\u0080\u0099s 2025 SaaS CTO Security Checklist  ](/blog/saas-cto-security-\nchecklist)\n\nNews\n\nAugust 10, 2023\n\n[ Read more  ](/blog/saas-cto-security-checklist)\n\n[ ](/blog/saas-cto-security-checklist-old)\n\nBy\n\nFelix Garriau\n\n## [ Aikido\u00e2\u0080\u0099s 2024 SaaS CTO Security Checklist  ](/blog/saas-cto-security-\nchecklist-old)\n\nNews\n\nAugust 10, 2023\n\n[ Read more  ](/blog/saas-cto-security-checklist-old)\n\n[ ](/blog/cloud-code-security-cto-consultation)\n\nBy\n\nFelix Garriau\n\n## [ 15 Top Cloud and Code Security Challenges Revealed by CTOs\n](/blog/cloud-code-security-cto-consultation)\n\nEngineering\n\nJuly 25, 2023\n\n[ Read more  ](/blog/cloud-code-security-cto-consultation)\n\n[ ](/blog/what-is-owasp-top-10)\n\nBy\n\nWillem Delbare\n\n## [ What is OWASP Top 10?  ](/blog/what-is-owasp-top-10)\n\nGuides\n\nJuly 12, 2023\n\n[ Read more  ](/blog/what-is-owasp-top-10)\n\n[ ](/blog/build-secure-admin-panel)\n\nBy\n\nWillem Delbare\n\n## [ How to build a secure admin panel for your SaaS app  ](/blog/build-\nsecure-admin-panel)\n\nGuides\n\nJuly 11, 2023\n\n[ Read more  ](/blog/build-secure-admin-panel)\n\n[ ](/blog/iso-270012022-preparation)\n\nBy\n\nRoeland Delrue\n\n## [ How to prepare yourself for ISO 27001:2022\n](/blog/iso-270012022-preparation)\n\nGuides\n\nJuly 5, 2023\n\n[ Read more  ](/blog/iso-270012022-preparation)\n\n[ ](/blog/prevent-fallout-when-cicd-platform-hacked)\n\nBy\n\nWillem Delbare\n\n## [ Preventing fallout from your CI/CD platform being hacked\n](/blog/prevent-fallout-when-cicd-platform-hacked)\n\nGuides\n\nJune 19, 2023\n\n[ Read more  ](/blog/prevent-fallout-when-cicd-platform-hacked)\n\n[ ](/blog/security-assessment-report-closes-deals-faster)\n\nBy\n\nFelix Garriau\n\n## [ How to Close Deals Faster with a Security Assessment Report\n](/blog/security-assessment-report-closes-deals-faster)\n\nNews\n\nJune 12, 2023\n\n[ Read more  ](/blog/security-assessment-report-closes-deals-faster)\n\n[ ](/blog/a-guide-to-automating-technical-vulnerability-management-for-soc-2)\n\nBy\n\nWillem Delbare\n\n## [ Automate Technical Vulnerability Management [SOC 2]  ](/blog/a-guide-to-\nautomating-technical-vulnerability-management-for-soc-2)\n\nGuides\n\nJune 5, 2023\n\n[ Read more  ](/blog/a-guide-to-automating-technical-vulnerability-management-\nfor-soc-2)\n\n[ ](/blog/prevent-prototype-pollution)\n\nBy\n\nWillem Delbare\n\n## [ Preventing prototype pollution in your repository  ](/blog/prevent-\nprototype-pollution)\n\nGuides\n\nJune 1, 2023\n\n[ Read more  ](/blog/prevent-prototype-pollution)\n\n[ ](/blog/how-does-a-saas-startup-cto-balance-development-speed-and-security)\n\nBy\n\nWillem Delbare\n\n## [ How does a SaaS startup CTO balance development speed and security?\n](/blog/how-does-a-saas-startup-cto-balance-development-speed-and-security)\n\nGuides\n\nMay 16, 2023\n\n[ Read more  ](/blog/how-does-a-saas-startup-cto-balance-development-speed-\nand-security)\n\n[ ](/blog/how-a-startups-cloud-got-taken-over-by-a-simple-form-that-sends-an-\nemail)\n\nBy\n\nWillem Delbare\n\n## [ How a startup\u00e2\u0080\u0099s cloud got taken over by a simple form that sends emails\n](/blog/how-a-startups-cloud-got-taken-over-by-a-simple-form-that-sends-an-\nemail)\n\nEngineering\n\nApril 10, 2023\n\n[ Read more  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                "url": "https://aikido.dev/blog/aikido-strengthens-cronos-group-security-posture"
            },
            "reason": "Aikido.dev is a source for security. The article reports on Aikido strengthens Cronos Group security posture.",
            "reliability_score": 0.7,
            "search_query": "company 'The Cronos Group' activities value chain",
            "summary": "News article on Aikido.dev about Cronos Group security posture.",
            "url": "https://aikido.dev/blog/aikido-strengthens-cronos-group-security-posture"
        },
        {
            "content": {
                "metadata": {
                    "ext_id": "2dcf82e1-b44f-4598-a0d4-49ab01cb52b3",
                    "origin": "public",
                    "resource_location": "web",
                    "resource_type": "webpage",
                    "source": "https://terpenesandtesting.com/cronos-group-inc-announces-2-4-billion-strategic-investment-from-altria-group-inc/"
                },
                "page_content": "__\n\n[ ](https://terpenesandtesting.com/)\n\nWritten by  [ Shared Content\n](https://terpenesandtesting.com/author/sharedcontent/)\n\n_Provides Cronos Group with Additional Capital and Complementary Expertise to\nAccelerate Its Expansion and Innovation in the Rapidly Growing Global Cannabis\nIndustry_\n\nTORONTO, Dec. 7, 2018 /CNW/ \u2013 Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON)\n(\u201cCronos Group\u201d or the \u201cCompany\u201d) today announced that it has entered into a\nsubscription agreement (the \u201cSubscription Agreement\u201d) with Altria Group, Inc.\n(NYSE: MO) (\u201cAltria\u201d) pursuant to which Altria has agreed to make an\napproximately C$2.4 billion equity investment in Cronos Group (the\n\u201cTransaction\u201d) on a private placement basis in exchange for common shares in\nthe capital of the Company (the \u201cShares\u201d). Altria will also receive Warrants\nof Cronos Group (the \u201cWarrants\u201d), that if fully exercised, would provide the\nCompany with an additional approximately C$1.4 billion of proceeds. The Shares\nissuable to Altria pursuant to the Subscription Agreement will result in\nAltria holding an approximately 45% ownership interest in Cronos Group\n(calculated on a non-diluted basis), exercise of the Warrants would result in\nincremental ownership of 10% for a total potential ownership position of 55%.\nThis strategic partnership provides Cronos Group with additional financial\nresources, product development and commercialization capabilities, and deep\nregulatory expertise to better position the Company to compete, scale and lead\nthe rapidly growing global cannabis industry.\n\n\u201cAltria is the ideal partner for Cronos Group, providing the resources and\nexpertise we need to meaningfully accelerate our strategic growth,\u201d said\nCronos Group\u2019s Mike Gorenstein, Chairman, President and Chief Executive\nOfficer. \u201cThe proceeds from Altria\u2019s investment will enable us to more quickly\nexpand our global infrastructure and distribution footprint, while also\nincreasing investments in R&D and brands that resonate with our consumers.\nImportantly, Altria shares our vision of driving long-term value through\ninnovation, and we look forward to continuing to differentiate in this area.\nAs one of the largest holding companies in the adult consumer products sector,\nAltria has decades of experience in regulatory, government affairs,\ncompliance, product development and brand management that we expect to\nleverage, particularly as new markets for cannabis open around the world.\u201d\n\n\u201cInvesting in Cronos Group as our exclusive partner in the emerging global\ncannabis category represents an exciting new growth opportunity for Altria,\u201d\nsaid Howard Willard, Altria\u2019s Chairman and Chief Executive Officer. \u201cWe\nbelieve that Cronos Group\u2019s excellent management team has built capabilities\nnecessary to compete globally, and we look forward to helping Cronos Group\nrealize its significant growth potential.\u201d\n\n**Benefits of the Transaction**\n\n  * **Accelerates Cronos Group\u2019s pace of growth and expansion.** The growth opportunities for Cronos Group are significant and extend across the globe as markets open. With Altria\u2019s resources, Cronos Group expects to be even better positioned to support cannabinoid innovation, create differentiated products and brands across medicinal and recreational categories, and expand its global footprint and growing production capacity. \n  * **Bolsters Cronos Group\u2019s ability to be an innovation leader in the cannabis industry.** Cronos Group\u2019s research collaborations with Gingko Bioworks to develop cultured cannabinoids and its partnership with the Technion Research and Development Foundation for cannabinoid-based skin care treatments are just two recent examples of how the Cronos Group intends to use innovation and its growing intellectual property portfolio to develop new applications for cannabinoids across a range of products and categories. Altria shares Cronos Group\u2019s commitment to innovation, medical cannabis research and state of the art product development. \n  * **Leverages Altria\u2019s product design, manufacturing, marketing and distribution capabilities and expertise.** Cronos Group expects to work with Altria to rapidly expand its product offerings in markets as regulations permit, including device technology. Altria has significant expertise that can serve as building blocks for cannabis vape products. Altria also brings considerable experience with large-scale manufacturing automation, pre-roll technology and supply chain management. In addition, by investing the incremental capital, Cronos Group expects to enhance its attractiveness as a potential partner to other medicinal and consumer focused partners that may work with the Company to further expand its product offerings and distribution capabilities for the benefit of its shareholders. \n  * **Provides expertise in successfully navigating complex regulatory landscapes.** Altria has a strong record of managing multi-faceted regulatory, compliance and government affairs environments related to taxation, product registration, shipping and other legal issues that Cronos Group expects to be able to leverage as cannabis markets develop and open around the world. \n  * **Raises capital at a premium valuation and delivers even greater upside opportunities for Cronos Group shareholders, employees and partners.** Under the terms of the agreement, Altria has agreed to acquire 146.2 million Shares at a price of C$16.25 per Share. The price per Share represents a 41.5% premium to the Company\u2019s 10-day volume weighted average price (\u201cVWAP\u201d) on the TSX, ending November 30, 2018, the last unaffected trading day prior to when Cronos Group publicly disclosed preliminary discussions with Altria. The strategic investment combined with Altria\u2019s expertise and complementary capabilities are expected to better position Cronos Group for significant growth and value creation with benefits to all of the Company\u2019s stakeholders, including its holders of Shares (the \u201cShareholders\u201d), employees and partners. \n\n**Board Recommendation**\n\nThe Board of Directors of Cronos Group (the \u201cBoard\u201d), after consultation with\nits legal and financial advisors, has unanimously determined that the\nTransaction is in the best interest of Cronos Group and is unanimously\nrecommending that Shareholders vote in favor of the Transaction. The Board has\nreceived an opinion from its financial advisor, Lazard Canada Inc., that as of\nthe date thereof and subject to the assumptions, qualifications and\nlimitations set forth therein, the consideration to be received by the Company\npursuant to the Transaction is fair, from a financial point of view, to the\nCompany.\n\n**Key Transaction Terms**\n\n**_Equity Investment_ **\n\nPursuant to the Subscription Agreement, Altria has agreed to acquire 146.2\nmillion Shares at closing at a price of C$16.25 per Share, which represents a\n41.5% premium to the 10-day VWAP of the Shares on the TSX on November 30,\n2018, the last unaffected trading day prior to when Cronos Group publicly\ndisclosed preliminary discussions with Altria.\n\nAltria will also receive Warrants at closing entitling it to acquire up to an\nadditional 10% ownership position in the Company exercisable from time to\ntime, for a period of four years following closing for an exercise price of\nC$19.00 per Share, which represents an implied premium of 65.5% to the 10-day\nVWAP of the Shares on the TSX on November 30, 2018. Altria\u2019s ownership\ninterest in Cronos Group would be approximately 55% (calculated on a non-\ndiluted basis). Additionally, the Warrants will contain certain anti-dilution\nprovisions.\n\n**_Governance Rights_ **\n\nPursuant to an investor rights agreement to be entered into, at closing (the\n\u201cInvestor Rights Agreement\u201d), Altria will have the right to nominate four\ndirectors, including one independent director, to serve on the Board of\nDirectors of Cronos Group, which will be expanded from five to seven directors\nin connection with the Transaction.\n\n**_Altria\u2019s Exclusive Cannabis Partner_ **\n\nUnder the Investor Rights Agreement, Altria has agreed to make Cronos Group\nits exclusive partner for pursuing cannabis opportunities throughout the world\n(subject to certain limited exceptions.\n\nAt closing, the parties are also expected to enter into commercial support\nagreements under which Altria will provide services relating to marketing and\nbrand management, government affairs, regulatory affairs, and research and\ndevelopment.\n\n**_Closing and Approvals_ **\n\nThe Transaction is expected to close in the first half of 2019, subject to\ncertain customary closing conditions including the receipt of approval from\nthe TSX, and receipt of regulatory approval pursuant to the _Investment Canada\nAct_ . In addition, under applicable TSX rules, the Transaction will require\napproval by at least the majority of the votes cast by Shareholders present at\na special meeting of Shareholders as the Transaction is expected to materially\naffect control of Cronos Group.\n\n**_Additional Information_ **\n\nFurther information regarding the transaction will be included in the\nmanagement information circular to be mailed to Shareholders in connection\nwith the Company\u2019s special meeting of Shareholders to approve the transaction.\nCopies of the Subscription Agreement and the agreements attached thereto as\nexhibits, including the form of Warrant and the form of Investor Rights\nAgreement, will be filed on the Company\u2019s profile on SEDAR at [ www.sedar.com\n](http://email.prnewswire.com/wf/click?upn=TwIh0OIjG8BOSB67uKqqj1Dv0kOTDBR75uA624SqEK4-3D_uY0eif8GKUcAlb-2B0UMl-2FBd81zfik9uA5J-2BGqewLYGRQRqhyDtlptY9ozAws7mtTgnQhuu7m42oVUAJZ0i-2Ba5Bp9qmnMp4AYH2F75DuoWRU5ZPhWFPFYr9T0yTwq-2BsXzzHc7gt5xmhurO3kxl8q-2BRdEgIduvmPjtlkhRfmndLK8vNgAdu7dpbVqDc8W4Pa0U95J4xGKNvmohL7l1vaiihjPUKn0ncYU2zaRARbDGfGYeUqIsfuSxoS4Gq5JVyIBJTeVzNVA57ThVCul94GzgkLrNL7jrwzNcgAD-2F3tL-2B9MvXGJmJLAFP6tL-2BFg0T25I6SV1pWKPQTreEkP85U2eh5lS4ogjPOOnKJA-2FTM-2BLcmlqjsuYxx9ski3HtbEY9ISktq)\nand EDGAR at [ www.sec.gov\n](http://email.prnewswire.com/wf/click?upn=TwIh0OIjG8BOSB67uKqqj-2Fh0aYGGdr3Ge9-2BmoVUyixo-3D_uY0eif8GKUcAlb-2B0UMl-2FBd81zfik9uA5J-2BGqewLYGRQRqhyDtlptY9ozAws7mtTgnQhuu7m42oVUAJZ0i-2Ba5Bp9qmnMp4AYH2F75DuoWRU5ZPhWFPFYr9T0yTwq-2BsXzzHc7gt5xmhurO3kxl8q-2BRdEgIduvmPjtlkhRfmndLK8vNgAdu7dpbVqDc8W4Pa0U95J4xGKNvmohL7l1vaiihjPUKn0ncYU2zaRARbDGfGYdJklp0GMRWrXXZpjrf27l-2BdDn6J-2FYgB21zvAJJfTywDPuMLj8Dam1OjIyy1Ge0SGn4jqOo3TGWBMOikKnAPppyCyPJSRt7mTNJD8R8JxXaRI63sebGPlK-2FVLSL9-2BNiaN7oP-2Fl3DNAesLzJ4G2WFNxY)\n. The above descriptions of the terms and conditions of the Subscription\nAgreement and the agreements attached thereto as exhibits, including the form\nof Warrant and the form of Investor Rights Agreement, are qualified in their\nentirety by the terms of the Subscription Agreement which will be filed on the\nCompany\u2019s profile on SEDAR at [ www.sedar.com\n](http://email.prnewswire.com/wf/click?upn=TwIh0OIjG8BOSB67uKqqj1Dv0kOTDBR75uA624SqEK4-3D_uY0eif8GKUcAlb-2B0UMl-2FBd81zfik9uA5J-2BGqewLYGRQRqhyDtlptY9ozAws7mtTgnQhuu7m42oVUAJZ0i-2Ba5Bp9qmnMp4AYH2F75DuoWRU5ZPhWFPFYr9T0yTwq-2BsXzzHc7gt5xmhurO3kxl8q-2BRdEgIduvmPjtlkhRfmndLK8vNgAdu7dpbVqDc8W4Pa0U95J4xGKNvmohL7l1vaiihjPUKn0ncYU2zaRARbDGfGYcWczWSO3ECk0CdHBvsJGd-2FzOdI3AdRd-2B-2BK6-2B4coKwV3tWn-2F5p075Hj4iCYrFuec6J1QBFmvTpPZXOB9DEaJMh8Gn-2FPYAhAWtGqj3zlrbkwE74WTvB8A0VowSntApsfEfRGzicxoWyTqzL4nsdfQfk9)\nand EDGAR at [ www.sec.gov\n](http://email.prnewswire.com/wf/click?upn=TwIh0OIjG8BOSB67uKqqj-2Fh0aYGGdr3Ge9-2BmoVUyixo-3D_uY0eif8GKUcAlb-2B0UMl-2FBd81zfik9uA5J-2BGqewLYGRQRqhyDtlptY9ozAws7mtTgnQhuu7m42oVUAJZ0i-2Ba5Bp9qmnMp4AYH2F75DuoWRU5ZPhWFPFYr9T0yTwq-2BsXzzHc7gt5xmhurO3kxl8q-2BRdEgIduvmPjtlkhRfmndLK8vNgAdu7dpbVqDc8W4Pa0U95J4xGKNvmohL7l1vaiihjPUKn0ncYU2zaRARbDGfGYc4KGIVLxPJQMc24T2uQvUVcLynvGFO-2FSyzJIClp-2F8FhMrCWg6d98CGpsh7REpRYWRrpb5998j-2BRmgqKq6giBWMALv52OShOxbnwzt1sLYcJ7H46TgGugWVn4SNzeqsAjokA02Htxi57PshescDXvph)\n.\n\n**Advisors**\n\nLazard Canada Inc. is serving as financial advisor to Cronos Group, and\nSullivan & Cromwell LLP and Blake, Cassels&Graydon LLP are legal counsel.\n\nPerella Weinberg Partners LP is serving as financial advisor to Altria, and\nWachtell, Lipton, Rosen & Katz and Goodmans LLP are legal counsel. Hunton\nAndrews Kurth LLP is providing legal counsel to Altria regarding the\nfinancing.\n\n**About Cronos**\n\nCronos Group is a globally diversified and vertically integrated cannabis\ncompany with a presence across five continents. Cronos Group operates two\nwholly-owned Canadian licensed producers: Peace Naturals Project Inc., which\nwas the first non-incumbent medical cannabis license granted by Health Canada,\nand Original BC Ltd., which is based in the Okanagan Valley, British Columbia.\nCronos Group has multiple international production and distribution platforms\nacross five continents. Cronos Group intends to continue to rapidly expand its\nglobal footprint as it focuses on building an international iconic brand\nportfolio and developing disruptive intellectual property. Cronos Group is\ncommitted to building industry leading companies that transform the perception\nof cannabis and responsibly elevate the consumer experience.\n\n**About Altria**\n\nAltria\u2019s wholly-owned subsidiaries include Philip Morris USA Inc., U.S.\nSmokeless Tobacco Company LLC, John Middleton Co., Sherman Group Holdings, LLC\nand its subsidiaries, Nu Mark LLC, Ste. Michelle Wine Estates Ltd. (Ste.\nMichelle) and Philip Morris Capital Corporation. Altria holds an equity\ninvestment in Anheuser-Busch InBev SA/NV (AB InBev).\n\nThe brand portfolios of Altria\u2019s tobacco operating companies include\nMarlboro\u00ae, Black & Mild\u00ae, Copenhagen\u00ae, Skoal\u00ae, VERVE\u00ae, MarkTen\u00ae and Green\nSmoke\u00ae. Ste. Michelle produces and markets premium wines sold under various\nlabels, including Chateau Ste. Michelle\u00ae, Columbia Crest\u00ae, 14 Hands\u00ae and\nStag\u2019s Leap Wine Cellars\u2122, and it imports and markets Antinori\u00ae, Champagne\nNicolas Feuillatte\u2122, Torres\u00ae and Villa Maria Estate\u2122 products in the United\nStates. Trademarks and service marks related to Altria referenced in this\nrelease are the property of Altria or its subsidiaries or are used with\npermission. More information about Altria is available at [ altria.com\n](http://altria.com/) and on the Altria Investor app.\n\nTake a closer look at Altria and its companies on [ altria.com\n](http://altria.com/) .\n\nFollow Altria on Twitter at @AltriaNews.\n\n**Forward-Looking Statements**\n\nThis communication contains \u201cforward-looking information\u201d and \u201cforward-looking\nstatements\u201d within the meaning of applicable securities laws (collectively,\n\u201cforward-looking statements\u201d). All statements contained herein that are not\nclearly historical in nature may constitute forward-looking statements. In\nsome cases, forward-looking statements can be identified by words or phrases\nsuch as \u201cmay\u201d, \u201cwill\u201d, \u201cexpect\u201d, \u201clikely\u201d, \u201cshould\u201d, \u201cwould\u201d, \u201cplan\u201d,\n\u201canticipate\u201d, \u201cintend\u201d, \u201cpotential\u201d, \u201cproposed\u201d, \u201cestimate\u201d, \u201cbelieve\u201d or the\nnegative of these terms, or other similar words, expressions and grammatical\nvariations thereof, or statements that certain events or conditions \u201cmay\u201d or\n\u201cwill\u201d happen, or by discussions of strategy. Forward-looking statements\ninclude estimates, plans, expectations, opinions, forecasts, projections,\ntargets, guidance or other statements that are not statements of historical\nfact. Forward-looking statements are provided for the purposes of assisting\nthe reader in understanding our financial performance, financial position and\ncash flows as at and for periods ended on certain dates and to present\ninformation about management\u2019s current expectations and plans relating to the\nfuture and the reader is cautioned that such information may not be\nappropriate for any other purpose. Some of the forward-looking statements\ncontained in this communication, include, but are not limited to, statements\nwith respect to: the proposed investment by Altria Group in Cronos Group (the\n\u201cproposed transaction\u201d), our business and operations, our strategy for future\ngrowth, expanding our global footprint, including the timing thereof, our\nintention to build an international iconic brand portfolio and develop\ndisruptive intellectual property and our ability to build an industry leading\ncompany that transforms the perception of cannabis and responsibly elevates\nthe consumer experience. No forward-looking statement can be guaranteed and\nCronos Group cannot guarantee the future statements contained herein. Forward-\nlooking statements are based upon certain material assumptions that were\napplied in drawing a conclusion or making a forecast or projection, including\nmanagement\u2019s perceptions of historical trends, current conditions and expected\nfuture developments, as well as other considerations that are believed to be\nappropriate in the circumstances. While we consider these assumptions to be\nreasonable based on information then currently available to management, there\nis no assurance that such expectations will prove to be correct. By their\nnature, forward-looking statements are subject to inherent risks and\nuncertainties that may be general or specific and which give rise to the\npossibility that expectations, forecasts, predictions, projections or\nconclusions will not prove to be accurate, that assumptions may not be correct\nand that objectives, strategic goals and priorities will not be achieved. A\nvariety of factors, including known and unknown risks, many of which are\nbeyond our control, could cause actual results to differ materially from the\nforward-looking statements in this communication. Such factors include,\nwithout limitation, the ability to complete the proposed transaction between\nCronos Group and Altria Group on anticipated terms and timetable; the ability\nto obtain approval by the shareholders of Cronos Group related to the proposed\ntransaction and the ability to satisfy various other conditions to the closing\nof the transaction contemplated by the subscription agreement; the ability to\nobtain governmental approvals of the proposed transaction on the proposed\nterms and schedule, any conditions imposed on the parties in connection with\nconsummation of the proposed transaction; the risk that the cost savings and\nany other synergies from the proposed transaction may not be fully realized or\nmay take longer to realize than expected; disruption from the proposed\ntransaction making it more difficult to maintain relationships with customers,\nemployees or suppliers; future levels of revenues; consumer demand for\ncannabis products; Cronos Group\u2019s ability to manage disruptions in credit\nmarkets or changes to its credit rating; future levels of capital,\nenvironmental or maintenance expenditures, general and administrative and\nother expenses; the success or timing of completion of ongoing or anticipated\ncapital or maintenance projects; the business strategies, growth opportunities\nand expected investment; the adequacy of our capital resources and liquidity,\nincluding but not limited to, availability of sufficient cash flow to execute\nour business plan (either within the expected timeframe or at all); the\npotential effects of judicial or other proceedings on our business, financial\ncondition, results of operations and cash flows; continued or further\nvolatility in and/or degradation of general economic, market, industry or\nbusiness conditions; compliance with applicable environmental, economic,\nhealth and safety, energy and other policies and regulations; the anticipated\neffects of actions of third parties such as competitors, activist investors or\nfederal (including U.S. federal), state, provincial, territorial or local\nregulatory authorities, self-regulatory organizations or plaintiffs in\nlitigation; and the factors discussed in CronosGroup\u2019s current MD&A and Annual\nInformation Form, both of which have been filed on SEDAR and EDGAR and can be\naccessed at [ www.sedar.com ](http://www.sedar.com/) and [ www.sec.gov\n](http://www.sec.gov/) , respectively. Readers are cautioned to consider these\nand other factors, uncertainties and potential events carefully and not to put\nundue reliance on forward-looking statements. Forward-looking statements\ncontained herein are made as of the date of this communication and are based\non the beliefs, estimates, expectations and opinions of management on the date\nsuch forward-looking statements are made. Cronos Group undertakes no\nobligation to update or revise any forward-looking statements, whether as a\nresult of new information, estimates or opinions, future events or results or\notherwise or to explain any material difference between subsequent actual\nevents and such forward-looking statements, except as required by applicable\nlaw or regulation.\n\nSOURCE Cronos Group Inc.\n\nFacebook  Twitter  Pinterest  LinkedIn\n\n###  You may also like\n\n[ ](https://terpenesandtesting.com/cannabis-improves-quality-of-life-of-\npatients-with-chronic-disease-uk-study/ \"Cannabis Improves Quality of Life of\nPatients With Chronic Disease: UK Study\")\n\n[ ](https://terpenesandtesting.com/cannabis-for-joint-surgery-heres-what-a-\nstudy-found/ \"Cannabis For Joint Surgery: Here\u2019s What a Study Found\")\n\n[ ](https://terpenesandtesting.com/cannabis-relieves-tinnitus-related-\nsymptoms-study-finds/ \"Cannabis Relieves Tinnitus-related Symptoms: Study\nFinds\")\n\n[ ](https://terpenesandtesting.com/cannabis-terpene-profiles-matter-new-study-\nreveals/ \"Cannabis Terpene Profiles Matter: New Study Reveals\")\n\n[ ](https://terpenesandtesting.com/cannabis-use-does-not-impair-lung-function-\nstudy-finds/ \"Cannabis Use Does Not Impair Lung Function: Study Finds\")\n\n[ ](https://terpenesandtesting.com/new-study-de-links-cannabis-legalization-\nwith-increased-rates-of-psychosis/ \"New Study De-Links Cannabis Legalization\nWith Increased Rates of Psychosis\")\n\n###  About the author\n\n####  Shared Content\n\n[ View all posts ](https://terpenesandtesting.com/author/sharedcontent/)\n\n###  Leave a Comment  [ X ](/cronos-group-inc-announces-2-4-billion-strategic-\ninvestment-from-altria-group-inc/#respond)\n\nYou must be [ logged in\n](https://terpenesandtesting.com/tnt16/?redirect_to=https%3A%2F%2Fterpenesandtesting.com%2Fcronos-\ngroup-inc-announces-2-4-billion-strategic-investment-from-altria-group-inc%2F)\nto post a comment.\n\n####  Talked About\n\n  * [ ](https://terpenesandtesting.com/cannabis-improves-quality-of-life-of-patients-with-chronic-disease-uk-study/ \"Cannabis Improves Quality of Life of Patients With Chronic Disease: UK Study\")\n\n[ Cannabis Improves Quality of Life of Patients With...\n](https://terpenesandtesting.com/cannabis-improves-quality-of-life-of-\npatients-with-chronic-disease-uk-study/ \"Cannabis Improves Quality of Life of\nPatients With Chronic Disease: UK Study\")\n\n  * [ ](https://terpenesandtesting.com/raphael-mechoulam-dies-at-92-quotes-to-remember/ \"Raphael Mechoulam Dies at 92:  Quotes To Remember\")\n\n[ Raphael Mechoulam Dies at 92: Quotes To Remember\n](https://terpenesandtesting.com/raphael-mechoulam-dies-at-92-quotes-to-\nremember/ \"Raphael Mechoulam Dies at 92:  Quotes To Remember\")\n\n  * [ ](https://terpenesandtesting.com/cannabis-for-joint-surgery-heres-what-a-study-found/ \"Cannabis For Joint Surgery: Here\u2019s What a Study Found\")\n\n[ Cannabis For Joint Surgery: Here\u2019s What a Study Found\n](https://terpenesandtesting.com/cannabis-for-joint-surgery-heres-what-a-\nstudy-found/ \"Cannabis For Joint Surgery: Here\u2019s What a Study Found\")\n\n  * [ ](https://terpenesandtesting.com/researchers-warn-that-daily-cannabis-use-can-cause-heart-disease/ \"Researchers Warn That Daily Cannabis Use Can Cause Heart Disease\")\n\n[ Researchers Warn That Daily Cannabis Use Can Cause...\n](https://terpenesandtesting.com/researchers-warn-that-daily-cannabis-use-can-\ncause-heart-disease/ \"Researchers Warn That Daily Cannabis Use Can Cause Heart\nDisease\")\n\n  * [ ](https://terpenesandtesting.com/cannabis-relieves-tinnitus-related-symptoms-study-finds/ \"Cannabis Relieves Tinnitus-related Symptoms: Study Finds\")\n\n[ Cannabis Relieves Tinnitus-related Symptoms: Study...\n](https://terpenesandtesting.com/cannabis-relieves-tinnitus-related-symptoms-\nstudy-finds/ \"Cannabis Relieves Tinnitus-related Symptoms: Study Finds\")\n\n  * [ ](https://terpenesandtesting.com/cannabis-terpene-levels-indoor-vs-outdoor-grow/ \"Cannabis Terpene Levels: Indoor Vs Outdoor Grow\")\n\n[ Cannabis Terpene Levels: Indoor Vs Outdoor Grow\n](https://terpenesandtesting.com/cannabis-terpene-levels-indoor-vs-outdoor-\ngrow/ \"Cannabis Terpene Levels: Indoor Vs Outdoor Grow\")\n\n  * [ ](https://terpenesandtesting.com/are-magic-mushrooms-legal-in-canada/ \"Are Magic Mushrooms Legal In Canada?\")\n\n[ Are Magic Mushrooms Legal In Canada? 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                "url": "https://terpenesandtesting.com/cronos-group-inc-announces-2-4-billion-strategic-investment-from-altria-group-inc/"
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            "summary": "Reports on Cronos Group's investment from Altria.",
            "url": "https://terpenesandtesting.com/cronos-group-inc-announces-2-4-billion-strategic-investment-from-altria-group-inc/"
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                    "source": "https://www.globenewswire.com/news-release/2025/02/27/3033748/0/en/Cronos-Group-Reports-2024-Fourth-Quarter-and-Full-Year-Results.html"
                },
                "page_content": "Accessibility: Skip TopNav\n\n#  Cronos Group Reports 2024 Fourth Quarter and Full-Year Results\n\nFebruary 27, 2025 07:30 ET  | Source:  [ Cronos Group Inc. ](/en/search/organization/Cronos%2520Group%2520Inc\u00a7) Cronos Group Inc. \n\n* * *\n\n_Net revenue in Q4 2024 increased by 27% year-over-year to $30.3 million; Net\nrevenue in FY 2024 increased by 35% year-over-year to $117.6 million_\n\n_Spinach_ _\u00ae_ _Ends 2024 as the Number One Cannabis Brand in Canada_ _1_\n\n_PEACE NATURALS_ _\u00ae_ _Ends 2024 as the Number One Cannabis Brand in Israel_\n_2_\n\n_Industry leading balance sheet with_ _$859_ _million in cash_ _and cash\nequivalents_\n\nTORONTO, Feb. 27, 2025 (GLOBE NEWSWIRE) -- Cronos Group Inc. (NASDAQ: CRON)\n(TSX: CRON) (\u201cCronos\u201d or the \u201cCompany\u201d), today announced its 2024 fourth\nquarter and full-year business results.\n\n\"We set ambitious goals to deliver robust growth, improve margins, and achieve\noperational excellence. Today, I am proud to say that Cronos has not only met\nbut exceeded these objectives, as evidenced by our strong 2024 results. Our\nunwavering commitment to innovation, quality, and disciplined cost management\nhas solidified our leadership in the global cannabis industry,\" said Mike\nGorenstein, Chairman, President and CEO of Cronos.\n\n\"From Spinach  _\u00ae_ becoming the number one cannabis brand in Canada and PEACE\nNATURALS  _\u00ae_ achieving a number one position in Israel, to our groundbreaking\nadvancements in cannabis genetics, to international expansion, Cronos is well-\npositioned to capitalize on future opportunities and drive long-term value for\nour shareholders. As we look ahead to 2025, we remain focused on sustaining\nthis momentum, strengthening our market leadership, and delivering innovative\nproducts that resonate with consumers worldwide,\" continued Mr. Gorenstein.\n\"Our strategic investments, such as Cronos GrowCo, have enhanced our\ncultivation capabilities, ensuring a consistent supply of high-quality\ncannabis at scale with an improved gross margin profile, while our R&D\nbreakthroughs have set new industry standards. Internationally, we\u2019ve made\nsignificant strides, with PEACE NATURALS  _\u00ae_ leading in Israel and gaining\ntraction in Germany and the UK. Combined with a robust balance sheet and a\nportfolio of best-selling, borderless brands, Cronos is not just leading\ntoday, we\u2019re building the foundation for long-term excellence in the global\ncannabis industry. Looking to 2025, we're excited about the opportunities\nahead as we continue to innovate, expand, and deliver for our consumers and\nshareholders.\"  \n\n**_Consolidated Financial Results_ **\n\nOn June 20, 2024 the Company made an additional investment in Cronos Growing\nCompany (\"Cronos GrowCo\") to fund the expansion of cultivation operations.\nCronos also obtained majority control of the board of directors of Cronos\nGrowCo and began consolidating Cronos GrowCo's results from July 1, 2024.\nPrior to this date, the Company's investment in Cronos GrowCo consisted of an\ninvestment accounted for under the equity method and loans receivable from\nCronos GrowCo.\n\nIn the second quarter of 2023, the Company exited its United States (\"U.S.\")\nhemp-derived CBD operations. The exit of the U.S. operations represented a\nstrategic shift, and as such, qualifies for reporting as discontinued\noperations in our condensed consolidated statements of net income (loss) and\ncomprehensive income (loss). Prior period amounts have been reclassified to\nreflect the discontinued operations classification of the U.S. operations.\n\nThe tables below set forth our condensed consolidated results of continuing\noperations, expressed in thousands of U.S. dollars for the periods presented.\nOur condensed consolidated financial results for these periods are not\nnecessarily indicative of the consolidated financial results that we will\nachieve in future periods.\n\n_(in thousands of USD)_ |  |  **Three Months Ended December 31,** |  |  **Change** |  |  **Year ended December 31,** |  |  **Change**  \n---|---|---|---|---|---|---|---|---  \n|  |  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%**  \nCronos net revenue, excluding Cronos GrowCo net revenue  (i)  |  |  $  |  28,195  |  |  |  $  |  23,915  |  |  |  $  |  4,280  |  |  |  18  |  %  |  |  $  |  111,241  |  |  |  $  |  87,241  |  |  |  $  |  24,000  |  |  |  28  |  %   \nCronos GrowCo net revenue  (ii)  |  |  |  2,106  |  |  |  |  \u2014  |  |  |  |  2,106  |  |  |  N/A  |  |  |  |  6,374  |  |  |  |  \u2014  |  |  |  |  6,374  |  |  |  N/A  |   \nNet Revenue  |  |  $  |  30,301  |  |  |  $  |  23,915  |  |  |  $  |  6,386  |  |  |  27  |  %  |  |  $  |  117,615  |  |  |  $  |  87,241  |  |  |  $  |  30,374  |  |  |  35  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nCost of sales  |  |  |  19,494  |  |  |  |  21,913  |  |  |  |  (2,419  |  )  |  |  (11  |  )%  |  |  |  91,710  |  |  |  |  74,527  |  |  |  |  17,183  |  |  |  23  |  %   \nInventory write-down  |  |  |  \u2014  |  |  |  |  89  |  |  |  |  (89  |  )  |  |  N/A  |  |  |  |  707  |  |  |  |  805  |  |  |  |  (98  |  )  |  |  (12  |  )%   \nGross profit  |  |  $  |  10,807  |  |  |  $  |  1,913  |  |  |  $  |  8,894  |  |  |  465  |  %  |  |  $  |  25,198  |  |  |  $  |  11,909  |  |  |  $  |  13,289  |  |  |  112  |  %   \nGross margin  (  ii  i)  |  |  |  36  |  %  |  |  |  8  |  %  |  |  |  N/A  |  |  |  28  |  pp  |  |  |  21  |  %  |  |  |  14  |  %  |  |  |  N/A  |  |  |  7  |  pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nInventory step-up recorded to cost of sales  |  |  |  (1,832  |  )  |  |  |  \u2014  |  |  |  |  (1,832  |  )  |  |  N/A  |  |  |  |  5,284  |  |  |  |  \u2014  |  |  |  |  5,284  |  |  |  N/A  |   \nAdjusted Gross Profit  (iv)  |  |  $  |  8,975  |  |  |  $  |  1,913  |  |  |  $  |  7,062  |  |  |  369  |  %  |  |  $  |  30,482  |  |  |  $  |  11,909  |  |  |  $  |  18,573  |  |  |  156  |  %   \nAdjusted Gross Margin  (v)  |  |  |  30  |  %  |  |  |  8  |  %  |  |  |  N/A  |  |  |  22  |  pp  |  |  |  26  |  %  |  |  |  14  |  %  |  |  |  N/A  |  |  |  12  |  pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nNet income (loss)  |  |  $  |  43,941  |  |  |  $  |  (45,151  |  )  |  |  $  |  89,092  |  |  |  197  |  %  |  |  $  |  40,022  |  |  |  $  |  (70,439  |  )  |  |  $  |  110,461  |  |  |  N/M  |   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nAdjusted EBITDA  (  iv  )  |  |  $  |  (7,203  |  )  |  |  $  |  (14,790  |  )  |  |  $  |  7,587  |  |  |  51  |  %  |  |  $  |  (34,942  |  )  |  |  $  |  (61,564  |  )  |  |  $  |  26,622  |  |  |  43  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \n**Other Data** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nCash and cash equivalents  (  vi  )  |  |  $  |  858,805  |  |  |  $  |  669,291  |  |  |  $  |  189,514  |  |  |  28  |  %  |  |  |  |  |  |  |  |   \nShort-term investments  (  vi  )  |  |  |  \u2014  |  |  |  |  192,237  |  |  |  |  (192,237  |  )  |  |  (100  |  )%  |  |  |  |  |  |  |  |   \nCapital expenditures  (v  ii  )  |  |  |  3,708  |  |  |  |  1,792  |  |  |  |  1,916  |  |  |  107  |  %  |  |  |  13,154  |  |  |  |  3,423  |  |  |  |  9,731  |  |  |  284  |  %   \n  \n_(i)_ _Cronos net revenue, excluding Cronos GrowCo net revenue is net revenue\nless Cronos GrowCo net revenue and is after intercompany eliminations._  \n_(ii)_ _Cronos GrowCo net revenue is Cronos GrowCo's net revenue after\nintercompany eliminations._  \n_(iii)_ _Gross margin is defined as gross profit divided by net revenue._  \n_(iv)_ _See \"Non-GAAP Measures\" for more information, including a\nreconciliation of adjusted earnings (loss) before interest, taxes,\ndepreciation and amortization (\"Adjusted EBITDA\") to net income (loss) and a\nreconciliation of Adjusted Gross Profit to gross profit._  \n_(v)_ _Adjusted Gross Margin is defined as Adjusted Gross Profit divided by\nnet revenue. See \u201cNon-GAAP Measures\u201d for more information._  \n_(vi)_ _Dollar amounts are as of the last day of the period indicated._  \n_(vii)_ _Capital expenditures represent component information of investing\nactivities and is defined as the sum of purchase of property, plant and\nequipment, and purchase of intangible assets._\n\n**Fourth Quarter** **2024**\n\n  * Net revenue of $30.3 million in Q4 2024 increased by $6.4 million from Q4 2023. The increase year-over-year was primarily driven by higher cannabis flower and extract sales in the Canadian market and higher cannabis flower sales in Israel and other countries. Cronos GrowCo contributed $2.1 million of cannabis flower sales in Q4 2024. No such sales were recognized in Q4 2023. \n  * Gross profit of $10.8 million in Q4 2024 increased by $8.9 million from Q4 2023. The increase year-over-year was primarily due to higher cannabis flower and extract sales in the Canadian market, higher cannabis flower sales in Israel and other countries, and production cost improvements. Gross profit was positively impacted by $1.8 million in the quarter in connection with the finalization of the purchase accounting for the Cronos GrowCo Transaction, which resulted in a reduction of the fair value of inventory acquired from Cronos GrowCo and the corresponding inventory step-up previously recorded into cost of sales in Q3 2024. No such impact was recognized for 2023. \n  * Adjusted gross profit of $9.0 million in Q4 2024 improved by $7.1 million from Q4 2023. The improvement year-over-year was primarily driven by higher cannabis flower and extract sales in the Canadian market, higher cannabis flower sales in Israel, and production cost improvements. \n  * Adjusted EBITDA of $(7.2) million in Q4 2024 improved by $7.6 million from Q4 2023. The improvement year-over-year was primarily driven by higher adjusted gross profit. \n\n**Full-Year** **2024**\n\n  * Net revenue of $117.6 million in full-year 2024 increased by $30.4 million from full-year 2023. The increase year-over-year was primarily due to higher cannabis flower and extract sales in the Canadian market and higher cannabis flower sales in Israel and other countries. Cronos GrowCo contributed $6.4 million of cannabis flower sales in the year ended December 31, 2024. No such sales were recognized for the year ended December 31, 2023. \n  * Gross profit of $25.2 million in full-year 2024 increased by $13.3 million from full-year 2023. The increase year-over-year was primarily due to higher cannabis flower and extract sales in the Canadian market, higher cannabis flower sales in Israel and other countries, and production cost improvements. This increase was partially offset by the impact on cost of sales from the inventory step-up from the Cronos GrowCo Transaction. For 2024, gross profit was reduced $5.3 million as a result of the impact of the inventory step-up from the Cronos GrowCo Transaction that was recorded into cost of sales since July 1, 2024. No such costs were recognized for 2023. \n  * Adjusted gross profit of $30.5 million in full-year 2024 increased by $18.6 million from full-year 2023. The increase year-over-year was primarily due to higher cannabis flower and extract sales in the Canadian market, higher cannabis flower sales in Israel and other countries, and production cost improvements. \n  * Adjusted EBITDA of $(34.9) million in full-year 2024 improved by $26.6 million from full-year 2023. The improvement year-over-year was primarily driven by higher adjusted gross profit and lower sales and marketing, research and development, and general administrative expenses. \n\n**_Business Updates_ **\n\n**Brand and Product Portfolio**\n\n__Spinach_ _ \u00ae  3  \nIn 2024, the SOURZ by Spinach  \u00ae  brand expanded its edible lineup with\nseveral innovative launches. Our industry-leading SOURZ by Spinach  \u00ae\nproducts are the best-selling gummies in the Canadian market and have captured\nan impressive 23% market share in Q4 2024, with five of the top ten best-\nselling edibles in Canada coming from the SOURZ lineup. A key addition to our\ngummy portfolio has been the 1-piece, 10mg THC Fully Blasted SOURZ by Spinach\n\u00ae  product, which launched in 2024. In Q4 2024 we launched two new Fully\nBlasted flavors, Peach Orange and Strawberry Mango. We also launched a new CBD\nmulti-pack, SOURZ by Spinach  \u00ae  CBD Berry Variety Pack.\n\nIn 2024 our proprietary genetics breeding program continued to provide our\nportfolio with winning cultivars that allow us to launch differentiated\nproducts across markets and maintain a number one position in the flower\ncategory. In 2024, we introduced Spinach Grindz\u2122, a milled flower offering\nutilizing our Citrus Crush and Cookie Dough strains, designed for convenient\nuse in joints or vaporizers. In Q4 2024, the Spinach  \u00ae  brand maintained its\nposition as the number one flower brand in Canada, with 5.7% market share.\n\nIn 2024, we introduced two new Spinach  \u00ae  all-in-one vapes, Pineapple\nParadise and Blueberry Dynamite that are performing well and helping to drive\nmarket share gains. The brand's 0.5g all-in-one Spinach HITZ\u2122 vapes introduced\nnew Pink Lemonade and Rocket Icicle flavors, alongside line extensions in\nSpinach  \u00ae  1.2g vapes. Spinach  \u00ae  vapes were the number four vape brand in\nQ4 2024, holding 5.9% market share. Vape production was brought in-house in\nthe second half of 2024 in an effort to streamline manufacturing and enhance\nproduction efficiency in this category.\n\nIn 2024, we launched Spinach  \u00ae  Fully Charged pre-rolls and infused pre-rolls\nas well as the Spinach  \u00ae  Fully Charged Party Pack and the Spinach  \u00ae  Fully\nCharged Tropical Pack. These launches were the culmination of our product\ndevelopment efforts and portfolio refresh. The infused pre-roll category is\ncontinuing to grow, and we expect this category to be key to future growth for\nboth Cronos and the industry, which is why we are committed to the evolution\nand innovation of our pre-roll portfolio. In Q4 2024, Spinach  \u00ae  was ranked\nseventh in the pre-roll category with 2.5% market share.\n\n__Lord Jones_ _ __\u00ae_ _ __3_ _  \nIn Q4 2024, Lord Jones  \u00ae  Chocolates Fusions\u2122 had 9.6% market share and ended\nthe year as the third best-selling chocolate brand in Canada. In January 2025,\nthe brand launched a Lord Jones  \u00ae  Chocolate Fusions\u2122 fudge brownie flavor,\nwhich features a 1:1:1 ratio of CBN, CBD and THC. Lord Jones  \u00ae  Chocolate\nFusions\u2122 edibles highlight the brand\u2019s commitment to innovation and\ncraftsmanship, offering four flavors: cookies and cream, dazzle-berry pop,\nsalted caramel crunch and fudge brownie.\n\nIn 2024, we also launched Lord Jones  \u00ae  live resin vapes featuring\nmeticulously curated cultivars, delivering a rich, full-spectrum experience\nthat combines pure live resin with sleek, high-quality hardware. In the second\nhalf of 2023, we launched Ice Water Hash Fusions pre-rolls, which feature\nflower and terpene-rich ice water hash and are fitted with a branded ceramic\ntip. The Ice Water Hash Fusions pre-rolls continued performing throughout\n2024, rising to the number one position in the hash pre-roll category.\nTogether, these launches underscore the brand\u2019s dedication to excellence and\nits focus on creating exceptional, high-quality cannabis-infused products.\n\n__PEACE NATURALS_ _ __\u00ae_ _ __2_ _  \nIn 2024, Cronos Israel revamped and repositioned its flower portfolio,\noptimizing pricing, potency and bringing new, exciting strains to market to\nmeet patient needs. The PEACE NATURALS  \u00ae  brand launched new strains\nincluding GG4, Key Limez Punch, Pink Sherb, Tangie Kush, Citra Diesel, Tahoe\nOG Kush and GMO Lite, providing consumers with additional variety and choice.\nIn Q4 2024, PEACE NATURALS  \u00ae  was the number one flower brand in Israel with\n24% market share and PEACE NATURALS  \u00ae  cannabis oils are the fourth most\npopular brand in Israel with 9% market share.\n\nIn 2024, Cronos expanded into the United Kingdom (the \"UK\") by shipping its\nfirst batch of PEACE NATURALS  \u00ae  medical cannabis flower to this emerging\nmarket, through a partnership with a third-party distributor of prescribed\ncannabis products.\n\nThroughout 2024, the Company continued its sales to the German market through\nthe PEACE NATURALS  \u00ae  brand. Cronos sells the PEACE NATURALS  \u00ae  brand\nthrough its distribution partner, Cansativa GmbH (\"Cansativa\"), one of the\nleading distributors of medical cannabis in Germany and supplies flower for\nits private-label brand. Cronos has seen strong demand for its proprietary\ngenetics, such as GMO and Wedding Cake, in both Germany and the UK under the\nPEACE NATURALS  \u00ae  brand.\n\n**Global Supply Chain and Operations**\n\nThe expansion efforts at Cronos GrowCo's facility are well underway. In Q4\n2024, Health Canada approved amendments to the site's perimeter. Cronos GrowCo\nexpects to finish construction of the expanded cultivation and processing\nfacilities in Q2 2025, with first harvests and sales from the area commencing\nin the second half of 2025. Prior to the commencement of sales from the\nexpanded facility, Cronos has the option to purchase up to 80% of Cronos\nGrowCo's total production. Once sales from the expanded area begin, Cronos\nwill have the option to purchase up to 70% of the total production from the\nexpanded facility. The expansion of Cronos GrowCo positions the Company to\ncapitalize on domestic demand and meet international growth opportunities in\nthe global cannabis market.\n\nOn November 26, 2023, the Company announced that Peace Naturals Project Inc.\nhad entered into an agreement to sell and lease back its facility in Stayner,\nOntario (the \"Peace Naturals Campus\"). However, the agreement was terminated\nin the Q2 of 2024 pursuant to its terms, and the Company has decided to\ncontinue and expand its operations at the site.\n\nAs part of the expanding operations at the Peace Naturals Campus, in the\nsecond-half of 2024, the Company invested in machinery, automation and process\nimprovement to drive cost efficiency within the facility. This also included\ninvestment in warehousing and vault expansion as well as R&D equipment and\nlaboratory enhancements.\n\n**_Guidance_ **\n\nThe Company achieved $8.7 million in operating expense savings in 2024 on a\nstandalone basis, meeting its previously announced operating expense savings\ntarget of $5 to $10 million. The savings were primarily driven by lower\nexpenses in general and administrative, research and development and sales and\nmarketing. The operating expense savings exclude the impact of the\nconsolidation of Cronos GrowCo's results into the Company's financial\nstatements.\n\n**_Conference Call_ **\n\nThe Company will host a conference call and live audio webcast on Thursday,\nFebruary 27, 2025, at 8:30 a.m. ET to discuss 2024 Fourth Quarter and Full-\nYear business results. An audio replay of the call will be archived on the\nCompany\u2019s website for replay. Instructions for the live audio webcast are\nprovided on the Company's website at: _https://ir.thecronosgroup.com/events-\npresentations._  \n\n**About Cronos**\n\nCronos is an innovative global cannabinoid company committed to building\ndisruptive intellectual property by advancing cannabis research, technology\nand product development. With a passion to responsibly elevate the consumer\nexperience, Cronos is building an iconic brand portfolio. Cronos\u2019 diverse\ninternational brand portfolio includes Spinach  \u00ae  , PEACE NATURALS  \u00ae  and\nLord Jones  \u00ae  . For more information about Cronos and its brands, please\nvisit: thecronosgroup.com.\n\n**Forward-Looking Statements**\n\nThis press release contains information that constitutes forward-looking\ninformation and forward-looking statements within the meaning of applicable\nsecurities laws and court decisions (collectively, \u201cForward-Looking\nStatements\u201d), which are based upon our current internal expectations,\nestimates, projections, assumptions and beliefs. All information that is not\nclearly historical in nature may constitute Forward-Looking Statements. In\nsome cases, Forward-Looking Statements can be identified by the use of\nforward-looking terminology such as \u201cexpect\u201d, \u201clikely\u201d, \u201cmay\u201d, \u201cwill\u201d,\n\u201cshould\u201d, \u201cintend\u201d, \u201canticipate\u201d, \u201cpotential\u201d, \u201cproposed\u201d, \u201cestimate\u201d and\nother similar words, expressions and phrases, including negative and\ngrammatical variations thereof, or statements that certain events or\nconditions \u201cmay\u201d or \u201cwill\u201d happen, or by discussion of strategy. Forward-\nLooking Statements include estimates, plans, expectations, opinions,\nforecasts, projections, targets, guidance or other statements that are not\nstatements of historical fact.\n\nForward-Looking Statements include, but are not limited to, statements with\nrespect to:\n\n  * the ongoing impact of the public investigation into Canadian licensed producers of alleged dumping of medical cannabis imports from Canada into Israel by the Trade Levies Commissioner of the Israel Ministry of Economy and Industry (the \u201cAnti-Dumping Investigation\u201d) and the proposed anti-dumping duty to which the Company\u2019s imports would be subject; \n  * expectations related to the conflict involving Israel, Hamas, Hezbollah, Houthis, Iran, Iran\u2019s proxies and other stakeholders in the region (the \u201cMiddle East Conflict\u201d) and its impact on our operations in Israel, the supply of product in the market and the demand for product by medical patients in Israel, as well as any regional or global escalations and their impact to global commerce and stability; \n  * expectations related to the German, Australian and UK markets, including our strategic partnerships with Cansativa, Vitura Health Limited (\u201cVitura\u201d), and other distributors, respectively, and our ability to successfully distribute the PEACE NATURALS  \u00ae  brand in Germany and the UK; \n  * expectations related to our announcement of cost-cutting measures, including our decision to wind-down operations at our Winnipeg, Manitoba facility and list the facility for sale, the expected costs and benefits from the wind-down of production activities at the facility, challenges and effects related thereto as well as changes in strategy, metrics, investments, costs, operating expenses, employee turnover and other changes with respect thereto; \n  * expectations related to the impact of our decision to exit our U.S. hemp-derived cannabinoid product operations; \n  * the ongoing impact of our announced realignment (the \u201cRealignment\u201d) and any progress, challenges and effects related thereto as well as changes in strategy, metrics, investments, reporting structure, costs, operating expenses, employee turnover and other changes with respect thereto; \n  * our expectations as to the use of the Peace Naturals Campus; \n  * our ability to acquire raw materials from suppliers, including Cronos GrowCo, and the costs and timing associated therewith; \n  * expectations regarding the potential success of, and the costs and benefits associated with, our joint ventures, strategic alliances and equity investments; \n  * expectations related to the transaction by which we obtained majority control of the board of directors of Cronos GrowCo, which qualified as a business combination under Accounting Standards Codification 805, and the expansion of Cronos GrowCo\u2019s purpose-built cultivation and processing facilities; \n  * our ability or plans to identify, develop, commercialize or expand our technology and R&D initiatives in cannabinoids, or the success thereof; \n  * expectations regarding revenues, expenses, gross margins and capital expenditures; \n  * expectations regarding our future production and manufacturing strategy and operations, the costs and timing associated therewith and the receipt of applicable production and sale licenses; \n  * the ongoing impact of the legalization of additional cannabis product types and forms for adult-use in Canada, including federal, provincial, territorial and municipal regulations pertaining thereto, the related timing and impact thereof and our intentions to participate in such markets; \n  * the legalization of the use of cannabis for medical or adult-use in jurisdictions outside of Canada, including the United States and Germany, the related timing and impact thereof and our intentions to participate in such markets, if and when such use is legalized; \n  * the grant, renewal, withdrawal, suspension, delay and impact of any license or supplemental license to conduct activities with cannabis or any amendments thereof; \n  * our ability to successfully create and launch brands and cannabis products; \n  * expectations related to the differentiation of our products, including through the utilization of rare cannabinoids; \n  * the benefits, viability, safety, efficacy, dosing and social acceptance of cannabis, including CBD and other cannabinoids; \n  * laws and regulations and any amendments thereto applicable to our business and the impact thereof, including uncertainty regarding the application of U.S. state and federal law to cannabis and U.S. hemp (including CBD and other U.S. hemp-derived cannabinoids) products and the scope of any regulations by the U.S. Food and Drug Administration, the U.S. Drug Enforcement Administration, the U.S. Federal Trade Commission, the U.S. Patent and Trademark Office and any state equivalent regulatory agencies over cannabis and U.S. hemp (including CBD and other U.S. hemp-derived cannabinoids) products, including the possibility marijuana is moved from Schedule I to Schedule III under the U.S. Controlled Substances Act; \n  * the anticipated benefits and impact of Altria Group Inc.\u2019s investment in the Company (the \u201cAltria Investment\u201d), pursuant to a subscription agreement dated December 7, 2018; \n  * uncertainties as to our ability to exercise our option (the \u201cPharmaCann Option\u201d) in PharmaCann Inc. (\u201cPharmaCann\u201d), in the near term or the future, in full or in part, including the uncertainties as to the status and future development of federal legalization of cannabis in the U.S. and our ability to realize the anticipated benefits of the transaction with PharmaCann; \n  * expectations regarding the implementation and effectiveness of key personnel changes; \n  * expectations regarding business combinations and dispositions and the anticipated benefits therefrom; \n  * expectations of the amount or frequency of impairment losses, including as a result of the write-down of intangible assets, including goodwill; \n  * the impact of the ongoing military conflict between Russia and Ukraine (and resulting sanctions) on our business, financial condition and results of operations or cash flows; \n  * our compliance with the terms of the settlement (the \u201cSettlement Order\u201d) with the SEC and the settlement agreement with the Ontario Securities Commission (the \u201cSettlement Agreement\u201d); and \n  * the impact of the loss of our ability to rely on private offering exemptions under Regulation D of the Securities Act of 1933, as amended, and the loss of our status as a well-known seasoned issuer, each as a result of the Settlement Order. \n\nCertain of the Forward-Looking Statements contained herein concerning the\nindustries in which we conduct our business are based on estimates prepared by\nus using data from publicly available governmental sources, market research,\nindustry analysis and on assumptions based on data and knowledge of these\nindustries, which we believe to be reasonable. However, although generally\nindicative of relative market positions, market shares and performance\ncharacteristics, such data is inherently imprecise. The industries in which we\nconduct our business involve risks and uncertainties that are subject to\nchange based on various factors, which are described further below.\n\nThe Forward-Looking Statements contained herein are based upon certain\nmaterial assumptions that were applied in drawing a conclusion or making a\nforecast or projection, including: (i) our ability to effectively navigate\ndevelopments related to the Anti-Dumping Investigation and the proposed anti-\ndumping duty to which the Company\u2019s imports would be subject and its impact on\nour operations in Israel; (ii) our ability to effectively navigate\ndevelopments related to the Middle East Conflict and its impact on our\nemployees and operations in Israel, the supply of product in the market and\ndemand for product by medical patients in Israel; (iii) our ability to\nefficiently and effectively distribute our PEACE NATURALS  \u00ae  brand in Germany\nwith our strategic partner Cansativa and in the UK with our strategic\ndistribution partner and our ability to efficiently and effectively distribute\nproducts in Australia with our strategic partner Vitura; (iv) our ability to\nrealize the expected cost-savings and other benefits related to the wind-down\nof our operations at our Winnipeg, Manitoba facility; (v) expectations related\nto the impact of our decision to exit our U.S. hemp-derived cannabinoid\nproduct operations; (vi) our ability to realize the expected cost-savings,\nefficiencies and other benefits of our Realignment and other announced cost-\ncutting measures and employee turnover related thereto; (vii) our ability to\nefficiently and effectively manage our operations at our Peace Naturals\nCampus; (viii) our ability efficiently and effectively acquire raw materials\non a timely and cost-effective basis from third parties or Cronos GrowCo; (ix)\nthe timely completion of the expansion of Cronos GrowCo\u2019s purpose-built\ncannabis facility and the ability of Cronos GrowCo to repay the credit\nfacility provided by Cronos; (x) our ability to realize anticipated benefits,\nsynergies or generate revenue, profits or value from our business combinations\nand strategic investments; (xi) the production and manufacturing capabilities\nand output from our facilities and our joint ventures, strategic alliances and\nequity investments; (xii) government regulation of our activities and products\nincluding, but not limited to, the areas of cannabis taxation and\nenvironmental protection; (xiii) the timely receipt of any required regulatory\nauthorizations, approvals, consents, permits and/or licenses; (xiv) consumer\ninterest in our products; (xv) our ability to differentiate our products,\nincluding through the utilization of rare cannabinoids; (xvi) competition;\n(xvii) anticipated and unanticipated costs; (xviii) our ability to generate\ncash flow from operations; (xix) our ability to conduct operations in a safe,\nefficient and effective manner; (xx) our ability to hire and retain qualified\nstaff, and acquire equipment and services in a timely and cost-efficient\nmanner; (xxi) our ability to exercise the PharmaCann Option and realize the\nanticipated benefits of the transaction with PharmaCann; (xxii) our ability to\ncomplete planned dispositions, and, if completed, obtain our anticipated sales\nprice; (xxiii) general economic, financial market, regulatory and political\nconditions in which we operate; (xxiv) management\u2019s perceptions of historical\ntrends, current conditions and expected future developments; and (xxv) other\nconsiderations that management believes to be appropriate in the\ncircumstances. While our management considers these assumptions to be\nreasonable based on information currently available to management, there is no\nassurance that such expectations will prove to be correct.\n\nBy their nature, Forward-Looking Statements are subject to inherent risks and\nuncertainties that may be general or specific and which give rise to the\npossibility that expectations, forecasts, predictions, projections or\nconclusions will not prove to be accurate, that assumptions may not be correct\nand that objectives, strategic goals and priorities will not be achieved. A\nvariety of factors, including known and unknown risks, many of which are\nbeyond our control, could cause actual results to differ materially from the\nForward-Looking Statements in this press release and other reports we file\nwith, or furnish to, the SEC and other regulatory agencies and made by our\ndirectors, officers, other employees and other persons authorized to speak on\nour behalf. Such factors include, without limitation, negative impacts on our\nbusiness and operations in Israel due to the Anti-Dumping Investigation,\nincluding that we may not be able to produce, import or sell our products in\nIsrael as a result thereof; negative impacts on our employees, business and\noperations in Israel due to the Middle East Conflict, including that we may\nnot be able to produce, import or sell our products or protect our people or\nfacilities in Israel during the Middle East Conflict; the supply of product in\nthe market and the demand for product by medical patients in Israel; that we\nmay not be able to successfully continue to distribute our products in\nGermany, Australia and the UK or generate material revenue from sales in those\nmarkets; that we may not be able to achieve the anticipated benefits of the\nwind-down of our operations at our Winnipeg, Manitoba facility; that we may be\nunable to further streamline our operations and reduce expenses; that we may\nnot be able to effectively and efficiently re-enter the U.S. market in the\nfuture; that we may not be able to access raw materials on a timely and cost-\neffective basis from third-parties or Cronos GrowCo; that Cronos GrowCo may\nnot be able to complete the expansion of its purpose-built cannabis facility\nwithin a reasonable time or repay its borrowings under the credit facility\nprovided by Cronos; that the military conflict between Russia and Ukraine may\ndisrupt our operations and those of our suppliers and distribution channels\nand negatively impact the demand for and use of our products; the risk that\ncost savings and any other synergies from the Altria Investment may not be\nfully realized or may take longer to realize than expected; failure to execute\nkey personnel changes; that our Realignment and our further leveraging of our\nstrategic partnerships will not result in the expected cost-savings,\nefficiencies and other benefits or will result in greater than anticipated\nturnover in personnel; that we may not be able to efficiently and effectively\nmanage our operations, and any changes thereto, at our Peace Naturals Campus;\nlower levels of revenues; the lack of consumer demand for our products; our\ninability to manage disruptions in credit markets; unanticipated future levels\nof capital, environmental or maintenance expenditures, general and\nadministrative and other expenses; failure to realize expected growth\nopportunities; the lack of cash flow necessary to execute our business plan\n(either within the expected timeframe or at all); difficulty raising capital;\nthe potential adverse effects of judicial, regulatory or other proceedings, or\nthreatened litigation or proceedings, on our business, financial condition,\nresults of operations and cash flows; volatility in and/or degradation of\ngeneral economic, market, industry or business conditions; compliance with\napplicable environmental, economic, health and safety, energy and other\npolicies and regulations and in particular health concerns with respect to\nvaping and the use of cannabis and U.S. hemp products in vaping devices; the\nunexpected effects of actions of third parties such as competitors, activist\ninvestors or federal (including U.S. federal), state, provincial, territorial\nor local regulatory authorities or self-regulatory organizations; adverse\nchanges in regulatory requirements in relation to our business and products;\nlegal or regulatory obstacles that could prevent us from being able to\nexercise the PharmaCann Option and thereby realize the anticipated benefits of\nthe transaction with PharmaCann; dilution of our fully-diluted ownership of\nPharmaCann and the loss of our rights as a result of that dilution; our\nfailure to improve our internal control environment and our systems, processes\nand procedures; and the factors discussed under Part I, Item 1A \u201c _Risk\nFactors_ \u201d in our Annual Report on Form 10-K for the year ended December 31,\n2024. Readers are cautioned to consider these and other factors, uncertainties\nand potential events carefully and not to put undue reliance on Forward-\nLooking Statements.\n\nForward-Looking Statements are provided for the purposes of assisting the\nreader in understanding our financial performance, financial position and cash\nflows as of and for periods ended on certain dates and to present information\nabout management\u2019s current expectations and plans relating to the future, and\nthe reader is cautioned not to place undue reliance on these Forward-Looking\nStatements because of their inherent uncertainty and to appreciate the limited\npurposes for which they are being used by management. While we believe that\nthe assumptions and expectations reflected in the Forward-Looking Statements\nare reasonable based on information currently available to management, there\nis no assurance that such assumptions and expectations will prove to have been\ncorrect. Forward-Looking Statements are made as of the date they are made and\nare based on the beliefs, estimates, expectations and opinions of management\non that date. We undertake no obligation to update or revise any Forward-\nLooking Statements, whether as a result of new information, estimates or\nopinions, future events or results or otherwise or to explain any material\ndifference between subsequent actual events and such Forward-Looking\nStatements. The Forward-Looking Statements contained in this press release and\nother reports we file with, or furnish to, the SEC and other regulatory\nagencies and made by our directors, officers, other employees and other\npersons authorized to speak on our behalf are expressly qualified in their\nentirety by these cautionary statements.\n\n____________________________________________  \n1  Hifyre Retail Analytics - National Retail Dollar by Brand in Canada -\nDecember 2024.  \n2  Market share and ranking information from pharmacy data collected by Cronos\n- December 2024.  \n3  All market share and ranking information from Hifyre Retail Analytics -\nNational Retail Dollar by Brand in Canada - December 2024, unless otherwise\nspecified.  \n  \n---  \n**Cronos Group Inc.**  \n**Consolidated Balance Sheets**  \n_(In thousands of U.S. dollars)_  \n|  **As of December 31,**  \n|  |  **2024** |  |  |  |  **2023** |   \n**Assets** |  |  |   \nCurrent assets  |  |  |   \nCash and cash equivalents  |  $  |  858,805  |  |  |  $  |  669,291  |   \nShort-term investments  |  |  \u2014  |  |  |  |  192,237  |   \nAccounts receivable, net  |  |  15,462  |  |  |  |  13,984  |   \nInterest receivable  |  |  8,690  |  |  |  |  10,012  |   \nOther receivables  |  |  5,000  |  |  |  |  6,341  |   \nCurrent portion of loans receivable, net  |  |  618  |  |  |  |  5,541  |   \nInventory, net  |  |  33,149  |  |  |  |  30,495  |   \nPrepaids and other current assets  |  |  6,277  |  |  |  |  5,405  |   \nHeld-for-sale assets  |  |  8,112  |  |  |  |  \u2014  |   \nTotal current assets  |  |  936,113  |  |  |  |  933,306  |   \nEquity method investments, net  |  |  \u2014  |  |  |  |  19,488  |   \nOther investments  |  |  2,813  |  |  |  |  35,251  |   \nNon-current portion of loans receivable, net  |  |  15,526  |  |  |  |  69,036  |   \nProperty, plant and equipment, net  |  |  133,189  |  |  |  |  59,468  |   \nRight-of-use assets  |  |  1,390  |  |  |  |  1,356  |   \nGoodwill  |  |  63,453  |  |  |  |  1,057  |   \nIntangible assets, net  |  |  11,257  |  |  |  |  21,078  |   \nDeferred tax assets  |  |  2,571  |  |  |  |  226  |   \n**Total assets** |  $  |  1,166,312  |  |  |  $  |  1,140,266  |   \n**Liabilities** |  |  |   \nCurrent liabilities  |  |  |   \nAccounts payable  |  $  |  16,973  |  |  |  $  |  12,130  |   \nIncome taxes payable  |  |  9  |  |  |  |  64  |   \nAccrued liabilities  |  |  31,653  |  |  |  |  27,736  |   \nCurrent portion of lease obligation  |  |  1,025  |  |  |  |  994  |   \nDerivative liabilities  |  |  40  |  |  |  |  102  |   \nCurrent portion due to non-controlling interests  |  |  \u2014  |  |  |  |  373  |   \nTotal current liabilities  |  |  49,700  |  |  |  |  41,399  |   \nNon-current portion due to non-controlling interests  |  |  1,073  |  |  |  |  1,003  |   \nNon-current portion of lease obligation  |  |  993  |  |  |  |  1,559  |   \nDeferred tax liabilities  |  |  3,564  |  |  |  |  181  |   \n**Total liabilities** |  |  55,330  |  |  |  |  44,142  |   \n**Shareholders\u2019 equity** |  |  |   \nShare capital and additional paid-in capital  |  |  669,879  |  |  |  |  662,174  |   \nRetained earnings  |  |  457,709  |  |  |  |  416,719  |   \nAccumulated other comprehensive income (loss)  |  |  (63,525  |  )  |  |  |  20,678  |   \nTotal equity attributable to shareholders of Cronos Group  |  |  1,064,063  |  |  |  |  1,099,571  |   \nNon-controlling interests  |  |  46,919  |  |  |  |  (3,447  |  )   \n**Total shareholders\u2019 equity** |  |  1,110,982  |  |  |  |  1,096,124  |   \n**Total liabilities and shareholders\u2019 equity** |  $  |  1,166,312  |  |  |  $  |  1,140,266  |   \n  \n  \n\n**Cronos Group Inc.**  \n**Consolidated Statements of Net Income (Loss) and Comprehensive Income\n(Loss)**  \n_(In thousands of U.S. dollars, except share and per share amounts)_  \n---  \n|  **Year ended December 31,**  \n|  |  **2024** |  |  |  |  **2023** |  |  |  |  **2022** |   \n**Net revenue, before excise taxes** |  $  |  161,821  |  |  |  $  |  120,270  |  |  |  $  |  109,301  |   \nExcise taxes  |  |  (44,206  |  )  |  |  |  (33,029  |  )  |  |  |  (22,552  |  )   \n**Net revenue** |  |  117,615  |  |  |  |  87,241  |  |  |  |  86,749  |   \nCost of sales  |  |  91,710  |  |  |  |  74,527  |  |  |  |  71,313  |   \nInventory write-down  |  |  707  |  |  |  |  805  |  |  |  |  \u2014  |   \n**Gross profit** |  |  25,198  |  |  |  |  11,909  |  |  |  |  15,436  |   \n**Operating expenses** |  |  |  |  |   \nSales and marketing  |  |  21,603  |  |  |  |  22,701  |  |  |  |  18,046  |   \nResearch and development  |  |  4,229  |  |  |  |  5,843  |  |  |  |  13,131  |   \nGeneral and administrative  |  |  46,514  |  |  |  |  49,475  |  |  |  |  67,674  |   \nRestructuring costs  |  |  630  |  |  |  |  1,524  |  |  |  |  3,545  |   \nShare-based compensation  |  |  8,700  |  |  |  |  8,756  |  |  |  |  15,008  |   \nDepreciation and amortization  |  |  3,701  |  |  |  |  5,044  |  |  |  |  5,967  |   \nImpairment loss on long-lived assets  |  |  16,350  |  |  |  |  3,366  |  |  |  |  3,493  |   \nTotal operating expenses  |  |  101,727  |  |  |  |  96,709  |  |  |  |  126,864  |   \nOperating loss  |  |  (76,529  |  )  |  |  |  (84,800  |  )  |  |  |  (111,428  |  )   \n**Other income (expense)** |  |  |  |  |   \nInterest income, net  |  |  52,019  |  |  |  |  51,235  |  |  |  |  22,514  |   \nGain (loss) on revaluation of derivative liabilities  |  |  49  |  |  |  |  (85  |  )  |  |  |  14,060  |   \nShare of income from equity method investments  |  |  2,365  |  |  |  |  1,583  |  |  |  |  3,114  |   \nGain on revaluation of loan receivable  |  |  11,804  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nGain on revaluation of equity method investment  |  |  32,469  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nGain (loss) on revaluation of financial instruments  |  |  (6,248  |  )  |  |  |  (12,042  |  )  |  |  |  14,739  |   \nImpairment loss on other investments  |  |  (25,650  |  )  |  |  |  (23,350  |  )  |  |  |  (61,392  |  )   \nForeign currency transaction gain (loss)  |  |  57,859  |  |  |  |  (7,324  |  )  |  |  |  (2,286  |  )   \nLoss on held-for-sale assets  |  |  (11,202  |  )  |  |  |  \u2014  |  |  |  |  \u2014  |   \nOther, net  |  |  (350  |  )  |  |  |  1,114  |  |  |  |  (324  |  )   \nTotal other income (expense)  |  |  113,115  |  |  |  |  11,131  |  |  |  |  (9,575  |  )   \nIncome (loss) before income taxes  |  |  36,586  |  |  |  |  (73,669  |  )  |  |  |  (121,003  |  )   \nIncome tax expense (benefit)  |  |  (3,436  |  )  |  |  |  (3,230  |  )  |  |  |  34,175  |   \nIncome (loss) from continuing operations  |  |  40,022  |  |  |  |  (70,439  |  )  |  |  |  (155,178  |  )   \nLoss from discontinued operations  |  |  \u2014  |  |  |  |  (4,114  |  )  |  |  |  (13,556  |  )   \nNet income (loss)  |  |  40,022  |  |  |  |  (74,553  |  )  |  |  |  (168,734  |  )   \nNet income (loss) attributable to non-controlling interest  |  |  (1,058  |  )  |  |  |  (590  |  )  |  |  |  \u2014  |   \nNet income (loss) attributable to Cronos Group  |  $  |  41,080  |  |  |  $  |  (73,963  |  )  |  |  $  |  (168,734  |  )   \n|  |  |  |  |   \n**Comprehensive income (loss)** |  |  |  |  |   \nNet income (loss)  |  $  |  40,022  |  |  |  $  |  (74,553  |  )  |  |  $  |  (168,734  |  )   \nOther comprehensive income (loss)  |  |  |  |  |   \nForeign exchange gain (loss) on translation  |  |  (86,321  |  )  |  |  |  21,539  |  |  |  |  (50,616  |  )   \nComprehensive income (loss)  |  |  (46,299  |  )  |  |  |  (53,014  |  )  |  |  |  (219,350  |  )   \nComprehensive income (loss) attributable to non-controlling interest  |  |  (3,176  |  )  |  |  |  (526  |  )  |  |  |  46  |   \n**Comprehensive income (loss) attributable to Cronos Group** |  $  |  (43,123  |  )  |  |  $  |  (52,488  |  )  |  |  $  |  (219,396  |  )   \n|  |  |  |  |   \n**Net income (loss) per share** |  |  |  |  |   \nBasic - continuing operations  |  $  |  0.11  |  |  |  $  |  (0.18  |  )  |  |  $  |  (0.41  |  )   \nBasic - discontinued operations  |  $  |  \u2014  |  |  |  $  |  (0.01  |  )  |  |  $  |  (0.04  |  )   \nBasic net income (loss) per share attributable to Cronos Group  |  $  |  0.11  |  |  |  $  |  (0.19  |  )  |  |  $  |  (0.45  |  )   \n|  |  |  |  |   \nDiluted - continuing operations  |  $  |  0.11  |  |  |  $  |  (0.18  |  )  |  |  $  |  (0.41  |  )   \nDiluted - discontinued operations  |  $  |  \u2014  |  |  |  $  |  (0.01  |  )  |  |  $  |  (0.04  |  )   \nDiluted net income (loss) per share attributable to Cronos Group  |  $  |  0.11  |  |  |  $  |  (0.19  |  )  |  |  $  |  (0.45  |  )   \n**Weighted average number of outstanding shares** |  |  |  |  |   \nBasic  |  |  382,058,056  |  |  |  |  380,964,739  |  |  |  |  376,961,797  |   \nDiluted  |  |  385,557,002  |  |  |  |  380,964,739  |  |  |  |  376,961,797  |   \n  \n  \n\n|  **Three months ended December 31,**  \n---|---  \n|  |  **2024** |  |  |  |  **2023** |   \n**Net revenue, before excise taxes** |  $  |  41,182  |  |  |  $  |  34,006  |   \nExcise taxes  |  |  (10,881  |  )  |  |  |  (10,091  |  )   \n**Net revenue** |  |  30,301  |  |  |  |  23,915  |   \nCost of sales  |  |  19,494  |  |  |  |  21,913  |   \nInventory write-down  |  |  \u2014  |  |  |  |  89  |   \n**Gross profit** |  |  10,807  |  |  |  |  1,913  |   \n**Operating expenses** |  |  |   \nSales and marketing  |  |  6,413  |  |  |  |  6,367  |   \nResearch and development  |  |  1,028  |  |  |  |  1,451  |   \nGeneral and administrative  |  |  12,080  |  |  |  |  9,802  |   \nRestructuring costs  |  |  \u2014  |  |  |  |  101  |   \nShare-based compensation  |  |  2,187  |  |  |  |  1,933  |   \nDepreciation and amortization  |  |  464  |  |  |  |  529  |   \nImpairment loss on long-lived assets  |  |  \u2014  |  |  |  |  3,366  |   \nTotal operating expenses  |  |  22,172  |  |  |  |  23,549  |   \nOperating loss  |  |  (11,365  |  )  |  |  |  (21,636  |  )   \n**Other income (expense)** |  |  |   \nInterest income, net  |  |  11,863  |  |  |  |  14,214  |   \nGain (loss) on revaluation of derivative liabilities  |  |  142  |  |  |  |  (71  |  )   \nShare of income from equity method investments  |  |  \u2014  |  |  |  |  752  |   \nGain (loss) on revaluation of financial instruments  |  |  302  |  |  |  |  (4,186  |  )   \nImpairment loss on other investments  |  |  \u2014  |  |  |  |  (23,350  |  )   \nForeign currency transaction gain (loss)  |  |  45,489  |  |  |  |  (11,323  |  )   \nLoss on held-for-sale assets  |  |  (780  |  )  |  |  |  \u2014  |   \nOther, net  |  |  294  |  |  |  |  89  |   \nTotal other income (expense)  |  |  57,310  |  |  |  |  (23,875  |  )   \nIncome (loss) before income taxes  |  |  45,945  |  |  |  |  (45,511  |  )   \nIncome tax expense (benefit)  |  |  2,004  |  |  |  |  (360  |  )   \nIncome (loss) from continuing operations  |  |  43,941  |  |  |  |  (45,151  |  )   \nLoss from discontinued operations  |  |  \u2014  |  |  |  |  124  |   \nNet income (loss)  |  |  43,941  |  |  |  |  (45,027  |  )   \nNet loss attributable to non-controlling interest  |  |  212  |  |  |  |  (237  |  )   \nNet income (loss) attributable to Cronos Group  |  $  |  43,729  |  |  |  $  |  (44,790  |  )   \n**Comprehensive loss** |  |  |   \nNet income (loss)  |  $  |  43,941  |  |  |  $  |  (45,027  |  )   \nOther comprehensive income (loss)  |  |  |   \nForeign exchange gain (loss) on translation  |  |  (66,208  |  )  |  |  |  22,635  |   \nComprehensive loss  |  |  (22,267  |  )  |  |  |  (22,392  |  )   \nComprehensive loss attributable to non-controlling interest  |  |  (2,832  |  )  |  |  |  (390  |  )   \n**Comprehensive loss attributable to Cronos Group** |  $  |  (19,435  |  )  |  |  $  |  (22,002  |  )   \n|  |  |   \n**Net income (loss) per share** |  |  |   \nBasic - continuing operations  |  $  |  0.11  |  |  |  $  |  (0.12  |  )   \nBasic - discontinued operations  |  $  |  \u2014  |  |  |  $  |  \u2014  |   \nBasic net income (loss) per share attributable to Cronos Group  |  $  |  0.11  |  |  |  $  |  (0.12  |  )   \n|  |  |   \nDiluted - continuing operations  |  $  |  0.11  |  |  |  $  |  (0.12  |  )   \nDiluted - discontinued operations  |  $  |  \u2014  |  |  |  $  |  \u2014  |   \nDiluted net income (loss) per share attributable to Cronos Group  |  $  |  0.11  |  |  |  $  |  (0.12  |  )   \n**Weighted average number of outstanding shares** |  |  |   \nBasic  |  |  382,340,893  |  |  |  |  381,155,824  |   \nDiluted  |  |  386,525,110  |  |  |  |  381,155,824  |   \n  \n  \n\n**Cronos Group Inc.**  \n**Consolidated Statements of Cash Flows**  \n_(In thousands of U.S. dollars)_  \n---  \n|  **Year ended December 31,**  \n|  |  **2024** |  |  |  |  **2023** |  |  |  |  **2022** |   \n**Operating activities** |  |  |  |  |   \nNet income (loss)  |  $  |  40,022  |  |  |  $  |  (74,553  |  )  |  |  $  |  (168,734  |  )   \nAdjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:  |  |  |  |  |   \nShare-based compensation  |  |  8,700  |  |  |  |  8,769  |  |  |  |  15,115  |   \nDepreciation and amortization  |  |  9,336  |  |  |  |  8,110  |  |  |  |  13,122  |   \nImpairment loss on long-lived assets  |  |  16,350  |  |  |  |  3,571  |  |  |  |  3,493  |   \nImpairment loss on other investments  |  |  25,650  |  |  |  |  23,350  |  |  |  |  61,392  |   \nLoss (income) from investments  |  |  3,841  |  |  |  |  10,513  |  |  |  |  (17,853  |  )   \nLoss (gain) on revaluation of derivative liabilities  |  |  (49  |  )  |  |  |  85  |  |  |  |  (14,060  |  )   \nChanges in expected credit losses on long-term financial assets  |  |  1,032  |  |  |  |  (1,528  |  )  |  |  |  (662  |  )   \nRevaluation of equity method investment  |  |  (32,469  |  )  |  |  |  \u2014  |  |  |  |  \u2014  |   \nRevaluation of loan receivable  |  |  (11,804  |  )  |  |  |  \u2014  |  |  |  |  \u2014  |   \nLoss on held-for-sale assets  |  |  11,202  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nInventory step-up recorded to cost of sales  |  |  5,284  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nForeign currency transaction (gain) loss  |  |  (57,859  |  )  |  |  |  7,324  |  |  |  |  2,286  |   \nOther non-cash operating activities, net  |  |  (82  |  )  |  |  |  (2,008  |  )  |  |  |  1,294  |   \nChanges in operating assets and liabilities:  |  |  |  |  |   \nAccounts receivable, net  |  |  (917  |  )  |  |  |  9,206  |  |  |  |  (2,711  |  )   \nInterest receivable  |  |  (3,656  |  )  |  |  |  (14,344  |  )  |  |  |  (6,985  |  )   \nOther receivables  |  |  2,059  |  |  |  |  (1,449  |  )  |  |  |  1,148  |   \nPrepaids and other current assets  |  |  (512  |  )  |  |  |  1,437  |  |  |  |  996  |   \nInventory, net  |  |  7,417  |  |  |  |  7,399  |  |  |  |  (7,217  |  )   \nAccounts payable  |  |  (7,449  |  )  |  |  |  (773  |  )  |  |  |  (863  |  )   \nIncome taxes payable  |  |  (93  |  )  |  |  |  (33,104  |  )  |  |  |  34,212  |   \nAccrued liabilities  |  |  2,840  |  |  |  |  5,160  |  |  |  |  (2,921  |  )   \nNet cash provided by (used in) operating activities  |  |  18,843  |  |  |  |  (42,835  |  )  |  |  |  (88,948  |  )   \n|  |  |  |  |   \n**Investing activities** |  |  |  |  |   \nProceeds from short-term investments  |  |  185,817  |  |  |  |  532,838  |  |  |  |  268,870  |   \nPurchase of short-term investments  |  |  \u2014  |  |  |  |  (608,247  |  )  |  |  |  (271,378  |  )   \nCash acquired in business combination  |  |  5,993  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nDividends received from equity method investee  |  |  \u2014  |  |  |  |  1,297  |  |  |  |  \u2014  |   \nDividend proceeds  |  |  \u2014  |  |  |  |  345  |  |  |  |  384  |   \nAdvances on loans receivable  |  |  (8,759  |  )  |  |  |  \u2014  |  |  |  |  \u2014  |   \nRepayments on loans receivable  |  |  5,252  |  |  |  |  16,831  |  |  |  |  5,246  |   \nPurchase of property, plant and equipment, net of disposals  |  |  (12,411  |  )  |  |  |  (2,505  |  )  |  |  |  (3,451  |  )   \nPurchase of intangible assets, net of disposals  |  |  (743  |  )  |  |  |  (918  |  )  |  |  |  (1,581  |  )   \nOther investing activities  |  |  \u2014  |  |  |  |  860  |  |  |  |  68  |   \nNet cash provided by (used in) investing activities  |  |  175,149  |  |  |  |  (59,499  |  )  |  |  |  (1,842  |  )   \n|  **Year ended December 31,**  \n|  |  **2024** |  |  |  |  **2023** |  |  |  |  **2022** |   \n**Financing activities** |  |  |  |  |   \nWithholding taxes paid on equity awards  |  |  (1,231  |  )  |  |  |  (1,030  |  )  |  |  |  (2,829  |  )   \nOther financing activities, net  |  |  \u2014  |  |  |  |  \u2014  |  |  |  |  (68  |  )   \nNet cash used in financing activities  |  |  (1,231  |  )  |  |  |  (1,030  |  )  |  |  |  (2,897  |  )   \nEffect of foreign currency translation on cash and cash equivalents  |  |  (3,247  |  )  |  |  |  8,011  |  |  |  |  (28,642  |  )   \nNet change in cash and cash equivalents  |  |  189,514  |  |  |  |  (95,353  |  )  |  |  |  (122,329  |  )   \nCash and cash equivalents, beginning of period  |  |  669,291  |  |  |  |  764,644  |  |  |  |  886,973  |   \nCash and cash equivalents, end of period  |  $  |  858,805  |  |  |  $  |  669,291  |  |  |  $  |  764,644  |   \n|  |  |  |  |   \n**Supplementary cash flow information:** |  |  |  |  |   \nInterest paid  |  |  \u2014  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nInterest received  |  |  48,399  |  |  |  |  36,501  |  |  |  |  15,548  |   \nTaxes paid  |  |  647  |  |  |  |  33,013  |  |  |  |  177  |   \n|  |  |  |  |  |  |  |  |  |  |   \n  \n**Non-GAAP Measures**\n\nCronos reports its financial results in accordance with Generally Accepted\nAccounting Principles in the United States (\u201cU.S. GAAP\u201d). This press release\nrefers to measures not recognized under U.S. GAAP (\u201cnon-GAAP measures\u201d). These\nnon-GAAP measures do not have a standardized meaning prescribed by U.S. GAAP\nand are therefore unlikely to be comparable to similar measures presented by\nother companies. Rather, these non-GAAP measures are provided as a supplement\nto corresponding U.S. GAAP measures to provide additional information\nregarding the results of operations from management\u2019s perspective.\nAccordingly, non-GAAP measures should not be considered a substitute for, or\nsuperior to, the financial information prepared and presented in accordance\nwith U.S. GAAP. All non-GAAP measures presented in this press release are\nreconciled to their closest reported U.S. GAAP measure. Reconciliations of\nhistorical adjusted financial measures to corresponding U.S. GAAP measures are\nprovided below.\n\n_Adjusted EBITDA_\n\nManagement reviews Adjusted EBITDA, a non-GAAP measure, which excludes non-\ncash items and items that do not reflect management\u2019s assessment of ongoing\nbusiness performance. Management defines Adjusted EBITDA as net income (loss)\nbefore interest, tax expense (benefit), depreciation and amortization adjusted\nfor: share of (income) loss from equity method investments; impairment loss on\ngoodwill and intangible assets; impairment loss on long-lived assets; (gain)\nloss on revaluation of derivative liabilities; (gain) loss on revaluation of\nfinancial instruments; gain on revaluation of loan receivable; gain on\nrevaluation of equity method investment; transaction costs related to\nstrategic projects; loss on held-for-sale assets; impairment loss on other\ninvestments; foreign currency transaction loss; other, net; loss from\ndiscontinued operations; restructuring costs; inventory write-downs resulting\nfrom restructuring actions; share-based compensation; costs related to the\nAnti-Dumping Investigation; purchase accounting adjustment-related inventory\nstep-up adjustments recorded through cost of sales; and financial statement\nreview costs and reserves related to the restatements of our 2019 and 2021\ninterim financial statements (the \u201cRestatements\u201d), including the costs related\nto the settlement of the SEC\u2019s and the OSC\u2019s investigations of the\nRestatements and legal costs of defending shareholder class action complaints\nbrought against us as a result of the 2019 restatement (see Note 12(b)\n\u201cContingencies,\u201d to the consolidated financial statements under Item 8 of the\nCompany's Annual Report on Form 10-K for the year ended December 31, 2024 for\na discussion of the shareholder class action complaints relating to the\nrestatement of the 2019 interim financial statements and the settlement of the\nSEC\u2019s and the OSC\u2019s investigations of the Restatements). Results are reported\nas total consolidated results, reflecting our reporting structure of one\nreportable segment.\n\nManagement believes that Adjusted EBITDA provides the most useful insight into\nunderlying business trends and results and provides a more meaningful\ncomparison of period-over-period results. Management uses Adjusted EBITDA for\nplanning, forecasting and evaluating business and financial performance,\nincluding allocating resources and evaluating results relative to employee\ncompensation targets.  \n\nAdjusted EBITDA is reconciled to net income (loss) as follows:\n\n_(in thousands of U.S. dollars)_ |  **For the year ended December 31, 2024**  \n---|---  \n|  **Continuing  \nOperations ** |  |  **Discontinued  \nOperations ** |  |  **Total**  \nNet income  |  $  |  40,022  |  |  |  $  |  \u2014  |  |  $  |  40,022  |   \nInterest income, net  |  |  (52,019  |  )  |  |  |  \u2014  |  |  |  (52,019  |  )   \nIncome tax expense (benefit)  |  |  (3,436  |  )  |  |  |  \u2014  |  |  |  (3,436  |  )   \nDepreciation and amortization  |  |  9,336  |  |  |  |  \u2014  |  |  |  9,336  |   \nEBITDA  |  |  (6,097  |  )  |  |  |  \u2014  |  |  |  (6,097  |  )   \nShare of income from equity method investments  |  |  (2,365  |  )  |  |  |  \u2014  |  |  |  (2,365  |  )   \nImpairment loss on long-lived assets  (i)  |  |  16,350  |  |  |  |  \u2014  |  |  |  16,350  |   \nRevaluation gain on loan receivable  (ii)  |  |  (11,804  |  )  |  |  |  \u2014  |  |  |  (11,804  |  )   \nGain on revaluation of equity method investment  (iii)  |  |  (32,469  |  )  |  |  |  \u2014  |  |  |  (32,469  |  )   \nGain on revaluation of derivative liabilities  (iv)  |  |  (49  |  )  |  |  |  \u2014  |  |  |  (49  |  )   \nLoss on revaluation of financial instruments  (v)  |  |  6,248  |  |  |  |  \u2014  |  |  |  6,248  |   \nImpairment loss on other investments  (vi)  |  |  25,650  |  |  |  |  \u2014  |  |  |  25,650  |   \nForeign currency transaction gain  |  |  (57,859  |  )  |  |  |  \u2014  |  |  |  (57,859  |  )   \nTransaction costs  (vii)  |  |  701  |  |  |  |  \u2014  |  |  |  701  |   \nLoss on held-for-sale assets  (viii)  |  |  11,202  |  |  |  |  \u2014  |  |  |  11,202  |   \nOther, net  (ix)  |  |  350  |  |  |  |  \u2014  |  |  |  350  |   \nRestructuring costs  (x)  |  |  630  |  |  |  |  \u2014  |  |  |  630  |   \nShare-based compensation  (xi)  |  |  8,700  |  |  |  |  \u2014  |  |  |  8,700  |   \nFinancial statement review costs  (xii)  |  |  (1  |  )  |  |  |  \u2014  |  |  |  (1  |  )   \nInventory step-up recorded to cost of sales  (xiv)  |  |  5,284  |  |  |  |  \u2014  |  |  |  5,284  |   \nIsrael Ministry of Economy and Industry dumping inquiry  (xv)  |  |  587  |  |  |  |  \u2014  |  |  |  587  |   \nAdjusted EBITDA  |  $  |  (34,942  |  )  |  |  $  |  \u2014  |  |  $  |  (34,942  |  )   \n  \n  \n\n_(in thousands of U.S. dollars)_ |  **For the year ended December 31, 2023**  \n---|---  \n|  **Continuing  \nOperations ** |  |  **Discontinued  \nOperations ** |  |  **Total**  \nNet loss  |  $  |  (70,439  |  )  |  |  $  |  (4,114  |  )  |  |  $  |  (74,553  |  )   \nInterest income, net  |  |  (51,235  |  )  |  |  |  (10  |  )  |  |  |  (51,245  |  )   \nIncome tax expense (benefit)  |  |  (3,230  |  )  |  |  |  \u2014  |  |  |  |  (3,230  |  )   \nDepreciation and amortization  |  |  7,866  |  |  |  |  244  |  |  |  |  8,110  |   \nEBITDA  |  |  (117,038  |  )  |  |  |  (3,880  |  )  |  |  |  (120,918  |  )   \nShare of income from equity method investments  |  |  (1,583  |  )  |  |  |  \u2014  |  |  |  |  (1,583  |  )   \nImpairment loss on long-lived assets  (i)  |  |  3,366  |  |  |  |  205  |  |  |  |  3,571  |   \nLoss on revaluation of derivative liabilities  (iv)  |  |  85  |  |  |  |  \u2014  |  |  |  |  85  |   \nLoss on revaluation of financial instruments  (v)  |  |  12,042  |  |  |  |  \u2014  |  |  |  |  12,042  |   \nImpairment loss on other investments  (vi)  |  |  23,350  |  |  |  |  \u2014  |  |  |  |  23,350  |   \nForeign currency transaction loss  |  |  7,324  |  |  |  |  \u2014  |  |  |  |  7,324  |   \nOther, net  (ix)  |  |  (1,114  |  )  |  |  |  118  |  |  |  |  (996  |  )   \nRestructuring costs  (x)  |  |  1,524  |  |  |  |  523  |  |  |  |  2,047  |   \nShare-based compensation  (xi)  |  |  8,756  |  |  |  |  13  |  |  |  |  8,769  |   \nFinancial statement review costs  (xii)  |  |  919  |  |  |  |  \u2014  |  |  |  |  919  |   \nInventory write-down  (xiii)  |  |  805  |  |  |  |  839  |  |  |  |  1,644  |   \nAdjusted EBITDA  |  $  |  (61,564  |  )  |  |  $  |  (2,182  |  )  |  |  $  |  (63,746  |  )   \n  \n  \n\n_(in thousands of U.S. dollars)_ |  **Three months ended December 31, 2024**  \n---|---  \n|  **Continuing  \nOperations ** |  |  **Discontinued  \nOperations ** |  |  **Total**  \nNet income  |  $  |  43,941  |  |  |  $  |  \u2014  |  |  $  |  43,941  |   \nInterest income, net  |  |  (11,863  |  )  |  |  |  \u2014  |  |  |  (11,863  |  )   \nIncome tax expense (benefit)  |  |  2,004  |  |  |  |  \u2014  |  |  |  2,004  |   \nDepreciation and amortization  |  |  2,525  |  |  |  |  \u2014  |  |  |  2,525  |   \nEBITDA  |  |  36,607  |  |  |  |  \u2014  |  |  |  36,607  |   \nGain on revaluation of derivative liabilities  (i  v  )  |  |  (142  |  )  |  |  |  \u2014  |  |  |  (142  |  )   \nGain on revaluation of financial instruments  (  v  )  |  |  (302  |  )  |  |  |  \u2014  |  |  |  (302  |  )   \nForeign currency transaction gain  |  |  (45,489  |  )  |  |  |  \u2014  |  |  |  (45,489  |  )   \nTransaction costs  (vii)  |  |  171  |  |  |  |  \u2014  |  |  |  171  |   \nLoss on held-for-sale assets  (  v  iii)  |  |  780  |  |  |  |  \u2014  |  |  |  780  |   \nOther, net  (  ix  )  |  |  (294  |  )  |  |  |  \u2014  |  |  |  (294  |  )   \nShare-based compensation  (  xi  )  |  |  2,187  |  |  |  |  \u2014  |  |  |  2,187  |   \nFinancial statement review costs  (  xii  )  |  |  524  |  |  |  |  \u2014  |  |  |  524  |   \nInventory step-up recorded to cost of sales  (xi  v)  |  |  (1,832  |  )  |  |  |  \u2014  |  |  |  (1,832  |  )   \nIsrael Ministry of Economy and Industry dumping inquiry  (xv)  |  |  587  |  |  |  |  \u2014  |  |  |  587  |   \nAdjusted EBITDA  |  $  |  (7,203  |  )  |  |  $  |  \u2014  |  |  $  |  (7,203  |  )   \n  \n  \n\n_(in thousands of U.S. dollars)_ |  **Three months ended December 31, 2023**  \n---|---  \n|  **Continuing  \nOperations ** |  |  **Discontinued  \nOperations ** |  |  **Total**  \nNet loss  |  $  |  (45,151  |  )  |  |  $  |  124  |  |  |  $  |  (45,027  |  )   \nInterest income, net  |  |  (14,214  |  )  |  |  |  (1  |  )  |  |  |  (14,215  |  )   \nIncome tax expense (benefit)  |  |  (360  |  )  |  |  |  \u2014  |  |  |  |  (360  |  )   \nDepreciation and amortization  |  |  1,177  |  |  |  |  \u2014  |  |  |  |  1,177  |   \nEBITDA  |  |  (58,548  |  )  |  |  |  123  |  |  |  |  (58,425  |  )   \nShare of income from equity method investments  |  |  (752  |  )  |  |  |  \u2014  |  |  |  |  (752  |  )   \nImpairment loss on long-lived assets  (i  )  |  |  3,366  |  |  |  |  \u2014  |  |  |  |  3,366  |   \nLoss on revaluation of derivative liabilities  (i  v  )  |  |  71  |  |  |  |  \u2014  |  |  |  |  71  |   \nLoss on revaluation of financial instruments  (  v  )  |  |  4,186  |  |  |  |  \u2014  |  |  |  |  4,186  |   \nImpairment loss on other investments  (vi  )  |  |  23,350  |  |  |  |  \u2014  |  |  |  |  23,350  |   \nForeign currency transaction loss  |  |  11,323  |  |  |  |  \u2014  |  |  |  |  11,323  |   \nOther, net  (i  x  )  |  |  (89  |  )  |  |  |  (14  |  )  |  |  |  (103  |  )   \nRestructuring costs  (  x)  |  |  101  |  |  |  |  (39  |  )  |  |  |  62  |   \nShare-based compensation  (  xi  )  |  |  1,933  |  |  |  |  (4  |  )  |  |  |  1,929  |   \nFinancial statement review costs  (  xii  )  |  |  180  |  |  |  |  \u2014  |  |  |  |  180  |   \nInventory write-down  (  xiii  )  |  |  89  |  |  |  |  \u2014  |  |  |  |  89  |   \nAdjusted EBITDA  |  $  |  (14,790  |  )  |  |  $  |  66  |  |  |  $  |  (14,724  |  )   \n  \n(i)  For the year ended December 31, 2024, impairment loss on long-lived\nassets included $14,258 related to the write-down of our Ginkgo Exclusive\nLicenses and $1,631 related to the cessation of operations of Thanos Holdings\nLtd., known as Cronos Fermentation (\u201cCronos Fermentation\u201d). For the year ended\nDecember 31, 2023, impairment loss on long-lived assets related to certain\nleased properties associated with the Company\u2019s former U.S. operations and\nimpairment of the Company's CBCVA exclusive license under the collaboration\nand license agreement between Ginkgo and the Company.  \n(ii)  For the year ended December 31, 2024, a revaluation gain on loan\nreceivable was recognized as a result of the Cronos GrowCo Transaction on July\n1, 2024.  \n(iii)  For the year ended December 31, 2024, a gain on revaluation of equity\nmethod investment was recognized as a result of the Cronos GrowCo Transaction\non July 1, 2024.  \n(iv)  For the three months and years ended December 31, 2024 and 2023, the\n(gain) loss on revaluation of derivative liabilities represented the fair\nvalue changes on the derivative liabilities.  \n(v)  For the three months and years ended December 31, 2024 and 2023, (gain)\nloss on revaluation of financial instruments related primarily to our\nunrealized holding (gain) or loss (as applicable) on our mark-to-market\ninvestment in Vitura as well as revaluations of financial liabilities\nresulting from deferred share units granted to directors.  \n(vi)  For the years ended December 31, 2024 and 2023 and the three months\nended December 31, 2023, impairment loss on other investments related to the\nPharmaCann Option for the difference between its fair value and carrying\namount.  \n(vii)  For the year and three months ended December 31, 2024, transaction\ncosts represented legal, financial and other advisory fees and expenses\nincurred in connection with the Cronos GrowCo Transaction. These costs are\nincluded in general and administrative expenses on the consolidated statements\nof net income (loss) and comprehensive income (loss).  \n(viii)  For the year ended December 31, 2024, a loss on held-for-sale assets\nwas recognized as a result of the change in the Company\u2019s sales strategy for\nthe Cronos Fermentation assets to market the assets to a broader buyer pool.\nFor the quarter ended December 31, 2024, a loss on held-for-sale assets was\nrecognized to adjust the net book value of Cronos Fermentation to fair value.  \n(ix)  For the three months and years ended December 31, 2024 and 2023, other,\nnet primarily related to (gain) loss on disposal of assets.  \n(x)  For the year ended December 31, 2024, restructuring costs from continuing\noperations related to shutdown costs at the Cronos Fermentation Facility, as\nwell as employee-related severance costs associated with the Realignment. For\nthe year and three months ended December 31, 2023, restructuring costs related\nto the employee-related severance costs and other restructuring costs\nassociated with the Realignment.  \n(xi)  For the three months and years ended December 31, 2024 and 2023, share-\nbased compensation related to the vesting expenses of share-based compensation\nawarded to employees under our share-based award plans.  \n(xii)  For the three months and years ended December 31, 2024 and 2023,\nfinancial statement review costs included costs related to the Restatements,\ncosts related to the Company\u2019s responses to requests for information from\nvarious regulatory authorities relating to the Restatements, the costs related\nto the Settlement Order and Settlement Agreement and legal costs defending\nshareholder class action complaints brought against the Company as a result of\nthe 2019 restatement, as well as related insurance reimbursements.  \n(xiii)  For the three months and year ended December 31, 2023, inventory\nwrite-downs from discontinued operations relate to product destruction and\nobsolescence associated with the exit of our U.S. operations and inventory\nwrite-downs from continuing operations relate to product destruction and\nobsolescence associated with the planned exit of Cronos Fermentation.  \n(xiv)  For the three months and year ended December 31, 2024, inventory step-\nup recorded to cost of sales represented the portion of the inventory step-up\nfrom the Cronos GrowCo Transaction that was recorded through the consolidated\nstatements of income (loss) and comprehensive income (loss).  \n(xv)  For the three months and year ended December 31, 2024, Israel Ministry\nof Economy and Industry dumping inquiry expense included expenditures relating\nto the regulatory inquiry about alleged dumping of medical cannabis products\nin Israel and related litigation and external relations expenses.\n\n**_Adjusted Gross Profit and Adjusted Gross Margin_ **\n\nTo supplement the consolidated financial statements presented in accordance\nwith U.S. GAAP, we have presented Adjusted Gross Profit and Adjusted Gross\nMargin, non-GAAP measures that exclude the impacts of inventory-related\npurchase accounting adjustments from the calculations of gross profit and\ngross margin, which resulted from the Cronos GrowCo Transaction. Results are\nreported as total consolidated results, reflecting our reporting structure of\none reportable segment.\n\nManagement believes that Adjusted Gross Profit and Adjusted Gross Margin\nprovide useful insight into underlying business trends to facilitate\ncomparisons of period-over-period results by removing the impacts of\ninventory-related purchase accounting adjustments resulting from the Cronos\nGrowCo Transaction, which reflect a one-time event and do not reflect\nmanagement\u2019s assessment of ongoing business performance.\n\n_(in thousands of U.S. dollars)_ |  **Three months ended  \nDecember 31, ** |  |  **Change** |  |  **Year ended  \nDecember 31, ** |  |  **Change**  \n---|---|---|---|---|---|---|---  \n|  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%**  \nNet revenue  |  $  |  30,301  |  |  |  $  |  23,915  |  |  |  $  |  6,386  |  |  |  27  |  %  |  |  $  |  117,615  |  |  |  $  |  87,241  |  |  |  $  |  30,374  |  |  35  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nGross profit  |  $  |  10,807  |  |  |  $  |  1,913  |  |  |  $  |  8,894  |  |  |  465  |  %  |  |  $  |  25,198  |  |  |  $  |  11,909  |  |  |  $  |  13,289  |  |  112  |  %   \nInventory step-up recorded to cost of sales  |  |  (1,832  |  )  |  |  |  \u2014  |  |  |  |  (1,832  |  )  |  |  N/M  |  |  |  |  5,284  |  |  |  |  \u2014  |  |  |  |  5,284  |  |  N/M  |   \nAdjusted Gross Profit  |  $  |  8,975  |  |  |  $  |  1,913  |  |  |  $  |  7,062  |  |  |  369  |  %  |  |  $  |  30,482  |  |  |  $  |  11,909  |  |  |  $  |  18,573  |  |  156  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nGross margin  (i)  |  |  36  |  %  |  |  |  8  |  %  |  |  |  N/A  |  |  |  28  |  pp  |  |  |  21  |  %  |  |  |  14  |  %  |  |  N/A  |  |  7  |  pp   \nAdjusted Gross Margin  (ii)  |  |  30  |  %  |  |  |  8  |  %  |  |  |  N/A  |  |  |  22  |  pp  |  |  |  26  |  %  |  |  |  14  |  %  |  |  N/A  |  |  12  |  pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \n  \n(i)  Gross margin is defined as gross profit divided by net revenue.  \n(ii)  Adjusted Gross Margin is defined as Adjusted Gross Profit divided by net\nrevenue.\n\n_Constant Currency_\n\nTo supplement the consolidated financial statements presented in accordance\nwith U.S. GAAP, we have presented constant currency adjusted financial\nmeasures for net revenues, gross profit, gross profit margin, operating\nexpenses, net income (loss) and Adjusted EBITDA for 2024, as well as cash and\ncash equivalents and short-term investment balances as of December 31, 2024\ncompared to December 31, 2023, which are considered non-GAAP financial\nmeasures. We present constant currency information to provide a framework for\nassessing how our underlying operations performed excluding the effect of\nforeign currency rate fluctuations. To present this information, current and\nprior period income statement results in currencies other than U.S. dollars\nare converted into U.S. dollars using the average exchange rates from the\ncomparative period in 2023 rather than the actual average exchange rates in\neffect during 2024; constant currency current period balance sheet information\nis translated at the prior year-end spot rate rather than the current year-end\nspot rate. All growth comparisons relate to the corresponding period in 2023.\nWe have provided this non-GAAP financial information to aid investors in\nbetter understanding the performance of our business. The non-GAAP financial\nmeasures presented in this press release should not be considered as a\nsubstitute for, or superior to, the measures of financial performance prepared\nin accordance with U.S. GAAP.\n\nThe table below sets forth certain measures of consolidated results from\ncontinuing operations on an as-reported and constant currency basis for 2024\ncompared to 2023, as well as cash and cash equivalents and short-term\ninvestments as of December 31, 2024, compared to December 31, 2023, on an as-\nreported and constant currency basis (in thousands):\n\n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n---|---|---|---  \n|  **Three months ended December 31,** |  |  **As Reported  \nChange ** |  |  **Three months ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  **$** |  |  **%**  \nNet revenue  |  $  |  30,301  |  |  |  $  |  23,915  |  |  |  $  |  6,386  |  |  |  27  |  %  |  |  $  |  30,527  |  |  |  $  |  6,612  |  |  |  28  |  %   \nGross profit  |  |  10,807  |  |  |  |  1,913  |  |  |  |  8,894  |  |  |  465  |  %  |  |  |  10,914  |  |  |  |  9,001  |  |  |  471  |  %   \nGross margin  |  |  36  |  %  |  |  |  8  |  %  |  |  |  N/A  |  |  |  28  |  pp  |  |  |  36  |  %  |  |  |  N/A  |  |  |  28  |  pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \nOperating expenses  |  |  22,172  |  |  |  |  23,549  |  |  |  |  (1,377  |  )  |  |  (6  |  )%  |  |  |  22,557  |  |  |  |  (992  |  )  |  |  (4  |  )%   \nNet income (loss) from continuing operations  |  |  43,941  |  |  |  |  (45,151  |  )  |  |  |  89,092  |  |  |  N/M  |  |  |  |  44,431  |  |  |  |  89,582  |  |  |  N/M  |   \nAdjusted EBITDA  |  |  (7,203  |  )  |  |  |  (14,790  |  )  |  |  |  7,587  |  |  |  51  |  %  |  |  |  (7,869  |  )  |  |  |  6,921  |  |  |  47  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n|  **Year ended  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **Year ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  **$** |  |  **%**  \nNet revenue  |  $  |  117,615  |  |  |  $  |  87,241  |  |  |  $  |  30,374  |  |  |  35  |  %  |  |  $  |  118,983  |  |  |  $  |  31,742  |  |  |  36  |  %   \nGross profit  |  |  25,198  |  |  |  |  11,909  |  |  |  |  13,289  |  |  |  112  |  %  |  |  |  25,505  |  |  |  |  13,596  |  |  |  114  |  %   \nGross margin  |  |  21  |  %  |  |  |  14  |  %  |  |  |  N/A  |  |  |  7  |  pp  |  |  |  21  |  %  |  |  |  N/A  |  |  |  7  |  pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \nOperating expenses  |  |  101,727  |  |  |  |  96,709  |  |  |  |  5,018  |  |  |  5  |  %  |  |  |  102,972  |  |  |  |  6,263  |  |  |  6  |  %   \nNet income (loss) from continuing operations  |  |  40,022  |  |  |  |  (70,439  |  )  |  |  |  110,461  |  |  |  N/M  |  |  |  |  42,007  |  |  |  |  112,446  |  |  |  N/M  |   \nAdjusted EBITDA  |  |  (34,942  |  )  |  |  |  (61,564  |  )  |  |  |  26,622  |  |  |  43  |  %  |  |  |  (35,891  |  )  |  |  |  25,673  |  |  |  42  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \n|  **As of  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **As of December 31,** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  **$** |  |  **%**  \nCash and cash equivalents  |  $  |  858,805  |  |  |  $  |  669,291  |  |  |  $  |  189,514  |  |  |  28  |  %  |  |  $  |  869,761  |  |  |  $  |  200,470  |  |  |  30  |  %   \nShort-term investments  |  |  \u2014  |  |  |  |  192,237  |  |  |  |  (192,237  |  )  |  |  (100  |  )%  |  |  |  \u2014  |  |  |  |  (192,237  |  )  |  |  (100  |  )%   \nTotal cash and cash equivalents and short-term investments  |  $  |  858,805  |  |  |  $  |  861,528  |  |  |  $  |  (2,723  |  )  |  |  \u2014  |  %  |  |  $  |  869,761  |  |  |  $  |  8,233  |  |  |  1  |  %   \n  \n_  \nNet revenue _\n\n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n---|---|---|---  \n|  **Three months ended  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **Three months ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  **2023** |  |  **$** |  |  **%** |  |  |  **2024** |  |  **$** |  |  **%**  \nCannabis flower  |  $  |  23,398  |  |  $  |  17,515  |  |  $  |  5,883  |  |  |  34  |  %  |  |  $  |  23,491  |  |  $  |  5,976  |  |  |  34  |  %   \nCannabis extracts  |  |  6,588  |  |  |  6,074  |  |  |  514  |  |  |  8  |  %  |  |  |  6,729  |  |  |  655  |  |  |  11  |  %   \nOther  |  |  315  |  |  |  326  |  |  |  (11  |  )  |  |  (3  |  )%  |  |  |  307  |  |  |  (19  |  )  |  |  (6  |  )%   \nNet revenue  |  $  |  30,301  |  |  $  |  23,915  |  |  $  |  6,386  |  |  |  27  |  %  |  |  $  |  30,527  |  |  $  |  6,612  |  |  |  28  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n|  **Year ended  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **Year ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  **2023** |  |  **$** |  |  **%** |  |  |  **2024** |  |  **$** |  |  **%**  \nCannabis flower  |  $  |  87,912  |  |  $  |  62,070  |  |  $  |  25,842  |  |  |  42  |  %  |  |  $  |  88,904  |  |  $  |  26,834  |  |  |  43  |  %   \nCannabis extracts  |  |  29,168  |  |  |  24,569  |  |  |  4,599  |  |  |  19  |  %  |  |  |  29,552  |  |  |  4,983  |  |  |  20  |  %   \nOther  |  |  535  |  |  |  602  |  |  |  (67  |  )  |  |  (11  |  )%  |  |  |  527  |  |  |  (75  |  )  |  |  (12  |  )%   \nNet revenue  |  $  |  117,615  |  |  $  |  87,241  |  |  $  |  30,374  |  |  |  35  |  %  |  |  $  |  118,983  |  |  $  |  31,742  |  |  |  36  |  %   \n  \n  \n\n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n---|---|---|---  \n|  **Three months ended  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **Three months ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  **2023** |  |  **$** |  |  **%** |  |  |  **2024** |  |  **$** |  |  **%**  \nCanada  |  $  |  19,656  |  |  $  |  17,935  |  |  $  |  1,721  |  |  10  |  %  |  |  $  |  20,156  |  |  $  |  2,221  |  |  12  |  %   \nIsrael  |  |  7,803  |  |  |  4,974  |  |  |  2,829  |  |  57  |  %  |  |  |  7,546  |  |  |  2,572  |  |  52  |  %   \nOther countries  |  |  2,842  |  |  |  1,006  |  |  |  1,836  |  |  183  |  %  |  |  |  2,825  |  |  |  1,819  |  |  181  |  %   \nNet revenue  |  $  |  30,301  |  |  $  |  23,915  |  |  $  |  6,386  |  |  27  |  %  |  |  $  |  30,527  |  |  $  |  6,612  |  |  28  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n|  **Year ended  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **Year ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  **2023** |  |  **$** |  |  **%** |  |  |  **2024** |  |  **$** |  |  **%**  \nCanada  |  $  |  82,437  |  |  $  |  64,702  |  |  $  |  17,735  |  |  27  |  %  |  |  $  |  83,709  |  |  $  |  19,007  |  |  29  |  %   \nIsrael  |  |  28,368  |  |  |  21,134  |  |  |  7,234  |  |  34  |  %  |  |  |  28,454  |  |  |  7,320  |  |  35  |  %   \nOther countries  |  |  6,810  |  |  |  1,405  |  |  |  5,405  |  |  385  |  %  |  |  |  6,820  |  |  |  5,415  |  |  385  |  %   \nNet revenue  |  $  |  117,615  |  |  $  |  87,241  |  |  $  |  30,374  |  |  35  |  %  |  |  $  |  118,983  |  |  $  |  31,742  |  |  36  |  %   \n  \n  \nFor 2024, net revenue on a constant currency basis was $119.0 million,\nrepresenting a 36% increase from 2023. Net revenue increased on a constant\ncurrency basis primarily due to higher cannabis flower and extract sales in\nthe Canadian market and higher cannabis flower sales in Israel and other\ncountries. The Cronos GrowCo Transaction contributed $6.5 million of cannabis\nflower sales in the year ended December 31, 2024 on a constant currency basis.\nNo such sales were recognized for the year ended December 31, 2023.\n\n_Gross profit_\n\nFor 2024, gross profit on a constant currency basis was $25.5 million,\nrepresenting a 114% increase from 2023. Gross profit increased on a constant\ncurrency basis primarily due to higher cannabis flower and extract sales in\nthe Canadian market, higher cannabis flower sales in Israel and other\ncountries, and production cost improvements, partially offset by the impact on\ncost of sales from the inventory step-up from the Cronos GrowCo Transaction.\nFor 2024, gross profit on a constant currency basis was reduced $5.1 million\nas a result of the impact of the inventory step-up from the Cronos GrowCo\nTransaction that was recorded into cost of sales. No such costs were\nrecognized for 2023.\n\n_Operating expenses_\n\nFor 2024, operating expenses on a constant currency basis were $103.0 million,\nrepresenting a 6% increase from 2023. Operating expenses increased on a\nconstant currency basis primarily due to the impairment of the Ginkgo\nExclusive Licenses, partially offset by lower salaries and benefits,\nprofessional fees and restructuring costs.\n\n_Net income (loss) from continuing operations_\n\nFor 2024, net income (loss) from continuing operations on a constant currency\nbasis was $42.0 million, compared to a loss of $70.4 million for 2023.\n\n_Adjusted EBITDA_\n\nFor 2024, Adjusted EBITDA on a constant currency basis was $(35.9) million,\nrepresenting a 42% improvement from 2023. Adjusted EBITDA improved on a\nconstant currency basis primarily due to higher cannabis flower and extract\nsales in the Canadian market, higher cannabis flower sales in Israel and other\ncountries, production cost improvements, and decreases in general and\nadministrative, sales and marketing and research and development expenses.\n\n_Cash and cash equivalents & short-term investments _\n\nCash and cash equivalents and short-term investments on a constant currency\nbasis increased 1% to $869.8 million as of December 31, 2024 from $861.5\nmillion as of December 31, 2023. The increase in cash and cash equivalents and\nshort-term investments is primarily due to cash flows provided by operating\nactivities in 2024.\n\n**Foreign currency exchange rates**\n\nAll currency amounts in this press release are stated in U.S. dollars, which\nis our reporting currency, unless otherwise noted. All references to \u201cdollars\u201d\nor \u201c$\u201d are to U.S. dollars. The assets and liabilities of our foreign\noperations are translated into dollars at the exchange rate in effect as of\nDecember 31, 2024 and December 31, 2023, as reported on Bloomberg.\nTransactions affecting the shareholders\u2019 equity (deficit) are translated at\nhistorical foreign exchange rates. The consolidated statements of net income\n(loss) and comprehensive income (loss) and consolidated statements of cash\nflows of our foreign operations are translated into dollars by applying the\naverage foreign exchange rate in effect for the years ended December 31, 2024,\nDecember 31, 2023, and December 31, 2022, as reported on Bloomberg.\n\nThe exchange rates used to translate from Canadian dollars (\u201cC$\u201d) to dollars\nare shown below:\n\n_(Exchange rates are shown as C$ per $)_ |  **Year ended December 31,**  \n---|---  \n|  **2024** |  |  **2023** |  |  **2022**  \nAverage rate  |  1.3700  |  |  1.3494  |  |  1.3017   \nSpot rate  |  1.4351  |  |  1.3243  |  |  1.3554   \n|  |  |  |  |   \n  \nThe exchange rates used to translate from New Israeli Shekels (\u201cILS\u201d) to\ndollars are shown below:\n\n_(Exchange rates are shown as ILS per $)_ |  **Year ended December 31,**  \n---|---  \n|  **2024** |  |  **2023** |  |  **2022**  \nAverage rate  |  3.6997  |  |  3.6819  |  |  3.3566   \nSpot rate  |  3.6526  |  |  3.6163  |  |  3.5178   \n|  |  |  |  |   \n  \n**For further information, please contact:**  \nAnna Shlimak  \nInvestor Relations  \nTel: (416) 504-0004  \ninvestor.relations@thecronosgroup.com\n\n  \n\n* * *\n\n##  Tags\n\n[ Cannabis ](/en/search/tag/cannabis \"Cannabis\") [ CRON ](/en/search/tag/cron\n\"CRON\") [ Cronos ](/en/search/tag/cronos \"Cronos\") [ Cronos Group\n](/en/search/tag/cronos%2520group \"Cronos Group\")\n\n##  Recommended Reading\n\n  * March 19, 2025 07:30 ET  |  Source: [ Cronos Group Inc. ](/en/search/organization/Cronos%2520Group%2520Inc\u00a7)\n\n[ Cronos Appoints Anna Shlimak as Chief Financial Officer\n](https://www.globenewswire.com/news-release/2025/03/19/3045272/0/en/Cronos-\nAppoints-Anna-Shlimak-as-Chief-Financial-Officer.html)\n\nTORONTO, March 19, 2025 (GLOBE NEWSWIRE) -- Cronos Group Inc. (NASDAQ: CRON)\n(TSX: CRON) (\u201cCronos\u201d or the \u201cCompany\u201d), an innovative global cannabinoid\ncompany, today announced the appointment of...\n\n[ Read More ](https://www.globenewswire.com/news-\nrelease/2025/03/19/3045272/0/en/Cronos-Appoints-Anna-Shlimak-as-Chief-\nFinancial-Officer.html)\n\n  * March 10, 2025 08:00 ET  |  Source: [ Cronos Group Inc. ](/en/search/organization/Cronos%2520Group%2520Inc\u00a7)\n\n[ Cronos Group Inc. to Speak at the 37th Annual Roth Conference\n](https://www.globenewswire.com/news-release/2025/03/10/3039659/0/en/Cronos-\nGroup-Inc-to-Speak-at-the-37th-Annual-Roth-Conference.html)\n\nTORONTO, March 10, 2025 (GLOBE NEWSWIRE) -- Cronos Group Inc. (NASDAQ: CRON)\n(TSX: CRON) (\u201cCronos\u201d or the \u201cCompany\u201d), an innovative global cannabinoid\ncompany, today announced that Mike Gorenstein,...\n\n[ Read More ](https://www.globenewswire.com/news-\nrelease/2025/03/10/3039659/0/en/Cronos-Group-Inc-to-Speak-at-the-37th-Annual-\nRoth-Conference.html)\n\n",
                "url": "https://www.globenewswire.com/news-release/2025/02/27/3033748/0/en/Cronos-Group-Reports-2024-Fourth-Quarter-and-Full-Year-Results.html"
            },
            "reason": "This is a news release from GlobeNewswire regarding Cronos Group's financial results, providing direct and reliable financial information.",
            "reliability_score": 1.0,
            "search_query": "company 'The Cronos Group' risk regulatory compliance",
            "summary": "News release from GlobeNewswire regarding Cronos Group's financial results.",
            "url": "https://www.globenewswire.com/news-release/2025/02/27/3033748/0/en/Cronos-Group-Reports-2024-Fourth-Quarter-and-Full-Year-Results.html"
        },
        {
            "content": {
                "metadata": {
                    "ext_id": "d7c5f207-d4f7-4a07-88b1-f897f1aca714",
                    "origin": "public",
                    "resource_location": "web",
                    "resource_type": "webpage",
                    "source": "https://www.osc.ca/en/news-events/news/cronos-group-inc-pay-more-1-million-accounting-and-control-failures"
                },
                "page_content": "Skip to content\n\n#  Cronos Group Inc. to pay more than $1 million for accounting and control\nfailures\n\n##  For Immediate Release [ OSC ](/en/news-events/news-\nreleases?category%5B5036%5D=5036) [ Enforcement ](/en/news-events/news-\nreleases?category%5B7526%5D=7526)\n\nOctober 24, 2022\n\n**TORONTO \u2013** A panel of the Capital Markets Tribunal today approved a [\nsettlement agreement\n](https://www.capitalmarketstribunal.ca/en/notices/notice-cronos-group-inc-\nand-william-hilson-file-no-2022-23-0) between the OSC and Cronos Group Inc.\n(Cronos) regarding accounting errors that led to two restatements of its\ninterim financial statements. A separate [ settlement agreement\n](https://www.capitalmarketstribunal.ca/en/notices/notice-cronos-group-inc-\nand-william-hilson-file-no-2022-23-0) was also approved between the OSC and\nWilliam Hilson, Cronos\u2019 former Chief Financial Officer and Chief Commercial\nOfficer, for his role in one of the company\u2019s cannabis wholesale transactions.\n\nThe OSC acknowledges the assistance provided in its investigation by the U.S.\nSecurities and Exchange Commission (SEC), which announced today it settled\ncharges against Cronos and Hilson.\n\nCronos improperly recognized $7.6 million in revenue in its Q1, Q2 and Q3 2019\ninterim financial statements regarding three wholesale cannabis transactions.\nThe company also overstated virtually all of its U.S. goodwill and a\nsignificant portion of its U.S. intangible assets by a collective amount of\n$234.9 million in its Q2 2021 interim financial statements. As a result of\nthese accounting errors, the company restated its Q1, Q2 and Q3 2019 interim\nfinancial statements, and its Q2 2021 interim financial statements. In both\ninstances, Cronos reported related material weaknesses in internal control\nover financial reporting (ICFR).\n\n\u201cAs the industry continues to grow, it is imperative that investors receive\naccurate information about the financial performance of public cannabis\ncompanies to support informed investment decisions in this nascent sector,\u201d\nsaid Jeff Kehoe, Director of Enforcement at the OSC. \u201cThe settlements\nannounced today hold Cronos and Mr. Hilson accountable for their failures and\nserve as another excellent example of the OSC working across international\nborders to protect Ontario\u2019s capital markets.\n\nAs part of its settlement with the OSC, Cronos admits that it failed to file\ninterim financial statements prepared in accordance with applicable generally\naccepted accounting principles. Additionally, the company has paid an\nadministrative penalty of $1.3 million, and a further $40,000 towards the cost\nof the OSC\u2019s investigation. Cronos will also pay for an independent\nconsultant, acceptable to the OSC, to review its internal controls and ICFR.\n\nThe terms of the settlement reflect Cronos\u2019 full cooperation with the OSC and\nthe timely, proactive, and comprehensive measures it took to remediate its\nconduct.\n\nIn 2019, while Hilson was Cronos\u2019 Chief Commercial Officer, he was involved in\none of the wholesale transactions in which Cronos improperly recognized $3\nmillion in revenue. In settling this matter, Hilson admits that he failed to\ntake appropriate steps to address the handling of revenue recognition issues\nfor this transaction by Cronos, and that his conduct was contrary to the\npublic interest.\n\nHilson will be subject to a one-year ban from acting as a director or officer\nof any reporting issuer. Hilson also agreed to make a voluntary payment of\n$50,000 to the OSC and pay a further $20,000 towards the cost of the OSC\u2019s\ninvestigation. The settlement reflects that Hilson reached a timely resolution\nof the matter, which saved resources for both the OSC and the Capital Markets\nTribunal.\n\nThe mandate of the OSC is to provide protection to investors from unfair,\nimproper or fraudulent practices, to foster fair, efficient and competitive\ncapital markets and confidence in the capital markets, to foster capital\nformation, and to contribute to the stability of the financial system and the\nreduction of systemic risk. Investors are urged to check the registration of\nany persons or company offering an investment opportunity and to review the\nOSC investor materials available at [ https://www.osc.ca ](/) .\n\n\u2013 30 \u2013\n\n##  For Media Inquiries:\n\n[ [email protected]  ](/cdn-cgi/l/email-\nprotection#8ee3ebeae7efd1e7e0fffbe7fce7ebfdcee1fdeda0e9e1f8a0e1e0a0edef)\n\n##  For Investor and Industry Inquiries:\n\n1-877-785-1555 (Toll Free)  \n[ [email protected]  ](/cdn-cgi/l/email-\nprotection#7c15120d09150e15190f3c130f1f521b130a521312521f1d)\n\nFollow us on [ Twitter ](https://twitter.com/OSC_News)  \nFollow us on [ LinkedIn ](https://www.linkedin.com/company/ontario-securities-\ncommission)\n\n  * [ Fran\u00e7ais ](/fr/nouvelles-evenements/nouvelles/le-cronos-group-inc-paiera-plus-dun-million-de-dollars-en-raison-de-ses-problemes-comptables-et-de)\n\n###  Your feedback matters\n\n[ Subscribe to our updates ](/en/news-events/subscribe)\n\n##  Connect with us:\n\n  * [ ](https://www.x.com/OSC_News \"Follow us on Twitter\")\n  * [ ](https://www.linkedin.com/company/ontario-securities-commission \"Follow us on Linkedin\")\n  * [ ](https://www.youtube.com/user/OntarioSecurities \"Follow us on Youtube\")\n  * [ ](/en/news-events/connect-us/rss-feeds \"Follow us on RSS\")\n\n[ ](/en)\n\n[ Subscribe to our updates ](/en/news-events/subscribe)\n\n##  Connect with us:\n\n  * [ ](https://www.x.com/OSC_News \"Follow us on Twitter\")\n  * [ ](https://www.linkedin.com/company/ontario-securities-commission \"Follow us on Linkedin\")\n  * [ ](https://www.youtube.com/user/OntarioSecurities \"Follow us on Youtube\")\n  * [ ](/en/news-events/connect-us/rss-feeds \"Follow us on RSS\")\n\n\u00ae Ontario Securities Commission 2025\n\n[ ](/)\n\n  * [ Fran\u00e7ais ](/fr/nouvelles-evenements/nouvelles/le-cronos-group-inc-paiera-plus-dun-million-de-dollars-en-raison-de-ses-problemes-comptables-et-de)\n\n",
                "url": "https://www.osc.ca/en/news-events/news/cronos-group-inc-pay-more-1-million-accounting-and-control-failures"
            },
            "reason": "This is an official news release from the Ontario Securities Commission regarding Cronos Group's accounting and control failures, providing direct and reliable regulatory information.",
            "reliability_score": 1.0,
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            "summary": "Official news release from the Ontario Securities Commission regarding Cronos Group's accounting and control failures.",
            "url": "https://www.osc.ca/en/news-events/news/cronos-group-inc-pay-more-1-million-accounting-and-control-failures"
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                    "source": "https://www.capitalmarketstribunal.ca/en/proceedings/cronos-group-inc-and-william-hilson-re/settlement-agreement-matter-cronos-group-inc-and-william-hilson"
                },
                "page_content": "Skip to content\n\n#  Settlement Agreement: In the Matter of Cronos Group Inc. and William Hilson\n\nOctober 19, 2022\n\nSettlement Agreement\n\n[ Download PDF ](/sites/default/files/2022-10/set_20221019_cronos.pdf \"Open\nPDF in new window\")\n\n####  IN THE MATTER OF CRONOS GROUP INC.\n\n####  SETTLEMENT AGREEMENT\n\n####  PART I -- INTRODUCTION\n\n1\\. Ontario companies strive to be world leaders in the cannabis space. When\npublic cannabis companies issue financial statements that do not provide\naccurate information about their financial performance and condition and fail\nto have adequate controls, they undermine confidence in Ontario's capital\nmarkets and leadership in the cannabis space.\n\n2\\. Cronos Group Inc., an Ontario-based public cannabis company, is being held\naccountable for improperly recognizing $7.6 million (US $5.8 million) in\nrevenue in its Q1, Q2 and Q3 2019 interim financial statements and for\nsubsequently overstating virtually all of its U.S. goodwill and a significant\nportion of its U.S. intangible assets by a collective amount of $234.9 million\nin its Q2 2021 interim financial statements.\n\n3\\. Cronos restated its Q1, Q2 and Q3 2019 interim financial statements to\ncorrect the revenue recognition error upon determining that they had not been\nprepared in accordance with generally accepted accounting principles (\n**GAAP** ). The Company again restated its interim financial statements, this\ntime for Q2 2021, to correct its failure to recognize impairment charges for\ngoodwill and intangible assets relating to the U.S. reporting unit. In both\ninstances, Cronos reported related material weaknesses in internal control\nover financial reporting ( **ICFR** ).\n\n4\\. The parties will jointly file a request that the Capital Markets Tribunal\n(the **Tribunal** ) issue a Notice of Hearing to announce it will hold a\nhearing to consider whether, pursuant to section 127 of the _Securities Act_ ,\nRSO 1990, c S.5 (the **Act** ), it is in the public interest for the Tribunal\nto make certain orders against the Respondent.\n\n####  PART II -- JOINT SETTLEMENT RECOMMENDATION\n\n5\\. Cronos Group Inc. ( **Cronos** , the **Company** , or the **Respondent**\n), consents to the making of an order (the **Order** ) substantially in the\nform attached as Schedule \"A\" to this Settlement Agreement based on the facts\nset out in this Settlement Agreement.\n\n6\\. For the purposes of this proceeding, and any other regulatory proceeding\ncommenced by a Canadian securities regulatory authority only, the Respondent\nagrees with the facts set out in Part III of this Settlement Agreement and the\nconclusion in Part IV of this Settlement Agreement.\n\n####  PART III -- AGREED FACTS\n\n**A. Cronos Uncovers Revenue Recognition Errors in Financial Reporting**\n\n7\\. On February 24, 2020, Cronos publicly announced that it was delayed in\ncompleting its 2019 annual financial statements and that it would delay its\n2019 fourth quarter and full-year earnings release and conference call.\n\n8\\. Cronos is a licensed cannabis producer in Canada with international\nproduction and distribution. The Company is listed on the TSX (CRON) and\nNASDAQ (CRON) with a market capitalization of $1.19 billion as of August 29,\n2022. Cronos's brand portfolio includes Peace Naturals, Spinach and hemp-\nderived CBD brands, Lord Jones, Happy Dance and Peace+.\n\n9\\. On March 2, 2020, Cronos disclosed that it filed a Form 12b-25\n(Notification of Late Filing) with the U.S. Securities and Exchange Commission\n( **SEC** ) for a 15-day extension of the due date to file its Form 10-K for\nthe year ended December 31, 2019. The Company disclosed that it had been\nunable to complete its financial statements for fiscal 2019 due to a\ncontinuing review by the Audit Committee (the **Audit Committee** ) of the\nCompany's Board of Directors (the **Board** ), with the assistance of outside\ncounsel and forensic accountants, of several bulk resin purchases and sales of\nproducts through the wholesale channel (the **Transactions)** and the\nappropriateness of the recognition of revenue from the Transactions.\n\n10\\. On March 17, 2020, Cronos filed a Material Change Report with the OSC and\nannounced that, on the recommendation of its Audit Committee and after\nconsultation with its auditors, its previously issued unaudited interim\nfinancial statements for the first, second and third quarters of 2019 would be\nrestated and reissued and should no longer be relied upon.\n\n11\\. The Company disclosed that its Audit Committee had been conducting a\nreview of the Transactions and the restatement was being made to eliminate\ncertain of these transactions. It announced that it would reduce revenue by\n$2.5 million (US $1.9 million) for the three months ended March 31, 2019, and\nby $5.1 million (US $3.9 million) for the three months ended September 30,\n2019. The Company further disclosed that, in connection with the restatement,\nit anticipated that it would report one or more material weaknesses in ICFR\nwhen it filed its Form 10-K.\n\n12\\. On March 30, 2020, the Company announced that the Audit Committee had\ncompleted its review of the Transactions and that the Board had determined, on\nthe recommendation of the Audit Committee and advice from its auditor, that\nthe Company would restate its unaudited interim financial statements for the\nfirst, second and third quarters of 2019.\n\n13\\. Cronos filed the restated interim financial statements on March 30, 2020.\n\n14\\. The restated interim financial statements disclosed that the Audit\nCommittee review had concluded that there were accounting errors in the\npreviously issued interim financial statements for the first and third\nquarters of 2019 (Q1 2019 and Q3 2019, respectively). In particular, the\nCompany reduced revenue for the three months ended March 31, 2019, by $2.5\nmillion (US $1.9 million) and the three months ended September 30, 2019, by\n$5.1 million (US $3.9 million).\n\n**a. Q1 2019 Revenue Recognition Errors**\n\n15\\. In the three months ended March 31, 2019, the revenue recognition error\nwas due to one wholesale transaction that was inappropriately accounted for as\nrevenue in the Company's originally issued interim financial statements for Q1\n2019. The transaction involved the exchange of cannabis dry flower for\ncannabis resin, with a third party, in two simultaneous transactions entered\ninto in contemplation of one another.\n\n16\\. This transaction did not meet the criteria for revenue recognition in\naccordance with GAAP, in this case International Financial Reporting Standards\n( **IFRS** ). The standard applicable to revenue recognition for the\ntransaction was IFRS 15, _Revenue from Contracts with Customers._\n\n17\\. This transaction lacked commercial substance and therefore revenue should\nnot have been recognized. As a result, Cronos had overstated revenue by\napproximately $2.5 million (US $1.9 million) on the Consolidated Statements of\nOperations and Comprehensive Income (Loss) in the original Q1 2019 interim\nfinancial statements.\n\n**b. Q3 2019 Revenue Recognition Errors**\n\n18\\. During the three months ended September 30, 2019, there was a similar\nwholesale transaction involving the exchange of cannabis dry flower for\ncannabis extracts in three simultaneous transactions which were entered into\nin contemplation of one another with the same third party.\n\n19\\. This transaction did not meet the criteria for revenue recognition in\naccordance with GAAP, in this case IFRS. This transaction lacked commercial\nsubstance and therefore revenue should not have been recognized. As a result,\nCronos had overstated revenue by approximately $2.1 million (US $1.6 million)\non the Consolidated Statements of Operations and Comprehensive Income (Loss)\nin the original interim financial statements for the three and nine months\nended September 30, 2019.\n\n20\\. During the three months ended September 30, 2019, there was a further\nwholesale transaction for a sale of dried cannabis to a different third party\nfor which revenue was improperly recognized.\n\n21\\. This further wholesale transaction did not meet the criteria for revenue\nrecognition in accordance with IFRS 15 because it was deemed to be a\nconsignment sale and lacked commercial substance. As a result, Cronos had\noverstated revenue by approximately $3.0 million (US $2.3 million) on the\nConsolidated Statements of Operations and Comprehensive Income (Loss) in the\nQ3 2019 interim financial statements.\n\n**c. Material Weaknesses in ICFR: March 2020**\n\n22\\. On March 30, 2020, the Company filed Amended and Restated Management's\nDiscussion and Analysis of Financial Condition and Results of Operations (\n**MD &A ** ) for the first, second and third quarters of 2019.\n\n23\\. Each of the MD&A for the first, second and third quarters of 2019\ndisclosed that as of the end of the reporting period, due to material\nweaknesses, ICFR was not effective to provide reasonable assurance regarding\nthe reliability of financial reporting and the preparation of financial\nstatements in accordance with applicable accounting standards.\n\n24\\. A material weakness is a deficiency, or combination of deficiencies in\nICFR, such that there is a reasonable possibility that a material misstatement\nof the Company's annual or interim financial statements will not be prevented\nor detected on a timely basis.\n\n25\\. Cronos identified material weaknesses in the following areas:\n\n> (a) _Segregation of Duties_ : The Company did not maintain adequately\n> designed controls on segregation of purchase and sale responsibilities to\n> ensure accurate recognition of revenue in accordance with IFRS;\n>\n> (b) _Non-Routine Transactions_ : The Company's controls were not effective\n> to ensure that non-routine transactions, including deviations from\n> contractually established sales terms, were authorized, communicated,\n> identified, and evaluated for their potential effect on revenue recognition;\n> and\n>\n> (c) _Risk Assessment:_ The Company did not appropriately design controls to\n> monitor and respond to changes in its business in relation to their\n> transactions in the wholesale market.\n\n26\\. Because of the segregation of duties and non-routine transaction\ndeficiencies, the Company restated its interim financial statements in respect\nof the Transactions to correct the identified misstatements. While the risk\nassessment deficiency did not directly result in a misstatement, it was a\ncontributing factor in the other material weaknesses described above.\n\n27\\. Together, these deficiencies created a reasonable possibility that a\nmaterial misstatement to the consolidated financial statements would not have\nbeen prevented or detected on a timely basis.\n\n**B. Cronos Uncovers Errors in Goodwill and Indefinite-Lived Tangible Assets**\n\n28\\. On November 9, 2021, Cronos publicly announced that it had been unable to\ncomplete its interim financial statements for the three and nine months ended\nSeptember 30, 2021 because its Audit Committee required additional time to\nevaluate goodwill and indefinite-lived intangible assets. Cronos also\nannounced that it expected to record an impairment charge of not less than US\n$220 million on goodwill and indefinite-lived intangible assets for the three\nand six months ended June 30, 2021.\n\n29\\. On the same date, Cronos filed a Material Change Report with the OSC, in\nwhich it stated that on the recommendation of its Audit Committee and after\nconsultation with its auditor, the Company would be required to restate its\npreviously issued unaudited interim financial statements for the three and six\nmonth period ending June 30, 2021, and that those financial statements should\nno longer be relied upon. The Company also filed Forms 8-K and 12b-25 with\nboth the OSC and the SEC.\n\n30\\. On February 18, 2022, Cronos filed restated interim financial statements\nand an Amended and Restated MD&A for the three and six month period ending\nJune 30, 2021 as the previously filed financial statements had not been\nprepared in accordance with GAAP, in this case US GAAP. Cronos disclosed that\nit had performed an interim impairment test on its U.S. reporting unit and the\nLord Jones brand, as of June 30, 2021, to determine whether the carrying\namount of the reporting unit and indefinite-lived intangible asset, the Lord\nJones brand, exceeded their respective fair values. As a result of its\nanalyses, the Company concluded that it should have recorded an impairment\ncharge of US $234.9 million on goodwill and indefinite-lived intangible assets\nrelated to its U.S. reporting unit.\n\n**C. Material Weaknesses in ICFR: February 2022**\n\n31\\. On February 18, 2022, the Company disclosed that its ICFR was ineffective\ndue to the existence of material weaknesses. The material weaknesses\ncontributed to the failure to accurately recognize the value of its goodwill\nand indefinite-lived intangible assets. Specifically, the Company:\n\n> (a) did not ensure that senior accounting personnel engaged consistently in\n> appropriate professional conduct and conduct consistent with the Company's\n> code of business conduct and ethics; and\n>\n> (b) lacked accounting personnel with appropriate level of knowledge and\n> experience in US GAAP.\n\n**D. MITIGATING FACTORS**\n\n32\\. The following mitigating factors are relevant to Cronos' revenue\nrecognition errors stemming from material weaknesses in ICFR:\n\n> (a) _Cronos' Investigation_ \\-- Cronos had mechanisms in place for employees\n> to submit internal tips and complaints. In addition, Cronos promptly took\n> steps to evaluate employee complaints, including by conducting an internal\n> investigation under the supervision of its Audit Committee, which eventually\n> led to the discovery of material accounting errors in the first and third\n> quarters of 2019;\n>\n> (b) _Co-operation_ \\-- Upon learning of the potential for material\n> accounting errors in previously filed reports, and prior to the completion\n> of its internal investigation, Cronos promptly reported information to the\n> OSC related to potential violations of securities laws in the first quarter\n> and third quarter of 2019 and cooperated with the OSC. Cronos provided\n> timely updates to the OSC and voluntarily produced documents, reports, and\n> other materials, including factual information learned during the course of\n> its internal investigation into the material accounting errors. Cronos\n> further facilitated interviews of current and former officers and employees,\n> including individuals residing outside of Canada;\n>\n> (c) _Restatement_ \\-- On March 30, 2020, Cronos filed amended and restated\n> interim financial statements and MD&A; and\n>\n> (d) _Remediation_ \\-- Cronos identified and implemented several enhancements\n> to remediate the identified weaknesses in ICFR, including developing and\n> implementing new internal accounting controls, developing a new training\n> program regarding accounting related matters, and hiring additional staff\n> with familiarity with applicable accounting requirements.\n\n33\\. The following mitigating factors are relevant to Cronos' failure to\nimpair goodwill and indefinite-lived intangible assets stemming from material\nweaknesses in ICFR:\n\n> a. _Cronos' Investigation_ \\-- Cronos had mechanisms in place for employees\n> to submit internal tips and complaints. In addition, Cronos promptly took\n> steps to evaluate a complaint submitted by an employee, including by\n> conducting an internal investigation under the supervision of its Audit\n> Committee, which eventually led to the discovery of material accounting\n> errors in the second quarter of 2021;\n>\n> b. _Co-operation_ \\-- Upon learning of the potential for material accounting\n> errors in reports previously filed with the OSC and SEC, and prior to the\n> completion of its internal investigation, Cronos promptly self-reported to\n> OSC and SEC staff information related to potential violations of securities\n> laws in the first quarter and third quarter of 2019. The Company applied for\n> a management cease trade order and fully cooperated with OSC, including by\n> providing all requested information promptly and in a transparent manner.\n> Cronos provided timely updates to OSC staff and voluntarily produced\n> documents, reports, and other materials, including factual information\n> learned during the course of its internal investigation into the material\n> accounting errors;\n>\n> c. _Restatement_ \\-- On February 18, 2022, Cronos filed amended and restated\n> interim financial statements and MD&A for the second quarter of 2021; and\n>\n> d. _Remediation_ \\-- Cronos undertook remedial measures upon learning of the\n> material accounting errors, including developing and implementing new\n> internal accounting controls, developing a new training program regarding\n> accounting related matters, and hiring additional staff with familiarity\n> with applicable GAAP requirements.\n\n####  PART IV -- NON-COMPLIANCE WITH ONTARIO SECURITIES LAW [AND/OR] CONDUCT\nCONTRARY TO THE PUBLIC INTEREST\n\n34\\. By engaging in the conduct described above, the Respondent acknowledges\nand admits that:\n\n> (a) the Respondent failed to file interim financial statements prepared in\n> accordance with applicable GAAP, contrary to s. 77 of the _Act_ ; and\n>\n> (b) the Respondent acted in a manner contrary to the public interest\n\n####  PART VI -- TERMS OF SETTLEMENT\n\n35\\. The Respondent agrees to the terms of settlement set forth below.\n\n36\\. The Respondent consents to the Order substantially in the form attached\nto this Settlement Agreement as Schedule \"A\", pursuant to which it is ordered\nthat:\n\n> (a) this Settlement Agreement is approved;\n>\n> (b) the Respondent pay an administrative penalty in the amount of $1,300,000\n> by wire transfer before the commencement of the Settlement Hearing, pursuant\n> to paragraph 9 of subsection 127(1) of the Act;\n>\n> (c) Cronos shall submit to a review by an independent consultant, acceptable\n> to the Commission and paid for by Cronos, of practices and procedures\n> including Cronos' compliance with requirements relating to ICFR, the terms\n> of which are set forth in Schedule \"A\" to the Order, and institute such\n> changes as the independent consultant recommends; and\n>\n> (d) the Respondent pay costs in the amount of $40,000 by wire transfer\n> before the commencement of the Settlement Hearing, pursuant to section 127.1\n> of the Act.\n\n37\\. The Respondent consents to a regulatory order made by any provincial or\nterritorial securities regulatory authority in Canada containing any or all of\nthe sanctions set out in paragraph 36, other than subparagraphs 36 (b) and\n(d). The applicable sanctions may be modified to reflect the provisions of the\nrelevant provincial or territorial securities law.\n\n38\\. The Respondent acknowledges that this Settlement Agreement and the Order\nmay form the basis for orders of parallel effect (but, for clarity, without\nduplication of the sanctions set out in subparagraphs 36 (b) and (d)) in other\njurisdictions in Canada. The securities laws of some other Canadian\njurisdictions allow orders made in this matter to take effect in those other\njurisdictions automatically, without further notice to the Respondent. The\nRespondent should contact the securities regulator of any other jurisdiction\nin which the Respondent intends to engage in any securities- or derivatives-\nrelated activities, prior to undertaking such activities.\n\n####  PART VII -- FURTHER PROCEEDINGS\n\n39\\. If the Tribunal approves this Settlement Agreement, no enforcement\nproceeding will be commenced or continued against the Respondent under Ontario\nsecurities law based on the misconduct described in Part III of this\nSettlement Agreement, unless the Respondent fails to comply with any term in\nthis Settlement Agreement.\n\n40\\. If the Respondent fails to comply with any term in this Settlement\nAgreement, enforcement proceedings under Ontario securities law may be brought\nagainst the Respondent.\n\n41\\. The Respondent waives any defences to a proceeding referenced in\nparagraph 39 or 40 that are based on the limitation period in the Act,\nprovided that no such proceeding shall be commenced later than six years from\nthe date of the occurrence of the last failure to comply with this Settlement\nAgreement.\n\n####  PART VIII -- PROCEDURE FOR APPROVAL OF SETTLEMENT\n\n42\\. The parties will seek approval of this Settlement Agreement at the\nSettlement Hearing before the Tribunal, which shall be held on a date\ndetermined by Registrar, Governance & Tribunal Secretariat of the Commission\nin accordance with this Agreement and the Tribunal's _Rules of Procedure and\nForms_ .\n\n43\\. Representatives of the Respondent will attend the Settlement Hearing by\nvideo conference.\n\n44\\. The parties confirm that this Settlement Agreement sets forth all facts\nthat will be submitted at the Settlement Hearing, unless the parties agree\nthat additional facts should be submitted at the Settlement Hearing.\n\n45\\. If the Tribunal approves this Settlement Agreement:\n\n> (a) the Respondent irrevocably waives all rights to a full hearing, judicial\n> review or appeal of this matter under the Act; and\n>\n> (b) neither party will make any public statement that is inconsistent with\n> this Settlement Agreement or with any additional agreed facts submitted at\n> the Settlement Hearing.\n\n46\\. Whether or not the Tribunal approves this Settlement Agreement, the\nRespondent will not use, in any proceeding, this Settlement Agreement or the\nnegotiation or process of approval of this Settlement Agreement as the basis\nfor any attack on the Tribunal's jurisdiction, alleged bias, alleged\nunfairness or any other remedies or challenges that may be available.\n\n####  PART IX -- DISCLOSURE OF SETTLEMENT AGREEMENT\n\n47\\. If the Tribunal does not make the Order:\n\n> (a) this Settlement Agreement and all discussions and negotiations between\n> the parties before the Settlement Hearing will be without prejudice to\n> either party; and\n>\n> (b) the parties will each be entitled to all available proceedings, remedies\n> and challenges, including proceeding to a hearing on the merits of the\n> allegations contained in the Statement of Allegations in respect of the\n> Proceeding. Any such proceedings, remedies and challenges will not be\n> affected by this Settlement Agreement, or by any discussions or negotiations\n> relating to this Settlement Agreement.\n\n48\\. The parties will keep the terms of this Settlement Agreement confidential\nuntil the Tribunal approves the Settlement Agreement, except as is necessary\nto make submissions at the Settlement Hearing. If, for whatever reason, the\nTribunal does not approve the Settlement Agreement, the terms of the\nSettlement Agreement shall remain confidential indefinitely, unless the\nparties otherwise agree in writing or if required by law.\n\n####  PART X -- EXECUTION OF SETTLEMENT AGREEMENT\n\n49\\. This Settlement Agreement may be signed in one or more counterparts which\ntogether constitute a binding agreement.\n\n50\\. An electronic copy of any signature will be as effective as an original\nsignature.\n\n**DATED at Toronto, Ontario, this 17th day of October, 2022.**\n\n**CRONOS GROUP INC.**\n\nI have authority to bind the Corporation.\n\n\"Terry Doucet\"\n\nSenior Vice President, Legal, Regulatory Affairs and Corporate Secretary\n\n**DATED at Toronto, Ontario, this 19 day of October, 2022.**\n\n**ONTARIO SECURITIES COMMISSION**\n\n\"Jeff Kehoe\"\n\nDirector, Enforcement Branch\n\n####  SCHEDULE \"A\"\n\n####  FORM OF ORDER\n\n####  IN THE MATTER OF CRONOS GROUP INC.\n\nFile No.\n\n_(Names of panelists comprising the panel)_\n\n_(Day and date order made)_\n\n####  ORDER (Sections 127 and 127.1 of the _Securities Act,_ RSO 1990, c. S.5)\n\n**WHEREAS** on [ **date** ] the Capital Markets Tribunal held a hearing by\nvideoconference to consider the request for approval of settlement agreement\ndated **[date** ] (the **Settlement Agreement** );\n\n**ON READING** the Joint Application for Settlement Hearing, including the\nStatement of Allegations dated [ **date** ] and the Settlement Agreement, the\nwritten submissions, and on hearing the submissions of representatives of each\nof the parties, and on considering Cronos Group Inc. ( **Cronos** ) having\nmade payment of each of $1,300,000 and $40,000 to the Commission in accordance\nwith the terms of the Settlement Agreement,\n\n**IT IS ORDERED** that:\n\n> 1\\. the Settlement Agreement is approved;\n>\n> 2\\. Cronos shall pay an administrative penalty of $1,300,000 to the\n> Commission by wire transfer before the commencement of the Settlement\n> Hearing pursuant to paragraph 9 of subsection 127(1) of the Act;.\n>\n> 3\\. Cronos shall submit to a review by an independent consultant acceptable\n> to the Commission and paid for by Cronos of practices and procedures\n> including Cronos' compliance with requirements relating to ICFR, the terms\n> of which are set forth in Schedule \"A\" to this Order, and institute such\n> changes as the independent consultant recommends; and\n>\n> 4\\. Cronos shall pay costs of the Commission's investigation in the amount\n> of $40,000 by wire transfer before the commencement of the Settlement\n> Hearing pursuant to section 127.1 of the Act.\n\n____________________  |   \n---|---  \n[Adjudicator]  |   \n____________________  |  ____________________   \n[Adjudicator]  |  [Adjudicator]   \n  \n####  SCHEDULE \"A\"\n\n####  IN THE MATTER OF CRONOS GROUP INC.\n\n####  TERMS AND CONDITIONS OF INDEPENDENT REVIEW OF PRACTICES AND PROCEDURES\n\nThis document is made in connection with the settlement agreement dated [date]\n(the **Settlement Agreement** ) in File No. [XXX]. All terms in this document\nhave the same meaning as in the Settlement Agreement.\n\nCronos shall:\n\n> 1\\. Retain, within thirty (30) days of the date of the Order, at its own\n> expense a qualified independent consultant (the **Consultant** ) not\n> unacceptable to the OSC, to review the Respondent's internal accounting\n> controls and ICFR. The Consultant's review and evaluation shall include an\n> assessment of the following:\n>\n\n>> (a) The effectiveness of Cronos' internal accounting controls in light of\nCronos' business strategy. The review shall include, but not be limited to, a\nreview of the Company's policies, procedures, and controls, relating to (i)\nrevenue recognition, including in its wholesale channel and non-routine\ntransactions, and (ii) the assessment and testing of goodwill and intangible\nassets for impairment;\n\n>>\n\n>> (b) Cronos' compliance with Ontario securities laws related to ICFR,\nincluding but not limited to, the adequacy of Cronos' control environment and\nrisk assessment based upon criteria established in the Internal Control --\nIntegrated Framework (2013) by the Committee of Sponsoring Organizations of\nthe Treadway Commission ( **COSO** );\n\n>>\n\n>> (c) Cronos' employment of a sufficient number of accounting and finance\npersonnel with an understanding of applicable GAAP and financial reporting\nrequirements, as well as the reporting lines of accounting and finance\npersonnel to management and the Board of Directors; and\n\n>>\n\n>> (d) Cronos' training of its employees on matters related to applicable GAAP\nas well as financial reporting requirements.\n\n>\n> 2\\. Provide, within forty-five (45) days of the date of this Order, a copy\n> of the engagement letter detailing the Consultant's responsibilities to a\n> Manager of the Enforcement Branch of the OSC.\n>\n> 3\\. Require the Consultant, at the conclusion of the review, which in no\n> event shall be more than 120 days after the date of the Order, to submit a\n> report of the Consultant to the Respondent and a Manager of the Corporate\n> Finance Branch of the OSC. The report shall address the Consultant's\n> findings and shall include a description of the review performed, the\n> conclusions reached, and the Consultant's recommendations for changes or\n> improvements.\n>\n> 4\\. Adopt, implement, and maintain all policies, procedures and practices\n> recommended in the report of the Consultant within 120 days of receiving the\n> report from the Consultant. As to any of the Consultant's recommendations\n> about which the Respondent and the Consultant do not agree, such parties\n> shall attempt in good faith to reach agreement within 180 days of the date\n> of the date of the Order. In the event that the Respondent and the\n> Consultant are unable to agree on an alternative proposal, the Respondent\n> will abide by the determination of the Consultant and adopt those\n> recommendations deemed appropriate by the Consultant.\n>\n> 5\\. Cooperate fully with the Consultant in its review, including making such\n> information and documents available as the Consultant may reasonably\n> request, and by permitting and requiring the Respondent's employees and\n> agents to supply such information and documents as the Consultant may\n> reasonably request, subject to any applicable privilege.\n>\n> 6\\. To ensure the independence of the Consultant, the Respondent (i) shall\n> not have received legal, auditing, or other services from, or have had any\n> affiliations with, the Consultant during the two years prior to the date of\n> this Order; (ii) shall not have the authority to terminate the Consultant\n> without prior written approval of the OSC; and (iii) shall compensate the\n> Consultant for services rendered pursuant to the Order at their reasonable\n> and customary rates.\n>\n> 7\\. Require the Consultant to enter into an agreement that provides that for\n> the period of engagement and for a period of two years from completion of\n> the engagement, the Consultant shall not enter into any employment,\n> consultant, attorney-client, auditing or other professional relationship\n> with Respondent, or any of its present or former affiliates, directors,\n> officers, employees, or agents acting in their capacity. The agreement will\n> also provide that the Consultant will require that any firm with which they\n> are affiliated or of which they are a member, and any person engaged to\n> assist the Consultant in performance of their duties under this order shall\n> not, without prior written consent of the OSC, enter into any employment,\n> consultant, attorney-client, auditing or other professional relationship\n> with the Respondent, or any of its present or former affiliates, directors,\n> officers, employees, or agents acting in their capacity as such for the\n> period of engagement and for a period of two years after the engagement.\n>\n> 8\\. The reports by the Consultant will likely include confidential\n> financial, proprietary, competitive business or commercial information.\n> Public disclosure of the reports could discourage cooperation, impede\n> pending or potential government investigations or undermine the objectives\n> of the reporting requirement. For these reasons, among others, the reports\n> and the contents thereof are intended to remain and shall remain non-public,\n> except (1) pursuant to court order, (2) as agreed to by the parties in\n> writing, (3) to the extent that the OSC determines in its sole discretion\n> that disclosure would be in furtherance of the OSC's discharge of its duties\n> and responsibilities, or (4) is otherwise required by law.\n>\n> 9\\. Require the Consultant to report to a Manager of the Enforcement Branch\n> of the OSC on its activities as the OSC may request.\n>\n> 10\\. Respondent agrees that the OSC may extend any of the dates set forth\n> above at its discretion.\n>\n> 11\\. Certify, in writing, compliance with the requirements(s) set forth\n> above. The certification shall identify the requirements(s), provide written\n> evidence of compliance in the form of a narrative, and be supported by\n> exhibits sufficient to demonstrate compliance. The OSC may make reasonable\n> request for further evidence of compliance, and the Respondent agrees to\n> provide such evidence. The certification and reporting material shall be\n> submitted to the Manager of the Corporate Finance Branch of the OSC no later\n> than thirty days (30) from the date of the completion of the requirements.\n\n  * [ Fran\u00e7ais ](/fr/instances/cronos-group-inc-and-william-hilson-re/settlement-agreement-matter-cronos-group-inc-and-william-hilson)\n\n###  Your feedback matters\n\n[ ](https://osc.ca) [ ](/en)\n\n[ Subscribe to our updates ](/en/news/subscribe)\n\n##  Connect with us:\n\n  * [ ](https://www.linkedin.com/company/ontario-securities-commission \"Follow us on Linkedin\")\n  * [ ](https://www.x.com/OSC_News \"Follow us on Twitter\")\n  * [ ](/en/rss-feeds \"Follow us on RSS\")\n\n\u00ae Ontario Securities Commission 2025\n\n[ ](/)\n\n  * [ Fran\u00e7ais ](/fr/instances/cronos-group-inc-and-william-hilson-re/settlement-agreement-matter-cronos-group-inc-and-william-hilson)\n\n",
                "url": "https://www.capitalmarketstribunal.ca/en/proceedings/cronos-group-inc-and-william-hilson-re/settlement-agreement-matter-cronos-group-inc-and-william-hilson"
            },
            "reason": "This is an official document from the Capital Markets Tribunal regarding a settlement agreement with Cronos Group, providing direct and reliable legal information.",
            "reliability_score": 1.0,
            "search_query": "company 'The Cronos Group' risk regulatory compliance",
            "summary": "Official document from the Capital Markets Tribunal regarding a settlement agreement with Cronos Group.",
            "url": "https://www.capitalmarketstribunal.ca/en/proceedings/cronos-group-inc-and-william-hilson-re/settlement-agreement-matter-cronos-group-inc-and-william-hilson"
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                    "source": "https://www.reuters.com/article/world/altria-to-marry-pot-with-big-tobacco-in-18-billion-cronos-deal-idUSKBN1O61BS/"
                },
                "page_content": "Please enable JS and disable any ad blocker\n\n",
                "url": "https://www.reuters.com/article/world/altria-to-marry-pot-with-big-tobacco-in-18-billion-cronos-deal-idUSKBN1O61BS/"
            },
            "reason": "This is a report from Reuters on Altria's investment in Cronos Group, a reputable news source with high journalistic standards.",
            "reliability_score": 0.9,
            "search_query": "company 'The Cronos Group' risk regulatory compliance",
            "summary": "Report from Reuters on Altria's investment in Cronos Group.",
            "url": "https://www.reuters.com/article/world/altria-to-marry-pot-with-big-tobacco-in-18-billion-cronos-deal-idUSKBN1O61BS/"
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                    "source": "https://www.complianceweek.com/regulatory-enforcement/cronos-avoids-fine-in-sec-settlement-over-accounting-errors/32281.article"
                },
                "page_content": "  * Skip to main content \n  * Skip to navigation \n\n[ Regulatory Enforcement ](https://www.complianceweek.com/topics/regulatory-\nenforcement)\n\n#  Cronos avoids fine in SEC settlement over accounting errors\n\nBy  [ ](https://www.complianceweek.com/adrianne-appel/2667.bio) [ Adrianne\nAppel ](https://www.complianceweek.com/adrianne-appel/2667.bio)\n2022-10-25T19:06:00\n\n**Canadian cannabis company Cronos Group and its former chief commercial\nofficer each avoided fines in reaching settlements with the Securities and\nExchange Commission (SEC) announced Monday over alleged accounting fraud.**\n\nCronos, a Nasdaq-listed company since 2018, submitted inaccurate financial\nstatements to the SEC in two quarters in 2019 when it improperly recognized\nrevenue from the sale of cannabis flower and purchase of a finished cannabis\nproduct, the agency stated in its order. In one of the quarters, William\nHilson, Cronos\u2019s former chief commercial officer, allegedly entered into an\nundisclosed oral agreement to sell cannabis flower and then repurchase\nfinished cannabis product in the following quarter.\n\nHilson didn\u2019t report the agreement to the SEC or Cronos, which discovered the\naccounting errors through an internal investigation, according to the SEC.\n\n##  THIS IS MEMBERS-ONLY CONTENT\n\n**[ SINGLE MEMBERSHIP ](https://www.complianceweek.com/membership) [ CORPORATE\nMEMBERSHIP ](https://www.complianceweek.com/membership/) **\n\n_You are not logged in and do not have access to members-only content._\n\nIf you are already a registered user or a member, **[ SIGN IN ](/sign-in) **\nnow.\n\n###  Related articles\n\n  * [ ](https://www.complianceweek.com/regulatory-enforcement/sec-charges-three-austal-usa-execs-with-accounting-fraud/32916.article)\n\n[ News Brief ](https://www.complianceweek.com/news-brief/1037.type)\n\n###  [ SEC charges three Austal USA execs with accounting fraud\n](https://www.complianceweek.com/regulatory-enforcement/sec-charges-three-\naustal-usa-execs-with-accounting-fraud/32916.article)\n\n2023-04-03T19:21:00Z  By [ Aaron Nicodemus\n](https://www.complianceweek.com/aaron-nicodemus/2584.bio)\n\nThree executives at the U.S. subsidiary of Australian defense contractor\nAustal Limited were charged with accounting fraud for allegedly participating\nin a three-year scheme to lower cost estimates and prematurely book revenue.\n\n  * [ ](https://www.complianceweek.com/regulatory-enforcement/roadrunner-avoids-96m-in-penalties-in-sec-accounting-fraud-case/32679.article)\n\n[ News Brief ](https://www.complianceweek.com/news-brief/1037.type)\n\n###  [ Roadrunner avoids $9.6M in penalties in SEC accounting fraud case\n](https://www.complianceweek.com/regulatory-enforcement/roadrunner-\navoids-96m-in-penalties-in-sec-accounting-fraud-case/32679.article)\n\n2023-02-15T16:56:00Z  By [ Aaron Nicodemus\n](https://www.complianceweek.com/aaron-nicodemus/2584.bio)\n\nRoadrunner Transportation Systems avoided further penalties regarding\nallegations of accounting fraud after the Securities and Exchange Commission\ndeemed a $20 million class-action settlement agreed to in 2019 returned any\nill-gotten gains.\n\n  * [ ](https://www.complianceweek.com/esg/social-responsibility/states-require-companies-to-report-greenhouse-gas-emissions-as-federal-regulators-step-back/35928.article)\n\n[ News Brief ](https://www.complianceweek.com/news-brief/1037.type)\n\n###  [ States require companies to report greenhouse gas emissions as federal\nregulators step back ](https://www.complianceweek.com/esg/social-\nresponsibility/states-require-companies-to-report-greenhouse-gas-emissions-as-\nfederal-regulators-step-back/35928.article)\n\n2025-04-09T20:52:00Z  By [ Aaron Nicodemus\n](https://www.complianceweek.com/aaron-nicodemus/2584.bio)\n\nSome companies doing business in California and New York may soon be required\nto report the greenhouse gas emissions (GHG) of their operations to state\nauthorities, even as the federal rule for disclosing such emissions is on life\nsupport.\n\n###  More from Regulatory Enforcement\n\n  * [ ](https://www.complianceweek.com/regulatory-enforcement/doj-disbands-crypto-investigation-unit-another-sign-of-the-trump-administrations-support-of-digital-currency/35926.article)\n\n[ News Brief ](https://www.complianceweek.com/news-brief/1037.type)\n\n###  [ DOJ disbands crypto investigation unit, another sign of the Trump\nadministration\u2019s support of digital currency\n](https://www.complianceweek.com/regulatory-enforcement/doj-disbands-crypto-\ninvestigation-unit-another-sign-of-the-trump-administrations-support-of-\ndigital-currency/35926.article)\n\n2025-04-08T18:18:00Z  By [ Oscar Gonzalez\n](https://www.complianceweek.com/oscar-gonzalez/2704.bio)\n\nThe U.S. Department of Justice (DOJ) disbanded its crypto investigation unit\non Monday, marking another step from President Donald Trump to support the\ncrypto industry and lighten the regulatory burden of potential crypto crime\ninvestigations that had started under the Biden administration.\n\n  * [ ](https://www.complianceweek.com/regulatory-enforcement/companies-unprepared-for-european-accessibility-act-as-june-deadline-looms/35917.article)\n\n[ Premium ](https://www.complianceweek.com/premium/1036.type)\n\n###  [ Companies unprepared for European Accessibility Act as June deadline\nlooms ](https://www.complianceweek.com/regulatory-enforcement/companies-\nunprepared-for-european-accessibility-act-as-june-deadline-\nlooms/35917.article)\n\n2025-04-04T15:40:00Z  By [ Ruth Prickett\n](https://www.complianceweek.com/ruth-prickett/2691.bio)\n\nAn accessible website should be a basic requirement for businesses, allowing\nthe largest number of people to access a company\u2019s content and services. With\ntechnology as an enabler, it also makes good business sense. After all, why\nwould any organization want to hinder customer access? However, many websites\nare not ...\n\n  * [ ](https://www.complianceweek.com/regulatory-enforcement/ftc-case-against-insulin-price-gouging-halted-after-commissioners-fired-by-trump/35916.article)\n\n[ Basic Page ](https://www.complianceweek.com/basic-page/1031.type)\n\n###  [ FTC case against insulin price gouging halted after commissioners fired\nby Trump ](https://www.complianceweek.com/regulatory-enforcement/ftc-case-\nagainst-insulin-price-gouging-halted-after-commissioners-fired-by-\ntrump/35916.article)\n\n2025-04-03T13:40:00Z  By [ Adrianne Appel\n](https://www.complianceweek.com/adrianne-appel/2667.bio)\n\nA Federal Trade Commission case against insulin price gouging has come to a\nscreeching halt after two Democratic commissioners were fired by President\nDonald Trump.\n\n  * [ Contact us ](https://www.complianceweek.com/contact-us)\n  * [ CW Advisory Board ](https://www.complianceweek.com/compliance-week-advisory-board/30008.article)\n  * [ Accessibility ](https://wilmingtonplc.com/accessibility-statement-wilmington-plc)\n  * [ Help ](https://www.complianceweek.com/help)\n  * [ Editorial Submissions ](https://www.complianceweek.com/editorial-submissions-and-media-inquiries/33365.article)\n  * [ Advertise ](https://www.complianceweek.com/advertise)\n  * [ Email Preferences ](https://account.complianceweek.com/questionnaireform?surveycode=5)\n  * [ Media Inquiries ](https://www.complianceweek.com/editorial-submissions-and-media-inquiries/33365.article)\n  * [ Reprints ](https://www.complianceweek.com/reprints)\n  * [ My CW ](https://www.complianceweek.com/my-account)\n  * [ CW Staff ](https://www.complianceweek.com/contact-us)\n  * [ Media Toolkit ](https://www.complianceweek.com/advertise)\n  * [ CW Careers ](https://careers-wilmingtonplc.icims.com/jobs/search?ss=1&searchCategory=33670)\n  * [ Search ](https://www.complianceweek.com/searchresults?qkeyword=)\n\n  * [ Terms and Conditions ](https://www.complianceweek.com/terms-and-conditions)\n  * [ Privacy Policy ](https://www.complianceweek.com/privacy-policy)\n  * [ Do Not Sell My Info ](https://www.complianceweek.com/footer-navigation/ccpa-opt-out/28363.article)\n  * \u00a9 2025 Compliance Week \n\nConnect with us to join the compliance conversation.\n\n  * [ ](https://www.facebook.com/ComplianceWk/ \"Connect with us on Facebook\")\n  * [ ](https://twitter.com/complianceweek \"Connect with us on Twitter\")\n  * [ ](https://www.linkedin.com/company/89639 \"Connect with us on Linked in\")\n  * [ ](https://www.instagram.com/compliance_week/ \"Connect with us on Instagram\")\n  * [ ](mailto:info@complianceweek.com \"Email us\")\n\nSite powered by [ Webvision Cloud\n](https://www.abacusemedia.com/webvisioncloud)\n\n",
                "url": "https://www.complianceweek.com/regulatory-enforcement/cronos-avoids-fine-in-sec-settlement-over-accounting-errors/32281.article"
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            "summary": "Article discussing Cronos Group's SEC settlement.",
            "url": "https://www.complianceweek.com/regulatory-enforcement/cronos-avoids-fine-in-sec-settlement-over-accounting-errors/32281.article"
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                    "source": "https://www.stocktitan.net/news/CRON/cronos-group-reports-2024-fourth-quarter-and-full-year-ft1pmfo4ixz2.html"
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                "page_content": "  1. [ Home  ](/)\n  2. [ News  ](/news/live.html)\n  3. [ CRON  ](/news/CRON/)\n  4. Cronos Group Reports 2024 Fourth Quarter and Full-Year Results \n\n#####  [ Trending News __ ](/news/trending.html)\n\n[ ](/news/SUNE/ \" SUNE Stock News\")\n\n[ SUNE ](/news/SUNE/)\n\n[ SUNation Energy Strengthens Financial Position Via Recently Compl...\n](/news/SUNE/su-nation-energy-strengthens-financial-position-via-\nrecently-7mvejuw2nwy9.html)\n\n[ ](/news/RSLS/ \" RSLS Stock News\")\n\n[ RSLS ](/news/RSLS/)\n\n[ ReShape Lifesciences\u00ae Partners with Motion Informatics to Bring A...\n](/news/RSLS/re-shape-lifesciences-partners-with-motion-informatics-to-bring-\nai-asvw91hqd7id.html)\n\n[ ](/news/MSFT/ \" MSFT Stock News\")\n\n[ MSFT ](/news/MSFT/)\n\n[ Microsoft announces quarterly earnings release date ](/news/MSFT/microsoft-\nannounces-quarterly-earnings-release-pyzdaj4mc5mj.html)\n\n[ ](/news/AGNC/ \" AGNC Stock News\")\n\n[ AGNC ](/news/AGNC/)\n\n[ AGNC Investment Corp. Declares Monthly Common Stock Dividend of $...\n](/news/AGNC/agnc-investment-corp-declares-monthly-common-stock-dividend-\nof-0-12-xxg96auebidq.html)\n\n[ ](/news/STZ/ \" STZ Stock News\")\n\n[ STZ ](/news/STZ/)\n\n[ Constellation Brands Repositions Wine and Spirits Business to a P...\n](/news/STZ/constellation-brands-repositions-wine-and-spirits-business-\nto-a-5d8v095ydq9h.html)\n\n[ ](/news/CLSK/ \" CLSK Stock News\")\n\n[ CLSK ](/news/CLSK/)\n\n[ CleanSpark to Participate in Jones Healthcare and Technology Inno...\n](/news/CLSK/clean-spark-to-participate-in-jones-healthcare-and-technology-\nsy2fwxz4zbfy.html)\n\n[ ](/news/SUNE/ \" SUNE Stock News\")\n\n[ SUNE ](/news/SUNE/)\n\n[ SUNation Energy Strengthens Financial Position Via Recently Compl...\n](/news/SUNE/su-nation-energy-strengthens-financial-position-via-\nrecently-7mvejuw2nwy9.html)\n\n[ ](/news/RSLS/ \"ReShape Lifesciences Inc. RSLS Stock News\")\n\n[ RSLS ](/news/RSLS/)\n\n[ ReShape Lifesciences\u00ae Partners with Motion Informatics to Bring A...\n](/news/RSLS/re-shape-lifesciences-partners-with-motion-informatics-to-bring-\nai-asvw91hqd7id.html)\n\n[ ](/news/MSFT/ \"Microsoft Corporation MSFT Stock News\")\n\n[ MSFT ](/news/MSFT/)\n\n[ Microsoft announces quarterly earnings release date ](/news/MSFT/microsoft-\nannounces-quarterly-earnings-release-pyzdaj4mc5mj.html)\n\n[ ](/news/AGNC/ \"AGNC Investment Corp AGNC Stock News\")\n\n[ AGNC ](/news/AGNC/)\n\n[ AGNC Investment Corp. Declares Monthly Common Stock Dividend of $...\n](/news/AGNC/agnc-investment-corp-declares-monthly-common-stock-dividend-\nof-0-12-xxg96auebidq.html)\n\n[ ](/news/STZ/ \"Constellation Brands Inc STZ Stock News\")\n\n[ STZ ](/news/STZ/)\n\n[ Constellation Brands Repositions Wine and Spirits Business to a P...\n](/news/STZ/constellation-brands-repositions-wine-and-spirits-business-\nto-a-5d8v095ydq9h.html)\n\n[ ](/news/CLSK/ \"Cleanspark Inc CLSK Stock News\")\n\n[ CLSK ](/news/CLSK/)\n\n[ CleanSpark to Participate in Jones Healthcare and Technology Inno...\n](/news/CLSK/clean-spark-to-participate-in-jones-healthcare-and-technology-\nsy2fwxz4zbfy.html)\n\n#  Cronos Group Reports 2024 Fourth Quarter and Full-Year Results\n\nRhea-AI Impact\n\n(Low)\n\nRhea-AI Sentiment\n\n(Neutral)\n\nTags\n\nRhea-AI Summary\n\n__\n\n  * English \n  * French \n  * German \n  * Italian \n  * Korean \n  * Spanish \n\n**Cronos Group (NASDAQ: CRON)** reported strong financial results for Q4 and\nfull-year 2024, with Q4 net revenue increasing 27% year-over-year to $30.3\nmillion and full-year revenue up 35% to $117.6 million.\n\nKey highlights include:\n\n  * **Spinach\u00ae** ended 2024 as the #1 cannabis brand in Canada, with 5.7% market share in flower category \n  * **PEACE NATURALS\u00ae** achieved #1 position in Israel with 24% market share \n  * Company maintains strong balance sheet with $859 million in cash \n  * Q4 2024 gross profit increased to $10.8 million, up from $1.9 million in Q4 2023 \n  * Adjusted EBITDA improved to $(7.2) million in Q4 2024, a $7.6 million improvement year-over-year \n\nThe company expanded operations through Cronos GrowCo investment, enhanced\ncultivation capabilities, and strengthened international presence in Germany\nand UK markets.\n\n**Cronos Group (NASDAQ: CRON)** ha riportato risultati finanziari solidi per\nil quarto trimestre e l'intero anno 2024, con un aumento del 27% anno su anno\ndei ricavi netti del Q4, che hanno raggiunto i 30,3 milioni di dollari, e un\nincremento del 35% dei ricavi annuali, arrivando a 117,6 milioni di dollari.\n\nI punti salienti includono:\n\n  * **Spinach\u00ae** ha concluso il 2024 come il marchio di cannabis numero 1 in Canada, con una quota di mercato del 5,7% nella categoria dei fiori \n  * **PEACE NATURALS\u00ae** ha raggiunto la posizione numero 1 in Israele con una quota di mercato del 24% \n  * L'azienda mantiene un bilancio solido con 859 milioni di dollari in contante \n  * Il profitto lordo del Q4 2024 \u00e8 aumentato a 10,8 milioni di dollari, rispetto a 1,9 milioni di dollari nel Q4 2023 \n  * L'EBITDA rettificato \u00e8 migliorato a $(7,2) milioni nel Q4 2024, con un miglioramento di 7,6 milioni di dollari rispetto all'anno precedente \n\nL'azienda ha ampliato le operazioni attraverso l'investimento in Cronos\nGrowCo, migliorando le capacit\u00e0 di coltivazione e rafforzando la presenza\ninternazionale nei mercati di Germania e Regno Unito.\n\n**Cronos Group (NASDAQ: CRON)** report\u00f3 resultados financieros s\u00f3lidos para el\ncuarto trimestre y el a\u00f1o completo 2024, con un aumento del 27% interanual en\nlos ingresos netos del Q4, alcanzando los 30,3 millones de d\u00f3lares, y un\nincremento del 35% en los ingresos anuales, llegando a 117,6 millones de\nd\u00f3lares.\n\nLos aspectos m\u00e1s destacados incluyen:\n\n  * **Spinach\u00ae** termin\u00f3 2024 como la marca de cannabis n\u00famero 1 en Canad\u00e1, con una cuota de mercado del 5,7% en la categor\u00eda de flores \n  * **PEACE NATURALS\u00ae** logr\u00f3 la posici\u00f3n n\u00famero 1 en Israel con una cuota de mercado del 24% \n  * La empresa mantiene un s\u00f3lido balance con 859 millones de d\u00f3lares en efectivo \n  * El beneficio bruto del Q4 2024 aument\u00f3 a 10,8 millones de d\u00f3lares, frente a 1,9 millones de d\u00f3lares en el Q4 2023 \n  * El EBITDA ajustado mejor\u00f3 a $(7,2) millones en el Q4 2024, una mejora de 7,6 millones de d\u00f3lares interanual \n\nLa empresa ampli\u00f3 sus operaciones a trav\u00e9s de la inversi\u00f3n en Cronos GrowCo,\nmejorando las capacidades de cultivo y fortaleciendo la presencia\ninternacional en los mercados de Alemania y Reino Unido.\n\n**\ud06c\ub85c\ub178\uc2a4 \uadf8\ub8f9 (NASDAQ: CRON)** \uc740 2024\ub144 4\ubd84\uae30 \ubc0f \uc5f0\uac04 \uac15\ub825\ud55c \uc7ac\ubb34 \uc2e4\uc801\uc744 \ubcf4\uace0\ud588\uc73c\uba70, 4\ubd84\uae30 \uc21c\uc218\uc775\uc774 \uc804\ub144 \ub300\ube44\n27% \uc99d\uac00\ud558\uc5ec 3,030\ub9cc \ub2ec\ub7ec\uc5d0 \ub2ec\ud558\uace0, \uc5f0\uac04 \uc218\uc775\uc740 35% \uc99d\uac00\ud558\uc5ec 1\uc5b5 1,760\ub9cc \ub2ec\ub7ec\uc5d0 \uc774\ub974\ub800\uc2b5\ub2c8\ub2e4.\n\n\uc8fc\uc694 \ud558\uc774\ub77c\uc774\ud2b8\ub294 \ub2e4\uc74c\uacfc \uac19\uc2b5\ub2c8\ub2e4:\n\n  * **\uc2a4\ud53c\ub098\uce58(Spinach\u00ae)** \ub294 \uce90\ub098\ub2e4\uc5d0\uc11c \uaf43 \ubd80\ubb38\uc5d0\uc11c 5.7%\uc758 \uc2dc\uc7a5 \uc810\uc720\uc728\uc744 \uae30\ub85d\ud558\uba70 2024\ub144\uc744 1\uc704 \ub300\ub9c8\ucd08 \ube0c\ub79c\ub4dc\ub85c \ub9c8\uac10\ud588\uc2b5\ub2c8\ub2e4. \n  * **\ud53c\uc2a4 \ub0b4\ucd94\ub7f4\uc2a4(PEACE NATURALS\u00ae)** \ub294 \uc774\uc2a4\ub77c\uc5d8\uc5d0\uc11c 24%\uc758 \uc2dc\uc7a5 \uc810\uc720\uc728\ub85c 1\uc704 \uc790\ub9ac\ub97c \ucc28\uc9c0\ud588\uc2b5\ub2c8\ub2e4. \n  * \ud68c\uc0ac\ub294 8\uc5b5 5,900\ub9cc \ub2ec\ub7ec\uc758 \ud604\uae08\uc744 \ubcf4\uc720\ud558\uba70 \uac15\ub825\ud55c \uc7ac\ubb34 \uad6c\uc870\ub97c \uc720\uc9c0\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4. \n  * 2024\ub144 4\ubd84\uae30 \ucd1d \uc774\uc775\uc740 1,080\ub9cc \ub2ec\ub7ec\ub85c \uc99d\uac00\ud588\uc73c\uba70, \uc774\ub294 2023\ub144 4\ubd84\uae30 190\ub9cc \ub2ec\ub7ec\uc5d0\uc11c \uc99d\uac00\ud55c \uc218\uce58\uc785\ub2c8\ub2e4. \n  * \uc870\uc815\ub41c EBITDA\ub294 2024\ub144 4\ubd84\uae30\uc5d0 $(720\ub9cc) \ub2ec\ub7ec\ub85c \uac1c\uc120\ub418\uc5b4 \uc804\ub144 \ub300\ube44 760\ub9cc \ub2ec\ub7ec\uc758 \uac1c\uc120\uc744 \ubcf4\uc600\uc2b5\ub2c8\ub2e4. \n\n\ud68c\uc0ac\ub294 \ud06c\ub85c\ub178\uc2a4 \uadf8\ub85c\uc6b0\ucf54(Cronos GrowCo) \ud22c\uc790\ub97c \ud1b5\ud574 \uc6b4\uc601\uc744 \ud655\uc7a5\ud558\uace0, \uc7ac\ubc30 \ub2a5\ub825\uc744 \uac15\ud654\ud558\uba70, \ub3c5\uc77c \ubc0f \uc601\uad6d \uc2dc\uc7a5\uc5d0\uc11c \uad6d\uc81c\uc801\n\uc785\uc9c0\ub97c \uac15\ud654\ud588\uc2b5\ub2c8\ub2e4.\n\n**Cronos Group (NASDAQ: CRON)** a annonc\u00e9 des r\u00e9sultats financiers solides\npour le quatri\u00e8me trimestre et l'ann\u00e9e enti\u00e8re 2024, avec une augmentation de\n27 % des revenus nets du Q4 par rapport \u00e0 l'ann\u00e9e pr\u00e9c\u00e9dente, atteignant 30,3\nmillions de dollars, et une augmentation de 35 % des revenus annuels,\natteignant 117,6 millions de dollars.\n\nLes points forts incluent :\n\n  * **Spinach\u00ae** a termin\u00e9 2024 en tant que marque de cannabis num\u00e9ro 1 au Canada, avec une part de march\u00e9 de 5,7 % dans la cat\u00e9gorie des fleurs \n  * **PEACE NATURALS\u00ae** a atteint la premi\u00e8re position en Isra\u00ebl avec une part de march\u00e9 de 24 % \n  * L'entreprise maintient un bilan solide avec 859 millions de dollars en liquidit\u00e9s \n  * Le b\u00e9n\u00e9fice brut du Q4 2024 a augment\u00e9 \u00e0 10,8 millions de dollars, contre 1,9 million de dollars au Q4 2023 \n  * Le EBITDA ajust\u00e9 s'est am\u00e9lior\u00e9 \u00e0 $(7,2) millions au Q4 2024, soit une am\u00e9lioration de 7,6 millions de dollars par rapport \u00e0 l'ann\u00e9e pr\u00e9c\u00e9dente \n\nL'entreprise a \u00e9largi ses op\u00e9rations gr\u00e2ce \u00e0 l'investissement dans Cronos\nGrowCo, am\u00e9liorant les capacit\u00e9s de culture et renfor\u00e7ant sa pr\u00e9sence\ninternationale sur les march\u00e9s allemand et britannique.\n\n**Cronos Group (NASDAQ: CRON)** hat starke finanzielle Ergebnisse f\u00fcr das\nvierte Quartal und das gesamte Jahr 2024 gemeldet, mit einem Anstieg des\nNettoumsatzes im Q4 um 27% im Vergleich zum Vorjahr auf 30,3 Millionen Dollar\nund einem Anstieg des Jahresumsatzes um 35% auf 117,6 Millionen Dollar.\n\nWichtige Highlights sind:\n\n  * **Spinach\u00ae** beendete 2024 als die Nummer 1 Marke f\u00fcr Cannabis in Kanada mit einem Marktanteil von 5,7% in der Blumen-Kategorie \n  * **PEACE NATURALS\u00ae** erreichte die Nummer 1 Position in Israel mit einem Marktanteil von 24% \n  * Das Unternehmen h\u00e4lt eine starke Bilanz mit 859 Millionen Dollar in bar \n  * Der Bruttogewinn im Q4 2024 stieg auf 10,8 Millionen Dollar, im Vergleich zu 1,9 Millionen Dollar im Q4 2023 \n  * Das bereinigte EBITDA verbesserte sich im Q4 2024 auf $(7,2) Millionen, was eine Verbesserung von 7,6 Millionen Dollar im Jahresvergleich darstellt \n\nDas Unternehmen erweiterte seine Aktivit\u00e4ten durch Investitionen in Cronos\nGrowCo, verbesserte die Anbaukapazit\u00e4ten und st\u00e4rkte die internationale\nPr\u00e4senz auf den M\u00e4rkten in Deutschland und Gro\u00dfbritannien.\n\nPositive\n\n  * Net revenue grew 35% YoY to $117.6M in 2024 \n  * Achieved #1 market position in both Canada (Spinach) and Israel (PEACE NATURALS) \n  * Strong balance sheet with $859M cash \n  * Gross profit increased significantly to $10.8M in Q4 2024 \n  * SOURZ by Spinach captured 23% market share in edibles \n  * Successful expansion into UK and German markets \n\nNegative\n\n  * Still operating at negative Adjusted EBITDA of $(7.2M) in Q4 2024 \n  * Peace Naturals Campus sale-leaseback agreement terminated in Q2 2024 \n\n##  Insights\n\n##\n\nCronos Group's Q4 and full-year 2024 results demonstrate substantial\noperational momentum, with **net revenue growing 27% year-over-year** to\n$30.3 million  in Q4 and **35% year-over-year** to  $117.6 million  for the\nfull year. This growth trajectory significantly outpaces many cannabis sector\npeers and reflects successful execution across multiple markets.\n\nThe company's gross profit showed even more dramatic improvement, increasing\nby  $8.9 million  to  $10.8 million  in Q4 (representing a  35.6%  gross\nmargin) and by  $13.3 million  to  $25.2 million  for the full year. This\nmargin expansion stems from both higher sales volumes and meaningful\nproduction cost improvements, suggesting operational efficiencies are taking\nhold.\n\nWhile Adjusted EBITDA remains negative at  $(7.2) million  for Q4 and  $(34.9)\nmillion  for the full year, the  $26.6 million  year-over-year improvement\nindicates Cronos is making substantial progress toward profitability. The\n$8.7 million  in operating expense savings achieved in 2024 demonstrates\ndisciplined cost management without sacrificing growth.\n\nStrategically, Cronos has established enviable brand leadership positions.\nSpinach\u00ae has captured the #1 position in Canada's highly fragmented cannabis\nmarket, with particular strength in the high-margin edibles category where\nSOURZ by Spinach\u00ae commands  23%  market share in gummies. Similarly, PEACE\nNATURALS\u00ae has secured  24%  market share in Israel's flower segment, providing\ngeographic diversification.\n\nThe company's  $859 million  cash position represents approximately  119%  of\nits current market capitalization, providing exceptional financial flexibility\nin an industry where many competitors face liquidity constraints. This war\nchest enables Cronos to invest in capacity expansion through Cronos GrowCo\nwhile simultaneously pursuing international opportunities in Germany and the\nUK.\n\nThe vertical integration strategy, including bringing vape production in-house\nand expanding cultivation capacity, should drive further margin improvements\nwhile ensuring consistent supply of proprietary genetics. The decision to\nretain and expand the Peace Naturals Campus rather than pursue the previously\nannounced sale-leaseback signals confidence in the company's operational\nstrategy and long-term market position.\n\n##\n\nCronos Group's 2024 results reveal a company successfully executing a multi-\nfaceted brand and product strategy that's gaining significant traction across\nkey markets. The achievement of market leadership positions for both Spinach\u00ae\nin Canada and PEACE NATURALS\u00ae in Israel isn't merely symbolic \u2013 it represents\nthe culmination of strategic initiatives in product development, genetics\nbreeding, and category diversification.\n\nIn the high-margin edibles segment, Cronos has established remarkable\ndominance with SOURZ by Spinach\u00ae capturing  23%  of the Canadian gummies\nmarket. This level of market penetration is exceptional in the fragmented\ncannabis consumer packaged goods space, where the top 5-7 brands typically\ncommand only  60-70%  of any category. The expansion into 10mg single-piece\nformats with the Fully Blasted line demonstrates responsive innovation to\nconsumer preferences for higher potency options.\n\nThe company's proprietary genetics breeding program represents a significant\ncompetitive moat. Unlike many cannabis companies that source generic strains,\nCronos's investment in proprietary cultivars enables them to create truly\ndifferentiated products with consistent cannabinoid and terpene profiles that\nconsumers recognize and seek out. This genetics advantage extends across\nborders, with strains like GMO and Wedding Cake showing strong demand in both\nGermany and the UK.\n\nThe strategic focus on the infused pre-roll category is particularly\nnoteworthy. This segment is growing at approximately  25-30%  annually in\nmature markets, offering higher margins than conventional pre-rolls while\nattracting both experienced consumers and category entrants. The Lord Jones\u00ae\nIce Water Hash Fusions achieving the #1 position in the hash pre-roll category\ndemonstrates Cronos's ability to create premium differentiated offerings that\ncommand price premiums.\n\nCronos's international strategy reveals a sophisticated market entry approach.\nRather than rushing into multiple markets simultaneously, the company has\nmethodically built dominant positions in Israel (  24%  flower market share)\nwhile carefully expanding into Germany and the UK with targeted offerings that\nleverage their genetics advantage. This measured approach contrasts favorably\nwith competitors who expanded too rapidly and subsequently retreated from\ninternational markets.\n\nThe vertical integration strategy through Cronos GrowCo and bringing vape\nproduction in-house represents a balanced approach to the supply chain. Rather\nthan fully vertically integrating all operations (which has proven problematic\nfor many cannabis companies), Cronos maintains flexibility while securing\ncontrol over critical inputs and manufacturing processes that directly impact\nproduct quality and margins.\n\n* [ ](https://twitter.com/intent/tweet?text=%24CRON%20Cronos%20Group%20Reports%202024%20Fourth%20Quarter%20and%20Full-Year%20Results%0Ahttps%3A%2F%2Fwww.stocktitan.net%2Fnews%2FCRON%2Fcronos-group-reports-2024-fourth-quarter-and-full-year-ft1pmfo4ixz2.html \"Share on X\")\n* [ ](https://reddit.com/submit?url=https%3A%2F%2Fwww.stocktitan.net%2Fnews%2FCRON%2Fcronos-group-reports-2024-fourth-quarter-and-full-year-ft1pmfo4ixz2.html&title=Cronos%20Group%20Reports%202024%20Fourth%20Quarter%20and%20Full-Year%20Results \"Share on Reddit\")\n* [ ](https://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Fwww.stocktitan.net%2Fnews%2FCRON%2Fcronos-group-reports-2024-fourth-quarter-and-full-year-ft1pmfo4ixz2.html&quote=%24CRON%20%7C%20Cronos%20Group%20Reports%202024%20Fourth%20Quarter%20and%20Full-Year%20Results \"Share on Facebook\")\n* 02/27/2025 - 07:30 AM \n\n_Net revenue in Q4 2024 increased by 27%  year-over-year to  $30.3 million  ;\nNet revenue in FY 2024 increased by  35%  year-over-year to  $117.6 million  _\n\n_Spinach_ _\u00ae_ _Ends 2024 as the Number One Cannabis Brand in Canada_ _1_\n\n_PEACE NATURALS_ _\u00ae_ _Ends 2024 as the Number One Cannabis Brand in Israel_\n_2_\n\n_Industry leading balance sheet with_ _ $859  _ _million in cash_ _and cash\nequivalents_\n\nTORONTO, Feb. 27, 2025 (GLOBE NEWSWIRE) -- Cronos Group Inc. (NASDAQ: CRON)\n(TSX: CRON) (\u201cCronos\u201d or the \u201cCompany\u201d), today announced its 2024 fourth\nquarter and full-year business results.\n\n\"We set ambitious goals to deliver robust growth, improve margins, and achieve\noperational excellence. Today, I am proud to say that Cronos has not only met\nbut exceeded these objectives, as evidenced by our strong 2024 results. Our\nunwavering commitment to innovation, quality, and disciplined cost management\nhas solidified our leadership in the global cannabis industry,\" said Mike\nGorenstein, Chairman, President and CEO of Cronos.\n\n\"From Spinach  _\u00ae_ becoming the number one cannabis brand in Canada and PEACE\nNATURALS  _\u00ae_ achieving a number one position in Israel, to our groundbreaking\nadvancements in cannabis genetics, to international expansion, Cronos is well-\npositioned to capitalize on future opportunities and drive long-term value for\nour shareholders. As we look ahead to 2025, we remain focused on sustaining\nthis momentum, strengthening our market leadership, and delivering innovative\nproducts that resonate with consumers worldwide,\" continued Mr. Gorenstein.\n\"Our strategic investments, such as Cronos GrowCo, have enhanced our\ncultivation capabilities, ensuring a consistent supply of high-quality\ncannabis at scale with an improved gross margin profile, while our R&D\nbreakthroughs have set new industry standards. Internationally, we\u2019ve made\nsignificant strides, with PEACE NATURALS  _\u00ae_ leading in Israel and gaining\ntraction in Germany and the UK. Combined with a robust balance sheet and a\nportfolio of best-selling, borderless brands, Cronos is not just leading\ntoday, we\u2019re building the foundation for long-term excellence in the global\ncannabis industry. Looking to 2025, we're excited about the opportunities\nahead as we continue to innovate, expand, and deliver for our consumers and\nshareholders.\"  \n\n**_Consolidated Financial Results_ **\n\nOn June 20, 2024 the Company made an additional investment in Cronos Growing\nCompany (\"Cronos GrowCo\") to fund the expansion of cultivation operations.\nCronos also obtained majority control of the board of directors of Cronos\nGrowCo and began consolidating Cronos GrowCo's results from July 1, 2024.\nPrior to this date, the Company's investment in Cronos GrowCo consisted of an\ninvestment accounted for under the equity method and loans receivable from\nCronos GrowCo.\n\nIn the second quarter of 2023, the Company exited its United States (\"U.S.\")\nhemp-derived CBD operations. The exit of the U.S. operations represented a\nstrategic shift, and as such, qualifies for reporting as discontinued\noperations in our condensed consolidated statements of net income (loss) and\ncomprehensive income (loss). Prior period amounts have been reclassified to\nreflect the discontinued operations classification of the U.S. operations.\n\nThe tables below set forth our condensed consolidated results of continuing\noperations, expressed in thousands of U.S. dollars for the periods presented.\nOur condensed consolidated financial results for these periods are not\nnecessarily indicative of the consolidated financial results that we will\nachieve in future periods.\n\n_(in thousands of USD)_ |  |  **Three Months Ended December 31,** |  |  **Change** |  |  **Year ended December 31,** |  |  **Change**  \n---|---|---|---|---|---|---|---|---  \n|  |  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%**  \nCronos net revenue, excluding Cronos GrowCo net revenue  (i)  |  |  $  |  28,195  |  |  |  $  |  23,915  |  |  |  $  |  4,280  |  |  |  18  |  %  |  |  $  |  111,241  |  |  |  $  |  87,241  |  |  |  $  |  24,000  |  |  |  28  |  %   \nCronos GrowCo net revenue  (ii)  |  |  |  2,106  |  |  |  |  \u2014  |  |  |  |  2,106  |  |  |  N/A  |  |  |  |  6,374  |  |  |  |  \u2014  |  |  |  |  6,374  |  |  |  N/A  |   \nNet Revenue  |  |  $  |  30,301  |  |  |  $  |  23,915  |  |  |  $  |  6,386  |  |  |  27  |  %  |  |  $  |  117,615  |  |  |  $  |  87,241  |  |  |  $  |  30,374  |  |  |  35  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nCost of sales  |  |  |  19,494  |  |  |  |  21,913  |  |  |  |  (2,419  |  )  |  |  (11  |  )%  |  |  |  91,710  |  |  |  |  74,527  |  |  |  |  17,183  |  |  |  23  |  %   \nInventory write-down  |  |  |  \u2014  |  |  |  |  89  |  |  |  |  (89  |  )  |  |  N/A  |  |  |  |  707  |  |  |  |  805  |  |  |  |  (98  |  )  |  |  (12  |  )%   \nGross profit  |  |  $  |  10,807  |  |  |  $  |  1,913  |  |  |  $  |  8,894  |  |  |  465  |  %  |  |  $  |  25,198  |  |  |  $  |  11,909  |  |  |  $  |  13,289  |  |  |  112  |  %   \nGross margin  (  ii  i)  |  |  |  36  |  %  |  |  |  8  |  %  |  |  |  N/A  |  |  |  28  |  pp  |  |  |  21  |  %  |  |  |  14  |  %  |  |  |  N/A  |  |  |  7  |  pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nInventory step-up recorded to cost of sales  |  |  |  (1,832  |  )  |  |  |  \u2014  |  |  |  |  (1,832  |  )  |  |  N/A  |  |  |  |  5,284  |  |  |  |  \u2014  |  |  |  |  5,284  |  |  |  N/A  |   \nAdjusted Gross Profit  (iv)  |  |  $  |  8,975  |  |  |  $  |  1,913  |  |  |  $  |  7,062  |  |  |  369  |  %  |  |  $  |  30,482  |  |  |  $  |  11,909  |  |  |  $  |  18,573  |  |  |  156  |  %   \nAdjusted Gross Margin  (v)  |  |  |  30  |  %  |  |  |  8  |  %  |  |  |  N/A  |  |  |  22  |  pp  |  |  |  26  |  %  |  |  |  14  |  %  |  |  |  N/A  |  |  |  12  |  pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nNet income (loss)  |  |  $  |  43,941  |  |  |  $  |  (45,151  |  )  |  |  $  |  89,092  |  |  |  197  |  %  |  |  $  |  40,022  |  |  |  $  |  (70,439  |  )  |  |  $  |  110,461  |  |  |  N/M  |   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nAdjusted EBITDA  (  iv  )  |  |  $  |  (7,203  |  )  |  |  $  |  (14,790  |  )  |  |  $  |  7,587  |  |  |  51  |  %  |  |  $  |  (34,942  |  )  |  |  $  |  (61,564  |  )  |  |  $  |  26,622  |  |  |  43  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \n**Other Data** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nCash and cash equivalents  (  vi  )  |  |  $  |  858,805  |  |  |  $  |  669,291  |  |  |  $  |  189,514  |  |  |  28  |  %  |  |  |  |  |  |  |  |   \nShort-term investments  (  vi  )  |  |  |  \u2014  |  |  |  |  192,237  |  |  |  |  (192,237  |  )  |  |  (100  |  )%  |  |  |  |  |  |  |  |   \nCapital expenditures  (v  ii  )  |  |  |  3,708  |  |  |  |  1,792  |  |  |  |  1,916  |  |  |  107  |  %  |  |  |  13,154  |  |  |  |  3,423  |  |  |  |  9,731  |  |  |  284  |  %   \n  \n_(i)_ _Cronos net revenue, excluding Cronos GrowCo net revenue is net revenue\nless Cronos GrowCo net revenue and is after intercompany eliminations._  \n_(ii)_ _Cronos GrowCo net revenue is Cronos GrowCo's net revenue after\nintercompany eliminations._  \n_(iii)_ _Gross margin is defined as gross profit divided by net revenue._  \n_(iv)_ _See \"Non-GAAP Measures\" for more information, including a\nreconciliation of adjusted earnings (loss) before interest, taxes,\ndepreciation and amortization (\"Adjusted EBITDA\") to net income (loss) and a\nreconciliation of Adjusted Gross Profit to gross profit._  \n_(v)_ _Adjusted Gross Margin is defined as Adjusted Gross Profit divided by\nnet revenue. See \u201cNon-GAAP Measures\u201d for more information._  \n_(vi)_ _Dollar amounts are as of the last day of the period indicated._  \n_(vii)_ _Capital expenditures represent component information of investing\nactivities and is defined as the sum of purchase of property, plant and\nequipment, and purchase of intangible assets._\n\n**Fourth Quarter** **2024**\n\n  * Net revenue of  $30.3 million  in Q4 2024 increased by  $6.4 million  from Q4 2023. The increase year-over-year was primarily driven by higher cannabis flower and extract sales in the Canadian market and higher cannabis flower sales in Israel and other countries. Cronos GrowCo contributed  $2.1 million  of cannabis flower sales in Q4 2024. No such sales were recognized in Q4 2023. \n  * Gross profit of  $10.8 million  in Q4 2024 increased by  $8.9 million  from Q4 2023. The increase year-over-year was primarily due to higher cannabis flower and extract sales in the Canadian market, higher cannabis flower sales in Israel and other countries, and production cost improvements. Gross profit was positively impacted by  $1.8 million  in the quarter in connection with the finalization of the purchase accounting for the Cronos GrowCo Transaction, which resulted in a reduction of the fair value of inventory acquired from Cronos GrowCo and the corresponding inventory step-up previously recorded into cost of sales in Q3 2024. No such impact was recognized for 2023. \n  * Adjusted gross profit of  $9.0 million  in Q4 2024 improved by  $7.1 million  from Q4 2023. The improvement year-over-year was primarily driven by higher cannabis flower and extract sales in the Canadian market, higher cannabis flower sales in Israel, and production cost improvements. \n  * Adjusted EBITDA of  $(7.2) million  in Q4 2024 improved by  $7.6 million  from Q4 2023. The improvement year-over-year was primarily driven by higher adjusted gross profit. \n\n**Full-Year** **2024**\n\n  * Net revenue of  $117.6 million  in full-year 2024 increased by  $30.4 million  from full-year 2023. The increase year-over-year was primarily due to higher cannabis flower and extract sales in the Canadian market and higher cannabis flower sales in Israel and other countries. Cronos GrowCo contributed  $6.4 million  of cannabis flower sales in the year ended December 31, 2024. No such sales were recognized for the year ended December 31, 2023. \n  * Gross profit of  $25.2 million  in full-year 2024 increased by  $13.3 million  from full-year 2023. The increase year-over-year was primarily due to higher cannabis flower and extract sales in the Canadian market, higher cannabis flower sales in Israel and other countries, and production cost improvements. This increase was partially offset by the impact on cost of sales from the inventory step-up from the Cronos GrowCo Transaction. For 2024, gross profit was reduced  $5.3 million  as a result of the impact of the inventory step-up from the Cronos GrowCo Transaction that was recorded into cost of sales since July 1, 2024. No such costs were recognized for 2023. \n  * Adjusted gross profit of  $30.5 million  in full-year 2024 increased by  $18.6 million  from full-year 2023. The increase year-over-year was primarily due to higher cannabis flower and extract sales in the Canadian market, higher cannabis flower sales in Israel and other countries, and production cost improvements. \n  * Adjusted EBITDA of  $(34.9) million  in full-year 2024 improved by  $26.6 million  from full-year 2023. The improvement year-over-year was primarily driven by higher adjusted gross profit and lower sales and marketing, research and development, and general administrative expenses. \n\n**_Business Updates_ **\n\n**Brand and Product Portfolio**\n\n__Spinach_ _ \u00ae  3  \nIn 2024, the SOURZ by Spinach  \u00ae  brand expanded its edible lineup with\nseveral innovative launches. Our industry-leading SOURZ by Spinach  \u00ae\nproducts are the best-selling gummies in the Canadian market and have captured\nan impressive  23%  market share in Q4 2024, with five of the top ten best-\nselling edibles in Canada coming from the SOURZ lineup. A key addition to our\ngummy portfolio has been the 1-piece, 10mg THC Fully Blasted SOURZ by Spinach\n\u00ae  product, which launched in 2024. In Q4 2024 we launched two new Fully\nBlasted flavors, Peach Orange and Strawberry Mango. We also launched a new CBD\nmulti-pack, SOURZ by Spinach  \u00ae  CBD Berry Variety Pack.\n\nIn 2024 our proprietary genetics breeding program continued to provide our\nportfolio with winning cultivars that allow us to launch differentiated\nproducts across markets and maintain a number one position in the flower\ncategory. In 2024, we introduced Spinach Grindz\u2122, a milled flower offering\nutilizing our Citrus Crush and Cookie Dough strains, designed for convenient\nuse in joints or vaporizers. In Q4 2024, the Spinach  \u00ae  brand maintained its\nposition as the number one flower brand in Canada, with  5.7%  market share.\n\nIn 2024, we introduced two new Spinach  \u00ae  all-in-one vapes, Pineapple\nParadise and Blueberry Dynamite that are performing well and helping to drive\nmarket share gains. The brand's 0.5g all-in-one Spinach HITZ\u2122 vapes introduced\nnew Pink Lemonade and Rocket Icicle flavors, alongside line extensions in\nSpinach  \u00ae  1.2g vapes. Spinach  \u00ae  vapes were the number four vape brand in\nQ4 2024, holding  5.9%  market share. Vape production was brought in-house in\nthe second half of 2024 in an effort to streamline manufacturing and enhance\nproduction efficiency in this category.\n\nIn 2024, we launched Spinach  \u00ae  Fully Charged pre-rolls and infused pre-rolls\nas well as the Spinach  \u00ae  Fully Charged Party Pack and the Spinach  \u00ae  Fully\nCharged Tropical Pack. These launches were the culmination of our product\ndevelopment efforts and portfolio refresh. The infused pre-roll category is\ncontinuing to grow, and we expect this category to be key to future growth for\nboth Cronos and the industry, which is why we are committed to the evolution\nand innovation of our pre-roll portfolio. In Q4 2024, Spinach  \u00ae  was ranked\nseventh in the pre-roll category with  2.5%  market share.\n\n__Lord Jones_ _ __\u00ae_ _ __3_ _  \nIn Q4 2024, Lord Jones  \u00ae  Chocolates Fusions\u2122 had  9.6%  market share and\nended the year as the third best-selling chocolate brand in Canada. In January\n2025, the brand launched a Lord Jones  \u00ae  Chocolate Fusions\u2122 fudge brownie\nflavor, which features a 1:1:1 ratio of CBN, CBD and THC. Lord Jones  \u00ae\nChocolate Fusions\u2122 edibles highlight the brand\u2019s commitment to innovation and\ncraftsmanship, offering four flavors: cookies and cream, dazzle-berry pop,\nsalted caramel crunch and fudge brownie.\n\nIn 2024, we also launched Lord Jones  \u00ae  live resin vapes featuring\nmeticulously curated cultivars, delivering a rich, full-spectrum experience\nthat combines pure live resin with sleek, high-quality hardware. In the second\nhalf of 2023, we launched Ice Water Hash Fusions pre-rolls, which feature\nflower and terpene-rich ice water hash and are fitted with a branded ceramic\ntip. The Ice Water Hash Fusions pre-rolls continued performing throughout\n2024, rising to the number one position in the hash pre-roll category.\nTogether, these launches underscore the brand\u2019s dedication to excellence and\nits focus on creating exceptional, high-quality cannabis-infused products.\n\n__PEACE NATURALS_ _ __\u00ae_ _ __2_ _  \nIn 2024, Cronos Israel revamped and repositioned its flower portfolio,\noptimizing pricing, potency and bringing new, exciting strains to market to\nmeet patient needs. The PEACE NATURALS  \u00ae  brand launched new strains\nincluding GG4, Key Limez Punch, Pink Sherb, Tangie Kush, Citra Diesel, Tahoe\nOG Kush and GMO Lite, providing consumers with additional variety and choice.\nIn Q4 2024, PEACE NATURALS  \u00ae  was the number one flower brand in Israel with\n24%  market share and PEACE NATURALS  \u00ae  cannabis oils are the fourth most\npopular brand in Israel with  9%  market share.\n\nIn 2024, Cronos expanded into the United Kingdom (the \"UK\") by shipping its\nfirst batch of PEACE NATURALS  \u00ae  medical cannabis flower to this emerging\nmarket, through a partnership with a third-party distributor of prescribed\ncannabis products.\n\nThroughout 2024, the Company continued its sales to the German market through\nthe PEACE NATURALS  \u00ae  brand. Cronos sells the PEACE NATURALS  \u00ae  brand\nthrough its distribution partner, Cansativa GmbH (\"Cansativa\"), one of the\nleading distributors of medical cannabis in Germany and supplies flower for\nits private-label brand. Cronos has seen strong demand for its proprietary\ngenetics, such as GMO and Wedding Cake, in both Germany and the UK under the\nPEACE NATURALS  \u00ae  brand.\n\n**Global Supply Chain and Operations**\n\nThe expansion efforts at Cronos GrowCo's facility are well underway. In Q4\n2024, Health Canada approved amendments to the site's perimeter. Cronos GrowCo\nexpects to finish construction of the expanded cultivation and processing\nfacilities in Q2 2025, with first harvests and sales from the area commencing\nin the second half of 2025. Prior to the commencement of sales from the\nexpanded facility, Cronos has the option to purchase up to  80%  of Cronos\nGrowCo's total production. Once sales from the expanded area begin, Cronos\nwill have the option to purchase up to  70%  of the total production from the\nexpanded facility. The expansion of Cronos GrowCo positions the Company to\ncapitalize on domestic demand and meet international growth opportunities in\nthe global cannabis market.\n\nOn November 26, 2023, the Company announced that Peace Naturals Project Inc.\nhad entered into an agreement to sell and lease back its facility in Stayner,\nOntario (the \"Peace Naturals Campus\"). However, the agreement was terminated\nin the Q2 of 2024 pursuant to its terms, and the Company has decided to\ncontinue and expand its operations at the site.\n\nAs part of the expanding operations at the Peace Naturals Campus, in the\nsecond-half of 2024, the Company invested in machinery, automation and process\nimprovement to drive cost efficiency within the facility. This also included\ninvestment in warehousing and vault expansion as well as R&D equipment and\nlaboratory enhancements.\n\n**_Guidance_ **\n\nThe Company achieved  $8.7 million  in operating expense savings in 2024 on a\nstandalone basis, meeting its previously announced operating expense savings\ntarget of  $5 t  o  $10 million  . The savings were primarily driven by lower\nexpenses in general and administrative, research and development and sales and\nmarketing. The operating expense savings exclude the impact of the\nconsolidation of Cronos GrowCo's results into the Company's financial\nstatements.\n\n**_Conference Call_ **\n\nThe Company will host a conference call and live audio webcast on Thursday,\nFebruary 27, 2025, at 8:30 a.m. ET to discuss 2024 Fourth Quarter and Full-\nYear business results. An audio replay of the call will be archived on the\nCompany\u2019s website for replay. Instructions for the live audio webcast are\nprovided on the Company's website at: _https://ir.thecronosgroup.com/events-\npresentations._  \n\n**About Cronos**\n\nCronos is an innovative global cannabinoid company committed to building\ndisruptive intellectual property by advancing cannabis research, technology\nand product development. With a passion to responsibly elevate the consumer\nexperience, Cronos is building an iconic brand portfolio. Cronos\u2019 diverse\ninternational brand portfolio includes Spinach  \u00ae  , PEACE NATURALS  \u00ae  and\nLord Jones  \u00ae  . For more information about Cronos and its brands, please\nvisit: thecronosgroup.com.\n\n**Forward-Looking Statements**\n\nThis press release contains information that constitutes forward-looking\ninformation and forward-looking statements within the meaning of applicable\nsecurities laws and court decisions (collectively, \u201cForward-Looking\nStatements\u201d), which are based upon our current internal expectations,\nestimates, projections, assumptions and beliefs. All information that is not\nclearly historical in nature may constitute Forward-Looking Statements. In\nsome cases, Forward-Looking Statements can be identified by the use of\nforward-looking terminology such as \u201cexpect\u201d, \u201clikely\u201d, \u201cmay\u201d, \u201cwill\u201d,\n\u201cshould\u201d, \u201cintend\u201d, \u201canticipate\u201d, \u201cpotential\u201d, \u201cproposed\u201d, \u201cestimate\u201d and\nother similar words, expressions and phrases, including negative and\ngrammatical variations thereof, or statements that certain events or\nconditions \u201cmay\u201d or \u201cwill\u201d happen, or by discussion of strategy. Forward-\nLooking Statements include estimates, plans, expectations, opinions,\nforecasts, projections, targets, guidance or other statements that are not\nstatements of historical fact.\n\nForward-Looking Statements include, but are not limited to, statements with\nrespect to:\n\n  * the ongoing impact of the public investigation into Canadian licensed producers of alleged dumping of medical cannabis imports from Canada into Israel by the Trade Levies Commissioner of the Israel Ministry of Economy and Industry (the \u201cAnti-Dumping Investigation\u201d) and the proposed anti-dumping duty to which the Company\u2019s imports would be subject; \n  * expectations related to the conflict involving Israel, Hamas, Hezbollah, Houthis, Iran, Iran\u2019s proxies and other stakeholders in the region (the \u201cMiddle East Conflict\u201d) and its impact on our operations in Israel, the supply of product in the market and the demand for product by medical patients in Israel, as well as any regional or global escalations and their impact to global commerce and stability; \n  * expectations related to the German, Australian and UK markets, including our strategic partnerships with Cansativa, Vitura Health Limited (\u201cVitura\u201d), and other distributors, respectively, and our ability to successfully distribute the PEACE NATURALS  \u00ae  brand in Germany and the UK; \n  * expectations related to our announcement of cost-cutting measures, including our decision to wind-down operations at our Winnipeg, Manitoba facility and list the facility for sale, the expected costs and benefits from the wind-down of production activities at the facility, challenges and effects related thereto as well as changes in strategy, metrics, investments, costs, operating expenses, employee turnover and other changes with respect thereto; \n  * expectations related to the impact of our decision to exit our U.S. hemp-derived cannabinoid product operations; \n  * the ongoing impact of our announced realignment (the \u201cRealignment\u201d) and any progress, challenges and effects related thereto as well as changes in strategy, metrics, investments, reporting structure, costs, operating expenses, employee turnover and other changes with respect thereto; \n  * our expectations as to the use of the Peace Naturals Campus; \n  * our ability to acquire raw materials from suppliers, including Cronos GrowCo, and the costs and timing associated therewith; \n  * expectations regarding the potential success of, and the costs and benefits associated with, our joint ventures, strategic alliances and equity investments; \n  * expectations related to the transaction by which we obtained majority control of the board of directors of Cronos GrowCo, which qualified as a business combination under Accounting Standards Codification 805, and the expansion of Cronos GrowCo\u2019s purpose-built cultivation and processing facilities; \n  * our ability or plans to identify, develop, commercialize or expand our technology and R&D initiatives in cannabinoids, or the success thereof; \n  * expectations regarding revenues, expenses, gross margins and capital expenditures; \n  * expectations regarding our future production and manufacturing strategy and operations, the costs and timing associated therewith and the receipt of applicable production and sale licenses; \n  * the ongoing impact of the legalization of additional cannabis product types and forms for adult-use in Canada, including federal, provincial, territorial and municipal regulations pertaining thereto, the related timing and impact thereof and our intentions to participate in such markets; \n  * the legalization of the use of cannabis for medical or adult-use in jurisdictions outside of Canada, including the United States and Germany, the related timing and impact thereof and our intentions to participate in such markets, if and when such use is legalized; \n  * the grant, renewal, withdrawal, suspension, delay and impact of any license or supplemental license to conduct activities with cannabis or any amendments thereof; \n  * our ability to successfully create and launch brands and cannabis products; \n  * expectations related to the differentiation of our products, including through the utilization of rare cannabinoids; \n  * the benefits, viability, safety, efficacy, dosing and social acceptance of cannabis, including CBD and other cannabinoids; \n  * laws and regulations and any amendments thereto applicable to our business and the impact thereof, including uncertainty regarding the application of U.S. state and federal law to cannabis and U.S. hemp (including CBD and other U.S. hemp-derived cannabinoids) products and the scope of any regulations by the U.S. Food and Drug Administration, the U.S. Drug Enforcement Administration, the U.S. Federal Trade Commission, the U.S. Patent and Trademark Office and any state equivalent regulatory agencies over cannabis and U.S. hemp (including CBD and other U.S. hemp-derived cannabinoids) products, including the possibility marijuana is moved from Schedule I to Schedule III under the U.S. Controlled Substances Act; \n  * the anticipated benefits and impact of Altria Group Inc.\u2019s investment in the Company (the \u201cAltria Investment\u201d), pursuant to a subscription agreement dated December 7, 2018; \n  * uncertainties as to our ability to exercise our option (the \u201cPharmaCann Option\u201d) in PharmaCann Inc. (\u201cPharmaCann\u201d), in the near term or the future, in full or in part, including the uncertainties as to the status and future development of federal legalization of cannabis in the U.S. and our ability to realize the anticipated benefits of the transaction with PharmaCann; \n  * expectations regarding the implementation and effectiveness of key personnel changes; \n  * expectations regarding business combinations and dispositions and the anticipated benefits therefrom; \n  * expectations of the amount or frequency of impairment losses, including as a result of the write-down of intangible assets, including goodwill; \n  * the impact of the ongoing military conflict between Russia and Ukraine (and resulting sanctions) on our business, financial condition and results of operations or cash flows; \n  * our compliance with the terms of the settlement (the \u201cSettlement Order\u201d) with the SEC and the settlement agreement with the Ontario Securities Commission (the \u201cSettlement Agreement\u201d); and \n  * the impact of the loss of our ability to rely on private offering exemptions under Regulation D of the Securities Act of 1933, as amended, and the loss of our status as a well-known seasoned issuer, each as a result of the Settlement Order. \n\nCertain of the Forward-Looking Statements contained herein concerning the\nindustries in which we conduct our business are based on estimates prepared by\nus using data from publicly available governmental sources, market research,\nindustry analysis and on assumptions based on data and knowledge of these\nindustries, which we believe to be reasonable. However, although generally\nindicative of relative market positions, market shares and performance\ncharacteristics, such data is inherently imprecise. The industries in which we\nconduct our business involve risks and uncertainties that are subject to\nchange based on various factors, which are described further below.\n\nThe Forward-Looking Statements contained herein are based upon certain\nmaterial assumptions that were applied in drawing a conclusion or making a\nforecast or projection, including: (i) our ability to effectively navigate\ndevelopments related to the Anti-Dumping Investigation and the proposed anti-\ndumping duty to which the Company\u2019s imports would be subject and its impact on\nour operations in Israel; (ii) our ability to effectively navigate\ndevelopments related to the Middle East Conflict and its impact on our\nemployees and operations in Israel, the supply of product in the market and\ndemand for product by medical patients in Israel; (iii) our ability to\nefficiently and effectively distribute our PEACE NATURALS  \u00ae  brand in Germany\nwith our strategic partner Cansativa and in the UK with our strategic\ndistribution partner and our ability to efficiently and effectively distribute\nproducts in Australia with our strategic partner Vitura; (iv) our ability to\nrealize the expected cost-savings and other benefits related to the wind-down\nof our operations at our Winnipeg, Manitoba facility; (v) expectations related\nto the impact of our decision to exit our U.S. hemp-derived cannabinoid\nproduct operations; (vi) our ability to realize the expected cost-savings,\nefficiencies and other benefits of our Realignment and other announced cost-\ncutting measures and employee turnover related thereto; (vii) our ability to\nefficiently and effectively manage our operations at our Peace Naturals\nCampus; (viii) our ability efficiently and effectively acquire raw materials\non a timely and cost-effective basis from third parties or Cronos GrowCo; (ix)\nthe timely completion of the expansion of Cronos GrowCo\u2019s purpose-built\ncannabis facility and the ability of Cronos GrowCo to repay the credit\nfacility provided by Cronos; (x) our ability to realize anticipated benefits,\nsynergies or generate revenue, profits or value from our business combinations\nand strategic investments; (xi) the production and manufacturing capabilities\nand output from our facilities and our joint ventures, strategic alliances and\nequity investments; (xii) government regulation of our activities and products\nincluding, but not limited to, the areas of cannabis taxation and\nenvironmental protection; (xiii) the timely receipt of any required regulatory\nauthorizations, approvals, consents, permits and/or licenses; (xiv) consumer\ninterest in our products; (xv) our ability to differentiate our products,\nincluding through the utilization of rare cannabinoids; (xvi) competition;\n(xvii) anticipated and unanticipated costs; (xviii) our ability to generate\ncash flow from operations; (xix) our ability to conduct operations in a safe,\nefficient and effective manner; (xx) our ability to hire and retain qualified\nstaff, and acquire equipment and services in a timely and cost-efficient\nmanner; (xxi) our ability to exercise the PharmaCann Option and realize the\nanticipated benefits of the transaction with PharmaCann; (xxii) our ability to\ncomplete planned dispositions, and, if completed, obtain our anticipated sales\nprice; (xxiii) general economic, financial market, regulatory and political\nconditions in which we operate; (xxiv) management\u2019s perceptions of historical\ntrends, current conditions and expected future developments; and (xxv) other\nconsiderations that management believes to be appropriate in the\ncircumstances. While our management considers these assumptions to be\nreasonable based on information currently available to management, there is no\nassurance that such expectations will prove to be correct.\n\nBy their nature, Forward-Looking Statements are subject to inherent risks and\nuncertainties that may be general or specific and which give rise to the\npossibility that expectations, forecasts, predictions, projections or\nconclusions will not prove to be accurate, that assumptions may not be correct\nand that objectives, strategic goals and priorities will not be achieved. A\nvariety of factors, including known and unknown risks, many of which are\nbeyond our control, could cause actual results to differ materially from the\nForward-Looking Statements in this press release and other reports we file\nwith, or furnish to, the SEC and other regulatory agencies and made by our\ndirectors, officers, other employees and other persons authorized to speak on\nour behalf. Such factors include, without limitation, negative impacts on our\nbusiness and operations in Israel due to the Anti-Dumping Investigation,\nincluding that we may not be able to produce, import or sell our products in\nIsrael as a result thereof; negative impacts on our employees, business and\noperations in Israel due to the Middle East Conflict, including that we may\nnot be able to produce, import or sell our products or protect our people or\nfacilities in Israel during the Middle East Conflict; the supply of product in\nthe market and the demand for product by medical patients in Israel; that we\nmay not be able to successfully continue to distribute our products in\nGermany, Australia and the UK or generate material revenue from sales in those\nmarkets; that we may not be able to achieve the anticipated benefits of the\nwind-down of our operations at our Winnipeg, Manitoba facility; that we may be\nunable to further streamline our operations and reduce expenses; that we may\nnot be able to effectively and efficiently re-enter the U.S. market in the\nfuture; that we may not be able to access raw materials on a timely and cost-\neffective basis from third-parties or Cronos GrowCo; that Cronos GrowCo may\nnot be able to complete the expansion of its purpose-built cannabis facility\nwithin a reasonable time or repay its borrowings under the credit facility\nprovided by Cronos; that the military conflict between Russia and Ukraine may\ndisrupt our operations and those of our suppliers and distribution channels\nand negatively impact the demand for and use of our products; the risk that\ncost savings and any other synergies from the Altria Investment may not be\nfully realized or may take longer to realize than expected; failure to execute\nkey personnel changes; that our Realignment and our further leveraging of our\nstrategic partnerships will not result in the expected cost-savings,\nefficiencies and other benefits or will result in greater than anticipated\nturnover in personnel; that we may not be able to efficiently and effectively\nmanage our operations, and any changes thereto, at our Peace Naturals Campus;\nlower levels of revenues; the lack of consumer demand for our products; our\ninability to manage disruptions in credit markets; unanticipated future levels\nof capital, environmental or maintenance expenditures, general and\nadministrative and other expenses; failure to realize expected growth\nopportunities; the lack of cash flow necessary to execute our business plan\n(either within the expected timeframe or at all); difficulty raising capital;\nthe potential adverse effects of judicial, regulatory or other proceedings, or\nthreatened litigation or proceedings, on our business, financial condition,\nresults of operations and cash flows; volatility in and/or degradation of\ngeneral economic, market, industry or business conditions; compliance with\napplicable environmental, economic, health and safety, energy and other\npolicies and regulations and in particular health concerns with respect to\nvaping and the use of cannabis and U.S. hemp products in vaping devices; the\nunexpected effects of actions of third parties such as competitors, activist\ninvestors or federal (including U.S. federal), state, provincial, territorial\nor local regulatory authorities or self-regulatory organizations; adverse\nchanges in regulatory requirements in relation to our business and products;\nlegal or regulatory obstacles that could prevent us from being able to\nexercise the PharmaCann Option and thereby realize the anticipated benefits of\nthe transaction with PharmaCann; dilution of our fully-diluted ownership of\nPharmaCann and the loss of our rights as a result of that dilution; our\nfailure to improve our internal control environment and our systems, processes\nand procedures; and the factors discussed under Part I, Item 1A \u201c _Risk\nFactors_ \u201d in our Annual Report on Form 10-K for the year ended December 31,\n2024. Readers are cautioned to consider these and other factors, uncertainties\nand potential events carefully and not to put undue reliance on Forward-\nLooking Statements.\n\nForward-Looking Statements are provided for the purposes of assisting the\nreader in understanding our financial performance, financial position and cash\nflows as of and for periods ended on certain dates and to present information\nabout management\u2019s current expectations and plans relating to the future, and\nthe reader is cautioned not to place undue reliance on these Forward-Looking\nStatements because of their inherent uncertainty and to appreciate the limited\npurposes for which they are being used by management. While we believe that\nthe assumptions and expectations reflected in the Forward-Looking Statements\nare reasonable based on information currently available to management, there\nis no assurance that such assumptions and expectations will prove to have been\ncorrect. Forward-Looking Statements are made as of the date they are made and\nare based on the beliefs, estimates, expectations and opinions of management\non that date. We undertake no obligation to update or revise any Forward-\nLooking Statements, whether as a result of new information, estimates or\nopinions, future events or results or otherwise or to explain any material\ndifference between subsequent actual events and such Forward-Looking\nStatements. The Forward-Looking Statements contained in this press release and\nother reports we file with, or furnish to, the SEC and other regulatory\nagencies and made by our directors, officers, other employees and other\npersons authorized to speak on our behalf are expressly qualified in their\nentirety by these cautionary statements.\n\n____________________________________________  \n1  Hifyre Retail Analytics - National Retail Dollar by Brand in Canada -\nDecember 2024.  \n2  Market share and ranking information from pharmacy data collected by Cronos\n- December 2024.  \n3  All market share and ranking information from Hifyre Retail Analytics -\nNational Retail Dollar by Brand in Canada - December 2024, unless otherwise\nspecified.  \n  \n---  \n**Cronos Group Inc.**  \n**Consolidated Balance Sheets**  \n_(In thousands of U.S. dollars)_  \n|  **As of December 31,**  \n|  |  **2024** |  |  |  |  **2023** |   \n**Assets** |  |  |   \nCurrent assets  |  |  |   \nCash and cash equivalents  |  $  |  858,805  |  |  |  $  |  669,291  |   \nShort-term investments  |  |  \u2014  |  |  |  |  192,237  |   \nAccounts receivable, net  |  |  15,462  |  |  |  |  13,984  |   \nInterest receivable  |  |  8,690  |  |  |  |  10,012  |   \nOther receivables  |  |  5,000  |  |  |  |  6,341  |   \nCurrent portion of loans receivable, net  |  |  618  |  |  |  |  5,541  |   \nInventory, net  |  |  33,149  |  |  |  |  30,495  |   \nPrepaids and other current assets  |  |  6,277  |  |  |  |  5,405  |   \nHeld-for-sale assets  |  |  8,112  |  |  |  |  \u2014  |   \nTotal current assets  |  |  936,113  |  |  |  |  933,306  |   \nEquity method investments, net  |  |  \u2014  |  |  |  |  19,488  |   \nOther investments  |  |  2,813  |  |  |  |  35,251  |   \nNon-current portion of loans receivable, net  |  |  15,526  |  |  |  |  69,036  |   \nProperty, plant and equipment, net  |  |  133,189  |  |  |  |  59,468  |   \nRight-of-use assets  |  |  1,390  |  |  |  |  1,356  |   \nGoodwill  |  |  63,453  |  |  |  |  1,057  |   \nIntangible assets, net  |  |  11,257  |  |  |  |  21,078  |   \nDeferred tax assets  |  |  2,571  |  |  |  |  226  |   \n**Total assets** |  $  |  1,166,312  |  |  |  $  |  1,140,266  |   \n**Liabilities** |  |  |   \nCurrent liabilities  |  |  |   \nAccounts payable  |  $  |  16,973  |  |  |  $  |  12,130  |   \nIncome taxes payable  |  |  9  |  |  |  |  64  |   \nAccrued liabilities  |  |  31,653  |  |  |  |  27,736  |   \nCurrent portion of lease obligation  |  |  1,025  |  |  |  |  994  |   \nDerivative liabilities  |  |  40  |  |  |  |  102  |   \nCurrent portion due to non-controlling interests  |  |  \u2014  |  |  |  |  373  |   \nTotal current liabilities  |  |  49,700  |  |  |  |  41,399  |   \nNon-current portion due to non-controlling interests  |  |  1,073  |  |  |  |  1,003  |   \nNon-current portion of lease obligation  |  |  993  |  |  |  |  1,559  |   \nDeferred tax liabilities  |  |  3,564  |  |  |  |  181  |   \n**Total liabilities** |  |  55,330  |  |  |  |  44,142  |   \n**Shareholders\u2019 equity** |  |  |   \nShare capital and additional paid-in capital  |  |  669,879  |  |  |  |  662,174  |   \nRetained earnings  |  |  457,709  |  |  |  |  416,719  |   \nAccumulated other comprehensive income (loss)  |  |  (63,525  |  )  |  |  |  20,678  |   \nTotal equity attributable to shareholders of Cronos Group  |  |  1,064,063  |  |  |  |  1,099,571  |   \nNon-controlling interests  |  |  46,919  |  |  |  |  (3,447  |  )   \n**Total shareholders\u2019 equity** |  |  1,110,982  |  |  |  |  1,096,124  |   \n**Total liabilities and shareholders\u2019 equity** |  $  |  1,166,312  |  |  |  $  |  1,140,266  |   \n  \n  \n\n**Cronos Group Inc.**  \n**Consolidated Statements of Net Income (Loss) and Comprehensive Income\n(Loss)**  \n_(In thousands of U.S. dollars, except share and per share amounts)_  \n---  \n|  **Year ended December 31,**  \n|  |  **2024** |  |  |  |  **2023** |  |  |  |  **2022** |   \n**Net revenue, before excise taxes** |  $  |  161,821  |  |  |  $  |  120,270  |  |  |  $  |  109,301  |   \nExcise taxes  |  |  (44,206  |  )  |  |  |  (33,029  |  )  |  |  |  (22,552  |  )   \n**Net revenue** |  |  117,615  |  |  |  |  87,241  |  |  |  |  86,749  |   \nCost of sales  |  |  91,710  |  |  |  |  74,527  |  |  |  |  71,313  |   \nInventory write-down  |  |  707  |  |  |  |  805  |  |  |  |  \u2014  |   \n**Gross profit** |  |  25,198  |  |  |  |  11,909  |  |  |  |  15,436  |   \n**Operating expenses** |  |  |  |  |   \nSales and marketing  |  |  21,603  |  |  |  |  22,701  |  |  |  |  18,046  |   \nResearch and development  |  |  4,229  |  |  |  |  5,843  |  |  |  |  13,131  |   \nGeneral and administrative  |  |  46,514  |  |  |  |  49,475  |  |  |  |  67,674  |   \nRestructuring costs  |  |  630  |  |  |  |  1,524  |  |  |  |  3,545  |   \nShare-based compensation  |  |  8,700  |  |  |  |  8,756  |  |  |  |  15,008  |   \nDepreciation and amortization  |  |  3,701  |  |  |  |  5,044  |  |  |  |  5,967  |   \nImpairment loss on long-lived assets  |  |  16,350  |  |  |  |  3,366  |  |  |  |  3,493  |   \nTotal operating expenses  |  |  101,727  |  |  |  |  96,709  |  |  |  |  126,864  |   \nOperating loss  |  |  (76,529  |  )  |  |  |  (84,800  |  )  |  |  |  (111,428  |  )   \n**Other income (expense)** |  |  |  |  |   \nInterest income, net  |  |  52,019  |  |  |  |  51,235  |  |  |  |  22,514  |   \nGain (loss) on revaluation of derivative liabilities  |  |  49  |  |  |  |  (85  |  )  |  |  |  14,060  |   \nShare of income from equity method investments  |  |  2,365  |  |  |  |  1,583  |  |  |  |  3,114  |   \nGain on revaluation of loan receivable  |  |  11,804  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nGain on revaluation of equity method investment  |  |  32,469  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nGain (loss) on revaluation of financial instruments  |  |  (6,248  |  )  |  |  |  (12,042  |  )  |  |  |  14,739  |   \nImpairment loss on other investments  |  |  (25,650  |  )  |  |  |  (23,350  |  )  |  |  |  (61,392  |  )   \nForeign currency transaction gain (loss)  |  |  57,859  |  |  |  |  (7,324  |  )  |  |  |  (2,286  |  )   \nLoss on held-for-sale assets  |  |  (11,202  |  )  |  |  |  \u2014  |  |  |  |  \u2014  |   \nOther, net  |  |  (350  |  )  |  |  |  1,114  |  |  |  |  (324  |  )   \nTotal other income (expense)  |  |  113,115  |  |  |  |  11,131  |  |  |  |  (9,575  |  )   \nIncome (loss) before income taxes  |  |  36,586  |  |  |  |  (73,669  |  )  |  |  |  (121,003  |  )   \nIncome tax expense (benefit)  |  |  (3,436  |  )  |  |  |  (3,230  |  )  |  |  |  34,175  |   \nIncome (loss) from continuing operations  |  |  40,022  |  |  |  |  (70,439  |  )  |  |  |  (155,178  |  )   \nLoss from discontinued operations  |  |  \u2014  |  |  |  |  (4,114  |  )  |  |  |  (13,556  |  )   \nNet income (loss)  |  |  40,022  |  |  |  |  (74,553  |  )  |  |  |  (168,734  |  )   \nNet income (loss) attributable to non-controlling interest  |  |  (1,058  |  )  |  |  |  (590  |  )  |  |  |  \u2014  |   \nNet income (loss) attributable to Cronos Group  |  $  |  41,080  |  |  |  $  |  (73,963  |  )  |  |  $  |  (168,734  |  )   \n|  |  |  |  |   \n**Comprehensive income (loss)** |  |  |  |  |   \nNet income (loss)  |  $  |  40,022  |  |  |  $  |  (74,553  |  )  |  |  $  |  (168,734  |  )   \nOther comprehensive income (loss)  |  |  |  |  |   \nForeign exchange gain (loss) on translation  |  |  (86,321  |  )  |  |  |  21,539  |  |  |  |  (50,616  |  )   \nComprehensive income (loss)  |  |  (46,299  |  )  |  |  |  (53,014  |  )  |  |  |  (219,350  |  )   \nComprehensive income (loss) attributable to non-controlling interest  |  |  (3,176  |  )  |  |  |  (526  |  )  |  |  |  46  |   \n**Comprehensive income (loss) attributable to Cronos Group** |  $  |  (43,123  |  )  |  |  $  |  (52,488  |  )  |  |  $  |  (219,396  |  )   \n|  |  |  |  |   \n**Net income (loss) per share** |  |  |  |  |   \nBasic - continuing operations  |  $  |  0.11  |  |  |  $  |  (0.18  |  )  |  |  $  |  (0.41  |  )   \nBasic - discontinued operations  |  $  |  \u2014  |  |  |  $  |  (0.01  |  )  |  |  $  |  (0.04  |  )   \nBasic net income (loss) per share attributable to Cronos Group  |  $  |  0.11  |  |  |  $  |  (0.19  |  )  |  |  $  |  (0.45  |  )   \n|  |  |  |  |   \nDiluted - continuing operations  |  $  |  0.11  |  |  |  $  |  (0.18  |  )  |  |  $  |  (0.41  |  )   \nDiluted - discontinued operations  |  $  |  \u2014  |  |  |  $  |  (0.01  |  )  |  |  $  |  (0.04  |  )   \nDiluted net income (loss) per share attributable to Cronos Group  |  $  |  0.11  |  |  |  $  |  (0.19  |  )  |  |  $  |  (0.45  |  )   \n**Weighted average number of outstanding shares** |  |  |  |  |   \nBasic  |  |  382,058,056  |  |  |  |  380,964,739  |  |  |  |  376,961,797  |   \nDiluted  |  |  385,557,002  |  |  |  |  380,964,739  |  |  |  |  376,961,797  |   \n  \n  \n\n|  **Three months ended December 31,**  \n---|---  \n|  |  **2024** |  |  |  |  **2023** |   \n**Net revenue, before excise taxes** |  $  |  41,182  |  |  |  $  |  34,006  |   \nExcise taxes  |  |  (10,881  |  )  |  |  |  (10,091  |  )   \n**Net revenue** |  |  30,301  |  |  |  |  23,915  |   \nCost of sales  |  |  19,494  |  |  |  |  21,913  |   \nInventory write-down  |  |  \u2014  |  |  |  |  89  |   \n**Gross profit** |  |  10,807  |  |  |  |  1,913  |   \n**Operating expenses** |  |  |   \nSales and marketing  |  |  6,413  |  |  |  |  6,367  |   \nResearch and development  |  |  1,028  |  |  |  |  1,451  |   \nGeneral and administrative  |  |  12,080  |  |  |  |  9,802  |   \nRestructuring costs  |  |  \u2014  |  |  |  |  101  |   \nShare-based compensation  |  |  2,187  |  |  |  |  1,933  |   \nDepreciation and amortization  |  |  464  |  |  |  |  529  |   \nImpairment loss on long-lived assets  |  |  \u2014  |  |  |  |  3,366  |   \nTotal operating expenses  |  |  22,172  |  |  |  |  23,549  |   \nOperating loss  |  |  (11,365  |  )  |  |  |  (21,636  |  )   \n**Other income (expense)** |  |  |   \nInterest income, net  |  |  11,863  |  |  |  |  14,214  |   \nGain (loss) on revaluation of derivative liabilities  |  |  142  |  |  |  |  (71  |  )   \nShare of income from equity method investments  |  |  \u2014  |  |  |  |  752  |   \nGain (loss) on revaluation of financial instruments  |  |  302  |  |  |  |  (4,186  |  )   \nImpairment loss on other investments  |  |  \u2014  |  |  |  |  (23,350  |  )   \nForeign currency transaction gain (loss)  |  |  45,489  |  |  |  |  (11,323  |  )   \nLoss on held-for-sale assets  |  |  (780  |  )  |  |  |  \u2014  |   \nOther, net  |  |  294  |  |  |  |  89  |   \nTotal other income (expense)  |  |  57,310  |  |  |  |  (23,875  |  )   \nIncome (loss) before income taxes  |  |  45,945  |  |  |  |  (45,511  |  )   \nIncome tax expense (benefit)  |  |  2,004  |  |  |  |  (360  |  )   \nIncome (loss) from continuing operations  |  |  43,941  |  |  |  |  (45,151  |  )   \nLoss from discontinued operations  |  |  \u2014  |  |  |  |  124  |   \nNet income (loss)  |  |  43,941  |  |  |  |  (45,027  |  )   \nNet loss attributable to non-controlling interest  |  |  212  |  |  |  |  (237  |  )   \nNet income (loss) attributable to Cronos Group  |  $  |  43,729  |  |  |  $  |  (44,790  |  )   \n**Comprehensive loss** |  |  |   \nNet income (loss)  |  $  |  43,941  |  |  |  $  |  (45,027  |  )   \nOther comprehensive income (loss)  |  |  |   \nForeign exchange gain (loss) on translation  |  |  (66,208  |  )  |  |  |  22,635  |   \nComprehensive loss  |  |  (22,267  |  )  |  |  |  (22,392  |  )   \nComprehensive loss attributable to non-controlling interest  |  |  (2,832  |  )  |  |  |  (390  |  )   \n**Comprehensive loss attributable to Cronos Group** |  $  |  (19,435  |  )  |  |  $  |  (22,002  |  )   \n|  |  |   \n**Net income (loss) per share** |  |  |   \nBasic - continuing operations  |  $  |  0.11  |  |  |  $  |  (0.12  |  )   \nBasic - discontinued operations  |  $  |  \u2014  |  |  |  $  |  \u2014  |   \nBasic net income (loss) per share attributable to Cronos Group  |  $  |  0.11  |  |  |  $  |  (0.12  |  )   \n|  |  |   \nDiluted - continuing operations  |  $  |  0.11  |  |  |  $  |  (0.12  |  )   \nDiluted - discontinued operations  |  $  |  \u2014  |  |  |  $  |  \u2014  |   \nDiluted net income (loss) per share attributable to Cronos Group  |  $  |  0.11  |  |  |  $  |  (0.12  |  )   \n**Weighted average number of outstanding shares** |  |  |   \nBasic  |  |  382,340,893  |  |  |  |  381,155,824  |   \nDiluted  |  |  386,525,110  |  |  |  |  381,155,824  |   \n  \n  \n\n**Cronos Group Inc.**  \n**Consolidated Statements of Cash Flows**  \n_(In thousands of U.S. dollars)_  \n---  \n|  **Year ended December 31,**  \n|  |  **2024** |  |  |  |  **2023** |  |  |  |  **2022** |   \n**Operating activities** |  |  |  |  |   \nNet income (loss)  |  $  |  40,022  |  |  |  $  |  (74,553  |  )  |  |  $  |  (168,734  |  )   \nAdjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:  |  |  |  |  |   \nShare-based compensation  |  |  8,700  |  |  |  |  8,769  |  |  |  |  15,115  |   \nDepreciation and amortization  |  |  9,336  |  |  |  |  8,110  |  |  |  |  13,122  |   \nImpairment loss on long-lived assets  |  |  16,350  |  |  |  |  3,571  |  |  |  |  3,493  |   \nImpairment loss on other investments  |  |  25,650  |  |  |  |  23,350  |  |  |  |  61,392  |   \nLoss (income) from investments  |  |  3,841  |  |  |  |  10,513  |  |  |  |  (17,853  |  )   \nLoss (gain) on revaluation of derivative liabilities  |  |  (49  |  )  |  |  |  85  |  |  |  |  (14,060  |  )   \nChanges in expected credit losses on long-term financial assets  |  |  1,032  |  |  |  |  (1,528  |  )  |  |  |  (662  |  )   \nRevaluation of equity method investment  |  |  (32,469  |  )  |  |  |  \u2014  |  |  |  |  \u2014  |   \nRevaluation of loan receivable  |  |  (11,804  |  )  |  |  |  \u2014  |  |  |  |  \u2014  |   \nLoss on held-for-sale assets  |  |  11,202  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nInventory step-up recorded to cost of sales  |  |  5,284  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nForeign currency transaction (gain) loss  |  |  (57,859  |  )  |  |  |  7,324  |  |  |  |  2,286  |   \nOther non-cash operating activities, net  |  |  (82  |  )  |  |  |  (2,008  |  )  |  |  |  1,294  |   \nChanges in operating assets and liabilities:  |  |  |  |  |   \nAccounts receivable, net  |  |  (917  |  )  |  |  |  9,206  |  |  |  |  (2,711  |  )   \nInterest receivable  |  |  (3,656  |  )  |  |  |  (14,344  |  )  |  |  |  (6,985  |  )   \nOther receivables  |  |  2,059  |  |  |  |  (1,449  |  )  |  |  |  1,148  |   \nPrepaids and other current assets  |  |  (512  |  )  |  |  |  1,437  |  |  |  |  996  |   \nInventory, net  |  |  7,417  |  |  |  |  7,399  |  |  |  |  (7,217  |  )   \nAccounts payable  |  |  (7,449  |  )  |  |  |  (773  |  )  |  |  |  (863  |  )   \nIncome taxes payable  |  |  (93  |  )  |  |  |  (33,104  |  )  |  |  |  34,212  |   \nAccrued liabilities  |  |  2,840  |  |  |  |  5,160  |  |  |  |  (2,921  |  )   \nNet cash provided by (used in) operating activities  |  |  18,843  |  |  |  |  (42,835  |  )  |  |  |  (88,948  |  )   \n|  |  |  |  |   \n**Investing activities** |  |  |  |  |   \nProceeds from short-term investments  |  |  185,817  |  |  |  |  532,838  |  |  |  |  268,870  |   \nPurchase of short-term investments  |  |  \u2014  |  |  |  |  (608,247  |  )  |  |  |  (271,378  |  )   \nCash acquired in business combination  |  |  5,993  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nDividends received from equity method investee  |  |  \u2014  |  |  |  |  1,297  |  |  |  |  \u2014  |   \nDividend proceeds  |  |  \u2014  |  |  |  |  345  |  |  |  |  384  |   \nAdvances on loans receivable  |  |  (8,759  |  )  |  |  |  \u2014  |  |  |  |  \u2014  |   \nRepayments on loans receivable  |  |  5,252  |  |  |  |  16,831  |  |  |  |  5,246  |   \nPurchase of property, plant and equipment, net of disposals  |  |  (12,411  |  )  |  |  |  (2,505  |  )  |  |  |  (3,451  |  )   \nPurchase of intangible assets, net of disposals  |  |  (743  |  )  |  |  |  (918  |  )  |  |  |  (1,581  |  )   \nOther investing activities  |  |  \u2014  |  |  |  |  860  |  |  |  |  68  |   \nNet cash provided by (used in) investing activities  |  |  175,149  |  |  |  |  (59,499  |  )  |  |  |  (1,842  |  )   \n|  **Year ended December 31,**  \n|  |  **2024** |  |  |  |  **2023** |  |  |  |  **2022** |   \n**Financing activities** |  |  |  |  |   \nWithholding taxes paid on equity awards  |  |  (1,231  |  )  |  |  |  (1,030  |  )  |  |  |  (2,829  |  )   \nOther financing activities, net  |  |  \u2014  |  |  |  |  \u2014  |  |  |  |  (68  |  )   \nNet cash used in financing activities  |  |  (1,231  |  )  |  |  |  (1,030  |  )  |  |  |  (2,897  |  )   \nEffect of foreign currency translation on cash and cash equivalents  |  |  (3,247  |  )  |  |  |  8,011  |  |  |  |  (28,642  |  )   \nNet change in cash and cash equivalents  |  |  189,514  |  |  |  |  (95,353  |  )  |  |  |  (122,329  |  )   \nCash and cash equivalents, beginning of period  |  |  669,291  |  |  |  |  764,644  |  |  |  |  886,973  |   \nCash and cash equivalents, end of period  |  $  |  858,805  |  |  |  $  |  669,291  |  |  |  $  |  764,644  |   \n|  |  |  |  |   \n**Supplementary cash flow information:** |  |  |  |  |   \nInterest paid  |  |  \u2014  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nInterest received  |  |  48,399  |  |  |  |  36,501  |  |  |  |  15,548  |   \nTaxes paid  |  |  647  |  |  |  |  33,013  |  |  |  |  177  |   \n|  |  |  |  |  |  |  |  |  |  |   \n  \n**Non-GAAP Measures**\n\nCronos reports its financial results in accordance with Generally Accepted\nAccounting Principles in the United States (\u201cU.S. GAAP\u201d). This press release\nrefers to measures not recognized under U.S. GAAP (\u201cnon-GAAP measures\u201d). These\nnon-GAAP measures do not have a standardized meaning prescribed by U.S. GAAP\nand are therefore unlikely to be comparable to similar measures presented by\nother companies. Rather, these non-GAAP measures are provided as a supplement\nto corresponding U.S. GAAP measures to provide additional information\nregarding the results of operations from management\u2019s perspective.\nAccordingly, non-GAAP measures should not be considered a substitute for, or\nsuperior to, the financial information prepared and presented in accordance\nwith U.S. GAAP. All non-GAAP measures presented in this press release are\nreconciled to their closest reported U.S. GAAP measure. Reconciliations of\nhistorical adjusted financial measures to corresponding U.S. GAAP measures are\nprovided below.\n\n_Adjusted EBITDA_\n\nManagement reviews Adjusted EBITDA, a non-GAAP measure, which excludes non-\ncash items and items that do not reflect management\u2019s assessment of ongoing\nbusiness performance. Management defines Adjusted EBITDA as net income (loss)\nbefore interest, tax expense (benefit), depreciation and amortization adjusted\nfor: share of (income) loss from equity method investments; impairment loss on\ngoodwill and intangible assets; impairment loss on long-lived assets; (gain)\nloss on revaluation of derivative liabilities; (gain) loss on revaluation of\nfinancial instruments; gain on revaluation of loan receivable; gain on\nrevaluation of equity method investment; transaction costs related to\nstrategic projects; loss on held-for-sale assets; impairment loss on other\ninvestments; foreign currency transaction loss; other, net; loss from\ndiscontinued operations; restructuring costs; inventory write-downs resulting\nfrom restructuring actions; share-based compensation; costs related to the\nAnti-Dumping Investigation; purchase accounting adjustment-related inventory\nstep-up adjustments recorded through cost of sales; and financial statement\nreview costs and reserves related to the restatements of our 2019 and 2021\ninterim financial statements (the \u201cRestatements\u201d), including the costs related\nto the settlement of the SEC\u2019s and the OSC\u2019s investigations of the\nRestatements and legal costs of defending shareholder class action complaints\nbrought against us as a result of the 2019 restatement (see Note 12(b)\n\u201cContingencies,\u201d to the consolidated financial statements under Item 8 of the\nCompany's Annual Report on Form 10-K for the year ended December 31, 2024 for\na discussion of the shareholder class action complaints relating to the\nrestatement of the 2019 interim financial statements and the settlement of the\nSEC\u2019s and the OSC\u2019s investigations of the Restatements). Results are reported\nas total consolidated results, reflecting our reporting structure of one\nreportable segment.\n\nManagement believes that Adjusted EBITDA provides the most useful insight into\nunderlying business trends and results and provides a more meaningful\ncomparison of period-over-period results. Management uses Adjusted EBITDA for\nplanning, forecasting and evaluating business and financial performance,\nincluding allocating resources and evaluating results relative to employee\ncompensation targets.  \n\nAdjusted EBITDA is reconciled to net income (loss) as follows:\n\n_(in thousands of U.S. dollars)_ |  **For the year ended December 31, 2024**  \n---|---  \n|  **Continuing  \nOperations ** |  |  **Discontinued  \nOperations ** |  |  **Total**  \nNet income  |  $  |  40,022  |  |  |  $  |  \u2014  |  |  $  |  40,022  |   \nInterest income, net  |  |  (52,019  |  )  |  |  |  \u2014  |  |  |  (52,019  |  )   \nIncome tax expense (benefit)  |  |  (3,436  |  )  |  |  |  \u2014  |  |  |  (3,436  |  )   \nDepreciation and amortization  |  |  9,336  |  |  |  |  \u2014  |  |  |  9,336  |   \nEBITDA  |  |  (6,097  |  )  |  |  |  \u2014  |  |  |  (6,097  |  )   \nShare of income from equity method investments  |  |  (2,365  |  )  |  |  |  \u2014  |  |  |  (2,365  |  )   \nImpairment loss on long-lived assets  (i)  |  |  16,350  |  |  |  |  \u2014  |  |  |  16,350  |   \nRevaluation gain on loan receivable  (ii)  |  |  (11,804  |  )  |  |  |  \u2014  |  |  |  (11,804  |  )   \nGain on revaluation of equity method investment  (iii)  |  |  (32,469  |  )  |  |  |  \u2014  |  |  |  (32,469  |  )   \nGain on revaluation of derivative liabilities  (iv)  |  |  (49  |  )  |  |  |  \u2014  |  |  |  (49  |  )   \nLoss on revaluation of financial instruments  (v)  |  |  6,248  |  |  |  |  \u2014  |  |  |  6,248  |   \nImpairment loss on other investments  (vi)  |  |  25,650  |  |  |  |  \u2014  |  |  |  25,650  |   \nForeign currency transaction gain  |  |  (57,859  |  )  |  |  |  \u2014  |  |  |  (57,859  |  )   \nTransaction costs  (vii)  |  |  701  |  |  |  |  \u2014  |  |  |  701  |   \nLoss on held-for-sale assets  (viii)  |  |  11,202  |  |  |  |  \u2014  |  |  |  11,202  |   \nOther, net  (ix)  |  |  350  |  |  |  |  \u2014  |  |  |  350  |   \nRestructuring costs  (x)  |  |  630  |  |  |  |  \u2014  |  |  |  630  |   \nShare-based compensation  (xi)  |  |  8,700  |  |  |  |  \u2014  |  |  |  8,700  |   \nFinancial statement review costs  (xii)  |  |  (1  |  )  |  |  |  \u2014  |  |  |  (1  |  )   \nInventory step-up recorded to cost of sales  (xiv)  |  |  5,284  |  |  |  |  \u2014  |  |  |  5,284  |   \nIsrael Ministry of Economy and Industry dumping inquiry  (xv)  |  |  587  |  |  |  |  \u2014  |  |  |  587  |   \nAdjusted EBITDA  |  $  |  (34,942  |  )  |  |  $  |  \u2014  |  |  $  |  (34,942  |  )   \n  \n  \n\n_(in thousands of U.S. dollars)_ |  **For the year ended December 31, 2023**  \n---|---  \n|  **Continuing  \nOperations ** |  |  **Discontinued  \nOperations ** |  |  **Total**  \nNet loss  |  $  |  (70,439  |  )  |  |  $  |  (4,114  |  )  |  |  $  |  (74,553  |  )   \nInterest income, net  |  |  (51,235  |  )  |  |  |  (10  |  )  |  |  |  (51,245  |  )   \nIncome tax expense (benefit)  |  |  (3,230  |  )  |  |  |  \u2014  |  |  |  |  (3,230  |  )   \nDepreciation and amortization  |  |  7,866  |  |  |  |  244  |  |  |  |  8,110  |   \nEBITDA  |  |  (117,038  |  )  |  |  |  (3,880  |  )  |  |  |  (120,918  |  )   \nShare of income from equity method investments  |  |  (1,583  |  )  |  |  |  \u2014  |  |  |  |  (1,583  |  )   \nImpairment loss on long-lived assets  (i)  |  |  3,366  |  |  |  |  205  |  |  |  |  3,571  |   \nLoss on revaluation of derivative liabilities  (iv)  |  |  85  |  |  |  |  \u2014  |  |  |  |  85  |   \nLoss on revaluation of financial instruments  (v)  |  |  12,042  |  |  |  |  \u2014  |  |  |  |  12,042  |   \nImpairment loss on other investments  (vi)  |  |  23,350  |  |  |  |  \u2014  |  |  |  |  23,350  |   \nForeign currency transaction loss  |  |  7,324  |  |  |  |  \u2014  |  |  |  |  7,324  |   \nOther, net  (ix)  |  |  (1,114  |  )  |  |  |  118  |  |  |  |  (996  |  )   \nRestructuring costs  (x)  |  |  1,524  |  |  |  |  523  |  |  |  |  2,047  |   \nShare-based compensation  (xi)  |  |  8,756  |  |  |  |  13  |  |  |  |  8,769  |   \nFinancial statement review costs  (xii)  |  |  919  |  |  |  |  \u2014  |  |  |  |  919  |   \nInventory write-down  (xiii)  |  |  805  |  |  |  |  839  |  |  |  |  1,644  |   \nAdjusted EBITDA  |  $  |  (61,564  |  )  |  |  $  |  (2,182  |  )  |  |  $  |  (63,746  |  )   \n  \n  \n\n_(in thousands of U.S. dollars)_ |  **Three months ended December 31, 2024**  \n---|---  \n|  **Continuing  \nOperations ** |  |  **Discontinued  \nOperations ** |  |  **Total**  \nNet income  |  $  |  43,941  |  |  |  $  |  \u2014  |  |  $  |  43,941  |   \nInterest income, net  |  |  (11,863  |  )  |  |  |  \u2014  |  |  |  (11,863  |  )   \nIncome tax expense (benefit)  |  |  2,004  |  |  |  |  \u2014  |  |  |  2,004  |   \nDepreciation and amortization  |  |  2,525  |  |  |  |  \u2014  |  |  |  2,525  |   \nEBITDA  |  |  36,607  |  |  |  |  \u2014  |  |  |  36,607  |   \nGain on revaluation of derivative liabilities  (i  v  )  |  |  (142  |  )  |  |  |  \u2014  |  |  |  (142  |  )   \nGain on revaluation of financial instruments  (  v  )  |  |  (302  |  )  |  |  |  \u2014  |  |  |  (302  |  )   \nForeign currency transaction gain  |  |  (45,489  |  )  |  |  |  \u2014  |  |  |  (45,489  |  )   \nTransaction costs  (vii)  |  |  171  |  |  |  |  \u2014  |  |  |  171  |   \nLoss on held-for-sale assets  (  v  iii)  |  |  780  |  |  |  |  \u2014  |  |  |  780  |   \nOther, net  (  ix  )  |  |  (294  |  )  |  |  |  \u2014  |  |  |  (294  |  )   \nShare-based compensation  (  xi  )  |  |  2,187  |  |  |  |  \u2014  |  |  |  2,187  |   \nFinancial statement review costs  (  xii  )  |  |  524  |  |  |  |  \u2014  |  |  |  524  |   \nInventory step-up recorded to cost of sales  (xi  v)  |  |  (1,832  |  )  |  |  |  \u2014  |  |  |  (1,832  |  )   \nIsrael Ministry of Economy and Industry dumping inquiry  (xv)  |  |  587  |  |  |  |  \u2014  |  |  |  587  |   \nAdjusted EBITDA  |  $  |  (7,203  |  )  |  |  $  |  \u2014  |  |  $  |  (7,203  |  )   \n  \n  \n\n_(in thousands of U.S. dollars)_ |  **Three months ended December 31, 2023**  \n---|---  \n|  **Continuing  \nOperations ** |  |  **Discontinued  \nOperations ** |  |  **Total**  \nNet loss  |  $  |  (45,151  |  )  |  |  $  |  124  |  |  |  $  |  (45,027  |  )   \nInterest income, net  |  |  (14,214  |  )  |  |  |  (1  |  )  |  |  |  (14,215  |  )   \nIncome tax expense (benefit)  |  |  (360  |  )  |  |  |  \u2014  |  |  |  |  (360  |  )   \nDepreciation and amortization  |  |  1,177  |  |  |  |  \u2014  |  |  |  |  1,177  |   \nEBITDA  |  |  (58,548  |  )  |  |  |  123  |  |  |  |  (58,425  |  )   \nShare of income from equity method investments  |  |  (752  |  )  |  |  |  \u2014  |  |  |  |  (752  |  )   \nImpairment loss on long-lived assets  (i  )  |  |  3,366  |  |  |  |  \u2014  |  |  |  |  3,366  |   \nLoss on revaluation of derivative liabilities  (i  v  )  |  |  71  |  |  |  |  \u2014  |  |  |  |  71  |   \nLoss on revaluation of financial instruments  (  v  )  |  |  4,186  |  |  |  |  \u2014  |  |  |  |  4,186  |   \nImpairment loss on other investments  (vi  )  |  |  23,350  |  |  |  |  \u2014  |  |  |  |  23,350  |   \nForeign currency transaction loss  |  |  11,323  |  |  |  |  \u2014  |  |  |  |  11,323  |   \nOther, net  (i  x  )  |  |  (89  |  )  |  |  |  (14  |  )  |  |  |  (103  |  )   \nRestructuring costs  (  x)  |  |  101  |  |  |  |  (39  |  )  |  |  |  62  |   \nShare-based compensation  (  xi  )  |  |  1,933  |  |  |  |  (4  |  )  |  |  |  1,929  |   \nFinancial statement review costs  (  xii  )  |  |  180  |  |  |  |  \u2014  |  |  |  |  180  |   \nInventory write-down  (  xiii  )  |  |  89  |  |  |  |  \u2014  |  |  |  |  89  |   \nAdjusted EBITDA  |  $  |  (14,790  |  )  |  |  $  |  66  |  |  |  $  |  (14,724  |  )   \n  \n(i)  For the year ended December 31, 2024, impairment loss on long-lived\nassets included  $14,258  related to the write-down of our Ginkgo Exclusive\nLicenses and  $1,631  related to the cessation of operations of Thanos\nHoldings Ltd., known as Cronos Fermentation (\u201cCronos Fermentation\u201d). For the\nyear ended December 31, 2023, impairment loss on long-lived assets related to\ncertain leased properties associated with the Company\u2019s former U.S. operations\nand impairment of the Company's CBCVA exclusive license under the\ncollaboration and license agreement between Ginkgo and the Company.  \n(ii)  For the year ended December 31, 2024, a revaluation gain on loan\nreceivable was recognized as a result of the Cronos GrowCo Transaction on July\n1, 2024.  \n(iii)  For the year ended December 31, 2024, a gain on revaluation of equity\nmethod investment was recognized as a result of the Cronos GrowCo Transaction\non July 1, 2024.  \n(iv)  For the three months and years ended December 31, 2024 and 2023, the\n(gain) loss on revaluation of derivative liabilities represented the fair\nvalue changes on the derivative liabilities.  \n(v)  For the three months and years ended December 31, 2024 and 2023, (gain)\nloss on revaluation of financial instruments related primarily to our\nunrealized holding (gain) or loss (as applicable) on our mark-to-market\ninvestment in Vitura as well as revaluations of financial liabilities\nresulting from deferred share units granted to directors.  \n(vi)  For the years ended December 31, 2024 and 2023 and the three months\nended December 31, 2023, impairment loss on other investments related to the\nPharmaCann Option for the difference between its fair value and carrying\namount.  \n(vii)  For the year and three months ended December 31, 2024, transaction\ncosts represented legal, financial and other advisory fees and expenses\nincurred in connection with the Cronos GrowCo Transaction. These costs are\nincluded in general and administrative expenses on the consolidated statements\nof net income (loss) and comprehensive income (loss).  \n(viii)  For the year ended December 31, 2024, a loss on held-for-sale assets\nwas recognized as a result of the change in the Company\u2019s sales strategy for\nthe Cronos Fermentation assets to market the assets to a broader buyer pool.\nFor the quarter ended December 31, 2024, a loss on held-for-sale assets was\nrecognized to adjust the net book value of Cronos Fermentation to fair value.  \n(ix)  For the three months and years ended December 31, 2024 and 2023, other,\nnet primarily related to (gain) loss on disposal of assets.  \n(x)  For the year ended December 31, 2024, restructuring costs from continuing\noperations related to shutdown costs at the Cronos Fermentation Facility, as\nwell as employee-related severance costs associated with the Realignment. For\nthe year and three months ended December 31, 2023, restructuring costs related\nto the employee-related severance costs and other restructuring costs\nassociated with the Realignment.  \n(xi)  For the three months and years ended December 31, 2024 and 2023, share-\nbased compensation related to the vesting expenses of share-based compensation\nawarded to employees under our share-based award plans.  \n(xii)  For the three months and years ended December 31, 2024 and 2023,\nfinancial statement review costs included costs related to the Restatements,\ncosts related to the Company\u2019s responses to requests for information from\nvarious regulatory authorities relating to the Restatements, the costs related\nto the Settlement Order and Settlement Agreement and legal costs defending\nshareholder class action complaints brought against the Company as a result of\nthe 2019 restatement, as well as related insurance reimbursements.  \n(xiii)  For the three months and year ended December 31, 2023, inventory\nwrite-downs from discontinued operations relate to product destruction and\nobsolescence associated with the exit of our U.S. operations and inventory\nwrite-downs from continuing operations relate to product destruction and\nobsolescence associated with the planned exit of Cronos Fermentation.  \n(xiv)  For the three months and year ended December 31, 2024, inventory step-\nup recorded to cost of sales represented the portion of the inventory step-up\nfrom the Cronos GrowCo Transaction that was recorded through the consolidated\nstatements of income (loss) and comprehensive income (loss).  \n(xv)  For the three months and year ended December 31, 2024, Israel Ministry\nof Economy and Industry dumping inquiry expense included expenditures relating\nto the regulatory inquiry about alleged dumping of medical cannabis products\nin Israel and related litigation and external relations expenses.\n\n**_Adjusted Gross Profit and Adjusted Gross Margin_ **\n\nTo supplement the consolidated financial statements presented in accordance\nwith U.S. GAAP, we have presented Adjusted Gross Profit and Adjusted Gross\nMargin, non-GAAP measures that exclude the impacts of inventory-related\npurchase accounting adjustments from the calculations of gross profit and\ngross margin, which resulted from the Cronos GrowCo Transaction. Results are\nreported as total consolidated results, reflecting our reporting structure of\none reportable segment.\n\nManagement believes that Adjusted Gross Profit and Adjusted Gross Margin\nprovide useful insight into underlying business trends to facilitate\ncomparisons of period-over-period results by removing the impacts of\ninventory-related purchase accounting adjustments resulting from the Cronos\nGrowCo Transaction, which reflect a one-time event and do not reflect\nmanagement\u2019s assessment of ongoing business performance.\n\n_(in thousands of U.S. dollars)_ |  **Three months ended  \nDecember 31, ** |  |  **Change** |  |  **Year ended  \nDecember 31, ** |  |  **Change**  \n---|---|---|---|---|---|---|---  \n|  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%**  \nNet revenue  |  $  |  30,301  |  |  |  $  |  23,915  |  |  |  $  |  6,386  |  |  |  27  |  %  |  |  $  |  117,615  |  |  |  $  |  87,241  |  |  |  $  |  30,374  |  |  35  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nGross profit  |  $  |  10,807  |  |  |  $  |  1,913  |  |  |  $  |  8,894  |  |  |  465  |  %  |  |  $  |  25,198  |  |  |  $  |  11,909  |  |  |  $  |  13,289  |  |  112  |  %   \nInventory step-up recorded to cost of sales  |  |  (1,832  |  )  |  |  |  \u2014  |  |  |  |  (1,832  |  )  |  |  N/M  |  |  |  |  5,284  |  |  |  |  \u2014  |  |  |  |  5,284  |  |  N/M  |   \nAdjusted Gross Profit  |  $  |  8,975  |  |  |  $  |  1,913  |  |  |  $  |  7,062  |  |  |  369  |  %  |  |  $  |  30,482  |  |  |  $  |  11,909  |  |  |  $  |  18,573  |  |  156  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nGross margin  (i)  |  |  36  |  %  |  |  |  8  |  %  |  |  |  N/A  |  |  |  28  |  pp  |  |  |  21  |  %  |  |  |  14  |  %  |  |  N/A  |  |  7  |  pp   \nAdjusted Gross Margin  (ii)  |  |  30  |  %  |  |  |  8  |  %  |  |  |  N/A  |  |  |  22  |  pp  |  |  |  26  |  %  |  |  |  14  |  %  |  |  N/A  |  |  12  |  pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \n  \n(i)  Gross margin is defined as gross profit divided by net revenue.  \n(ii)  Adjusted Gross Margin is defined as Adjusted Gross Profit divided by net\nrevenue.\n\n_Constant Currency_\n\nTo supplement the consolidated financial statements presented in accordance\nwith U.S. GAAP, we have presented constant currency adjusted financial\nmeasures for net revenues, gross profit, gross profit margin, operating\nexpenses, net income (loss) and Adjusted EBITDA for 2024, as well as cash and\ncash equivalents and short-term investment balances as of December 31, 2024\ncompared to December 31, 2023, which are considered non-GAAP financial\nmeasures. We present constant currency information to provide a framework for\nassessing how our underlying operations performed excluding the effect of\nforeign currency rate fluctuations. To present this information, current and\nprior period income statement results in currencies other than U.S. dollars\nare converted into U.S. dollars using the average exchange rates from the\ncomparative period in 2023 rather than the actual average exchange rates in\neffect during 2024; constant currency current period balance sheet information\nis translated at the prior year-end spot rate rather than the current year-end\nspot rate. All growth comparisons relate to the corresponding period in 2023.\nWe have provided this non-GAAP financial information to aid investors in\nbetter understanding the performance of our business. The non-GAAP financial\nmeasures presented in this press release should not be considered as a\nsubstitute for, or superior to, the measures of financial performance prepared\nin accordance with U.S. GAAP.\n\nThe table below sets forth certain measures of consolidated results from\ncontinuing operations on an as-reported and constant currency basis for 2024\ncompared to 2023, as well as cash and cash equivalents and short-term\ninvestments as of December 31, 2024, compared to December 31, 2023, on an as-\nreported and constant currency basis (in thousands):\n\n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n---|---|---|---  \n|  **Three months ended December 31,** |  |  **As Reported  \nChange ** |  |  **Three months ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  **$** |  |  **%**  \nNet revenue  |  $  |  30,301  |  |  |  $  |  23,915  |  |  |  $  |  6,386  |  |  |  27  |  %  |  |  $  |  30,527  |  |  |  $  |  6,612  |  |  |  28  |  %   \nGross profit  |  |  10,807  |  |  |  |  1,913  |  |  |  |  8,894  |  |  |  465  |  %  |  |  |  10,914  |  |  |  |  9,001  |  |  |  471  |  %   \nGross margin  |  |  36  |  %  |  |  |  8  |  %  |  |  |  N/A  |  |  |  28  |  pp  |  |  |  36  |  %  |  |  |  N/A  |  |  |  28  |  pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \nOperating expenses  |  |  22,172  |  |  |  |  23,549  |  |  |  |  (1,377  |  )  |  |  (6  |  )%  |  |  |  22,557  |  |  |  |  (992  |  )  |  |  (4  |  )%   \nNet income (loss) from continuing operations  |  |  43,941  |  |  |  |  (45,151  |  )  |  |  |  89,092  |  |  |  N/M  |  |  |  |  44,431  |  |  |  |  89,582  |  |  |  N/M  |   \nAdjusted EBITDA  |  |  (7,203  |  )  |  |  |  (14,790  |  )  |  |  |  7,587  |  |  |  51  |  %  |  |  |  (7,869  |  )  |  |  |  6,921  |  |  |  47  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n|  **Year ended  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **Year ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  **$** |  |  **%**  \nNet revenue  |  $  |  117,615  |  |  |  $  |  87,241  |  |  |  $  |  30,374  |  |  |  35  |  %  |  |  $  |  118,983  |  |  |  $  |  31,742  |  |  |  36  |  %   \nGross profit  |  |  25,198  |  |  |  |  11,909  |  |  |  |  13,289  |  |  |  112  |  %  |  |  |  25,505  |  |  |  |  13,596  |  |  |  114  |  %   \nGross margin  |  |  21  |  %  |  |  |  14  |  %  |  |  |  N/A  |  |  |  7  |  pp  |  |  |  21  |  %  |  |  |  N/A  |  |  |  7  |  pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \nOperating expenses  |  |  101,727  |  |  |  |  96,709  |  |  |  |  5,018  |  |  |  5  |  %  |  |  |  102,972  |  |  |  |  6,263  |  |  |  6  |  %   \nNet income (loss) from continuing operations  |  |  40,022  |  |  |  |  (70,439  |  )  |  |  |  110,461  |  |  |  N/M  |  |  |  |  42,007  |  |  |  |  112,446  |  |  |  N/M  |   \nAdjusted EBITDA  |  |  (34,942  |  )  |  |  |  (61,564  |  )  |  |  |  26,622  |  |  |  43  |  %  |  |  |  (35,891  |  )  |  |  |  25,673  |  |  |  42  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \n|  **As of  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **As of December 31,** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  **$** |  |  **%**  \nCash and cash equivalents  |  $  |  858,805  |  |  |  $  |  669,291  |  |  |  $  |  189,514  |  |  |  28  |  %  |  |  $  |  869,761  |  |  |  $  |  200,470  |  |  |  30  |  %   \nShort-term investments  |  |  \u2014  |  |  |  |  192,237  |  |  |  |  (192,237  |  )  |  |  (100  |  )%  |  |  |  \u2014  |  |  |  |  (192,237  |  )  |  |  (100  |  )%   \nTotal cash and cash equivalents and short-term investments  |  $  |  858,805  |  |  |  $  |  861,528  |  |  |  $  |  (2,723  |  )  |  |  \u2014  |  %  |  |  $  |  869,761  |  |  |  $  |  8,233  |  |  |  1  |  %   \n  \n_  \nNet revenue _\n\n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n---|---|---|---  \n|  **Three months ended  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **Three months ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  **2023** |  |  **$** |  |  **%** |  |  |  **2024** |  |  **$** |  |  **%**  \nCannabis flower  |  $  |  23,398  |  |  $  |  17,515  |  |  $  |  5,883  |  |  |  34  |  %  |  |  $  |  23,491  |  |  $  |  5,976  |  |  |  34  |  %   \nCannabis extracts  |  |  6,588  |  |  |  6,074  |  |  |  514  |  |  |  8  |  %  |  |  |  6,729  |  |  |  655  |  |  |  11  |  %   \nOther  |  |  315  |  |  |  326  |  |  |  (11  |  )  |  |  (3  |  )%  |  |  |  307  |  |  |  (19  |  )  |  |  (6  |  )%   \nNet revenue  |  $  |  30,301  |  |  $  |  23,915  |  |  $  |  6,386  |  |  |  27  |  %  |  |  $  |  30,527  |  |  $  |  6,612  |  |  |  28  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n|  **Year ended  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **Year ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  **2023** |  |  **$** |  |  **%** |  |  |  **2024** |  |  **$** |  |  **%**  \nCannabis flower  |  $  |  87,912  |  |  $  |  62,070  |  |  $  |  25,842  |  |  |  42  |  %  |  |  $  |  88,904  |  |  $  |  26,834  |  |  |  43  |  %   \nCannabis extracts  |  |  29,168  |  |  |  24,569  |  |  |  4,599  |  |  |  19  |  %  |  |  |  29,552  |  |  |  4,983  |  |  |  20  |  %   \nOther  |  |  535  |  |  |  602  |  |  |  (67  |  )  |  |  (11  |  )%  |  |  |  527  |  |  |  (75  |  )  |  |  (12  |  )%   \nNet revenue  |  $  |  117,615  |  |  $  |  87,241  |  |  $  |  30,374  |  |  |  35  |  %  |  |  $  |  118,983  |  |  $  |  31,742  |  |  |  36  |  %   \n  \n  \n\n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n---|---|---|---  \n|  **Three months ended  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **Three months ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  **2023** |  |  **$** |  |  **%** |  |  |  **2024** |  |  **$** |  |  **%**  \nCanada  |  $  |  19,656  |  |  $  |  17,935  |  |  $  |  1,721  |  |  10  |  %  |  |  $  |  20,156  |  |  $  |  2,221  |  |  12  |  %   \nIsrael  |  |  7,803  |  |  |  4,974  |  |  |  2,829  |  |  57  |  %  |  |  |  7,546  |  |  |  2,572  |  |  52  |  %   \nOther countries  |  |  2,842  |  |  |  1,006  |  |  |  1,836  |  |  183  |  %  |  |  |  2,825  |  |  |  1,819  |  |  181  |  %   \nNet revenue  |  $  |  30,301  |  |  $  |  23,915  |  |  $  |  6,386  |  |  27  |  %  |  |  $  |  30,527  |  |  $  |  6,612  |  |  28  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n|  **Year ended  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **Year ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  **2023** |  |  **$** |  |  **%** |  |  |  **2024** |  |  **$** |  |  **%**  \nCanada  |  $  |  82,437  |  |  $  |  64,702  |  |  $  |  17,735  |  |  27  |  %  |  |  $  |  83,709  |  |  $  |  19,007  |  |  29  |  %   \nIsrael  |  |  28,368  |  |  |  21,134  |  |  |  7,234  |  |  34  |  %  |  |  |  28,454  |  |  |  7,320  |  |  35  |  %   \nOther countries  |  |  6,810  |  |  |  1,405  |  |  |  5,405  |  |  385  |  %  |  |  |  6,820  |  |  |  5,415  |  |  385  |  %   \nNet revenue  |  $  |  117,615  |  |  $  |  87,241  |  |  $  |  30,374  |  |  35  |  %  |  |  $  |  118,983  |  |  $  |  31,742  |  |  36  |  %   \n  \n  \nFor 2024, net revenue on a constant currency basis was  $119.0 million  ,\nrepresenting a  36%  increase from 2023. Net revenue increased on a constant\ncurrency basis primarily due to higher cannabis flower and extract sales in\nthe Canadian market and higher cannabis flower sales in Israel and other\ncountries. The Cronos GrowCo Transaction contributed  $6.5 million  of\ncannabis flower sales in the year ended December 31, 2024 on a constant\ncurrency basis. No such sales were recognized for the year ended December 31,\n2023.\n\n_Gross profit_\n\nFor 2024, gross profit on a constant currency basis was  $25.5 million  ,\nrepresenting a  114%  increase from 2023. Gross profit increased on a constant\ncurrency basis primarily due to higher cannabis flower and extract sales in\nthe Canadian market, higher cannabis flower sales in Israel and other\ncountries, and production cost improvements, partially offset by the impact on\ncost of sales from the inventory step-up from the Cronos GrowCo Transaction.\nFor 2024, gross profit on a constant currency basis was reduced  $5.1 million\nas a result of the impact of the inventory step-up from the Cronos GrowCo\nTransaction that was recorded into cost of sales. No such costs were\nrecognized for 2023.\n\n_Operating expenses_\n\nFor 2024, operating expenses on a constant currency basis were  $103.0 million\n, representing a  6%  increase from 2023. Operating expenses increased on a\nconstant currency basis primarily due to the impairment of the Ginkgo\nExclusive Licenses, partially offset by lower salaries and benefits,\nprofessional fees and restructuring costs.\n\n_Net income (loss) from continuing operations_\n\nFor 2024, net income (loss) from continuing operations on a constant currency\nbasis was  $42.0 million  , compared to a loss of  $70.4 million  for 2023.\n\n_Adjusted EBITDA_\n\nFor 2024, Adjusted EBITDA on a constant currency basis was  $(35.9) million  ,\nrepresenting a  42%  improvement from 2023. Adjusted EBITDA improved on a\nconstant currency basis primarily due to higher cannabis flower and extract\nsales in the Canadian market, higher cannabis flower sales in Israel and other\ncountries, production cost improvements, and decreases in general and\nadministrative, sales and marketing and research and development expenses.\n\n_Cash and cash equivalents & short-term investments _\n\nCash and cash equivalents and short-term investments on a constant currency\nbasis increased  1%  to  $869.8 million  as of December 31, 2024 from  $861.5\nmillion  as of December 31, 2023. The increase in cash and cash equivalents\nand short-term investments is primarily due to cash flows provided by\noperating activities in 2024.\n\n**Foreign currency exchange rates**\n\nAll currency amounts in this press release are stated in U.S. dollars, which\nis our reporting currency, unless otherwise noted. All references to \u201cdollars\u201d\nor \u201c$\u201d are to U.S. dollars. The assets and liabilities of our foreign\noperations are translated into dollars at the exchange rate in effect as of\nDecember 31, 2024 and December 31, 2023, as reported on Bloomberg.\nTransactions affecting the shareholders\u2019 equity (deficit) are translated at\nhistorical foreign exchange rates. The consolidated statements of net income\n(loss) and comprehensive income (loss) and consolidated statements of cash\nflows of our foreign operations are translated into dollars by applying the\naverage foreign exchange rate in effect for the years ended December 31, 2024,\nDecember 31, 2023, and December 31, 2022, as reported on Bloomberg.\n\nThe exchange rates used to translate from Canadian dollars (\u201cC$\u201d) to dollars\nare shown below:\n\n_(Exchange rates are shown as C$ per $)_ |  **Year ended December 31,**  \n---|---  \n|  **2024** |  |  **2023** |  |  **2022**  \nAverage rate  |  1.3700  |  |  1.3494  |  |  1.3017   \nSpot rate  |  1.4351  |  |  1.3243  |  |  1.3554   \n|  |  |  |  |   \n  \nThe exchange rates used to translate from New Israeli Shekels (\u201cILS\u201d) to\ndollars are shown below:\n\n_(Exchange rates are shown as ILS per $)_ |  **Year ended December 31,**  \n---|---  \n|  **2024** |  |  **2023** |  |  **2022**  \nAverage rate  |  3.6997  |  |  3.6819  |  |  3.3566   \nSpot rate  |  3.6526  |  |  3.6163  |  |  3.5178   \n|  |  |  |  |   \n  \n**For further information, please contact:**  \nAnna Shlimak  \nInvestor Relations  \nTel: (416) 504-0004  \ninvestor.relations@thecronosgroup.com\n\n[ ](https://www.stocktitan.net/news/CRON/ \"Cronos Group CRON Stock News\")\n\nCronos Group\n\n###  NASDAQ: [ CRON ](/news/CRON/)\n\n###  CRON Rankings\n\n[ **N/A** Ranked by Market Cap  ](/rankings/companies-market-cap/link-\nsymbol?s=CRON)\n\n[ **N/A** Ranked by Dividends  ](/rankings/companies-dividends/link-\nsymbol?s=CRON)\n\n###  CRON Latest News\n\nMar 19, 2025\n\n[ Cronos Appoints Anna Shlimak as Chief Financial Officer ](/news/CRON/cronos-\nappoints-anna-shlimak-as-chief-financial-8vgelca718es.html)\n\nMar 10, 2025\n\n[ Cronos Group Inc. to Speak at the 37th Annual Roth Conference\n](/news/CRON/cronos-group-inc-to-speak-at-the-37th-annual-roth-\nxcxhnyellcyc.html)\n\nFeb 24, 2025\n\n[ Cronos Group Inc. to Hold 2024 Fourth Quarter and Full-Year Earnings\nConference Call on February 27, 2025 ](/news/CRON/cronos-group-inc-to-\nhold-2024-fourth-quarter-and-full-year-earnings-aqypuxwlsr4i.html)\n\nNov 12, 2024\n\n[ Cronos Group Reports 2024 Third Quarter Results ](/news/CRON/cronos-group-\nreports-2024-third-quarter-m7eusx8000jz.html)\n\nOct 29, 2024\n\n[ Cronos Group Inc. to Hold 2024 Third Quarter Earnings Conference Call on\nNovember 12, 2024 ](/news/CRON/cronos-group-inc-to-hold-2024-third-quarter-\nearnings-conference-call-8bk9kcf23ju1.html)\n\n###  CRON Stock Data  __\n\n619.70M\n\n197.70M\n\n46.39%\n\n14.32%\n\n1.19%\n\nDrug Manufacturers - Specialty & Generic\n\nMedicinal Chemicals & Botanical Products\n\n[ Link ](https://www.thecronosgroup.com)\n\nCanada\n\nSTAYNER\n\nExplore\n\n  * [ About ](/about)\n  * [ Rhea-AI ](/rhea-ai.html)\n  * [ Sitemap ](/sitemap/news)\n\nLegal\n\n  * [ Terms of Use ](/terms-of-use)\n  * [ Cookie Notice ](/cookies)\n  * [ Privacy Policy ](/privacy)\n\nLinks\n\n  * [ RSS feed ](https://www.stocktitan.net/rss)\n  * [ Discord Server ](https://discord.gg/jCSBfhvt)\n  * [ Facebook ](https://www.facebook.com/stocktitan.net)\n  * [ Reddit ](https://www.reddit.com/r/StockTitan/)\n\n\u00a9 2020-2025 StockTitan.net\n\nLogin\n\nPlease enter your login and password\n\nWrong username or password.\n\nDon't have an account?  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                "url": "https://www.stocktitan.net/news/CRON/cronos-group-reports-2024-fourth-quarter-and-full-year-ft1pmfo4ixz2.html"
            },
            "reason": "This page provides financial news and information, reporting on Cronos Group's financial results. It presents factual information from a reliable source.",
            "reliability_score": 0.8,
            "search_query": "company 'The Cronos Group' risk regulatory compliance",
            "summary": "Reports on Cronos Group's financial results.",
            "url": "https://www.stocktitan.net/news/CRON/cronos-group-reports-2024-fourth-quarter-and-full-year-ft1pmfo4ixz2.html"
        },
        {
            "content": {
                "metadata": {
                    "ext_id": "3890b647-f276-48b9-a1b2-1ca87962c55d",
                    "origin": "public",
                    "resource_location": "web",
                    "resource_type": "webpage",
                    "source": "https://www.barrons.com/articles/marijuana-stocks-newest-danger-is-environmental-trouble-51572345000"
                },
                "page_content": "Please enable JS and disable any ad blocker\n\n",
                "url": "https://www.barrons.com/articles/marijuana-stocks-newest-danger-is-environmental-trouble-51572345000"
            },
            "reason": "Barron's is a reputable financial news source. The article discusses environmental concerns related to the marijuana industry and mentions Cronos Group in that context.",
            "reliability_score": 0.8,
            "search_query": "company 'The Cronos Group' environmental impact carbon footprint",
            "summary": "Article from Barron's discussing environmental issues in the marijuana industry, with specific reference to The Cronos Group.",
            "url": "https://www.barrons.com/articles/marijuana-stocks-newest-danger-is-environmental-trouble-51572345000"
        },
        {
            "content": {
                "metadata": {
                    "ext_id": "da52fb48-5b11-47ff-85b9-45e583e4640e",
                    "origin": "public",
                    "resource_location": "web",
                    "resource_type": "webpage",
                    "source": "https://futurefitbusiness.org/development-council/cronos-divirsiti/"
                },
                "page_content": "[ ](https://futurefitbusiness.org/development-council/)\n\n**Location:** Kontich (BE), Antwerpen (BE), Hasselt (BE)  **Contact:** [ Email\n](mailto:purpose@divirsiti.be) [ +32 478 22 53 23 ](tel:+32 478 22 53 23)\n\n######  Benchmark User\n\n#  Divirsiti\n\n[ ](https://www.linkedin.com/company/divirsiti) [ Visit website\n](https://divirsiti.be/)\n\nWe aspire to become a Future-Fit Business because we believe that our long-\nterm success is tied to the value we provide to society. That means we must\neliminate all of the potential negative impacts associated with what we buy,\nwhat we sell, and what we do.\n\nHuman capital is our most important resource. Therefore, we will take care of\nour employees, service providers and partners in terms of physical and mental\nhealth, give them maximum opportunities and encourage their personal\ndevelopment and lifelong learning. We will invest and take initiative in\ninclusion and diversity and leave no one behind. We will also monitor and, if\nnecessary, improve the respect for human rights in our upstream value chain.\n\nOur business operations are primarily focused on services. Therefore, our\ncompanies have a limited impact on the environment compared to manufacturing\ncompanies. Nevertheless, we will investigate the negative impact our business\nprocesses have on the environment, directly and indirectly, and how we can\ncontribute to less waste and more circularity. Reducing carbon emissions in\nour value chain is also an important challenge.\n\nFor challenges we have no direct impact on, we want to share our mission of\nbecoming Future-Fit with those involved. In this way, we can also inspire and\ninfluence other companies to move towards future-fitness.\n\nIn addition, we will seek to create positive impact wherever we can, to speed\nup society\u2019s transition to future-fitness through our own actions and by\nassisting others on the journey.\n\nOur service activities support the digitisation and innovation processes of\nour customers. In this way, we can contribute to the transition to a service\neconomy and strengthen the efficient use of raw materials in a circular\neconomy.\n\nWe also support specific projects that stimulate sustainable progress,\nseparate from our business operations and value chain. In doing so, we also\ntry to support people with passion to realise their ambitions.\n\n##  Be part of the global movement responding to today\u2019s biggest challenges.\n\n  * [ About the Benchmark ](https://futurefitbusiness.org/benchmark/)\n  * [ Explore the Benchmark ](https://futurefitbusiness.org/explore-the-benchmark-and-key-concepts/)\n  * [ Watch the Crash Course ](https://futurefitbusiness.org/watch-the-crash-course/)\n  * [ Future-Fit & the SDGs ](https://futurefitbusiness.org/sdgs/)\n\n  * [ Community ](https://futurefitbusiness.org/changemaker-community/)\n  * [ Downloads ](https://futurefitbusiness.org/downloads-resources-future-fit-business/)\n  * [ About Us ](https://futurefitbusiness.org/about-us/)\n  * [ News ](https://futurefitbusiness.org/future-fit-news/)\n\n###  Join us\n\nTo learn more about the work of [ Future-Fit\n](https://futurefitbusiness.org/the-foundation/) and our growing [ Changemaker\nCommunity ](https://futurefitbusiness.org/changemaker-community/) , [ contact\nus ](https://futurefitbusiness.org/contact/) .\n\n[ ](https://nimbushosting.co.uk/ \"Nimbus - 100% Green Web Hosting\")\n\n  * [ ](https://www.linkedin.com/company/future-fit/ \"https://www.linkedin.com/company/future-fit/\")\n  * [ ](https://vimeo.com/futurefitbiz \"https://vimeo.com/futurefitbiz\")\n\n\u00a9 2025 Future-Fit Foundation  |  All Rights Reserved. [ Privacy Policy ](https://futurefitbusiness.org/privacy-policy/) |  This website is [ Made for the World ](https://madefortheworld.studio) . \n\nBack to top\n\n",
                "url": "https://futurefitbusiness.org/development-council/cronos-divirsiti/"
            },
            "reason": "The page explicitly mentions 'Cronos Divirsiti', which seems to be related to The Cronos Group. The website appears to be focused on sustainable business practices, suggesting a moderate level of reliability in this context.",
            "reliability_score": 0.7,
            "search_query": "company 'The Cronos Group' environmental impact carbon footprint",
            "summary": "Information about Cronos Divirsiti on a website focused on sustainable business practices.",
            "url": "https://futurefitbusiness.org/development-council/cronos-divirsiti/"
        },
        {
            "content": {
                "metadata": {
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                    "origin": "public",
                    "resource_location": "web",
                    "resource_type": "webpage",
                    "source": "https://www.bloomberg.com/news/newsletters/2022-05-09/marijuana-industry-seeks-to-lessen-its-environmental-impact"
                },
                "page_content": "##  We've detected unusual activity from your computer network\n\nTo continue, please click the box below to let us know you're not a robot.\n\n###  Why did this happen?\n\nPlease make sure your browser supports JavaScript and cookies and that you are\nnot blocking them from loading. For more information you can review our [\nTerms of Service ](/notices/tos) and [ Cookie Policy ](/notices/tos) .\n\n###  Need Help?\n\nFor inquiries related to this message please [ contact our support team\n](/feedback) and provide the reference ID below.\n\nBlock reference ID:92a2eb4b-15cf-11f0-aace-5471ebfec5ce\n\nGet the most important global markets news at your fingertips with a [\nBloomberg.com ](https://bloomberg.com) subscription.\n\n[ SUBSCRIBE NOW ](/subscription)\n\n",
                "url": "https://www.bloomberg.com/news/newsletters/2022-05-09/marijuana-industry-seeks-to-lessen-its-environmental-impact"
            },
            "reason": "Bloomberg is a reputable news source. The article discusses the marijuana industry's efforts to reduce its environmental impact and mentions Cronos Group as part of the industry.",
            "reliability_score": 0.9,
            "search_query": "company 'The Cronos Group' environmental impact carbon footprint",
            "summary": "News article from Bloomberg discussing environmental impact reduction efforts in the marijuana industry, mentioning The Cronos Group.",
            "url": "https://www.bloomberg.com/news/newsletters/2022-05-09/marijuana-industry-seeks-to-lessen-its-environmental-impact"
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                    "source": "https://www.prnewswire.com/news-releases/cronos-group-and-ginkgo-bioworks-announce-achievement-of-thcv-equity-milestone-301571428.html"
                },
                "page_content": "[ Accessibility Statement ](https://www.cision.com/about/accessibility/) Skip\nNavigation\n\nTORONTO  and  BOSTON  ,  June 21, 2022  /PRNewswire/ -- _[ Cronos Group\n](https://c212.net/c/link/?t=0&l=en&o=3572550-1&h=3225416693&u=https%3A%2F%2Fthecronosgroup.com%2F&a=Cronos+Group)\n_ Inc. (NASDAQ:  CRON  ) (TSX: CRON) (\"Cronos\"), an innovative global\ncannabinoid company, and _[ Ginkgo Bioworks\n](https://c212.net/c/link/?t=0&l=en&o=3572550-1&h=2768808416&u=https%3A%2F%2Fwww.ginkgobioworks.com%2F&a=Ginkgo+Bioworks)\n_ (NYSE:  DNA  ) (\"Ginkgo\"), the leading horizontal platform for cell\nprogramming, today announced the achievement of the third target productivity\nmilestone in their partnership to produce eight cultured cannabinoids. Using\nGinkgo's platform for organism design and development, Cronos has successfully\nachieved the productivity target for tetrahydrocannabivarin (THCV), a\ncannabinoid hypothesized to reduce the appetite-enhancing property of THC.\nAccess to additional rare cannabinoids will support Cronos' innovation\npipeline and commercialization strategy.\n\nLaunched in 2018 with the goal of accessing rare molecules in the cannabis\nplant to create innovative and differentiated products that would otherwise be\ncost-prohibitive, the partnership between Cronos and Ginkgo aims to produce\ncultured cannabinoids at industrial scale. _[ The program\n](https://c212.net/c/link/?t=0&l=en&o=3572550-1&h=3611081941&u=https%3A%2F%2Fwww.ginkgobioworks.com%2Four-\nwork%2Fproducing-cultured-cannabinoids%2F&a=The+program) _ combines Cronos'\ndeep understanding of the biological structure and function of cannabinoids\nwith Ginkgo's vast experience designing microorganisms for the production of\ncultured products across pharmaceuticals, agriculture and more.\n\nIn  August 2021  , Ginkgo and Cronos _[ announced\n](https://c212.net/c/link/?t=0&l=en&o=3572550-1&h=3645716409&u=https%3A%2F%2Finvestors.ginkgobioworks.com%2Fnews%2Fnews-\ndetails%2F2021%2FCronos-Group-and-Ginkgo-Bioworks-Announce-Achievement-of-\nEquity-Milestone-in-Partnership-to-Produce-Cultured-\nCannabinoids%2Fdefault.aspx&a=announced) _ the achievement of its first equity\nmilestone for cannabigerolic acid (CBGA). In  October 2021  , Cronos _[\nlaunched\n](https://c212.net/c/link/?t=0&l=en&o=3572550-1&h=615659090&u=https%3A%2F%2Fir.thecronosgroup.com%2Fnews-\nreleases%2Fnews-release-details%2Fcronos-group-launches-its-first-cultured-\ncannabinoid-product&a=launched) _ its first cultured CBG product, SPINACH\nFEELZ\u2122 _[ Chill Bliss 2:1 THC|CBG gummy\n](https://c212.net/c/link/?t=0&l=en&o=3572550-1&h=3626722007&u=https%3A%2F%2Fspinachcannabis.com%2Fforms%2Fedibles%2Fchill-\nbliss-gummy%2F&a=Chill+Bliss+2%3A1+THC%7CCBG+gummy) _ , which quickly gained\nconsumer awareness, and according to Hifyre data has achieved 2.4% market\nshare in the gummies category in  Canada  as of the week-ended  June 11, 2022\n. Cronos went on to launch its SPINACH FEELZ\u2122 _[ Chill Bliss 7:1 THC|CBG vape\n](https://c212.net/c/link/?t=0&l=en&o=3572550-1&h=2118616123&u=https%3A%2F%2Fspinachcannabis.com%2Fforms%2Fchill-\nbliss-vape%2F&a=Chill+Bliss+7%3A1+THC%7CCBG+vape) _ in  January 2022  .\n\n\"Continuing to hit these productivity milestones in partnership with Ginkgo\nfuels our innovation pipeline focused on creating borderless products\nutilizing rare cannabinoids that amplify and differentiate the consumer\nexperience,\" said  Mike Gorenstein  , Chairman, President and CEO of Cronos.\n\"We are excited about the possibilities that THCV is expected to give us and\nlook forward to getting more products with rare cannabinoids into market.\"\n\n\"Working with Cronos to develop innovations in cannabis is an opportunity for\nus to apply synthetic biology in a way that is helping bring the cannabis\nindustry forward and make a real impact on its market and the customers it\nserves,\" said Jason Kelly, CEO and cofounder of Ginkgo Bioworks. \"The progress\nwe've made thus far in our collaboration is a true testament to both the\npotential of synthetic biology and the world-class teams at Cronos and\nGinkgo.\"\n\nAs a result of the achievement of the final productivity target for THCV,\nCronos has issued to Ginkgo approximately 2.2 million common shares.\n\n**About Cronos  \n** Cronos is an innovative global cannabinoid company committed to building\ndisruptive intellectual property by advancing cannabis research, technology\nand product development. With a passion to responsibly elevate the consumer\nexperience, Cronos is building an iconic brand portfolio. Cronos diverse\ninternational brand portfolio includes Spinach  \u00ae  , PEACE NATURALS  \u00ae  , Lord\nJones  \u00ae  , Happy Dance  \u00ae  and PEACE+\u2122. For more information about Cronos and\nits brands, please visit: _[ thecronosgroup.com\n](https://c212.net/c/link/?t=0&l=en&o=3572550-1&h=3335548803&u=https%3A%2F%2Fthecronosgroup.com%2F&a=thecronosgroup.com)\n_ .\n\n**CRONOS MEDIA CONTACT:**  \n_[ [email protected]  ](/cdn-cgi/l/email-\nprotection#a0cdc5c4c9c18ed2c5ccc1d4c9cfced3e0d4c8c5c3d2cfcecfd3c7d2cfd5d08ec3cfcd)\n_\n\n**CRONOS INVESTOR CONTACT:**  \n_[ [email protected]  ](/cdn-cgi/l/email-\nprotection#533a3d253620273c217d21363f32273a3c3d2013273b3630213c3d3c2034213c26237d303c3e)\n_\n\n**About Ginkgo Bioworks  \n** Ginkgo is building a platform to enable customers to program cells as\neasily as we can program computers. The company's platform is enabling\nbiotechnology applications across diverse markets, from food and agriculture\nto industrial chemicals to pharmaceuticals. Ginkgo has also actively supported\na number of COVID-19 response efforts, including K-12 pooled testing, vaccine\nmanufacturing optimization and therapeutics discovery. For more information,\nvisit _[ www.ginkgobioworks.com\n](https://c212.net/c/link/?t=0&l=en&o=3572550-1&h=2356245785&u=http%3A%2F%2Fwww.ginkgobioworks.com%2F&a=www.ginkgobioworks.com)\n_ .\n\n**GINKGO BIOWORKS INVESTOR CONTACT:  \n** [ [email protected]  ](/cdn-cgi/l/email-\nprotection#adc4c3dbc8ded9c2dfdeedcac4c3c6cac2cfc4c2dac2dfc6de83cec2c0)\n\n**GINKGO BIOWORKS MEDIA CONTACT:  \n** [ [email protected]  ](/cdn-cgi/l/email-\nprotection#4c3c3e293f3f0c2b2522272b232e25233b233e273f622f2321)\n\n**Forward-looking Statements of Cronos Group Inc.  \n** This press release may contain information that may constitute \"forward-\nlooking information\" or \"forward-looking statements\" within the meaning of\napplicable Canadian and U.S. securities laws (collectively, \"Forward-looking\nStatements\"). All information contained herein that is not clearly historical\nin nature may constitute Forward-looking Statements. In some cases, Forward-\nlooking Statements can be identified by the use of forward-looking terminology\nsuch as \"may\", \"will\", \"expect\", \"plan\", \"anticipate\", \"intend\", \"potential\",\n\"estimate\", \"believe\" or the negative of these terms, or other similar\nexpressions intended to identify Forward-looking Statements. Forward-Looking\nStatements include estimates, plans, expectations, opinions, forecasts,\nprojections, targets, guidance or other statements that are not statements of\nhistorical fact. Forward-Looking Statements include, but are not limited to,\nstatements with respect to: Cronos' expectations regarding the potential\nsuccess of, and the costs and benefits associated with, its partnership with\nGinkgo; expectations about the development of the cannabis industry and\npotential demand for cultured cannabinoids; Cronos' commercialization and\nplanned THCV product launch; the partnership's aim to develop eight cultured\ncannabinoids; Cronos' and Ginkgo's positioning to elevate the cannabis\nindustry through cannabinoid and product innovation to unlock the next\ngeneration of its potential; the use of Cronos' and Ginkgo's combined\ncapabilities to make the benefits of cannabinoids more accessible to\nconsumers; and Cronos' intention to build an international iconic brand\nportfolio and develop disruptive intellectual property. Forward-looking\nStatements are necessarily based upon a number of estimates and assumptions\nthat, while considered reasonable by management, are inherently subject to\nsignificant business, economic and competitive risks, financial results,\nresults, performance or achievements expressed or implied by those Forward-\nlooking Statements and the Forward-looking Statements are not guarantees of\nfuture performance. A discussion of some of the material risks applicable to\nthe Company can be found in the Cronos' Annual Report on Form 10-K for the\nyear ended  December 31, 2021  and Quarterly Report on Form 10-Q for the\nperiod ended  March 31, 2022  , both have which been filed on SEDAR and EDGAR\nand can be accessed at [ www.sedar.com ](http://www.sedar.com) and [\nwww.sec.gov/edgar ](http://www.sec.gov/edgar) , respectively. Any Forward-\nlooking Statement included in this press release is made as of the date of\nthis press release and, except as required by law, Cronos disclaims any\nobligation to update or revise any Forward-looking Statement. Readers are\ncautioned not to put undue reliance on any Forward-looking Statement.\n\n**Forward-Looking Statements of Ginkgo Bioworks  \n** This press release contains certain forward-looking statements within the\nmeaning of the federal securities laws, including statements regarding the\npotential success of the partnership and Ginkgo's cell programming platform.\nThese forward-looking statements generally are identified by the words\n\"believe,\" \"can,\" \"project,\" \"potential,\" \"expect,\" \"anticipate,\" \"estimate,\"\n\"intend,\" \"strategy,\" \"future,\" \"opportunity,\" \"plan,\" \"may,\" \"should,\"\n\"will,\" \"would,\" \"will be,\" \"will continue,\" \"will likely result,\" and similar\nexpressions. Forward-looking statements are predictions, projections and other\nstatements about future events that are based on current expectations and\nassumptions and, as a result, are subject to risks and uncertainties. Many\nfactors could cause actual future events to differ materially from the\nforward-looking statements in this press release, including but not limited\nto: (i) the effect of Ginkgo's business combination with Soaring Eagle\nAcquisition Corp. (\"Soaring Eagle\") on Ginkgo's business relationships,\nperformance, and business generally, (ii) risks that the business combination\ndisrupts current plans of Ginkgo and potential difficulties in Ginkgo's\nemployee retention, (iii) the outcome of any legal proceedings that may be\ninstituted against Ginkgo related to its business combination with Soaring\nEagle, (iv) volatility in the price of Ginkgo's securities now that it is a\npublic company due to a variety of factors, including changes in the\ncompetitive and highly regulated industries in which Ginkgo operates and plans\nto operate, variations in performance across competitors, changes in laws and\nregulations affecting Ginkgo's business and changes in the combined capital\nstructure, (v) the ability to implement business plans, forecasts, and other\nexpectations after the completion of the business combination, and identify\nand realize additional opportunities, (vi) the risk of downturns in demand for\nproducts using synthetic biology, (vii) the unpredictability of the duration\nof the COVID-19 pandemic and the demand for COVID-19 testing and the\ncommercial viability of our COVID-19 testing business, and (viii) changes to\nthe biosecurity industry, including due to advancements in technology,\nemerging competition and evolution in industry demands, standards and\nregulations. The foregoing list of factors is not exhaustive. You should\ncarefully consider the foregoing factors and the other risks and uncertainties\ndescribed in the \"Risk Factors\" section of Ginkgo's quarterly report on Form\n10-Q filed with the U.S. Securities and Exchange Commission (the \"SEC\") on\nMay 16, 2022  and other documents filed by Ginkgo from time to time with the\nSEC. These filings identify and address other important risks and\nuncertainties that could cause actual events and results to differ materially\nfrom those contained in the forward-looking statements. Forward-looking\nstatements speak only as of the date they are made. Readers are cautioned not\nto put undue reliance on forward-looking statements, and Ginkgo assumes no\nobligation and does not intend to update or revise these forward-looking\nstatements, whether as a result of new information, future events, or\notherwise. Ginkgo does not give any assurance that it will achieve its\nexpectations.\n\nSOURCE Ginkgo Bioworks\n\n##  WANT YOUR COMPANY'S NEWS  FEATURED ON PRNEWSWIRE.COM?\n\n440k+  \nNewsrooms &  \nInfluencers\n\n9k+  \nDigital Media  \nOutlets\n\n270k+  \nJournalists  \nOpted In\n\n[ GET STARTED ](https://www.prnewswire.com/account/online-membership-\nform/?site_refer=press-release-widget)\n\n###  Modal title\n\n##  Also from this source\n\n[ ](ginkgo-bioworks-reports-fourth-quarter-and-full-year-2024-financial-\nresults-302385247.html)\n\n### [ Ginkgo Bioworks Reports Fourth Quarter and Full Year 2024 Financial\nResults  Ginkgo Bioworks Holdings, Inc. (NYSE: DNA, \"Ginkgo\"), which is\nbuilding the leading platform for cell programming and biosecurity, today\nannounced...  ](ginkgo-bioworks-reports-fourth-quarter-and-full-\nyear-2024-financial-results-302385247.html)\n\n[ ](ginkgo-bioworks-partners-with-hadea-in-up-to-24-million-consortium-\nproject-to-deliver-next-generation-agnostic-diagnostics-for-respiratory-\nviruses-at-the-point-of-care-302381350.html)\n\n### [ Ginkgo Bioworks Partners with HaDEA in Up to \u20ac24 Million Consortium\nProject to Deliver Next-Generation 'Agnostic Diagnostics' for Respiratory\nViruses at the Point of Care  Ginkgo Bioworks (NYSE: DNA), which is building\nthe leading platform for cell programming and biosecurity, today announced a\ncollaboration with the...  ](ginkgo-bioworks-partners-with-hadea-in-up-\nto-24-million-consortium-project-to-deliver-next-generation-agnostic-\ndiagnostics-for-respiratory-viruses-at-the-point-of-care-302381350.html)\n\n[ More Releases From This Source ](/news/ginkgo-bioworks/)\n\n##  Explore\n\n[ [ Cannabis ](/news-releases/consumer-products-retail-latest-news/cannabis-\nlist/) ](/news-releases/consumer-products-retail-latest-news/cannabis-list/)\n\n[ [ Retail ](/news-releases/consumer-products-retail-latest-news/retail-list/)\n](/news-releases/consumer-products-retail-latest-news/retail-list/)\n\n[ [ New Products & Services ](/news-releases/general-business-latest-news/new-\nproducts-services-list/) ](/news-releases/general-business-latest-news/new-\nproducts-services-list/)\n\n[ News Releases in Similar Topics ](/news-releases/)\n\n##  Contact PR Newswire\n\n  * [ Call PR Newswire at 888-776-0942 ](tel:Call%20PR%20Newswire%20at%20888-776-0942) from 8 AM - 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                "url": "https://www.prnewswire.com/news-releases/cronos-group-and-ginkgo-bioworks-announce-achievement-of-thcv-equity-milestone-301571428.html"
            },
            "reason": "This is a press release from a reputable news distribution service (PR Newswire) regarding Cronos Group's achievement. It provides factual information and is likely reliable.",
            "reliability_score": 0.9,
            "search_query": "company 'The Cronos Group' climate risk energy usage",
            "summary": "Cronos Group and Ginkgo Bioworks announce achievement of THCV equity milestone.",
            "url": "https://www.prnewswire.com/news-releases/cronos-group-and-ginkgo-bioworks-announce-achievement-of-thcv-equity-milestone-301571428.html"
        },
        {
            "content": {
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                    "source": "https://www.newswire.ca/news-releases/cronos-group-and-ginkgo-bioworks-announce-a-landmark-partnership-to-produce-cultured-cannabinoids-692376551.html"
                },
                "page_content": "[ Accessibility Statement ](https://www.cision.com/about/accessibility/) Skip\nNavigation\n\n_Leading Companies from Emerging Industries Join Forces to Efficiently Produce\nHigh-Purity Cannabinoids at Scale_\n\nBOSTON and  TORONTO  ,  Sept. 4, 2018  /CNW/ - Today, [ Cronos Group\n](https://thecronosgroup.com/) Inc. (NASDAQ:CRON) (TSX:  CRON  ) (\" **Cronos\nGroup** \"), a geographically diversified and vertically integrated cannabis\ngroup, and [ Ginkgo Bioworks ](https://www.ginkgobioworks.com/) Inc. (\"\n**Ginkgo** \"), the organism company, announced a landmark partnership to\nproduce cultured cannabinoids. Using its platform technology for organism\ndesign and development, Ginkgo will complement Cronos Group's technologies for\nproducing a full spectrum of cannabinoids. As part of this unprecedented deal,\nCronos Group has agreed to issue a specific number of common shares in\ntranches subject to Ginkgo's achievement of certain production milestones.\n\nGinkgo Bioworks (CNW Group/Cronos Group Inc.)\n\nAs two of the leading companies in their respective industries, Cronos Group\nand Ginkgo believe that they are best-suited to unlock the potential of\ninnovation in the cannabis industry. Cronos Group brings a deep understanding\nof the plant's biological structure and function, while Ginkgo brings 10 years\nof experience designing microorganisms for the production of cultured products\nacross pharmaceuticals, agriculture, flavors, fragrances, and more.\n\nCannabinoids span a range of molecules with different properties, and ongoing\nresearch has demonstrated potential medicinal uses for indications such as\nchronic pain, nervous disorders, nausea, weight loss, and some mental\nillnesses. However, many pharmaceutically relevant cannabinoids are present\nonly at very low quantities in the cannabis plant, making them economically\nimpractical, difficult or impossible to extract at high purity and scale. The\nlandmark partnership between Cronos Group and Ginkgo will leverage the\nexpertise of both organizations to solve this challenge and make more\naccessible the benefits of cannabinoids in an economically sustainable way.\n\n\"Cronos Group is building the world's most innovative cannabinoid platform,\"\nsaid  Mike Gorenstein  , CEO of Cronos Group. \"The potential uses of\ncannabinoids are vast, but the key to successfully bringing cannabinoid-based\nproducts to market is in creating reliable, consistent, and scalable\nproduction of a full spectrum of cannabinoids, not just THC and CBD. We are\nthrilled to partner with Ginkgo; their biological engineering capabilities and\ndisruptive technology platform are unrivaled. Together we can revolutionize\nthe cannabis industry.\"\n\n\"Legal cannabis is a multibillion-dollar industry with no signs of slowing\ndown, but providers will need to innovate to keep up with demand for better\nproducts, including those taking advantage of rare and difficult to extract\ncannabinoids,\" said  Jason Kelly  , CEO and co-founder of Ginkgo Bioworks.\n\"Engineering strains of yeast that can produce these cannabinoids via\nfermentation is a perfect fit for our organism design platform and we are\nexcited to be working with Cronos Group as they lead the way to high-quality\ncannabinoid treatments.\"\n\n**Partnership Details**\n\nCronos Group's wide-ranging portfolio of cannabis products is empowered by its\ndeep expertise in plant genetics. With access to an array of varietals and a\ndiverse set of production methodologies, Cronos Group has gathered extensive\ndata on cannabinoids and their properties, ultimately learning from and using\nthe plant to generate blueprints for best-in-class, full spectrum cannabinoid\nrecipes.\n\nGinkgo's platform for engineering biology is powered by state-of-the-art\nautomation and custom-built software used to design and print DNA. With the\nworld's largest library of designed DNA sequences, Ginkgo has extensive\nexpertise in the biology of enzymes for the production of molecules used in\nindustries from flavor and fragrance to food to pharmaceuticals. By\ntransferring the DNA sequences for cannabinoid production into yeast, Ginkgo\nexpects to develop strains that produce cultured cannabinoids at high quality\nand purity in a process similar to brewing beer in a microbrewery. In addition\nto allowing for the efficient and scalable production of cannabinoids, the use\nof Ginkgo's platform is expected to unlock access to potentially medically-\nimportant and valuable cannabinoids that are present only in low quantities in\nthe plant.\n\nThe partnership between Ginkgo and Cronos Group will focus on the scalable and\nconsistent production of a wide range of cannabinoids, including THC, CBD and\na variety of other lesser known and rarer products. These cultured cannabinoid\nmolecules are identical to those extracted from the plants grown with\ntraditional methods, but are created by leveraging the power of biological\nmanufacturing via fermentation.\n\n**Partnership Transaction Terms**\n\nUnder the exclusive partnership, Ginkgo will work with Cronos Group on\nresearch and development of microorganisms capable of producing certain target\ncannabinoids in a scalable and highly efficient manner. Cronos Group will fund\ncertain R&D and foundry expenses expected to be approximately  US$22 million\nsubject to the achievement of certain milestones. In addition, upon Ginkgo's\ndemonstration that the microorganisms are capable of producing the target\ncannabinoids above a minimum productivity level, Cronos Group will issue up to\napproximately 14.7 million common shares in the aggregate, in accordance with\nthe milestone allocations described below. The common shares allocated were\nbased on the 60-day VWAP for Cronos Group common stock of  US$6.81  as of\nJuly 17, 2018  , when the letter of intent was executed by both parties. The\ntransaction had an aggregate value of  US$100 million  assuming all milestones\nare met. Tranches of these common shares will be issued once each of the\ntarget cannabinoids can be produced for less than  US$1,000  per kilogram of\npure cannabinoid at a scale of greater than 200 liters as follows: THC(A),\n20%; CBD(A), 15%; CBC(A), 10%; CBG(A), 10%; THCV(A), 15%; CBGV(A), 10%;\nCBDV(A), 10%; CBCV(A), 10%.\n\nCronos Group will have the exclusive right to use and commercialize the key\npatented intellectual property related to the production of the target\ncannabinoids globally. All R&D work undertaken by Ginkgo will be conducted in\ncompliance with all U.S. federal laws regarding controlled substances and\nGinkgo is coordinating activities closely with both Federal and State\nagencies. Cronos Group intends to produce and distribute the target\ncannabinoids globally and has received confirmation that this method of\nproduction is permitted under the _Cannabis Act_ (  Canada  ) \u2013 the legal\nframework that will regulate cannabis in  Canada  .\n\nThis landmark deal will bring the power of biological manufacturing to the\ncannabis industry, allowing for cannabinoid production at large scale and with\ngreater efficiency than is currently possible with traditional growing and\nextracting methods.\n\n**Analyst/Investor Conference Call and Webcast**  \nCronos Group and Ginkgo Bioworks will host a conference call and live webcast\non  Tuesday, September 4, 2018  at  8:30 a.m. EST  to discuss the landmark\npartnership. Instruction for the conference call are provided below:\n\n_Live Webcast:_ [ https://thecronosgroup.com/investor-relations\n](https://thecronosgroup.com/investor-relations)  \n_Toll-free dial-in number:_ (888) 231-8191 _  \nInternational dial-in number: _ (647) 427-7450  \n_Conference ID:_ 9537928\n\nAdditionally, an audio replay of the conference call will be available two\nhours after the call's completion and until  11:59 p.m. EST  on  September 18,\n2018  . Instructions for the audio replay are provided below:\n\n_Toll-free dial-in number:_ (855) 859-2056  \n_Passcode:_ 9537928\n\n**About Ginkgo Bioworks:**  \nGinkgo Bioworks is the organism company, using the power of biology to build\nsustainable products in food, pharma, manufacturing, and more. Using\nsophisticated software and state of the art automation,\n\nGinkgo's powerful platform for genetic engineering is making biology easier to\nengineer, enabling new products to be renewably manufactured with biology. For\nmore information, visit [ www.ginkgobioworks.com\n](http://www.ginkgobioworks.com/) .\n\n**About Cronos Group:  \n** Cronos Group is a globally diversified and vertically integrated cannabis\ncompany with a presence across four continents. Cronos Group operates two\nwholly-owned Canadian licensed producers regulated under Health Canada's\nAccess to Cannabis for Medical Purposes Regulations: Peace Naturals Project\nInc., which was the first non-incumbent medical cannabis license granted by\nHealth Canada, and Original BC Ltd., which is based in the Okanagan Valley,\nBritish Columbia  . Cronos Group has multiple international production and\ndistribution platforms across five continents. Cronos Group intends to\ncontinue to rapidly expand its global footprint as it focuses on building an\ninternational iconic brand portfolio and develop disruptive intellectual\nproperty. Cronos Group is committed to building industry leading companies\nthat transform the perception of cannabis and responsibly elevate the consumer\nexperience.\n\n**Forward-looking statements  \n** This news release contains \"forward-looking information\" and \"forward-\nlooking statements\" within the meaning of applicable Canadian and U.S.\nsecurities laws. All information contained herein that is not clearly\nhistorical in nature may constitute forward-looking information. In some\ncases, forward-looking statements can be identified by words or phrases such\nas \"may\", \"will\", \"expect\", \"plan\", \"anticipate\", \"intend\", \"potential\",\n\"estimate\", \"believe\" or the negative of these terms, or other similar\nexpressions intended to identify forward-looking statements. Some of the\nforward-looking statements contained in this press release include Cronos\nGroup's expectations regarding the potential success of, and the costs and\nbenefits associated with, its partnership with Ginkgo, expectations about the\ndevelopment of the cannabis industry and potential demand for cultured\ncannabinoids, expectations of the regulatory framework for cultured\ncannabinoids as well as the Cronos Group's intention to continue to rapidly\nexpand its global footprint, build an international iconic brand portfolio and\ndevelop disruptive intellectual property. Forward-looking statements are\nnecessarily based upon a number of estimates and assumptions that, while\nconsidered reasonable by management, are inherently subject to significant\nbusiness, economic and competitive risks, uncertainties and contingencies that\nmay cause actual financial results, performance or achievements to be\nmaterially different from the estimated future results, performance or\nachievements expressed or implied by those forward-looking statements and the\nforward-looking statements are not guarantees of future performance. A\ndiscussion of some of the material risks applicable to Cronos Group can be\nfound in its current MD&A and Annual Information Form, both of which have been\nfiled on SEDAR and can be accessed at [ www.sedar.com ](http://www.sedar.com/)\n. The forward-looking information included in this news release is made as of\nthe date of this news release and, except as required by law, Cronos Group\ndisclaims any obligation to update or revise any forward-looking statements.\nReaders are cautioned not to put undue reliance on these forward-looking\nstatements.\n\nSOURCE Cronos Group Inc.\n\nThe Cronos Group, Anna Shlimak, Investor Relations, Tel: (416) 504-0004, [\n[email protected] ](/cdn-cgi/l/email-protection) ; Ginkgo Bioworks, Grace\nEmery, Media relations, 347-230-6640, [ [email protected] ](/cdn-cgi/l/email-\nprotection)\n\n####  Related Links\n\n[ thecronosgroup.com ](http://thecronosgroup.com \"Link to\nhttp://thecronosgroup.com\")  \n\n###  Modal title\n\n##  Organization Profile\n\n###  [ Cronos Group Inc. ](/news/cronos-group-inc/)\n\n##  Related Organization(s)\n\n###  [ Ginkgo Bioworks ](/news/ginkgo-bioworks/)\n\n##  Contact Cision\n\n  * [ 866-245-2317 ](tel:866-245-2317) from 8 AM - 10 PM ET \n\n  * [ Become a Client ](/contact-us/ \"Become a Client\")\n  * [ Request a Demo ](/request-a-demo/ \" Request a Demo \")\n  * [ Editorial Bureaus ](/contact-us/editorial-bureaus/ \" Editorial Bureaus \")\n  * [ Partnerships ](/contact-us/partnerships/ \" Partnerships \")\n  * [ General Enquiries ](/general-inquiries/ \" General Enquiries \")\n  * [ Media ](/contact-us/media/ \" Media\")\n\n[ ](https://www.linkedin.com/company/cisioncanada/ \"LinkedIn\")\n\n##  Products\n\n  * [ Cision Communications Cloud\u00ae ](https://www.newswire.ca/products/communications-cloud \"Cision Communications Cloud\u00ae\")\n  * [ Media Monitoring ](https://www.cision.ca/monitoring-analytics/online/ \"Media Monitoring\")\n  * [ Content Distribution ](https://www.newswire.ca/products/content-distribution \"Content Distribution\")\n  * [ Multimedia Distribution ](https://www.newswire.ca/products/multimedia-distribution-options \"Multimedia Distribution\")\n  * [ Measurement & Analytics ](https://www.newswire.ca/products/Media-Measurement--Analytics \"Measurement & Analytics\")\n  * [ Investor Relations ](https://www.newswire.ca/products/investor-relations \"Investor Relations\")\n\n##  About\n\n  * [ About Cision Canada ](http://cnw.en.mediaroom.com/aboutus/ \"About Cision Canada\")\n  * [ About Cision ](http://www.cision.ca/ \"About Cision\")\n  * [ Media Partners ](https://www.newswire.ca/contact-us/media-partners.html \"Media Partners\")\n  * [ Careers ](https://www.cision.ca/careers/ \"Careers\")\n  * [ Accessibility Statement ](https://www.cision.ca/about/accessibility/ \"Accessibility Statement\")\n  * \n\n##  My Services\n\n  * [ All News Releases ](/news-releases/news-releases-list/ \"All News Releases\")\n  * [ Online Member Centre   \n](https://cnwportal.prnewswire.com/Login.aspx \"Online Member Centre<br />\n\n\")\n\n  * [ Next Gen Communications Cloud ](https://app2.cision.com/ \"Next Gen Communications Cloud\")\n  * [ Cision Communications Cloud\u00ae ](https://app.cision.com/#/login?lang=en-ca \"Cision Communications Cloud\u00ae\")\n  * [ my CNW   \n](/mycnw/login/ \"my CNW<br />\n\n\")\n\nDo not sell or share my personal information:\n\n  * Submit via [ [email protected] ](/cdn-cgi/l/email-protection)\n  * Call Privacy toll-free: 877-297-8921 \n\n##  [ Contact Cision ](/contact-us)\n\n##  [ Products ](/products/overview)\n\n##  [ About ](http://cnw.en.mediaroom.com/aboutus/)\n\n[ My Services __ ]()\n\n  * [ All News Releases ](/news-releases/ \"All News Releases\")\n  * [ Online Member Centre ](https://cnwportal.prnewswire.com/Login.aspx \"Online Member Centre\")\n  * [ Next Gen Communications Cloud ](https://app2.cision.com/ \"Next Gen Communications Cloud\")\n  * [ Cision Communications Cloud ](https://app.cision.com/#/login?lang=en-ca \"Cision Communications Cloud\")\n  * [ my CNW ](/mycnw/login/ \"my CNW\")\n\n[ __ 877-269-7890  \nfrom 8 AM - 10 PM ET  ](tel:877-269-7890 \"Contact Us\")\n\n  * [ Terms of Use ](http://cnw.en.mediaroom.com/privacy-terms-of-use \"Terms of Use\")\n  * [ Information Security Policy ](/cision-information-security-policy/ \"Information Security Policy\")\n  * [ Site Map ](/sitemap/ \"Site Map\")\n  * [ Cookie Settings ](/cookie-settings/ \"Cookie Settings\")\n  * [ Accessibility Statement ](https://www.cision.com/about/accessibility/ \"Accessibility Statement\")\n\nCopyright \u00a9 2025 CNW Group Ltd. 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                "url": "https://www.newswire.ca/news-releases/cronos-group-and-ginkgo-bioworks-announce-a-landmark-partnership-to-produce-cultured-cannabinoids-692376551.html"
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            "summary": "Cronos Group and Ginkgo Bioworks announce a landmark partnership to produce cultured cannabinoids.",
            "url": "https://www.newswire.ca/news-releases/cronos-group-and-ginkgo-bioworks-announce-a-landmark-partnership-to-produce-cultured-cannabinoids-692376551.html"
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                    "source": "https://www.globenewswire.com/news-release/2025/02/27/3033748/0/en/Cronos-Group-Reports-2024-Fourth-Quarter-and-Full-Year-Results.html"
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                "page_content": "Accessibility: Skip TopNav\n\n#  Cronos Group Reports 2024 Fourth Quarter and Full-Year Results\n\nFebruary 27, 2025 07:30 ET  | Source:  [ Cronos Group Inc. ](/en/search/organization/Cronos%2520Group%2520Inc\u00a7) Cronos Group Inc. \n\n* * *\n\n_Net revenue in Q4 2024 increased by 27% year-over-year to $30.3 million; Net\nrevenue in FY 2024 increased by 35% year-over-year to $117.6 million_\n\n_Spinach_ _\u00ae_ _Ends 2024 as the Number One Cannabis Brand in Canada_ _1_\n\n_PEACE NATURALS_ _\u00ae_ _Ends 2024 as the Number One Cannabis Brand in Israel_\n_2_\n\n_Industry leading balance sheet with_ _$859_ _million in cash_ _and cash\nequivalents_\n\nTORONTO, Feb. 27, 2025 (GLOBE NEWSWIRE) -- Cronos Group Inc. (NASDAQ: CRON)\n(TSX: CRON) (\u201cCronos\u201d or the \u201cCompany\u201d), today announced its 2024 fourth\nquarter and full-year business results.\n\n\"We set ambitious goals to deliver robust growth, improve margins, and achieve\noperational excellence. Today, I am proud to say that Cronos has not only met\nbut exceeded these objectives, as evidenced by our strong 2024 results. Our\nunwavering commitment to innovation, quality, and disciplined cost management\nhas solidified our leadership in the global cannabis industry,\" said Mike\nGorenstein, Chairman, President and CEO of Cronos.\n\n\"From Spinach  _\u00ae_ becoming the number one cannabis brand in Canada and PEACE\nNATURALS  _\u00ae_ achieving a number one position in Israel, to our groundbreaking\nadvancements in cannabis genetics, to international expansion, Cronos is well-\npositioned to capitalize on future opportunities and drive long-term value for\nour shareholders. As we look ahead to 2025, we remain focused on sustaining\nthis momentum, strengthening our market leadership, and delivering innovative\nproducts that resonate with consumers worldwide,\" continued Mr. Gorenstein.\n\"Our strategic investments, such as Cronos GrowCo, have enhanced our\ncultivation capabilities, ensuring a consistent supply of high-quality\ncannabis at scale with an improved gross margin profile, while our R&D\nbreakthroughs have set new industry standards. Internationally, we\u2019ve made\nsignificant strides, with PEACE NATURALS  _\u00ae_ leading in Israel and gaining\ntraction in Germany and the UK. Combined with a robust balance sheet and a\nportfolio of best-selling, borderless brands, Cronos is not just leading\ntoday, we\u2019re building the foundation for long-term excellence in the global\ncannabis industry. Looking to 2025, we're excited about the opportunities\nahead as we continue to innovate, expand, and deliver for our consumers and\nshareholders.\"  \n\n**_Consolidated Financial Results_ **\n\nOn June 20, 2024 the Company made an additional investment in Cronos Growing\nCompany (\"Cronos GrowCo\") to fund the expansion of cultivation operations.\nCronos also obtained majority control of the board of directors of Cronos\nGrowCo and began consolidating Cronos GrowCo's results from July 1, 2024.\nPrior to this date, the Company's investment in Cronos GrowCo consisted of an\ninvestment accounted for under the equity method and loans receivable from\nCronos GrowCo.\n\nIn the second quarter of 2023, the Company exited its United States (\"U.S.\")\nhemp-derived CBD operations. The exit of the U.S. operations represented a\nstrategic shift, and as such, qualifies for reporting as discontinued\noperations in our condensed consolidated statements of net income (loss) and\ncomprehensive income (loss). Prior period amounts have been reclassified to\nreflect the discontinued operations classification of the U.S. operations.\n\nThe tables below set forth our condensed consolidated results of continuing\noperations, expressed in thousands of U.S. dollars for the periods presented.\nOur condensed consolidated financial results for these periods are not\nnecessarily indicative of the consolidated financial results that we will\nachieve in future periods.\n\n_(in thousands of USD)_ |  |  **Three Months Ended December 31,** |  |  **Change** |  |  **Year ended December 31,** |  |  **Change**  \n---|---|---|---|---|---|---|---|---  \n|  |  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%**  \nCronos net revenue, excluding Cronos GrowCo net revenue  (i)  |  |  $  |  28,195  |  |  |  $  |  23,915  |  |  |  $  |  4,280  |  |  |  18  |  %  |  |  $  |  111,241  |  |  |  $  |  87,241  |  |  |  $  |  24,000  |  |  |  28  |  %   \nCronos GrowCo net revenue  (ii)  |  |  |  2,106  |  |  |  |  \u2014  |  |  |  |  2,106  |  |  |  N/A  |  |  |  |  6,374  |  |  |  |  \u2014  |  |  |  |  6,374  |  |  |  N/A  |   \nNet Revenue  |  |  $  |  30,301  |  |  |  $  |  23,915  |  |  |  $  |  6,386  |  |  |  27  |  %  |  |  $  |  117,615  |  |  |  $  |  87,241  |  |  |  $  |  30,374  |  |  |  35  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nCost of sales  |  |  |  19,494  |  |  |  |  21,913  |  |  |  |  (2,419  |  )  |  |  (11  |  )%  |  |  |  91,710  |  |  |  |  74,527  |  |  |  |  17,183  |  |  |  23  |  %   \nInventory write-down  |  |  |  \u2014  |  |  |  |  89  |  |  |  |  (89  |  )  |  |  N/A  |  |  |  |  707  |  |  |  |  805  |  |  |  |  (98  |  )  |  |  (12  |  )%   \nGross profit  |  |  $  |  10,807  |  |  |  $  |  1,913  |  |  |  $  |  8,894  |  |  |  465  |  %  |  |  $  |  25,198  |  |  |  $  |  11,909  |  |  |  $  |  13,289  |  |  |  112  |  %   \nGross margin  (  ii  i)  |  |  |  36  |  %  |  |  |  8  |  %  |  |  |  N/A  |  |  |  28  |  pp  |  |  |  21  |  %  |  |  |  14  |  %  |  |  |  N/A  |  |  |  7  |  pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nInventory step-up recorded to cost of sales  |  |  |  (1,832  |  )  |  |  |  \u2014  |  |  |  |  (1,832  |  )  |  |  N/A  |  |  |  |  5,284  |  |  |  |  \u2014  |  |  |  |  5,284  |  |  |  N/A  |   \nAdjusted Gross Profit  (iv)  |  |  $  |  8,975  |  |  |  $  |  1,913  |  |  |  $  |  7,062  |  |  |  369  |  %  |  |  $  |  30,482  |  |  |  $  |  11,909  |  |  |  $  |  18,573  |  |  |  156  |  %   \nAdjusted Gross Margin  (v)  |  |  |  30  |  %  |  |  |  8  |  %  |  |  |  N/A  |  |  |  22  |  pp  |  |  |  26  |  %  |  |  |  14  |  %  |  |  |  N/A  |  |  |  12  |  pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nNet income (loss)  |  |  $  |  43,941  |  |  |  $  |  (45,151  |  )  |  |  $  |  89,092  |  |  |  197  |  %  |  |  $  |  40,022  |  |  |  $  |  (70,439  |  )  |  |  $  |  110,461  |  |  |  N/M  |   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nAdjusted EBITDA  (  iv  )  |  |  $  |  (7,203  |  )  |  |  $  |  (14,790  |  )  |  |  $  |  7,587  |  |  |  51  |  %  |  |  $  |  (34,942  |  )  |  |  $  |  (61,564  |  )  |  |  $  |  26,622  |  |  |  43  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \n**Other Data** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nCash and cash equivalents  (  vi  )  |  |  $  |  858,805  |  |  |  $  |  669,291  |  |  |  $  |  189,514  |  |  |  28  |  %  |  |  |  |  |  |  |  |   \nShort-term investments  (  vi  )  |  |  |  \u2014  |  |  |  |  192,237  |  |  |  |  (192,237  |  )  |  |  (100  |  )%  |  |  |  |  |  |  |  |   \nCapital expenditures  (v  ii  )  |  |  |  3,708  |  |  |  |  1,792  |  |  |  |  1,916  |  |  |  107  |  %  |  |  |  13,154  |  |  |  |  3,423  |  |  |  |  9,731  |  |  |  284  |  %   \n  \n_(i)_ _Cronos net revenue, excluding Cronos GrowCo net revenue is net revenue\nless Cronos GrowCo net revenue and is after intercompany eliminations._  \n_(ii)_ _Cronos GrowCo net revenue is Cronos GrowCo's net revenue after\nintercompany eliminations._  \n_(iii)_ _Gross margin is defined as gross profit divided by net revenue._  \n_(iv)_ _See \"Non-GAAP Measures\" for more information, including a\nreconciliation of adjusted earnings (loss) before interest, taxes,\ndepreciation and amortization (\"Adjusted EBITDA\") to net income (loss) and a\nreconciliation of Adjusted Gross Profit to gross profit._  \n_(v)_ _Adjusted Gross Margin is defined as Adjusted Gross Profit divided by\nnet revenue. See \u201cNon-GAAP Measures\u201d for more information._  \n_(vi)_ _Dollar amounts are as of the last day of the period indicated._  \n_(vii)_ _Capital expenditures represent component information of investing\nactivities and is defined as the sum of purchase of property, plant and\nequipment, and purchase of intangible assets._\n\n**Fourth Quarter** **2024**\n\n  * Net revenue of $30.3 million in Q4 2024 increased by $6.4 million from Q4 2023. The increase year-over-year was primarily driven by higher cannabis flower and extract sales in the Canadian market and higher cannabis flower sales in Israel and other countries. Cronos GrowCo contributed $2.1 million of cannabis flower sales in Q4 2024. No such sales were recognized in Q4 2023. \n  * Gross profit of $10.8 million in Q4 2024 increased by $8.9 million from Q4 2023. The increase year-over-year was primarily due to higher cannabis flower and extract sales in the Canadian market, higher cannabis flower sales in Israel and other countries, and production cost improvements. Gross profit was positively impacted by $1.8 million in the quarter in connection with the finalization of the purchase accounting for the Cronos GrowCo Transaction, which resulted in a reduction of the fair value of inventory acquired from Cronos GrowCo and the corresponding inventory step-up previously recorded into cost of sales in Q3 2024. No such impact was recognized for 2023. \n  * Adjusted gross profit of $9.0 million in Q4 2024 improved by $7.1 million from Q4 2023. The improvement year-over-year was primarily driven by higher cannabis flower and extract sales in the Canadian market, higher cannabis flower sales in Israel, and production cost improvements. \n  * Adjusted EBITDA of $(7.2) million in Q4 2024 improved by $7.6 million from Q4 2023. The improvement year-over-year was primarily driven by higher adjusted gross profit. \n\n**Full-Year** **2024**\n\n  * Net revenue of $117.6 million in full-year 2024 increased by $30.4 million from full-year 2023. The increase year-over-year was primarily due to higher cannabis flower and extract sales in the Canadian market and higher cannabis flower sales in Israel and other countries. Cronos GrowCo contributed $6.4 million of cannabis flower sales in the year ended December 31, 2024. No such sales were recognized for the year ended December 31, 2023. \n  * Gross profit of $25.2 million in full-year 2024 increased by $13.3 million from full-year 2023. The increase year-over-year was primarily due to higher cannabis flower and extract sales in the Canadian market, higher cannabis flower sales in Israel and other countries, and production cost improvements. This increase was partially offset by the impact on cost of sales from the inventory step-up from the Cronos GrowCo Transaction. For 2024, gross profit was reduced $5.3 million as a result of the impact of the inventory step-up from the Cronos GrowCo Transaction that was recorded into cost of sales since July 1, 2024. No such costs were recognized for 2023. \n  * Adjusted gross profit of $30.5 million in full-year 2024 increased by $18.6 million from full-year 2023. The increase year-over-year was primarily due to higher cannabis flower and extract sales in the Canadian market, higher cannabis flower sales in Israel and other countries, and production cost improvements. \n  * Adjusted EBITDA of $(34.9) million in full-year 2024 improved by $26.6 million from full-year 2023. The improvement year-over-year was primarily driven by higher adjusted gross profit and lower sales and marketing, research and development, and general administrative expenses. \n\n**_Business Updates_ **\n\n**Brand and Product Portfolio**\n\n__Spinach_ _ \u00ae  3  \nIn 2024, the SOURZ by Spinach  \u00ae  brand expanded its edible lineup with\nseveral innovative launches. Our industry-leading SOURZ by Spinach  \u00ae\nproducts are the best-selling gummies in the Canadian market and have captured\nan impressive 23% market share in Q4 2024, with five of the top ten best-\nselling edibles in Canada coming from the SOURZ lineup. A key addition to our\ngummy portfolio has been the 1-piece, 10mg THC Fully Blasted SOURZ by Spinach\n\u00ae  product, which launched in 2024. In Q4 2024 we launched two new Fully\nBlasted flavors, Peach Orange and Strawberry Mango. We also launched a new CBD\nmulti-pack, SOURZ by Spinach  \u00ae  CBD Berry Variety Pack.\n\nIn 2024 our proprietary genetics breeding program continued to provide our\nportfolio with winning cultivars that allow us to launch differentiated\nproducts across markets and maintain a number one position in the flower\ncategory. In 2024, we introduced Spinach Grindz\u2122, a milled flower offering\nutilizing our Citrus Crush and Cookie Dough strains, designed for convenient\nuse in joints or vaporizers. In Q4 2024, the Spinach  \u00ae  brand maintained its\nposition as the number one flower brand in Canada, with 5.7% market share.\n\nIn 2024, we introduced two new Spinach  \u00ae  all-in-one vapes, Pineapple\nParadise and Blueberry Dynamite that are performing well and helping to drive\nmarket share gains. The brand's 0.5g all-in-one Spinach HITZ\u2122 vapes introduced\nnew Pink Lemonade and Rocket Icicle flavors, alongside line extensions in\nSpinach  \u00ae  1.2g vapes. Spinach  \u00ae  vapes were the number four vape brand in\nQ4 2024, holding 5.9% market share. Vape production was brought in-house in\nthe second half of 2024 in an effort to streamline manufacturing and enhance\nproduction efficiency in this category.\n\nIn 2024, we launched Spinach  \u00ae  Fully Charged pre-rolls and infused pre-rolls\nas well as the Spinach  \u00ae  Fully Charged Party Pack and the Spinach  \u00ae  Fully\nCharged Tropical Pack. These launches were the culmination of our product\ndevelopment efforts and portfolio refresh. The infused pre-roll category is\ncontinuing to grow, and we expect this category to be key to future growth for\nboth Cronos and the industry, which is why we are committed to the evolution\nand innovation of our pre-roll portfolio. In Q4 2024, Spinach  \u00ae  was ranked\nseventh in the pre-roll category with 2.5% market share.\n\n__Lord Jones_ _ __\u00ae_ _ __3_ _  \nIn Q4 2024, Lord Jones  \u00ae  Chocolates Fusions\u2122 had 9.6% market share and ended\nthe year as the third best-selling chocolate brand in Canada. In January 2025,\nthe brand launched a Lord Jones  \u00ae  Chocolate Fusions\u2122 fudge brownie flavor,\nwhich features a 1:1:1 ratio of CBN, CBD and THC. Lord Jones  \u00ae  Chocolate\nFusions\u2122 edibles highlight the brand\u2019s commitment to innovation and\ncraftsmanship, offering four flavors: cookies and cream, dazzle-berry pop,\nsalted caramel crunch and fudge brownie.\n\nIn 2024, we also launched Lord Jones  \u00ae  live resin vapes featuring\nmeticulously curated cultivars, delivering a rich, full-spectrum experience\nthat combines pure live resin with sleek, high-quality hardware. In the second\nhalf of 2023, we launched Ice Water Hash Fusions pre-rolls, which feature\nflower and terpene-rich ice water hash and are fitted with a branded ceramic\ntip. The Ice Water Hash Fusions pre-rolls continued performing throughout\n2024, rising to the number one position in the hash pre-roll category.\nTogether, these launches underscore the brand\u2019s dedication to excellence and\nits focus on creating exceptional, high-quality cannabis-infused products.\n\n__PEACE NATURALS_ _ __\u00ae_ _ __2_ _  \nIn 2024, Cronos Israel revamped and repositioned its flower portfolio,\noptimizing pricing, potency and bringing new, exciting strains to market to\nmeet patient needs. The PEACE NATURALS  \u00ae  brand launched new strains\nincluding GG4, Key Limez Punch, Pink Sherb, Tangie Kush, Citra Diesel, Tahoe\nOG Kush and GMO Lite, providing consumers with additional variety and choice.\nIn Q4 2024, PEACE NATURALS  \u00ae  was the number one flower brand in Israel with\n24% market share and PEACE NATURALS  \u00ae  cannabis oils are the fourth most\npopular brand in Israel with 9% market share.\n\nIn 2024, Cronos expanded into the United Kingdom (the \"UK\") by shipping its\nfirst batch of PEACE NATURALS  \u00ae  medical cannabis flower to this emerging\nmarket, through a partnership with a third-party distributor of prescribed\ncannabis products.\n\nThroughout 2024, the Company continued its sales to the German market through\nthe PEACE NATURALS  \u00ae  brand. Cronos sells the PEACE NATURALS  \u00ae  brand\nthrough its distribution partner, Cansativa GmbH (\"Cansativa\"), one of the\nleading distributors of medical cannabis in Germany and supplies flower for\nits private-label brand. Cronos has seen strong demand for its proprietary\ngenetics, such as GMO and Wedding Cake, in both Germany and the UK under the\nPEACE NATURALS  \u00ae  brand.\n\n**Global Supply Chain and Operations**\n\nThe expansion efforts at Cronos GrowCo's facility are well underway. In Q4\n2024, Health Canada approved amendments to the site's perimeter. Cronos GrowCo\nexpects to finish construction of the expanded cultivation and processing\nfacilities in Q2 2025, with first harvests and sales from the area commencing\nin the second half of 2025. Prior to the commencement of sales from the\nexpanded facility, Cronos has the option to purchase up to 80% of Cronos\nGrowCo's total production. Once sales from the expanded area begin, Cronos\nwill have the option to purchase up to 70% of the total production from the\nexpanded facility. The expansion of Cronos GrowCo positions the Company to\ncapitalize on domestic demand and meet international growth opportunities in\nthe global cannabis market.\n\nOn November 26, 2023, the Company announced that Peace Naturals Project Inc.\nhad entered into an agreement to sell and lease back its facility in Stayner,\nOntario (the \"Peace Naturals Campus\"). However, the agreement was terminated\nin the Q2 of 2024 pursuant to its terms, and the Company has decided to\ncontinue and expand its operations at the site.\n\nAs part of the expanding operations at the Peace Naturals Campus, in the\nsecond-half of 2024, the Company invested in machinery, automation and process\nimprovement to drive cost efficiency within the facility. This also included\ninvestment in warehousing and vault expansion as well as R&D equipment and\nlaboratory enhancements.\n\n**_Guidance_ **\n\nThe Company achieved $8.7 million in operating expense savings in 2024 on a\nstandalone basis, meeting its previously announced operating expense savings\ntarget of $5 to $10 million. The savings were primarily driven by lower\nexpenses in general and administrative, research and development and sales and\nmarketing. The operating expense savings exclude the impact of the\nconsolidation of Cronos GrowCo's results into the Company's financial\nstatements.\n\n**_Conference Call_ **\n\nThe Company will host a conference call and live audio webcast on Thursday,\nFebruary 27, 2025, at 8:30 a.m. ET to discuss 2024 Fourth Quarter and Full-\nYear business results. An audio replay of the call will be archived on the\nCompany\u2019s website for replay. Instructions for the live audio webcast are\nprovided on the Company's website at: _https://ir.thecronosgroup.com/events-\npresentations._  \n\n**About Cronos**\n\nCronos is an innovative global cannabinoid company committed to building\ndisruptive intellectual property by advancing cannabis research, technology\nand product development. With a passion to responsibly elevate the consumer\nexperience, Cronos is building an iconic brand portfolio. Cronos\u2019 diverse\ninternational brand portfolio includes Spinach  \u00ae  , PEACE NATURALS  \u00ae  and\nLord Jones  \u00ae  . For more information about Cronos and its brands, please\nvisit: thecronosgroup.com.\n\n**Forward-Looking Statements**\n\nThis press release contains information that constitutes forward-looking\ninformation and forward-looking statements within the meaning of applicable\nsecurities laws and court decisions (collectively, \u201cForward-Looking\nStatements\u201d), which are based upon our current internal expectations,\nestimates, projections, assumptions and beliefs. All information that is not\nclearly historical in nature may constitute Forward-Looking Statements. In\nsome cases, Forward-Looking Statements can be identified by the use of\nforward-looking terminology such as \u201cexpect\u201d, \u201clikely\u201d, \u201cmay\u201d, \u201cwill\u201d,\n\u201cshould\u201d, \u201cintend\u201d, \u201canticipate\u201d, \u201cpotential\u201d, \u201cproposed\u201d, \u201cestimate\u201d and\nother similar words, expressions and phrases, including negative and\ngrammatical variations thereof, or statements that certain events or\nconditions \u201cmay\u201d or \u201cwill\u201d happen, or by discussion of strategy. Forward-\nLooking Statements include estimates, plans, expectations, opinions,\nforecasts, projections, targets, guidance or other statements that are not\nstatements of historical fact.\n\nForward-Looking Statements include, but are not limited to, statements with\nrespect to:\n\n  * the ongoing impact of the public investigation into Canadian licensed producers of alleged dumping of medical cannabis imports from Canada into Israel by the Trade Levies Commissioner of the Israel Ministry of Economy and Industry (the \u201cAnti-Dumping Investigation\u201d) and the proposed anti-dumping duty to which the Company\u2019s imports would be subject; \n  * expectations related to the conflict involving Israel, Hamas, Hezbollah, Houthis, Iran, Iran\u2019s proxies and other stakeholders in the region (the \u201cMiddle East Conflict\u201d) and its impact on our operations in Israel, the supply of product in the market and the demand for product by medical patients in Israel, as well as any regional or global escalations and their impact to global commerce and stability; \n  * expectations related to the German, Australian and UK markets, including our strategic partnerships with Cansativa, Vitura Health Limited (\u201cVitura\u201d), and other distributors, respectively, and our ability to successfully distribute the PEACE NATURALS  \u00ae  brand in Germany and the UK; \n  * expectations related to our announcement of cost-cutting measures, including our decision to wind-down operations at our Winnipeg, Manitoba facility and list the facility for sale, the expected costs and benefits from the wind-down of production activities at the facility, challenges and effects related thereto as well as changes in strategy, metrics, investments, costs, operating expenses, employee turnover and other changes with respect thereto; \n  * expectations related to the impact of our decision to exit our U.S. hemp-derived cannabinoid product operations; \n  * the ongoing impact of our announced realignment (the \u201cRealignment\u201d) and any progress, challenges and effects related thereto as well as changes in strategy, metrics, investments, reporting structure, costs, operating expenses, employee turnover and other changes with respect thereto; \n  * our expectations as to the use of the Peace Naturals Campus; \n  * our ability to acquire raw materials from suppliers, including Cronos GrowCo, and the costs and timing associated therewith; \n  * expectations regarding the potential success of, and the costs and benefits associated with, our joint ventures, strategic alliances and equity investments; \n  * expectations related to the transaction by which we obtained majority control of the board of directors of Cronos GrowCo, which qualified as a business combination under Accounting Standards Codification 805, and the expansion of Cronos GrowCo\u2019s purpose-built cultivation and processing facilities; \n  * our ability or plans to identify, develop, commercialize or expand our technology and R&D initiatives in cannabinoids, or the success thereof; \n  * expectations regarding revenues, expenses, gross margins and capital expenditures; \n  * expectations regarding our future production and manufacturing strategy and operations, the costs and timing associated therewith and the receipt of applicable production and sale licenses; \n  * the ongoing impact of the legalization of additional cannabis product types and forms for adult-use in Canada, including federal, provincial, territorial and municipal regulations pertaining thereto, the related timing and impact thereof and our intentions to participate in such markets; \n  * the legalization of the use of cannabis for medical or adult-use in jurisdictions outside of Canada, including the United States and Germany, the related timing and impact thereof and our intentions to participate in such markets, if and when such use is legalized; \n  * the grant, renewal, withdrawal, suspension, delay and impact of any license or supplemental license to conduct activities with cannabis or any amendments thereof; \n  * our ability to successfully create and launch brands and cannabis products; \n  * expectations related to the differentiation of our products, including through the utilization of rare cannabinoids; \n  * the benefits, viability, safety, efficacy, dosing and social acceptance of cannabis, including CBD and other cannabinoids; \n  * laws and regulations and any amendments thereto applicable to our business and the impact thereof, including uncertainty regarding the application of U.S. state and federal law to cannabis and U.S. hemp (including CBD and other U.S. hemp-derived cannabinoids) products and the scope of any regulations by the U.S. Food and Drug Administration, the U.S. Drug Enforcement Administration, the U.S. Federal Trade Commission, the U.S. Patent and Trademark Office and any state equivalent regulatory agencies over cannabis and U.S. hemp (including CBD and other U.S. hemp-derived cannabinoids) products, including the possibility marijuana is moved from Schedule I to Schedule III under the U.S. Controlled Substances Act; \n  * the anticipated benefits and impact of Altria Group Inc.\u2019s investment in the Company (the \u201cAltria Investment\u201d), pursuant to a subscription agreement dated December 7, 2018; \n  * uncertainties as to our ability to exercise our option (the \u201cPharmaCann Option\u201d) in PharmaCann Inc. (\u201cPharmaCann\u201d), in the near term or the future, in full or in part, including the uncertainties as to the status and future development of federal legalization of cannabis in the U.S. and our ability to realize the anticipated benefits of the transaction with PharmaCann; \n  * expectations regarding the implementation and effectiveness of key personnel changes; \n  * expectations regarding business combinations and dispositions and the anticipated benefits therefrom; \n  * expectations of the amount or frequency of impairment losses, including as a result of the write-down of intangible assets, including goodwill; \n  * the impact of the ongoing military conflict between Russia and Ukraine (and resulting sanctions) on our business, financial condition and results of operations or cash flows; \n  * our compliance with the terms of the settlement (the \u201cSettlement Order\u201d) with the SEC and the settlement agreement with the Ontario Securities Commission (the \u201cSettlement Agreement\u201d); and \n  * the impact of the loss of our ability to rely on private offering exemptions under Regulation D of the Securities Act of 1933, as amended, and the loss of our status as a well-known seasoned issuer, each as a result of the Settlement Order. \n\nCertain of the Forward-Looking Statements contained herein concerning the\nindustries in which we conduct our business are based on estimates prepared by\nus using data from publicly available governmental sources, market research,\nindustry analysis and on assumptions based on data and knowledge of these\nindustries, which we believe to be reasonable. However, although generally\nindicative of relative market positions, market shares and performance\ncharacteristics, such data is inherently imprecise. The industries in which we\nconduct our business involve risks and uncertainties that are subject to\nchange based on various factors, which are described further below.\n\nThe Forward-Looking Statements contained herein are based upon certain\nmaterial assumptions that were applied in drawing a conclusion or making a\nforecast or projection, including: (i) our ability to effectively navigate\ndevelopments related to the Anti-Dumping Investigation and the proposed anti-\ndumping duty to which the Company\u2019s imports would be subject and its impact on\nour operations in Israel; (ii) our ability to effectively navigate\ndevelopments related to the Middle East Conflict and its impact on our\nemployees and operations in Israel, the supply of product in the market and\ndemand for product by medical patients in Israel; (iii) our ability to\nefficiently and effectively distribute our PEACE NATURALS  \u00ae  brand in Germany\nwith our strategic partner Cansativa and in the UK with our strategic\ndistribution partner and our ability to efficiently and effectively distribute\nproducts in Australia with our strategic partner Vitura; (iv) our ability to\nrealize the expected cost-savings and other benefits related to the wind-down\nof our operations at our Winnipeg, Manitoba facility; (v) expectations related\nto the impact of our decision to exit our U.S. hemp-derived cannabinoid\nproduct operations; (vi) our ability to realize the expected cost-savings,\nefficiencies and other benefits of our Realignment and other announced cost-\ncutting measures and employee turnover related thereto; (vii) our ability to\nefficiently and effectively manage our operations at our Peace Naturals\nCampus; (viii) our ability efficiently and effectively acquire raw materials\non a timely and cost-effective basis from third parties or Cronos GrowCo; (ix)\nthe timely completion of the expansion of Cronos GrowCo\u2019s purpose-built\ncannabis facility and the ability of Cronos GrowCo to repay the credit\nfacility provided by Cronos; (x) our ability to realize anticipated benefits,\nsynergies or generate revenue, profits or value from our business combinations\nand strategic investments; (xi) the production and manufacturing capabilities\nand output from our facilities and our joint ventures, strategic alliances and\nequity investments; (xii) government regulation of our activities and products\nincluding, but not limited to, the areas of cannabis taxation and\nenvironmental protection; (xiii) the timely receipt of any required regulatory\nauthorizations, approvals, consents, permits and/or licenses; (xiv) consumer\ninterest in our products; (xv) our ability to differentiate our products,\nincluding through the utilization of rare cannabinoids; (xvi) competition;\n(xvii) anticipated and unanticipated costs; (xviii) our ability to generate\ncash flow from operations; (xix) our ability to conduct operations in a safe,\nefficient and effective manner; (xx) our ability to hire and retain qualified\nstaff, and acquire equipment and services in a timely and cost-efficient\nmanner; (xxi) our ability to exercise the PharmaCann Option and realize the\nanticipated benefits of the transaction with PharmaCann; (xxii) our ability to\ncomplete planned dispositions, and, if completed, obtain our anticipated sales\nprice; (xxiii) general economic, financial market, regulatory and political\nconditions in which we operate; (xxiv) management\u2019s perceptions of historical\ntrends, current conditions and expected future developments; and (xxv) other\nconsiderations that management believes to be appropriate in the\ncircumstances. While our management considers these assumptions to be\nreasonable based on information currently available to management, there is no\nassurance that such expectations will prove to be correct.\n\nBy their nature, Forward-Looking Statements are subject to inherent risks and\nuncertainties that may be general or specific and which give rise to the\npossibility that expectations, forecasts, predictions, projections or\nconclusions will not prove to be accurate, that assumptions may not be correct\nand that objectives, strategic goals and priorities will not be achieved. A\nvariety of factors, including known and unknown risks, many of which are\nbeyond our control, could cause actual results to differ materially from the\nForward-Looking Statements in this press release and other reports we file\nwith, or furnish to, the SEC and other regulatory agencies and made by our\ndirectors, officers, other employees and other persons authorized to speak on\nour behalf. Such factors include, without limitation, negative impacts on our\nbusiness and operations in Israel due to the Anti-Dumping Investigation,\nincluding that we may not be able to produce, import or sell our products in\nIsrael as a result thereof; negative impacts on our employees, business and\noperations in Israel due to the Middle East Conflict, including that we may\nnot be able to produce, import or sell our products or protect our people or\nfacilities in Israel during the Middle East Conflict; the supply of product in\nthe market and the demand for product by medical patients in Israel; that we\nmay not be able to successfully continue to distribute our products in\nGermany, Australia and the UK or generate material revenue from sales in those\nmarkets; that we may not be able to achieve the anticipated benefits of the\nwind-down of our operations at our Winnipeg, Manitoba facility; that we may be\nunable to further streamline our operations and reduce expenses; that we may\nnot be able to effectively and efficiently re-enter the U.S. market in the\nfuture; that we may not be able to access raw materials on a timely and cost-\neffective basis from third-parties or Cronos GrowCo; that Cronos GrowCo may\nnot be able to complete the expansion of its purpose-built cannabis facility\nwithin a reasonable time or repay its borrowings under the credit facility\nprovided by Cronos; that the military conflict between Russia and Ukraine may\ndisrupt our operations and those of our suppliers and distribution channels\nand negatively impact the demand for and use of our products; the risk that\ncost savings and any other synergies from the Altria Investment may not be\nfully realized or may take longer to realize than expected; failure to execute\nkey personnel changes; that our Realignment and our further leveraging of our\nstrategic partnerships will not result in the expected cost-savings,\nefficiencies and other benefits or will result in greater than anticipated\nturnover in personnel; that we may not be able to efficiently and effectively\nmanage our operations, and any changes thereto, at our Peace Naturals Campus;\nlower levels of revenues; the lack of consumer demand for our products; our\ninability to manage disruptions in credit markets; unanticipated future levels\nof capital, environmental or maintenance expenditures, general and\nadministrative and other expenses; failure to realize expected growth\nopportunities; the lack of cash flow necessary to execute our business plan\n(either within the expected timeframe or at all); difficulty raising capital;\nthe potential adverse effects of judicial, regulatory or other proceedings, or\nthreatened litigation or proceedings, on our business, financial condition,\nresults of operations and cash flows; volatility in and/or degradation of\ngeneral economic, market, industry or business conditions; compliance with\napplicable environmental, economic, health and safety, energy and other\npolicies and regulations and in particular health concerns with respect to\nvaping and the use of cannabis and U.S. hemp products in vaping devices; the\nunexpected effects of actions of third parties such as competitors, activist\ninvestors or federal (including U.S. federal), state, provincial, territorial\nor local regulatory authorities or self-regulatory organizations; adverse\nchanges in regulatory requirements in relation to our business and products;\nlegal or regulatory obstacles that could prevent us from being able to\nexercise the PharmaCann Option and thereby realize the anticipated benefits of\nthe transaction with PharmaCann; dilution of our fully-diluted ownership of\nPharmaCann and the loss of our rights as a result of that dilution; our\nfailure to improve our internal control environment and our systems, processes\nand procedures; and the factors discussed under Part I, Item 1A \u201c _Risk\nFactors_ \u201d in our Annual Report on Form 10-K for the year ended December 31,\n2024. Readers are cautioned to consider these and other factors, uncertainties\nand potential events carefully and not to put undue reliance on Forward-\nLooking Statements.\n\nForward-Looking Statements are provided for the purposes of assisting the\nreader in understanding our financial performance, financial position and cash\nflows as of and for periods ended on certain dates and to present information\nabout management\u2019s current expectations and plans relating to the future, and\nthe reader is cautioned not to place undue reliance on these Forward-Looking\nStatements because of their inherent uncertainty and to appreciate the limited\npurposes for which they are being used by management. While we believe that\nthe assumptions and expectations reflected in the Forward-Looking Statements\nare reasonable based on information currently available to management, there\nis no assurance that such assumptions and expectations will prove to have been\ncorrect. Forward-Looking Statements are made as of the date they are made and\nare based on the beliefs, estimates, expectations and opinions of management\non that date. We undertake no obligation to update or revise any Forward-\nLooking Statements, whether as a result of new information, estimates or\nopinions, future events or results or otherwise or to explain any material\ndifference between subsequent actual events and such Forward-Looking\nStatements. The Forward-Looking Statements contained in this press release and\nother reports we file with, or furnish to, the SEC and other regulatory\nagencies and made by our directors, officers, other employees and other\npersons authorized to speak on our behalf are expressly qualified in their\nentirety by these cautionary statements.\n\n____________________________________________  \n1  Hifyre Retail Analytics - National Retail Dollar by Brand in Canada -\nDecember 2024.  \n2  Market share and ranking information from pharmacy data collected by Cronos\n- December 2024.  \n3  All market share and ranking information from Hifyre Retail Analytics -\nNational Retail Dollar by Brand in Canada - December 2024, unless otherwise\nspecified.  \n  \n---  \n**Cronos Group Inc.**  \n**Consolidated Balance Sheets**  \n_(In thousands of U.S. dollars)_  \n|  **As of December 31,**  \n|  |  **2024** |  |  |  |  **2023** |   \n**Assets** |  |  |   \nCurrent assets  |  |  |   \nCash and cash equivalents  |  $  |  858,805  |  |  |  $  |  669,291  |   \nShort-term investments  |  |  \u2014  |  |  |  |  192,237  |   \nAccounts receivable, net  |  |  15,462  |  |  |  |  13,984  |   \nInterest receivable  |  |  8,690  |  |  |  |  10,012  |   \nOther receivables  |  |  5,000  |  |  |  |  6,341  |   \nCurrent portion of loans receivable, net  |  |  618  |  |  |  |  5,541  |   \nInventory, net  |  |  33,149  |  |  |  |  30,495  |   \nPrepaids and other current assets  |  |  6,277  |  |  |  |  5,405  |   \nHeld-for-sale assets  |  |  8,112  |  |  |  |  \u2014  |   \nTotal current assets  |  |  936,113  |  |  |  |  933,306  |   \nEquity method investments, net  |  |  \u2014  |  |  |  |  19,488  |   \nOther investments  |  |  2,813  |  |  |  |  35,251  |   \nNon-current portion of loans receivable, net  |  |  15,526  |  |  |  |  69,036  |   \nProperty, plant and equipment, net  |  |  133,189  |  |  |  |  59,468  |   \nRight-of-use assets  |  |  1,390  |  |  |  |  1,356  |   \nGoodwill  |  |  63,453  |  |  |  |  1,057  |   \nIntangible assets, net  |  |  11,257  |  |  |  |  21,078  |   \nDeferred tax assets  |  |  2,571  |  |  |  |  226  |   \n**Total assets** |  $  |  1,166,312  |  |  |  $  |  1,140,266  |   \n**Liabilities** |  |  |   \nCurrent liabilities  |  |  |   \nAccounts payable  |  $  |  16,973  |  |  |  $  |  12,130  |   \nIncome taxes payable  |  |  9  |  |  |  |  64  |   \nAccrued liabilities  |  |  31,653  |  |  |  |  27,736  |   \nCurrent portion of lease obligation  |  |  1,025  |  |  |  |  994  |   \nDerivative liabilities  |  |  40  |  |  |  |  102  |   \nCurrent portion due to non-controlling interests  |  |  \u2014  |  |  |  |  373  |   \nTotal current liabilities  |  |  49,700  |  |  |  |  41,399  |   \nNon-current portion due to non-controlling interests  |  |  1,073  |  |  |  |  1,003  |   \nNon-current portion of lease obligation  |  |  993  |  |  |  |  1,559  |   \nDeferred tax liabilities  |  |  3,564  |  |  |  |  181  |   \n**Total liabilities** |  |  55,330  |  |  |  |  44,142  |   \n**Shareholders\u2019 equity** |  |  |   \nShare capital and additional paid-in capital  |  |  669,879  |  |  |  |  662,174  |   \nRetained earnings  |  |  457,709  |  |  |  |  416,719  |   \nAccumulated other comprehensive income (loss)  |  |  (63,525  |  )  |  |  |  20,678  |   \nTotal equity attributable to shareholders of Cronos Group  |  |  1,064,063  |  |  |  |  1,099,571  |   \nNon-controlling interests  |  |  46,919  |  |  |  |  (3,447  |  )   \n**Total shareholders\u2019 equity** |  |  1,110,982  |  |  |  |  1,096,124  |   \n**Total liabilities and shareholders\u2019 equity** |  $  |  1,166,312  |  |  |  $  |  1,140,266  |   \n  \n  \n\n**Cronos Group Inc.**  \n**Consolidated Statements of Net Income (Loss) and Comprehensive Income\n(Loss)**  \n_(In thousands of U.S. dollars, except share and per share amounts)_  \n---  \n|  **Year ended December 31,**  \n|  |  **2024** |  |  |  |  **2023** |  |  |  |  **2022** |   \n**Net revenue, before excise taxes** |  $  |  161,821  |  |  |  $  |  120,270  |  |  |  $  |  109,301  |   \nExcise taxes  |  |  (44,206  |  )  |  |  |  (33,029  |  )  |  |  |  (22,552  |  )   \n**Net revenue** |  |  117,615  |  |  |  |  87,241  |  |  |  |  86,749  |   \nCost of sales  |  |  91,710  |  |  |  |  74,527  |  |  |  |  71,313  |   \nInventory write-down  |  |  707  |  |  |  |  805  |  |  |  |  \u2014  |   \n**Gross profit** |  |  25,198  |  |  |  |  11,909  |  |  |  |  15,436  |   \n**Operating expenses** |  |  |  |  |   \nSales and marketing  |  |  21,603  |  |  |  |  22,701  |  |  |  |  18,046  |   \nResearch and development  |  |  4,229  |  |  |  |  5,843  |  |  |  |  13,131  |   \nGeneral and administrative  |  |  46,514  |  |  |  |  49,475  |  |  |  |  67,674  |   \nRestructuring costs  |  |  630  |  |  |  |  1,524  |  |  |  |  3,545  |   \nShare-based compensation  |  |  8,700  |  |  |  |  8,756  |  |  |  |  15,008  |   \nDepreciation and amortization  |  |  3,701  |  |  |  |  5,044  |  |  |  |  5,967  |   \nImpairment loss on long-lived assets  |  |  16,350  |  |  |  |  3,366  |  |  |  |  3,493  |   \nTotal operating expenses  |  |  101,727  |  |  |  |  96,709  |  |  |  |  126,864  |   \nOperating loss  |  |  (76,529  |  )  |  |  |  (84,800  |  )  |  |  |  (111,428  |  )   \n**Other income (expense)** |  |  |  |  |   \nInterest income, net  |  |  52,019  |  |  |  |  51,235  |  |  |  |  22,514  |   \nGain (loss) on revaluation of derivative liabilities  |  |  49  |  |  |  |  (85  |  )  |  |  |  14,060  |   \nShare of income from equity method investments  |  |  2,365  |  |  |  |  1,583  |  |  |  |  3,114  |   \nGain on revaluation of loan receivable  |  |  11,804  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nGain on revaluation of equity method investment  |  |  32,469  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nGain (loss) on revaluation of financial instruments  |  |  (6,248  |  )  |  |  |  (12,042  |  )  |  |  |  14,739  |   \nImpairment loss on other investments  |  |  (25,650  |  )  |  |  |  (23,350  |  )  |  |  |  (61,392  |  )   \nForeign currency transaction gain (loss)  |  |  57,859  |  |  |  |  (7,324  |  )  |  |  |  (2,286  |  )   \nLoss on held-for-sale assets  |  |  (11,202  |  )  |  |  |  \u2014  |  |  |  |  \u2014  |   \nOther, net  |  |  (350  |  )  |  |  |  1,114  |  |  |  |  (324  |  )   \nTotal other income (expense)  |  |  113,115  |  |  |  |  11,131  |  |  |  |  (9,575  |  )   \nIncome (loss) before income taxes  |  |  36,586  |  |  |  |  (73,669  |  )  |  |  |  (121,003  |  )   \nIncome tax expense (benefit)  |  |  (3,436  |  )  |  |  |  (3,230  |  )  |  |  |  34,175  |   \nIncome (loss) from continuing operations  |  |  40,022  |  |  |  |  (70,439  |  )  |  |  |  (155,178  |  )   \nLoss from discontinued operations  |  |  \u2014  |  |  |  |  (4,114  |  )  |  |  |  (13,556  |  )   \nNet income (loss)  |  |  40,022  |  |  |  |  (74,553  |  )  |  |  |  (168,734  |  )   \nNet income (loss) attributable to non-controlling interest  |  |  (1,058  |  )  |  |  |  (590  |  )  |  |  |  \u2014  |   \nNet income (loss) attributable to Cronos Group  |  $  |  41,080  |  |  |  $  |  (73,963  |  )  |  |  $  |  (168,734  |  )   \n|  |  |  |  |   \n**Comprehensive income (loss)** |  |  |  |  |   \nNet income (loss)  |  $  |  40,022  |  |  |  $  |  (74,553  |  )  |  |  $  |  (168,734  |  )   \nOther comprehensive income (loss)  |  |  |  |  |   \nForeign exchange gain (loss) on translation  |  |  (86,321  |  )  |  |  |  21,539  |  |  |  |  (50,616  |  )   \nComprehensive income (loss)  |  |  (46,299  |  )  |  |  |  (53,014  |  )  |  |  |  (219,350  |  )   \nComprehensive income (loss) attributable to non-controlling interest  |  |  (3,176  |  )  |  |  |  (526  |  )  |  |  |  46  |   \n**Comprehensive income (loss) attributable to Cronos Group** |  $  |  (43,123  |  )  |  |  $  |  (52,488  |  )  |  |  $  |  (219,396  |  )   \n|  |  |  |  |   \n**Net income (loss) per share** |  |  |  |  |   \nBasic - continuing operations  |  $  |  0.11  |  |  |  $  |  (0.18  |  )  |  |  $  |  (0.41  |  )   \nBasic - discontinued operations  |  $  |  \u2014  |  |  |  $  |  (0.01  |  )  |  |  $  |  (0.04  |  )   \nBasic net income (loss) per share attributable to Cronos Group  |  $  |  0.11  |  |  |  $  |  (0.19  |  )  |  |  $  |  (0.45  |  )   \n|  |  |  |  |   \nDiluted - continuing operations  |  $  |  0.11  |  |  |  $  |  (0.18  |  )  |  |  $  |  (0.41  |  )   \nDiluted - discontinued operations  |  $  |  \u2014  |  |  |  $  |  (0.01  |  )  |  |  $  |  (0.04  |  )   \nDiluted net income (loss) per share attributable to Cronos Group  |  $  |  0.11  |  |  |  $  |  (0.19  |  )  |  |  $  |  (0.45  |  )   \n**Weighted average number of outstanding shares** |  |  |  |  |   \nBasic  |  |  382,058,056  |  |  |  |  380,964,739  |  |  |  |  376,961,797  |   \nDiluted  |  |  385,557,002  |  |  |  |  380,964,739  |  |  |  |  376,961,797  |   \n  \n  \n\n|  **Three months ended December 31,**  \n---|---  \n|  |  **2024** |  |  |  |  **2023** |   \n**Net revenue, before excise taxes** |  $  |  41,182  |  |  |  $  |  34,006  |   \nExcise taxes  |  |  (10,881  |  )  |  |  |  (10,091  |  )   \n**Net revenue** |  |  30,301  |  |  |  |  23,915  |   \nCost of sales  |  |  19,494  |  |  |  |  21,913  |   \nInventory write-down  |  |  \u2014  |  |  |  |  89  |   \n**Gross profit** |  |  10,807  |  |  |  |  1,913  |   \n**Operating expenses** |  |  |   \nSales and marketing  |  |  6,413  |  |  |  |  6,367  |   \nResearch and development  |  |  1,028  |  |  |  |  1,451  |   \nGeneral and administrative  |  |  12,080  |  |  |  |  9,802  |   \nRestructuring costs  |  |  \u2014  |  |  |  |  101  |   \nShare-based compensation  |  |  2,187  |  |  |  |  1,933  |   \nDepreciation and amortization  |  |  464  |  |  |  |  529  |   \nImpairment loss on long-lived assets  |  |  \u2014  |  |  |  |  3,366  |   \nTotal operating expenses  |  |  22,172  |  |  |  |  23,549  |   \nOperating loss  |  |  (11,365  |  )  |  |  |  (21,636  |  )   \n**Other income (expense)** |  |  |   \nInterest income, net  |  |  11,863  |  |  |  |  14,214  |   \nGain (loss) on revaluation of derivative liabilities  |  |  142  |  |  |  |  (71  |  )   \nShare of income from equity method investments  |  |  \u2014  |  |  |  |  752  |   \nGain (loss) on revaluation of financial instruments  |  |  302  |  |  |  |  (4,186  |  )   \nImpairment loss on other investments  |  |  \u2014  |  |  |  |  (23,350  |  )   \nForeign currency transaction gain (loss)  |  |  45,489  |  |  |  |  (11,323  |  )   \nLoss on held-for-sale assets  |  |  (780  |  )  |  |  |  \u2014  |   \nOther, net  |  |  294  |  |  |  |  89  |   \nTotal other income (expense)  |  |  57,310  |  |  |  |  (23,875  |  )   \nIncome (loss) before income taxes  |  |  45,945  |  |  |  |  (45,511  |  )   \nIncome tax expense (benefit)  |  |  2,004  |  |  |  |  (360  |  )   \nIncome (loss) from continuing operations  |  |  43,941  |  |  |  |  (45,151  |  )   \nLoss from discontinued operations  |  |  \u2014  |  |  |  |  124  |   \nNet income (loss)  |  |  43,941  |  |  |  |  (45,027  |  )   \nNet loss attributable to non-controlling interest  |  |  212  |  |  |  |  (237  |  )   \nNet income (loss) attributable to Cronos Group  |  $  |  43,729  |  |  |  $  |  (44,790  |  )   \n**Comprehensive loss** |  |  |   \nNet income (loss)  |  $  |  43,941  |  |  |  $  |  (45,027  |  )   \nOther comprehensive income (loss)  |  |  |   \nForeign exchange gain (loss) on translation  |  |  (66,208  |  )  |  |  |  22,635  |   \nComprehensive loss  |  |  (22,267  |  )  |  |  |  (22,392  |  )   \nComprehensive loss attributable to non-controlling interest  |  |  (2,832  |  )  |  |  |  (390  |  )   \n**Comprehensive loss attributable to Cronos Group** |  $  |  (19,435  |  )  |  |  $  |  (22,002  |  )   \n|  |  |   \n**Net income (loss) per share** |  |  |   \nBasic - continuing operations  |  $  |  0.11  |  |  |  $  |  (0.12  |  )   \nBasic - discontinued operations  |  $  |  \u2014  |  |  |  $  |  \u2014  |   \nBasic net income (loss) per share attributable to Cronos Group  |  $  |  0.11  |  |  |  $  |  (0.12  |  )   \n|  |  |   \nDiluted - continuing operations  |  $  |  0.11  |  |  |  $  |  (0.12  |  )   \nDiluted - discontinued operations  |  $  |  \u2014  |  |  |  $  |  \u2014  |   \nDiluted net income (loss) per share attributable to Cronos Group  |  $  |  0.11  |  |  |  $  |  (0.12  |  )   \n**Weighted average number of outstanding shares** |  |  |   \nBasic  |  |  382,340,893  |  |  |  |  381,155,824  |   \nDiluted  |  |  386,525,110  |  |  |  |  381,155,824  |   \n  \n  \n\n**Cronos Group Inc.**  \n**Consolidated Statements of Cash Flows**  \n_(In thousands of U.S. dollars)_  \n---  \n|  **Year ended December 31,**  \n|  |  **2024** |  |  |  |  **2023** |  |  |  |  **2022** |   \n**Operating activities** |  |  |  |  |   \nNet income (loss)  |  $  |  40,022  |  |  |  $  |  (74,553  |  )  |  |  $  |  (168,734  |  )   \nAdjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:  |  |  |  |  |   \nShare-based compensation  |  |  8,700  |  |  |  |  8,769  |  |  |  |  15,115  |   \nDepreciation and amortization  |  |  9,336  |  |  |  |  8,110  |  |  |  |  13,122  |   \nImpairment loss on long-lived assets  |  |  16,350  |  |  |  |  3,571  |  |  |  |  3,493  |   \nImpairment loss on other investments  |  |  25,650  |  |  |  |  23,350  |  |  |  |  61,392  |   \nLoss (income) from investments  |  |  3,841  |  |  |  |  10,513  |  |  |  |  (17,853  |  )   \nLoss (gain) on revaluation of derivative liabilities  |  |  (49  |  )  |  |  |  85  |  |  |  |  (14,060  |  )   \nChanges in expected credit losses on long-term financial assets  |  |  1,032  |  |  |  |  (1,528  |  )  |  |  |  (662  |  )   \nRevaluation of equity method investment  |  |  (32,469  |  )  |  |  |  \u2014  |  |  |  |  \u2014  |   \nRevaluation of loan receivable  |  |  (11,804  |  )  |  |  |  \u2014  |  |  |  |  \u2014  |   \nLoss on held-for-sale assets  |  |  11,202  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nInventory step-up recorded to cost of sales  |  |  5,284  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nForeign currency transaction (gain) loss  |  |  (57,859  |  )  |  |  |  7,324  |  |  |  |  2,286  |   \nOther non-cash operating activities, net  |  |  (82  |  )  |  |  |  (2,008  |  )  |  |  |  1,294  |   \nChanges in operating assets and liabilities:  |  |  |  |  |   \nAccounts receivable, net  |  |  (917  |  )  |  |  |  9,206  |  |  |  |  (2,711  |  )   \nInterest receivable  |  |  (3,656  |  )  |  |  |  (14,344  |  )  |  |  |  (6,985  |  )   \nOther receivables  |  |  2,059  |  |  |  |  (1,449  |  )  |  |  |  1,148  |   \nPrepaids and other current assets  |  |  (512  |  )  |  |  |  1,437  |  |  |  |  996  |   \nInventory, net  |  |  7,417  |  |  |  |  7,399  |  |  |  |  (7,217  |  )   \nAccounts payable  |  |  (7,449  |  )  |  |  |  (773  |  )  |  |  |  (863  |  )   \nIncome taxes payable  |  |  (93  |  )  |  |  |  (33,104  |  )  |  |  |  34,212  |   \nAccrued liabilities  |  |  2,840  |  |  |  |  5,160  |  |  |  |  (2,921  |  )   \nNet cash provided by (used in) operating activities  |  |  18,843  |  |  |  |  (42,835  |  )  |  |  |  (88,948  |  )   \n|  |  |  |  |   \n**Investing activities** |  |  |  |  |   \nProceeds from short-term investments  |  |  185,817  |  |  |  |  532,838  |  |  |  |  268,870  |   \nPurchase of short-term investments  |  |  \u2014  |  |  |  |  (608,247  |  )  |  |  |  (271,378  |  )   \nCash acquired in business combination  |  |  5,993  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nDividends received from equity method investee  |  |  \u2014  |  |  |  |  1,297  |  |  |  |  \u2014  |   \nDividend proceeds  |  |  \u2014  |  |  |  |  345  |  |  |  |  384  |   \nAdvances on loans receivable  |  |  (8,759  |  )  |  |  |  \u2014  |  |  |  |  \u2014  |   \nRepayments on loans receivable  |  |  5,252  |  |  |  |  16,831  |  |  |  |  5,246  |   \nPurchase of property, plant and equipment, net of disposals  |  |  (12,411  |  )  |  |  |  (2,505  |  )  |  |  |  (3,451  |  )   \nPurchase of intangible assets, net of disposals  |  |  (743  |  )  |  |  |  (918  |  )  |  |  |  (1,581  |  )   \nOther investing activities  |  |  \u2014  |  |  |  |  860  |  |  |  |  68  |   \nNet cash provided by (used in) investing activities  |  |  175,149  |  |  |  |  (59,499  |  )  |  |  |  (1,842  |  )   \n|  **Year ended December 31,**  \n|  |  **2024** |  |  |  |  **2023** |  |  |  |  **2022** |   \n**Financing activities** |  |  |  |  |   \nWithholding taxes paid on equity awards  |  |  (1,231  |  )  |  |  |  (1,030  |  )  |  |  |  (2,829  |  )   \nOther financing activities, net  |  |  \u2014  |  |  |  |  \u2014  |  |  |  |  (68  |  )   \nNet cash used in financing activities  |  |  (1,231  |  )  |  |  |  (1,030  |  )  |  |  |  (2,897  |  )   \nEffect of foreign currency translation on cash and cash equivalents  |  |  (3,247  |  )  |  |  |  8,011  |  |  |  |  (28,642  |  )   \nNet change in cash and cash equivalents  |  |  189,514  |  |  |  |  (95,353  |  )  |  |  |  (122,329  |  )   \nCash and cash equivalents, beginning of period  |  |  669,291  |  |  |  |  764,644  |  |  |  |  886,973  |   \nCash and cash equivalents, end of period  |  $  |  858,805  |  |  |  $  |  669,291  |  |  |  $  |  764,644  |   \n|  |  |  |  |   \n**Supplementary cash flow information:** |  |  |  |  |   \nInterest paid  |  |  \u2014  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nInterest received  |  |  48,399  |  |  |  |  36,501  |  |  |  |  15,548  |   \nTaxes paid  |  |  647  |  |  |  |  33,013  |  |  |  |  177  |   \n|  |  |  |  |  |  |  |  |  |  |   \n  \n**Non-GAAP Measures**\n\nCronos reports its financial results in accordance with Generally Accepted\nAccounting Principles in the United States (\u201cU.S. GAAP\u201d). This press release\nrefers to measures not recognized under U.S. GAAP (\u201cnon-GAAP measures\u201d). These\nnon-GAAP measures do not have a standardized meaning prescribed by U.S. GAAP\nand are therefore unlikely to be comparable to similar measures presented by\nother companies. Rather, these non-GAAP measures are provided as a supplement\nto corresponding U.S. GAAP measures to provide additional information\nregarding the results of operations from management\u2019s perspective.\nAccordingly, non-GAAP measures should not be considered a substitute for, or\nsuperior to, the financial information prepared and presented in accordance\nwith U.S. GAAP. All non-GAAP measures presented in this press release are\nreconciled to their closest reported U.S. GAAP measure. Reconciliations of\nhistorical adjusted financial measures to corresponding U.S. GAAP measures are\nprovided below.\n\n_Adjusted EBITDA_\n\nManagement reviews Adjusted EBITDA, a non-GAAP measure, which excludes non-\ncash items and items that do not reflect management\u2019s assessment of ongoing\nbusiness performance. Management defines Adjusted EBITDA as net income (loss)\nbefore interest, tax expense (benefit), depreciation and amortization adjusted\nfor: share of (income) loss from equity method investments; impairment loss on\ngoodwill and intangible assets; impairment loss on long-lived assets; (gain)\nloss on revaluation of derivative liabilities; (gain) loss on revaluation of\nfinancial instruments; gain on revaluation of loan receivable; gain on\nrevaluation of equity method investment; transaction costs related to\nstrategic projects; loss on held-for-sale assets; impairment loss on other\ninvestments; foreign currency transaction loss; other, net; loss from\ndiscontinued operations; restructuring costs; inventory write-downs resulting\nfrom restructuring actions; share-based compensation; costs related to the\nAnti-Dumping Investigation; purchase accounting adjustment-related inventory\nstep-up adjustments recorded through cost of sales; and financial statement\nreview costs and reserves related to the restatements of our 2019 and 2021\ninterim financial statements (the \u201cRestatements\u201d), including the costs related\nto the settlement of the SEC\u2019s and the OSC\u2019s investigations of the\nRestatements and legal costs of defending shareholder class action complaints\nbrought against us as a result of the 2019 restatement (see Note 12(b)\n\u201cContingencies,\u201d to the consolidated financial statements under Item 8 of the\nCompany's Annual Report on Form 10-K for the year ended December 31, 2024 for\na discussion of the shareholder class action complaints relating to the\nrestatement of the 2019 interim financial statements and the settlement of the\nSEC\u2019s and the OSC\u2019s investigations of the Restatements). Results are reported\nas total consolidated results, reflecting our reporting structure of one\nreportable segment.\n\nManagement believes that Adjusted EBITDA provides the most useful insight into\nunderlying business trends and results and provides a more meaningful\ncomparison of period-over-period results. Management uses Adjusted EBITDA for\nplanning, forecasting and evaluating business and financial performance,\nincluding allocating resources and evaluating results relative to employee\ncompensation targets.  \n\nAdjusted EBITDA is reconciled to net income (loss) as follows:\n\n_(in thousands of U.S. dollars)_ |  **For the year ended December 31, 2024**  \n---|---  \n|  **Continuing  \nOperations ** |  |  **Discontinued  \nOperations ** |  |  **Total**  \nNet income  |  $  |  40,022  |  |  |  $  |  \u2014  |  |  $  |  40,022  |   \nInterest income, net  |  |  (52,019  |  )  |  |  |  \u2014  |  |  |  (52,019  |  )   \nIncome tax expense (benefit)  |  |  (3,436  |  )  |  |  |  \u2014  |  |  |  (3,436  |  )   \nDepreciation and amortization  |  |  9,336  |  |  |  |  \u2014  |  |  |  9,336  |   \nEBITDA  |  |  (6,097  |  )  |  |  |  \u2014  |  |  |  (6,097  |  )   \nShare of income from equity method investments  |  |  (2,365  |  )  |  |  |  \u2014  |  |  |  (2,365  |  )   \nImpairment loss on long-lived assets  (i)  |  |  16,350  |  |  |  |  \u2014  |  |  |  16,350  |   \nRevaluation gain on loan receivable  (ii)  |  |  (11,804  |  )  |  |  |  \u2014  |  |  |  (11,804  |  )   \nGain on revaluation of equity method investment  (iii)  |  |  (32,469  |  )  |  |  |  \u2014  |  |  |  (32,469  |  )   \nGain on revaluation of derivative liabilities  (iv)  |  |  (49  |  )  |  |  |  \u2014  |  |  |  (49  |  )   \nLoss on revaluation of financial instruments  (v)  |  |  6,248  |  |  |  |  \u2014  |  |  |  6,248  |   \nImpairment loss on other investments  (vi)  |  |  25,650  |  |  |  |  \u2014  |  |  |  25,650  |   \nForeign currency transaction gain  |  |  (57,859  |  )  |  |  |  \u2014  |  |  |  (57,859  |  )   \nTransaction costs  (vii)  |  |  701  |  |  |  |  \u2014  |  |  |  701  |   \nLoss on held-for-sale assets  (viii)  |  |  11,202  |  |  |  |  \u2014  |  |  |  11,202  |   \nOther, net  (ix)  |  |  350  |  |  |  |  \u2014  |  |  |  350  |   \nRestructuring costs  (x)  |  |  630  |  |  |  |  \u2014  |  |  |  630  |   \nShare-based compensation  (xi)  |  |  8,700  |  |  |  |  \u2014  |  |  |  8,700  |   \nFinancial statement review costs  (xii)  |  |  (1  |  )  |  |  |  \u2014  |  |  |  (1  |  )   \nInventory step-up recorded to cost of sales  (xiv)  |  |  5,284  |  |  |  |  \u2014  |  |  |  5,284  |   \nIsrael Ministry of Economy and Industry dumping inquiry  (xv)  |  |  587  |  |  |  |  \u2014  |  |  |  587  |   \nAdjusted EBITDA  |  $  |  (34,942  |  )  |  |  $  |  \u2014  |  |  $  |  (34,942  |  )   \n  \n  \n\n_(in thousands of U.S. dollars)_ |  **For the year ended December 31, 2023**  \n---|---  \n|  **Continuing  \nOperations ** |  |  **Discontinued  \nOperations ** |  |  **Total**  \nNet loss  |  $  |  (70,439  |  )  |  |  $  |  (4,114  |  )  |  |  $  |  (74,553  |  )   \nInterest income, net  |  |  (51,235  |  )  |  |  |  (10  |  )  |  |  |  (51,245  |  )   \nIncome tax expense (benefit)  |  |  (3,230  |  )  |  |  |  \u2014  |  |  |  |  (3,230  |  )   \nDepreciation and amortization  |  |  7,866  |  |  |  |  244  |  |  |  |  8,110  |   \nEBITDA  |  |  (117,038  |  )  |  |  |  (3,880  |  )  |  |  |  (120,918  |  )   \nShare of income from equity method investments  |  |  (1,583  |  )  |  |  |  \u2014  |  |  |  |  (1,583  |  )   \nImpairment loss on long-lived assets  (i)  |  |  3,366  |  |  |  |  205  |  |  |  |  3,571  |   \nLoss on revaluation of derivative liabilities  (iv)  |  |  85  |  |  |  |  \u2014  |  |  |  |  85  |   \nLoss on revaluation of financial instruments  (v)  |  |  12,042  |  |  |  |  \u2014  |  |  |  |  12,042  |   \nImpairment loss on other investments  (vi)  |  |  23,350  |  |  |  |  \u2014  |  |  |  |  23,350  |   \nForeign currency transaction loss  |  |  7,324  |  |  |  |  \u2014  |  |  |  |  7,324  |   \nOther, net  (ix)  |  |  (1,114  |  )  |  |  |  118  |  |  |  |  (996  |  )   \nRestructuring costs  (x)  |  |  1,524  |  |  |  |  523  |  |  |  |  2,047  |   \nShare-based compensation  (xi)  |  |  8,756  |  |  |  |  13  |  |  |  |  8,769  |   \nFinancial statement review costs  (xii)  |  |  919  |  |  |  |  \u2014  |  |  |  |  919  |   \nInventory write-down  (xiii)  |  |  805  |  |  |  |  839  |  |  |  |  1,644  |   \nAdjusted EBITDA  |  $  |  (61,564  |  )  |  |  $  |  (2,182  |  )  |  |  $  |  (63,746  |  )   \n  \n  \n\n_(in thousands of U.S. dollars)_ |  **Three months ended December 31, 2024**  \n---|---  \n|  **Continuing  \nOperations ** |  |  **Discontinued  \nOperations ** |  |  **Total**  \nNet income  |  $  |  43,941  |  |  |  $  |  \u2014  |  |  $  |  43,941  |   \nInterest income, net  |  |  (11,863  |  )  |  |  |  \u2014  |  |  |  (11,863  |  )   \nIncome tax expense (benefit)  |  |  2,004  |  |  |  |  \u2014  |  |  |  2,004  |   \nDepreciation and amortization  |  |  2,525  |  |  |  |  \u2014  |  |  |  2,525  |   \nEBITDA  |  |  36,607  |  |  |  |  \u2014  |  |  |  36,607  |   \nGain on revaluation of derivative liabilities  (i  v  )  |  |  (142  |  )  |  |  |  \u2014  |  |  |  (142  |  )   \nGain on revaluation of financial instruments  (  v  )  |  |  (302  |  )  |  |  |  \u2014  |  |  |  (302  |  )   \nForeign currency transaction gain  |  |  (45,489  |  )  |  |  |  \u2014  |  |  |  (45,489  |  )   \nTransaction costs  (vii)  |  |  171  |  |  |  |  \u2014  |  |  |  171  |   \nLoss on held-for-sale assets  (  v  iii)  |  |  780  |  |  |  |  \u2014  |  |  |  780  |   \nOther, net  (  ix  )  |  |  (294  |  )  |  |  |  \u2014  |  |  |  (294  |  )   \nShare-based compensation  (  xi  )  |  |  2,187  |  |  |  |  \u2014  |  |  |  2,187  |   \nFinancial statement review costs  (  xii  )  |  |  524  |  |  |  |  \u2014  |  |  |  524  |   \nInventory step-up recorded to cost of sales  (xi  v)  |  |  (1,832  |  )  |  |  |  \u2014  |  |  |  (1,832  |  )   \nIsrael Ministry of Economy and Industry dumping inquiry  (xv)  |  |  587  |  |  |  |  \u2014  |  |  |  587  |   \nAdjusted EBITDA  |  $  |  (7,203  |  )  |  |  $  |  \u2014  |  |  $  |  (7,203  |  )   \n  \n  \n\n_(in thousands of U.S. dollars)_ |  **Three months ended December 31, 2023**  \n---|---  \n|  **Continuing  \nOperations ** |  |  **Discontinued  \nOperations ** |  |  **Total**  \nNet loss  |  $  |  (45,151  |  )  |  |  $  |  124  |  |  |  $  |  (45,027  |  )   \nInterest income, net  |  |  (14,214  |  )  |  |  |  (1  |  )  |  |  |  (14,215  |  )   \nIncome tax expense (benefit)  |  |  (360  |  )  |  |  |  \u2014  |  |  |  |  (360  |  )   \nDepreciation and amortization  |  |  1,177  |  |  |  |  \u2014  |  |  |  |  1,177  |   \nEBITDA  |  |  (58,548  |  )  |  |  |  123  |  |  |  |  (58,425  |  )   \nShare of income from equity method investments  |  |  (752  |  )  |  |  |  \u2014  |  |  |  |  (752  |  )   \nImpairment loss on long-lived assets  (i  )  |  |  3,366  |  |  |  |  \u2014  |  |  |  |  3,366  |   \nLoss on revaluation of derivative liabilities  (i  v  )  |  |  71  |  |  |  |  \u2014  |  |  |  |  71  |   \nLoss on revaluation of financial instruments  (  v  )  |  |  4,186  |  |  |  |  \u2014  |  |  |  |  4,186  |   \nImpairment loss on other investments  (vi  )  |  |  23,350  |  |  |  |  \u2014  |  |  |  |  23,350  |   \nForeign currency transaction loss  |  |  11,323  |  |  |  |  \u2014  |  |  |  |  11,323  |   \nOther, net  (i  x  )  |  |  (89  |  )  |  |  |  (14  |  )  |  |  |  (103  |  )   \nRestructuring costs  (  x)  |  |  101  |  |  |  |  (39  |  )  |  |  |  62  |   \nShare-based compensation  (  xi  )  |  |  1,933  |  |  |  |  (4  |  )  |  |  |  1,929  |   \nFinancial statement review costs  (  xii  )  |  |  180  |  |  |  |  \u2014  |  |  |  |  180  |   \nInventory write-down  (  xiii  )  |  |  89  |  |  |  |  \u2014  |  |  |  |  89  |   \nAdjusted EBITDA  |  $  |  (14,790  |  )  |  |  $  |  66  |  |  |  $  |  (14,724  |  )   \n  \n(i)  For the year ended December 31, 2024, impairment loss on long-lived\nassets included $14,258 related to the write-down of our Ginkgo Exclusive\nLicenses and $1,631 related to the cessation of operations of Thanos Holdings\nLtd., known as Cronos Fermentation (\u201cCronos Fermentation\u201d). For the year ended\nDecember 31, 2023, impairment loss on long-lived assets related to certain\nleased properties associated with the Company\u2019s former U.S. operations and\nimpairment of the Company's CBCVA exclusive license under the collaboration\nand license agreement between Ginkgo and the Company.  \n(ii)  For the year ended December 31, 2024, a revaluation gain on loan\nreceivable was recognized as a result of the Cronos GrowCo Transaction on July\n1, 2024.  \n(iii)  For the year ended December 31, 2024, a gain on revaluation of equity\nmethod investment was recognized as a result of the Cronos GrowCo Transaction\non July 1, 2024.  \n(iv)  For the three months and years ended December 31, 2024 and 2023, the\n(gain) loss on revaluation of derivative liabilities represented the fair\nvalue changes on the derivative liabilities.  \n(v)  For the three months and years ended December 31, 2024 and 2023, (gain)\nloss on revaluation of financial instruments related primarily to our\nunrealized holding (gain) or loss (as applicable) on our mark-to-market\ninvestment in Vitura as well as revaluations of financial liabilities\nresulting from deferred share units granted to directors.  \n(vi)  For the years ended December 31, 2024 and 2023 and the three months\nended December 31, 2023, impairment loss on other investments related to the\nPharmaCann Option for the difference between its fair value and carrying\namount.  \n(vii)  For the year and three months ended December 31, 2024, transaction\ncosts represented legal, financial and other advisory fees and expenses\nincurred in connection with the Cronos GrowCo Transaction. These costs are\nincluded in general and administrative expenses on the consolidated statements\nof net income (loss) and comprehensive income (loss).  \n(viii)  For the year ended December 31, 2024, a loss on held-for-sale assets\nwas recognized as a result of the change in the Company\u2019s sales strategy for\nthe Cronos Fermentation assets to market the assets to a broader buyer pool.\nFor the quarter ended December 31, 2024, a loss on held-for-sale assets was\nrecognized to adjust the net book value of Cronos Fermentation to fair value.  \n(ix)  For the three months and years ended December 31, 2024 and 2023, other,\nnet primarily related to (gain) loss on disposal of assets.  \n(x)  For the year ended December 31, 2024, restructuring costs from continuing\noperations related to shutdown costs at the Cronos Fermentation Facility, as\nwell as employee-related severance costs associated with the Realignment. For\nthe year and three months ended December 31, 2023, restructuring costs related\nto the employee-related severance costs and other restructuring costs\nassociated with the Realignment.  \n(xi)  For the three months and years ended December 31, 2024 and 2023, share-\nbased compensation related to the vesting expenses of share-based compensation\nawarded to employees under our share-based award plans.  \n(xii)  For the three months and years ended December 31, 2024 and 2023,\nfinancial statement review costs included costs related to the Restatements,\ncosts related to the Company\u2019s responses to requests for information from\nvarious regulatory authorities relating to the Restatements, the costs related\nto the Settlement Order and Settlement Agreement and legal costs defending\nshareholder class action complaints brought against the Company as a result of\nthe 2019 restatement, as well as related insurance reimbursements.  \n(xiii)  For the three months and year ended December 31, 2023, inventory\nwrite-downs from discontinued operations relate to product destruction and\nobsolescence associated with the exit of our U.S. operations and inventory\nwrite-downs from continuing operations relate to product destruction and\nobsolescence associated with the planned exit of Cronos Fermentation.  \n(xiv)  For the three months and year ended December 31, 2024, inventory step-\nup recorded to cost of sales represented the portion of the inventory step-up\nfrom the Cronos GrowCo Transaction that was recorded through the consolidated\nstatements of income (loss) and comprehensive income (loss).  \n(xv)  For the three months and year ended December 31, 2024, Israel Ministry\nof Economy and Industry dumping inquiry expense included expenditures relating\nto the regulatory inquiry about alleged dumping of medical cannabis products\nin Israel and related litigation and external relations expenses.\n\n**_Adjusted Gross Profit and Adjusted Gross Margin_ **\n\nTo supplement the consolidated financial statements presented in accordance\nwith U.S. GAAP, we have presented Adjusted Gross Profit and Adjusted Gross\nMargin, non-GAAP measures that exclude the impacts of inventory-related\npurchase accounting adjustments from the calculations of gross profit and\ngross margin, which resulted from the Cronos GrowCo Transaction. Results are\nreported as total consolidated results, reflecting our reporting structure of\none reportable segment.\n\nManagement believes that Adjusted Gross Profit and Adjusted Gross Margin\nprovide useful insight into underlying business trends to facilitate\ncomparisons of period-over-period results by removing the impacts of\ninventory-related purchase accounting adjustments resulting from the Cronos\nGrowCo Transaction, which reflect a one-time event and do not reflect\nmanagement\u2019s assessment of ongoing business performance.\n\n_(in thousands of U.S. dollars)_ |  **Three months ended  \nDecember 31, ** |  |  **Change** |  |  **Year ended  \nDecember 31, ** |  |  **Change**  \n---|---|---|---|---|---|---|---  \n|  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%**  \nNet revenue  |  $  |  30,301  |  |  |  $  |  23,915  |  |  |  $  |  6,386  |  |  |  27  |  %  |  |  $  |  117,615  |  |  |  $  |  87,241  |  |  |  $  |  30,374  |  |  35  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nGross profit  |  $  |  10,807  |  |  |  $  |  1,913  |  |  |  $  |  8,894  |  |  |  465  |  %  |  |  $  |  25,198  |  |  |  $  |  11,909  |  |  |  $  |  13,289  |  |  112  |  %   \nInventory step-up recorded to cost of sales  |  |  (1,832  |  )  |  |  |  \u2014  |  |  |  |  (1,832  |  )  |  |  N/M  |  |  |  |  5,284  |  |  |  |  \u2014  |  |  |  |  5,284  |  |  N/M  |   \nAdjusted Gross Profit  |  $  |  8,975  |  |  |  $  |  1,913  |  |  |  $  |  7,062  |  |  |  369  |  %  |  |  $  |  30,482  |  |  |  $  |  11,909  |  |  |  $  |  18,573  |  |  156  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nGross margin  (i)  |  |  36  |  %  |  |  |  8  |  %  |  |  |  N/A  |  |  |  28  |  pp  |  |  |  21  |  %  |  |  |  14  |  %  |  |  N/A  |  |  7  |  pp   \nAdjusted Gross Margin  (ii)  |  |  30  |  %  |  |  |  8  |  %  |  |  |  N/A  |  |  |  22  |  pp  |  |  |  26  |  %  |  |  |  14  |  %  |  |  N/A  |  |  12  |  pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \n  \n(i)  Gross margin is defined as gross profit divided by net revenue.  \n(ii)  Adjusted Gross Margin is defined as Adjusted Gross Profit divided by net\nrevenue.\n\n_Constant Currency_\n\nTo supplement the consolidated financial statements presented in accordance\nwith U.S. GAAP, we have presented constant currency adjusted financial\nmeasures for net revenues, gross profit, gross profit margin, operating\nexpenses, net income (loss) and Adjusted EBITDA for 2024, as well as cash and\ncash equivalents and short-term investment balances as of December 31, 2024\ncompared to December 31, 2023, which are considered non-GAAP financial\nmeasures. We present constant currency information to provide a framework for\nassessing how our underlying operations performed excluding the effect of\nforeign currency rate fluctuations. To present this information, current and\nprior period income statement results in currencies other than U.S. dollars\nare converted into U.S. dollars using the average exchange rates from the\ncomparative period in 2023 rather than the actual average exchange rates in\neffect during 2024; constant currency current period balance sheet information\nis translated at the prior year-end spot rate rather than the current year-end\nspot rate. All growth comparisons relate to the corresponding period in 2023.\nWe have provided this non-GAAP financial information to aid investors in\nbetter understanding the performance of our business. The non-GAAP financial\nmeasures presented in this press release should not be considered as a\nsubstitute for, or superior to, the measures of financial performance prepared\nin accordance with U.S. GAAP.\n\nThe table below sets forth certain measures of consolidated results from\ncontinuing operations on an as-reported and constant currency basis for 2024\ncompared to 2023, as well as cash and cash equivalents and short-term\ninvestments as of December 31, 2024, compared to December 31, 2023, on an as-\nreported and constant currency basis (in thousands):\n\n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n---|---|---|---  \n|  **Three months ended December 31,** |  |  **As Reported  \nChange ** |  |  **Three months ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  **$** |  |  **%**  \nNet revenue  |  $  |  30,301  |  |  |  $  |  23,915  |  |  |  $  |  6,386  |  |  |  27  |  %  |  |  $  |  30,527  |  |  |  $  |  6,612  |  |  |  28  |  %   \nGross profit  |  |  10,807  |  |  |  |  1,913  |  |  |  |  8,894  |  |  |  465  |  %  |  |  |  10,914  |  |  |  |  9,001  |  |  |  471  |  %   \nGross margin  |  |  36  |  %  |  |  |  8  |  %  |  |  |  N/A  |  |  |  28  |  pp  |  |  |  36  |  %  |  |  |  N/A  |  |  |  28  |  pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \nOperating expenses  |  |  22,172  |  |  |  |  23,549  |  |  |  |  (1,377  |  )  |  |  (6  |  )%  |  |  |  22,557  |  |  |  |  (992  |  )  |  |  (4  |  )%   \nNet income (loss) from continuing operations  |  |  43,941  |  |  |  |  (45,151  |  )  |  |  |  89,092  |  |  |  N/M  |  |  |  |  44,431  |  |  |  |  89,582  |  |  |  N/M  |   \nAdjusted EBITDA  |  |  (7,203  |  )  |  |  |  (14,790  |  )  |  |  |  7,587  |  |  |  51  |  %  |  |  |  (7,869  |  )  |  |  |  6,921  |  |  |  47  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n|  **Year ended  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **Year ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  **$** |  |  **%**  \nNet revenue  |  $  |  117,615  |  |  |  $  |  87,241  |  |  |  $  |  30,374  |  |  |  35  |  %  |  |  $  |  118,983  |  |  |  $  |  31,742  |  |  |  36  |  %   \nGross profit  |  |  25,198  |  |  |  |  11,909  |  |  |  |  13,289  |  |  |  112  |  %  |  |  |  25,505  |  |  |  |  13,596  |  |  |  114  |  %   \nGross margin  |  |  21  |  %  |  |  |  14  |  %  |  |  |  N/A  |  |  |  7  |  pp  |  |  |  21  |  %  |  |  |  N/A  |  |  |  7  |  pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \nOperating expenses  |  |  101,727  |  |  |  |  96,709  |  |  |  |  5,018  |  |  |  5  |  %  |  |  |  102,972  |  |  |  |  6,263  |  |  |  6  |  %   \nNet income (loss) from continuing operations  |  |  40,022  |  |  |  |  (70,439  |  )  |  |  |  110,461  |  |  |  N/M  |  |  |  |  42,007  |  |  |  |  112,446  |  |  |  N/M  |   \nAdjusted EBITDA  |  |  (34,942  |  )  |  |  |  (61,564  |  )  |  |  |  26,622  |  |  |  43  |  %  |  |  |  (35,891  |  )  |  |  |  25,673  |  |  |  42  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \n|  **As of  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **As of December 31,** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  **$** |  |  **%**  \nCash and cash equivalents  |  $  |  858,805  |  |  |  $  |  669,291  |  |  |  $  |  189,514  |  |  |  28  |  %  |  |  $  |  869,761  |  |  |  $  |  200,470  |  |  |  30  |  %   \nShort-term investments  |  |  \u2014  |  |  |  |  192,237  |  |  |  |  (192,237  |  )  |  |  (100  |  )%  |  |  |  \u2014  |  |  |  |  (192,237  |  )  |  |  (100  |  )%   \nTotal cash and cash equivalents and short-term investments  |  $  |  858,805  |  |  |  $  |  861,528  |  |  |  $  |  (2,723  |  )  |  |  \u2014  |  %  |  |  $  |  869,761  |  |  |  $  |  8,233  |  |  |  1  |  %   \n  \n_  \nNet revenue _\n\n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n---|---|---|---  \n|  **Three months ended  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **Three months ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  **2023** |  |  **$** |  |  **%** |  |  |  **2024** |  |  **$** |  |  **%**  \nCannabis flower  |  $  |  23,398  |  |  $  |  17,515  |  |  $  |  5,883  |  |  |  34  |  %  |  |  $  |  23,491  |  |  $  |  5,976  |  |  |  34  |  %   \nCannabis extracts  |  |  6,588  |  |  |  6,074  |  |  |  514  |  |  |  8  |  %  |  |  |  6,729  |  |  |  655  |  |  |  11  |  %   \nOther  |  |  315  |  |  |  326  |  |  |  (11  |  )  |  |  (3  |  )%  |  |  |  307  |  |  |  (19  |  )  |  |  (6  |  )%   \nNet revenue  |  $  |  30,301  |  |  $  |  23,915  |  |  $  |  6,386  |  |  |  27  |  %  |  |  $  |  30,527  |  |  $  |  6,612  |  |  |  28  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n|  **Year ended  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **Year ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  **2023** |  |  **$** |  |  **%** |  |  |  **2024** |  |  **$** |  |  **%**  \nCannabis flower  |  $  |  87,912  |  |  $  |  62,070  |  |  $  |  25,842  |  |  |  42  |  %  |  |  $  |  88,904  |  |  $  |  26,834  |  |  |  43  |  %   \nCannabis extracts  |  |  29,168  |  |  |  24,569  |  |  |  4,599  |  |  |  19  |  %  |  |  |  29,552  |  |  |  4,983  |  |  |  20  |  %   \nOther  |  |  535  |  |  |  602  |  |  |  (67  |  )  |  |  (11  |  )%  |  |  |  527  |  |  |  (75  |  )  |  |  (12  |  )%   \nNet revenue  |  $  |  117,615  |  |  $  |  87,241  |  |  $  |  30,374  |  |  |  35  |  %  |  |  $  |  118,983  |  |  $  |  31,742  |  |  |  36  |  %   \n  \n  \n\n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n---|---|---|---  \n|  **Three months ended  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **Three months ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  **2023** |  |  **$** |  |  **%** |  |  |  **2024** |  |  **$** |  |  **%**  \nCanada  |  $  |  19,656  |  |  $  |  17,935  |  |  $  |  1,721  |  |  10  |  %  |  |  $  |  20,156  |  |  $  |  2,221  |  |  12  |  %   \nIsrael  |  |  7,803  |  |  |  4,974  |  |  |  2,829  |  |  57  |  %  |  |  |  7,546  |  |  |  2,572  |  |  52  |  %   \nOther countries  |  |  2,842  |  |  |  1,006  |  |  |  1,836  |  |  183  |  %  |  |  |  2,825  |  |  |  1,819  |  |  181  |  %   \nNet revenue  |  $  |  30,301  |  |  $  |  23,915  |  |  $  |  6,386  |  |  27  |  %  |  |  $  |  30,527  |  |  $  |  6,612  |  |  28  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n|  **Year ended  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **Year ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  **2023** |  |  **$** |  |  **%** |  |  |  **2024** |  |  **$** |  |  **%**  \nCanada  |  $  |  82,437  |  |  $  |  64,702  |  |  $  |  17,735  |  |  27  |  %  |  |  $  |  83,709  |  |  $  |  19,007  |  |  29  |  %   \nIsrael  |  |  28,368  |  |  |  21,134  |  |  |  7,234  |  |  34  |  %  |  |  |  28,454  |  |  |  7,320  |  |  35  |  %   \nOther countries  |  |  6,810  |  |  |  1,405  |  |  |  5,405  |  |  385  |  %  |  |  |  6,820  |  |  |  5,415  |  |  385  |  %   \nNet revenue  |  $  |  117,615  |  |  $  |  87,241  |  |  $  |  30,374  |  |  35  |  %  |  |  $  |  118,983  |  |  $  |  31,742  |  |  36  |  %   \n  \n  \nFor 2024, net revenue on a constant currency basis was $119.0 million,\nrepresenting a 36% increase from 2023. Net revenue increased on a constant\ncurrency basis primarily due to higher cannabis flower and extract sales in\nthe Canadian market and higher cannabis flower sales in Israel and other\ncountries. The Cronos GrowCo Transaction contributed $6.5 million of cannabis\nflower sales in the year ended December 31, 2024 on a constant currency basis.\nNo such sales were recognized for the year ended December 31, 2023.\n\n_Gross profit_\n\nFor 2024, gross profit on a constant currency basis was $25.5 million,\nrepresenting a 114% increase from 2023. Gross profit increased on a constant\ncurrency basis primarily due to higher cannabis flower and extract sales in\nthe Canadian market, higher cannabis flower sales in Israel and other\ncountries, and production cost improvements, partially offset by the impact on\ncost of sales from the inventory step-up from the Cronos GrowCo Transaction.\nFor 2024, gross profit on a constant currency basis was reduced $5.1 million\nas a result of the impact of the inventory step-up from the Cronos GrowCo\nTransaction that was recorded into cost of sales. No such costs were\nrecognized for 2023.\n\n_Operating expenses_\n\nFor 2024, operating expenses on a constant currency basis were $103.0 million,\nrepresenting a 6% increase from 2023. Operating expenses increased on a\nconstant currency basis primarily due to the impairment of the Ginkgo\nExclusive Licenses, partially offset by lower salaries and benefits,\nprofessional fees and restructuring costs.\n\n_Net income (loss) from continuing operations_\n\nFor 2024, net income (loss) from continuing operations on a constant currency\nbasis was $42.0 million, compared to a loss of $70.4 million for 2023.\n\n_Adjusted EBITDA_\n\nFor 2024, Adjusted EBITDA on a constant currency basis was $(35.9) million,\nrepresenting a 42% improvement from 2023. Adjusted EBITDA improved on a\nconstant currency basis primarily due to higher cannabis flower and extract\nsales in the Canadian market, higher cannabis flower sales in Israel and other\ncountries, production cost improvements, and decreases in general and\nadministrative, sales and marketing and research and development expenses.\n\n_Cash and cash equivalents & short-term investments _\n\nCash and cash equivalents and short-term investments on a constant currency\nbasis increased 1% to $869.8 million as of December 31, 2024 from $861.5\nmillion as of December 31, 2023. The increase in cash and cash equivalents and\nshort-term investments is primarily due to cash flows provided by operating\nactivities in 2024.\n\n**Foreign currency exchange rates**\n\nAll currency amounts in this press release are stated in U.S. dollars, which\nis our reporting currency, unless otherwise noted. All references to \u201cdollars\u201d\nor \u201c$\u201d are to U.S. dollars. The assets and liabilities of our foreign\noperations are translated into dollars at the exchange rate in effect as of\nDecember 31, 2024 and December 31, 2023, as reported on Bloomberg.\nTransactions affecting the shareholders\u2019 equity (deficit) are translated at\nhistorical foreign exchange rates. The consolidated statements of net income\n(loss) and comprehensive income (loss) and consolidated statements of cash\nflows of our foreign operations are translated into dollars by applying the\naverage foreign exchange rate in effect for the years ended December 31, 2024,\nDecember 31, 2023, and December 31, 2022, as reported on Bloomberg.\n\nThe exchange rates used to translate from Canadian dollars (\u201cC$\u201d) to dollars\nare shown below:\n\n_(Exchange rates are shown as C$ per $)_ |  **Year ended December 31,**  \n---|---  \n|  **2024** |  |  **2023** |  |  **2022**  \nAverage rate  |  1.3700  |  |  1.3494  |  |  1.3017   \nSpot rate  |  1.4351  |  |  1.3243  |  |  1.3554   \n|  |  |  |  |   \n  \nThe exchange rates used to translate from New Israeli Shekels (\u201cILS\u201d) to\ndollars are shown below:\n\n_(Exchange rates are shown as ILS per $)_ |  **Year ended December 31,**  \n---|---  \n|  **2024** |  |  **2023** |  |  **2022**  \nAverage rate  |  3.6997  |  |  3.6819  |  |  3.3566   \nSpot rate  |  3.6526  |  |  3.6163  |  |  3.5178   \n|  |  |  |  |   \n  \n**For further information, please contact:**  \nAnna Shlimak  \nInvestor Relations  \nTel: (416) 504-0004  \ninvestor.relations@thecronosgroup.com\n\n  \n\n* * *\n\n##  Tags\n\n[ Cannabis ](/en/search/tag/cannabis \"Cannabis\") [ CRON ](/en/search/tag/cron\n\"CRON\") [ Cronos ](/en/search/tag/cronos \"Cronos\") [ Cronos Group\n](/en/search/tag/cronos%2520group \"Cronos Group\")\n\n##  Recommended Reading\n\n  * March 19, 2025 07:30 ET  |  Source: [ Cronos Group Inc. ](/en/search/organization/Cronos%2520Group%2520Inc\u00a7)\n\n[ Cronos Appoints Anna Shlimak as Chief Financial Officer\n](https://www.globenewswire.com/news-release/2025/03/19/3045272/0/en/Cronos-\nAppoints-Anna-Shlimak-as-Chief-Financial-Officer.html)\n\nTORONTO, March 19, 2025 (GLOBE NEWSWIRE) -- Cronos Group Inc. (NASDAQ: CRON)\n(TSX: CRON) (\u201cCronos\u201d or the \u201cCompany\u201d), an innovative global cannabinoid\ncompany, today announced the appointment of...\n\n[ Read More ](https://www.globenewswire.com/news-\nrelease/2025/03/19/3045272/0/en/Cronos-Appoints-Anna-Shlimak-as-Chief-\nFinancial-Officer.html)\n\n  * March 10, 2025 08:00 ET  |  Source: [ Cronos Group Inc. ](/en/search/organization/Cronos%2520Group%2520Inc\u00a7)\n\n[ Cronos Group Inc. to Speak at the 37th Annual Roth Conference\n](https://www.globenewswire.com/news-release/2025/03/10/3039659/0/en/Cronos-\nGroup-Inc-to-Speak-at-the-37th-Annual-Roth-Conference.html)\n\nTORONTO, March 10, 2025 (GLOBE NEWSWIRE) -- Cronos Group Inc. (NASDAQ: CRON)\n(TSX: CRON) (\u201cCronos\u201d or the \u201cCompany\u201d), an innovative global cannabinoid\ncompany, today announced that Mike Gorenstein,...\n\n[ Read More ](https://www.globenewswire.com/news-\nrelease/2025/03/10/3039659/0/en/Cronos-Group-Inc-to-Speak-at-the-37th-Annual-\nRoth-Conference.html)\n\n",
                "url": "https://www.globenewswire.com/news-release/2025/02/27/3033748/0/en/Cronos-Group-Reports-2024-Fourth-Quarter-and-Full-Year-Results.html"
            },
            "reason": "This is a press release distributed via GlobeNewswire, a reputable service. It contains Cronos Group's reported financial results, making it a reliable source of factual information.",
            "reliability_score": 0.9,
            "search_query": "company 'The Cronos Group' climate risk energy usage",
            "summary": "Cronos Group Reports 2024 Fourth Quarter and Full Year Results.",
            "url": "https://www.globenewswire.com/news-release/2025/02/27/3033748/0/en/Cronos-Group-Reports-2024-Fourth-Quarter-and-Full-Year-Results.html"
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                    "resource_type": "webpage",
                    "source": "https://www.360energy.net/resources/success-stories/cronos"
                },
                "page_content": "[ ](/)\n\nProudly Canadian Since 1995.\n\n[ ](/)\n\nStay Connected \u00e2\u0080\u0093 Join Our Newsletter\n\nThank you! Your submission has been received!\n\nOops! Something went wrong while submitting the form.\n\nSolutions\n\n[ 360 ECOS ](/solutions/360-ecos) [ Envirally ](http://envirally.io) [ 360\nCarbon Excellence ](/solutions/carbon-excellence) [ 360 GrO\n](/solutions/360-gro)\n\nCompany\n\n[ Why Us ](/company/about-us) [ Press ](/company/press) [ Contact Us\n](/company/contact-us) [ Book A Meeting ](/book-a-meeting) [ Client Login\n](https://ub.skgtech.com/Identity/Account/Login)\n\nResources\n\n[ Success Stories ](/resources/success-stories) [ FAQs ](/resources/faqs) [\nArticles ](/resources/articles) [ Podcast ](/resources/podcast-the-360-on-\nenergy-and-carbon) [ White Papers ](/resources/white-papers) [ Webinars\n](/resources/webinars)\n\n[ ](https://www.facebook.com/360Energyinc)\n\n[ ](https://www.instagram.com/360_energy/)\n\n[ ](https://www.linkedin.com/company/360-energy/)\n\n[ ](https://x.com/360_energy)\n\n[ ](https://podcasts.apple.com/us/podcast/the-360-on-energy-and-\ncarbon/id1573283942)\n\n[ ](https://open.spotify.com/show/53JLpEfnSjlf1Lg1avIsbl?si=a69cc0b043494a19)\n\n[ ](https://www.youtube.com/playlist?list=PLjnrOUgCCGHi7ePs1P1gHYLQux_XaGbL4)\n\n\u00c2\u00a9 2025 360 Energy Inc. All right reserved.\n\n[ Privacy Policy ](/legal/privacy-policy) [ Terms and Conditions\n](/legal/terms-conditions) Cookies Settings\n\n",
                "url": "https://www.360energy.net/resources/success-stories/cronos"
            },
            "reason": "This is a success story published by 360 Energy about their work with Cronos Group. While it may present a positive view, it provides specific details about energy management and is likely reliable for that information.",
            "reliability_score": 0.8,
            "search_query": "company 'The Cronos Group' climate risk energy usage",
            "summary": "Success story of Cronos Group's partnership with 360 Energy for energy management solutions.",
            "url": "https://www.360energy.net/resources/success-stories/cronos"
        },
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                    "source": "https://www.prnewswire.com/news-releases/cronos-group-and-ginkgo-bioworks-announce-achievement-of-thcv-equity-milestone-301571428.html"
                },
                "page_content": "[ Accessibility Statement ](https://www.cision.com/about/accessibility/) Skip\nNavigation\n\nTORONTO  and  BOSTON  ,  June 21, 2022  /PRNewswire/ -- _[ Cronos Group\n](https://c212.net/c/link/?t=0&l=en&o=3572550-1&h=3225416693&u=https%3A%2F%2Fthecronosgroup.com%2F&a=Cronos+Group)\n_ Inc. (NASDAQ:  CRON  ) (TSX: CRON) (\"Cronos\"), an innovative global\ncannabinoid company, and _[ Ginkgo Bioworks\n](https://c212.net/c/link/?t=0&l=en&o=3572550-1&h=2768808416&u=https%3A%2F%2Fwww.ginkgobioworks.com%2F&a=Ginkgo+Bioworks)\n_ (NYSE:  DNA  ) (\"Ginkgo\"), the leading horizontal platform for cell\nprogramming, today announced the achievement of the third target productivity\nmilestone in their partnership to produce eight cultured cannabinoids. Using\nGinkgo's platform for organism design and development, Cronos has successfully\nachieved the productivity target for tetrahydrocannabivarin (THCV), a\ncannabinoid hypothesized to reduce the appetite-enhancing property of THC.\nAccess to additional rare cannabinoids will support Cronos' innovation\npipeline and commercialization strategy.\n\nLaunched in 2018 with the goal of accessing rare molecules in the cannabis\nplant to create innovative and differentiated products that would otherwise be\ncost-prohibitive, the partnership between Cronos and Ginkgo aims to produce\ncultured cannabinoids at industrial scale. _[ The program\n](https://c212.net/c/link/?t=0&l=en&o=3572550-1&h=3611081941&u=https%3A%2F%2Fwww.ginkgobioworks.com%2Four-\nwork%2Fproducing-cultured-cannabinoids%2F&a=The+program) _ combines Cronos'\ndeep understanding of the biological structure and function of cannabinoids\nwith Ginkgo's vast experience designing microorganisms for the production of\ncultured products across pharmaceuticals, agriculture and more.\n\nIn  August 2021  , Ginkgo and Cronos _[ announced\n](https://c212.net/c/link/?t=0&l=en&o=3572550-1&h=3645716409&u=https%3A%2F%2Finvestors.ginkgobioworks.com%2Fnews%2Fnews-\ndetails%2F2021%2FCronos-Group-and-Ginkgo-Bioworks-Announce-Achievement-of-\nEquity-Milestone-in-Partnership-to-Produce-Cultured-\nCannabinoids%2Fdefault.aspx&a=announced) _ the achievement of its first equity\nmilestone for cannabigerolic acid (CBGA). In  October 2021  , Cronos _[\nlaunched\n](https://c212.net/c/link/?t=0&l=en&o=3572550-1&h=615659090&u=https%3A%2F%2Fir.thecronosgroup.com%2Fnews-\nreleases%2Fnews-release-details%2Fcronos-group-launches-its-first-cultured-\ncannabinoid-product&a=launched) _ its first cultured CBG product, SPINACH\nFEELZ\u2122 _[ Chill Bliss 2:1 THC|CBG gummy\n](https://c212.net/c/link/?t=0&l=en&o=3572550-1&h=3626722007&u=https%3A%2F%2Fspinachcannabis.com%2Fforms%2Fedibles%2Fchill-\nbliss-gummy%2F&a=Chill+Bliss+2%3A1+THC%7CCBG+gummy) _ , which quickly gained\nconsumer awareness, and according to Hifyre data has achieved 2.4% market\nshare in the gummies category in  Canada  as of the week-ended  June 11, 2022\n. Cronos went on to launch its SPINACH FEELZ\u2122 _[ Chill Bliss 7:1 THC|CBG vape\n](https://c212.net/c/link/?t=0&l=en&o=3572550-1&h=2118616123&u=https%3A%2F%2Fspinachcannabis.com%2Fforms%2Fchill-\nbliss-vape%2F&a=Chill+Bliss+7%3A1+THC%7CCBG+vape) _ in  January 2022  .\n\n\"Continuing to hit these productivity milestones in partnership with Ginkgo\nfuels our innovation pipeline focused on creating borderless products\nutilizing rare cannabinoids that amplify and differentiate the consumer\nexperience,\" said  Mike Gorenstein  , Chairman, President and CEO of Cronos.\n\"We are excited about the possibilities that THCV is expected to give us and\nlook forward to getting more products with rare cannabinoids into market.\"\n\n\"Working with Cronos to develop innovations in cannabis is an opportunity for\nus to apply synthetic biology in a way that is helping bring the cannabis\nindustry forward and make a real impact on its market and the customers it\nserves,\" said Jason Kelly, CEO and cofounder of Ginkgo Bioworks. \"The progress\nwe've made thus far in our collaboration is a true testament to both the\npotential of synthetic biology and the world-class teams at Cronos and\nGinkgo.\"\n\nAs a result of the achievement of the final productivity target for THCV,\nCronos has issued to Ginkgo approximately 2.2 million common shares.\n\n**About Cronos  \n** Cronos is an innovative global cannabinoid company committed to building\ndisruptive intellectual property by advancing cannabis research, technology\nand product development. With a passion to responsibly elevate the consumer\nexperience, Cronos is building an iconic brand portfolio. Cronos diverse\ninternational brand portfolio includes Spinach  \u00ae  , PEACE NATURALS  \u00ae  , Lord\nJones  \u00ae  , Happy Dance  \u00ae  and PEACE+\u2122. For more information about Cronos and\nits brands, please visit: _[ thecronosgroup.com\n](https://c212.net/c/link/?t=0&l=en&o=3572550-1&h=3335548803&u=https%3A%2F%2Fthecronosgroup.com%2F&a=thecronosgroup.com)\n_ .\n\n**CRONOS MEDIA CONTACT:**  \n_[ [email protected]  ](/cdn-cgi/l/email-\nprotection#e78a82838e86c995828b86938e888994a7938f828495888988948095889297c984888a)\n_\n\n**CRONOS INVESTOR CONTACT:**  \n_[ [email protected]  ](/cdn-cgi/l/email-\nprotection#4d24233b283e39223f633f28212c392422233e0d3925282e3f2223223e2a3f22383d632e2220)\n_\n\n**About Ginkgo Bioworks  \n** Ginkgo is building a platform to enable customers to program cells as\neasily as we can program computers. The company's platform is enabling\nbiotechnology applications across diverse markets, from food and agriculture\nto industrial chemicals to pharmaceuticals. Ginkgo has also actively supported\na number of COVID-19 response efforts, including K-12 pooled testing, vaccine\nmanufacturing optimization and therapeutics discovery. For more information,\nvisit _[ www.ginkgobioworks.com\n](https://c212.net/c/link/?t=0&l=en&o=3572550-1&h=2356245785&u=http%3A%2F%2Fwww.ginkgobioworks.com%2F&a=www.ginkgobioworks.com)\n_ .\n\n**GINKGO BIOWORKS INVESTOR CONTACT:  \n** [ [email protected]  ](/cdn-cgi/l/email-\nprotection#d7beb9a1b2a4a3b8a5a497b0beb9bcb0b8b5beb8a0b8a5bca4f9b4b8ba)\n\n**GINKGO BIOWORKS MEDIA CONTACT:  \n** [ [email protected]  ](/cdn-cgi/l/email-\nprotection#3d4d4f584e4e7d5a5453565a525f54524a524f564e135e5250)\n\n**Forward-looking Statements of Cronos Group Inc.  \n** This press release may contain information that may constitute \"forward-\nlooking information\" or \"forward-looking statements\" within the meaning of\napplicable Canadian and U.S. securities laws (collectively, \"Forward-looking\nStatements\"). All information contained herein that is not clearly historical\nin nature may constitute Forward-looking Statements. In some cases, Forward-\nlooking Statements can be identified by the use of forward-looking terminology\nsuch as \"may\", \"will\", \"expect\", \"plan\", \"anticipate\", \"intend\", \"potential\",\n\"estimate\", \"believe\" or the negative of these terms, or other similar\nexpressions intended to identify Forward-looking Statements. Forward-Looking\nStatements include estimates, plans, expectations, opinions, forecasts,\nprojections, targets, guidance or other statements that are not statements of\nhistorical fact. Forward-Looking Statements include, but are not limited to,\nstatements with respect to: Cronos' expectations regarding the potential\nsuccess of, and the costs and benefits associated with, its partnership with\nGinkgo; expectations about the development of the cannabis industry and\npotential demand for cultured cannabinoids; Cronos' commercialization and\nplanned THCV product launch; the partnership's aim to develop eight cultured\ncannabinoids; Cronos' and Ginkgo's positioning to elevate the cannabis\nindustry through cannabinoid and product innovation to unlock the next\ngeneration of its potential; the use of Cronos' and Ginkgo's combined\ncapabilities to make the benefits of cannabinoids more accessible to\nconsumers; and Cronos' intention to build an international iconic brand\nportfolio and develop disruptive intellectual property. Forward-looking\nStatements are necessarily based upon a number of estimates and assumptions\nthat, while considered reasonable by management, are inherently subject to\nsignificant business, economic and competitive risks, financial results,\nresults, performance or achievements expressed or implied by those Forward-\nlooking Statements and the Forward-looking Statements are not guarantees of\nfuture performance. A discussion of some of the material risks applicable to\nthe Company can be found in the Cronos' Annual Report on Form 10-K for the\nyear ended  December 31, 2021  and Quarterly Report on Form 10-Q for the\nperiod ended  March 31, 2022  , both have which been filed on SEDAR and EDGAR\nand can be accessed at [ www.sedar.com ](http://www.sedar.com) and [\nwww.sec.gov/edgar ](http://www.sec.gov/edgar) , respectively. Any Forward-\nlooking Statement included in this press release is made as of the date of\nthis press release and, except as required by law, Cronos disclaims any\nobligation to update or revise any Forward-looking Statement. Readers are\ncautioned not to put undue reliance on any Forward-looking Statement.\n\n**Forward-Looking Statements of Ginkgo Bioworks  \n** This press release contains certain forward-looking statements within the\nmeaning of the federal securities laws, including statements regarding the\npotential success of the partnership and Ginkgo's cell programming platform.\nThese forward-looking statements generally are identified by the words\n\"believe,\" \"can,\" \"project,\" \"potential,\" \"expect,\" \"anticipate,\" \"estimate,\"\n\"intend,\" \"strategy,\" \"future,\" \"opportunity,\" \"plan,\" \"may,\" \"should,\"\n\"will,\" \"would,\" \"will be,\" \"will continue,\" \"will likely result,\" and similar\nexpressions. Forward-looking statements are predictions, projections and other\nstatements about future events that are based on current expectations and\nassumptions and, as a result, are subject to risks and uncertainties. Many\nfactors could cause actual future events to differ materially from the\nforward-looking statements in this press release, including but not limited\nto: (i) the effect of Ginkgo's business combination with Soaring Eagle\nAcquisition Corp. (\"Soaring Eagle\") on Ginkgo's business relationships,\nperformance, and business generally, (ii) risks that the business combination\ndisrupts current plans of Ginkgo and potential difficulties in Ginkgo's\nemployee retention, (iii) the outcome of any legal proceedings that may be\ninstituted against Ginkgo related to its business combination with Soaring\nEagle, (iv) volatility in the price of Ginkgo's securities now that it is a\npublic company due to a variety of factors, including changes in the\ncompetitive and highly regulated industries in which Ginkgo operates and plans\nto operate, variations in performance across competitors, changes in laws and\nregulations affecting Ginkgo's business and changes in the combined capital\nstructure, (v) the ability to implement business plans, forecasts, and other\nexpectations after the completion of the business combination, and identify\nand realize additional opportunities, (vi) the risk of downturns in demand for\nproducts using synthetic biology, (vii) the unpredictability of the duration\nof the COVID-19 pandemic and the demand for COVID-19 testing and the\ncommercial viability of our COVID-19 testing business, and (viii) changes to\nthe biosecurity industry, including due to advancements in technology,\nemerging competition and evolution in industry demands, standards and\nregulations. The foregoing list of factors is not exhaustive. You should\ncarefully consider the foregoing factors and the other risks and uncertainties\ndescribed in the \"Risk Factors\" section of Ginkgo's quarterly report on Form\n10-Q filed with the U.S. Securities and Exchange Commission (the \"SEC\") on\nMay 16, 2022  and other documents filed by Ginkgo from time to time with the\nSEC. These filings identify and address other important risks and\nuncertainties that could cause actual events and results to differ materially\nfrom those contained in the forward-looking statements. Forward-looking\nstatements speak only as of the date they are made. Readers are cautioned not\nto put undue reliance on forward-looking statements, and Ginkgo assumes no\nobligation and does not intend to update or revise these forward-looking\nstatements, whether as a result of new information, future events, or\notherwise. Ginkgo does not give any assurance that it will achieve its\nexpectations.\n\nSOURCE Ginkgo Bioworks\n\n##  WANT YOUR COMPANY'S NEWS  FEATURED ON PRNEWSWIRE.COM?\n\n440k+  \nNewsrooms &  \nInfluencers\n\n9k+  \nDigital Media  \nOutlets\n\n270k+  \nJournalists  \nOpted In\n\n[ GET STARTED ](https://www.prnewswire.com/account/online-membership-\nform/?site_refer=press-release-widget)\n\n###  Modal title\n\n##  Also from this source\n\n[ ](ginkgo-bioworks-reports-fourth-quarter-and-full-year-2024-financial-\nresults-302385247.html)\n\n### [ Ginkgo Bioworks Reports Fourth Quarter and Full Year 2024 Financial\nResults  Ginkgo Bioworks Holdings, Inc. (NYSE: DNA, \"Ginkgo\"), which is\nbuilding the leading platform for cell programming and biosecurity, today\nannounced...  ](ginkgo-bioworks-reports-fourth-quarter-and-full-\nyear-2024-financial-results-302385247.html)\n\n[ ](ginkgo-bioworks-partners-with-hadea-in-up-to-24-million-consortium-\nproject-to-deliver-next-generation-agnostic-diagnostics-for-respiratory-\nviruses-at-the-point-of-care-302381350.html)\n\n### [ Ginkgo Bioworks Partners with HaDEA in Up to \u20ac24 Million Consortium\nProject to Deliver Next-Generation 'Agnostic Diagnostics' for Respiratory\nViruses at the Point of Care  Ginkgo Bioworks (NYSE: DNA), which is building\nthe leading platform for cell programming and biosecurity, today announced a\ncollaboration with the...  ](ginkgo-bioworks-partners-with-hadea-in-up-\nto-24-million-consortium-project-to-deliver-next-generation-agnostic-\ndiagnostics-for-respiratory-viruses-at-the-point-of-care-302381350.html)\n\n[ More Releases From This Source ](/news/ginkgo-bioworks/)\n\n##  Explore\n\n[ [ Cannabis ](/news-releases/consumer-products-retail-latest-news/cannabis-\nlist/) ](/news-releases/consumer-products-retail-latest-news/cannabis-list/)\n\n[ [ Retail ](/news-releases/consumer-products-retail-latest-news/retail-list/)\n](/news-releases/consumer-products-retail-latest-news/retail-list/)\n\n[ [ New Products & Services ](/news-releases/general-business-latest-news/new-\nproducts-services-list/) ](/news-releases/general-business-latest-news/new-\nproducts-services-list/)\n\n[ News Releases in Similar Topics ](/news-releases/)\n\n##  Contact PR Newswire\n\n  * [ Call PR Newswire at 888-776-0942 ](tel:Call%20PR%20Newswire%20at%20888-776-0942) from 8 AM - 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                "url": "https://www.prnewswire.com/news-releases/cronos-group-and-ginkgo-bioworks-announce-achievement-of-thcv-equity-milestone-301571428.html"
            },
            "reason": "This is a press release from PR Newswire regarding Cronos Group. It is a reliable source for company announcements.",
            "reliability_score": 0.9,
            "search_query": "company 'The Cronos Group' waste management water consumption",
            "summary": "Cronos Group and Ginkgo Bioworks announce achievement of THCV equity milestone.",
            "url": "https://www.prnewswire.com/news-releases/cronos-group-and-ginkgo-bioworks-announce-achievement-of-thcv-equity-milestone-301571428.html"
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                    "source": "https://www.newswire.ca/news-releases/cronos-group-and-ginkgo-bioworks-announce-a-landmark-partnership-to-produce-cultured-cannabinoids-692376551.html"
                },
                "page_content": "[ Accessibility Statement ](https://www.cision.com/about/accessibility/) Skip\nNavigation\n\n_Leading Companies from Emerging Industries Join Forces to Efficiently Produce\nHigh-Purity Cannabinoids at Scale_\n\nBOSTON and  TORONTO  ,  Sept. 4, 2018  /CNW/ - Today, [ Cronos Group\n](https://thecronosgroup.com/) Inc. (NASDAQ:CRON) (TSX:  CRON  ) (\" **Cronos\nGroup** \"), a geographically diversified and vertically integrated cannabis\ngroup, and [ Ginkgo Bioworks ](https://www.ginkgobioworks.com/) Inc. (\"\n**Ginkgo** \"), the organism company, announced a landmark partnership to\nproduce cultured cannabinoids. Using its platform technology for organism\ndesign and development, Ginkgo will complement Cronos Group's technologies for\nproducing a full spectrum of cannabinoids. As part of this unprecedented deal,\nCronos Group has agreed to issue a specific number of common shares in\ntranches subject to Ginkgo's achievement of certain production milestones.\n\nGinkgo Bioworks (CNW Group/Cronos Group Inc.)\n\nAs two of the leading companies in their respective industries, Cronos Group\nand Ginkgo believe that they are best-suited to unlock the potential of\ninnovation in the cannabis industry. Cronos Group brings a deep understanding\nof the plant's biological structure and function, while Ginkgo brings 10 years\nof experience designing microorganisms for the production of cultured products\nacross pharmaceuticals, agriculture, flavors, fragrances, and more.\n\nCannabinoids span a range of molecules with different properties, and ongoing\nresearch has demonstrated potential medicinal uses for indications such as\nchronic pain, nervous disorders, nausea, weight loss, and some mental\nillnesses. However, many pharmaceutically relevant cannabinoids are present\nonly at very low quantities in the cannabis plant, making them economically\nimpractical, difficult or impossible to extract at high purity and scale. The\nlandmark partnership between Cronos Group and Ginkgo will leverage the\nexpertise of both organizations to solve this challenge and make more\naccessible the benefits of cannabinoids in an economically sustainable way.\n\n\"Cronos Group is building the world's most innovative cannabinoid platform,\"\nsaid  Mike Gorenstein  , CEO of Cronos Group. \"The potential uses of\ncannabinoids are vast, but the key to successfully bringing cannabinoid-based\nproducts to market is in creating reliable, consistent, and scalable\nproduction of a full spectrum of cannabinoids, not just THC and CBD. We are\nthrilled to partner with Ginkgo; their biological engineering capabilities and\ndisruptive technology platform are unrivaled. Together we can revolutionize\nthe cannabis industry.\"\n\n\"Legal cannabis is a multibillion-dollar industry with no signs of slowing\ndown, but providers will need to innovate to keep up with demand for better\nproducts, including those taking advantage of rare and difficult to extract\ncannabinoids,\" said  Jason Kelly  , CEO and co-founder of Ginkgo Bioworks.\n\"Engineering strains of yeast that can produce these cannabinoids via\nfermentation is a perfect fit for our organism design platform and we are\nexcited to be working with Cronos Group as they lead the way to high-quality\ncannabinoid treatments.\"\n\n**Partnership Details**\n\nCronos Group's wide-ranging portfolio of cannabis products is empowered by its\ndeep expertise in plant genetics. With access to an array of varietals and a\ndiverse set of production methodologies, Cronos Group has gathered extensive\ndata on cannabinoids and their properties, ultimately learning from and using\nthe plant to generate blueprints for best-in-class, full spectrum cannabinoid\nrecipes.\n\nGinkgo's platform for engineering biology is powered by state-of-the-art\nautomation and custom-built software used to design and print DNA. With the\nworld's largest library of designed DNA sequences, Ginkgo has extensive\nexpertise in the biology of enzymes for the production of molecules used in\nindustries from flavor and fragrance to food to pharmaceuticals. By\ntransferring the DNA sequences for cannabinoid production into yeast, Ginkgo\nexpects to develop strains that produce cultured cannabinoids at high quality\nand purity in a process similar to brewing beer in a microbrewery. In addition\nto allowing for the efficient and scalable production of cannabinoids, the use\nof Ginkgo's platform is expected to unlock access to potentially medically-\nimportant and valuable cannabinoids that are present only in low quantities in\nthe plant.\n\nThe partnership between Ginkgo and Cronos Group will focus on the scalable and\nconsistent production of a wide range of cannabinoids, including THC, CBD and\na variety of other lesser known and rarer products. These cultured cannabinoid\nmolecules are identical to those extracted from the plants grown with\ntraditional methods, but are created by leveraging the power of biological\nmanufacturing via fermentation.\n\n**Partnership Transaction Terms**\n\nUnder the exclusive partnership, Ginkgo will work with Cronos Group on\nresearch and development of microorganisms capable of producing certain target\ncannabinoids in a scalable and highly efficient manner. Cronos Group will fund\ncertain R&D and foundry expenses expected to be approximately  US$22 million\nsubject to the achievement of certain milestones. In addition, upon Ginkgo's\ndemonstration that the microorganisms are capable of producing the target\ncannabinoids above a minimum productivity level, Cronos Group will issue up to\napproximately 14.7 million common shares in the aggregate, in accordance with\nthe milestone allocations described below. The common shares allocated were\nbased on the 60-day VWAP for Cronos Group common stock of  US$6.81  as of\nJuly 17, 2018  , when the letter of intent was executed by both parties. The\ntransaction had an aggregate value of  US$100 million  assuming all milestones\nare met. Tranches of these common shares will be issued once each of the\ntarget cannabinoids can be produced for less than  US$1,000  per kilogram of\npure cannabinoid at a scale of greater than 200 liters as follows: THC(A),\n20%; CBD(A), 15%; CBC(A), 10%; CBG(A), 10%; THCV(A), 15%; CBGV(A), 10%;\nCBDV(A), 10%; CBCV(A), 10%.\n\nCronos Group will have the exclusive right to use and commercialize the key\npatented intellectual property related to the production of the target\ncannabinoids globally. All R&D work undertaken by Ginkgo will be conducted in\ncompliance with all U.S. federal laws regarding controlled substances and\nGinkgo is coordinating activities closely with both Federal and State\nagencies. Cronos Group intends to produce and distribute the target\ncannabinoids globally and has received confirmation that this method of\nproduction is permitted under the _Cannabis Act_ (  Canada  ) \u2013 the legal\nframework that will regulate cannabis in  Canada  .\n\nThis landmark deal will bring the power of biological manufacturing to the\ncannabis industry, allowing for cannabinoid production at large scale and with\ngreater efficiency than is currently possible with traditional growing and\nextracting methods.\n\n**Analyst/Investor Conference Call and Webcast**  \nCronos Group and Ginkgo Bioworks will host a conference call and live webcast\non  Tuesday, September 4, 2018  at  8:30 a.m. EST  to discuss the landmark\npartnership. Instruction for the conference call are provided below:\n\n_Live Webcast:_ [ https://thecronosgroup.com/investor-relations\n](https://thecronosgroup.com/investor-relations)  \n_Toll-free dial-in number:_ (888) 231-8191 _  \nInternational dial-in number: _ (647) 427-7450  \n_Conference ID:_ 9537928\n\nAdditionally, an audio replay of the conference call will be available two\nhours after the call's completion and until  11:59 p.m. EST  on  September 18,\n2018  . Instructions for the audio replay are provided below:\n\n_Toll-free dial-in number:_ (855) 859-2056  \n_Passcode:_ 9537928\n\n**About Ginkgo Bioworks:**  \nGinkgo Bioworks is the organism company, using the power of biology to build\nsustainable products in food, pharma, manufacturing, and more. Using\nsophisticated software and state of the art automation,\n\nGinkgo's powerful platform for genetic engineering is making biology easier to\nengineer, enabling new products to be renewably manufactured with biology. For\nmore information, visit [ www.ginkgobioworks.com\n](http://www.ginkgobioworks.com/) .\n\n**About Cronos Group:  \n** Cronos Group is a globally diversified and vertically integrated cannabis\ncompany with a presence across four continents. Cronos Group operates two\nwholly-owned Canadian licensed producers regulated under Health Canada's\nAccess to Cannabis for Medical Purposes Regulations: Peace Naturals Project\nInc., which was the first non-incumbent medical cannabis license granted by\nHealth Canada, and Original BC Ltd., which is based in the Okanagan Valley,\nBritish Columbia  . Cronos Group has multiple international production and\ndistribution platforms across five continents. Cronos Group intends to\ncontinue to rapidly expand its global footprint as it focuses on building an\ninternational iconic brand portfolio and develop disruptive intellectual\nproperty. Cronos Group is committed to building industry leading companies\nthat transform the perception of cannabis and responsibly elevate the consumer\nexperience.\n\n**Forward-looking statements  \n** This news release contains \"forward-looking information\" and \"forward-\nlooking statements\" within the meaning of applicable Canadian and U.S.\nsecurities laws. All information contained herein that is not clearly\nhistorical in nature may constitute forward-looking information. In some\ncases, forward-looking statements can be identified by words or phrases such\nas \"may\", \"will\", \"expect\", \"plan\", \"anticipate\", \"intend\", \"potential\",\n\"estimate\", \"believe\" or the negative of these terms, or other similar\nexpressions intended to identify forward-looking statements. Some of the\nforward-looking statements contained in this press release include Cronos\nGroup's expectations regarding the potential success of, and the costs and\nbenefits associated with, its partnership with Ginkgo, expectations about the\ndevelopment of the cannabis industry and potential demand for cultured\ncannabinoids, expectations of the regulatory framework for cultured\ncannabinoids as well as the Cronos Group's intention to continue to rapidly\nexpand its global footprint, build an international iconic brand portfolio and\ndevelop disruptive intellectual property. Forward-looking statements are\nnecessarily based upon a number of estimates and assumptions that, while\nconsidered reasonable by management, are inherently subject to significant\nbusiness, economic and competitive risks, uncertainties and contingencies that\nmay cause actual financial results, performance or achievements to be\nmaterially different from the estimated future results, performance or\nachievements expressed or implied by those forward-looking statements and the\nforward-looking statements are not guarantees of future performance. A\ndiscussion of some of the material risks applicable to Cronos Group can be\nfound in its current MD&A and Annual Information Form, both of which have been\nfiled on SEDAR and can be accessed at [ www.sedar.com ](http://www.sedar.com/)\n. The forward-looking information included in this news release is made as of\nthe date of this news release and, except as required by law, Cronos Group\ndisclaims any obligation to update or revise any forward-looking statements.\nReaders are cautioned not to put undue reliance on these forward-looking\nstatements.\n\nSOURCE Cronos Group Inc.\n\nThe Cronos Group, Anna Shlimak, Investor Relations, Tel: (416) 504-0004, [\n[email protected] ](/cdn-cgi/l/email-protection) ; Ginkgo Bioworks, Grace\nEmery, Media relations, 347-230-6640, [ [email protected] ](/cdn-cgi/l/email-\nprotection)\n\n####  Related Links\n\n[ thecronosgroup.com ](http://thecronosgroup.com \"Link to\nhttp://thecronosgroup.com\")  \n\n###  Modal title\n\n##  Organization Profile\n\n###  [ Cronos Group Inc. ](/news/cronos-group-inc/)\n\n##  Related Organization(s)\n\n###  [ Ginkgo Bioworks ](/news/ginkgo-bioworks/)\n\n##  Contact Cision\n\n  * [ 866-245-2317 ](tel:866-245-2317) from 8 AM - 10 PM ET \n\n  * [ Become a Client ](/contact-us/ \"Become a Client\")\n  * [ Request a Demo ](/request-a-demo/ \" Request a Demo \")\n  * [ Editorial Bureaus ](/contact-us/editorial-bureaus/ \" Editorial Bureaus \")\n  * [ Partnerships ](/contact-us/partnerships/ \" Partnerships \")\n  * [ General Enquiries ](/general-inquiries/ \" General Enquiries \")\n  * [ Media ](/contact-us/media/ \" Media\")\n\n[ ](https://www.linkedin.com/company/cisioncanada/ \"LinkedIn\")\n\n##  Products\n\n  * [ Cision Communications Cloud\u00ae ](https://www.newswire.ca/products/communications-cloud \"Cision Communications Cloud\u00ae\")\n  * [ Media Monitoring ](https://www.cision.ca/monitoring-analytics/online/ \"Media Monitoring\")\n  * [ Content Distribution ](https://www.newswire.ca/products/content-distribution \"Content Distribution\")\n  * [ Multimedia Distribution ](https://www.newswire.ca/products/multimedia-distribution-options \"Multimedia Distribution\")\n  * [ Measurement & Analytics ](https://www.newswire.ca/products/Media-Measurement--Analytics \"Measurement & Analytics\")\n  * [ Investor Relations ](https://www.newswire.ca/products/investor-relations \"Investor Relations\")\n\n##  About\n\n  * [ About Cision Canada ](http://cnw.en.mediaroom.com/aboutus/ \"About Cision Canada\")\n  * [ About Cision ](http://www.cision.ca/ \"About Cision\")\n  * [ Media Partners ](https://www.newswire.ca/contact-us/media-partners.html \"Media Partners\")\n  * [ Careers ](https://www.cision.ca/careers/ \"Careers\")\n  * [ Accessibility Statement ](https://www.cision.ca/about/accessibility/ \"Accessibility Statement\")\n  * \n\n##  My Services\n\n  * [ All News Releases ](/news-releases/news-releases-list/ \"All News Releases\")\n  * [ Online Member Centre   \n](https://cnwportal.prnewswire.com/Login.aspx \"Online Member Centre<br />\n\n\")\n\n  * [ Next Gen Communications Cloud ](https://app2.cision.com/ \"Next Gen Communications Cloud\")\n  * [ Cision Communications Cloud\u00ae ](https://app.cision.com/#/login?lang=en-ca \"Cision Communications Cloud\u00ae\")\n  * [ my CNW   \n](/mycnw/login/ \"my CNW<br />\n\n\")\n\nDo not sell or share my personal information:\n\n  * Submit via [ [email protected] ](/cdn-cgi/l/email-protection)\n  * Call Privacy toll-free: 877-297-8921 \n\n##  [ Contact Cision ](/contact-us)\n\n##  [ Products ](/products/overview)\n\n##  [ About ](http://cnw.en.mediaroom.com/aboutus/)\n\n[ My Services __ ]()\n\n  * [ All News Releases ](/news-releases/ \"All News Releases\")\n  * [ Online Member Centre ](https://cnwportal.prnewswire.com/Login.aspx \"Online Member Centre\")\n  * [ Next Gen Communications Cloud ](https://app2.cision.com/ \"Next Gen Communications Cloud\")\n  * [ Cision Communications Cloud ](https://app.cision.com/#/login?lang=en-ca \"Cision Communications Cloud\")\n  * [ my CNW ](/mycnw/login/ \"my CNW\")\n\n[ __ 877-269-7890  \nfrom 8 AM - 10 PM ET  ](tel:877-269-7890 \"Contact Us\")\n\n  * [ Terms of Use ](http://cnw.en.mediaroom.com/privacy-terms-of-use \"Terms of Use\")\n  * [ Information Security Policy ](/cision-information-security-policy/ \"Information Security Policy\")\n  * [ Site Map ](/sitemap/ \"Site Map\")\n  * [ Cookie Settings ](/cookie-settings/ \"Cookie Settings\")\n  * [ Accessibility Statement ](https://www.cision.com/about/accessibility/ \"Accessibility Statement\")\n\nCopyright \u00a9 2025 CNW Group Ltd. 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                "url": "https://www.newswire.ca/news-releases/cronos-group-and-ginkgo-bioworks-announce-a-landmark-partnership-to-produce-cultured-cannabinoids-692376551.html"
            },
            "reason": "This is a press release from Newswire.ca regarding Cronos Group. It is a reliable source for company announcements.",
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            "search_query": "company 'The Cronos Group' waste management water consumption",
            "summary": "Cronos Group and Ginkgo Bioworks announce a landmark partnership to produce cultured cannabinoids.",
            "url": "https://www.newswire.ca/news-releases/cronos-group-and-ginkgo-bioworks-announce-a-landmark-partnership-to-produce-cultured-cannabinoids-692376551.html"
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                    "source": "https://www.globenewswire.com/news-release/2025/02/27/3033748/0/en/Cronos-Group-Reports-2024-Fourth-Quarter-and-Full-Year-Results.html"
                },
                "page_content": "Accessibility: Skip TopNav\n\n#  Cronos Group Reports 2024 Fourth Quarter and Full-Year Results\n\nFebruary 27, 2025 07:30 ET  | Source:  [ Cronos Group Inc. ](/en/search/organization/Cronos%2520Group%2520Inc\u00a7) Cronos Group Inc. \n\n* * *\n\n_Net revenue in Q4 2024 increased by 27% year-over-year to $30.3 million; Net\nrevenue in FY 2024 increased by 35% year-over-year to $117.6 million_\n\n_Spinach_ _\u00ae_ _Ends 2024 as the Number One Cannabis Brand in Canada_ _1_\n\n_PEACE NATURALS_ _\u00ae_ _Ends 2024 as the Number One Cannabis Brand in Israel_\n_2_\n\n_Industry leading balance sheet with_ _$859_ _million in cash_ _and cash\nequivalents_\n\nTORONTO, Feb. 27, 2025 (GLOBE NEWSWIRE) -- Cronos Group Inc. (NASDAQ: CRON)\n(TSX: CRON) (\u201cCronos\u201d or the \u201cCompany\u201d), today announced its 2024 fourth\nquarter and full-year business results.\n\n\"We set ambitious goals to deliver robust growth, improve margins, and achieve\noperational excellence. Today, I am proud to say that Cronos has not only met\nbut exceeded these objectives, as evidenced by our strong 2024 results. Our\nunwavering commitment to innovation, quality, and disciplined cost management\nhas solidified our leadership in the global cannabis industry,\" said Mike\nGorenstein, Chairman, President and CEO of Cronos.\n\n\"From Spinach  _\u00ae_ becoming the number one cannabis brand in Canada and PEACE\nNATURALS  _\u00ae_ achieving a number one position in Israel, to our groundbreaking\nadvancements in cannabis genetics, to international expansion, Cronos is well-\npositioned to capitalize on future opportunities and drive long-term value for\nour shareholders. As we look ahead to 2025, we remain focused on sustaining\nthis momentum, strengthening our market leadership, and delivering innovative\nproducts that resonate with consumers worldwide,\" continued Mr. Gorenstein.\n\"Our strategic investments, such as Cronos GrowCo, have enhanced our\ncultivation capabilities, ensuring a consistent supply of high-quality\ncannabis at scale with an improved gross margin profile, while our R&D\nbreakthroughs have set new industry standards. Internationally, we\u2019ve made\nsignificant strides, with PEACE NATURALS  _\u00ae_ leading in Israel and gaining\ntraction in Germany and the UK. Combined with a robust balance sheet and a\nportfolio of best-selling, borderless brands, Cronos is not just leading\ntoday, we\u2019re building the foundation for long-term excellence in the global\ncannabis industry. Looking to 2025, we're excited about the opportunities\nahead as we continue to innovate, expand, and deliver for our consumers and\nshareholders.\"  \n\n**_Consolidated Financial Results_ **\n\nOn June 20, 2024 the Company made an additional investment in Cronos Growing\nCompany (\"Cronos GrowCo\") to fund the expansion of cultivation operations.\nCronos also obtained majority control of the board of directors of Cronos\nGrowCo and began consolidating Cronos GrowCo's results from July 1, 2024.\nPrior to this date, the Company's investment in Cronos GrowCo consisted of an\ninvestment accounted for under the equity method and loans receivable from\nCronos GrowCo.\n\nIn the second quarter of 2023, the Company exited its United States (\"U.S.\")\nhemp-derived CBD operations. The exit of the U.S. operations represented a\nstrategic shift, and as such, qualifies for reporting as discontinued\noperations in our condensed consolidated statements of net income (loss) and\ncomprehensive income (loss). Prior period amounts have been reclassified to\nreflect the discontinued operations classification of the U.S. operations.\n\nThe tables below set forth our condensed consolidated results of continuing\noperations, expressed in thousands of U.S. dollars for the periods presented.\nOur condensed consolidated financial results for these periods are not\nnecessarily indicative of the consolidated financial results that we will\nachieve in future periods.\n\n_(in thousands of USD)_ |  |  **Three Months Ended December 31,** |  |  **Change** |  |  **Year ended December 31,** |  |  **Change**  \n---|---|---|---|---|---|---|---|---  \n|  |  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%**  \nCronos net revenue, excluding Cronos GrowCo net revenue  (i)  |  |  $  |  28,195  |  |  |  $  |  23,915  |  |  |  $  |  4,280  |  |  |  18  |  %  |  |  $  |  111,241  |  |  |  $  |  87,241  |  |  |  $  |  24,000  |  |  |  28  |  %   \nCronos GrowCo net revenue  (ii)  |  |  |  2,106  |  |  |  |  \u2014  |  |  |  |  2,106  |  |  |  N/A  |  |  |  |  6,374  |  |  |  |  \u2014  |  |  |  |  6,374  |  |  |  N/A  |   \nNet Revenue  |  |  $  |  30,301  |  |  |  $  |  23,915  |  |  |  $  |  6,386  |  |  |  27  |  %  |  |  $  |  117,615  |  |  |  $  |  87,241  |  |  |  $  |  30,374  |  |  |  35  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nCost of sales  |  |  |  19,494  |  |  |  |  21,913  |  |  |  |  (2,419  |  )  |  |  (11  |  )%  |  |  |  91,710  |  |  |  |  74,527  |  |  |  |  17,183  |  |  |  23  |  %   \nInventory write-down  |  |  |  \u2014  |  |  |  |  89  |  |  |  |  (89  |  )  |  |  N/A  |  |  |  |  707  |  |  |  |  805  |  |  |  |  (98  |  )  |  |  (12  |  )%   \nGross profit  |  |  $  |  10,807  |  |  |  $  |  1,913  |  |  |  $  |  8,894  |  |  |  465  |  %  |  |  $  |  25,198  |  |  |  $  |  11,909  |  |  |  $  |  13,289  |  |  |  112  |  %   \nGross margin  (  ii  i)  |  |  |  36  |  %  |  |  |  8  |  %  |  |  |  N/A  |  |  |  28  |  pp  |  |  |  21  |  %  |  |  |  14  |  %  |  |  |  N/A  |  |  |  7  |  pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nInventory step-up recorded to cost of sales  |  |  |  (1,832  |  )  |  |  |  \u2014  |  |  |  |  (1,832  |  )  |  |  N/A  |  |  |  |  5,284  |  |  |  |  \u2014  |  |  |  |  5,284  |  |  |  N/A  |   \nAdjusted Gross Profit  (iv)  |  |  $  |  8,975  |  |  |  $  |  1,913  |  |  |  $  |  7,062  |  |  |  369  |  %  |  |  $  |  30,482  |  |  |  $  |  11,909  |  |  |  $  |  18,573  |  |  |  156  |  %   \nAdjusted Gross Margin  (v)  |  |  |  30  |  %  |  |  |  8  |  %  |  |  |  N/A  |  |  |  22  |  pp  |  |  |  26  |  %  |  |  |  14  |  %  |  |  |  N/A  |  |  |  12  |  pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nNet income (loss)  |  |  $  |  43,941  |  |  |  $  |  (45,151  |  )  |  |  $  |  89,092  |  |  |  197  |  %  |  |  $  |  40,022  |  |  |  $  |  (70,439  |  )  |  |  $  |  110,461  |  |  |  N/M  |   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nAdjusted EBITDA  (  iv  )  |  |  $  |  (7,203  |  )  |  |  $  |  (14,790  |  )  |  |  $  |  7,587  |  |  |  51  |  %  |  |  $  |  (34,942  |  )  |  |  $  |  (61,564  |  )  |  |  $  |  26,622  |  |  |  43  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \n**Other Data** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nCash and cash equivalents  (  vi  )  |  |  $  |  858,805  |  |  |  $  |  669,291  |  |  |  $  |  189,514  |  |  |  28  |  %  |  |  |  |  |  |  |  |   \nShort-term investments  (  vi  )  |  |  |  \u2014  |  |  |  |  192,237  |  |  |  |  (192,237  |  )  |  |  (100  |  )%  |  |  |  |  |  |  |  |   \nCapital expenditures  (v  ii  )  |  |  |  3,708  |  |  |  |  1,792  |  |  |  |  1,916  |  |  |  107  |  %  |  |  |  13,154  |  |  |  |  3,423  |  |  |  |  9,731  |  |  |  284  |  %   \n  \n_(i)_ _Cronos net revenue, excluding Cronos GrowCo net revenue is net revenue\nless Cronos GrowCo net revenue and is after intercompany eliminations._  \n_(ii)_ _Cronos GrowCo net revenue is Cronos GrowCo's net revenue after\nintercompany eliminations._  \n_(iii)_ _Gross margin is defined as gross profit divided by net revenue._  \n_(iv)_ _See \"Non-GAAP Measures\" for more information, including a\nreconciliation of adjusted earnings (loss) before interest, taxes,\ndepreciation and amortization (\"Adjusted EBITDA\") to net income (loss) and a\nreconciliation of Adjusted Gross Profit to gross profit._  \n_(v)_ _Adjusted Gross Margin is defined as Adjusted Gross Profit divided by\nnet revenue. See \u201cNon-GAAP Measures\u201d for more information._  \n_(vi)_ _Dollar amounts are as of the last day of the period indicated._  \n_(vii)_ _Capital expenditures represent component information of investing\nactivities and is defined as the sum of purchase of property, plant and\nequipment, and purchase of intangible assets._\n\n**Fourth Quarter** **2024**\n\n  * Net revenue of $30.3 million in Q4 2024 increased by $6.4 million from Q4 2023. The increase year-over-year was primarily driven by higher cannabis flower and extract sales in the Canadian market and higher cannabis flower sales in Israel and other countries. Cronos GrowCo contributed $2.1 million of cannabis flower sales in Q4 2024. No such sales were recognized in Q4 2023. \n  * Gross profit of $10.8 million in Q4 2024 increased by $8.9 million from Q4 2023. The increase year-over-year was primarily due to higher cannabis flower and extract sales in the Canadian market, higher cannabis flower sales in Israel and other countries, and production cost improvements. Gross profit was positively impacted by $1.8 million in the quarter in connection with the finalization of the purchase accounting for the Cronos GrowCo Transaction, which resulted in a reduction of the fair value of inventory acquired from Cronos GrowCo and the corresponding inventory step-up previously recorded into cost of sales in Q3 2024. No such impact was recognized for 2023. \n  * Adjusted gross profit of $9.0 million in Q4 2024 improved by $7.1 million from Q4 2023. The improvement year-over-year was primarily driven by higher cannabis flower and extract sales in the Canadian market, higher cannabis flower sales in Israel, and production cost improvements. \n  * Adjusted EBITDA of $(7.2) million in Q4 2024 improved by $7.6 million from Q4 2023. The improvement year-over-year was primarily driven by higher adjusted gross profit. \n\n**Full-Year** **2024**\n\n  * Net revenue of $117.6 million in full-year 2024 increased by $30.4 million from full-year 2023. The increase year-over-year was primarily due to higher cannabis flower and extract sales in the Canadian market and higher cannabis flower sales in Israel and other countries. Cronos GrowCo contributed $6.4 million of cannabis flower sales in the year ended December 31, 2024. No such sales were recognized for the year ended December 31, 2023. \n  * Gross profit of $25.2 million in full-year 2024 increased by $13.3 million from full-year 2023. The increase year-over-year was primarily due to higher cannabis flower and extract sales in the Canadian market, higher cannabis flower sales in Israel and other countries, and production cost improvements. This increase was partially offset by the impact on cost of sales from the inventory step-up from the Cronos GrowCo Transaction. For 2024, gross profit was reduced $5.3 million as a result of the impact of the inventory step-up from the Cronos GrowCo Transaction that was recorded into cost of sales since July 1, 2024. No such costs were recognized for 2023. \n  * Adjusted gross profit of $30.5 million in full-year 2024 increased by $18.6 million from full-year 2023. The increase year-over-year was primarily due to higher cannabis flower and extract sales in the Canadian market, higher cannabis flower sales in Israel and other countries, and production cost improvements. \n  * Adjusted EBITDA of $(34.9) million in full-year 2024 improved by $26.6 million from full-year 2023. The improvement year-over-year was primarily driven by higher adjusted gross profit and lower sales and marketing, research and development, and general administrative expenses. \n\n**_Business Updates_ **\n\n**Brand and Product Portfolio**\n\n__Spinach_ _ \u00ae  3  \nIn 2024, the SOURZ by Spinach  \u00ae  brand expanded its edible lineup with\nseveral innovative launches. Our industry-leading SOURZ by Spinach  \u00ae\nproducts are the best-selling gummies in the Canadian market and have captured\nan impressive 23% market share in Q4 2024, with five of the top ten best-\nselling edibles in Canada coming from the SOURZ lineup. A key addition to our\ngummy portfolio has been the 1-piece, 10mg THC Fully Blasted SOURZ by Spinach\n\u00ae  product, which launched in 2024. In Q4 2024 we launched two new Fully\nBlasted flavors, Peach Orange and Strawberry Mango. We also launched a new CBD\nmulti-pack, SOURZ by Spinach  \u00ae  CBD Berry Variety Pack.\n\nIn 2024 our proprietary genetics breeding program continued to provide our\nportfolio with winning cultivars that allow us to launch differentiated\nproducts across markets and maintain a number one position in the flower\ncategory. In 2024, we introduced Spinach Grindz\u2122, a milled flower offering\nutilizing our Citrus Crush and Cookie Dough strains, designed for convenient\nuse in joints or vaporizers. In Q4 2024, the Spinach  \u00ae  brand maintained its\nposition as the number one flower brand in Canada, with 5.7% market share.\n\nIn 2024, we introduced two new Spinach  \u00ae  all-in-one vapes, Pineapple\nParadise and Blueberry Dynamite that are performing well and helping to drive\nmarket share gains. The brand's 0.5g all-in-one Spinach HITZ\u2122 vapes introduced\nnew Pink Lemonade and Rocket Icicle flavors, alongside line extensions in\nSpinach  \u00ae  1.2g vapes. Spinach  \u00ae  vapes were the number four vape brand in\nQ4 2024, holding 5.9% market share. Vape production was brought in-house in\nthe second half of 2024 in an effort to streamline manufacturing and enhance\nproduction efficiency in this category.\n\nIn 2024, we launched Spinach  \u00ae  Fully Charged pre-rolls and infused pre-rolls\nas well as the Spinach  \u00ae  Fully Charged Party Pack and the Spinach  \u00ae  Fully\nCharged Tropical Pack. These launches were the culmination of our product\ndevelopment efforts and portfolio refresh. The infused pre-roll category is\ncontinuing to grow, and we expect this category to be key to future growth for\nboth Cronos and the industry, which is why we are committed to the evolution\nand innovation of our pre-roll portfolio. In Q4 2024, Spinach  \u00ae  was ranked\nseventh in the pre-roll category with 2.5% market share.\n\n__Lord Jones_ _ __\u00ae_ _ __3_ _  \nIn Q4 2024, Lord Jones  \u00ae  Chocolates Fusions\u2122 had 9.6% market share and ended\nthe year as the third best-selling chocolate brand in Canada. In January 2025,\nthe brand launched a Lord Jones  \u00ae  Chocolate Fusions\u2122 fudge brownie flavor,\nwhich features a 1:1:1 ratio of CBN, CBD and THC. Lord Jones  \u00ae  Chocolate\nFusions\u2122 edibles highlight the brand\u2019s commitment to innovation and\ncraftsmanship, offering four flavors: cookies and cream, dazzle-berry pop,\nsalted caramel crunch and fudge brownie.\n\nIn 2024, we also launched Lord Jones  \u00ae  live resin vapes featuring\nmeticulously curated cultivars, delivering a rich, full-spectrum experience\nthat combines pure live resin with sleek, high-quality hardware. In the second\nhalf of 2023, we launched Ice Water Hash Fusions pre-rolls, which feature\nflower and terpene-rich ice water hash and are fitted with a branded ceramic\ntip. The Ice Water Hash Fusions pre-rolls continued performing throughout\n2024, rising to the number one position in the hash pre-roll category.\nTogether, these launches underscore the brand\u2019s dedication to excellence and\nits focus on creating exceptional, high-quality cannabis-infused products.\n\n__PEACE NATURALS_ _ __\u00ae_ _ __2_ _  \nIn 2024, Cronos Israel revamped and repositioned its flower portfolio,\noptimizing pricing, potency and bringing new, exciting strains to market to\nmeet patient needs. The PEACE NATURALS  \u00ae  brand launched new strains\nincluding GG4, Key Limez Punch, Pink Sherb, Tangie Kush, Citra Diesel, Tahoe\nOG Kush and GMO Lite, providing consumers with additional variety and choice.\nIn Q4 2024, PEACE NATURALS  \u00ae  was the number one flower brand in Israel with\n24% market share and PEACE NATURALS  \u00ae  cannabis oils are the fourth most\npopular brand in Israel with 9% market share.\n\nIn 2024, Cronos expanded into the United Kingdom (the \"UK\") by shipping its\nfirst batch of PEACE NATURALS  \u00ae  medical cannabis flower to this emerging\nmarket, through a partnership with a third-party distributor of prescribed\ncannabis products.\n\nThroughout 2024, the Company continued its sales to the German market through\nthe PEACE NATURALS  \u00ae  brand. Cronos sells the PEACE NATURALS  \u00ae  brand\nthrough its distribution partner, Cansativa GmbH (\"Cansativa\"), one of the\nleading distributors of medical cannabis in Germany and supplies flower for\nits private-label brand. Cronos has seen strong demand for its proprietary\ngenetics, such as GMO and Wedding Cake, in both Germany and the UK under the\nPEACE NATURALS  \u00ae  brand.\n\n**Global Supply Chain and Operations**\n\nThe expansion efforts at Cronos GrowCo's facility are well underway. In Q4\n2024, Health Canada approved amendments to the site's perimeter. Cronos GrowCo\nexpects to finish construction of the expanded cultivation and processing\nfacilities in Q2 2025, with first harvests and sales from the area commencing\nin the second half of 2025. Prior to the commencement of sales from the\nexpanded facility, Cronos has the option to purchase up to 80% of Cronos\nGrowCo's total production. Once sales from the expanded area begin, Cronos\nwill have the option to purchase up to 70% of the total production from the\nexpanded facility. The expansion of Cronos GrowCo positions the Company to\ncapitalize on domestic demand and meet international growth opportunities in\nthe global cannabis market.\n\nOn November 26, 2023, the Company announced that Peace Naturals Project Inc.\nhad entered into an agreement to sell and lease back its facility in Stayner,\nOntario (the \"Peace Naturals Campus\"). However, the agreement was terminated\nin the Q2 of 2024 pursuant to its terms, and the Company has decided to\ncontinue and expand its operations at the site.\n\nAs part of the expanding operations at the Peace Naturals Campus, in the\nsecond-half of 2024, the Company invested in machinery, automation and process\nimprovement to drive cost efficiency within the facility. This also included\ninvestment in warehousing and vault expansion as well as R&D equipment and\nlaboratory enhancements.\n\n**_Guidance_ **\n\nThe Company achieved $8.7 million in operating expense savings in 2024 on a\nstandalone basis, meeting its previously announced operating expense savings\ntarget of $5 to $10 million. The savings were primarily driven by lower\nexpenses in general and administrative, research and development and sales and\nmarketing. The operating expense savings exclude the impact of the\nconsolidation of Cronos GrowCo's results into the Company's financial\nstatements.\n\n**_Conference Call_ **\n\nThe Company will host a conference call and live audio webcast on Thursday,\nFebruary 27, 2025, at 8:30 a.m. ET to discuss 2024 Fourth Quarter and Full-\nYear business results. An audio replay of the call will be archived on the\nCompany\u2019s website for replay. Instructions for the live audio webcast are\nprovided on the Company's website at: _https://ir.thecronosgroup.com/events-\npresentations._  \n\n**About Cronos**\n\nCronos is an innovative global cannabinoid company committed to building\ndisruptive intellectual property by advancing cannabis research, technology\nand product development. With a passion to responsibly elevate the consumer\nexperience, Cronos is building an iconic brand portfolio. Cronos\u2019 diverse\ninternational brand portfolio includes Spinach  \u00ae  , PEACE NATURALS  \u00ae  and\nLord Jones  \u00ae  . For more information about Cronos and its brands, please\nvisit: thecronosgroup.com.\n\n**Forward-Looking Statements**\n\nThis press release contains information that constitutes forward-looking\ninformation and forward-looking statements within the meaning of applicable\nsecurities laws and court decisions (collectively, \u201cForward-Looking\nStatements\u201d), which are based upon our current internal expectations,\nestimates, projections, assumptions and beliefs. All information that is not\nclearly historical in nature may constitute Forward-Looking Statements. In\nsome cases, Forward-Looking Statements can be identified by the use of\nforward-looking terminology such as \u201cexpect\u201d, \u201clikely\u201d, \u201cmay\u201d, \u201cwill\u201d,\n\u201cshould\u201d, \u201cintend\u201d, \u201canticipate\u201d, \u201cpotential\u201d, \u201cproposed\u201d, \u201cestimate\u201d and\nother similar words, expressions and phrases, including negative and\ngrammatical variations thereof, or statements that certain events or\nconditions \u201cmay\u201d or \u201cwill\u201d happen, or by discussion of strategy. Forward-\nLooking Statements include estimates, plans, expectations, opinions,\nforecasts, projections, targets, guidance or other statements that are not\nstatements of historical fact.\n\nForward-Looking Statements include, but are not limited to, statements with\nrespect to:\n\n  * the ongoing impact of the public investigation into Canadian licensed producers of alleged dumping of medical cannabis imports from Canada into Israel by the Trade Levies Commissioner of the Israel Ministry of Economy and Industry (the \u201cAnti-Dumping Investigation\u201d) and the proposed anti-dumping duty to which the Company\u2019s imports would be subject; \n  * expectations related to the conflict involving Israel, Hamas, Hezbollah, Houthis, Iran, Iran\u2019s proxies and other stakeholders in the region (the \u201cMiddle East Conflict\u201d) and its impact on our operations in Israel, the supply of product in the market and the demand for product by medical patients in Israel, as well as any regional or global escalations and their impact to global commerce and stability; \n  * expectations related to the German, Australian and UK markets, including our strategic partnerships with Cansativa, Vitura Health Limited (\u201cVitura\u201d), and other distributors, respectively, and our ability to successfully distribute the PEACE NATURALS  \u00ae  brand in Germany and the UK; \n  * expectations related to our announcement of cost-cutting measures, including our decision to wind-down operations at our Winnipeg, Manitoba facility and list the facility for sale, the expected costs and benefits from the wind-down of production activities at the facility, challenges and effects related thereto as well as changes in strategy, metrics, investments, costs, operating expenses, employee turnover and other changes with respect thereto; \n  * expectations related to the impact of our decision to exit our U.S. hemp-derived cannabinoid product operations; \n  * the ongoing impact of our announced realignment (the \u201cRealignment\u201d) and any progress, challenges and effects related thereto as well as changes in strategy, metrics, investments, reporting structure, costs, operating expenses, employee turnover and other changes with respect thereto; \n  * our expectations as to the use of the Peace Naturals Campus; \n  * our ability to acquire raw materials from suppliers, including Cronos GrowCo, and the costs and timing associated therewith; \n  * expectations regarding the potential success of, and the costs and benefits associated with, our joint ventures, strategic alliances and equity investments; \n  * expectations related to the transaction by which we obtained majority control of the board of directors of Cronos GrowCo, which qualified as a business combination under Accounting Standards Codification 805, and the expansion of Cronos GrowCo\u2019s purpose-built cultivation and processing facilities; \n  * our ability or plans to identify, develop, commercialize or expand our technology and R&D initiatives in cannabinoids, or the success thereof; \n  * expectations regarding revenues, expenses, gross margins and capital expenditures; \n  * expectations regarding our future production and manufacturing strategy and operations, the costs and timing associated therewith and the receipt of applicable production and sale licenses; \n  * the ongoing impact of the legalization of additional cannabis product types and forms for adult-use in Canada, including federal, provincial, territorial and municipal regulations pertaining thereto, the related timing and impact thereof and our intentions to participate in such markets; \n  * the legalization of the use of cannabis for medical or adult-use in jurisdictions outside of Canada, including the United States and Germany, the related timing and impact thereof and our intentions to participate in such markets, if and when such use is legalized; \n  * the grant, renewal, withdrawal, suspension, delay and impact of any license or supplemental license to conduct activities with cannabis or any amendments thereof; \n  * our ability to successfully create and launch brands and cannabis products; \n  * expectations related to the differentiation of our products, including through the utilization of rare cannabinoids; \n  * the benefits, viability, safety, efficacy, dosing and social acceptance of cannabis, including CBD and other cannabinoids; \n  * laws and regulations and any amendments thereto applicable to our business and the impact thereof, including uncertainty regarding the application of U.S. state and federal law to cannabis and U.S. hemp (including CBD and other U.S. hemp-derived cannabinoids) products and the scope of any regulations by the U.S. Food and Drug Administration, the U.S. Drug Enforcement Administration, the U.S. Federal Trade Commission, the U.S. Patent and Trademark Office and any state equivalent regulatory agencies over cannabis and U.S. hemp (including CBD and other U.S. hemp-derived cannabinoids) products, including the possibility marijuana is moved from Schedule I to Schedule III under the U.S. Controlled Substances Act; \n  * the anticipated benefits and impact of Altria Group Inc.\u2019s investment in the Company (the \u201cAltria Investment\u201d), pursuant to a subscription agreement dated December 7, 2018; \n  * uncertainties as to our ability to exercise our option (the \u201cPharmaCann Option\u201d) in PharmaCann Inc. (\u201cPharmaCann\u201d), in the near term or the future, in full or in part, including the uncertainties as to the status and future development of federal legalization of cannabis in the U.S. and our ability to realize the anticipated benefits of the transaction with PharmaCann; \n  * expectations regarding the implementation and effectiveness of key personnel changes; \n  * expectations regarding business combinations and dispositions and the anticipated benefits therefrom; \n  * expectations of the amount or frequency of impairment losses, including as a result of the write-down of intangible assets, including goodwill; \n  * the impact of the ongoing military conflict between Russia and Ukraine (and resulting sanctions) on our business, financial condition and results of operations or cash flows; \n  * our compliance with the terms of the settlement (the \u201cSettlement Order\u201d) with the SEC and the settlement agreement with the Ontario Securities Commission (the \u201cSettlement Agreement\u201d); and \n  * the impact of the loss of our ability to rely on private offering exemptions under Regulation D of the Securities Act of 1933, as amended, and the loss of our status as a well-known seasoned issuer, each as a result of the Settlement Order. \n\nCertain of the Forward-Looking Statements contained herein concerning the\nindustries in which we conduct our business are based on estimates prepared by\nus using data from publicly available governmental sources, market research,\nindustry analysis and on assumptions based on data and knowledge of these\nindustries, which we believe to be reasonable. However, although generally\nindicative of relative market positions, market shares and performance\ncharacteristics, such data is inherently imprecise. The industries in which we\nconduct our business involve risks and uncertainties that are subject to\nchange based on various factors, which are described further below.\n\nThe Forward-Looking Statements contained herein are based upon certain\nmaterial assumptions that were applied in drawing a conclusion or making a\nforecast or projection, including: (i) our ability to effectively navigate\ndevelopments related to the Anti-Dumping Investigation and the proposed anti-\ndumping duty to which the Company\u2019s imports would be subject and its impact on\nour operations in Israel; (ii) our ability to effectively navigate\ndevelopments related to the Middle East Conflict and its impact on our\nemployees and operations in Israel, the supply of product in the market and\ndemand for product by medical patients in Israel; (iii) our ability to\nefficiently and effectively distribute our PEACE NATURALS  \u00ae  brand in Germany\nwith our strategic partner Cansativa and in the UK with our strategic\ndistribution partner and our ability to efficiently and effectively distribute\nproducts in Australia with our strategic partner Vitura; (iv) our ability to\nrealize the expected cost-savings and other benefits related to the wind-down\nof our operations at our Winnipeg, Manitoba facility; (v) expectations related\nto the impact of our decision to exit our U.S. hemp-derived cannabinoid\nproduct operations; (vi) our ability to realize the expected cost-savings,\nefficiencies and other benefits of our Realignment and other announced cost-\ncutting measures and employee turnover related thereto; (vii) our ability to\nefficiently and effectively manage our operations at our Peace Naturals\nCampus; (viii) our ability efficiently and effectively acquire raw materials\non a timely and cost-effective basis from third parties or Cronos GrowCo; (ix)\nthe timely completion of the expansion of Cronos GrowCo\u2019s purpose-built\ncannabis facility and the ability of Cronos GrowCo to repay the credit\nfacility provided by Cronos; (x) our ability to realize anticipated benefits,\nsynergies or generate revenue, profits or value from our business combinations\nand strategic investments; (xi) the production and manufacturing capabilities\nand output from our facilities and our joint ventures, strategic alliances and\nequity investments; (xii) government regulation of our activities and products\nincluding, but not limited to, the areas of cannabis taxation and\nenvironmental protection; (xiii) the timely receipt of any required regulatory\nauthorizations, approvals, consents, permits and/or licenses; (xiv) consumer\ninterest in our products; (xv) our ability to differentiate our products,\nincluding through the utilization of rare cannabinoids; (xvi) competition;\n(xvii) anticipated and unanticipated costs; (xviii) our ability to generate\ncash flow from operations; (xix) our ability to conduct operations in a safe,\nefficient and effective manner; (xx) our ability to hire and retain qualified\nstaff, and acquire equipment and services in a timely and cost-efficient\nmanner; (xxi) our ability to exercise the PharmaCann Option and realize the\nanticipated benefits of the transaction with PharmaCann; (xxii) our ability to\ncomplete planned dispositions, and, if completed, obtain our anticipated sales\nprice; (xxiii) general economic, financial market, regulatory and political\nconditions in which we operate; (xxiv) management\u2019s perceptions of historical\ntrends, current conditions and expected future developments; and (xxv) other\nconsiderations that management believes to be appropriate in the\ncircumstances. While our management considers these assumptions to be\nreasonable based on information currently available to management, there is no\nassurance that such expectations will prove to be correct.\n\nBy their nature, Forward-Looking Statements are subject to inherent risks and\nuncertainties that may be general or specific and which give rise to the\npossibility that expectations, forecasts, predictions, projections or\nconclusions will not prove to be accurate, that assumptions may not be correct\nand that objectives, strategic goals and priorities will not be achieved. A\nvariety of factors, including known and unknown risks, many of which are\nbeyond our control, could cause actual results to differ materially from the\nForward-Looking Statements in this press release and other reports we file\nwith, or furnish to, the SEC and other regulatory agencies and made by our\ndirectors, officers, other employees and other persons authorized to speak on\nour behalf. Such factors include, without limitation, negative impacts on our\nbusiness and operations in Israel due to the Anti-Dumping Investigation,\nincluding that we may not be able to produce, import or sell our products in\nIsrael as a result thereof; negative impacts on our employees, business and\noperations in Israel due to the Middle East Conflict, including that we may\nnot be able to produce, import or sell our products or protect our people or\nfacilities in Israel during the Middle East Conflict; the supply of product in\nthe market and the demand for product by medical patients in Israel; that we\nmay not be able to successfully continue to distribute our products in\nGermany, Australia and the UK or generate material revenue from sales in those\nmarkets; that we may not be able to achieve the anticipated benefits of the\nwind-down of our operations at our Winnipeg, Manitoba facility; that we may be\nunable to further streamline our operations and reduce expenses; that we may\nnot be able to effectively and efficiently re-enter the U.S. market in the\nfuture; that we may not be able to access raw materials on a timely and cost-\neffective basis from third-parties or Cronos GrowCo; that Cronos GrowCo may\nnot be able to complete the expansion of its purpose-built cannabis facility\nwithin a reasonable time or repay its borrowings under the credit facility\nprovided by Cronos; that the military conflict between Russia and Ukraine may\ndisrupt our operations and those of our suppliers and distribution channels\nand negatively impact the demand for and use of our products; the risk that\ncost savings and any other synergies from the Altria Investment may not be\nfully realized or may take longer to realize than expected; failure to execute\nkey personnel changes; that our Realignment and our further leveraging of our\nstrategic partnerships will not result in the expected cost-savings,\nefficiencies and other benefits or will result in greater than anticipated\nturnover in personnel; that we may not be able to efficiently and effectively\nmanage our operations, and any changes thereto, at our Peace Naturals Campus;\nlower levels of revenues; the lack of consumer demand for our products; our\ninability to manage disruptions in credit markets; unanticipated future levels\nof capital, environmental or maintenance expenditures, general and\nadministrative and other expenses; failure to realize expected growth\nopportunities; the lack of cash flow necessary to execute our business plan\n(either within the expected timeframe or at all); difficulty raising capital;\nthe potential adverse effects of judicial, regulatory or other proceedings, or\nthreatened litigation or proceedings, on our business, financial condition,\nresults of operations and cash flows; volatility in and/or degradation of\ngeneral economic, market, industry or business conditions; compliance with\napplicable environmental, economic, health and safety, energy and other\npolicies and regulations and in particular health concerns with respect to\nvaping and the use of cannabis and U.S. hemp products in vaping devices; the\nunexpected effects of actions of third parties such as competitors, activist\ninvestors or federal (including U.S. federal), state, provincial, territorial\nor local regulatory authorities or self-regulatory organizations; adverse\nchanges in regulatory requirements in relation to our business and products;\nlegal or regulatory obstacles that could prevent us from being able to\nexercise the PharmaCann Option and thereby realize the anticipated benefits of\nthe transaction with PharmaCann; dilution of our fully-diluted ownership of\nPharmaCann and the loss of our rights as a result of that dilution; our\nfailure to improve our internal control environment and our systems, processes\nand procedures; and the factors discussed under Part I, Item 1A \u201c _Risk\nFactors_ \u201d in our Annual Report on Form 10-K for the year ended December 31,\n2024. Readers are cautioned to consider these and other factors, uncertainties\nand potential events carefully and not to put undue reliance on Forward-\nLooking Statements.\n\nForward-Looking Statements are provided for the purposes of assisting the\nreader in understanding our financial performance, financial position and cash\nflows as of and for periods ended on certain dates and to present information\nabout management\u2019s current expectations and plans relating to the future, and\nthe reader is cautioned not to place undue reliance on these Forward-Looking\nStatements because of their inherent uncertainty and to appreciate the limited\npurposes for which they are being used by management. While we believe that\nthe assumptions and expectations reflected in the Forward-Looking Statements\nare reasonable based on information currently available to management, there\nis no assurance that such assumptions and expectations will prove to have been\ncorrect. Forward-Looking Statements are made as of the date they are made and\nare based on the beliefs, estimates, expectations and opinions of management\non that date. We undertake no obligation to update or revise any Forward-\nLooking Statements, whether as a result of new information, estimates or\nopinions, future events or results or otherwise or to explain any material\ndifference between subsequent actual events and such Forward-Looking\nStatements. The Forward-Looking Statements contained in this press release and\nother reports we file with, or furnish to, the SEC and other regulatory\nagencies and made by our directors, officers, other employees and other\npersons authorized to speak on our behalf are expressly qualified in their\nentirety by these cautionary statements.\n\n____________________________________________  \n1  Hifyre Retail Analytics - National Retail Dollar by Brand in Canada -\nDecember 2024.  \n2  Market share and ranking information from pharmacy data collected by Cronos\n- December 2024.  \n3  All market share and ranking information from Hifyre Retail Analytics -\nNational Retail Dollar by Brand in Canada - December 2024, unless otherwise\nspecified.  \n  \n---  \n**Cronos Group Inc.**  \n**Consolidated Balance Sheets**  \n_(In thousands of U.S. dollars)_  \n|  **As of December 31,**  \n|  |  **2024** |  |  |  |  **2023** |   \n**Assets** |  |  |   \nCurrent assets  |  |  |   \nCash and cash equivalents  |  $  |  858,805  |  |  |  $  |  669,291  |   \nShort-term investments  |  |  \u2014  |  |  |  |  192,237  |   \nAccounts receivable, net  |  |  15,462  |  |  |  |  13,984  |   \nInterest receivable  |  |  8,690  |  |  |  |  10,012  |   \nOther receivables  |  |  5,000  |  |  |  |  6,341  |   \nCurrent portion of loans receivable, net  |  |  618  |  |  |  |  5,541  |   \nInventory, net  |  |  33,149  |  |  |  |  30,495  |   \nPrepaids and other current assets  |  |  6,277  |  |  |  |  5,405  |   \nHeld-for-sale assets  |  |  8,112  |  |  |  |  \u2014  |   \nTotal current assets  |  |  936,113  |  |  |  |  933,306  |   \nEquity method investments, net  |  |  \u2014  |  |  |  |  19,488  |   \nOther investments  |  |  2,813  |  |  |  |  35,251  |   \nNon-current portion of loans receivable, net  |  |  15,526  |  |  |  |  69,036  |   \nProperty, plant and equipment, net  |  |  133,189  |  |  |  |  59,468  |   \nRight-of-use assets  |  |  1,390  |  |  |  |  1,356  |   \nGoodwill  |  |  63,453  |  |  |  |  1,057  |   \nIntangible assets, net  |  |  11,257  |  |  |  |  21,078  |   \nDeferred tax assets  |  |  2,571  |  |  |  |  226  |   \n**Total assets** |  $  |  1,166,312  |  |  |  $  |  1,140,266  |   \n**Liabilities** |  |  |   \nCurrent liabilities  |  |  |   \nAccounts payable  |  $  |  16,973  |  |  |  $  |  12,130  |   \nIncome taxes payable  |  |  9  |  |  |  |  64  |   \nAccrued liabilities  |  |  31,653  |  |  |  |  27,736  |   \nCurrent portion of lease obligation  |  |  1,025  |  |  |  |  994  |   \nDerivative liabilities  |  |  40  |  |  |  |  102  |   \nCurrent portion due to non-controlling interests  |  |  \u2014  |  |  |  |  373  |   \nTotal current liabilities  |  |  49,700  |  |  |  |  41,399  |   \nNon-current portion due to non-controlling interests  |  |  1,073  |  |  |  |  1,003  |   \nNon-current portion of lease obligation  |  |  993  |  |  |  |  1,559  |   \nDeferred tax liabilities  |  |  3,564  |  |  |  |  181  |   \n**Total liabilities** |  |  55,330  |  |  |  |  44,142  |   \n**Shareholders\u2019 equity** |  |  |   \nShare capital and additional paid-in capital  |  |  669,879  |  |  |  |  662,174  |   \nRetained earnings  |  |  457,709  |  |  |  |  416,719  |   \nAccumulated other comprehensive income (loss)  |  |  (63,525  |  )  |  |  |  20,678  |   \nTotal equity attributable to shareholders of Cronos Group  |  |  1,064,063  |  |  |  |  1,099,571  |   \nNon-controlling interests  |  |  46,919  |  |  |  |  (3,447  |  )   \n**Total shareholders\u2019 equity** |  |  1,110,982  |  |  |  |  1,096,124  |   \n**Total liabilities and shareholders\u2019 equity** |  $  |  1,166,312  |  |  |  $  |  1,140,266  |   \n  \n  \n\n**Cronos Group Inc.**  \n**Consolidated Statements of Net Income (Loss) and Comprehensive Income\n(Loss)**  \n_(In thousands of U.S. dollars, except share and per share amounts)_  \n---  \n|  **Year ended December 31,**  \n|  |  **2024** |  |  |  |  **2023** |  |  |  |  **2022** |   \n**Net revenue, before excise taxes** |  $  |  161,821  |  |  |  $  |  120,270  |  |  |  $  |  109,301  |   \nExcise taxes  |  |  (44,206  |  )  |  |  |  (33,029  |  )  |  |  |  (22,552  |  )   \n**Net revenue** |  |  117,615  |  |  |  |  87,241  |  |  |  |  86,749  |   \nCost of sales  |  |  91,710  |  |  |  |  74,527  |  |  |  |  71,313  |   \nInventory write-down  |  |  707  |  |  |  |  805  |  |  |  |  \u2014  |   \n**Gross profit** |  |  25,198  |  |  |  |  11,909  |  |  |  |  15,436  |   \n**Operating expenses** |  |  |  |  |   \nSales and marketing  |  |  21,603  |  |  |  |  22,701  |  |  |  |  18,046  |   \nResearch and development  |  |  4,229  |  |  |  |  5,843  |  |  |  |  13,131  |   \nGeneral and administrative  |  |  46,514  |  |  |  |  49,475  |  |  |  |  67,674  |   \nRestructuring costs  |  |  630  |  |  |  |  1,524  |  |  |  |  3,545  |   \nShare-based compensation  |  |  8,700  |  |  |  |  8,756  |  |  |  |  15,008  |   \nDepreciation and amortization  |  |  3,701  |  |  |  |  5,044  |  |  |  |  5,967  |   \nImpairment loss on long-lived assets  |  |  16,350  |  |  |  |  3,366  |  |  |  |  3,493  |   \nTotal operating expenses  |  |  101,727  |  |  |  |  96,709  |  |  |  |  126,864  |   \nOperating loss  |  |  (76,529  |  )  |  |  |  (84,800  |  )  |  |  |  (111,428  |  )   \n**Other income (expense)** |  |  |  |  |   \nInterest income, net  |  |  52,019  |  |  |  |  51,235  |  |  |  |  22,514  |   \nGain (loss) on revaluation of derivative liabilities  |  |  49  |  |  |  |  (85  |  )  |  |  |  14,060  |   \nShare of income from equity method investments  |  |  2,365  |  |  |  |  1,583  |  |  |  |  3,114  |   \nGain on revaluation of loan receivable  |  |  11,804  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nGain on revaluation of equity method investment  |  |  32,469  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nGain (loss) on revaluation of financial instruments  |  |  (6,248  |  )  |  |  |  (12,042  |  )  |  |  |  14,739  |   \nImpairment loss on other investments  |  |  (25,650  |  )  |  |  |  (23,350  |  )  |  |  |  (61,392  |  )   \nForeign currency transaction gain (loss)  |  |  57,859  |  |  |  |  (7,324  |  )  |  |  |  (2,286  |  )   \nLoss on held-for-sale assets  |  |  (11,202  |  )  |  |  |  \u2014  |  |  |  |  \u2014  |   \nOther, net  |  |  (350  |  )  |  |  |  1,114  |  |  |  |  (324  |  )   \nTotal other income (expense)  |  |  113,115  |  |  |  |  11,131  |  |  |  |  (9,575  |  )   \nIncome (loss) before income taxes  |  |  36,586  |  |  |  |  (73,669  |  )  |  |  |  (121,003  |  )   \nIncome tax expense (benefit)  |  |  (3,436  |  )  |  |  |  (3,230  |  )  |  |  |  34,175  |   \nIncome (loss) from continuing operations  |  |  40,022  |  |  |  |  (70,439  |  )  |  |  |  (155,178  |  )   \nLoss from discontinued operations  |  |  \u2014  |  |  |  |  (4,114  |  )  |  |  |  (13,556  |  )   \nNet income (loss)  |  |  40,022  |  |  |  |  (74,553  |  )  |  |  |  (168,734  |  )   \nNet income (loss) attributable to non-controlling interest  |  |  (1,058  |  )  |  |  |  (590  |  )  |  |  |  \u2014  |   \nNet income (loss) attributable to Cronos Group  |  $  |  41,080  |  |  |  $  |  (73,963  |  )  |  |  $  |  (168,734  |  )   \n|  |  |  |  |   \n**Comprehensive income (loss)** |  |  |  |  |   \nNet income (loss)  |  $  |  40,022  |  |  |  $  |  (74,553  |  )  |  |  $  |  (168,734  |  )   \nOther comprehensive income (loss)  |  |  |  |  |   \nForeign exchange gain (loss) on translation  |  |  (86,321  |  )  |  |  |  21,539  |  |  |  |  (50,616  |  )   \nComprehensive income (loss)  |  |  (46,299  |  )  |  |  |  (53,014  |  )  |  |  |  (219,350  |  )   \nComprehensive income (loss) attributable to non-controlling interest  |  |  (3,176  |  )  |  |  |  (526  |  )  |  |  |  46  |   \n**Comprehensive income (loss) attributable to Cronos Group** |  $  |  (43,123  |  )  |  |  $  |  (52,488  |  )  |  |  $  |  (219,396  |  )   \n|  |  |  |  |   \n**Net income (loss) per share** |  |  |  |  |   \nBasic - continuing operations  |  $  |  0.11  |  |  |  $  |  (0.18  |  )  |  |  $  |  (0.41  |  )   \nBasic - discontinued operations  |  $  |  \u2014  |  |  |  $  |  (0.01  |  )  |  |  $  |  (0.04  |  )   \nBasic net income (loss) per share attributable to Cronos Group  |  $  |  0.11  |  |  |  $  |  (0.19  |  )  |  |  $  |  (0.45  |  )   \n|  |  |  |  |   \nDiluted - continuing operations  |  $  |  0.11  |  |  |  $  |  (0.18  |  )  |  |  $  |  (0.41  |  )   \nDiluted - discontinued operations  |  $  |  \u2014  |  |  |  $  |  (0.01  |  )  |  |  $  |  (0.04  |  )   \nDiluted net income (loss) per share attributable to Cronos Group  |  $  |  0.11  |  |  |  $  |  (0.19  |  )  |  |  $  |  (0.45  |  )   \n**Weighted average number of outstanding shares** |  |  |  |  |   \nBasic  |  |  382,058,056  |  |  |  |  380,964,739  |  |  |  |  376,961,797  |   \nDiluted  |  |  385,557,002  |  |  |  |  380,964,739  |  |  |  |  376,961,797  |   \n  \n  \n\n|  **Three months ended December 31,**  \n---|---  \n|  |  **2024** |  |  |  |  **2023** |   \n**Net revenue, before excise taxes** |  $  |  41,182  |  |  |  $  |  34,006  |   \nExcise taxes  |  |  (10,881  |  )  |  |  |  (10,091  |  )   \n**Net revenue** |  |  30,301  |  |  |  |  23,915  |   \nCost of sales  |  |  19,494  |  |  |  |  21,913  |   \nInventory write-down  |  |  \u2014  |  |  |  |  89  |   \n**Gross profit** |  |  10,807  |  |  |  |  1,913  |   \n**Operating expenses** |  |  |   \nSales and marketing  |  |  6,413  |  |  |  |  6,367  |   \nResearch and development  |  |  1,028  |  |  |  |  1,451  |   \nGeneral and administrative  |  |  12,080  |  |  |  |  9,802  |   \nRestructuring costs  |  |  \u2014  |  |  |  |  101  |   \nShare-based compensation  |  |  2,187  |  |  |  |  1,933  |   \nDepreciation and amortization  |  |  464  |  |  |  |  529  |   \nImpairment loss on long-lived assets  |  |  \u2014  |  |  |  |  3,366  |   \nTotal operating expenses  |  |  22,172  |  |  |  |  23,549  |   \nOperating loss  |  |  (11,365  |  )  |  |  |  (21,636  |  )   \n**Other income (expense)** |  |  |   \nInterest income, net  |  |  11,863  |  |  |  |  14,214  |   \nGain (loss) on revaluation of derivative liabilities  |  |  142  |  |  |  |  (71  |  )   \nShare of income from equity method investments  |  |  \u2014  |  |  |  |  752  |   \nGain (loss) on revaluation of financial instruments  |  |  302  |  |  |  |  (4,186  |  )   \nImpairment loss on other investments  |  |  \u2014  |  |  |  |  (23,350  |  )   \nForeign currency transaction gain (loss)  |  |  45,489  |  |  |  |  (11,323  |  )   \nLoss on held-for-sale assets  |  |  (780  |  )  |  |  |  \u2014  |   \nOther, net  |  |  294  |  |  |  |  89  |   \nTotal other income (expense)  |  |  57,310  |  |  |  |  (23,875  |  )   \nIncome (loss) before income taxes  |  |  45,945  |  |  |  |  (45,511  |  )   \nIncome tax expense (benefit)  |  |  2,004  |  |  |  |  (360  |  )   \nIncome (loss) from continuing operations  |  |  43,941  |  |  |  |  (45,151  |  )   \nLoss from discontinued operations  |  |  \u2014  |  |  |  |  124  |   \nNet income (loss)  |  |  43,941  |  |  |  |  (45,027  |  )   \nNet loss attributable to non-controlling interest  |  |  212  |  |  |  |  (237  |  )   \nNet income (loss) attributable to Cronos Group  |  $  |  43,729  |  |  |  $  |  (44,790  |  )   \n**Comprehensive loss** |  |  |   \nNet income (loss)  |  $  |  43,941  |  |  |  $  |  (45,027  |  )   \nOther comprehensive income (loss)  |  |  |   \nForeign exchange gain (loss) on translation  |  |  (66,208  |  )  |  |  |  22,635  |   \nComprehensive loss  |  |  (22,267  |  )  |  |  |  (22,392  |  )   \nComprehensive loss attributable to non-controlling interest  |  |  (2,832  |  )  |  |  |  (390  |  )   \n**Comprehensive loss attributable to Cronos Group** |  $  |  (19,435  |  )  |  |  $  |  (22,002  |  )   \n|  |  |   \n**Net income (loss) per share** |  |  |   \nBasic - continuing operations  |  $  |  0.11  |  |  |  $  |  (0.12  |  )   \nBasic - discontinued operations  |  $  |  \u2014  |  |  |  $  |  \u2014  |   \nBasic net income (loss) per share attributable to Cronos Group  |  $  |  0.11  |  |  |  $  |  (0.12  |  )   \n|  |  |   \nDiluted - continuing operations  |  $  |  0.11  |  |  |  $  |  (0.12  |  )   \nDiluted - discontinued operations  |  $  |  \u2014  |  |  |  $  |  \u2014  |   \nDiluted net income (loss) per share attributable to Cronos Group  |  $  |  0.11  |  |  |  $  |  (0.12  |  )   \n**Weighted average number of outstanding shares** |  |  |   \nBasic  |  |  382,340,893  |  |  |  |  381,155,824  |   \nDiluted  |  |  386,525,110  |  |  |  |  381,155,824  |   \n  \n  \n\n**Cronos Group Inc.**  \n**Consolidated Statements of Cash Flows**  \n_(In thousands of U.S. dollars)_  \n---  \n|  **Year ended December 31,**  \n|  |  **2024** |  |  |  |  **2023** |  |  |  |  **2022** |   \n**Operating activities** |  |  |  |  |   \nNet income (loss)  |  $  |  40,022  |  |  |  $  |  (74,553  |  )  |  |  $  |  (168,734  |  )   \nAdjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:  |  |  |  |  |   \nShare-based compensation  |  |  8,700  |  |  |  |  8,769  |  |  |  |  15,115  |   \nDepreciation and amortization  |  |  9,336  |  |  |  |  8,110  |  |  |  |  13,122  |   \nImpairment loss on long-lived assets  |  |  16,350  |  |  |  |  3,571  |  |  |  |  3,493  |   \nImpairment loss on other investments  |  |  25,650  |  |  |  |  23,350  |  |  |  |  61,392  |   \nLoss (income) from investments  |  |  3,841  |  |  |  |  10,513  |  |  |  |  (17,853  |  )   \nLoss (gain) on revaluation of derivative liabilities  |  |  (49  |  )  |  |  |  85  |  |  |  |  (14,060  |  )   \nChanges in expected credit losses on long-term financial assets  |  |  1,032  |  |  |  |  (1,528  |  )  |  |  |  (662  |  )   \nRevaluation of equity method investment  |  |  (32,469  |  )  |  |  |  \u2014  |  |  |  |  \u2014  |   \nRevaluation of loan receivable  |  |  (11,804  |  )  |  |  |  \u2014  |  |  |  |  \u2014  |   \nLoss on held-for-sale assets  |  |  11,202  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nInventory step-up recorded to cost of sales  |  |  5,284  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nForeign currency transaction (gain) loss  |  |  (57,859  |  )  |  |  |  7,324  |  |  |  |  2,286  |   \nOther non-cash operating activities, net  |  |  (82  |  )  |  |  |  (2,008  |  )  |  |  |  1,294  |   \nChanges in operating assets and liabilities:  |  |  |  |  |   \nAccounts receivable, net  |  |  (917  |  )  |  |  |  9,206  |  |  |  |  (2,711  |  )   \nInterest receivable  |  |  (3,656  |  )  |  |  |  (14,344  |  )  |  |  |  (6,985  |  )   \nOther receivables  |  |  2,059  |  |  |  |  (1,449  |  )  |  |  |  1,148  |   \nPrepaids and other current assets  |  |  (512  |  )  |  |  |  1,437  |  |  |  |  996  |   \nInventory, net  |  |  7,417  |  |  |  |  7,399  |  |  |  |  (7,217  |  )   \nAccounts payable  |  |  (7,449  |  )  |  |  |  (773  |  )  |  |  |  (863  |  )   \nIncome taxes payable  |  |  (93  |  )  |  |  |  (33,104  |  )  |  |  |  34,212  |   \nAccrued liabilities  |  |  2,840  |  |  |  |  5,160  |  |  |  |  (2,921  |  )   \nNet cash provided by (used in) operating activities  |  |  18,843  |  |  |  |  (42,835  |  )  |  |  |  (88,948  |  )   \n|  |  |  |  |   \n**Investing activities** |  |  |  |  |   \nProceeds from short-term investments  |  |  185,817  |  |  |  |  532,838  |  |  |  |  268,870  |   \nPurchase of short-term investments  |  |  \u2014  |  |  |  |  (608,247  |  )  |  |  |  (271,378  |  )   \nCash acquired in business combination  |  |  5,993  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nDividends received from equity method investee  |  |  \u2014  |  |  |  |  1,297  |  |  |  |  \u2014  |   \nDividend proceeds  |  |  \u2014  |  |  |  |  345  |  |  |  |  384  |   \nAdvances on loans receivable  |  |  (8,759  |  )  |  |  |  \u2014  |  |  |  |  \u2014  |   \nRepayments on loans receivable  |  |  5,252  |  |  |  |  16,831  |  |  |  |  5,246  |   \nPurchase of property, plant and equipment, net of disposals  |  |  (12,411  |  )  |  |  |  (2,505  |  )  |  |  |  (3,451  |  )   \nPurchase of intangible assets, net of disposals  |  |  (743  |  )  |  |  |  (918  |  )  |  |  |  (1,581  |  )   \nOther investing activities  |  |  \u2014  |  |  |  |  860  |  |  |  |  68  |   \nNet cash provided by (used in) investing activities  |  |  175,149  |  |  |  |  (59,499  |  )  |  |  |  (1,842  |  )   \n|  **Year ended December 31,**  \n|  |  **2024** |  |  |  |  **2023** |  |  |  |  **2022** |   \n**Financing activities** |  |  |  |  |   \nWithholding taxes paid on equity awards  |  |  (1,231  |  )  |  |  |  (1,030  |  )  |  |  |  (2,829  |  )   \nOther financing activities, net  |  |  \u2014  |  |  |  |  \u2014  |  |  |  |  (68  |  )   \nNet cash used in financing activities  |  |  (1,231  |  )  |  |  |  (1,030  |  )  |  |  |  (2,897  |  )   \nEffect of foreign currency translation on cash and cash equivalents  |  |  (3,247  |  )  |  |  |  8,011  |  |  |  |  (28,642  |  )   \nNet change in cash and cash equivalents  |  |  189,514  |  |  |  |  (95,353  |  )  |  |  |  (122,329  |  )   \nCash and cash equivalents, beginning of period  |  |  669,291  |  |  |  |  764,644  |  |  |  |  886,973  |   \nCash and cash equivalents, end of period  |  $  |  858,805  |  |  |  $  |  669,291  |  |  |  $  |  764,644  |   \n|  |  |  |  |   \n**Supplementary cash flow information:** |  |  |  |  |   \nInterest paid  |  |  \u2014  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nInterest received  |  |  48,399  |  |  |  |  36,501  |  |  |  |  15,548  |   \nTaxes paid  |  |  647  |  |  |  |  33,013  |  |  |  |  177  |   \n|  |  |  |  |  |  |  |  |  |  |   \n  \n**Non-GAAP Measures**\n\nCronos reports its financial results in accordance with Generally Accepted\nAccounting Principles in the United States (\u201cU.S. GAAP\u201d). This press release\nrefers to measures not recognized under U.S. GAAP (\u201cnon-GAAP measures\u201d). These\nnon-GAAP measures do not have a standardized meaning prescribed by U.S. GAAP\nand are therefore unlikely to be comparable to similar measures presented by\nother companies. Rather, these non-GAAP measures are provided as a supplement\nto corresponding U.S. GAAP measures to provide additional information\nregarding the results of operations from management\u2019s perspective.\nAccordingly, non-GAAP measures should not be considered a substitute for, or\nsuperior to, the financial information prepared and presented in accordance\nwith U.S. GAAP. All non-GAAP measures presented in this press release are\nreconciled to their closest reported U.S. GAAP measure. Reconciliations of\nhistorical adjusted financial measures to corresponding U.S. GAAP measures are\nprovided below.\n\n_Adjusted EBITDA_\n\nManagement reviews Adjusted EBITDA, a non-GAAP measure, which excludes non-\ncash items and items that do not reflect management\u2019s assessment of ongoing\nbusiness performance. Management defines Adjusted EBITDA as net income (loss)\nbefore interest, tax expense (benefit), depreciation and amortization adjusted\nfor: share of (income) loss from equity method investments; impairment loss on\ngoodwill and intangible assets; impairment loss on long-lived assets; (gain)\nloss on revaluation of derivative liabilities; (gain) loss on revaluation of\nfinancial instruments; gain on revaluation of loan receivable; gain on\nrevaluation of equity method investment; transaction costs related to\nstrategic projects; loss on held-for-sale assets; impairment loss on other\ninvestments; foreign currency transaction loss; other, net; loss from\ndiscontinued operations; restructuring costs; inventory write-downs resulting\nfrom restructuring actions; share-based compensation; costs related to the\nAnti-Dumping Investigation; purchase accounting adjustment-related inventory\nstep-up adjustments recorded through cost of sales; and financial statement\nreview costs and reserves related to the restatements of our 2019 and 2021\ninterim financial statements (the \u201cRestatements\u201d), including the costs related\nto the settlement of the SEC\u2019s and the OSC\u2019s investigations of the\nRestatements and legal costs of defending shareholder class action complaints\nbrought against us as a result of the 2019 restatement (see Note 12(b)\n\u201cContingencies,\u201d to the consolidated financial statements under Item 8 of the\nCompany's Annual Report on Form 10-K for the year ended December 31, 2024 for\na discussion of the shareholder class action complaints relating to the\nrestatement of the 2019 interim financial statements and the settlement of the\nSEC\u2019s and the OSC\u2019s investigations of the Restatements). Results are reported\nas total consolidated results, reflecting our reporting structure of one\nreportable segment.\n\nManagement believes that Adjusted EBITDA provides the most useful insight into\nunderlying business trends and results and provides a more meaningful\ncomparison of period-over-period results. Management uses Adjusted EBITDA for\nplanning, forecasting and evaluating business and financial performance,\nincluding allocating resources and evaluating results relative to employee\ncompensation targets.  \n\nAdjusted EBITDA is reconciled to net income (loss) as follows:\n\n_(in thousands of U.S. dollars)_ |  **For the year ended December 31, 2024**  \n---|---  \n|  **Continuing  \nOperations ** |  |  **Discontinued  \nOperations ** |  |  **Total**  \nNet income  |  $  |  40,022  |  |  |  $  |  \u2014  |  |  $  |  40,022  |   \nInterest income, net  |  |  (52,019  |  )  |  |  |  \u2014  |  |  |  (52,019  |  )   \nIncome tax expense (benefit)  |  |  (3,436  |  )  |  |  |  \u2014  |  |  |  (3,436  |  )   \nDepreciation and amortization  |  |  9,336  |  |  |  |  \u2014  |  |  |  9,336  |   \nEBITDA  |  |  (6,097  |  )  |  |  |  \u2014  |  |  |  (6,097  |  )   \nShare of income from equity method investments  |  |  (2,365  |  )  |  |  |  \u2014  |  |  |  (2,365  |  )   \nImpairment loss on long-lived assets  (i)  |  |  16,350  |  |  |  |  \u2014  |  |  |  16,350  |   \nRevaluation gain on loan receivable  (ii)  |  |  (11,804  |  )  |  |  |  \u2014  |  |  |  (11,804  |  )   \nGain on revaluation of equity method investment  (iii)  |  |  (32,469  |  )  |  |  |  \u2014  |  |  |  (32,469  |  )   \nGain on revaluation of derivative liabilities  (iv)  |  |  (49  |  )  |  |  |  \u2014  |  |  |  (49  |  )   \nLoss on revaluation of financial instruments  (v)  |  |  6,248  |  |  |  |  \u2014  |  |  |  6,248  |   \nImpairment loss on other investments  (vi)  |  |  25,650  |  |  |  |  \u2014  |  |  |  25,650  |   \nForeign currency transaction gain  |  |  (57,859  |  )  |  |  |  \u2014  |  |  |  (57,859  |  )   \nTransaction costs  (vii)  |  |  701  |  |  |  |  \u2014  |  |  |  701  |   \nLoss on held-for-sale assets  (viii)  |  |  11,202  |  |  |  |  \u2014  |  |  |  11,202  |   \nOther, net  (ix)  |  |  350  |  |  |  |  \u2014  |  |  |  350  |   \nRestructuring costs  (x)  |  |  630  |  |  |  |  \u2014  |  |  |  630  |   \nShare-based compensation  (xi)  |  |  8,700  |  |  |  |  \u2014  |  |  |  8,700  |   \nFinancial statement review costs  (xii)  |  |  (1  |  )  |  |  |  \u2014  |  |  |  (1  |  )   \nInventory step-up recorded to cost of sales  (xiv)  |  |  5,284  |  |  |  |  \u2014  |  |  |  5,284  |   \nIsrael Ministry of Economy and Industry dumping inquiry  (xv)  |  |  587  |  |  |  |  \u2014  |  |  |  587  |   \nAdjusted EBITDA  |  $  |  (34,942  |  )  |  |  $  |  \u2014  |  |  $  |  (34,942  |  )   \n  \n  \n\n_(in thousands of U.S. dollars)_ |  **For the year ended December 31, 2023**  \n---|---  \n|  **Continuing  \nOperations ** |  |  **Discontinued  \nOperations ** |  |  **Total**  \nNet loss  |  $  |  (70,439  |  )  |  |  $  |  (4,114  |  )  |  |  $  |  (74,553  |  )   \nInterest income, net  |  |  (51,235  |  )  |  |  |  (10  |  )  |  |  |  (51,245  |  )   \nIncome tax expense (benefit)  |  |  (3,230  |  )  |  |  |  \u2014  |  |  |  |  (3,230  |  )   \nDepreciation and amortization  |  |  7,866  |  |  |  |  244  |  |  |  |  8,110  |   \nEBITDA  |  |  (117,038  |  )  |  |  |  (3,880  |  )  |  |  |  (120,918  |  )   \nShare of income from equity method investments  |  |  (1,583  |  )  |  |  |  \u2014  |  |  |  |  (1,583  |  )   \nImpairment loss on long-lived assets  (i)  |  |  3,366  |  |  |  |  205  |  |  |  |  3,571  |   \nLoss on revaluation of derivative liabilities  (iv)  |  |  85  |  |  |  |  \u2014  |  |  |  |  85  |   \nLoss on revaluation of financial instruments  (v)  |  |  12,042  |  |  |  |  \u2014  |  |  |  |  12,042  |   \nImpairment loss on other investments  (vi)  |  |  23,350  |  |  |  |  \u2014  |  |  |  |  23,350  |   \nForeign currency transaction loss  |  |  7,324  |  |  |  |  \u2014  |  |  |  |  7,324  |   \nOther, net  (ix)  |  |  (1,114  |  )  |  |  |  118  |  |  |  |  (996  |  )   \nRestructuring costs  (x)  |  |  1,524  |  |  |  |  523  |  |  |  |  2,047  |   \nShare-based compensation  (xi)  |  |  8,756  |  |  |  |  13  |  |  |  |  8,769  |   \nFinancial statement review costs  (xii)  |  |  919  |  |  |  |  \u2014  |  |  |  |  919  |   \nInventory write-down  (xiii)  |  |  805  |  |  |  |  839  |  |  |  |  1,644  |   \nAdjusted EBITDA  |  $  |  (61,564  |  )  |  |  $  |  (2,182  |  )  |  |  $  |  (63,746  |  )   \n  \n  \n\n_(in thousands of U.S. dollars)_ |  **Three months ended December 31, 2024**  \n---|---  \n|  **Continuing  \nOperations ** |  |  **Discontinued  \nOperations ** |  |  **Total**  \nNet income  |  $  |  43,941  |  |  |  $  |  \u2014  |  |  $  |  43,941  |   \nInterest income, net  |  |  (11,863  |  )  |  |  |  \u2014  |  |  |  (11,863  |  )   \nIncome tax expense (benefit)  |  |  2,004  |  |  |  |  \u2014  |  |  |  2,004  |   \nDepreciation and amortization  |  |  2,525  |  |  |  |  \u2014  |  |  |  2,525  |   \nEBITDA  |  |  36,607  |  |  |  |  \u2014  |  |  |  36,607  |   \nGain on revaluation of derivative liabilities  (i  v  )  |  |  (142  |  )  |  |  |  \u2014  |  |  |  (142  |  )   \nGain on revaluation of financial instruments  (  v  )  |  |  (302  |  )  |  |  |  \u2014  |  |  |  (302  |  )   \nForeign currency transaction gain  |  |  (45,489  |  )  |  |  |  \u2014  |  |  |  (45,489  |  )   \nTransaction costs  (vii)  |  |  171  |  |  |  |  \u2014  |  |  |  171  |   \nLoss on held-for-sale assets  (  v  iii)  |  |  780  |  |  |  |  \u2014  |  |  |  780  |   \nOther, net  (  ix  )  |  |  (294  |  )  |  |  |  \u2014  |  |  |  (294  |  )   \nShare-based compensation  (  xi  )  |  |  2,187  |  |  |  |  \u2014  |  |  |  2,187  |   \nFinancial statement review costs  (  xii  )  |  |  524  |  |  |  |  \u2014  |  |  |  524  |   \nInventory step-up recorded to cost of sales  (xi  v)  |  |  (1,832  |  )  |  |  |  \u2014  |  |  |  (1,832  |  )   \nIsrael Ministry of Economy and Industry dumping inquiry  (xv)  |  |  587  |  |  |  |  \u2014  |  |  |  587  |   \nAdjusted EBITDA  |  $  |  (7,203  |  )  |  |  $  |  \u2014  |  |  $  |  (7,203  |  )   \n  \n  \n\n_(in thousands of U.S. dollars)_ |  **Three months ended December 31, 2023**  \n---|---  \n|  **Continuing  \nOperations ** |  |  **Discontinued  \nOperations ** |  |  **Total**  \nNet loss  |  $  |  (45,151  |  )  |  |  $  |  124  |  |  |  $  |  (45,027  |  )   \nInterest income, net  |  |  (14,214  |  )  |  |  |  (1  |  )  |  |  |  (14,215  |  )   \nIncome tax expense (benefit)  |  |  (360  |  )  |  |  |  \u2014  |  |  |  |  (360  |  )   \nDepreciation and amortization  |  |  1,177  |  |  |  |  \u2014  |  |  |  |  1,177  |   \nEBITDA  |  |  (58,548  |  )  |  |  |  123  |  |  |  |  (58,425  |  )   \nShare of income from equity method investments  |  |  (752  |  )  |  |  |  \u2014  |  |  |  |  (752  |  )   \nImpairment loss on long-lived assets  (i  )  |  |  3,366  |  |  |  |  \u2014  |  |  |  |  3,366  |   \nLoss on revaluation of derivative liabilities  (i  v  )  |  |  71  |  |  |  |  \u2014  |  |  |  |  71  |   \nLoss on revaluation of financial instruments  (  v  )  |  |  4,186  |  |  |  |  \u2014  |  |  |  |  4,186  |   \nImpairment loss on other investments  (vi  )  |  |  23,350  |  |  |  |  \u2014  |  |  |  |  23,350  |   \nForeign currency transaction loss  |  |  11,323  |  |  |  |  \u2014  |  |  |  |  11,323  |   \nOther, net  (i  x  )  |  |  (89  |  )  |  |  |  (14  |  )  |  |  |  (103  |  )   \nRestructuring costs  (  x)  |  |  101  |  |  |  |  (39  |  )  |  |  |  62  |   \nShare-based compensation  (  xi  )  |  |  1,933  |  |  |  |  (4  |  )  |  |  |  1,929  |   \nFinancial statement review costs  (  xii  )  |  |  180  |  |  |  |  \u2014  |  |  |  |  180  |   \nInventory write-down  (  xiii  )  |  |  89  |  |  |  |  \u2014  |  |  |  |  89  |   \nAdjusted EBITDA  |  $  |  (14,790  |  )  |  |  $  |  66  |  |  |  $  |  (14,724  |  )   \n  \n(i)  For the year ended December 31, 2024, impairment loss on long-lived\nassets included $14,258 related to the write-down of our Ginkgo Exclusive\nLicenses and $1,631 related to the cessation of operations of Thanos Holdings\nLtd., known as Cronos Fermentation (\u201cCronos Fermentation\u201d). For the year ended\nDecember 31, 2023, impairment loss on long-lived assets related to certain\nleased properties associated with the Company\u2019s former U.S. operations and\nimpairment of the Company's CBCVA exclusive license under the collaboration\nand license agreement between Ginkgo and the Company.  \n(ii)  For the year ended December 31, 2024, a revaluation gain on loan\nreceivable was recognized as a result of the Cronos GrowCo Transaction on July\n1, 2024.  \n(iii)  For the year ended December 31, 2024, a gain on revaluation of equity\nmethod investment was recognized as a result of the Cronos GrowCo Transaction\non July 1, 2024.  \n(iv)  For the three months and years ended December 31, 2024 and 2023, the\n(gain) loss on revaluation of derivative liabilities represented the fair\nvalue changes on the derivative liabilities.  \n(v)  For the three months and years ended December 31, 2024 and 2023, (gain)\nloss on revaluation of financial instruments related primarily to our\nunrealized holding (gain) or loss (as applicable) on our mark-to-market\ninvestment in Vitura as well as revaluations of financial liabilities\nresulting from deferred share units granted to directors.  \n(vi)  For the years ended December 31, 2024 and 2023 and the three months\nended December 31, 2023, impairment loss on other investments related to the\nPharmaCann Option for the difference between its fair value and carrying\namount.  \n(vii)  For the year and three months ended December 31, 2024, transaction\ncosts represented legal, financial and other advisory fees and expenses\nincurred in connection with the Cronos GrowCo Transaction. These costs are\nincluded in general and administrative expenses on the consolidated statements\nof net income (loss) and comprehensive income (loss).  \n(viii)  For the year ended December 31, 2024, a loss on held-for-sale assets\nwas recognized as a result of the change in the Company\u2019s sales strategy for\nthe Cronos Fermentation assets to market the assets to a broader buyer pool.\nFor the quarter ended December 31, 2024, a loss on held-for-sale assets was\nrecognized to adjust the net book value of Cronos Fermentation to fair value.  \n(ix)  For the three months and years ended December 31, 2024 and 2023, other,\nnet primarily related to (gain) loss on disposal of assets.  \n(x)  For the year ended December 31, 2024, restructuring costs from continuing\noperations related to shutdown costs at the Cronos Fermentation Facility, as\nwell as employee-related severance costs associated with the Realignment. For\nthe year and three months ended December 31, 2023, restructuring costs related\nto the employee-related severance costs and other restructuring costs\nassociated with the Realignment.  \n(xi)  For the three months and years ended December 31, 2024 and 2023, share-\nbased compensation related to the vesting expenses of share-based compensation\nawarded to employees under our share-based award plans.  \n(xii)  For the three months and years ended December 31, 2024 and 2023,\nfinancial statement review costs included costs related to the Restatements,\ncosts related to the Company\u2019s responses to requests for information from\nvarious regulatory authorities relating to the Restatements, the costs related\nto the Settlement Order and Settlement Agreement and legal costs defending\nshareholder class action complaints brought against the Company as a result of\nthe 2019 restatement, as well as related insurance reimbursements.  \n(xiii)  For the three months and year ended December 31, 2023, inventory\nwrite-downs from discontinued operations relate to product destruction and\nobsolescence associated with the exit of our U.S. operations and inventory\nwrite-downs from continuing operations relate to product destruction and\nobsolescence associated with the planned exit of Cronos Fermentation.  \n(xiv)  For the three months and year ended December 31, 2024, inventory step-\nup recorded to cost of sales represented the portion of the inventory step-up\nfrom the Cronos GrowCo Transaction that was recorded through the consolidated\nstatements of income (loss) and comprehensive income (loss).  \n(xv)  For the three months and year ended December 31, 2024, Israel Ministry\nof Economy and Industry dumping inquiry expense included expenditures relating\nto the regulatory inquiry about alleged dumping of medical cannabis products\nin Israel and related litigation and external relations expenses.\n\n**_Adjusted Gross Profit and Adjusted Gross Margin_ **\n\nTo supplement the consolidated financial statements presented in accordance\nwith U.S. GAAP, we have presented Adjusted Gross Profit and Adjusted Gross\nMargin, non-GAAP measures that exclude the impacts of inventory-related\npurchase accounting adjustments from the calculations of gross profit and\ngross margin, which resulted from the Cronos GrowCo Transaction. Results are\nreported as total consolidated results, reflecting our reporting structure of\none reportable segment.\n\nManagement believes that Adjusted Gross Profit and Adjusted Gross Margin\nprovide useful insight into underlying business trends to facilitate\ncomparisons of period-over-period results by removing the impacts of\ninventory-related purchase accounting adjustments resulting from the Cronos\nGrowCo Transaction, which reflect a one-time event and do not reflect\nmanagement\u2019s assessment of ongoing business performance.\n\n_(in thousands of U.S. dollars)_ |  **Three months ended  \nDecember 31, ** |  |  **Change** |  |  **Year ended  \nDecember 31, ** |  |  **Change**  \n---|---|---|---|---|---|---|---  \n|  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%**  \nNet revenue  |  $  |  30,301  |  |  |  $  |  23,915  |  |  |  $  |  6,386  |  |  |  27  |  %  |  |  $  |  117,615  |  |  |  $  |  87,241  |  |  |  $  |  30,374  |  |  35  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nGross profit  |  $  |  10,807  |  |  |  $  |  1,913  |  |  |  $  |  8,894  |  |  |  465  |  %  |  |  $  |  25,198  |  |  |  $  |  11,909  |  |  |  $  |  13,289  |  |  112  |  %   \nInventory step-up recorded to cost of sales  |  |  (1,832  |  )  |  |  |  \u2014  |  |  |  |  (1,832  |  )  |  |  N/M  |  |  |  |  5,284  |  |  |  |  \u2014  |  |  |  |  5,284  |  |  N/M  |   \nAdjusted Gross Profit  |  $  |  8,975  |  |  |  $  |  1,913  |  |  |  $  |  7,062  |  |  |  369  |  %  |  |  $  |  30,482  |  |  |  $  |  11,909  |  |  |  $  |  18,573  |  |  156  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nGross margin  (i)  |  |  36  |  %  |  |  |  8  |  %  |  |  |  N/A  |  |  |  28  |  pp  |  |  |  21  |  %  |  |  |  14  |  %  |  |  N/A  |  |  7  |  pp   \nAdjusted Gross Margin  (ii)  |  |  30  |  %  |  |  |  8  |  %  |  |  |  N/A  |  |  |  22  |  pp  |  |  |  26  |  %  |  |  |  14  |  %  |  |  N/A  |  |  12  |  pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \n  \n(i)  Gross margin is defined as gross profit divided by net revenue.  \n(ii)  Adjusted Gross Margin is defined as Adjusted Gross Profit divided by net\nrevenue.\n\n_Constant Currency_\n\nTo supplement the consolidated financial statements presented in accordance\nwith U.S. GAAP, we have presented constant currency adjusted financial\nmeasures for net revenues, gross profit, gross profit margin, operating\nexpenses, net income (loss) and Adjusted EBITDA for 2024, as well as cash and\ncash equivalents and short-term investment balances as of December 31, 2024\ncompared to December 31, 2023, which are considered non-GAAP financial\nmeasures. We present constant currency information to provide a framework for\nassessing how our underlying operations performed excluding the effect of\nforeign currency rate fluctuations. To present this information, current and\nprior period income statement results in currencies other than U.S. dollars\nare converted into U.S. dollars using the average exchange rates from the\ncomparative period in 2023 rather than the actual average exchange rates in\neffect during 2024; constant currency current period balance sheet information\nis translated at the prior year-end spot rate rather than the current year-end\nspot rate. All growth comparisons relate to the corresponding period in 2023.\nWe have provided this non-GAAP financial information to aid investors in\nbetter understanding the performance of our business. The non-GAAP financial\nmeasures presented in this press release should not be considered as a\nsubstitute for, or superior to, the measures of financial performance prepared\nin accordance with U.S. GAAP.\n\nThe table below sets forth certain measures of consolidated results from\ncontinuing operations on an as-reported and constant currency basis for 2024\ncompared to 2023, as well as cash and cash equivalents and short-term\ninvestments as of December 31, 2024, compared to December 31, 2023, on an as-\nreported and constant currency basis (in thousands):\n\n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n---|---|---|---  \n|  **Three months ended December 31,** |  |  **As Reported  \nChange ** |  |  **Three months ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  **$** |  |  **%**  \nNet revenue  |  $  |  30,301  |  |  |  $  |  23,915  |  |  |  $  |  6,386  |  |  |  27  |  %  |  |  $  |  30,527  |  |  |  $  |  6,612  |  |  |  28  |  %   \nGross profit  |  |  10,807  |  |  |  |  1,913  |  |  |  |  8,894  |  |  |  465  |  %  |  |  |  10,914  |  |  |  |  9,001  |  |  |  471  |  %   \nGross margin  |  |  36  |  %  |  |  |  8  |  %  |  |  |  N/A  |  |  |  28  |  pp  |  |  |  36  |  %  |  |  |  N/A  |  |  |  28  |  pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \nOperating expenses  |  |  22,172  |  |  |  |  23,549  |  |  |  |  (1,377  |  )  |  |  (6  |  )%  |  |  |  22,557  |  |  |  |  (992  |  )  |  |  (4  |  )%   \nNet income (loss) from continuing operations  |  |  43,941  |  |  |  |  (45,151  |  )  |  |  |  89,092  |  |  |  N/M  |  |  |  |  44,431  |  |  |  |  89,582  |  |  |  N/M  |   \nAdjusted EBITDA  |  |  (7,203  |  )  |  |  |  (14,790  |  )  |  |  |  7,587  |  |  |  51  |  %  |  |  |  (7,869  |  )  |  |  |  6,921  |  |  |  47  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n|  **Year ended  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **Year ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  **$** |  |  **%**  \nNet revenue  |  $  |  117,615  |  |  |  $  |  87,241  |  |  |  $  |  30,374  |  |  |  35  |  %  |  |  $  |  118,983  |  |  |  $  |  31,742  |  |  |  36  |  %   \nGross profit  |  |  25,198  |  |  |  |  11,909  |  |  |  |  13,289  |  |  |  112  |  %  |  |  |  25,505  |  |  |  |  13,596  |  |  |  114  |  %   \nGross margin  |  |  21  |  %  |  |  |  14  |  %  |  |  |  N/A  |  |  |  7  |  pp  |  |  |  21  |  %  |  |  |  N/A  |  |  |  7  |  pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \nOperating expenses  |  |  101,727  |  |  |  |  96,709  |  |  |  |  5,018  |  |  |  5  |  %  |  |  |  102,972  |  |  |  |  6,263  |  |  |  6  |  %   \nNet income (loss) from continuing operations  |  |  40,022  |  |  |  |  (70,439  |  )  |  |  |  110,461  |  |  |  N/M  |  |  |  |  42,007  |  |  |  |  112,446  |  |  |  N/M  |   \nAdjusted EBITDA  |  |  (34,942  |  )  |  |  |  (61,564  |  )  |  |  |  26,622  |  |  |  43  |  %  |  |  |  (35,891  |  )  |  |  |  25,673  |  |  |  42  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \n|  **As of  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **As of December 31,** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  **$** |  |  **%**  \nCash and cash equivalents  |  $  |  858,805  |  |  |  $  |  669,291  |  |  |  $  |  189,514  |  |  |  28  |  %  |  |  $  |  869,761  |  |  |  $  |  200,470  |  |  |  30  |  %   \nShort-term investments  |  |  \u2014  |  |  |  |  192,237  |  |  |  |  (192,237  |  )  |  |  (100  |  )%  |  |  |  \u2014  |  |  |  |  (192,237  |  )  |  |  (100  |  )%   \nTotal cash and cash equivalents and short-term investments  |  $  |  858,805  |  |  |  $  |  861,528  |  |  |  $  |  (2,723  |  )  |  |  \u2014  |  %  |  |  $  |  869,761  |  |  |  $  |  8,233  |  |  |  1  |  %   \n  \n_  \nNet revenue _\n\n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n---|---|---|---  \n|  **Three months ended  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **Three months ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  **2023** |  |  **$** |  |  **%** |  |  |  **2024** |  |  **$** |  |  **%**  \nCannabis flower  |  $  |  23,398  |  |  $  |  17,515  |  |  $  |  5,883  |  |  |  34  |  %  |  |  $  |  23,491  |  |  $  |  5,976  |  |  |  34  |  %   \nCannabis extracts  |  |  6,588  |  |  |  6,074  |  |  |  514  |  |  |  8  |  %  |  |  |  6,729  |  |  |  655  |  |  |  11  |  %   \nOther  |  |  315  |  |  |  326  |  |  |  (11  |  )  |  |  (3  |  )%  |  |  |  307  |  |  |  (19  |  )  |  |  (6  |  )%   \nNet revenue  |  $  |  30,301  |  |  $  |  23,915  |  |  $  |  6,386  |  |  |  27  |  %  |  |  $  |  30,527  |  |  $  |  6,612  |  |  |  28  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n|  **Year ended  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **Year ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  **2023** |  |  **$** |  |  **%** |  |  |  **2024** |  |  **$** |  |  **%**  \nCannabis flower  |  $  |  87,912  |  |  $  |  62,070  |  |  $  |  25,842  |  |  |  42  |  %  |  |  $  |  88,904  |  |  $  |  26,834  |  |  |  43  |  %   \nCannabis extracts  |  |  29,168  |  |  |  24,569  |  |  |  4,599  |  |  |  19  |  %  |  |  |  29,552  |  |  |  4,983  |  |  |  20  |  %   \nOther  |  |  535  |  |  |  602  |  |  |  (67  |  )  |  |  (11  |  )%  |  |  |  527  |  |  |  (75  |  )  |  |  (12  |  )%   \nNet revenue  |  $  |  117,615  |  |  $  |  87,241  |  |  $  |  30,374  |  |  |  35  |  %  |  |  $  |  118,983  |  |  $  |  31,742  |  |  |  36  |  %   \n  \n  \n\n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n---|---|---|---  \n|  **Three months ended  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **Three months ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  **2023** |  |  **$** |  |  **%** |  |  |  **2024** |  |  **$** |  |  **%**  \nCanada  |  $  |  19,656  |  |  $  |  17,935  |  |  $  |  1,721  |  |  10  |  %  |  |  $  |  20,156  |  |  $  |  2,221  |  |  12  |  %   \nIsrael  |  |  7,803  |  |  |  4,974  |  |  |  2,829  |  |  57  |  %  |  |  |  7,546  |  |  |  2,572  |  |  52  |  %   \nOther countries  |  |  2,842  |  |  |  1,006  |  |  |  1,836  |  |  183  |  %  |  |  |  2,825  |  |  |  1,819  |  |  181  |  %   \nNet revenue  |  $  |  30,301  |  |  $  |  23,915  |  |  $  |  6,386  |  |  27  |  %  |  |  $  |  30,527  |  |  $  |  6,612  |  |  28  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n|  **Year ended  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **Year ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  **2023** |  |  **$** |  |  **%** |  |  |  **2024** |  |  **$** |  |  **%**  \nCanada  |  $  |  82,437  |  |  $  |  64,702  |  |  $  |  17,735  |  |  27  |  %  |  |  $  |  83,709  |  |  $  |  19,007  |  |  29  |  %   \nIsrael  |  |  28,368  |  |  |  21,134  |  |  |  7,234  |  |  34  |  %  |  |  |  28,454  |  |  |  7,320  |  |  35  |  %   \nOther countries  |  |  6,810  |  |  |  1,405  |  |  |  5,405  |  |  385  |  %  |  |  |  6,820  |  |  |  5,415  |  |  385  |  %   \nNet revenue  |  $  |  117,615  |  |  $  |  87,241  |  |  $  |  30,374  |  |  35  |  %  |  |  $  |  118,983  |  |  $  |  31,742  |  |  36  |  %   \n  \n  \nFor 2024, net revenue on a constant currency basis was $119.0 million,\nrepresenting a 36% increase from 2023. Net revenue increased on a constant\ncurrency basis primarily due to higher cannabis flower and extract sales in\nthe Canadian market and higher cannabis flower sales in Israel and other\ncountries. The Cronos GrowCo Transaction contributed $6.5 million of cannabis\nflower sales in the year ended December 31, 2024 on a constant currency basis.\nNo such sales were recognized for the year ended December 31, 2023.\n\n_Gross profit_\n\nFor 2024, gross profit on a constant currency basis was $25.5 million,\nrepresenting a 114% increase from 2023. Gross profit increased on a constant\ncurrency basis primarily due to higher cannabis flower and extract sales in\nthe Canadian market, higher cannabis flower sales in Israel and other\ncountries, and production cost improvements, partially offset by the impact on\ncost of sales from the inventory step-up from the Cronos GrowCo Transaction.\nFor 2024, gross profit on a constant currency basis was reduced $5.1 million\nas a result of the impact of the inventory step-up from the Cronos GrowCo\nTransaction that was recorded into cost of sales. No such costs were\nrecognized for 2023.\n\n_Operating expenses_\n\nFor 2024, operating expenses on a constant currency basis were $103.0 million,\nrepresenting a 6% increase from 2023. Operating expenses increased on a\nconstant currency basis primarily due to the impairment of the Ginkgo\nExclusive Licenses, partially offset by lower salaries and benefits,\nprofessional fees and restructuring costs.\n\n_Net income (loss) from continuing operations_\n\nFor 2024, net income (loss) from continuing operations on a constant currency\nbasis was $42.0 million, compared to a loss of $70.4 million for 2023.\n\n_Adjusted EBITDA_\n\nFor 2024, Adjusted EBITDA on a constant currency basis was $(35.9) million,\nrepresenting a 42% improvement from 2023. Adjusted EBITDA improved on a\nconstant currency basis primarily due to higher cannabis flower and extract\nsales in the Canadian market, higher cannabis flower sales in Israel and other\ncountries, production cost improvements, and decreases in general and\nadministrative, sales and marketing and research and development expenses.\n\n_Cash and cash equivalents & short-term investments _\n\nCash and cash equivalents and short-term investments on a constant currency\nbasis increased 1% to $869.8 million as of December 31, 2024 from $861.5\nmillion as of December 31, 2023. The increase in cash and cash equivalents and\nshort-term investments is primarily due to cash flows provided by operating\nactivities in 2024.\n\n**Foreign currency exchange rates**\n\nAll currency amounts in this press release are stated in U.S. dollars, which\nis our reporting currency, unless otherwise noted. All references to \u201cdollars\u201d\nor \u201c$\u201d are to U.S. dollars. The assets and liabilities of our foreign\noperations are translated into dollars at the exchange rate in effect as of\nDecember 31, 2024 and December 31, 2023, as reported on Bloomberg.\nTransactions affecting the shareholders\u2019 equity (deficit) are translated at\nhistorical foreign exchange rates. The consolidated statements of net income\n(loss) and comprehensive income (loss) and consolidated statements of cash\nflows of our foreign operations are translated into dollars by applying the\naverage foreign exchange rate in effect for the years ended December 31, 2024,\nDecember 31, 2023, and December 31, 2022, as reported on Bloomberg.\n\nThe exchange rates used to translate from Canadian dollars (\u201cC$\u201d) to dollars\nare shown below:\n\n_(Exchange rates are shown as C$ per $)_ |  **Year ended December 31,**  \n---|---  \n|  **2024** |  |  **2023** |  |  **2022**  \nAverage rate  |  1.3700  |  |  1.3494  |  |  1.3017   \nSpot rate  |  1.4351  |  |  1.3243  |  |  1.3554   \n|  |  |  |  |   \n  \nThe exchange rates used to translate from New Israeli Shekels (\u201cILS\u201d) to\ndollars are shown below:\n\n_(Exchange rates are shown as ILS per $)_ |  **Year ended December 31,**  \n---|---  \n|  **2024** |  |  **2023** |  |  **2022**  \nAverage rate  |  3.6997  |  |  3.6819  |  |  3.3566   \nSpot rate  |  3.6526  |  |  3.6163  |  |  3.5178   \n|  |  |  |  |   \n  \n**For further information, please contact:**  \nAnna Shlimak  \nInvestor Relations  \nTel: (416) 504-0004  \ninvestor.relations@thecronosgroup.com\n\n  \n\n* * *\n\n##  Tags\n\n[ Cannabis ](/en/search/tag/cannabis \"Cannabis\") [ CRON ](/en/search/tag/cron\n\"CRON\") [ Cronos ](/en/search/tag/cronos \"Cronos\") [ Cronos Group\n](/en/search/tag/cronos%2520group \"Cronos Group\")\n\n##  Recommended Reading\n\n  * March 19, 2025 07:30 ET  |  Source: [ Cronos Group Inc. ](/en/search/organization/Cronos%2520Group%2520Inc\u00a7)\n\n[ Cronos Appoints Anna Shlimak as Chief Financial Officer\n](https://www.globenewswire.com/news-release/2025/03/19/3045272/0/en/Cronos-\nAppoints-Anna-Shlimak-as-Chief-Financial-Officer.html)\n\nTORONTO, March 19, 2025 (GLOBE NEWSWIRE) -- Cronos Group Inc. (NASDAQ: CRON)\n(TSX: CRON) (\u201cCronos\u201d or the \u201cCompany\u201d), an innovative global cannabinoid\ncompany, today announced the appointment of...\n\n[ Read More ](https://www.globenewswire.com/news-\nrelease/2025/03/19/3045272/0/en/Cronos-Appoints-Anna-Shlimak-as-Chief-\nFinancial-Officer.html)\n\n  * March 10, 2025 08:00 ET  |  Source: [ Cronos Group Inc. ](/en/search/organization/Cronos%2520Group%2520Inc\u00a7)\n\n[ Cronos Group Inc. to Speak at the 37th Annual Roth Conference\n](https://www.globenewswire.com/news-release/2025/03/10/3039659/0/en/Cronos-\nGroup-Inc-to-Speak-at-the-37th-Annual-Roth-Conference.html)\n\nTORONTO, March 10, 2025 (GLOBE NEWSWIRE) -- Cronos Group Inc. (NASDAQ: CRON)\n(TSX: CRON) (\u201cCronos\u201d or the \u201cCompany\u201d), an innovative global cannabinoid\ncompany, today announced that Mike Gorenstein,...\n\n[ Read More ](https://www.globenewswire.com/news-\nrelease/2025/03/10/3039659/0/en/Cronos-Group-Inc-to-Speak-at-the-37th-Annual-\nRoth-Conference.html)\n\n",
                "url": "https://www.globenewswire.com/news-release/2025/02/27/3033748/0/en/Cronos-Group-Reports-2024-Fourth-Quarter-and-Full-Year-Results.html"
            },
            "reason": "This is a press release from GlobeNewswire regarding Cronos Group's financial results. It is a reliable source for company announcements.",
            "reliability_score": 0.9,
            "search_query": "company 'The Cronos Group' waste management water consumption",
            "summary": "Cronos Group Reports 2024 Fourth Quarter and Full Year Results.",
            "url": "https://www.globenewswire.com/news-release/2025/02/27/3033748/0/en/Cronos-Group-Reports-2024-Fourth-Quarter-and-Full-Year-Results.html"
        },
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                    "source": "https://www.stocktitan.net/news/CRON/cronos-group-reports-2024-fourth-quarter-and-full-year-ft1pmfo4ixz2.html"
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                "page_content": "  1. [ Home  ](/)\n  2. [ News  ](/news/live.html)\n  3. [ CRON  ](/news/CRON/)\n  4. Cronos Group Reports 2024 Fourth Quarter and Full-Year Results \n\n#####  [ Trending News __ ](/news/trending.html)\n\n[ ](/news/SUNE/ \" SUNE Stock News\")\n\n[ SUNE ](/news/SUNE/)\n\n[ SUNation Energy Strengthens Financial Position Via Recently Compl...\n](/news/SUNE/su-nation-energy-strengthens-financial-position-via-\nrecently-7mvejuw2nwy9.html)\n\n[ ](/news/RSLS/ \" RSLS Stock News\")\n\n[ RSLS ](/news/RSLS/)\n\n[ ReShape Lifesciences\u00ae Partners with Motion Informatics to Bring A...\n](/news/RSLS/re-shape-lifesciences-partners-with-motion-informatics-to-bring-\nai-asvw91hqd7id.html)\n\n[ ](/news/MSFT/ \" MSFT Stock News\")\n\n[ MSFT ](/news/MSFT/)\n\n[ Microsoft announces quarterly earnings release date ](/news/MSFT/microsoft-\nannounces-quarterly-earnings-release-pyzdaj4mc5mj.html)\n\n[ ](/news/AGNC/ \" AGNC Stock News\")\n\n[ AGNC ](/news/AGNC/)\n\n[ AGNC Investment Corp. Declares Monthly Common Stock Dividend of $...\n](/news/AGNC/agnc-investment-corp-declares-monthly-common-stock-dividend-\nof-0-12-xxg96auebidq.html)\n\n[ ](/news/STZ/ \" STZ Stock News\")\n\n[ STZ ](/news/STZ/)\n\n[ Constellation Brands Repositions Wine and Spirits Business to a P...\n](/news/STZ/constellation-brands-repositions-wine-and-spirits-business-\nto-a-5d8v095ydq9h.html)\n\n[ ](/news/CLSK/ \" CLSK Stock News\")\n\n[ CLSK ](/news/CLSK/)\n\n[ CleanSpark to Participate in Jones Healthcare and Technology Inno...\n](/news/CLSK/clean-spark-to-participate-in-jones-healthcare-and-technology-\nsy2fwxz4zbfy.html)\n\n[ ](/news/SUNE/ \" SUNE Stock News\")\n\n[ SUNE ](/news/SUNE/)\n\n[ SUNation Energy Strengthens Financial Position Via Recently Compl...\n](/news/SUNE/su-nation-energy-strengthens-financial-position-via-\nrecently-7mvejuw2nwy9.html)\n\n[ ](/news/RSLS/ \"ReShape Lifesciences Inc. RSLS Stock News\")\n\n[ RSLS ](/news/RSLS/)\n\n[ ReShape Lifesciences\u00ae Partners with Motion Informatics to Bring A...\n](/news/RSLS/re-shape-lifesciences-partners-with-motion-informatics-to-bring-\nai-asvw91hqd7id.html)\n\n[ ](/news/MSFT/ \"Microsoft Corporation MSFT Stock News\")\n\n[ MSFT ](/news/MSFT/)\n\n[ Microsoft announces quarterly earnings release date ](/news/MSFT/microsoft-\nannounces-quarterly-earnings-release-pyzdaj4mc5mj.html)\n\n[ ](/news/AGNC/ \"AGNC Investment Corp AGNC Stock News\")\n\n[ AGNC ](/news/AGNC/)\n\n[ AGNC Investment Corp. Declares Monthly Common Stock Dividend of $...\n](/news/AGNC/agnc-investment-corp-declares-monthly-common-stock-dividend-\nof-0-12-xxg96auebidq.html)\n\n[ ](/news/STZ/ \"Constellation Brands Inc STZ Stock News\")\n\n[ STZ ](/news/STZ/)\n\n[ Constellation Brands Repositions Wine and Spirits Business to a P...\n](/news/STZ/constellation-brands-repositions-wine-and-spirits-business-\nto-a-5d8v095ydq9h.html)\n\n[ ](/news/CLSK/ \"Cleanspark Inc CLSK Stock News\")\n\n[ CLSK ](/news/CLSK/)\n\n[ CleanSpark to Participate in Jones Healthcare and Technology Inno...\n](/news/CLSK/clean-spark-to-participate-in-jones-healthcare-and-technology-\nsy2fwxz4zbfy.html)\n\n#  Cronos Group Reports 2024 Fourth Quarter and Full-Year Results\n\nRhea-AI Impact\n\n(Low)\n\nRhea-AI Sentiment\n\n(Neutral)\n\nTags\n\nRhea-AI Summary\n\n__\n\n  * English \n  * French \n  * German \n  * Italian \n  * Korean \n  * Spanish \n\n**Cronos Group (NASDAQ: CRON)** reported strong financial results for Q4 and\nfull-year 2024, with Q4 net revenue increasing 27% year-over-year to $30.3\nmillion and full-year revenue up 35% to $117.6 million.\n\nKey highlights include:\n\n  * **Spinach\u00ae** ended 2024 as the #1 cannabis brand in Canada, with 5.7% market share in flower category \n  * **PEACE NATURALS\u00ae** achieved #1 position in Israel with 24% market share \n  * Company maintains strong balance sheet with $859 million in cash \n  * Q4 2024 gross profit increased to $10.8 million, up from $1.9 million in Q4 2023 \n  * Adjusted EBITDA improved to $(7.2) million in Q4 2024, a $7.6 million improvement year-over-year \n\nThe company expanded operations through Cronos GrowCo investment, enhanced\ncultivation capabilities, and strengthened international presence in Germany\nand UK markets.\n\n**Cronos Group (NASDAQ: CRON)** ha riportato risultati finanziari solidi per\nil quarto trimestre e l'intero anno 2024, con un aumento del 27% anno su anno\ndei ricavi netti del Q4, che hanno raggiunto i 30,3 milioni di dollari, e un\nincremento del 35% dei ricavi annuali, arrivando a 117,6 milioni di dollari.\n\nI punti salienti includono:\n\n  * **Spinach\u00ae** ha concluso il 2024 come il marchio di cannabis numero 1 in Canada, con una quota di mercato del 5,7% nella categoria dei fiori \n  * **PEACE NATURALS\u00ae** ha raggiunto la posizione numero 1 in Israele con una quota di mercato del 24% \n  * L'azienda mantiene un bilancio solido con 859 milioni di dollari in contante \n  * Il profitto lordo del Q4 2024 \u00e8 aumentato a 10,8 milioni di dollari, rispetto a 1,9 milioni di dollari nel Q4 2023 \n  * L'EBITDA rettificato \u00e8 migliorato a $(7,2) milioni nel Q4 2024, con un miglioramento di 7,6 milioni di dollari rispetto all'anno precedente \n\nL'azienda ha ampliato le operazioni attraverso l'investimento in Cronos\nGrowCo, migliorando le capacit\u00e0 di coltivazione e rafforzando la presenza\ninternazionale nei mercati di Germania e Regno Unito.\n\n**Cronos Group (NASDAQ: CRON)** report\u00f3 resultados financieros s\u00f3lidos para el\ncuarto trimestre y el a\u00f1o completo 2024, con un aumento del 27% interanual en\nlos ingresos netos del Q4, alcanzando los 30,3 millones de d\u00f3lares, y un\nincremento del 35% en los ingresos anuales, llegando a 117,6 millones de\nd\u00f3lares.\n\nLos aspectos m\u00e1s destacados incluyen:\n\n  * **Spinach\u00ae** termin\u00f3 2024 como la marca de cannabis n\u00famero 1 en Canad\u00e1, con una cuota de mercado del 5,7% en la categor\u00eda de flores \n  * **PEACE NATURALS\u00ae** logr\u00f3 la posici\u00f3n n\u00famero 1 en Israel con una cuota de mercado del 24% \n  * La empresa mantiene un s\u00f3lido balance con 859 millones de d\u00f3lares en efectivo \n  * El beneficio bruto del Q4 2024 aument\u00f3 a 10,8 millones de d\u00f3lares, frente a 1,9 millones de d\u00f3lares en el Q4 2023 \n  * El EBITDA ajustado mejor\u00f3 a $(7,2) millones en el Q4 2024, una mejora de 7,6 millones de d\u00f3lares interanual \n\nLa empresa ampli\u00f3 sus operaciones a trav\u00e9s de la inversi\u00f3n en Cronos GrowCo,\nmejorando las capacidades de cultivo y fortaleciendo la presencia\ninternacional en los mercados de Alemania y Reino Unido.\n\n**\ud06c\ub85c\ub178\uc2a4 \uadf8\ub8f9 (NASDAQ: CRON)** \uc740 2024\ub144 4\ubd84\uae30 \ubc0f \uc5f0\uac04 \uac15\ub825\ud55c \uc7ac\ubb34 \uc2e4\uc801\uc744 \ubcf4\uace0\ud588\uc73c\uba70, 4\ubd84\uae30 \uc21c\uc218\uc775\uc774 \uc804\ub144 \ub300\ube44\n27% \uc99d\uac00\ud558\uc5ec 3,030\ub9cc \ub2ec\ub7ec\uc5d0 \ub2ec\ud558\uace0, \uc5f0\uac04 \uc218\uc775\uc740 35% \uc99d\uac00\ud558\uc5ec 1\uc5b5 1,760\ub9cc \ub2ec\ub7ec\uc5d0 \uc774\ub974\ub800\uc2b5\ub2c8\ub2e4.\n\n\uc8fc\uc694 \ud558\uc774\ub77c\uc774\ud2b8\ub294 \ub2e4\uc74c\uacfc \uac19\uc2b5\ub2c8\ub2e4:\n\n  * **\uc2a4\ud53c\ub098\uce58(Spinach\u00ae)** \ub294 \uce90\ub098\ub2e4\uc5d0\uc11c \uaf43 \ubd80\ubb38\uc5d0\uc11c 5.7%\uc758 \uc2dc\uc7a5 \uc810\uc720\uc728\uc744 \uae30\ub85d\ud558\uba70 2024\ub144\uc744 1\uc704 \ub300\ub9c8\ucd08 \ube0c\ub79c\ub4dc\ub85c \ub9c8\uac10\ud588\uc2b5\ub2c8\ub2e4. \n  * **\ud53c\uc2a4 \ub0b4\ucd94\ub7f4\uc2a4(PEACE NATURALS\u00ae)** \ub294 \uc774\uc2a4\ub77c\uc5d8\uc5d0\uc11c 24%\uc758 \uc2dc\uc7a5 \uc810\uc720\uc728\ub85c 1\uc704 \uc790\ub9ac\ub97c \ucc28\uc9c0\ud588\uc2b5\ub2c8\ub2e4. \n  * \ud68c\uc0ac\ub294 8\uc5b5 5,900\ub9cc \ub2ec\ub7ec\uc758 \ud604\uae08\uc744 \ubcf4\uc720\ud558\uba70 \uac15\ub825\ud55c \uc7ac\ubb34 \uad6c\uc870\ub97c \uc720\uc9c0\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4. \n  * 2024\ub144 4\ubd84\uae30 \ucd1d \uc774\uc775\uc740 1,080\ub9cc \ub2ec\ub7ec\ub85c \uc99d\uac00\ud588\uc73c\uba70, \uc774\ub294 2023\ub144 4\ubd84\uae30 190\ub9cc \ub2ec\ub7ec\uc5d0\uc11c \uc99d\uac00\ud55c \uc218\uce58\uc785\ub2c8\ub2e4. \n  * \uc870\uc815\ub41c EBITDA\ub294 2024\ub144 4\ubd84\uae30\uc5d0 $(720\ub9cc) \ub2ec\ub7ec\ub85c \uac1c\uc120\ub418\uc5b4 \uc804\ub144 \ub300\ube44 760\ub9cc \ub2ec\ub7ec\uc758 \uac1c\uc120\uc744 \ubcf4\uc600\uc2b5\ub2c8\ub2e4. \n\n\ud68c\uc0ac\ub294 \ud06c\ub85c\ub178\uc2a4 \uadf8\ub85c\uc6b0\ucf54(Cronos GrowCo) \ud22c\uc790\ub97c \ud1b5\ud574 \uc6b4\uc601\uc744 \ud655\uc7a5\ud558\uace0, \uc7ac\ubc30 \ub2a5\ub825\uc744 \uac15\ud654\ud558\uba70, \ub3c5\uc77c \ubc0f \uc601\uad6d \uc2dc\uc7a5\uc5d0\uc11c \uad6d\uc81c\uc801\n\uc785\uc9c0\ub97c \uac15\ud654\ud588\uc2b5\ub2c8\ub2e4.\n\n**Cronos Group (NASDAQ: CRON)** a annonc\u00e9 des r\u00e9sultats financiers solides\npour le quatri\u00e8me trimestre et l'ann\u00e9e enti\u00e8re 2024, avec une augmentation de\n27 % des revenus nets du Q4 par rapport \u00e0 l'ann\u00e9e pr\u00e9c\u00e9dente, atteignant 30,3\nmillions de dollars, et une augmentation de 35 % des revenus annuels,\natteignant 117,6 millions de dollars.\n\nLes points forts incluent :\n\n  * **Spinach\u00ae** a termin\u00e9 2024 en tant que marque de cannabis num\u00e9ro 1 au Canada, avec une part de march\u00e9 de 5,7 % dans la cat\u00e9gorie des fleurs \n  * **PEACE NATURALS\u00ae** a atteint la premi\u00e8re position en Isra\u00ebl avec une part de march\u00e9 de 24 % \n  * L'entreprise maintient un bilan solide avec 859 millions de dollars en liquidit\u00e9s \n  * Le b\u00e9n\u00e9fice brut du Q4 2024 a augment\u00e9 \u00e0 10,8 millions de dollars, contre 1,9 million de dollars au Q4 2023 \n  * Le EBITDA ajust\u00e9 s'est am\u00e9lior\u00e9 \u00e0 $(7,2) millions au Q4 2024, soit une am\u00e9lioration de 7,6 millions de dollars par rapport \u00e0 l'ann\u00e9e pr\u00e9c\u00e9dente \n\nL'entreprise a \u00e9largi ses op\u00e9rations gr\u00e2ce \u00e0 l'investissement dans Cronos\nGrowCo, am\u00e9liorant les capacit\u00e9s de culture et renfor\u00e7ant sa pr\u00e9sence\ninternationale sur les march\u00e9s allemand et britannique.\n\n**Cronos Group (NASDAQ: CRON)** hat starke finanzielle Ergebnisse f\u00fcr das\nvierte Quartal und das gesamte Jahr 2024 gemeldet, mit einem Anstieg des\nNettoumsatzes im Q4 um 27% im Vergleich zum Vorjahr auf 30,3 Millionen Dollar\nund einem Anstieg des Jahresumsatzes um 35% auf 117,6 Millionen Dollar.\n\nWichtige Highlights sind:\n\n  * **Spinach\u00ae** beendete 2024 als die Nummer 1 Marke f\u00fcr Cannabis in Kanada mit einem Marktanteil von 5,7% in der Blumen-Kategorie \n  * **PEACE NATURALS\u00ae** erreichte die Nummer 1 Position in Israel mit einem Marktanteil von 24% \n  * Das Unternehmen h\u00e4lt eine starke Bilanz mit 859 Millionen Dollar in bar \n  * Der Bruttogewinn im Q4 2024 stieg auf 10,8 Millionen Dollar, im Vergleich zu 1,9 Millionen Dollar im Q4 2023 \n  * Das bereinigte EBITDA verbesserte sich im Q4 2024 auf $(7,2) Millionen, was eine Verbesserung von 7,6 Millionen Dollar im Jahresvergleich darstellt \n\nDas Unternehmen erweiterte seine Aktivit\u00e4ten durch Investitionen in Cronos\nGrowCo, verbesserte die Anbaukapazit\u00e4ten und st\u00e4rkte die internationale\nPr\u00e4senz auf den M\u00e4rkten in Deutschland und Gro\u00dfbritannien.\n\nPositive\n\n  * Net revenue grew 35% YoY to $117.6M in 2024 \n  * Achieved #1 market position in both Canada (Spinach) and Israel (PEACE NATURALS) \n  * Strong balance sheet with $859M cash \n  * Gross profit increased significantly to $10.8M in Q4 2024 \n  * SOURZ by Spinach captured 23% market share in edibles \n  * Successful expansion into UK and German markets \n\nNegative\n\n  * Still operating at negative Adjusted EBITDA of $(7.2M) in Q4 2024 \n  * Peace Naturals Campus sale-leaseback agreement terminated in Q2 2024 \n\n##  Insights\n\n##\n\nCronos Group's Q4 and full-year 2024 results demonstrate substantial\noperational momentum, with **net revenue growing 27% year-over-year** to\n$30.3 million  in Q4 and **35% year-over-year** to  $117.6 million  for the\nfull year. This growth trajectory significantly outpaces many cannabis sector\npeers and reflects successful execution across multiple markets.\n\nThe company's gross profit showed even more dramatic improvement, increasing\nby  $8.9 million  to  $10.8 million  in Q4 (representing a  35.6%  gross\nmargin) and by  $13.3 million  to  $25.2 million  for the full year. This\nmargin expansion stems from both higher sales volumes and meaningful\nproduction cost improvements, suggesting operational efficiencies are taking\nhold.\n\nWhile Adjusted EBITDA remains negative at  $(7.2) million  for Q4 and  $(34.9)\nmillion  for the full year, the  $26.6 million  year-over-year improvement\nindicates Cronos is making substantial progress toward profitability. The\n$8.7 million  in operating expense savings achieved in 2024 demonstrates\ndisciplined cost management without sacrificing growth.\n\nStrategically, Cronos has established enviable brand leadership positions.\nSpinach\u00ae has captured the #1 position in Canada's highly fragmented cannabis\nmarket, with particular strength in the high-margin edibles category where\nSOURZ by Spinach\u00ae commands  23%  market share in gummies. Similarly, PEACE\nNATURALS\u00ae has secured  24%  market share in Israel's flower segment, providing\ngeographic diversification.\n\nThe company's  $859 million  cash position represents approximately  119%  of\nits current market capitalization, providing exceptional financial flexibility\nin an industry where many competitors face liquidity constraints. This war\nchest enables Cronos to invest in capacity expansion through Cronos GrowCo\nwhile simultaneously pursuing international opportunities in Germany and the\nUK.\n\nThe vertical integration strategy, including bringing vape production in-house\nand expanding cultivation capacity, should drive further margin improvements\nwhile ensuring consistent supply of proprietary genetics. The decision to\nretain and expand the Peace Naturals Campus rather than pursue the previously\nannounced sale-leaseback signals confidence in the company's operational\nstrategy and long-term market position.\n\n##\n\nCronos Group's 2024 results reveal a company successfully executing a multi-\nfaceted brand and product strategy that's gaining significant traction across\nkey markets. The achievement of market leadership positions for both Spinach\u00ae\nin Canada and PEACE NATURALS\u00ae in Israel isn't merely symbolic \u2013 it represents\nthe culmination of strategic initiatives in product development, genetics\nbreeding, and category diversification.\n\nIn the high-margin edibles segment, Cronos has established remarkable\ndominance with SOURZ by Spinach\u00ae capturing  23%  of the Canadian gummies\nmarket. This level of market penetration is exceptional in the fragmented\ncannabis consumer packaged goods space, where the top 5-7 brands typically\ncommand only  60-70%  of any category. The expansion into 10mg single-piece\nformats with the Fully Blasted line demonstrates responsive innovation to\nconsumer preferences for higher potency options.\n\nThe company's proprietary genetics breeding program represents a significant\ncompetitive moat. Unlike many cannabis companies that source generic strains,\nCronos's investment in proprietary cultivars enables them to create truly\ndifferentiated products with consistent cannabinoid and terpene profiles that\nconsumers recognize and seek out. This genetics advantage extends across\nborders, with strains like GMO and Wedding Cake showing strong demand in both\nGermany and the UK.\n\nThe strategic focus on the infused pre-roll category is particularly\nnoteworthy. This segment is growing at approximately  25-30%  annually in\nmature markets, offering higher margins than conventional pre-rolls while\nattracting both experienced consumers and category entrants. The Lord Jones\u00ae\nIce Water Hash Fusions achieving the #1 position in the hash pre-roll category\ndemonstrates Cronos's ability to create premium differentiated offerings that\ncommand price premiums.\n\nCronos's international strategy reveals a sophisticated market entry approach.\nRather than rushing into multiple markets simultaneously, the company has\nmethodically built dominant positions in Israel (  24%  flower market share)\nwhile carefully expanding into Germany and the UK with targeted offerings that\nleverage their genetics advantage. This measured approach contrasts favorably\nwith competitors who expanded too rapidly and subsequently retreated from\ninternational markets.\n\nThe vertical integration strategy through Cronos GrowCo and bringing vape\nproduction in-house represents a balanced approach to the supply chain. Rather\nthan fully vertically integrating all operations (which has proven problematic\nfor many cannabis companies), Cronos maintains flexibility while securing\ncontrol over critical inputs and manufacturing processes that directly impact\nproduct quality and margins.\n\n* [ ](https://twitter.com/intent/tweet?text=%24CRON%20Cronos%20Group%20Reports%202024%20Fourth%20Quarter%20and%20Full-Year%20Results%0Ahttps%3A%2F%2Fwww.stocktitan.net%2Fnews%2FCRON%2Fcronos-group-reports-2024-fourth-quarter-and-full-year-ft1pmfo4ixz2.html \"Share on X\")\n* [ ](https://reddit.com/submit?url=https%3A%2F%2Fwww.stocktitan.net%2Fnews%2FCRON%2Fcronos-group-reports-2024-fourth-quarter-and-full-year-ft1pmfo4ixz2.html&title=Cronos%20Group%20Reports%202024%20Fourth%20Quarter%20and%20Full-Year%20Results \"Share on Reddit\")\n* [ ](https://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Fwww.stocktitan.net%2Fnews%2FCRON%2Fcronos-group-reports-2024-fourth-quarter-and-full-year-ft1pmfo4ixz2.html&quote=%24CRON%20%7C%20Cronos%20Group%20Reports%202024%20Fourth%20Quarter%20and%20Full-Year%20Results \"Share on Facebook\")\n* 02/27/2025 - 07:30 AM \n\n_Net revenue in Q4 2024 increased by 27%  year-over-year to  $30.3 million  ;\nNet revenue in FY 2024 increased by  35%  year-over-year to  $117.6 million  _\n\n_Spinach_ _\u00ae_ _Ends 2024 as the Number One Cannabis Brand in Canada_ _1_\n\n_PEACE NATURALS_ _\u00ae_ _Ends 2024 as the Number One Cannabis Brand in Israel_\n_2_\n\n_Industry leading balance sheet with_ _ $859  _ _million in cash_ _and cash\nequivalents_\n\nTORONTO, Feb. 27, 2025 (GLOBE NEWSWIRE) -- Cronos Group Inc. (NASDAQ: CRON)\n(TSX: CRON) (\u201cCronos\u201d or the \u201cCompany\u201d), today announced its 2024 fourth\nquarter and full-year business results.\n\n\"We set ambitious goals to deliver robust growth, improve margins, and achieve\noperational excellence. Today, I am proud to say that Cronos has not only met\nbut exceeded these objectives, as evidenced by our strong 2024 results. Our\nunwavering commitment to innovation, quality, and disciplined cost management\nhas solidified our leadership in the global cannabis industry,\" said Mike\nGorenstein, Chairman, President and CEO of Cronos.\n\n\"From Spinach  _\u00ae_ becoming the number one cannabis brand in Canada and PEACE\nNATURALS  _\u00ae_ achieving a number one position in Israel, to our groundbreaking\nadvancements in cannabis genetics, to international expansion, Cronos is well-\npositioned to capitalize on future opportunities and drive long-term value for\nour shareholders. As we look ahead to 2025, we remain focused on sustaining\nthis momentum, strengthening our market leadership, and delivering innovative\nproducts that resonate with consumers worldwide,\" continued Mr. Gorenstein.\n\"Our strategic investments, such as Cronos GrowCo, have enhanced our\ncultivation capabilities, ensuring a consistent supply of high-quality\ncannabis at scale with an improved gross margin profile, while our R&D\nbreakthroughs have set new industry standards. Internationally, we\u2019ve made\nsignificant strides, with PEACE NATURALS  _\u00ae_ leading in Israel and gaining\ntraction in Germany and the UK. Combined with a robust balance sheet and a\nportfolio of best-selling, borderless brands, Cronos is not just leading\ntoday, we\u2019re building the foundation for long-term excellence in the global\ncannabis industry. Looking to 2025, we're excited about the opportunities\nahead as we continue to innovate, expand, and deliver for our consumers and\nshareholders.\"  \n\n**_Consolidated Financial Results_ **\n\nOn June 20, 2024 the Company made an additional investment in Cronos Growing\nCompany (\"Cronos GrowCo\") to fund the expansion of cultivation operations.\nCronos also obtained majority control of the board of directors of Cronos\nGrowCo and began consolidating Cronos GrowCo's results from July 1, 2024.\nPrior to this date, the Company's investment in Cronos GrowCo consisted of an\ninvestment accounted for under the equity method and loans receivable from\nCronos GrowCo.\n\nIn the second quarter of 2023, the Company exited its United States (\"U.S.\")\nhemp-derived CBD operations. The exit of the U.S. operations represented a\nstrategic shift, and as such, qualifies for reporting as discontinued\noperations in our condensed consolidated statements of net income (loss) and\ncomprehensive income (loss). Prior period amounts have been reclassified to\nreflect the discontinued operations classification of the U.S. operations.\n\nThe tables below set forth our condensed consolidated results of continuing\noperations, expressed in thousands of U.S. dollars for the periods presented.\nOur condensed consolidated financial results for these periods are not\nnecessarily indicative of the consolidated financial results that we will\nachieve in future periods.\n\n_(in thousands of USD)_ |  |  **Three Months Ended December 31,** |  |  **Change** |  |  **Year ended December 31,** |  |  **Change**  \n---|---|---|---|---|---|---|---|---  \n|  |  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%**  \nCronos net revenue, excluding Cronos GrowCo net revenue  (i)  |  |  $  |  28,195  |  |  |  $  |  23,915  |  |  |  $  |  4,280  |  |  |  18  |  %  |  |  $  |  111,241  |  |  |  $  |  87,241  |  |  |  $  |  24,000  |  |  |  28  |  %   \nCronos GrowCo net revenue  (ii)  |  |  |  2,106  |  |  |  |  \u2014  |  |  |  |  2,106  |  |  |  N/A  |  |  |  |  6,374  |  |  |  |  \u2014  |  |  |  |  6,374  |  |  |  N/A  |   \nNet Revenue  |  |  $  |  30,301  |  |  |  $  |  23,915  |  |  |  $  |  6,386  |  |  |  27  |  %  |  |  $  |  117,615  |  |  |  $  |  87,241  |  |  |  $  |  30,374  |  |  |  35  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nCost of sales  |  |  |  19,494  |  |  |  |  21,913  |  |  |  |  (2,419  |  )  |  |  (11  |  )%  |  |  |  91,710  |  |  |  |  74,527  |  |  |  |  17,183  |  |  |  23  |  %   \nInventory write-down  |  |  |  \u2014  |  |  |  |  89  |  |  |  |  (89  |  )  |  |  N/A  |  |  |  |  707  |  |  |  |  805  |  |  |  |  (98  |  )  |  |  (12  |  )%   \nGross profit  |  |  $  |  10,807  |  |  |  $  |  1,913  |  |  |  $  |  8,894  |  |  |  465  |  %  |  |  $  |  25,198  |  |  |  $  |  11,909  |  |  |  $  |  13,289  |  |  |  112  |  %   \nGross margin  (  ii  i)  |  |  |  36  |  %  |  |  |  8  |  %  |  |  |  N/A  |  |  |  28  |  pp  |  |  |  21  |  %  |  |  |  14  |  %  |  |  |  N/A  |  |  |  7  |  pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nInventory step-up recorded to cost of sales  |  |  |  (1,832  |  )  |  |  |  \u2014  |  |  |  |  (1,832  |  )  |  |  N/A  |  |  |  |  5,284  |  |  |  |  \u2014  |  |  |  |  5,284  |  |  |  N/A  |   \nAdjusted Gross Profit  (iv)  |  |  $  |  8,975  |  |  |  $  |  1,913  |  |  |  $  |  7,062  |  |  |  369  |  %  |  |  $  |  30,482  |  |  |  $  |  11,909  |  |  |  $  |  18,573  |  |  |  156  |  %   \nAdjusted Gross Margin  (v)  |  |  |  30  |  %  |  |  |  8  |  %  |  |  |  N/A  |  |  |  22  |  pp  |  |  |  26  |  %  |  |  |  14  |  %  |  |  |  N/A  |  |  |  12  |  pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nNet income (loss)  |  |  $  |  43,941  |  |  |  $  |  (45,151  |  )  |  |  $  |  89,092  |  |  |  197  |  %  |  |  $  |  40,022  |  |  |  $  |  (70,439  |  )  |  |  $  |  110,461  |  |  |  N/M  |   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nAdjusted EBITDA  (  iv  )  |  |  $  |  (7,203  |  )  |  |  $  |  (14,790  |  )  |  |  $  |  7,587  |  |  |  51  |  %  |  |  $  |  (34,942  |  )  |  |  $  |  (61,564  |  )  |  |  $  |  26,622  |  |  |  43  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \n**Other Data** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nCash and cash equivalents  (  vi  )  |  |  $  |  858,805  |  |  |  $  |  669,291  |  |  |  $  |  189,514  |  |  |  28  |  %  |  |  |  |  |  |  |  |   \nShort-term investments  (  vi  )  |  |  |  \u2014  |  |  |  |  192,237  |  |  |  |  (192,237  |  )  |  |  (100  |  )%  |  |  |  |  |  |  |  |   \nCapital expenditures  (v  ii  )  |  |  |  3,708  |  |  |  |  1,792  |  |  |  |  1,916  |  |  |  107  |  %  |  |  |  13,154  |  |  |  |  3,423  |  |  |  |  9,731  |  |  |  284  |  %   \n  \n_(i)_ _Cronos net revenue, excluding Cronos GrowCo net revenue is net revenue\nless Cronos GrowCo net revenue and is after intercompany eliminations._  \n_(ii)_ _Cronos GrowCo net revenue is Cronos GrowCo's net revenue after\nintercompany eliminations._  \n_(iii)_ _Gross margin is defined as gross profit divided by net revenue._  \n_(iv)_ _See \"Non-GAAP Measures\" for more information, including a\nreconciliation of adjusted earnings (loss) before interest, taxes,\ndepreciation and amortization (\"Adjusted EBITDA\") to net income (loss) and a\nreconciliation of Adjusted Gross Profit to gross profit._  \n_(v)_ _Adjusted Gross Margin is defined as Adjusted Gross Profit divided by\nnet revenue. See \u201cNon-GAAP Measures\u201d for more information._  \n_(vi)_ _Dollar amounts are as of the last day of the period indicated._  \n_(vii)_ _Capital expenditures represent component information of investing\nactivities and is defined as the sum of purchase of property, plant and\nequipment, and purchase of intangible assets._\n\n**Fourth Quarter** **2024**\n\n  * Net revenue of  $30.3 million  in Q4 2024 increased by  $6.4 million  from Q4 2023. The increase year-over-year was primarily driven by higher cannabis flower and extract sales in the Canadian market and higher cannabis flower sales in Israel and other countries. Cronos GrowCo contributed  $2.1 million  of cannabis flower sales in Q4 2024. No such sales were recognized in Q4 2023. \n  * Gross profit of  $10.8 million  in Q4 2024 increased by  $8.9 million  from Q4 2023. The increase year-over-year was primarily due to higher cannabis flower and extract sales in the Canadian market, higher cannabis flower sales in Israel and other countries, and production cost improvements. Gross profit was positively impacted by  $1.8 million  in the quarter in connection with the finalization of the purchase accounting for the Cronos GrowCo Transaction, which resulted in a reduction of the fair value of inventory acquired from Cronos GrowCo and the corresponding inventory step-up previously recorded into cost of sales in Q3 2024. No such impact was recognized for 2023. \n  * Adjusted gross profit of  $9.0 million  in Q4 2024 improved by  $7.1 million  from Q4 2023. The improvement year-over-year was primarily driven by higher cannabis flower and extract sales in the Canadian market, higher cannabis flower sales in Israel, and production cost improvements. \n  * Adjusted EBITDA of  $(7.2) million  in Q4 2024 improved by  $7.6 million  from Q4 2023. The improvement year-over-year was primarily driven by higher adjusted gross profit. \n\n**Full-Year** **2024**\n\n  * Net revenue of  $117.6 million  in full-year 2024 increased by  $30.4 million  from full-year 2023. The increase year-over-year was primarily due to higher cannabis flower and extract sales in the Canadian market and higher cannabis flower sales in Israel and other countries. Cronos GrowCo contributed  $6.4 million  of cannabis flower sales in the year ended December 31, 2024. No such sales were recognized for the year ended December 31, 2023. \n  * Gross profit of  $25.2 million  in full-year 2024 increased by  $13.3 million  from full-year 2023. The increase year-over-year was primarily due to higher cannabis flower and extract sales in the Canadian market, higher cannabis flower sales in Israel and other countries, and production cost improvements. This increase was partially offset by the impact on cost of sales from the inventory step-up from the Cronos GrowCo Transaction. For 2024, gross profit was reduced  $5.3 million  as a result of the impact of the inventory step-up from the Cronos GrowCo Transaction that was recorded into cost of sales since July 1, 2024. No such costs were recognized for 2023. \n  * Adjusted gross profit of  $30.5 million  in full-year 2024 increased by  $18.6 million  from full-year 2023. The increase year-over-year was primarily due to higher cannabis flower and extract sales in the Canadian market, higher cannabis flower sales in Israel and other countries, and production cost improvements. \n  * Adjusted EBITDA of  $(34.9) million  in full-year 2024 improved by  $26.6 million  from full-year 2023. The improvement year-over-year was primarily driven by higher adjusted gross profit and lower sales and marketing, research and development, and general administrative expenses. \n\n**_Business Updates_ **\n\n**Brand and Product Portfolio**\n\n__Spinach_ _ \u00ae  3  \nIn 2024, the SOURZ by Spinach  \u00ae  brand expanded its edible lineup with\nseveral innovative launches. Our industry-leading SOURZ by Spinach  \u00ae\nproducts are the best-selling gummies in the Canadian market and have captured\nan impressive  23%  market share in Q4 2024, with five of the top ten best-\nselling edibles in Canada coming from the SOURZ lineup. A key addition to our\ngummy portfolio has been the 1-piece, 10mg THC Fully Blasted SOURZ by Spinach\n\u00ae  product, which launched in 2024. In Q4 2024 we launched two new Fully\nBlasted flavors, Peach Orange and Strawberry Mango. We also launched a new CBD\nmulti-pack, SOURZ by Spinach  \u00ae  CBD Berry Variety Pack.\n\nIn 2024 our proprietary genetics breeding program continued to provide our\nportfolio with winning cultivars that allow us to launch differentiated\nproducts across markets and maintain a number one position in the flower\ncategory. In 2024, we introduced Spinach Grindz\u2122, a milled flower offering\nutilizing our Citrus Crush and Cookie Dough strains, designed for convenient\nuse in joints or vaporizers. In Q4 2024, the Spinach  \u00ae  brand maintained its\nposition as the number one flower brand in Canada, with  5.7%  market share.\n\nIn 2024, we introduced two new Spinach  \u00ae  all-in-one vapes, Pineapple\nParadise and Blueberry Dynamite that are performing well and helping to drive\nmarket share gains. The brand's 0.5g all-in-one Spinach HITZ\u2122 vapes introduced\nnew Pink Lemonade and Rocket Icicle flavors, alongside line extensions in\nSpinach  \u00ae  1.2g vapes. Spinach  \u00ae  vapes were the number four vape brand in\nQ4 2024, holding  5.9%  market share. Vape production was brought in-house in\nthe second half of 2024 in an effort to streamline manufacturing and enhance\nproduction efficiency in this category.\n\nIn 2024, we launched Spinach  \u00ae  Fully Charged pre-rolls and infused pre-rolls\nas well as the Spinach  \u00ae  Fully Charged Party Pack and the Spinach  \u00ae  Fully\nCharged Tropical Pack. These launches were the culmination of our product\ndevelopment efforts and portfolio refresh. The infused pre-roll category is\ncontinuing to grow, and we expect this category to be key to future growth for\nboth Cronos and the industry, which is why we are committed to the evolution\nand innovation of our pre-roll portfolio. In Q4 2024, Spinach  \u00ae  was ranked\nseventh in the pre-roll category with  2.5%  market share.\n\n__Lord Jones_ _ __\u00ae_ _ __3_ _  \nIn Q4 2024, Lord Jones  \u00ae  Chocolates Fusions\u2122 had  9.6%  market share and\nended the year as the third best-selling chocolate brand in Canada. In January\n2025, the brand launched a Lord Jones  \u00ae  Chocolate Fusions\u2122 fudge brownie\nflavor, which features a 1:1:1 ratio of CBN, CBD and THC. Lord Jones  \u00ae\nChocolate Fusions\u2122 edibles highlight the brand\u2019s commitment to innovation and\ncraftsmanship, offering four flavors: cookies and cream, dazzle-berry pop,\nsalted caramel crunch and fudge brownie.\n\nIn 2024, we also launched Lord Jones  \u00ae  live resin vapes featuring\nmeticulously curated cultivars, delivering a rich, full-spectrum experience\nthat combines pure live resin with sleek, high-quality hardware. In the second\nhalf of 2023, we launched Ice Water Hash Fusions pre-rolls, which feature\nflower and terpene-rich ice water hash and are fitted with a branded ceramic\ntip. The Ice Water Hash Fusions pre-rolls continued performing throughout\n2024, rising to the number one position in the hash pre-roll category.\nTogether, these launches underscore the brand\u2019s dedication to excellence and\nits focus on creating exceptional, high-quality cannabis-infused products.\n\n__PEACE NATURALS_ _ __\u00ae_ _ __2_ _  \nIn 2024, Cronos Israel revamped and repositioned its flower portfolio,\noptimizing pricing, potency and bringing new, exciting strains to market to\nmeet patient needs. The PEACE NATURALS  \u00ae  brand launched new strains\nincluding GG4, Key Limez Punch, Pink Sherb, Tangie Kush, Citra Diesel, Tahoe\nOG Kush and GMO Lite, providing consumers with additional variety and choice.\nIn Q4 2024, PEACE NATURALS  \u00ae  was the number one flower brand in Israel with\n24%  market share and PEACE NATURALS  \u00ae  cannabis oils are the fourth most\npopular brand in Israel with  9%  market share.\n\nIn 2024, Cronos expanded into the United Kingdom (the \"UK\") by shipping its\nfirst batch of PEACE NATURALS  \u00ae  medical cannabis flower to this emerging\nmarket, through a partnership with a third-party distributor of prescribed\ncannabis products.\n\nThroughout 2024, the Company continued its sales to the German market through\nthe PEACE NATURALS  \u00ae  brand. Cronos sells the PEACE NATURALS  \u00ae  brand\nthrough its distribution partner, Cansativa GmbH (\"Cansativa\"), one of the\nleading distributors of medical cannabis in Germany and supplies flower for\nits private-label brand. Cronos has seen strong demand for its proprietary\ngenetics, such as GMO and Wedding Cake, in both Germany and the UK under the\nPEACE NATURALS  \u00ae  brand.\n\n**Global Supply Chain and Operations**\n\nThe expansion efforts at Cronos GrowCo's facility are well underway. In Q4\n2024, Health Canada approved amendments to the site's perimeter. Cronos GrowCo\nexpects to finish construction of the expanded cultivation and processing\nfacilities in Q2 2025, with first harvests and sales from the area commencing\nin the second half of 2025. Prior to the commencement of sales from the\nexpanded facility, Cronos has the option to purchase up to  80%  of Cronos\nGrowCo's total production. Once sales from the expanded area begin, Cronos\nwill have the option to purchase up to  70%  of the total production from the\nexpanded facility. The expansion of Cronos GrowCo positions the Company to\ncapitalize on domestic demand and meet international growth opportunities in\nthe global cannabis market.\n\nOn November 26, 2023, the Company announced that Peace Naturals Project Inc.\nhad entered into an agreement to sell and lease back its facility in Stayner,\nOntario (the \"Peace Naturals Campus\"). However, the agreement was terminated\nin the Q2 of 2024 pursuant to its terms, and the Company has decided to\ncontinue and expand its operations at the site.\n\nAs part of the expanding operations at the Peace Naturals Campus, in the\nsecond-half of 2024, the Company invested in machinery, automation and process\nimprovement to drive cost efficiency within the facility. This also included\ninvestment in warehousing and vault expansion as well as R&D equipment and\nlaboratory enhancements.\n\n**_Guidance_ **\n\nThe Company achieved  $8.7 million  in operating expense savings in 2024 on a\nstandalone basis, meeting its previously announced operating expense savings\ntarget of  $5 t  o  $10 million  . The savings were primarily driven by lower\nexpenses in general and administrative, research and development and sales and\nmarketing. The operating expense savings exclude the impact of the\nconsolidation of Cronos GrowCo's results into the Company's financial\nstatements.\n\n**_Conference Call_ **\n\nThe Company will host a conference call and live audio webcast on Thursday,\nFebruary 27, 2025, at 8:30 a.m. ET to discuss 2024 Fourth Quarter and Full-\nYear business results. An audio replay of the call will be archived on the\nCompany\u2019s website for replay. Instructions for the live audio webcast are\nprovided on the Company's website at: _https://ir.thecronosgroup.com/events-\npresentations._  \n\n**About Cronos**\n\nCronos is an innovative global cannabinoid company committed to building\ndisruptive intellectual property by advancing cannabis research, technology\nand product development. With a passion to responsibly elevate the consumer\nexperience, Cronos is building an iconic brand portfolio. Cronos\u2019 diverse\ninternational brand portfolio includes Spinach  \u00ae  , PEACE NATURALS  \u00ae  and\nLord Jones  \u00ae  . For more information about Cronos and its brands, please\nvisit: thecronosgroup.com.\n\n**Forward-Looking Statements**\n\nThis press release contains information that constitutes forward-looking\ninformation and forward-looking statements within the meaning of applicable\nsecurities laws and court decisions (collectively, \u201cForward-Looking\nStatements\u201d), which are based upon our current internal expectations,\nestimates, projections, assumptions and beliefs. All information that is not\nclearly historical in nature may constitute Forward-Looking Statements. In\nsome cases, Forward-Looking Statements can be identified by the use of\nforward-looking terminology such as \u201cexpect\u201d, \u201clikely\u201d, \u201cmay\u201d, \u201cwill\u201d,\n\u201cshould\u201d, \u201cintend\u201d, \u201canticipate\u201d, \u201cpotential\u201d, \u201cproposed\u201d, \u201cestimate\u201d and\nother similar words, expressions and phrases, including negative and\ngrammatical variations thereof, or statements that certain events or\nconditions \u201cmay\u201d or \u201cwill\u201d happen, or by discussion of strategy. Forward-\nLooking Statements include estimates, plans, expectations, opinions,\nforecasts, projections, targets, guidance or other statements that are not\nstatements of historical fact.\n\nForward-Looking Statements include, but are not limited to, statements with\nrespect to:\n\n  * the ongoing impact of the public investigation into Canadian licensed producers of alleged dumping of medical cannabis imports from Canada into Israel by the Trade Levies Commissioner of the Israel Ministry of Economy and Industry (the \u201cAnti-Dumping Investigation\u201d) and the proposed anti-dumping duty to which the Company\u2019s imports would be subject; \n  * expectations related to the conflict involving Israel, Hamas, Hezbollah, Houthis, Iran, Iran\u2019s proxies and other stakeholders in the region (the \u201cMiddle East Conflict\u201d) and its impact on our operations in Israel, the supply of product in the market and the demand for product by medical patients in Israel, as well as any regional or global escalations and their impact to global commerce and stability; \n  * expectations related to the German, Australian and UK markets, including our strategic partnerships with Cansativa, Vitura Health Limited (\u201cVitura\u201d), and other distributors, respectively, and our ability to successfully distribute the PEACE NATURALS  \u00ae  brand in Germany and the UK; \n  * expectations related to our announcement of cost-cutting measures, including our decision to wind-down operations at our Winnipeg, Manitoba facility and list the facility for sale, the expected costs and benefits from the wind-down of production activities at the facility, challenges and effects related thereto as well as changes in strategy, metrics, investments, costs, operating expenses, employee turnover and other changes with respect thereto; \n  * expectations related to the impact of our decision to exit our U.S. hemp-derived cannabinoid product operations; \n  * the ongoing impact of our announced realignment (the \u201cRealignment\u201d) and any progress, challenges and effects related thereto as well as changes in strategy, metrics, investments, reporting structure, costs, operating expenses, employee turnover and other changes with respect thereto; \n  * our expectations as to the use of the Peace Naturals Campus; \n  * our ability to acquire raw materials from suppliers, including Cronos GrowCo, and the costs and timing associated therewith; \n  * expectations regarding the potential success of, and the costs and benefits associated with, our joint ventures, strategic alliances and equity investments; \n  * expectations related to the transaction by which we obtained majority control of the board of directors of Cronos GrowCo, which qualified as a business combination under Accounting Standards Codification 805, and the expansion of Cronos GrowCo\u2019s purpose-built cultivation and processing facilities; \n  * our ability or plans to identify, develop, commercialize or expand our technology and R&D initiatives in cannabinoids, or the success thereof; \n  * expectations regarding revenues, expenses, gross margins and capital expenditures; \n  * expectations regarding our future production and manufacturing strategy and operations, the costs and timing associated therewith and the receipt of applicable production and sale licenses; \n  * the ongoing impact of the legalization of additional cannabis product types and forms for adult-use in Canada, including federal, provincial, territorial and municipal regulations pertaining thereto, the related timing and impact thereof and our intentions to participate in such markets; \n  * the legalization of the use of cannabis for medical or adult-use in jurisdictions outside of Canada, including the United States and Germany, the related timing and impact thereof and our intentions to participate in such markets, if and when such use is legalized; \n  * the grant, renewal, withdrawal, suspension, delay and impact of any license or supplemental license to conduct activities with cannabis or any amendments thereof; \n  * our ability to successfully create and launch brands and cannabis products; \n  * expectations related to the differentiation of our products, including through the utilization of rare cannabinoids; \n  * the benefits, viability, safety, efficacy, dosing and social acceptance of cannabis, including CBD and other cannabinoids; \n  * laws and regulations and any amendments thereto applicable to our business and the impact thereof, including uncertainty regarding the application of U.S. state and federal law to cannabis and U.S. hemp (including CBD and other U.S. hemp-derived cannabinoids) products and the scope of any regulations by the U.S. Food and Drug Administration, the U.S. Drug Enforcement Administration, the U.S. Federal Trade Commission, the U.S. Patent and Trademark Office and any state equivalent regulatory agencies over cannabis and U.S. hemp (including CBD and other U.S. hemp-derived cannabinoids) products, including the possibility marijuana is moved from Schedule I to Schedule III under the U.S. Controlled Substances Act; \n  * the anticipated benefits and impact of Altria Group Inc.\u2019s investment in the Company (the \u201cAltria Investment\u201d), pursuant to a subscription agreement dated December 7, 2018; \n  * uncertainties as to our ability to exercise our option (the \u201cPharmaCann Option\u201d) in PharmaCann Inc. (\u201cPharmaCann\u201d), in the near term or the future, in full or in part, including the uncertainties as to the status and future development of federal legalization of cannabis in the U.S. and our ability to realize the anticipated benefits of the transaction with PharmaCann; \n  * expectations regarding the implementation and effectiveness of key personnel changes; \n  * expectations regarding business combinations and dispositions and the anticipated benefits therefrom; \n  * expectations of the amount or frequency of impairment losses, including as a result of the write-down of intangible assets, including goodwill; \n  * the impact of the ongoing military conflict between Russia and Ukraine (and resulting sanctions) on our business, financial condition and results of operations or cash flows; \n  * our compliance with the terms of the settlement (the \u201cSettlement Order\u201d) with the SEC and the settlement agreement with the Ontario Securities Commission (the \u201cSettlement Agreement\u201d); and \n  * the impact of the loss of our ability to rely on private offering exemptions under Regulation D of the Securities Act of 1933, as amended, and the loss of our status as a well-known seasoned issuer, each as a result of the Settlement Order. \n\nCertain of the Forward-Looking Statements contained herein concerning the\nindustries in which we conduct our business are based on estimates prepared by\nus using data from publicly available governmental sources, market research,\nindustry analysis and on assumptions based on data and knowledge of these\nindustries, which we believe to be reasonable. However, although generally\nindicative of relative market positions, market shares and performance\ncharacteristics, such data is inherently imprecise. The industries in which we\nconduct our business involve risks and uncertainties that are subject to\nchange based on various factors, which are described further below.\n\nThe Forward-Looking Statements contained herein are based upon certain\nmaterial assumptions that were applied in drawing a conclusion or making a\nforecast or projection, including: (i) our ability to effectively navigate\ndevelopments related to the Anti-Dumping Investigation and the proposed anti-\ndumping duty to which the Company\u2019s imports would be subject and its impact on\nour operations in Israel; (ii) our ability to effectively navigate\ndevelopments related to the Middle East Conflict and its impact on our\nemployees and operations in Israel, the supply of product in the market and\ndemand for product by medical patients in Israel; (iii) our ability to\nefficiently and effectively distribute our PEACE NATURALS  \u00ae  brand in Germany\nwith our strategic partner Cansativa and in the UK with our strategic\ndistribution partner and our ability to efficiently and effectively distribute\nproducts in Australia with our strategic partner Vitura; (iv) our ability to\nrealize the expected cost-savings and other benefits related to the wind-down\nof our operations at our Winnipeg, Manitoba facility; (v) expectations related\nto the impact of our decision to exit our U.S. hemp-derived cannabinoid\nproduct operations; (vi) our ability to realize the expected cost-savings,\nefficiencies and other benefits of our Realignment and other announced cost-\ncutting measures and employee turnover related thereto; (vii) our ability to\nefficiently and effectively manage our operations at our Peace Naturals\nCampus; (viii) our ability efficiently and effectively acquire raw materials\non a timely and cost-effective basis from third parties or Cronos GrowCo; (ix)\nthe timely completion of the expansion of Cronos GrowCo\u2019s purpose-built\ncannabis facility and the ability of Cronos GrowCo to repay the credit\nfacility provided by Cronos; (x) our ability to realize anticipated benefits,\nsynergies or generate revenue, profits or value from our business combinations\nand strategic investments; (xi) the production and manufacturing capabilities\nand output from our facilities and our joint ventures, strategic alliances and\nequity investments; (xii) government regulation of our activities and products\nincluding, but not limited to, the areas of cannabis taxation and\nenvironmental protection; (xiii) the timely receipt of any required regulatory\nauthorizations, approvals, consents, permits and/or licenses; (xiv) consumer\ninterest in our products; (xv) our ability to differentiate our products,\nincluding through the utilization of rare cannabinoids; (xvi) competition;\n(xvii) anticipated and unanticipated costs; (xviii) our ability to generate\ncash flow from operations; (xix) our ability to conduct operations in a safe,\nefficient and effective manner; (xx) our ability to hire and retain qualified\nstaff, and acquire equipment and services in a timely and cost-efficient\nmanner; (xxi) our ability to exercise the PharmaCann Option and realize the\nanticipated benefits of the transaction with PharmaCann; (xxii) our ability to\ncomplete planned dispositions, and, if completed, obtain our anticipated sales\nprice; (xxiii) general economic, financial market, regulatory and political\nconditions in which we operate; (xxiv) management\u2019s perceptions of historical\ntrends, current conditions and expected future developments; and (xxv) other\nconsiderations that management believes to be appropriate in the\ncircumstances. While our management considers these assumptions to be\nreasonable based on information currently available to management, there is no\nassurance that such expectations will prove to be correct.\n\nBy their nature, Forward-Looking Statements are subject to inherent risks and\nuncertainties that may be general or specific and which give rise to the\npossibility that expectations, forecasts, predictions, projections or\nconclusions will not prove to be accurate, that assumptions may not be correct\nand that objectives, strategic goals and priorities will not be achieved. A\nvariety of factors, including known and unknown risks, many of which are\nbeyond our control, could cause actual results to differ materially from the\nForward-Looking Statements in this press release and other reports we file\nwith, or furnish to, the SEC and other regulatory agencies and made by our\ndirectors, officers, other employees and other persons authorized to speak on\nour behalf. Such factors include, without limitation, negative impacts on our\nbusiness and operations in Israel due to the Anti-Dumping Investigation,\nincluding that we may not be able to produce, import or sell our products in\nIsrael as a result thereof; negative impacts on our employees, business and\noperations in Israel due to the Middle East Conflict, including that we may\nnot be able to produce, import or sell our products or protect our people or\nfacilities in Israel during the Middle East Conflict; the supply of product in\nthe market and the demand for product by medical patients in Israel; that we\nmay not be able to successfully continue to distribute our products in\nGermany, Australia and the UK or generate material revenue from sales in those\nmarkets; that we may not be able to achieve the anticipated benefits of the\nwind-down of our operations at our Winnipeg, Manitoba facility; that we may be\nunable to further streamline our operations and reduce expenses; that we may\nnot be able to effectively and efficiently re-enter the U.S. market in the\nfuture; that we may not be able to access raw materials on a timely and cost-\neffective basis from third-parties or Cronos GrowCo; that Cronos GrowCo may\nnot be able to complete the expansion of its purpose-built cannabis facility\nwithin a reasonable time or repay its borrowings under the credit facility\nprovided by Cronos; that the military conflict between Russia and Ukraine may\ndisrupt our operations and those of our suppliers and distribution channels\nand negatively impact the demand for and use of our products; the risk that\ncost savings and any other synergies from the Altria Investment may not be\nfully realized or may take longer to realize than expected; failure to execute\nkey personnel changes; that our Realignment and our further leveraging of our\nstrategic partnerships will not result in the expected cost-savings,\nefficiencies and other benefits or will result in greater than anticipated\nturnover in personnel; that we may not be able to efficiently and effectively\nmanage our operations, and any changes thereto, at our Peace Naturals Campus;\nlower levels of revenues; the lack of consumer demand for our products; our\ninability to manage disruptions in credit markets; unanticipated future levels\nof capital, environmental or maintenance expenditures, general and\nadministrative and other expenses; failure to realize expected growth\nopportunities; the lack of cash flow necessary to execute our business plan\n(either within the expected timeframe or at all); difficulty raising capital;\nthe potential adverse effects of judicial, regulatory or other proceedings, or\nthreatened litigation or proceedings, on our business, financial condition,\nresults of operations and cash flows; volatility in and/or degradation of\ngeneral economic, market, industry or business conditions; compliance with\napplicable environmental, economic, health and safety, energy and other\npolicies and regulations and in particular health concerns with respect to\nvaping and the use of cannabis and U.S. hemp products in vaping devices; the\nunexpected effects of actions of third parties such as competitors, activist\ninvestors or federal (including U.S. federal), state, provincial, territorial\nor local regulatory authorities or self-regulatory organizations; adverse\nchanges in regulatory requirements in relation to our business and products;\nlegal or regulatory obstacles that could prevent us from being able to\nexercise the PharmaCann Option and thereby realize the anticipated benefits of\nthe transaction with PharmaCann; dilution of our fully-diluted ownership of\nPharmaCann and the loss of our rights as a result of that dilution; our\nfailure to improve our internal control environment and our systems, processes\nand procedures; and the factors discussed under Part I, Item 1A \u201c _Risk\nFactors_ \u201d in our Annual Report on Form 10-K for the year ended December 31,\n2024. Readers are cautioned to consider these and other factors, uncertainties\nand potential events carefully and not to put undue reliance on Forward-\nLooking Statements.\n\nForward-Looking Statements are provided for the purposes of assisting the\nreader in understanding our financial performance, financial position and cash\nflows as of and for periods ended on certain dates and to present information\nabout management\u2019s current expectations and plans relating to the future, and\nthe reader is cautioned not to place undue reliance on these Forward-Looking\nStatements because of their inherent uncertainty and to appreciate the limited\npurposes for which they are being used by management. While we believe that\nthe assumptions and expectations reflected in the Forward-Looking Statements\nare reasonable based on information currently available to management, there\nis no assurance that such assumptions and expectations will prove to have been\ncorrect. Forward-Looking Statements are made as of the date they are made and\nare based on the beliefs, estimates, expectations and opinions of management\non that date. We undertake no obligation to update or revise any Forward-\nLooking Statements, whether as a result of new information, estimates or\nopinions, future events or results or otherwise or to explain any material\ndifference between subsequent actual events and such Forward-Looking\nStatements. The Forward-Looking Statements contained in this press release and\nother reports we file with, or furnish to, the SEC and other regulatory\nagencies and made by our directors, officers, other employees and other\npersons authorized to speak on our behalf are expressly qualified in their\nentirety by these cautionary statements.\n\n____________________________________________  \n1  Hifyre Retail Analytics - National Retail Dollar by Brand in Canada -\nDecember 2024.  \n2  Market share and ranking information from pharmacy data collected by Cronos\n- December 2024.  \n3  All market share and ranking information from Hifyre Retail Analytics -\nNational Retail Dollar by Brand in Canada - December 2024, unless otherwise\nspecified.  \n  \n---  \n**Cronos Group Inc.**  \n**Consolidated Balance Sheets**  \n_(In thousands of U.S. dollars)_  \n|  **As of December 31,**  \n|  |  **2024** |  |  |  |  **2023** |   \n**Assets** |  |  |   \nCurrent assets  |  |  |   \nCash and cash equivalents  |  $  |  858,805  |  |  |  $  |  669,291  |   \nShort-term investments  |  |  \u2014  |  |  |  |  192,237  |   \nAccounts receivable, net  |  |  15,462  |  |  |  |  13,984  |   \nInterest receivable  |  |  8,690  |  |  |  |  10,012  |   \nOther receivables  |  |  5,000  |  |  |  |  6,341  |   \nCurrent portion of loans receivable, net  |  |  618  |  |  |  |  5,541  |   \nInventory, net  |  |  33,149  |  |  |  |  30,495  |   \nPrepaids and other current assets  |  |  6,277  |  |  |  |  5,405  |   \nHeld-for-sale assets  |  |  8,112  |  |  |  |  \u2014  |   \nTotal current assets  |  |  936,113  |  |  |  |  933,306  |   \nEquity method investments, net  |  |  \u2014  |  |  |  |  19,488  |   \nOther investments  |  |  2,813  |  |  |  |  35,251  |   \nNon-current portion of loans receivable, net  |  |  15,526  |  |  |  |  69,036  |   \nProperty, plant and equipment, net  |  |  133,189  |  |  |  |  59,468  |   \nRight-of-use assets  |  |  1,390  |  |  |  |  1,356  |   \nGoodwill  |  |  63,453  |  |  |  |  1,057  |   \nIntangible assets, net  |  |  11,257  |  |  |  |  21,078  |   \nDeferred tax assets  |  |  2,571  |  |  |  |  226  |   \n**Total assets** |  $  |  1,166,312  |  |  |  $  |  1,140,266  |   \n**Liabilities** |  |  |   \nCurrent liabilities  |  |  |   \nAccounts payable  |  $  |  16,973  |  |  |  $  |  12,130  |   \nIncome taxes payable  |  |  9  |  |  |  |  64  |   \nAccrued liabilities  |  |  31,653  |  |  |  |  27,736  |   \nCurrent portion of lease obligation  |  |  1,025  |  |  |  |  994  |   \nDerivative liabilities  |  |  40  |  |  |  |  102  |   \nCurrent portion due to non-controlling interests  |  |  \u2014  |  |  |  |  373  |   \nTotal current liabilities  |  |  49,700  |  |  |  |  41,399  |   \nNon-current portion due to non-controlling interests  |  |  1,073  |  |  |  |  1,003  |   \nNon-current portion of lease obligation  |  |  993  |  |  |  |  1,559  |   \nDeferred tax liabilities  |  |  3,564  |  |  |  |  181  |   \n**Total liabilities** |  |  55,330  |  |  |  |  44,142  |   \n**Shareholders\u2019 equity** |  |  |   \nShare capital and additional paid-in capital  |  |  669,879  |  |  |  |  662,174  |   \nRetained earnings  |  |  457,709  |  |  |  |  416,719  |   \nAccumulated other comprehensive income (loss)  |  |  (63,525  |  )  |  |  |  20,678  |   \nTotal equity attributable to shareholders of Cronos Group  |  |  1,064,063  |  |  |  |  1,099,571  |   \nNon-controlling interests  |  |  46,919  |  |  |  |  (3,447  |  )   \n**Total shareholders\u2019 equity** |  |  1,110,982  |  |  |  |  1,096,124  |   \n**Total liabilities and shareholders\u2019 equity** |  $  |  1,166,312  |  |  |  $  |  1,140,266  |   \n  \n  \n\n**Cronos Group Inc.**  \n**Consolidated Statements of Net Income (Loss) and Comprehensive Income\n(Loss)**  \n_(In thousands of U.S. dollars, except share and per share amounts)_  \n---  \n|  **Year ended December 31,**  \n|  |  **2024** |  |  |  |  **2023** |  |  |  |  **2022** |   \n**Net revenue, before excise taxes** |  $  |  161,821  |  |  |  $  |  120,270  |  |  |  $  |  109,301  |   \nExcise taxes  |  |  (44,206  |  )  |  |  |  (33,029  |  )  |  |  |  (22,552  |  )   \n**Net revenue** |  |  117,615  |  |  |  |  87,241  |  |  |  |  86,749  |   \nCost of sales  |  |  91,710  |  |  |  |  74,527  |  |  |  |  71,313  |   \nInventory write-down  |  |  707  |  |  |  |  805  |  |  |  |  \u2014  |   \n**Gross profit** |  |  25,198  |  |  |  |  11,909  |  |  |  |  15,436  |   \n**Operating expenses** |  |  |  |  |   \nSales and marketing  |  |  21,603  |  |  |  |  22,701  |  |  |  |  18,046  |   \nResearch and development  |  |  4,229  |  |  |  |  5,843  |  |  |  |  13,131  |   \nGeneral and administrative  |  |  46,514  |  |  |  |  49,475  |  |  |  |  67,674  |   \nRestructuring costs  |  |  630  |  |  |  |  1,524  |  |  |  |  3,545  |   \nShare-based compensation  |  |  8,700  |  |  |  |  8,756  |  |  |  |  15,008  |   \nDepreciation and amortization  |  |  3,701  |  |  |  |  5,044  |  |  |  |  5,967  |   \nImpairment loss on long-lived assets  |  |  16,350  |  |  |  |  3,366  |  |  |  |  3,493  |   \nTotal operating expenses  |  |  101,727  |  |  |  |  96,709  |  |  |  |  126,864  |   \nOperating loss  |  |  (76,529  |  )  |  |  |  (84,800  |  )  |  |  |  (111,428  |  )   \n**Other income (expense)** |  |  |  |  |   \nInterest income, net  |  |  52,019  |  |  |  |  51,235  |  |  |  |  22,514  |   \nGain (loss) on revaluation of derivative liabilities  |  |  49  |  |  |  |  (85  |  )  |  |  |  14,060  |   \nShare of income from equity method investments  |  |  2,365  |  |  |  |  1,583  |  |  |  |  3,114  |   \nGain on revaluation of loan receivable  |  |  11,804  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nGain on revaluation of equity method investment  |  |  32,469  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nGain (loss) on revaluation of financial instruments  |  |  (6,248  |  )  |  |  |  (12,042  |  )  |  |  |  14,739  |   \nImpairment loss on other investments  |  |  (25,650  |  )  |  |  |  (23,350  |  )  |  |  |  (61,392  |  )   \nForeign currency transaction gain (loss)  |  |  57,859  |  |  |  |  (7,324  |  )  |  |  |  (2,286  |  )   \nLoss on held-for-sale assets  |  |  (11,202  |  )  |  |  |  \u2014  |  |  |  |  \u2014  |   \nOther, net  |  |  (350  |  )  |  |  |  1,114  |  |  |  |  (324  |  )   \nTotal other income (expense)  |  |  113,115  |  |  |  |  11,131  |  |  |  |  (9,575  |  )   \nIncome (loss) before income taxes  |  |  36,586  |  |  |  |  (73,669  |  )  |  |  |  (121,003  |  )   \nIncome tax expense (benefit)  |  |  (3,436  |  )  |  |  |  (3,230  |  )  |  |  |  34,175  |   \nIncome (loss) from continuing operations  |  |  40,022  |  |  |  |  (70,439  |  )  |  |  |  (155,178  |  )   \nLoss from discontinued operations  |  |  \u2014  |  |  |  |  (4,114  |  )  |  |  |  (13,556  |  )   \nNet income (loss)  |  |  40,022  |  |  |  |  (74,553  |  )  |  |  |  (168,734  |  )   \nNet income (loss) attributable to non-controlling interest  |  |  (1,058  |  )  |  |  |  (590  |  )  |  |  |  \u2014  |   \nNet income (loss) attributable to Cronos Group  |  $  |  41,080  |  |  |  $  |  (73,963  |  )  |  |  $  |  (168,734  |  )   \n|  |  |  |  |   \n**Comprehensive income (loss)** |  |  |  |  |   \nNet income (loss)  |  $  |  40,022  |  |  |  $  |  (74,553  |  )  |  |  $  |  (168,734  |  )   \nOther comprehensive income (loss)  |  |  |  |  |   \nForeign exchange gain (loss) on translation  |  |  (86,321  |  )  |  |  |  21,539  |  |  |  |  (50,616  |  )   \nComprehensive income (loss)  |  |  (46,299  |  )  |  |  |  (53,014  |  )  |  |  |  (219,350  |  )   \nComprehensive income (loss) attributable to non-controlling interest  |  |  (3,176  |  )  |  |  |  (526  |  )  |  |  |  46  |   \n**Comprehensive income (loss) attributable to Cronos Group** |  $  |  (43,123  |  )  |  |  $  |  (52,488  |  )  |  |  $  |  (219,396  |  )   \n|  |  |  |  |   \n**Net income (loss) per share** |  |  |  |  |   \nBasic - continuing operations  |  $  |  0.11  |  |  |  $  |  (0.18  |  )  |  |  $  |  (0.41  |  )   \nBasic - discontinued operations  |  $  |  \u2014  |  |  |  $  |  (0.01  |  )  |  |  $  |  (0.04  |  )   \nBasic net income (loss) per share attributable to Cronos Group  |  $  |  0.11  |  |  |  $  |  (0.19  |  )  |  |  $  |  (0.45  |  )   \n|  |  |  |  |   \nDiluted - continuing operations  |  $  |  0.11  |  |  |  $  |  (0.18  |  )  |  |  $  |  (0.41  |  )   \nDiluted - discontinued operations  |  $  |  \u2014  |  |  |  $  |  (0.01  |  )  |  |  $  |  (0.04  |  )   \nDiluted net income (loss) per share attributable to Cronos Group  |  $  |  0.11  |  |  |  $  |  (0.19  |  )  |  |  $  |  (0.45  |  )   \n**Weighted average number of outstanding shares** |  |  |  |  |   \nBasic  |  |  382,058,056  |  |  |  |  380,964,739  |  |  |  |  376,961,797  |   \nDiluted  |  |  385,557,002  |  |  |  |  380,964,739  |  |  |  |  376,961,797  |   \n  \n  \n\n|  **Three months ended December 31,**  \n---|---  \n|  |  **2024** |  |  |  |  **2023** |   \n**Net revenue, before excise taxes** |  $  |  41,182  |  |  |  $  |  34,006  |   \nExcise taxes  |  |  (10,881  |  )  |  |  |  (10,091  |  )   \n**Net revenue** |  |  30,301  |  |  |  |  23,915  |   \nCost of sales  |  |  19,494  |  |  |  |  21,913  |   \nInventory write-down  |  |  \u2014  |  |  |  |  89  |   \n**Gross profit** |  |  10,807  |  |  |  |  1,913  |   \n**Operating expenses** |  |  |   \nSales and marketing  |  |  6,413  |  |  |  |  6,367  |   \nResearch and development  |  |  1,028  |  |  |  |  1,451  |   \nGeneral and administrative  |  |  12,080  |  |  |  |  9,802  |   \nRestructuring costs  |  |  \u2014  |  |  |  |  101  |   \nShare-based compensation  |  |  2,187  |  |  |  |  1,933  |   \nDepreciation and amortization  |  |  464  |  |  |  |  529  |   \nImpairment loss on long-lived assets  |  |  \u2014  |  |  |  |  3,366  |   \nTotal operating expenses  |  |  22,172  |  |  |  |  23,549  |   \nOperating loss  |  |  (11,365  |  )  |  |  |  (21,636  |  )   \n**Other income (expense)** |  |  |   \nInterest income, net  |  |  11,863  |  |  |  |  14,214  |   \nGain (loss) on revaluation of derivative liabilities  |  |  142  |  |  |  |  (71  |  )   \nShare of income from equity method investments  |  |  \u2014  |  |  |  |  752  |   \nGain (loss) on revaluation of financial instruments  |  |  302  |  |  |  |  (4,186  |  )   \nImpairment loss on other investments  |  |  \u2014  |  |  |  |  (23,350  |  )   \nForeign currency transaction gain (loss)  |  |  45,489  |  |  |  |  (11,323  |  )   \nLoss on held-for-sale assets  |  |  (780  |  )  |  |  |  \u2014  |   \nOther, net  |  |  294  |  |  |  |  89  |   \nTotal other income (expense)  |  |  57,310  |  |  |  |  (23,875  |  )   \nIncome (loss) before income taxes  |  |  45,945  |  |  |  |  (45,511  |  )   \nIncome tax expense (benefit)  |  |  2,004  |  |  |  |  (360  |  )   \nIncome (loss) from continuing operations  |  |  43,941  |  |  |  |  (45,151  |  )   \nLoss from discontinued operations  |  |  \u2014  |  |  |  |  124  |   \nNet income (loss)  |  |  43,941  |  |  |  |  (45,027  |  )   \nNet loss attributable to non-controlling interest  |  |  212  |  |  |  |  (237  |  )   \nNet income (loss) attributable to Cronos Group  |  $  |  43,729  |  |  |  $  |  (44,790  |  )   \n**Comprehensive loss** |  |  |   \nNet income (loss)  |  $  |  43,941  |  |  |  $  |  (45,027  |  )   \nOther comprehensive income (loss)  |  |  |   \nForeign exchange gain (loss) on translation  |  |  (66,208  |  )  |  |  |  22,635  |   \nComprehensive loss  |  |  (22,267  |  )  |  |  |  (22,392  |  )   \nComprehensive loss attributable to non-controlling interest  |  |  (2,832  |  )  |  |  |  (390  |  )   \n**Comprehensive loss attributable to Cronos Group** |  $  |  (19,435  |  )  |  |  $  |  (22,002  |  )   \n|  |  |   \n**Net income (loss) per share** |  |  |   \nBasic - continuing operations  |  $  |  0.11  |  |  |  $  |  (0.12  |  )   \nBasic - discontinued operations  |  $  |  \u2014  |  |  |  $  |  \u2014  |   \nBasic net income (loss) per share attributable to Cronos Group  |  $  |  0.11  |  |  |  $  |  (0.12  |  )   \n|  |  |   \nDiluted - continuing operations  |  $  |  0.11  |  |  |  $  |  (0.12  |  )   \nDiluted - discontinued operations  |  $  |  \u2014  |  |  |  $  |  \u2014  |   \nDiluted net income (loss) per share attributable to Cronos Group  |  $  |  0.11  |  |  |  $  |  (0.12  |  )   \n**Weighted average number of outstanding shares** |  |  |   \nBasic  |  |  382,340,893  |  |  |  |  381,155,824  |   \nDiluted  |  |  386,525,110  |  |  |  |  381,155,824  |   \n  \n  \n\n**Cronos Group Inc.**  \n**Consolidated Statements of Cash Flows**  \n_(In thousands of U.S. dollars)_  \n---  \n|  **Year ended December 31,**  \n|  |  **2024** |  |  |  |  **2023** |  |  |  |  **2022** |   \n**Operating activities** |  |  |  |  |   \nNet income (loss)  |  $  |  40,022  |  |  |  $  |  (74,553  |  )  |  |  $  |  (168,734  |  )   \nAdjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:  |  |  |  |  |   \nShare-based compensation  |  |  8,700  |  |  |  |  8,769  |  |  |  |  15,115  |   \nDepreciation and amortization  |  |  9,336  |  |  |  |  8,110  |  |  |  |  13,122  |   \nImpairment loss on long-lived assets  |  |  16,350  |  |  |  |  3,571  |  |  |  |  3,493  |   \nImpairment loss on other investments  |  |  25,650  |  |  |  |  23,350  |  |  |  |  61,392  |   \nLoss (income) from investments  |  |  3,841  |  |  |  |  10,513  |  |  |  |  (17,853  |  )   \nLoss (gain) on revaluation of derivative liabilities  |  |  (49  |  )  |  |  |  85  |  |  |  |  (14,060  |  )   \nChanges in expected credit losses on long-term financial assets  |  |  1,032  |  |  |  |  (1,528  |  )  |  |  |  (662  |  )   \nRevaluation of equity method investment  |  |  (32,469  |  )  |  |  |  \u2014  |  |  |  |  \u2014  |   \nRevaluation of loan receivable  |  |  (11,804  |  )  |  |  |  \u2014  |  |  |  |  \u2014  |   \nLoss on held-for-sale assets  |  |  11,202  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nInventory step-up recorded to cost of sales  |  |  5,284  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nForeign currency transaction (gain) loss  |  |  (57,859  |  )  |  |  |  7,324  |  |  |  |  2,286  |   \nOther non-cash operating activities, net  |  |  (82  |  )  |  |  |  (2,008  |  )  |  |  |  1,294  |   \nChanges in operating assets and liabilities:  |  |  |  |  |   \nAccounts receivable, net  |  |  (917  |  )  |  |  |  9,206  |  |  |  |  (2,711  |  )   \nInterest receivable  |  |  (3,656  |  )  |  |  |  (14,344  |  )  |  |  |  (6,985  |  )   \nOther receivables  |  |  2,059  |  |  |  |  (1,449  |  )  |  |  |  1,148  |   \nPrepaids and other current assets  |  |  (512  |  )  |  |  |  1,437  |  |  |  |  996  |   \nInventory, net  |  |  7,417  |  |  |  |  7,399  |  |  |  |  (7,217  |  )   \nAccounts payable  |  |  (7,449  |  )  |  |  |  (773  |  )  |  |  |  (863  |  )   \nIncome taxes payable  |  |  (93  |  )  |  |  |  (33,104  |  )  |  |  |  34,212  |   \nAccrued liabilities  |  |  2,840  |  |  |  |  5,160  |  |  |  |  (2,921  |  )   \nNet cash provided by (used in) operating activities  |  |  18,843  |  |  |  |  (42,835  |  )  |  |  |  (88,948  |  )   \n|  |  |  |  |   \n**Investing activities** |  |  |  |  |   \nProceeds from short-term investments  |  |  185,817  |  |  |  |  532,838  |  |  |  |  268,870  |   \nPurchase of short-term investments  |  |  \u2014  |  |  |  |  (608,247  |  )  |  |  |  (271,378  |  )   \nCash acquired in business combination  |  |  5,993  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nDividends received from equity method investee  |  |  \u2014  |  |  |  |  1,297  |  |  |  |  \u2014  |   \nDividend proceeds  |  |  \u2014  |  |  |  |  345  |  |  |  |  384  |   \nAdvances on loans receivable  |  |  (8,759  |  )  |  |  |  \u2014  |  |  |  |  \u2014  |   \nRepayments on loans receivable  |  |  5,252  |  |  |  |  16,831  |  |  |  |  5,246  |   \nPurchase of property, plant and equipment, net of disposals  |  |  (12,411  |  )  |  |  |  (2,505  |  )  |  |  |  (3,451  |  )   \nPurchase of intangible assets, net of disposals  |  |  (743  |  )  |  |  |  (918  |  )  |  |  |  (1,581  |  )   \nOther investing activities  |  |  \u2014  |  |  |  |  860  |  |  |  |  68  |   \nNet cash provided by (used in) investing activities  |  |  175,149  |  |  |  |  (59,499  |  )  |  |  |  (1,842  |  )   \n|  **Year ended December 31,**  \n|  |  **2024** |  |  |  |  **2023** |  |  |  |  **2022** |   \n**Financing activities** |  |  |  |  |   \nWithholding taxes paid on equity awards  |  |  (1,231  |  )  |  |  |  (1,030  |  )  |  |  |  (2,829  |  )   \nOther financing activities, net  |  |  \u2014  |  |  |  |  \u2014  |  |  |  |  (68  |  )   \nNet cash used in financing activities  |  |  (1,231  |  )  |  |  |  (1,030  |  )  |  |  |  (2,897  |  )   \nEffect of foreign currency translation on cash and cash equivalents  |  |  (3,247  |  )  |  |  |  8,011  |  |  |  |  (28,642  |  )   \nNet change in cash and cash equivalents  |  |  189,514  |  |  |  |  (95,353  |  )  |  |  |  (122,329  |  )   \nCash and cash equivalents, beginning of period  |  |  669,291  |  |  |  |  764,644  |  |  |  |  886,973  |   \nCash and cash equivalents, end of period  |  $  |  858,805  |  |  |  $  |  669,291  |  |  |  $  |  764,644  |   \n|  |  |  |  |   \n**Supplementary cash flow information:** |  |  |  |  |   \nInterest paid  |  |  \u2014  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nInterest received  |  |  48,399  |  |  |  |  36,501  |  |  |  |  15,548  |   \nTaxes paid  |  |  647  |  |  |  |  33,013  |  |  |  |  177  |   \n|  |  |  |  |  |  |  |  |  |  |   \n  \n**Non-GAAP Measures**\n\nCronos reports its financial results in accordance with Generally Accepted\nAccounting Principles in the United States (\u201cU.S. GAAP\u201d). This press release\nrefers to measures not recognized under U.S. GAAP (\u201cnon-GAAP measures\u201d). These\nnon-GAAP measures do not have a standardized meaning prescribed by U.S. GAAP\nand are therefore unlikely to be comparable to similar measures presented by\nother companies. Rather, these non-GAAP measures are provided as a supplement\nto corresponding U.S. GAAP measures to provide additional information\nregarding the results of operations from management\u2019s perspective.\nAccordingly, non-GAAP measures should not be considered a substitute for, or\nsuperior to, the financial information prepared and presented in accordance\nwith U.S. GAAP. All non-GAAP measures presented in this press release are\nreconciled to their closest reported U.S. GAAP measure. Reconciliations of\nhistorical adjusted financial measures to corresponding U.S. GAAP measures are\nprovided below.\n\n_Adjusted EBITDA_\n\nManagement reviews Adjusted EBITDA, a non-GAAP measure, which excludes non-\ncash items and items that do not reflect management\u2019s assessment of ongoing\nbusiness performance. Management defines Adjusted EBITDA as net income (loss)\nbefore interest, tax expense (benefit), depreciation and amortization adjusted\nfor: share of (income) loss from equity method investments; impairment loss on\ngoodwill and intangible assets; impairment loss on long-lived assets; (gain)\nloss on revaluation of derivative liabilities; (gain) loss on revaluation of\nfinancial instruments; gain on revaluation of loan receivable; gain on\nrevaluation of equity method investment; transaction costs related to\nstrategic projects; loss on held-for-sale assets; impairment loss on other\ninvestments; foreign currency transaction loss; other, net; loss from\ndiscontinued operations; restructuring costs; inventory write-downs resulting\nfrom restructuring actions; share-based compensation; costs related to the\nAnti-Dumping Investigation; purchase accounting adjustment-related inventory\nstep-up adjustments recorded through cost of sales; and financial statement\nreview costs and reserves related to the restatements of our 2019 and 2021\ninterim financial statements (the \u201cRestatements\u201d), including the costs related\nto the settlement of the SEC\u2019s and the OSC\u2019s investigations of the\nRestatements and legal costs of defending shareholder class action complaints\nbrought against us as a result of the 2019 restatement (see Note 12(b)\n\u201cContingencies,\u201d to the consolidated financial statements under Item 8 of the\nCompany's Annual Report on Form 10-K for the year ended December 31, 2024 for\na discussion of the shareholder class action complaints relating to the\nrestatement of the 2019 interim financial statements and the settlement of the\nSEC\u2019s and the OSC\u2019s investigations of the Restatements). Results are reported\nas total consolidated results, reflecting our reporting structure of one\nreportable segment.\n\nManagement believes that Adjusted EBITDA provides the most useful insight into\nunderlying business trends and results and provides a more meaningful\ncomparison of period-over-period results. Management uses Adjusted EBITDA for\nplanning, forecasting and evaluating business and financial performance,\nincluding allocating resources and evaluating results relative to employee\ncompensation targets.  \n\nAdjusted EBITDA is reconciled to net income (loss) as follows:\n\n_(in thousands of U.S. dollars)_ |  **For the year ended December 31, 2024**  \n---|---  \n|  **Continuing  \nOperations ** |  |  **Discontinued  \nOperations ** |  |  **Total**  \nNet income  |  $  |  40,022  |  |  |  $  |  \u2014  |  |  $  |  40,022  |   \nInterest income, net  |  |  (52,019  |  )  |  |  |  \u2014  |  |  |  (52,019  |  )   \nIncome tax expense (benefit)  |  |  (3,436  |  )  |  |  |  \u2014  |  |  |  (3,436  |  )   \nDepreciation and amortization  |  |  9,336  |  |  |  |  \u2014  |  |  |  9,336  |   \nEBITDA  |  |  (6,097  |  )  |  |  |  \u2014  |  |  |  (6,097  |  )   \nShare of income from equity method investments  |  |  (2,365  |  )  |  |  |  \u2014  |  |  |  (2,365  |  )   \nImpairment loss on long-lived assets  (i)  |  |  16,350  |  |  |  |  \u2014  |  |  |  16,350  |   \nRevaluation gain on loan receivable  (ii)  |  |  (11,804  |  )  |  |  |  \u2014  |  |  |  (11,804  |  )   \nGain on revaluation of equity method investment  (iii)  |  |  (32,469  |  )  |  |  |  \u2014  |  |  |  (32,469  |  )   \nGain on revaluation of derivative liabilities  (iv)  |  |  (49  |  )  |  |  |  \u2014  |  |  |  (49  |  )   \nLoss on revaluation of financial instruments  (v)  |  |  6,248  |  |  |  |  \u2014  |  |  |  6,248  |   \nImpairment loss on other investments  (vi)  |  |  25,650  |  |  |  |  \u2014  |  |  |  25,650  |   \nForeign currency transaction gain  |  |  (57,859  |  )  |  |  |  \u2014  |  |  |  (57,859  |  )   \nTransaction costs  (vii)  |  |  701  |  |  |  |  \u2014  |  |  |  701  |   \nLoss on held-for-sale assets  (viii)  |  |  11,202  |  |  |  |  \u2014  |  |  |  11,202  |   \nOther, net  (ix)  |  |  350  |  |  |  |  \u2014  |  |  |  350  |   \nRestructuring costs  (x)  |  |  630  |  |  |  |  \u2014  |  |  |  630  |   \nShare-based compensation  (xi)  |  |  8,700  |  |  |  |  \u2014  |  |  |  8,700  |   \nFinancial statement review costs  (xii)  |  |  (1  |  )  |  |  |  \u2014  |  |  |  (1  |  )   \nInventory step-up recorded to cost of sales  (xiv)  |  |  5,284  |  |  |  |  \u2014  |  |  |  5,284  |   \nIsrael Ministry of Economy and Industry dumping inquiry  (xv)  |  |  587  |  |  |  |  \u2014  |  |  |  587  |   \nAdjusted EBITDA  |  $  |  (34,942  |  )  |  |  $  |  \u2014  |  |  $  |  (34,942  |  )   \n  \n  \n\n_(in thousands of U.S. dollars)_ |  **For the year ended December 31, 2023**  \n---|---  \n|  **Continuing  \nOperations ** |  |  **Discontinued  \nOperations ** |  |  **Total**  \nNet loss  |  $  |  (70,439  |  )  |  |  $  |  (4,114  |  )  |  |  $  |  (74,553  |  )   \nInterest income, net  |  |  (51,235  |  )  |  |  |  (10  |  )  |  |  |  (51,245  |  )   \nIncome tax expense (benefit)  |  |  (3,230  |  )  |  |  |  \u2014  |  |  |  |  (3,230  |  )   \nDepreciation and amortization  |  |  7,866  |  |  |  |  244  |  |  |  |  8,110  |   \nEBITDA  |  |  (117,038  |  )  |  |  |  (3,880  |  )  |  |  |  (120,918  |  )   \nShare of income from equity method investments  |  |  (1,583  |  )  |  |  |  \u2014  |  |  |  |  (1,583  |  )   \nImpairment loss on long-lived assets  (i)  |  |  3,366  |  |  |  |  205  |  |  |  |  3,571  |   \nLoss on revaluation of derivative liabilities  (iv)  |  |  85  |  |  |  |  \u2014  |  |  |  |  85  |   \nLoss on revaluation of financial instruments  (v)  |  |  12,042  |  |  |  |  \u2014  |  |  |  |  12,042  |   \nImpairment loss on other investments  (vi)  |  |  23,350  |  |  |  |  \u2014  |  |  |  |  23,350  |   \nForeign currency transaction loss  |  |  7,324  |  |  |  |  \u2014  |  |  |  |  7,324  |   \nOther, net  (ix)  |  |  (1,114  |  )  |  |  |  118  |  |  |  |  (996  |  )   \nRestructuring costs  (x)  |  |  1,524  |  |  |  |  523  |  |  |  |  2,047  |   \nShare-based compensation  (xi)  |  |  8,756  |  |  |  |  13  |  |  |  |  8,769  |   \nFinancial statement review costs  (xii)  |  |  919  |  |  |  |  \u2014  |  |  |  |  919  |   \nInventory write-down  (xiii)  |  |  805  |  |  |  |  839  |  |  |  |  1,644  |   \nAdjusted EBITDA  |  $  |  (61,564  |  )  |  |  $  |  (2,182  |  )  |  |  $  |  (63,746  |  )   \n  \n  \n\n_(in thousands of U.S. dollars)_ |  **Three months ended December 31, 2024**  \n---|---  \n|  **Continuing  \nOperations ** |  |  **Discontinued  \nOperations ** |  |  **Total**  \nNet income  |  $  |  43,941  |  |  |  $  |  \u2014  |  |  $  |  43,941  |   \nInterest income, net  |  |  (11,863  |  )  |  |  |  \u2014  |  |  |  (11,863  |  )   \nIncome tax expense (benefit)  |  |  2,004  |  |  |  |  \u2014  |  |  |  2,004  |   \nDepreciation and amortization  |  |  2,525  |  |  |  |  \u2014  |  |  |  2,525  |   \nEBITDA  |  |  36,607  |  |  |  |  \u2014  |  |  |  36,607  |   \nGain on revaluation of derivative liabilities  (i  v  )  |  |  (142  |  )  |  |  |  \u2014  |  |  |  (142  |  )   \nGain on revaluation of financial instruments  (  v  )  |  |  (302  |  )  |  |  |  \u2014  |  |  |  (302  |  )   \nForeign currency transaction gain  |  |  (45,489  |  )  |  |  |  \u2014  |  |  |  (45,489  |  )   \nTransaction costs  (vii)  |  |  171  |  |  |  |  \u2014  |  |  |  171  |   \nLoss on held-for-sale assets  (  v  iii)  |  |  780  |  |  |  |  \u2014  |  |  |  780  |   \nOther, net  (  ix  )  |  |  (294  |  )  |  |  |  \u2014  |  |  |  (294  |  )   \nShare-based compensation  (  xi  )  |  |  2,187  |  |  |  |  \u2014  |  |  |  2,187  |   \nFinancial statement review costs  (  xii  )  |  |  524  |  |  |  |  \u2014  |  |  |  524  |   \nInventory step-up recorded to cost of sales  (xi  v)  |  |  (1,832  |  )  |  |  |  \u2014  |  |  |  (1,832  |  )   \nIsrael Ministry of Economy and Industry dumping inquiry  (xv)  |  |  587  |  |  |  |  \u2014  |  |  |  587  |   \nAdjusted EBITDA  |  $  |  (7,203  |  )  |  |  $  |  \u2014  |  |  $  |  (7,203  |  )   \n  \n  \n\n_(in thousands of U.S. dollars)_ |  **Three months ended December 31, 2023**  \n---|---  \n|  **Continuing  \nOperations ** |  |  **Discontinued  \nOperations ** |  |  **Total**  \nNet loss  |  $  |  (45,151  |  )  |  |  $  |  124  |  |  |  $  |  (45,027  |  )   \nInterest income, net  |  |  (14,214  |  )  |  |  |  (1  |  )  |  |  |  (14,215  |  )   \nIncome tax expense (benefit)  |  |  (360  |  )  |  |  |  \u2014  |  |  |  |  (360  |  )   \nDepreciation and amortization  |  |  1,177  |  |  |  |  \u2014  |  |  |  |  1,177  |   \nEBITDA  |  |  (58,548  |  )  |  |  |  123  |  |  |  |  (58,425  |  )   \nShare of income from equity method investments  |  |  (752  |  )  |  |  |  \u2014  |  |  |  |  (752  |  )   \nImpairment loss on long-lived assets  (i  )  |  |  3,366  |  |  |  |  \u2014  |  |  |  |  3,366  |   \nLoss on revaluation of derivative liabilities  (i  v  )  |  |  71  |  |  |  |  \u2014  |  |  |  |  71  |   \nLoss on revaluation of financial instruments  (  v  )  |  |  4,186  |  |  |  |  \u2014  |  |  |  |  4,186  |   \nImpairment loss on other investments  (vi  )  |  |  23,350  |  |  |  |  \u2014  |  |  |  |  23,350  |   \nForeign currency transaction loss  |  |  11,323  |  |  |  |  \u2014  |  |  |  |  11,323  |   \nOther, net  (i  x  )  |  |  (89  |  )  |  |  |  (14  |  )  |  |  |  (103  |  )   \nRestructuring costs  (  x)  |  |  101  |  |  |  |  (39  |  )  |  |  |  62  |   \nShare-based compensation  (  xi  )  |  |  1,933  |  |  |  |  (4  |  )  |  |  |  1,929  |   \nFinancial statement review costs  (  xii  )  |  |  180  |  |  |  |  \u2014  |  |  |  |  180  |   \nInventory write-down  (  xiii  )  |  |  89  |  |  |  |  \u2014  |  |  |  |  89  |   \nAdjusted EBITDA  |  $  |  (14,790  |  )  |  |  $  |  66  |  |  |  $  |  (14,724  |  )   \n  \n(i)  For the year ended December 31, 2024, impairment loss on long-lived\nassets included  $14,258  related to the write-down of our Ginkgo Exclusive\nLicenses and  $1,631  related to the cessation of operations of Thanos\nHoldings Ltd., known as Cronos Fermentation (\u201cCronos Fermentation\u201d). For the\nyear ended December 31, 2023, impairment loss on long-lived assets related to\ncertain leased properties associated with the Company\u2019s former U.S. operations\nand impairment of the Company's CBCVA exclusive license under the\ncollaboration and license agreement between Ginkgo and the Company.  \n(ii)  For the year ended December 31, 2024, a revaluation gain on loan\nreceivable was recognized as a result of the Cronos GrowCo Transaction on July\n1, 2024.  \n(iii)  For the year ended December 31, 2024, a gain on revaluation of equity\nmethod investment was recognized as a result of the Cronos GrowCo Transaction\non July 1, 2024.  \n(iv)  For the three months and years ended December 31, 2024 and 2023, the\n(gain) loss on revaluation of derivative liabilities represented the fair\nvalue changes on the derivative liabilities.  \n(v)  For the three months and years ended December 31, 2024 and 2023, (gain)\nloss on revaluation of financial instruments related primarily to our\nunrealized holding (gain) or loss (as applicable) on our mark-to-market\ninvestment in Vitura as well as revaluations of financial liabilities\nresulting from deferred share units granted to directors.  \n(vi)  For the years ended December 31, 2024 and 2023 and the three months\nended December 31, 2023, impairment loss on other investments related to the\nPharmaCann Option for the difference between its fair value and carrying\namount.  \n(vii)  For the year and three months ended December 31, 2024, transaction\ncosts represented legal, financial and other advisory fees and expenses\nincurred in connection with the Cronos GrowCo Transaction. These costs are\nincluded in general and administrative expenses on the consolidated statements\nof net income (loss) and comprehensive income (loss).  \n(viii)  For the year ended December 31, 2024, a loss on held-for-sale assets\nwas recognized as a result of the change in the Company\u2019s sales strategy for\nthe Cronos Fermentation assets to market the assets to a broader buyer pool.\nFor the quarter ended December 31, 2024, a loss on held-for-sale assets was\nrecognized to adjust the net book value of Cronos Fermentation to fair value.  \n(ix)  For the three months and years ended December 31, 2024 and 2023, other,\nnet primarily related to (gain) loss on disposal of assets.  \n(x)  For the year ended December 31, 2024, restructuring costs from continuing\noperations related to shutdown costs at the Cronos Fermentation Facility, as\nwell as employee-related severance costs associated with the Realignment. For\nthe year and three months ended December 31, 2023, restructuring costs related\nto the employee-related severance costs and other restructuring costs\nassociated with the Realignment.  \n(xi)  For the three months and years ended December 31, 2024 and 2023, share-\nbased compensation related to the vesting expenses of share-based compensation\nawarded to employees under our share-based award plans.  \n(xii)  For the three months and years ended December 31, 2024 and 2023,\nfinancial statement review costs included costs related to the Restatements,\ncosts related to the Company\u2019s responses to requests for information from\nvarious regulatory authorities relating to the Restatements, the costs related\nto the Settlement Order and Settlement Agreement and legal costs defending\nshareholder class action complaints brought against the Company as a result of\nthe 2019 restatement, as well as related insurance reimbursements.  \n(xiii)  For the three months and year ended December 31, 2023, inventory\nwrite-downs from discontinued operations relate to product destruction and\nobsolescence associated with the exit of our U.S. operations and inventory\nwrite-downs from continuing operations relate to product destruction and\nobsolescence associated with the planned exit of Cronos Fermentation.  \n(xiv)  For the three months and year ended December 31, 2024, inventory step-\nup recorded to cost of sales represented the portion of the inventory step-up\nfrom the Cronos GrowCo Transaction that was recorded through the consolidated\nstatements of income (loss) and comprehensive income (loss).  \n(xv)  For the three months and year ended December 31, 2024, Israel Ministry\nof Economy and Industry dumping inquiry expense included expenditures relating\nto the regulatory inquiry about alleged dumping of medical cannabis products\nin Israel and related litigation and external relations expenses.\n\n**_Adjusted Gross Profit and Adjusted Gross Margin_ **\n\nTo supplement the consolidated financial statements presented in accordance\nwith U.S. GAAP, we have presented Adjusted Gross Profit and Adjusted Gross\nMargin, non-GAAP measures that exclude the impacts of inventory-related\npurchase accounting adjustments from the calculations of gross profit and\ngross margin, which resulted from the Cronos GrowCo Transaction. Results are\nreported as total consolidated results, reflecting our reporting structure of\none reportable segment.\n\nManagement believes that Adjusted Gross Profit and Adjusted Gross Margin\nprovide useful insight into underlying business trends to facilitate\ncomparisons of period-over-period results by removing the impacts of\ninventory-related purchase accounting adjustments resulting from the Cronos\nGrowCo Transaction, which reflect a one-time event and do not reflect\nmanagement\u2019s assessment of ongoing business performance.\n\n_(in thousands of U.S. dollars)_ |  **Three months ended  \nDecember 31, ** |  |  **Change** |  |  **Year ended  \nDecember 31, ** |  |  **Change**  \n---|---|---|---|---|---|---|---  \n|  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%**  \nNet revenue  |  $  |  30,301  |  |  |  $  |  23,915  |  |  |  $  |  6,386  |  |  |  27  |  %  |  |  $  |  117,615  |  |  |  $  |  87,241  |  |  |  $  |  30,374  |  |  35  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nGross profit  |  $  |  10,807  |  |  |  $  |  1,913  |  |  |  $  |  8,894  |  |  |  465  |  %  |  |  $  |  25,198  |  |  |  $  |  11,909  |  |  |  $  |  13,289  |  |  112  |  %   \nInventory step-up recorded to cost of sales  |  |  (1,832  |  )  |  |  |  \u2014  |  |  |  |  (1,832  |  )  |  |  N/M  |  |  |  |  5,284  |  |  |  |  \u2014  |  |  |  |  5,284  |  |  N/M  |   \nAdjusted Gross Profit  |  $  |  8,975  |  |  |  $  |  1,913  |  |  |  $  |  7,062  |  |  |  369  |  %  |  |  $  |  30,482  |  |  |  $  |  11,909  |  |  |  $  |  18,573  |  |  156  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nGross margin  (i)  |  |  36  |  %  |  |  |  8  |  %  |  |  |  N/A  |  |  |  28  |  pp  |  |  |  21  |  %  |  |  |  14  |  %  |  |  N/A  |  |  7  |  pp   \nAdjusted Gross Margin  (ii)  |  |  30  |  %  |  |  |  8  |  %  |  |  |  N/A  |  |  |  22  |  pp  |  |  |  26  |  %  |  |  |  14  |  %  |  |  N/A  |  |  12  |  pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \n  \n(i)  Gross margin is defined as gross profit divided by net revenue.  \n(ii)  Adjusted Gross Margin is defined as Adjusted Gross Profit divided by net\nrevenue.\n\n_Constant Currency_\n\nTo supplement the consolidated financial statements presented in accordance\nwith U.S. GAAP, we have presented constant currency adjusted financial\nmeasures for net revenues, gross profit, gross profit margin, operating\nexpenses, net income (loss) and Adjusted EBITDA for 2024, as well as cash and\ncash equivalents and short-term investment balances as of December 31, 2024\ncompared to December 31, 2023, which are considered non-GAAP financial\nmeasures. We present constant currency information to provide a framework for\nassessing how our underlying operations performed excluding the effect of\nforeign currency rate fluctuations. To present this information, current and\nprior period income statement results in currencies other than U.S. dollars\nare converted into U.S. dollars using the average exchange rates from the\ncomparative period in 2023 rather than the actual average exchange rates in\neffect during 2024; constant currency current period balance sheet information\nis translated at the prior year-end spot rate rather than the current year-end\nspot rate. All growth comparisons relate to the corresponding period in 2023.\nWe have provided this non-GAAP financial information to aid investors in\nbetter understanding the performance of our business. The non-GAAP financial\nmeasures presented in this press release should not be considered as a\nsubstitute for, or superior to, the measures of financial performance prepared\nin accordance with U.S. GAAP.\n\nThe table below sets forth certain measures of consolidated results from\ncontinuing operations on an as-reported and constant currency basis for 2024\ncompared to 2023, as well as cash and cash equivalents and short-term\ninvestments as of December 31, 2024, compared to December 31, 2023, on an as-\nreported and constant currency basis (in thousands):\n\n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n---|---|---|---  \n|  **Three months ended December 31,** |  |  **As Reported  \nChange ** |  |  **Three months ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  **$** |  |  **%**  \nNet revenue  |  $  |  30,301  |  |  |  $  |  23,915  |  |  |  $  |  6,386  |  |  |  27  |  %  |  |  $  |  30,527  |  |  |  $  |  6,612  |  |  |  28  |  %   \nGross profit  |  |  10,807  |  |  |  |  1,913  |  |  |  |  8,894  |  |  |  465  |  %  |  |  |  10,914  |  |  |  |  9,001  |  |  |  471  |  %   \nGross margin  |  |  36  |  %  |  |  |  8  |  %  |  |  |  N/A  |  |  |  28  |  pp  |  |  |  36  |  %  |  |  |  N/A  |  |  |  28  |  pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \nOperating expenses  |  |  22,172  |  |  |  |  23,549  |  |  |  |  (1,377  |  )  |  |  (6  |  )%  |  |  |  22,557  |  |  |  |  (992  |  )  |  |  (4  |  )%   \nNet income (loss) from continuing operations  |  |  43,941  |  |  |  |  (45,151  |  )  |  |  |  89,092  |  |  |  N/M  |  |  |  |  44,431  |  |  |  |  89,582  |  |  |  N/M  |   \nAdjusted EBITDA  |  |  (7,203  |  )  |  |  |  (14,790  |  )  |  |  |  7,587  |  |  |  51  |  %  |  |  |  (7,869  |  )  |  |  |  6,921  |  |  |  47  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n|  **Year ended  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **Year ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  **$** |  |  **%**  \nNet revenue  |  $  |  117,615  |  |  |  $  |  87,241  |  |  |  $  |  30,374  |  |  |  35  |  %  |  |  $  |  118,983  |  |  |  $  |  31,742  |  |  |  36  |  %   \nGross profit  |  |  25,198  |  |  |  |  11,909  |  |  |  |  13,289  |  |  |  112  |  %  |  |  |  25,505  |  |  |  |  13,596  |  |  |  114  |  %   \nGross margin  |  |  21  |  %  |  |  |  14  |  %  |  |  |  N/A  |  |  |  7  |  pp  |  |  |  21  |  %  |  |  |  N/A  |  |  |  7  |  pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \nOperating expenses  |  |  101,727  |  |  |  |  96,709  |  |  |  |  5,018  |  |  |  5  |  %  |  |  |  102,972  |  |  |  |  6,263  |  |  |  6  |  %   \nNet income (loss) from continuing operations  |  |  40,022  |  |  |  |  (70,439  |  )  |  |  |  110,461  |  |  |  N/M  |  |  |  |  42,007  |  |  |  |  112,446  |  |  |  N/M  |   \nAdjusted EBITDA  |  |  (34,942  |  )  |  |  |  (61,564  |  )  |  |  |  26,622  |  |  |  43  |  %  |  |  |  (35,891  |  )  |  |  |  25,673  |  |  |  42  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \n|  **As of  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **As of December 31,** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  **$** |  |  **%**  \nCash and cash equivalents  |  $  |  858,805  |  |  |  $  |  669,291  |  |  |  $  |  189,514  |  |  |  28  |  %  |  |  $  |  869,761  |  |  |  $  |  200,470  |  |  |  30  |  %   \nShort-term investments  |  |  \u2014  |  |  |  |  192,237  |  |  |  |  (192,237  |  )  |  |  (100  |  )%  |  |  |  \u2014  |  |  |  |  (192,237  |  )  |  |  (100  |  )%   \nTotal cash and cash equivalents and short-term investments  |  $  |  858,805  |  |  |  $  |  861,528  |  |  |  $  |  (2,723  |  )  |  |  \u2014  |  %  |  |  $  |  869,761  |  |  |  $  |  8,233  |  |  |  1  |  %   \n  \n_  \nNet revenue _\n\n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n---|---|---|---  \n|  **Three months ended  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **Three months ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  **2023** |  |  **$** |  |  **%** |  |  |  **2024** |  |  **$** |  |  **%**  \nCannabis flower  |  $  |  23,398  |  |  $  |  17,515  |  |  $  |  5,883  |  |  |  34  |  %  |  |  $  |  23,491  |  |  $  |  5,976  |  |  |  34  |  %   \nCannabis extracts  |  |  6,588  |  |  |  6,074  |  |  |  514  |  |  |  8  |  %  |  |  |  6,729  |  |  |  655  |  |  |  11  |  %   \nOther  |  |  315  |  |  |  326  |  |  |  (11  |  )  |  |  (3  |  )%  |  |  |  307  |  |  |  (19  |  )  |  |  (6  |  )%   \nNet revenue  |  $  |  30,301  |  |  $  |  23,915  |  |  $  |  6,386  |  |  |  27  |  %  |  |  $  |  30,527  |  |  $  |  6,612  |  |  |  28  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n|  **Year ended  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **Year ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  **2023** |  |  **$** |  |  **%** |  |  |  **2024** |  |  **$** |  |  **%**  \nCannabis flower  |  $  |  87,912  |  |  $  |  62,070  |  |  $  |  25,842  |  |  |  42  |  %  |  |  $  |  88,904  |  |  $  |  26,834  |  |  |  43  |  %   \nCannabis extracts  |  |  29,168  |  |  |  24,569  |  |  |  4,599  |  |  |  19  |  %  |  |  |  29,552  |  |  |  4,983  |  |  |  20  |  %   \nOther  |  |  535  |  |  |  602  |  |  |  (67  |  )  |  |  (11  |  )%  |  |  |  527  |  |  |  (75  |  )  |  |  (12  |  )%   \nNet revenue  |  $  |  117,615  |  |  $  |  87,241  |  |  $  |  30,374  |  |  |  35  |  %  |  |  $  |  118,983  |  |  $  |  31,742  |  |  |  36  |  %   \n  \n  \n\n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n---|---|---|---  \n|  **Three months ended  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **Three months ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  **2023** |  |  **$** |  |  **%** |  |  |  **2024** |  |  **$** |  |  **%**  \nCanada  |  $  |  19,656  |  |  $  |  17,935  |  |  $  |  1,721  |  |  10  |  %  |  |  $  |  20,156  |  |  $  |  2,221  |  |  12  |  %   \nIsrael  |  |  7,803  |  |  |  4,974  |  |  |  2,829  |  |  57  |  %  |  |  |  7,546  |  |  |  2,572  |  |  52  |  %   \nOther countries  |  |  2,842  |  |  |  1,006  |  |  |  1,836  |  |  183  |  %  |  |  |  2,825  |  |  |  1,819  |  |  181  |  %   \nNet revenue  |  $  |  30,301  |  |  $  |  23,915  |  |  $  |  6,386  |  |  27  |  %  |  |  $  |  30,527  |  |  $  |  6,612  |  |  28  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n|  **Year ended  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **Year ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  **2023** |  |  **$** |  |  **%** |  |  |  **2024** |  |  **$** |  |  **%**  \nCanada  |  $  |  82,437  |  |  $  |  64,702  |  |  $  |  17,735  |  |  27  |  %  |  |  $  |  83,709  |  |  $  |  19,007  |  |  29  |  %   \nIsrael  |  |  28,368  |  |  |  21,134  |  |  |  7,234  |  |  34  |  %  |  |  |  28,454  |  |  |  7,320  |  |  35  |  %   \nOther countries  |  |  6,810  |  |  |  1,405  |  |  |  5,405  |  |  385  |  %  |  |  |  6,820  |  |  |  5,415  |  |  385  |  %   \nNet revenue  |  $  |  117,615  |  |  $  |  87,241  |  |  $  |  30,374  |  |  35  |  %  |  |  $  |  118,983  |  |  $  |  31,742  |  |  36  |  %   \n  \n  \nFor 2024, net revenue on a constant currency basis was  $119.0 million  ,\nrepresenting a  36%  increase from 2023. Net revenue increased on a constant\ncurrency basis primarily due to higher cannabis flower and extract sales in\nthe Canadian market and higher cannabis flower sales in Israel and other\ncountries. The Cronos GrowCo Transaction contributed  $6.5 million  of\ncannabis flower sales in the year ended December 31, 2024 on a constant\ncurrency basis. No such sales were recognized for the year ended December 31,\n2023.\n\n_Gross profit_\n\nFor 2024, gross profit on a constant currency basis was  $25.5 million  ,\nrepresenting a  114%  increase from 2023. Gross profit increased on a constant\ncurrency basis primarily due to higher cannabis flower and extract sales in\nthe Canadian market, higher cannabis flower sales in Israel and other\ncountries, and production cost improvements, partially offset by the impact on\ncost of sales from the inventory step-up from the Cronos GrowCo Transaction.\nFor 2024, gross profit on a constant currency basis was reduced  $5.1 million\nas a result of the impact of the inventory step-up from the Cronos GrowCo\nTransaction that was recorded into cost of sales. No such costs were\nrecognized for 2023.\n\n_Operating expenses_\n\nFor 2024, operating expenses on a constant currency basis were  $103.0 million\n, representing a  6%  increase from 2023. Operating expenses increased on a\nconstant currency basis primarily due to the impairment of the Ginkgo\nExclusive Licenses, partially offset by lower salaries and benefits,\nprofessional fees and restructuring costs.\n\n_Net income (loss) from continuing operations_\n\nFor 2024, net income (loss) from continuing operations on a constant currency\nbasis was  $42.0 million  , compared to a loss of  $70.4 million  for 2023.\n\n_Adjusted EBITDA_\n\nFor 2024, Adjusted EBITDA on a constant currency basis was  $(35.9) million  ,\nrepresenting a  42%  improvement from 2023. Adjusted EBITDA improved on a\nconstant currency basis primarily due to higher cannabis flower and extract\nsales in the Canadian market, higher cannabis flower sales in Israel and other\ncountries, production cost improvements, and decreases in general and\nadministrative, sales and marketing and research and development expenses.\n\n_Cash and cash equivalents & short-term investments _\n\nCash and cash equivalents and short-term investments on a constant currency\nbasis increased  1%  to  $869.8 million  as of December 31, 2024 from  $861.5\nmillion  as of December 31, 2023. The increase in cash and cash equivalents\nand short-term investments is primarily due to cash flows provided by\noperating activities in 2024.\n\n**Foreign currency exchange rates**\n\nAll currency amounts in this press release are stated in U.S. dollars, which\nis our reporting currency, unless otherwise noted. All references to \u201cdollars\u201d\nor \u201c$\u201d are to U.S. dollars. The assets and liabilities of our foreign\noperations are translated into dollars at the exchange rate in effect as of\nDecember 31, 2024 and December 31, 2023, as reported on Bloomberg.\nTransactions affecting the shareholders\u2019 equity (deficit) are translated at\nhistorical foreign exchange rates. The consolidated statements of net income\n(loss) and comprehensive income (loss) and consolidated statements of cash\nflows of our foreign operations are translated into dollars by applying the\naverage foreign exchange rate in effect for the years ended December 31, 2024,\nDecember 31, 2023, and December 31, 2022, as reported on Bloomberg.\n\nThe exchange rates used to translate from Canadian dollars (\u201cC$\u201d) to dollars\nare shown below:\n\n_(Exchange rates are shown as C$ per $)_ |  **Year ended December 31,**  \n---|---  \n|  **2024** |  |  **2023** |  |  **2022**  \nAverage rate  |  1.3700  |  |  1.3494  |  |  1.3017   \nSpot rate  |  1.4351  |  |  1.3243  |  |  1.3554   \n|  |  |  |  |   \n  \nThe exchange rates used to translate from New Israeli Shekels (\u201cILS\u201d) to\ndollars are shown below:\n\n_(Exchange rates are shown as ILS per $)_ |  **Year ended December 31,**  \n---|---  \n|  **2024** |  |  **2023** |  |  **2022**  \nAverage rate  |  3.6997  |  |  3.6819  |  |  3.3566   \nSpot rate  |  3.6526  |  |  3.6163  |  |  3.5178   \n|  |  |  |  |   \n  \n**For further information, please contact:**  \nAnna Shlimak  \nInvestor Relations  \nTel: (416) 504-0004  \ninvestor.relations@thecronosgroup.com\n\n[ ](https://www.stocktitan.net/news/CRON/ \"Cronos Group CRON Stock News\")\n\nCronos Group\n\n###  NASDAQ: [ CRON ](/news/CRON/)\n\n###  CRON Rankings\n\n[ **N/A** Ranked by Market Cap  ](/rankings/companies-market-cap/link-\nsymbol?s=CRON)\n\n[ **N/A** Ranked by Dividends  ](/rankings/companies-dividends/link-\nsymbol?s=CRON)\n\n###  CRON Latest News\n\nMar 19, 2025\n\n[ Cronos Appoints Anna Shlimak as Chief Financial Officer ](/news/CRON/cronos-\nappoints-anna-shlimak-as-chief-financial-8vgelca718es.html)\n\nMar 10, 2025\n\n[ Cronos Group Inc. to Speak at the 37th Annual Roth Conference\n](/news/CRON/cronos-group-inc-to-speak-at-the-37th-annual-roth-\nxcxhnyellcyc.html)\n\nFeb 24, 2025\n\n[ Cronos Group Inc. to Hold 2024 Fourth Quarter and Full-Year Earnings\nConference Call on February 27, 2025 ](/news/CRON/cronos-group-inc-to-\nhold-2024-fourth-quarter-and-full-year-earnings-aqypuxwlsr4i.html)\n\nNov 12, 2024\n\n[ Cronos Group Reports 2024 Third Quarter Results ](/news/CRON/cronos-group-\nreports-2024-third-quarter-m7eusx8000jz.html)\n\nOct 29, 2024\n\n[ Cronos Group Inc. to Hold 2024 Third Quarter Earnings Conference Call on\nNovember 12, 2024 ](/news/CRON/cronos-group-inc-to-hold-2024-third-quarter-\nearnings-conference-call-8bk9kcf23ju1.html)\n\n###  CRON Stock Data  __\n\n619.70M\n\n197.70M\n\n46.39%\n\n14.32%\n\n1.19%\n\nDrug Manufacturers - Specialty & Generic\n\nMedicinal Chemicals & Botanical Products\n\n[ Link ](https://www.thecronosgroup.com)\n\nCanada\n\nSTAYNER\n\nExplore\n\n  * [ About ](/about)\n  * [ Rhea-AI ](/rhea-ai.html)\n  * [ Sitemap ](/sitemap/news)\n\nLegal\n\n  * [ Terms of Use ](/terms-of-use)\n  * [ Cookie Notice ](/cookies)\n  * [ Privacy Policy ](/privacy)\n\nLinks\n\n  * [ RSS feed ](https://www.stocktitan.net/rss)\n  * [ Discord Server ](https://discord.gg/jCSBfhvt)\n  * [ Facebook ](https://www.facebook.com/stocktitan.net)\n  * [ Reddit ](https://www.reddit.com/r/StockTitan/)\n\n\u00a9 2020-2025 StockTitan.net\n\nLogin\n\nPlease enter your login and password\n\nWrong username or password.\n\nDon't have an account?  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                "url": "https://www.stocktitan.net/news/CRON/cronos-group-reports-2024-fourth-quarter-and-full-year-ft1pmfo4ixz2.html"
            },
            "reason": "This is a news article from StockTitan summarizing Cronos Group's financial results. While StockTitan is a reputable source, it is a secondary source based on company releases.",
            "reliability_score": 0.8,
            "search_query": "company 'The Cronos Group' waste management water consumption",
            "summary": "Cronos Group reports 2024 fourth quarter and full year results.",
            "url": "https://www.stocktitan.net/news/CRON/cronos-group-reports-2024-fourth-quarter-and-full-year-ft1pmfo4ixz2.html"
        },
        {
            "content": {
                "metadata": {
                    "ext_id": "e527ff6b-c82c-4951-a3a6-c4e06f770f0b",
                    "origin": "public",
                    "resource_location": "web",
                    "resource_type": "webpage",
                    "source": "https://www.360energy.net/resources/success-stories/cronos"
                },
                "page_content": "[ ](/)\n\nProudly Canadian Since 1995.\n\n[ ](/)\n\nStay Connected \u00e2\u0080\u0093 Join Our Newsletter\n\nThank you! Your submission has been received!\n\nOops! Something went wrong while submitting the form.\n\nSolutions\n\n[ 360 ECOS ](/solutions/360-ecos) [ Envirally ](http://envirally.io) [ 360\nCarbon Excellence ](/solutions/carbon-excellence) [ 360 GrO\n](/solutions/360-gro)\n\nCompany\n\n[ Why Us ](/company/about-us) [ Press ](/company/press) [ Contact Us\n](/company/contact-us) [ Book A Meeting ](/book-a-meeting) [ Client Login\n](https://ub.skgtech.com/Identity/Account/Login)\n\nResources\n\n[ Success Stories ](/resources/success-stories) [ FAQs ](/resources/faqs) [\nArticles ](/resources/articles) [ Podcast ](/resources/podcast-the-360-on-\nenergy-and-carbon) [ White Papers ](/resources/white-papers) [ Webinars\n](/resources/webinars)\n\n[ ](https://www.facebook.com/360Energyinc)\n\n[ ](https://www.instagram.com/360_energy/)\n\n[ ](https://www.linkedin.com/company/360-energy/)\n\n[ ](https://x.com/360_energy)\n\n[ ](https://podcasts.apple.com/us/podcast/the-360-on-energy-and-\ncarbon/id1573283942)\n\n[ ](https://open.spotify.com/show/53JLpEfnSjlf1Lg1avIsbl?si=a69cc0b043494a19)\n\n[ ](https://www.youtube.com/playlist?list=PLjnrOUgCCGHi7ePs1P1gHYLQux_XaGbL4)\n\n\u00c2\u00a9 2025 360 Energy Inc. All right reserved.\n\n[ Privacy Policy ](/legal/privacy-policy) [ Terms and Conditions\n](/legal/terms-conditions) Cookies Settings\n\n",
                "url": "https://www.360energy.net/resources/success-stories/cronos"
            },
            "reason": "This is a success story published by 360 Energy about their work with Cronos Group. It provides insights into energy management and sustainability initiatives, but may be slightly biased towards highlighting positive outcomes.",
            "reliability_score": 0.7,
            "search_query": "company 'The Cronos Group' waste management water consumption",
            "summary": "Success story of Cronos Group's energy management initiatives with 360 Energy.",
            "url": "https://www.360energy.net/resources/success-stories/cronos"
        },
        {
            "content": {
                "metadata": {
                    "ext_id": "03a46326-1e61-4ed3-b8d0-f5ba0672de67",
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                    "resource_type": "webpage",
                    "source": "https://www.fleetowner.com/refrigerated-transporter/reefer-operations/article/21224582/cronos-group-becomes-zestia-customer"
                },
                "page_content": "  1. [ Refrigerated Transporter  ](/refrigerated-transporter)\n\n  2. [ Reefer Operations  ](/refrigerated-transporter/reefer-operations)\n\n#  Cronos Group becomes ZESTIA customer\n\nJan. 26, 2012\n\nThe Cronos Group has become the first client worldwide for ZESTIA, the new\nlow-power, high-performance container refrigeration machine from Daikin\nReefer.\n\n  * [ ](/print/content/21224582)\n  * [ ](/cdn-cgi/l/email-protection#ebd4989e89818e889fd6a89984858498cbac99849e9bcb898e8884868e98cbb1aeb8bfa2aacb889e989f84868e99cd8a869bd089848f92d6cedbafcedbaabf838ecba89984858498cbac99849e9bcb838a98cb898e8884868ecb9f838ecb8d8299989fcb8887828e859fcb9c8499878f9c828f8ecb8d8499cbb1aeb8bfa2aac7cb9f838ecb858e9ccb87849cc69b849c8e99c7cb83828c83c69b8e998d8499868a85888ecb8884859f8a82858e99cb998e8d99828c8e998a9f828485cb868a888382858ecb8d998486cbaf8a82808285cbb98e8e8d8e99c5)\n  * [ ](javascript:void\\(0\\))\n  * [ ](javascript:void\\(0\\))\n  * [ ](javascript:void\\(0\\))\n  * [ ](javascript:void\\(0\\))\n\nThe Cronos Group has become the first client worldwide for ZESTIA, the new\nlow-power, high-performance [ container refrigeration machine\n](http://refrigeratedtrans.com/refrigeration/equipment/) from Daikin Reefer.\n\nThe global container [ leasing ](http://refrigeratedtrans.com/fleet/leasing/)\ncompany took delivery of 500 ZESTIA units during November 2011 in Qingdao,\nChina, for installation on a batch of new 40-foot high-cube refrigerated\ncontainers destined for Japanese shipping line MOL. The units were produced at\nDaikin\u2019s manufacturing plant in Suzhou, China.\n\n\u201cMOL had carried out extensive trials and research on the ZESTIA design, and\nwe were very pleased to support them with the first commercial order for this\ninnovative new technology,\u201d said Matt Dowling, vice-president\u2013operations for\nCronos.\n\nOfficially unveiled in November 2011, ZESTIA uses patented Daikin DC-inverter\ntechnology and other advanced features to meet [ carrier and shipper\n](http://refrigeratedtrans.com/carriers-shippers/) demands for ultra-low\nenergy consumption and [ greenhouse gas emissions\n](http://refrigeratedtrans.com/2010-emissions/) , while providing high cooling\ncapacity and precise temperature control for chilled and frozen cargoes.\nDesigned as a unit for global refrigerated container operations, ZESTIA also\nhas new user-friendly control interfaces for ease of operation and\nmaintenance.\n\nWith a fleet valued at more than $1.5 billion, and more than 1.1 million CEUs\n(cost equivalent units) of dry, refrigerated, tank, and other specialized\nequipment under its control, Cronos is one of the world\u2019s largest container\nowners and lessors. The company\u2019s 35,000-TEU refrigerated container fleet\naverages three years old, reflecting recent substantial investment. The\nlandmark ZESTIA deal follows additional purchases by Cronos in 2011 of the\nLXE10E, Daikin\u2019s scroll-compressor refrigeration machine.\n\n\u201cWe have seen over recent times that customers want a greater choice of\nmachines to match their own specific requirements,\u201d said Dowling. \u201cWe have\ntherefore taken a strategic decision to diversify into two machine types,\nadding Daikin to our portfolio, to better support market needs. The decision\nto invest in Daikin technology was based on our clients\u2019 high level of comfort\nwith the company and its equipment\u2014especially in Asia.\u201d\n\nVisit [ www.cronos.com ](http://www.cronos.com) or [ www.daikin.co.jp\n](http://www.daikin.co.jp) for further information.\n\n##\n\nVoice your opinion!\n\n###  To join the conversation, and become an exclusive member of FleetOwner,\ncreate an account today!\n\n[ I already have an account ](/account/login?redirectTo=/refrigerated-\ntransporter/reefer-operations/article/21224582/cronos-group-becomes-zestia-\ncustomer)\n\n##\n\nContinue Reading\n\n[\n](https://informa.blueconic.net/rest/v2/recommendations/redirect?storeId=631a9edb-5229-4074-b27c-553839b3b841&profileId=&itemId=www.fleetowner.com%2Fequipment%2Farticle%2F21283007%2Fsafety-\nnotices-issued-for-commercial-vehicles-and-evs)\n\n### [ Recall Roundup: Safety notices issued for commercial vehicles and EVs\n](https://informa.blueconic.net/rest/v2/recommendations/redirect?storeId=631a9edb-5229-4074-b27c-553839b3b841&profileId=&itemId=www.fleetowner.com%2Fequipment%2Farticle%2F21283007%2Fsafety-\nnotices-issued-for-commercial-vehicles-and-evs)\n\n[\n](https://informa.blueconic.net/rest/v2/recommendations/redirect?storeId=631a9edb-5229-4074-b27c-553839b3b841&profileId=&itemId=www.fleetowner.com%2Fequipment%2Farticle%2F55240362%2Fmichelin-\nlaunches-x-force-winter-and-x-force-zl-tires-for-ultimate-performance)\n\n### [ Michelin introduces Michelin X Force Winter and Michelin X Force ZL\nTires\n](https://informa.blueconic.net/rest/v2/recommendations/redirect?storeId=631a9edb-5229-4074-b27c-553839b3b841&profileId=&itemId=www.fleetowner.com%2Fequipment%2Farticle%2F55240362%2Fmichelin-\nlaunches-x-force-winter-and-x-force-zl-tires-for-ultimate-performance)\n\n##\n\nSponsored Recommendations\n\n[\n](https://informa.blueconic.net/rest/v2/recommendations/redirect?storeId=631a9edb-5229-4074-b27c-553839b3b841&profileId=&itemId=www.fleetowner.com%2Fresources%2Fwhite-\npapers%2Fwhitepaper%2F55274715%2Fdriving-sustainability-growth-with-rng)\n\n### [ Driving Sustainability & Growth with RNG\n](https://informa.blueconic.net/rest/v2/recommendations/redirect?storeId=631a9edb-5229-4074-b27c-553839b3b841&profileId=&itemId=www.fleetowner.com%2Fresources%2Fwhite-\npapers%2Fwhitepaper%2F55274715%2Fdriving-sustainability-growth-with-rng)\n\nThe most successful fleets accomplish more than delivering freight. To\naccomplish this, fleets need a fuel that\u2019s reliable, more economical and more\nsustainable. That fuel is ...\n\n[\n](https://informa.blueconic.net/rest/v2/recommendations/redirect?storeId=631a9edb-5229-4074-b27c-553839b3b841&profileId=&itemId=www.fleetowner.com%2Fresources%2Fwebinars%2Fwebinar%2F55279520%2Fbenchmark-\nto-win-setting-kpis-that-drive-your-fleet-forward)\n\n### [ Benchmark to Win: Setting KPIs That Drive Your Fleet Forward\n](https://informa.blueconic.net/rest/v2/recommendations/redirect?storeId=631a9edb-5229-4074-b27c-553839b3b841&profileId=&itemId=www.fleetowner.com%2Fresources%2Fwebinars%2Fwebinar%2F55279520%2Fbenchmark-\nto-win-setting-kpis-that-drive-your-fleet-forward)\n\nAre your KPIs driving real fleet improvement? Learn how to set smarter, data-\ndriven benchmarks, track success like top-performing fleets, and apply proven\nstrategies to optimize...\n\n[\n](https://informa.blueconic.net/rest/v2/recommendations/redirect?storeId=631a9edb-5229-4074-b27c-553839b3b841&profileId=&itemId=www.fleetowner.com%2Fresources%2Fwhite-\npapers%2Fwhitepaper%2F55277767%2Flet-ai-empower-your-decisions)\n\n### [ Let AI Empower Your Decisions\n](https://informa.blueconic.net/rest/v2/recommendations/redirect?storeId=631a9edb-5229-4074-b27c-553839b3b841&profileId=&itemId=www.fleetowner.com%2Fresources%2Fwhite-\npapers%2Fwhitepaper%2F55277767%2Flet-ai-empower-your-decisions)\n\nLearn how eets can enhance truck utilization and minimize safety incidents\nusing business intelligence and AI. Delve into innovative practices,\ntechnology integration and real...\n\n[\n](https://informa.blueconic.net/rest/v2/recommendations/redirect?storeId=631a9edb-5229-4074-b27c-553839b3b841&profileId=&itemId=www.fleetowner.com%2Fresources%2Fwhite-\npapers%2Fwhitepaper%2F55273722%2Ftake-control-of-your-finances-a-practical-\nguide-for-carriers-in-trucking)\n\n### [ Take Control of Your Finances: A Practical Guide for Carriers in\nTrucking\n](https://informa.blueconic.net/rest/v2/recommendations/redirect?storeId=631a9edb-5229-4074-b27c-553839b3b841&profileId=&itemId=www.fleetowner.com%2Fresources%2Fwhite-\npapers%2Fwhitepaper%2F55273722%2Ftake-control-of-your-finances-a-practical-\nguide-for-carriers-in-trucking)\n\nThis guide is designed to help you navigate these challenges, featuring\nstrategies for automation, examples of effective tools, and a real-world\nsuccess story from Phoenix Cargo...\n\n##\n\nLatest from Reefer Operations\n\nNavajo Express\n\n[ ](/refrigerated-transporter/reefer-operations/article/55280121/navajo-\nexpress-partners-with-isaac-instruments-to-enhance-fleet-efficiency)\n\n### [ Navajo Express to deploy Isaac ELDs  ](/refrigerated-transporter/reefer-\noperations/article/55280121/navajo-express-partners-with-isaac-instruments-to-\nenhance-fleet-efficiency)\n\nLeonard's Express\n\n[ ](/refrigerated-transporter/reefer-operations/article/55279848/leonards-\nexpress-vp-lands-on-wits-women-to-watch-in-transportation-list)\n\n### [ Leonard\u2019s VP lands on WIT\u2019s \u2018Women to Watch\u2019 list  ](/refrigerated-\ntransporter/reefer-operations/article/55279848/leonards-express-vp-lands-on-\nwits-women-to-watch-in-transportation-list)\n\nKnight-Swift Transportation\n\n[ ](/refrigerated-transporter/reefer-operations/article/55279551/knight-swift-\nto-implement-netradynes-ai-camera-system)\n\n### [ Knight-Swift to implement Netradyne\u2019s AI system  ](/refrigerated-\ntransporter/reefer-operations/article/55279551/knight-swift-to-implement-\nnetradynes-ai-camera-system)\n\n##\n\nMost Read\n\n[\n](https://informa.blueconic.net/rest/v2/recommendations/redirect?storeId=631a9edb-5229-4074-b27c-553839b3b841&profileId=&itemId=www.fleetowner.com%2Fequipment%2Farticle%2F55280729%2Fmack-\npioneer-truck-aims-to-redefines-long-haul-with-aerodynamics-safety-driver-\nfocus)\n\n### [ Mack\u2019s new \u2018badass\u2019 highway truck shows off OEM\u2019s pioneering, hard-\nworking attitude\n](https://informa.blueconic.net/rest/v2/recommendations/redirect?storeId=631a9edb-5229-4074-b27c-553839b3b841&profileId=&itemId=www.fleetowner.com%2Fequipment%2Farticle%2F55280729%2Fmack-\npioneer-truck-aims-to-redefines-long-haul-with-aerodynamics-safety-driver-\nfocus)\n\n[\n](https://informa.blueconic.net/rest/v2/recommendations/redirect?storeId=631a9edb-5229-4074-b27c-553839b3b841&profileId=&itemId=www.fleetowner.com%2Femissions-\nefficiency%2Felectric-vehicles%2Fmedia-gallery%2F55279045%2Fchevrolet-\nbrightdrop-400-review-potential-last-mile-delivery-game-changer)\n\n### [ Chevrolet BrightDrop 400 review: An EV built for delivery\n](https://informa.blueconic.net/rest/v2/recommendations/redirect?storeId=631a9edb-5229-4074-b27c-553839b3b841&profileId=&itemId=www.fleetowner.com%2Femissions-\nefficiency%2Felectric-vehicles%2Fmedia-gallery%2F55279045%2Fchevrolet-\nbrightdrop-400-review-potential-last-mile-delivery-game-changer)\n\n[\n](https://informa.blueconic.net/rest/v2/recommendations/redirect?storeId=631a9edb-5229-4074-b27c-553839b3b841&profileId=&itemId=www.fleetowner.com%2Fnews%2Farticle%2F55280480%2Fsupply-\nchain-expert-analyzes-impact-of-tariffs-on-trucking-and-automotive-industries-\nkey-insights-and-forecasts)\n\n### [ \u2018This is nuts\u2019: Supply chain expert on tariffs, trucking\n](https://informa.blueconic.net/rest/v2/recommendations/redirect?storeId=631a9edb-5229-4074-b27c-553839b3b841&profileId=&itemId=www.fleetowner.com%2Fnews%2Farticle%2F55280480%2Fsupply-\nchain-expert-analyzes-impact-of-tariffs-on-trucking-and-automotive-industries-\nkey-insights-and-forecasts)\n\n##\n\nSponsored\n\n[\n](https://informa.blueconic.net/rest/v2/recommendations/redirect?storeId=631a9edb-5229-4074-b27c-553839b3b841&profileId=&itemId=www.fleetowner.com%2Fresources%2Fwhite-\npapers%2Fwhitepaper%2F55000187%2F80-fewer-towable-accidents-10-key-strategies)\n\n### [ 80% Fewer Towable Accidents - 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                "url": "https://www.fleetowner.com/refrigerated-transporter/reefer-operations/article/21224582/cronos-group-becomes-zestia-customer"
            },
            "reason": "This article from FleetOwner discusses Cronos Group becoming a customer of Zestia. While FleetOwner is a reputable industry publication, the article primarily focuses on Zestia, with Cronos Group mentioned in relation to their customer relationship. The information appears factual and relevant to the refrigerated transportation industry.",
            "reliability_score": 0.7,
            "search_query": "company 'The Cronos Group' energy efficiency",
            "summary": "FleetOwner reports Cronos Group's adoption of Zestia's technology for refrigerated transportation.",
            "url": "https://www.fleetowner.com/refrigerated-transporter/reefer-operations/article/21224582/cronos-group-becomes-zestia-customer"
        },
        {
            "content": {
                "metadata": {
                    "ext_id": "98968257-d4b2-4bdf-a7f6-c72d63ffb5bd",
                    "origin": "public",
                    "resource_location": "web",
                    "resource_type": "webpage",
                    "source": "https://www.coindesk.com/business/2024/06/20/energy-giant-edf-subsidiary-joins-cronos-as-a-blockchain-validator"
                },
                "page_content": "[ Finance ](/business)\n\nShare this article\n\n[ X (Twitter)\n](https://x.com/intent/tweet?utm_source=twitter&text=Energy+Giant+EDF+Subsidiary+Joins+Cronos+as+a+Blockchain+Validator+https%3A%2F%2Fwww.coindesk.com%2Fbusiness%2F2024%2F06%2F20%2Fenergy-\ngiant-edf-subsidiary-joins-cronos-as-a-blockchain-\nvalidator+via+%40coindesk&editorial=utm_content&social=utm_medium&organic=utm_term)\n[ LinkedIn\n](https://www.linkedin.com/shareArticle?utm_source=linkedin&mini=true&summary=EDF+subsidiary+Exaion+helps+industries+with+digital+transformation+by+focusing+on+addressing+the+energy+efficiency+of+data+centers.&url=https%3A%2F%2Fwww.coindesk.com%2Fbusiness%2F2024%2F06%2F20%2Fenergy-\ngiant-edf-subsidiary-joins-cronos-as-a-blockchain-\nvalidator&editorial=utm_content&social=utm_medium&organic=utm_term) [ Facebook\n](https://www.facebook.com/sharer/sharer.php?utm_source=facebook&u=https%3A%2F%2Fwww.coindesk.com%2Fbusiness%2F2024%2F06%2F20%2Fenergy-\ngiant-edf-subsidiary-joins-cronos-as-a-blockchain-\nvalidator&editorial=utm_content&social=utm_medium&organic=utm_term) [ Email\n](mailto:%20?subject=Energy%20Giant%20EDF%20Subsidiary%20Joins%20Cronos%20as%20a%20Blockchain%20Validator%20%E2%80%94%20CoinDesk&body=Energy%20Giant%20EDF%20Subsidiary%20Joins%20Cronos%20as%20a%20Blockchain%20Validator%0AEDF%20subsidiary%20Exaion%20helps%20industries%20with%20digital%20transformation%20by%20focusing%20on%20addressing%20the%20energy%20efficiency%20of%20data%20centers.%0A%0ARead%20the%20full%20article%20on%20CoinDesk%3A%0A%0Ahttps%3A%2F%2Fwww.coindesk.com%2Fbusiness%2F2024%2F06%2F20%2Fenergy-\ngiant-edf-subsidiary-joins-cronos-as-a-blockchain-validator)\n\n#  Energy Giant EDF Subsidiary Joins Cronos as a Blockchain Validator\n\n##  EDF subsidiary Exaion helps industries with digital transformation by\nfocusing on addressing the energy efficiency of data centers.\n\nBy [ Jamie Crawley ](/author/jamie-crawley) |  Edited by  [ Sheldon Reback ](/author/sheldon-reback)\n\nUpdated Jun 20, 2024, 10:00 a.m.  Published Jun 20, 2024, 10:00 a.m.\n\n(L\u00e9o Crouzille/Unsplash)\n\n  * Exaion joins Cronos as a validator three months after doing the same on Chiliz Chain. \n  * Validators maintain the operation and security of a blockchain network by authorizing smart contracts and verifying transactions. \n\n* * *\n\nA subsidiary of France's state-owned energy company EDF has become a validator\non Cronos, the blockchain network developed by crypto exchange [ Crypto.com\n](http://crypto.com/) just months [ after doing the same on Chiliz Chain\n](https://www.coindesk.com/business/2024/03/21/french-energy-giant-edf-\nsubsidiary-becomes-chiliz-blockchain-validator/) .\n\nExaion, which helps industries with digital transformation by focusing on\naddressing the energy efficiency of data centers, joins a pool of 32\nvalidators on Cronos' open-source Ethereum Virtual Machine (EVM) protocol.\nCronos EVM interoperates with Ethereum and the Cosmos network and uses a [\nproof-of-authority consensus ](https://www.coindesk.com/learn/what-is-proof-\nof-authority/) mechanism.\n\nSTORY CONTINUES BELOW\n\nDon't miss another story.  Subscribe to the Crypto Daybook Americas Newsletter\ntoday . [ See all newsletters ](/newsletters)\n\nBy signing up, you will receive emails about CoinDesk products and you agree\nto our  [ terms of use  ](/terms) and  [ privacy policy  ](/privacy) .\n\nAn EVM is smart contract-executing software that [ powers the Ethereum\nprotocol ](https://www.coindesk.com/learn/how-does-ethereum-work/) ,\ncomparable to a computer's operating system. Validators maintain the operation\nand security of a blockchain network by authorizing smart contracts and\nverifying transactions. They do this by running a node and receiving revenue\nin return.\n\nJoining Cronos so soon after Chiliz further demonstrates the interest that one\nof the world's largest energy companies is taking in the blockchain industry.\n\n**_Read More:[ Ethereum's Rising Validator Count Is Causing Concerns, Fidelity\nDigital Assets Says ](https://www.coindesk.com/tech/2024/03/28/ethereums-\nrising-validator-count-is-causing-concerns-fidelity-digital-assets-says/) _ **\n\n[ Cronos ](/tag/cronos) [ EVM ](/tag/evm) [ Validators ](/tag/validators) [\nFrance ](/tag/france)\n\n#####  [ Jamie Crawley ](/author/jamie-crawley)\n\nJamie has been part of CoinDesk's news team since February 2021, focusing on\nbreaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and\nDOGE.\n\n[ ](https://x.com/JamieCrawleyCD \"X\") [ ](mailto:jamie@coindesk.com \"Email\")\n\n[ ](/author/jamie-crawley)\n\n[ ](/ \"CoinDesk homepage\")\n\n* * *\n\nAbout\n\n  * [ About Us ](/about)\n  * [ Masthead ](/masthead)\n  * [ Careers ](https://bullish.wd3.myworkdayjobs.com/CoinDesk)\n  * [ CoinDesk News ](/coindesk-news)\n  * [ Crypto API Documentation ](https://developers.coindesk.com/documentation/data-api/introduction)\n\nContact\n\n  * [ Contact Us ](/contact-us)\n  * [ Accessibility ](/accessibility-help)\n  * [ Advertise ](/advertise)\n  * [ ](/es/sitemap) [ ](/uk/sitemap) [ ](/ru/sitemap) [ ](/fil/sitemap) [ ](/it/sitemap) [ ](/fr/sitemap) [ ](/pt-br/sitemap) [ Sitemap ](/sitemap)\n  * [ System Status ](https://status.coindesk.com)\n\nDISCLOSURE & POLICES\n\nCoinDesk is an [ award-winning ](/business/2023/02/20/coindesk-wins-a-polk-\naward-a-top-journalism-prize-for-explosive-ftx-coverage) media outlet that\ncovers the cryptocurrency industry. Its journalists abide by a strict set of [\neditorial policies ](/ethics) . CoinDesk has adopted a set of principles aimed\nat ensuring the integrity, editorial independence and freedom from bias of its\npublications. CoinDesk is part of the Bullish group, which owns and invests in\ndigital asset businesses and digital assets. CoinDesk employees, including\njournalists, may receive Bullish group equity-based compensation. Bullish was\nincubated by technology investor Block.one.\n\n[ Ethics ](/ethics) [ Privacy ](/privacy) [ Terms of Use ](/terms) Cookie\nSettings  [ Do Not Sell My Info ](/privacy#dnsmpi)\n\n* * *\n\n\u00a9 2025 CoinDesk, Inc.\n\n[ ](https://twitter.com/coindesk) [ ](https://facebook.com/coindesk) [\n](https://linkedin.com/company/coindesk) [\n](https://www.coindesk.com/arc/outboundfeeds/rss/) [\n](https://instagram.com/coindesk) [ ](https://www.youtube.com/coindesk) [\n](https://www.tiktok.com/@coindesk/) [\n](https://discord.com/invite/tRuUMkkQd9) [ ](https://t.me/CoinDeskGlobal)\n\n[ ](https://apps.apple.com/us/app/coindesk-crypto-bitcoin-news/id6502816903) [\n](https://play.google.com/store/apps/details?id=com.coindesk.mobile)\n\n",
                "url": "https://www.coindesk.com/business/2024/06/20/energy-giant-edf-subsidiary-joins-cronos-as-a-blockchain-validator"
            },
            "reason": "This article from CoinDesk explicitly mentions Cronos as a blockchain and discusses EDF subsidiary joining as a validator. CoinDesk is a reputable source for cryptocurrency and blockchain news, and the information presented seems factual and well-reported.",
            "reliability_score": 0.8,
            "search_query": "company 'The Cronos Group' energy efficiency",
            "summary": "CoinDesk reports on EDF subsidiary joining Cronos as a blockchain validator.",
            "url": "https://www.coindesk.com/business/2024/06/20/energy-giant-edf-subsidiary-joins-cronos-as-a-blockchain-validator"
        },
        {
            "content": {
                "metadata": {
                    "ext_id": "efd87c8f-f22f-473e-a524-c2fd06f81241",
                    "origin": "public",
                    "resource_location": "web",
                    "resource_type": "webpage",
                    "source": "https://cw39.com/business/press-releases/globenewswire/9383737/cronos-group-inc-to-hold-2024-fourth-quarter-and-full-year-earnings-conference-call-on-february-27-2025"
                },
                "page_content": "Your browser appears to have Javascript disabled.  \n  \nFor instructions on how to enable Javascript please [ click here\n](https://instructions.humandemo.zone/enablejavascript.html) .  \n  \nIf you have any issues, please contact us at [ challengehelp@humansecurity.com\n](mailto:challengehelp@humansecurity.com?subject=Bot%20Challenge%20Issue%20-%20Javascript%20Disabled\n- Reference ID #a2fd2c66-15cf-11f0-baba-b9819bd82df5&body=Client IP:\n34.96.35.74%0D%0ATimestamp: Thu, 10 Apr 2025 05:49:58 GMT%0D%0A---Please\ndescribe the issue you experienced below this line---)\n\n",
                "url": "https://cw39.com/business/press-releases/globenewswire/9383737/cronos-group-inc-to-hold-2024-fourth-quarter-and-full-year-earnings-conference-call-on-february-27-2025"
            },
            "reason": "This is a press release from GlobeNewswire regarding Cronos Group Inc.'s earnings call. Press releases are generally reliable for factual information about the company's announcements, though they should be viewed as promotional material.",
            "reliability_score": 0.9,
            "search_query": "company 'The Cronos Group' energy efficiency",
            "summary": "GlobeNewswire press release announces Cronos Group Inc.'s Q4 and full-year earnings conference call.",
            "url": "https://cw39.com/business/press-releases/globenewswire/9383737/cronos-group-inc-to-hold-2024-fourth-quarter-and-full-year-earnings-conference-call-on-february-27-2025"
        },
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                    "origin": "public",
                    "resource_location": "web",
                    "resource_type": "webpage",
                    "source": "https://www.fool.com/earnings/call-transcripts/2025/02/27/cronos-group-cron-q4-2024-earnings-call-transcript/"
                },
                "page_content": "[ \u25b2 S&P 500  **+ \\---%  ** |  \u25b2 Stock Advisor  ** \\+  \\---%  ** Join The Motley Fool  ](https://www.fool.com/mms/mark/e-foolcom-sa-top-nav-returns)\n\nAccessibility  [ Log In ](/auth/authenticate/) [ Help\n](https://support.fool.com/)\n\nAccessibility Menu\n\nFree Article\n\nYou're reading a free article with opinions that may differ from The Motley\nFool's Premium Investing Services. Become a Motley Fool member today to **get\ninstant access to our top analyst recommendations, in-depth research,\ninvesting resources,** and more. [ Learn More\n](https://www.fool.com/mms/mark/op-free-tbox-art)\n\nBy [ Motley Fool Transcribing ](/author/20032/) \u2013 Feb 27, 2025 at 11:45AM\n\n##  [ NASDAQ: CRON ](/quote/nasdaq/cron/)\n\n###  Cronos Group\n\nMarket Cap\n\n$658M\n\nToday's Change\n\n(5.86%) $0.10\n\nCurrent Price\n\n$1.72\n\nPrice as of April 9, 2025, 3:57 p.m. ET\n\nCRON earnings call for the period ending December 31, 2024.\n\nImage source: The Motley Fool.\n\n**Cronos Group** ( [ CRON ](/quote/nasdaq/cron/) 5.86%  )  \nQ4 2024 Earnings Call  \nFeb 27, 2025  , _8:30 a.m. ET_\n\n##  Contents:\n\n  * Prepared Remarks \n  * Questions and Answers \n  * Call Participants \n\n##  Prepared Remarks:\n\n  \n\n**Operator**\n\nGood morning. My name is Antoine, and I will be your conference operator\ntoday. I would like to welcome everyone to Cronos Group's fourth-quarter and\nfull-year 2024 earnings conference call. Today's call is being recorded.\n\nAt this time, I would like to turn the call over to Anna Shlimak, chief\nstrategy officer. Please go ahead.\n\n**Anna Shlimak** \\-- _Chief Strategy Officer_\n\nThank you, Antoine, and thank you for joining us today to review Cronos' 2024\nfull-year and fourth-quarter financial and business performance. Today, I'm\njoined by chairman, president and CEO, Mike Gorenstein, and our CFO, James\nHolm. Cronos issued a news release announcing our financial results this\nmorning, which is filed on our EDGAR and SEDAR profiles. This information and\nthe prepared remarks will also be posted on our website under investor\nrelations.\n\nBefore I turn the call over to Mike, let me remind you that we may make\nforward-looking statements and refer to non-GAAP financial measures during\nthis call. These forward-looking statements are based on management's current\nexpectations and assumptions that are subject to risks and uncertainties that\ncould cause actual results to differ materially from those projected in the\nforward-looking statements. Factors that could cause actual results to differ\nmaterially from expectations are detailed in our earnings materials and our\nSEC filings that are available on our website, by which any forward-looking\nstatements made during this call are qualified in their entirety. Information\nabout non-GAAP financial measures, including reconciliations to US GAAP, can\nalso be found in the earnings materials that are available on our website.\n\nLastly, we will be making statements regarding market share information\nthroughout this conference call, unless otherwise stated, all market share\ndata is provided by Hifyre. We will now make prepared remarks, and then we'll\nmove to a question-and-answer session. With that, I'll pass it over to Cronos'\nchairman, president, and CEO, Mike Gorenstein.\n\n**Michael Gorenstein** \\-- _Chairman, President, and Chief Executive Officer_\n\nThank you, Anna, and good morning, everyone. Three years ago, when I returned\nas Cronos' CEO, we set ambitious goals, to deliver robust top line growth,\nimprove margins and rightsize our operating expenses. Today, I'm proud to say\nthat these goals are coming to fruition and can be seen throughout the\nbusiness. With yet another quarter of solid results and our unwavering\ncommitment to disciplined operating expenses, we're showcasing our ability to\ndrive growth while enhancing efficiency across our business.\n\nYear over year, we grew annual net revenue by 35%. We nearly doubled our\nadjusted gross margins and continue to exercise discipline in the management\nof our operating expenses. Our 2024 results are evidence that our business is\nperforming, and we continue to lead the global cannabis industry in product\ninnovation and exceptional quality. Bolstered by our robust balance sheet, we\nare in an exceptional position to seize future growth opportunities and\nfurther strengthen our leadership in the markets we serve as we look forward\nto 2025. In 2024, we invested in GrowCo to expand its cultivation and\nproduction capabilities in order to ensure a consistent supply of high-quality\ncannabis at greater scale.\n\nThis strategic move was aimed to improve operational efficiency, reduce costs\nand optimize margins by leveraging advanced growing techniques. We are eager\nfor the new supply from that investment to come online in order to feed the\ngrowing demand in the markets we operate in and new markets that have become\navailable to us. I feel confident that we have positioned ourselves to better\nmeet growing consumer demand, maintain product quality and support our\nexpanding portfolio of brands and products in a prudent and thoughtful way.\nOur expansion of GrowCo is progressing well.\n\nIn Q4, Health Canada approved amendments to the site's perimeter, and we\nexpect to finish construction of the expanded cultivation and processing\nfacilities in Q2, with first harvest and sales for the new area expected to\nbegin in the second half of 2025. Up until the first sales from the expanded\nfacility, we have the option to purchase up to 80% of GrowCo's total\nproduction. Once expansion sales begin, Cronos will have the option to\npurchase up to 70% of the total production from the facility. The GrowCo\nexpansion positions us to capitalize on Canadian domestic demand and will fuel\ninternational growth opportunities in 2025.\n\nThe past year, I've been incredibly proud of the strides we have made in R&D,\nincluding product development and innovation. Cronos has achieved significant\nadvancement in cannabis genetics with improvements not only in new strains\nthat meet consumer preferences, but also reaching new levels of cannabinoid\nyield. This is a result of years spent dedicated to our breeding and tissue\nculture. Consumers are consistently shopping for a flower value proposition\nbased on a price potency equation, and our genetics are helping us meet this\ndemand, which has cemented us as a top-performing flower brand in Canada and\ninternationally.\n\nNow turning to brand updates. I'm happy to share that Spinach has ended the\nyear as the No. 1 cannabis brand in Canada by market share, solidifying its\nleadership position. This achievement is fueled by its No.\n\n1 rankings in both edibles and flower, a No. 4 position in vapes and No. 7 in\npre-rolls. Spinach's consistent market share growth is a testament to our\nunwavering commitment to quality, innovation and delivering differentiated\nproducts that resonate with consumers in the highly competitive Canadian\nadult-use market.\n\nIn the gummy category, our industry-leading SOURZ products captured 23% market\nshare in Q4 with fiv of the top 10 best-selling edibles in Canada, all part of\nthe SOURZ lineup. Our Fully Blasted SOURZ innovations featuring 10 milligrams\nof THC per piece have been partially -- particularly well received by\nconsumers. In Q4, we launched two new Fully Blasted products, Peach Orange and\nStrawberry Mango, as well as the new CBD Berry Variety Pack, which debuted in\nBC at the end of December. Each variety pack contains 30 gummies with 30\nmilligrams of CBD in each gummy and three flavors.\n\nBlue Raspberry Watermelon, Strawberry Mango and Blueberry Acai. Additionally,\nour Lord Jones brand has made significant strides in the chocolate category,\nfinishing the year as the third best-selling chocolate brand in Canada. In\nJanuary, we also launched a new Lord Jones Chocolate Fusions flavor, Fudge\nBrownie, which features an even ratio of CBN, CBD and THC. Spinach continues\nto show its strength in the flower category, holding the No.\n\n1 spot for Q4 and full year with 6% market share. This success is driven by\npopular genetics like GMO Cookies, Wedding Cake, Space Cake and Sour Chem\navailable on a variety of sizes. The ongoing achievements of our green program\nand the operational excellence of GrowCo have further cemented our leadership\nin this category, ensuring consistent delivery of quality products to meet\nconsumer demand. While Spinach showed strong growth in flower in 2024, and we\nstill see strong demand, we do not expect that growth to continue until the\nback half of 2025 when additional supply from the GrowCo expansion becomes\navailable.\n\nIn order to prepare for the next phase of growth, we will continue to\nstrategically allocate the existing supply across Spinach in Canada and PEACE\nNATURALS internationally. In Q4, we released Blue Monster pre-rolls under a\nnew regional Quebec brand, Sonique. Our regional brand Sonique is tailored to\nmeet the unique preferences and needs of the Quebec market, offering products\nthat resonate with the province's distinct cannabis culture. The brand's\nstrategic approach ensures to capture the essence of Quebec's market trends,\ncombining local insights with exceptional product development to build trust\nand loyalty among cannabis enthusiasts in the region.\n\nOur strategy has always been to develop a portfolio of best-selling and\ndisruptive branded products that we can launch in new markets as cannabis\nregulations open globally. The Spinach brand becoming the No. 1 best-selling\nbrand in Canada is a validation of our strong capabilities, and we're just\ngetting started in expanding our winning portfolio of borderless products and\nbringing them to markets globally. Now moving to Israel.\n\nOur team there has shown remarkable performance throughout Q4 with record\nvolumes sold and the highest sales per quarter in 2024. Cronos Israel has\nbuilt significant momentum throughout the year despite a very competitive\nmarket with evolving dynamics, including increased competition, tariff\nthreats, declining patient growth, entrance of HMOs and the ongoing Middle\nEast conflict. Despite all of this, the PEACE NATURALS brand and product\nportfolio continues to grow. PEACE NATURALS portfolio was overhauled with a\nrevised pricing strategy with focused cultivars that meet the needs of our\npatient base.\n\nHere on cultivars like Wedding Cake and GMO, along with changes implemented in\nthe portfolio drove growth throughout 2024. PEACE NATURALS ended the year as\nthe No. 1 flower brand in Israel with 24% market share and the brand's oil\noffering, and it is the fourth most popular brand with 9% market share\naccording to pharmacy data collected by Cronos. I'm incredibly proud of our\nturnaround in this market and look forward to launching more quality products\nin 2025.\n\nInternationally, we've made significant progress in the markets we've entered\nand are excited about the opportunities ahead. In Germany, our PEACE NATURALS\nbrand is gaining strong traction and continues to grow. Market penetration is\na big focus for us in 2025. We're confident in the momentum we're building,\nespecially as we're offering the same high-quality products that propelled us\nto the No.\n\n1 position in flower in Canada. With this foundation, we believe we have a\nclear ability to win and are well positioned to capture even greater market\nshare in Germany and elsewhere. Similarly, in the UK, while still early, we're\nalready seeing promising growth with PEACE NATURALS and are enthusiastic about\nthe significant potential for expansion in this emerging market. These\ndevelopments underscore our commitment to becoming a global leader in the\ncannabis industry.\n\nWe've ended the year strong, and I'm proud of the accomplishments we've made\nthroughout 2024. Cronos maintains the strongest balance sheet in the industry\nwith cash and cash equivalents of $859 million, reinforcing our ability to\ninvest in growth, innovation and global expansion. Each quarter showed\nsignificant year-over-year revenue increases, highlighting our continued\nmarket expansion and sales momentum. Now, I'll turn it over to James to walk\nthrough the fourth-quarter financials.\n\n**James Holm** \\-- _Chief Financial Officer_\n\nThanks, Mike, and good morning, everyone. In 2024, we increased net revenue\n35% year over year to $117.6 million, with strong performance in Canada and\nIsrael and international markets picking up well. Operating expenses declined\nby $5 million versus the prior year. Adjusted EBITDA improved by 45% year over\nyear and operating cash flow improved by $61.7 million to positive $18.8\nmillion.\n\nI will now review our fourth-quarter 2024 results, which now include the\nconsolidation of GrowCo's financials. The company reported consolidated net\nrevenue of $30.3 million, a 27% increase from the prior year period. Net\nrevenue for Cronos, excluding GrowCo, was $28.2 million, representing an 18%\ngrowth year over year on a stand-alone basis, while GrowCo net revenue was\n$2.1 million for Q4 2024. The net revenue increase was primarily driven by\nhigher cannabis flower and extract sales in Canada and higher flower sales in\nIsrael and other countries.\n\nGross profit in the fourth quarter was $10.8 million, equating to a 36% gross\nmargin. Gross profit was positively impacted by an adjustment of $1.8 million\nin connection with the finalization of the purchase accounting for the Cronos\nGrowCo transaction, which resulted in a reduction of the fair value of\ninventory acquired and the corresponding inventory step-up previously recorded\nin the cost of sales in Q3, resulting in an adjusted gross profit of $9\nmillion, equating to a 30% adjusted gross margin. We will continue providing\nthis adjustment until the inventory that was stepped up to fair market value\nthrough the purchase accounting adjustment has been sold through as we believe\nit is useful in reviewing and evaluating our ongoing performance. For full-\nyear 2024, year-over-year adjusted gross profit improved by $18.6 million and\nadjusted gross margin improved by 12 percentage points to 26%, nearly doubling\nour gross margin from the prior year.\n\nThe increase is primarily driven by higher sales of cannabis flower and\nextract sales in Canada, higher cannabis flower sales in Israel and production\ncost improvements. Adjusted EBITDA in the fourth quarter was negative $7.2\nmillion, representing a $7.6 million improvement from the prior year period.\nThe improvement was driven by increased revenue and higher adjusted gross\nprofit. The disciplined approach to our operating expenses employed to date\nenabled us to achieve savings of $8.7 million for 2024 versus the prior year\nfor Cronos on a stand-alone basis.\n\nWith this, we achieved the high end of the range for our previously announced\nguidance of a reduction of $5 million to $10 million for stand-alone Cronos.\nThe operating expense savings were driven by cost reductions in general and\nadministrative, research and development and sales and marketing. Going into\n2025, even with the addition of GrowCo's opex, we expect our opex to remain\nflat. In addition, our reported capex includes previously announced facility\nexpansion at GrowCo, something to be mindful of looking into 2025.\n\nTurning to the balance sheet and cash flow statement. The company ended the\nquarter with $859 million in cash and cash equivalents. Cash and cash\nequivalents were down $3 million from Q3 2024, driven primarily by capex spend\nin Q4 '24 of $3.7 million and FX fluctuations, partially offset by cash from\noperations of $7.7 million in 2024. On a full-year basis, capital expenditure\nincreased $9.7 million year over year, reflecting investments at our GrowCo\nfacility and improved automation capabilities in our PEACE NATURALS campus at\nStayner.\n\nDuring 2024, we generated $18.8 million of cash from operating activities\ncompared to 2023, where cash used was $42.8 million, representing an increase\nin cash flow from operating activities of $61.7 million. This change was\nprimarily driven by a $32.8 million tax payment made in 2023 connected to the\npreviously disclosed relinquishment by Altria of its warrant to purchase\nadditional shares of the company in 2022, a $38.8 million increase in net\nincome after adjusting for noncash items during 2024 compared to 2023 and\nhigher interest received. As a result, free cash flow for Q4 2024 was positive\n$4 million compared to a positive $15 million in the prior year period. Free\ncash flow for the full-year 2024 was positive $5.7 million compared to a\nnegative $46.3 million for the full-year 2023, representing a $51.9 million\nimprovement.\n\nOur cash balance is stable, and you can see the underlying fundamentals of our\noperations are showing significant improvement. Looking back on the progress\nwe've made, I share in Mike's confidence, in the trajectory of the business\nand our preparedness for entry into new markets as they become available. With\nthat, I would like to hand it back to Mike for a brief comment before going\ninto Q&A.\n\n**Michael Gorenstein** \\-- _Chairman, President, and Chief Executive Officer_\n\nThroughout this past year, we have demonstrated strong performance across all\nquarters, driven by robust revenue growth, improved margins and disciplined\ncost management. We solidified our market leadership in Canada and Israel,\nachieved significant milestones in international markets and continue to\ninnovate with new product launches. With a strong balance sheet and a clear\nstrategic focus, Cronos is well positioned to capitalize on future growth\nopportunities and enhance our position in the global cannabis industry. As we\nlook ahead, we remain focused on innovation, operational excellence and\nstrategic expansion.\n\nOur core business is performing exceptionally well, and we are well positioned\nto capitalize on the growing global cannabis market as we look forward to\n2025. With that, I'll open the line for questions.\n\n##  Questions & Answers:\n\n  \n\n**Operator**\n\n[Operator instructions] I am showing no questions at this time. [Operator\nsignoff]\n\n**Duration: 0 minutes**\n\n##  Call participants:\n\n**Anna Shlimak** \\-- _Chief Strategy Officer_\n\n**Michael Gorenstein** \\-- _Chairman, President, and Chief Executive Officer_\n\n**James Holm** \\-- _Chief Financial Officer_\n\n**Mike Gorenstein** \\-- _Chairman, President, and Chief Executive Officer_\n\n[ More CRON analysis ](https://www.fool.com/quote/cron)\n\n[ All earnings call transcripts ](https://www.fool.com/earnings-call-\ntranscripts/)\n\n_This article is a transcript of this conference call produced for The Motley\nFool. While we strive for our Foolish Best, there may be errors, omissions, or\ninaccuracies in this transcript. As with all our articles, The Motley Fool\ndoes not assume any responsibility for your use of this content, and we\nstrongly encourage you to do your own research, including listening to the\ncall yourself and reading the company's SEC filings. 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                "url": "https://www.fool.com/earnings/call-transcripts/2025/02/27/cronos-group-cron-q4-2024-earnings-call-transcript/"
            },
            "reason": "This is an earnings call transcript of Cronos Group from The Motley Fool. The Motley Fool is generally a reliable source for financial news and analysis, and the transcript provides direct insight into the company's performance and future outlook.",
            "reliability_score": 0.8,
            "search_query": "company 'The Cronos Group' energy efficiency",
            "summary": "The Motley Fool provides a transcript of Cronos Group's Q4 2024 earnings call.",
            "url": "https://www.fool.com/earnings/call-transcripts/2025/02/27/cronos-group-cron-q4-2024-earnings-call-transcript/"
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                    "source": "https://www.globenewswire.com/news-release/2025/02/27/3033748/0/en/Cronos-Group-Reports-2024-Fourth-Quarter-and-Full-Year-Results.html"
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                "page_content": "Accessibility: Skip TopNav\n\n#  Cronos Group Reports 2024 Fourth Quarter and Full-Year Results\n\nFebruary 27, 2025 07:30 ET  | Source:  [ Cronos Group Inc. ](/en/search/organization/Cronos%2520Group%2520Inc\u00a7) Cronos Group Inc. \n\n* * *\n\n_Net revenue in Q4 2024 increased by 27% year-over-year to $30.3 million; Net\nrevenue in FY 2024 increased by 35% year-over-year to $117.6 million_\n\n_Spinach_ _\u00ae_ _Ends 2024 as the Number One Cannabis Brand in Canada_ _1_\n\n_PEACE NATURALS_ _\u00ae_ _Ends 2024 as the Number One Cannabis Brand in Israel_\n_2_\n\n_Industry leading balance sheet with_ _$859_ _million in cash_ _and cash\nequivalents_\n\nTORONTO, Feb. 27, 2025 (GLOBE NEWSWIRE) -- Cronos Group Inc. (NASDAQ: CRON)\n(TSX: CRON) (\u201cCronos\u201d or the \u201cCompany\u201d), today announced its 2024 fourth\nquarter and full-year business results.\n\n\"We set ambitious goals to deliver robust growth, improve margins, and achieve\noperational excellence. Today, I am proud to say that Cronos has not only met\nbut exceeded these objectives, as evidenced by our strong 2024 results. Our\nunwavering commitment to innovation, quality, and disciplined cost management\nhas solidified our leadership in the global cannabis industry,\" said Mike\nGorenstein, Chairman, President and CEO of Cronos.\n\n\"From Spinach  _\u00ae_ becoming the number one cannabis brand in Canada and PEACE\nNATURALS  _\u00ae_ achieving a number one position in Israel, to our groundbreaking\nadvancements in cannabis genetics, to international expansion, Cronos is well-\npositioned to capitalize on future opportunities and drive long-term value for\nour shareholders. As we look ahead to 2025, we remain focused on sustaining\nthis momentum, strengthening our market leadership, and delivering innovative\nproducts that resonate with consumers worldwide,\" continued Mr. Gorenstein.\n\"Our strategic investments, such as Cronos GrowCo, have enhanced our\ncultivation capabilities, ensuring a consistent supply of high-quality\ncannabis at scale with an improved gross margin profile, while our R&D\nbreakthroughs have set new industry standards. Internationally, we\u2019ve made\nsignificant strides, with PEACE NATURALS  _\u00ae_ leading in Israel and gaining\ntraction in Germany and the UK. Combined with a robust balance sheet and a\nportfolio of best-selling, borderless brands, Cronos is not just leading\ntoday, we\u2019re building the foundation for long-term excellence in the global\ncannabis industry. Looking to 2025, we're excited about the opportunities\nahead as we continue to innovate, expand, and deliver for our consumers and\nshareholders.\"  \n\n**_Consolidated Financial Results_ **\n\nOn June 20, 2024 the Company made an additional investment in Cronos Growing\nCompany (\"Cronos GrowCo\") to fund the expansion of cultivation operations.\nCronos also obtained majority control of the board of directors of Cronos\nGrowCo and began consolidating Cronos GrowCo's results from July 1, 2024.\nPrior to this date, the Company's investment in Cronos GrowCo consisted of an\ninvestment accounted for under the equity method and loans receivable from\nCronos GrowCo.\n\nIn the second quarter of 2023, the Company exited its United States (\"U.S.\")\nhemp-derived CBD operations. The exit of the U.S. operations represented a\nstrategic shift, and as such, qualifies for reporting as discontinued\noperations in our condensed consolidated statements of net income (loss) and\ncomprehensive income (loss). Prior period amounts have been reclassified to\nreflect the discontinued operations classification of the U.S. operations.\n\nThe tables below set forth our condensed consolidated results of continuing\noperations, expressed in thousands of U.S. dollars for the periods presented.\nOur condensed consolidated financial results for these periods are not\nnecessarily indicative of the consolidated financial results that we will\nachieve in future periods.\n\n_(in thousands of USD)_ |  |  **Three Months Ended December 31,** |  |  **Change** |  |  **Year ended December 31,** |  |  **Change**  \n---|---|---|---|---|---|---|---|---  \n|  |  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%**  \nCronos net revenue, excluding Cronos GrowCo net revenue  (i)  |  |  $  |  28,195  |  |  |  $  |  23,915  |  |  |  $  |  4,280  |  |  |  18  |  %  |  |  $  |  111,241  |  |  |  $  |  87,241  |  |  |  $  |  24,000  |  |  |  28  |  %   \nCronos GrowCo net revenue  (ii)  |  |  |  2,106  |  |  |  |  \u2014  |  |  |  |  2,106  |  |  |  N/A  |  |  |  |  6,374  |  |  |  |  \u2014  |  |  |  |  6,374  |  |  |  N/A  |   \nNet Revenue  |  |  $  |  30,301  |  |  |  $  |  23,915  |  |  |  $  |  6,386  |  |  |  27  |  %  |  |  $  |  117,615  |  |  |  $  |  87,241  |  |  |  $  |  30,374  |  |  |  35  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nCost of sales  |  |  |  19,494  |  |  |  |  21,913  |  |  |  |  (2,419  |  )  |  |  (11  |  )%  |  |  |  91,710  |  |  |  |  74,527  |  |  |  |  17,183  |  |  |  23  |  %   \nInventory write-down  |  |  |  \u2014  |  |  |  |  89  |  |  |  |  (89  |  )  |  |  N/A  |  |  |  |  707  |  |  |  |  805  |  |  |  |  (98  |  )  |  |  (12  |  )%   \nGross profit  |  |  $  |  10,807  |  |  |  $  |  1,913  |  |  |  $  |  8,894  |  |  |  465  |  %  |  |  $  |  25,198  |  |  |  $  |  11,909  |  |  |  $  |  13,289  |  |  |  112  |  %   \nGross margin  (  ii  i)  |  |  |  36  |  %  |  |  |  8  |  %  |  |  |  N/A  |  |  |  28  |  pp  |  |  |  21  |  %  |  |  |  14  |  %  |  |  |  N/A  |  |  |  7  |  pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nInventory step-up recorded to cost of sales  |  |  |  (1,832  |  )  |  |  |  \u2014  |  |  |  |  (1,832  |  )  |  |  N/A  |  |  |  |  5,284  |  |  |  |  \u2014  |  |  |  |  5,284  |  |  |  N/A  |   \nAdjusted Gross Profit  (iv)  |  |  $  |  8,975  |  |  |  $  |  1,913  |  |  |  $  |  7,062  |  |  |  369  |  %  |  |  $  |  30,482  |  |  |  $  |  11,909  |  |  |  $  |  18,573  |  |  |  156  |  %   \nAdjusted Gross Margin  (v)  |  |  |  30  |  %  |  |  |  8  |  %  |  |  |  N/A  |  |  |  22  |  pp  |  |  |  26  |  %  |  |  |  14  |  %  |  |  |  N/A  |  |  |  12  |  pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nNet income (loss)  |  |  $  |  43,941  |  |  |  $  |  (45,151  |  )  |  |  $  |  89,092  |  |  |  197  |  %  |  |  $  |  40,022  |  |  |  $  |  (70,439  |  )  |  |  $  |  110,461  |  |  |  N/M  |   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nAdjusted EBITDA  (  iv  )  |  |  $  |  (7,203  |  )  |  |  $  |  (14,790  |  )  |  |  $  |  7,587  |  |  |  51  |  %  |  |  $  |  (34,942  |  )  |  |  $  |  (61,564  |  )  |  |  $  |  26,622  |  |  |  43  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \n**Other Data** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nCash and cash equivalents  (  vi  )  |  |  $  |  858,805  |  |  |  $  |  669,291  |  |  |  $  |  189,514  |  |  |  28  |  %  |  |  |  |  |  |  |  |   \nShort-term investments  (  vi  )  |  |  |  \u2014  |  |  |  |  192,237  |  |  |  |  (192,237  |  )  |  |  (100  |  )%  |  |  |  |  |  |  |  |   \nCapital expenditures  (v  ii  )  |  |  |  3,708  |  |  |  |  1,792  |  |  |  |  1,916  |  |  |  107  |  %  |  |  |  13,154  |  |  |  |  3,423  |  |  |  |  9,731  |  |  |  284  |  %   \n  \n_(i)_ _Cronos net revenue, excluding Cronos GrowCo net revenue is net revenue\nless Cronos GrowCo net revenue and is after intercompany eliminations._  \n_(ii)_ _Cronos GrowCo net revenue is Cronos GrowCo's net revenue after\nintercompany eliminations._  \n_(iii)_ _Gross margin is defined as gross profit divided by net revenue._  \n_(iv)_ _See \"Non-GAAP Measures\" for more information, including a\nreconciliation of adjusted earnings (loss) before interest, taxes,\ndepreciation and amortization (\"Adjusted EBITDA\") to net income (loss) and a\nreconciliation of Adjusted Gross Profit to gross profit._  \n_(v)_ _Adjusted Gross Margin is defined as Adjusted Gross Profit divided by\nnet revenue. See \u201cNon-GAAP Measures\u201d for more information._  \n_(vi)_ _Dollar amounts are as of the last day of the period indicated._  \n_(vii)_ _Capital expenditures represent component information of investing\nactivities and is defined as the sum of purchase of property, plant and\nequipment, and purchase of intangible assets._\n\n**Fourth Quarter** **2024**\n\n  * Net revenue of $30.3 million in Q4 2024 increased by $6.4 million from Q4 2023. The increase year-over-year was primarily driven by higher cannabis flower and extract sales in the Canadian market and higher cannabis flower sales in Israel and other countries. Cronos GrowCo contributed $2.1 million of cannabis flower sales in Q4 2024. No such sales were recognized in Q4 2023. \n  * Gross profit of $10.8 million in Q4 2024 increased by $8.9 million from Q4 2023. The increase year-over-year was primarily due to higher cannabis flower and extract sales in the Canadian market, higher cannabis flower sales in Israel and other countries, and production cost improvements. Gross profit was positively impacted by $1.8 million in the quarter in connection with the finalization of the purchase accounting for the Cronos GrowCo Transaction, which resulted in a reduction of the fair value of inventory acquired from Cronos GrowCo and the corresponding inventory step-up previously recorded into cost of sales in Q3 2024. No such impact was recognized for 2023. \n  * Adjusted gross profit of $9.0 million in Q4 2024 improved by $7.1 million from Q4 2023. The improvement year-over-year was primarily driven by higher cannabis flower and extract sales in the Canadian market, higher cannabis flower sales in Israel, and production cost improvements. \n  * Adjusted EBITDA of $(7.2) million in Q4 2024 improved by $7.6 million from Q4 2023. The improvement year-over-year was primarily driven by higher adjusted gross profit. \n\n**Full-Year** **2024**\n\n  * Net revenue of $117.6 million in full-year 2024 increased by $30.4 million from full-year 2023. The increase year-over-year was primarily due to higher cannabis flower and extract sales in the Canadian market and higher cannabis flower sales in Israel and other countries. Cronos GrowCo contributed $6.4 million of cannabis flower sales in the year ended December 31, 2024. No such sales were recognized for the year ended December 31, 2023. \n  * Gross profit of $25.2 million in full-year 2024 increased by $13.3 million from full-year 2023. The increase year-over-year was primarily due to higher cannabis flower and extract sales in the Canadian market, higher cannabis flower sales in Israel and other countries, and production cost improvements. This increase was partially offset by the impact on cost of sales from the inventory step-up from the Cronos GrowCo Transaction. For 2024, gross profit was reduced $5.3 million as a result of the impact of the inventory step-up from the Cronos GrowCo Transaction that was recorded into cost of sales since July 1, 2024. No such costs were recognized for 2023. \n  * Adjusted gross profit of $30.5 million in full-year 2024 increased by $18.6 million from full-year 2023. The increase year-over-year was primarily due to higher cannabis flower and extract sales in the Canadian market, higher cannabis flower sales in Israel and other countries, and production cost improvements. \n  * Adjusted EBITDA of $(34.9) million in full-year 2024 improved by $26.6 million from full-year 2023. The improvement year-over-year was primarily driven by higher adjusted gross profit and lower sales and marketing, research and development, and general administrative expenses. \n\n**_Business Updates_ **\n\n**Brand and Product Portfolio**\n\n__Spinach_ _ \u00ae  3  \nIn 2024, the SOURZ by Spinach  \u00ae  brand expanded its edible lineup with\nseveral innovative launches. Our industry-leading SOURZ by Spinach  \u00ae\nproducts are the best-selling gummies in the Canadian market and have captured\nan impressive 23% market share in Q4 2024, with five of the top ten best-\nselling edibles in Canada coming from the SOURZ lineup. A key addition to our\ngummy portfolio has been the 1-piece, 10mg THC Fully Blasted SOURZ by Spinach\n\u00ae  product, which launched in 2024. In Q4 2024 we launched two new Fully\nBlasted flavors, Peach Orange and Strawberry Mango. We also launched a new CBD\nmulti-pack, SOURZ by Spinach  \u00ae  CBD Berry Variety Pack.\n\nIn 2024 our proprietary genetics breeding program continued to provide our\nportfolio with winning cultivars that allow us to launch differentiated\nproducts across markets and maintain a number one position in the flower\ncategory. In 2024, we introduced Spinach Grindz\u2122, a milled flower offering\nutilizing our Citrus Crush and Cookie Dough strains, designed for convenient\nuse in joints or vaporizers. In Q4 2024, the Spinach  \u00ae  brand maintained its\nposition as the number one flower brand in Canada, with 5.7% market share.\n\nIn 2024, we introduced two new Spinach  \u00ae  all-in-one vapes, Pineapple\nParadise and Blueberry Dynamite that are performing well and helping to drive\nmarket share gains. The brand's 0.5g all-in-one Spinach HITZ\u2122 vapes introduced\nnew Pink Lemonade and Rocket Icicle flavors, alongside line extensions in\nSpinach  \u00ae  1.2g vapes. Spinach  \u00ae  vapes were the number four vape brand in\nQ4 2024, holding 5.9% market share. Vape production was brought in-house in\nthe second half of 2024 in an effort to streamline manufacturing and enhance\nproduction efficiency in this category.\n\nIn 2024, we launched Spinach  \u00ae  Fully Charged pre-rolls and infused pre-rolls\nas well as the Spinach  \u00ae  Fully Charged Party Pack and the Spinach  \u00ae  Fully\nCharged Tropical Pack. These launches were the culmination of our product\ndevelopment efforts and portfolio refresh. The infused pre-roll category is\ncontinuing to grow, and we expect this category to be key to future growth for\nboth Cronos and the industry, which is why we are committed to the evolution\nand innovation of our pre-roll portfolio. In Q4 2024, Spinach  \u00ae  was ranked\nseventh in the pre-roll category with 2.5% market share.\n\n__Lord Jones_ _ __\u00ae_ _ __3_ _  \nIn Q4 2024, Lord Jones  \u00ae  Chocolates Fusions\u2122 had 9.6% market share and ended\nthe year as the third best-selling chocolate brand in Canada. In January 2025,\nthe brand launched a Lord Jones  \u00ae  Chocolate Fusions\u2122 fudge brownie flavor,\nwhich features a 1:1:1 ratio of CBN, CBD and THC. Lord Jones  \u00ae  Chocolate\nFusions\u2122 edibles highlight the brand\u2019s commitment to innovation and\ncraftsmanship, offering four flavors: cookies and cream, dazzle-berry pop,\nsalted caramel crunch and fudge brownie.\n\nIn 2024, we also launched Lord Jones  \u00ae  live resin vapes featuring\nmeticulously curated cultivars, delivering a rich, full-spectrum experience\nthat combines pure live resin with sleek, high-quality hardware. In the second\nhalf of 2023, we launched Ice Water Hash Fusions pre-rolls, which feature\nflower and terpene-rich ice water hash and are fitted with a branded ceramic\ntip. The Ice Water Hash Fusions pre-rolls continued performing throughout\n2024, rising to the number one position in the hash pre-roll category.\nTogether, these launches underscore the brand\u2019s dedication to excellence and\nits focus on creating exceptional, high-quality cannabis-infused products.\n\n__PEACE NATURALS_ _ __\u00ae_ _ __2_ _  \nIn 2024, Cronos Israel revamped and repositioned its flower portfolio,\noptimizing pricing, potency and bringing new, exciting strains to market to\nmeet patient needs. The PEACE NATURALS  \u00ae  brand launched new strains\nincluding GG4, Key Limez Punch, Pink Sherb, Tangie Kush, Citra Diesel, Tahoe\nOG Kush and GMO Lite, providing consumers with additional variety and choice.\nIn Q4 2024, PEACE NATURALS  \u00ae  was the number one flower brand in Israel with\n24% market share and PEACE NATURALS  \u00ae  cannabis oils are the fourth most\npopular brand in Israel with 9% market share.\n\nIn 2024, Cronos expanded into the United Kingdom (the \"UK\") by shipping its\nfirst batch of PEACE NATURALS  \u00ae  medical cannabis flower to this emerging\nmarket, through a partnership with a third-party distributor of prescribed\ncannabis products.\n\nThroughout 2024, the Company continued its sales to the German market through\nthe PEACE NATURALS  \u00ae  brand. Cronos sells the PEACE NATURALS  \u00ae  brand\nthrough its distribution partner, Cansativa GmbH (\"Cansativa\"), one of the\nleading distributors of medical cannabis in Germany and supplies flower for\nits private-label brand. Cronos has seen strong demand for its proprietary\ngenetics, such as GMO and Wedding Cake, in both Germany and the UK under the\nPEACE NATURALS  \u00ae  brand.\n\n**Global Supply Chain and Operations**\n\nThe expansion efforts at Cronos GrowCo's facility are well underway. In Q4\n2024, Health Canada approved amendments to the site's perimeter. Cronos GrowCo\nexpects to finish construction of the expanded cultivation and processing\nfacilities in Q2 2025, with first harvests and sales from the area commencing\nin the second half of 2025. Prior to the commencement of sales from the\nexpanded facility, Cronos has the option to purchase up to 80% of Cronos\nGrowCo's total production. Once sales from the expanded area begin, Cronos\nwill have the option to purchase up to 70% of the total production from the\nexpanded facility. The expansion of Cronos GrowCo positions the Company to\ncapitalize on domestic demand and meet international growth opportunities in\nthe global cannabis market.\n\nOn November 26, 2023, the Company announced that Peace Naturals Project Inc.\nhad entered into an agreement to sell and lease back its facility in Stayner,\nOntario (the \"Peace Naturals Campus\"). However, the agreement was terminated\nin the Q2 of 2024 pursuant to its terms, and the Company has decided to\ncontinue and expand its operations at the site.\n\nAs part of the expanding operations at the Peace Naturals Campus, in the\nsecond-half of 2024, the Company invested in machinery, automation and process\nimprovement to drive cost efficiency within the facility. This also included\ninvestment in warehousing and vault expansion as well as R&D equipment and\nlaboratory enhancements.\n\n**_Guidance_ **\n\nThe Company achieved $8.7 million in operating expense savings in 2024 on a\nstandalone basis, meeting its previously announced operating expense savings\ntarget of $5 to $10 million. The savings were primarily driven by lower\nexpenses in general and administrative, research and development and sales and\nmarketing. The operating expense savings exclude the impact of the\nconsolidation of Cronos GrowCo's results into the Company's financial\nstatements.\n\n**_Conference Call_ **\n\nThe Company will host a conference call and live audio webcast on Thursday,\nFebruary 27, 2025, at 8:30 a.m. ET to discuss 2024 Fourth Quarter and Full-\nYear business results. An audio replay of the call will be archived on the\nCompany\u2019s website for replay. Instructions for the live audio webcast are\nprovided on the Company's website at: _https://ir.thecronosgroup.com/events-\npresentations._  \n\n**About Cronos**\n\nCronos is an innovative global cannabinoid company committed to building\ndisruptive intellectual property by advancing cannabis research, technology\nand product development. With a passion to responsibly elevate the consumer\nexperience, Cronos is building an iconic brand portfolio. Cronos\u2019 diverse\ninternational brand portfolio includes Spinach  \u00ae  , PEACE NATURALS  \u00ae  and\nLord Jones  \u00ae  . For more information about Cronos and its brands, please\nvisit: thecronosgroup.com.\n\n**Forward-Looking Statements**\n\nThis press release contains information that constitutes forward-looking\ninformation and forward-looking statements within the meaning of applicable\nsecurities laws and court decisions (collectively, \u201cForward-Looking\nStatements\u201d), which are based upon our current internal expectations,\nestimates, projections, assumptions and beliefs. All information that is not\nclearly historical in nature may constitute Forward-Looking Statements. In\nsome cases, Forward-Looking Statements can be identified by the use of\nforward-looking terminology such as \u201cexpect\u201d, \u201clikely\u201d, \u201cmay\u201d, \u201cwill\u201d,\n\u201cshould\u201d, \u201cintend\u201d, \u201canticipate\u201d, \u201cpotential\u201d, \u201cproposed\u201d, \u201cestimate\u201d and\nother similar words, expressions and phrases, including negative and\ngrammatical variations thereof, or statements that certain events or\nconditions \u201cmay\u201d or \u201cwill\u201d happen, or by discussion of strategy. Forward-\nLooking Statements include estimates, plans, expectations, opinions,\nforecasts, projections, targets, guidance or other statements that are not\nstatements of historical fact.\n\nForward-Looking Statements include, but are not limited to, statements with\nrespect to:\n\n  * the ongoing impact of the public investigation into Canadian licensed producers of alleged dumping of medical cannabis imports from Canada into Israel by the Trade Levies Commissioner of the Israel Ministry of Economy and Industry (the \u201cAnti-Dumping Investigation\u201d) and the proposed anti-dumping duty to which the Company\u2019s imports would be subject; \n  * expectations related to the conflict involving Israel, Hamas, Hezbollah, Houthis, Iran, Iran\u2019s proxies and other stakeholders in the region (the \u201cMiddle East Conflict\u201d) and its impact on our operations in Israel, the supply of product in the market and the demand for product by medical patients in Israel, as well as any regional or global escalations and their impact to global commerce and stability; \n  * expectations related to the German, Australian and UK markets, including our strategic partnerships with Cansativa, Vitura Health Limited (\u201cVitura\u201d), and other distributors, respectively, and our ability to successfully distribute the PEACE NATURALS  \u00ae  brand in Germany and the UK; \n  * expectations related to our announcement of cost-cutting measures, including our decision to wind-down operations at our Winnipeg, Manitoba facility and list the facility for sale, the expected costs and benefits from the wind-down of production activities at the facility, challenges and effects related thereto as well as changes in strategy, metrics, investments, costs, operating expenses, employee turnover and other changes with respect thereto; \n  * expectations related to the impact of our decision to exit our U.S. hemp-derived cannabinoid product operations; \n  * the ongoing impact of our announced realignment (the \u201cRealignment\u201d) and any progress, challenges and effects related thereto as well as changes in strategy, metrics, investments, reporting structure, costs, operating expenses, employee turnover and other changes with respect thereto; \n  * our expectations as to the use of the Peace Naturals Campus; \n  * our ability to acquire raw materials from suppliers, including Cronos GrowCo, and the costs and timing associated therewith; \n  * expectations regarding the potential success of, and the costs and benefits associated with, our joint ventures, strategic alliances and equity investments; \n  * expectations related to the transaction by which we obtained majority control of the board of directors of Cronos GrowCo, which qualified as a business combination under Accounting Standards Codification 805, and the expansion of Cronos GrowCo\u2019s purpose-built cultivation and processing facilities; \n  * our ability or plans to identify, develop, commercialize or expand our technology and R&D initiatives in cannabinoids, or the success thereof; \n  * expectations regarding revenues, expenses, gross margins and capital expenditures; \n  * expectations regarding our future production and manufacturing strategy and operations, the costs and timing associated therewith and the receipt of applicable production and sale licenses; \n  * the ongoing impact of the legalization of additional cannabis product types and forms for adult-use in Canada, including federal, provincial, territorial and municipal regulations pertaining thereto, the related timing and impact thereof and our intentions to participate in such markets; \n  * the legalization of the use of cannabis for medical or adult-use in jurisdictions outside of Canada, including the United States and Germany, the related timing and impact thereof and our intentions to participate in such markets, if and when such use is legalized; \n  * the grant, renewal, withdrawal, suspension, delay and impact of any license or supplemental license to conduct activities with cannabis or any amendments thereof; \n  * our ability to successfully create and launch brands and cannabis products; \n  * expectations related to the differentiation of our products, including through the utilization of rare cannabinoids; \n  * the benefits, viability, safety, efficacy, dosing and social acceptance of cannabis, including CBD and other cannabinoids; \n  * laws and regulations and any amendments thereto applicable to our business and the impact thereof, including uncertainty regarding the application of U.S. state and federal law to cannabis and U.S. hemp (including CBD and other U.S. hemp-derived cannabinoids) products and the scope of any regulations by the U.S. Food and Drug Administration, the U.S. Drug Enforcement Administration, the U.S. Federal Trade Commission, the U.S. Patent and Trademark Office and any state equivalent regulatory agencies over cannabis and U.S. hemp (including CBD and other U.S. hemp-derived cannabinoids) products, including the possibility marijuana is moved from Schedule I to Schedule III under the U.S. Controlled Substances Act; \n  * the anticipated benefits and impact of Altria Group Inc.\u2019s investment in the Company (the \u201cAltria Investment\u201d), pursuant to a subscription agreement dated December 7, 2018; \n  * uncertainties as to our ability to exercise our option (the \u201cPharmaCann Option\u201d) in PharmaCann Inc. (\u201cPharmaCann\u201d), in the near term or the future, in full or in part, including the uncertainties as to the status and future development of federal legalization of cannabis in the U.S. and our ability to realize the anticipated benefits of the transaction with PharmaCann; \n  * expectations regarding the implementation and effectiveness of key personnel changes; \n  * expectations regarding business combinations and dispositions and the anticipated benefits therefrom; \n  * expectations of the amount or frequency of impairment losses, including as a result of the write-down of intangible assets, including goodwill; \n  * the impact of the ongoing military conflict between Russia and Ukraine (and resulting sanctions) on our business, financial condition and results of operations or cash flows; \n  * our compliance with the terms of the settlement (the \u201cSettlement Order\u201d) with the SEC and the settlement agreement with the Ontario Securities Commission (the \u201cSettlement Agreement\u201d); and \n  * the impact of the loss of our ability to rely on private offering exemptions under Regulation D of the Securities Act of 1933, as amended, and the loss of our status as a well-known seasoned issuer, each as a result of the Settlement Order. \n\nCertain of the Forward-Looking Statements contained herein concerning the\nindustries in which we conduct our business are based on estimates prepared by\nus using data from publicly available governmental sources, market research,\nindustry analysis and on assumptions based on data and knowledge of these\nindustries, which we believe to be reasonable. However, although generally\nindicative of relative market positions, market shares and performance\ncharacteristics, such data is inherently imprecise. The industries in which we\nconduct our business involve risks and uncertainties that are subject to\nchange based on various factors, which are described further below.\n\nThe Forward-Looking Statements contained herein are based upon certain\nmaterial assumptions that were applied in drawing a conclusion or making a\nforecast or projection, including: (i) our ability to effectively navigate\ndevelopments related to the Anti-Dumping Investigation and the proposed anti-\ndumping duty to which the Company\u2019s imports would be subject and its impact on\nour operations in Israel; (ii) our ability to effectively navigate\ndevelopments related to the Middle East Conflict and its impact on our\nemployees and operations in Israel, the supply of product in the market and\ndemand for product by medical patients in Israel; (iii) our ability to\nefficiently and effectively distribute our PEACE NATURALS  \u00ae  brand in Germany\nwith our strategic partner Cansativa and in the UK with our strategic\ndistribution partner and our ability to efficiently and effectively distribute\nproducts in Australia with our strategic partner Vitura; (iv) our ability to\nrealize the expected cost-savings and other benefits related to the wind-down\nof our operations at our Winnipeg, Manitoba facility; (v) expectations related\nto the impact of our decision to exit our U.S. hemp-derived cannabinoid\nproduct operations; (vi) our ability to realize the expected cost-savings,\nefficiencies and other benefits of our Realignment and other announced cost-\ncutting measures and employee turnover related thereto; (vii) our ability to\nefficiently and effectively manage our operations at our Peace Naturals\nCampus; (viii) our ability efficiently and effectively acquire raw materials\non a timely and cost-effective basis from third parties or Cronos GrowCo; (ix)\nthe timely completion of the expansion of Cronos GrowCo\u2019s purpose-built\ncannabis facility and the ability of Cronos GrowCo to repay the credit\nfacility provided by Cronos; (x) our ability to realize anticipated benefits,\nsynergies or generate revenue, profits or value from our business combinations\nand strategic investments; (xi) the production and manufacturing capabilities\nand output from our facilities and our joint ventures, strategic alliances and\nequity investments; (xii) government regulation of our activities and products\nincluding, but not limited to, the areas of cannabis taxation and\nenvironmental protection; (xiii) the timely receipt of any required regulatory\nauthorizations, approvals, consents, permits and/or licenses; (xiv) consumer\ninterest in our products; (xv) our ability to differentiate our products,\nincluding through the utilization of rare cannabinoids; (xvi) competition;\n(xvii) anticipated and unanticipated costs; (xviii) our ability to generate\ncash flow from operations; (xix) our ability to conduct operations in a safe,\nefficient and effective manner; (xx) our ability to hire and retain qualified\nstaff, and acquire equipment and services in a timely and cost-efficient\nmanner; (xxi) our ability to exercise the PharmaCann Option and realize the\nanticipated benefits of the transaction with PharmaCann; (xxii) our ability to\ncomplete planned dispositions, and, if completed, obtain our anticipated sales\nprice; (xxiii) general economic, financial market, regulatory and political\nconditions in which we operate; (xxiv) management\u2019s perceptions of historical\ntrends, current conditions and expected future developments; and (xxv) other\nconsiderations that management believes to be appropriate in the\ncircumstances. While our management considers these assumptions to be\nreasonable based on information currently available to management, there is no\nassurance that such expectations will prove to be correct.\n\nBy their nature, Forward-Looking Statements are subject to inherent risks and\nuncertainties that may be general or specific and which give rise to the\npossibility that expectations, forecasts, predictions, projections or\nconclusions will not prove to be accurate, that assumptions may not be correct\nand that objectives, strategic goals and priorities will not be achieved. A\nvariety of factors, including known and unknown risks, many of which are\nbeyond our control, could cause actual results to differ materially from the\nForward-Looking Statements in this press release and other reports we file\nwith, or furnish to, the SEC and other regulatory agencies and made by our\ndirectors, officers, other employees and other persons authorized to speak on\nour behalf. Such factors include, without limitation, negative impacts on our\nbusiness and operations in Israel due to the Anti-Dumping Investigation,\nincluding that we may not be able to produce, import or sell our products in\nIsrael as a result thereof; negative impacts on our employees, business and\noperations in Israel due to the Middle East Conflict, including that we may\nnot be able to produce, import or sell our products or protect our people or\nfacilities in Israel during the Middle East Conflict; the supply of product in\nthe market and the demand for product by medical patients in Israel; that we\nmay not be able to successfully continue to distribute our products in\nGermany, Australia and the UK or generate material revenue from sales in those\nmarkets; that we may not be able to achieve the anticipated benefits of the\nwind-down of our operations at our Winnipeg, Manitoba facility; that we may be\nunable to further streamline our operations and reduce expenses; that we may\nnot be able to effectively and efficiently re-enter the U.S. market in the\nfuture; that we may not be able to access raw materials on a timely and cost-\neffective basis from third-parties or Cronos GrowCo; that Cronos GrowCo may\nnot be able to complete the expansion of its purpose-built cannabis facility\nwithin a reasonable time or repay its borrowings under the credit facility\nprovided by Cronos; that the military conflict between Russia and Ukraine may\ndisrupt our operations and those of our suppliers and distribution channels\nand negatively impact the demand for and use of our products; the risk that\ncost savings and any other synergies from the Altria Investment may not be\nfully realized or may take longer to realize than expected; failure to execute\nkey personnel changes; that our Realignment and our further leveraging of our\nstrategic partnerships will not result in the expected cost-savings,\nefficiencies and other benefits or will result in greater than anticipated\nturnover in personnel; that we may not be able to efficiently and effectively\nmanage our operations, and any changes thereto, at our Peace Naturals Campus;\nlower levels of revenues; the lack of consumer demand for our products; our\ninability to manage disruptions in credit markets; unanticipated future levels\nof capital, environmental or maintenance expenditures, general and\nadministrative and other expenses; failure to realize expected growth\nopportunities; the lack of cash flow necessary to execute our business plan\n(either within the expected timeframe or at all); difficulty raising capital;\nthe potential adverse effects of judicial, regulatory or other proceedings, or\nthreatened litigation or proceedings, on our business, financial condition,\nresults of operations and cash flows; volatility in and/or degradation of\ngeneral economic, market, industry or business conditions; compliance with\napplicable environmental, economic, health and safety, energy and other\npolicies and regulations and in particular health concerns with respect to\nvaping and the use of cannabis and U.S. hemp products in vaping devices; the\nunexpected effects of actions of third parties such as competitors, activist\ninvestors or federal (including U.S. federal), state, provincial, territorial\nor local regulatory authorities or self-regulatory organizations; adverse\nchanges in regulatory requirements in relation to our business and products;\nlegal or regulatory obstacles that could prevent us from being able to\nexercise the PharmaCann Option and thereby realize the anticipated benefits of\nthe transaction with PharmaCann; dilution of our fully-diluted ownership of\nPharmaCann and the loss of our rights as a result of that dilution; our\nfailure to improve our internal control environment and our systems, processes\nand procedures; and the factors discussed under Part I, Item 1A \u201c _Risk\nFactors_ \u201d in our Annual Report on Form 10-K for the year ended December 31,\n2024. Readers are cautioned to consider these and other factors, uncertainties\nand potential events carefully and not to put undue reliance on Forward-\nLooking Statements.\n\nForward-Looking Statements are provided for the purposes of assisting the\nreader in understanding our financial performance, financial position and cash\nflows as of and for periods ended on certain dates and to present information\nabout management\u2019s current expectations and plans relating to the future, and\nthe reader is cautioned not to place undue reliance on these Forward-Looking\nStatements because of their inherent uncertainty and to appreciate the limited\npurposes for which they are being used by management. While we believe that\nthe assumptions and expectations reflected in the Forward-Looking Statements\nare reasonable based on information currently available to management, there\nis no assurance that such assumptions and expectations will prove to have been\ncorrect. Forward-Looking Statements are made as of the date they are made and\nare based on the beliefs, estimates, expectations and opinions of management\non that date. We undertake no obligation to update or revise any Forward-\nLooking Statements, whether as a result of new information, estimates or\nopinions, future events or results or otherwise or to explain any material\ndifference between subsequent actual events and such Forward-Looking\nStatements. The Forward-Looking Statements contained in this press release and\nother reports we file with, or furnish to, the SEC and other regulatory\nagencies and made by our directors, officers, other employees and other\npersons authorized to speak on our behalf are expressly qualified in their\nentirety by these cautionary statements.\n\n____________________________________________  \n1  Hifyre Retail Analytics - National Retail Dollar by Brand in Canada -\nDecember 2024.  \n2  Market share and ranking information from pharmacy data collected by Cronos\n- December 2024.  \n3  All market share and ranking information from Hifyre Retail Analytics -\nNational Retail Dollar by Brand in Canada - December 2024, unless otherwise\nspecified.  \n  \n---  \n**Cronos Group Inc.**  \n**Consolidated Balance Sheets**  \n_(In thousands of U.S. dollars)_  \n|  **As of December 31,**  \n|  |  **2024** |  |  |  |  **2023** |   \n**Assets** |  |  |   \nCurrent assets  |  |  |   \nCash and cash equivalents  |  $  |  858,805  |  |  |  $  |  669,291  |   \nShort-term investments  |  |  \u2014  |  |  |  |  192,237  |   \nAccounts receivable, net  |  |  15,462  |  |  |  |  13,984  |   \nInterest receivable  |  |  8,690  |  |  |  |  10,012  |   \nOther receivables  |  |  5,000  |  |  |  |  6,341  |   \nCurrent portion of loans receivable, net  |  |  618  |  |  |  |  5,541  |   \nInventory, net  |  |  33,149  |  |  |  |  30,495  |   \nPrepaids and other current assets  |  |  6,277  |  |  |  |  5,405  |   \nHeld-for-sale assets  |  |  8,112  |  |  |  |  \u2014  |   \nTotal current assets  |  |  936,113  |  |  |  |  933,306  |   \nEquity method investments, net  |  |  \u2014  |  |  |  |  19,488  |   \nOther investments  |  |  2,813  |  |  |  |  35,251  |   \nNon-current portion of loans receivable, net  |  |  15,526  |  |  |  |  69,036  |   \nProperty, plant and equipment, net  |  |  133,189  |  |  |  |  59,468  |   \nRight-of-use assets  |  |  1,390  |  |  |  |  1,356  |   \nGoodwill  |  |  63,453  |  |  |  |  1,057  |   \nIntangible assets, net  |  |  11,257  |  |  |  |  21,078  |   \nDeferred tax assets  |  |  2,571  |  |  |  |  226  |   \n**Total assets** |  $  |  1,166,312  |  |  |  $  |  1,140,266  |   \n**Liabilities** |  |  |   \nCurrent liabilities  |  |  |   \nAccounts payable  |  $  |  16,973  |  |  |  $  |  12,130  |   \nIncome taxes payable  |  |  9  |  |  |  |  64  |   \nAccrued liabilities  |  |  31,653  |  |  |  |  27,736  |   \nCurrent portion of lease obligation  |  |  1,025  |  |  |  |  994  |   \nDerivative liabilities  |  |  40  |  |  |  |  102  |   \nCurrent portion due to non-controlling interests  |  |  \u2014  |  |  |  |  373  |   \nTotal current liabilities  |  |  49,700  |  |  |  |  41,399  |   \nNon-current portion due to non-controlling interests  |  |  1,073  |  |  |  |  1,003  |   \nNon-current portion of lease obligation  |  |  993  |  |  |  |  1,559  |   \nDeferred tax liabilities  |  |  3,564  |  |  |  |  181  |   \n**Total liabilities** |  |  55,330  |  |  |  |  44,142  |   \n**Shareholders\u2019 equity** |  |  |   \nShare capital and additional paid-in capital  |  |  669,879  |  |  |  |  662,174  |   \nRetained earnings  |  |  457,709  |  |  |  |  416,719  |   \nAccumulated other comprehensive income (loss)  |  |  (63,525  |  )  |  |  |  20,678  |   \nTotal equity attributable to shareholders of Cronos Group  |  |  1,064,063  |  |  |  |  1,099,571  |   \nNon-controlling interests  |  |  46,919  |  |  |  |  (3,447  |  )   \n**Total shareholders\u2019 equity** |  |  1,110,982  |  |  |  |  1,096,124  |   \n**Total liabilities and shareholders\u2019 equity** |  $  |  1,166,312  |  |  |  $  |  1,140,266  |   \n  \n  \n\n**Cronos Group Inc.**  \n**Consolidated Statements of Net Income (Loss) and Comprehensive Income\n(Loss)**  \n_(In thousands of U.S. dollars, except share and per share amounts)_  \n---  \n|  **Year ended December 31,**  \n|  |  **2024** |  |  |  |  **2023** |  |  |  |  **2022** |   \n**Net revenue, before excise taxes** |  $  |  161,821  |  |  |  $  |  120,270  |  |  |  $  |  109,301  |   \nExcise taxes  |  |  (44,206  |  )  |  |  |  (33,029  |  )  |  |  |  (22,552  |  )   \n**Net revenue** |  |  117,615  |  |  |  |  87,241  |  |  |  |  86,749  |   \nCost of sales  |  |  91,710  |  |  |  |  74,527  |  |  |  |  71,313  |   \nInventory write-down  |  |  707  |  |  |  |  805  |  |  |  |  \u2014  |   \n**Gross profit** |  |  25,198  |  |  |  |  11,909  |  |  |  |  15,436  |   \n**Operating expenses** |  |  |  |  |   \nSales and marketing  |  |  21,603  |  |  |  |  22,701  |  |  |  |  18,046  |   \nResearch and development  |  |  4,229  |  |  |  |  5,843  |  |  |  |  13,131  |   \nGeneral and administrative  |  |  46,514  |  |  |  |  49,475  |  |  |  |  67,674  |   \nRestructuring costs  |  |  630  |  |  |  |  1,524  |  |  |  |  3,545  |   \nShare-based compensation  |  |  8,700  |  |  |  |  8,756  |  |  |  |  15,008  |   \nDepreciation and amortization  |  |  3,701  |  |  |  |  5,044  |  |  |  |  5,967  |   \nImpairment loss on long-lived assets  |  |  16,350  |  |  |  |  3,366  |  |  |  |  3,493  |   \nTotal operating expenses  |  |  101,727  |  |  |  |  96,709  |  |  |  |  126,864  |   \nOperating loss  |  |  (76,529  |  )  |  |  |  (84,800  |  )  |  |  |  (111,428  |  )   \n**Other income (expense)** |  |  |  |  |   \nInterest income, net  |  |  52,019  |  |  |  |  51,235  |  |  |  |  22,514  |   \nGain (loss) on revaluation of derivative liabilities  |  |  49  |  |  |  |  (85  |  )  |  |  |  14,060  |   \nShare of income from equity method investments  |  |  2,365  |  |  |  |  1,583  |  |  |  |  3,114  |   \nGain on revaluation of loan receivable  |  |  11,804  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nGain on revaluation of equity method investment  |  |  32,469  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nGain (loss) on revaluation of financial instruments  |  |  (6,248  |  )  |  |  |  (12,042  |  )  |  |  |  14,739  |   \nImpairment loss on other investments  |  |  (25,650  |  )  |  |  |  (23,350  |  )  |  |  |  (61,392  |  )   \nForeign currency transaction gain (loss)  |  |  57,859  |  |  |  |  (7,324  |  )  |  |  |  (2,286  |  )   \nLoss on held-for-sale assets  |  |  (11,202  |  )  |  |  |  \u2014  |  |  |  |  \u2014  |   \nOther, net  |  |  (350  |  )  |  |  |  1,114  |  |  |  |  (324  |  )   \nTotal other income (expense)  |  |  113,115  |  |  |  |  11,131  |  |  |  |  (9,575  |  )   \nIncome (loss) before income taxes  |  |  36,586  |  |  |  |  (73,669  |  )  |  |  |  (121,003  |  )   \nIncome tax expense (benefit)  |  |  (3,436  |  )  |  |  |  (3,230  |  )  |  |  |  34,175  |   \nIncome (loss) from continuing operations  |  |  40,022  |  |  |  |  (70,439  |  )  |  |  |  (155,178  |  )   \nLoss from discontinued operations  |  |  \u2014  |  |  |  |  (4,114  |  )  |  |  |  (13,556  |  )   \nNet income (loss)  |  |  40,022  |  |  |  |  (74,553  |  )  |  |  |  (168,734  |  )   \nNet income (loss) attributable to non-controlling interest  |  |  (1,058  |  )  |  |  |  (590  |  )  |  |  |  \u2014  |   \nNet income (loss) attributable to Cronos Group  |  $  |  41,080  |  |  |  $  |  (73,963  |  )  |  |  $  |  (168,734  |  )   \n|  |  |  |  |   \n**Comprehensive income (loss)** |  |  |  |  |   \nNet income (loss)  |  $  |  40,022  |  |  |  $  |  (74,553  |  )  |  |  $  |  (168,734  |  )   \nOther comprehensive income (loss)  |  |  |  |  |   \nForeign exchange gain (loss) on translation  |  |  (86,321  |  )  |  |  |  21,539  |  |  |  |  (50,616  |  )   \nComprehensive income (loss)  |  |  (46,299  |  )  |  |  |  (53,014  |  )  |  |  |  (219,350  |  )   \nComprehensive income (loss) attributable to non-controlling interest  |  |  (3,176  |  )  |  |  |  (526  |  )  |  |  |  46  |   \n**Comprehensive income (loss) attributable to Cronos Group** |  $  |  (43,123  |  )  |  |  $  |  (52,488  |  )  |  |  $  |  (219,396  |  )   \n|  |  |  |  |   \n**Net income (loss) per share** |  |  |  |  |   \nBasic - continuing operations  |  $  |  0.11  |  |  |  $  |  (0.18  |  )  |  |  $  |  (0.41  |  )   \nBasic - discontinued operations  |  $  |  \u2014  |  |  |  $  |  (0.01  |  )  |  |  $  |  (0.04  |  )   \nBasic net income (loss) per share attributable to Cronos Group  |  $  |  0.11  |  |  |  $  |  (0.19  |  )  |  |  $  |  (0.45  |  )   \n|  |  |  |  |   \nDiluted - continuing operations  |  $  |  0.11  |  |  |  $  |  (0.18  |  )  |  |  $  |  (0.41  |  )   \nDiluted - discontinued operations  |  $  |  \u2014  |  |  |  $  |  (0.01  |  )  |  |  $  |  (0.04  |  )   \nDiluted net income (loss) per share attributable to Cronos Group  |  $  |  0.11  |  |  |  $  |  (0.19  |  )  |  |  $  |  (0.45  |  )   \n**Weighted average number of outstanding shares** |  |  |  |  |   \nBasic  |  |  382,058,056  |  |  |  |  380,964,739  |  |  |  |  376,961,797  |   \nDiluted  |  |  385,557,002  |  |  |  |  380,964,739  |  |  |  |  376,961,797  |   \n  \n  \n\n|  **Three months ended December 31,**  \n---|---  \n|  |  **2024** |  |  |  |  **2023** |   \n**Net revenue, before excise taxes** |  $  |  41,182  |  |  |  $  |  34,006  |   \nExcise taxes  |  |  (10,881  |  )  |  |  |  (10,091  |  )   \n**Net revenue** |  |  30,301  |  |  |  |  23,915  |   \nCost of sales  |  |  19,494  |  |  |  |  21,913  |   \nInventory write-down  |  |  \u2014  |  |  |  |  89  |   \n**Gross profit** |  |  10,807  |  |  |  |  1,913  |   \n**Operating expenses** |  |  |   \nSales and marketing  |  |  6,413  |  |  |  |  6,367  |   \nResearch and development  |  |  1,028  |  |  |  |  1,451  |   \nGeneral and administrative  |  |  12,080  |  |  |  |  9,802  |   \nRestructuring costs  |  |  \u2014  |  |  |  |  101  |   \nShare-based compensation  |  |  2,187  |  |  |  |  1,933  |   \nDepreciation and amortization  |  |  464  |  |  |  |  529  |   \nImpairment loss on long-lived assets  |  |  \u2014  |  |  |  |  3,366  |   \nTotal operating expenses  |  |  22,172  |  |  |  |  23,549  |   \nOperating loss  |  |  (11,365  |  )  |  |  |  (21,636  |  )   \n**Other income (expense)** |  |  |   \nInterest income, net  |  |  11,863  |  |  |  |  14,214  |   \nGain (loss) on revaluation of derivative liabilities  |  |  142  |  |  |  |  (71  |  )   \nShare of income from equity method investments  |  |  \u2014  |  |  |  |  752  |   \nGain (loss) on revaluation of financial instruments  |  |  302  |  |  |  |  (4,186  |  )   \nImpairment loss on other investments  |  |  \u2014  |  |  |  |  (23,350  |  )   \nForeign currency transaction gain (loss)  |  |  45,489  |  |  |  |  (11,323  |  )   \nLoss on held-for-sale assets  |  |  (780  |  )  |  |  |  \u2014  |   \nOther, net  |  |  294  |  |  |  |  89  |   \nTotal other income (expense)  |  |  57,310  |  |  |  |  (23,875  |  )   \nIncome (loss) before income taxes  |  |  45,945  |  |  |  |  (45,511  |  )   \nIncome tax expense (benefit)  |  |  2,004  |  |  |  |  (360  |  )   \nIncome (loss) from continuing operations  |  |  43,941  |  |  |  |  (45,151  |  )   \nLoss from discontinued operations  |  |  \u2014  |  |  |  |  124  |   \nNet income (loss)  |  |  43,941  |  |  |  |  (45,027  |  )   \nNet loss attributable to non-controlling interest  |  |  212  |  |  |  |  (237  |  )   \nNet income (loss) attributable to Cronos Group  |  $  |  43,729  |  |  |  $  |  (44,790  |  )   \n**Comprehensive loss** |  |  |   \nNet income (loss)  |  $  |  43,941  |  |  |  $  |  (45,027  |  )   \nOther comprehensive income (loss)  |  |  |   \nForeign exchange gain (loss) on translation  |  |  (66,208  |  )  |  |  |  22,635  |   \nComprehensive loss  |  |  (22,267  |  )  |  |  |  (22,392  |  )   \nComprehensive loss attributable to non-controlling interest  |  |  (2,832  |  )  |  |  |  (390  |  )   \n**Comprehensive loss attributable to Cronos Group** |  $  |  (19,435  |  )  |  |  $  |  (22,002  |  )   \n|  |  |   \n**Net income (loss) per share** |  |  |   \nBasic - continuing operations  |  $  |  0.11  |  |  |  $  |  (0.12  |  )   \nBasic - discontinued operations  |  $  |  \u2014  |  |  |  $  |  \u2014  |   \nBasic net income (loss) per share attributable to Cronos Group  |  $  |  0.11  |  |  |  $  |  (0.12  |  )   \n|  |  |   \nDiluted - continuing operations  |  $  |  0.11  |  |  |  $  |  (0.12  |  )   \nDiluted - discontinued operations  |  $  |  \u2014  |  |  |  $  |  \u2014  |   \nDiluted net income (loss) per share attributable to Cronos Group  |  $  |  0.11  |  |  |  $  |  (0.12  |  )   \n**Weighted average number of outstanding shares** |  |  |   \nBasic  |  |  382,340,893  |  |  |  |  381,155,824  |   \nDiluted  |  |  386,525,110  |  |  |  |  381,155,824  |   \n  \n  \n\n**Cronos Group Inc.**  \n**Consolidated Statements of Cash Flows**  \n_(In thousands of U.S. dollars)_  \n---  \n|  **Year ended December 31,**  \n|  |  **2024** |  |  |  |  **2023** |  |  |  |  **2022** |   \n**Operating activities** |  |  |  |  |   \nNet income (loss)  |  $  |  40,022  |  |  |  $  |  (74,553  |  )  |  |  $  |  (168,734  |  )   \nAdjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:  |  |  |  |  |   \nShare-based compensation  |  |  8,700  |  |  |  |  8,769  |  |  |  |  15,115  |   \nDepreciation and amortization  |  |  9,336  |  |  |  |  8,110  |  |  |  |  13,122  |   \nImpairment loss on long-lived assets  |  |  16,350  |  |  |  |  3,571  |  |  |  |  3,493  |   \nImpairment loss on other investments  |  |  25,650  |  |  |  |  23,350  |  |  |  |  61,392  |   \nLoss (income) from investments  |  |  3,841  |  |  |  |  10,513  |  |  |  |  (17,853  |  )   \nLoss (gain) on revaluation of derivative liabilities  |  |  (49  |  )  |  |  |  85  |  |  |  |  (14,060  |  )   \nChanges in expected credit losses on long-term financial assets  |  |  1,032  |  |  |  |  (1,528  |  )  |  |  |  (662  |  )   \nRevaluation of equity method investment  |  |  (32,469  |  )  |  |  |  \u2014  |  |  |  |  \u2014  |   \nRevaluation of loan receivable  |  |  (11,804  |  )  |  |  |  \u2014  |  |  |  |  \u2014  |   \nLoss on held-for-sale assets  |  |  11,202  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nInventory step-up recorded to cost of sales  |  |  5,284  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nForeign currency transaction (gain) loss  |  |  (57,859  |  )  |  |  |  7,324  |  |  |  |  2,286  |   \nOther non-cash operating activities, net  |  |  (82  |  )  |  |  |  (2,008  |  )  |  |  |  1,294  |   \nChanges in operating assets and liabilities:  |  |  |  |  |   \nAccounts receivable, net  |  |  (917  |  )  |  |  |  9,206  |  |  |  |  (2,711  |  )   \nInterest receivable  |  |  (3,656  |  )  |  |  |  (14,344  |  )  |  |  |  (6,985  |  )   \nOther receivables  |  |  2,059  |  |  |  |  (1,449  |  )  |  |  |  1,148  |   \nPrepaids and other current assets  |  |  (512  |  )  |  |  |  1,437  |  |  |  |  996  |   \nInventory, net  |  |  7,417  |  |  |  |  7,399  |  |  |  |  (7,217  |  )   \nAccounts payable  |  |  (7,449  |  )  |  |  |  (773  |  )  |  |  |  (863  |  )   \nIncome taxes payable  |  |  (93  |  )  |  |  |  (33,104  |  )  |  |  |  34,212  |   \nAccrued liabilities  |  |  2,840  |  |  |  |  5,160  |  |  |  |  (2,921  |  )   \nNet cash provided by (used in) operating activities  |  |  18,843  |  |  |  |  (42,835  |  )  |  |  |  (88,948  |  )   \n|  |  |  |  |   \n**Investing activities** |  |  |  |  |   \nProceeds from short-term investments  |  |  185,817  |  |  |  |  532,838  |  |  |  |  268,870  |   \nPurchase of short-term investments  |  |  \u2014  |  |  |  |  (608,247  |  )  |  |  |  (271,378  |  )   \nCash acquired in business combination  |  |  5,993  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nDividends received from equity method investee  |  |  \u2014  |  |  |  |  1,297  |  |  |  |  \u2014  |   \nDividend proceeds  |  |  \u2014  |  |  |  |  345  |  |  |  |  384  |   \nAdvances on loans receivable  |  |  (8,759  |  )  |  |  |  \u2014  |  |  |  |  \u2014  |   \nRepayments on loans receivable  |  |  5,252  |  |  |  |  16,831  |  |  |  |  5,246  |   \nPurchase of property, plant and equipment, net of disposals  |  |  (12,411  |  )  |  |  |  (2,505  |  )  |  |  |  (3,451  |  )   \nPurchase of intangible assets, net of disposals  |  |  (743  |  )  |  |  |  (918  |  )  |  |  |  (1,581  |  )   \nOther investing activities  |  |  \u2014  |  |  |  |  860  |  |  |  |  68  |   \nNet cash provided by (used in) investing activities  |  |  175,149  |  |  |  |  (59,499  |  )  |  |  |  (1,842  |  )   \n|  **Year ended December 31,**  \n|  |  **2024** |  |  |  |  **2023** |  |  |  |  **2022** |   \n**Financing activities** |  |  |  |  |   \nWithholding taxes paid on equity awards  |  |  (1,231  |  )  |  |  |  (1,030  |  )  |  |  |  (2,829  |  )   \nOther financing activities, net  |  |  \u2014  |  |  |  |  \u2014  |  |  |  |  (68  |  )   \nNet cash used in financing activities  |  |  (1,231  |  )  |  |  |  (1,030  |  )  |  |  |  (2,897  |  )   \nEffect of foreign currency translation on cash and cash equivalents  |  |  (3,247  |  )  |  |  |  8,011  |  |  |  |  (28,642  |  )   \nNet change in cash and cash equivalents  |  |  189,514  |  |  |  |  (95,353  |  )  |  |  |  (122,329  |  )   \nCash and cash equivalents, beginning of period  |  |  669,291  |  |  |  |  764,644  |  |  |  |  886,973  |   \nCash and cash equivalents, end of period  |  $  |  858,805  |  |  |  $  |  669,291  |  |  |  $  |  764,644  |   \n|  |  |  |  |   \n**Supplementary cash flow information:** |  |  |  |  |   \nInterest paid  |  |  \u2014  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nInterest received  |  |  48,399  |  |  |  |  36,501  |  |  |  |  15,548  |   \nTaxes paid  |  |  647  |  |  |  |  33,013  |  |  |  |  177  |   \n|  |  |  |  |  |  |  |  |  |  |   \n  \n**Non-GAAP Measures**\n\nCronos reports its financial results in accordance with Generally Accepted\nAccounting Principles in the United States (\u201cU.S. GAAP\u201d). This press release\nrefers to measures not recognized under U.S. GAAP (\u201cnon-GAAP measures\u201d). These\nnon-GAAP measures do not have a standardized meaning prescribed by U.S. GAAP\nand are therefore unlikely to be comparable to similar measures presented by\nother companies. Rather, these non-GAAP measures are provided as a supplement\nto corresponding U.S. GAAP measures to provide additional information\nregarding the results of operations from management\u2019s perspective.\nAccordingly, non-GAAP measures should not be considered a substitute for, or\nsuperior to, the financial information prepared and presented in accordance\nwith U.S. GAAP. All non-GAAP measures presented in this press release are\nreconciled to their closest reported U.S. GAAP measure. Reconciliations of\nhistorical adjusted financial measures to corresponding U.S. GAAP measures are\nprovided below.\n\n_Adjusted EBITDA_\n\nManagement reviews Adjusted EBITDA, a non-GAAP measure, which excludes non-\ncash items and items that do not reflect management\u2019s assessment of ongoing\nbusiness performance. Management defines Adjusted EBITDA as net income (loss)\nbefore interest, tax expense (benefit), depreciation and amortization adjusted\nfor: share of (income) loss from equity method investments; impairment loss on\ngoodwill and intangible assets; impairment loss on long-lived assets; (gain)\nloss on revaluation of derivative liabilities; (gain) loss on revaluation of\nfinancial instruments; gain on revaluation of loan receivable; gain on\nrevaluation of equity method investment; transaction costs related to\nstrategic projects; loss on held-for-sale assets; impairment loss on other\ninvestments; foreign currency transaction loss; other, net; loss from\ndiscontinued operations; restructuring costs; inventory write-downs resulting\nfrom restructuring actions; share-based compensation; costs related to the\nAnti-Dumping Investigation; purchase accounting adjustment-related inventory\nstep-up adjustments recorded through cost of sales; and financial statement\nreview costs and reserves related to the restatements of our 2019 and 2021\ninterim financial statements (the \u201cRestatements\u201d), including the costs related\nto the settlement of the SEC\u2019s and the OSC\u2019s investigations of the\nRestatements and legal costs of defending shareholder class action complaints\nbrought against us as a result of the 2019 restatement (see Note 12(b)\n\u201cContingencies,\u201d to the consolidated financial statements under Item 8 of the\nCompany's Annual Report on Form 10-K for the year ended December 31, 2024 for\na discussion of the shareholder class action complaints relating to the\nrestatement of the 2019 interim financial statements and the settlement of the\nSEC\u2019s and the OSC\u2019s investigations of the Restatements). Results are reported\nas total consolidated results, reflecting our reporting structure of one\nreportable segment.\n\nManagement believes that Adjusted EBITDA provides the most useful insight into\nunderlying business trends and results and provides a more meaningful\ncomparison of period-over-period results. Management uses Adjusted EBITDA for\nplanning, forecasting and evaluating business and financial performance,\nincluding allocating resources and evaluating results relative to employee\ncompensation targets.  \n\nAdjusted EBITDA is reconciled to net income (loss) as follows:\n\n_(in thousands of U.S. dollars)_ |  **For the year ended December 31, 2024**  \n---|---  \n|  **Continuing  \nOperations ** |  |  **Discontinued  \nOperations ** |  |  **Total**  \nNet income  |  $  |  40,022  |  |  |  $  |  \u2014  |  |  $  |  40,022  |   \nInterest income, net  |  |  (52,019  |  )  |  |  |  \u2014  |  |  |  (52,019  |  )   \nIncome tax expense (benefit)  |  |  (3,436  |  )  |  |  |  \u2014  |  |  |  (3,436  |  )   \nDepreciation and amortization  |  |  9,336  |  |  |  |  \u2014  |  |  |  9,336  |   \nEBITDA  |  |  (6,097  |  )  |  |  |  \u2014  |  |  |  (6,097  |  )   \nShare of income from equity method investments  |  |  (2,365  |  )  |  |  |  \u2014  |  |  |  (2,365  |  )   \nImpairment loss on long-lived assets  (i)  |  |  16,350  |  |  |  |  \u2014  |  |  |  16,350  |   \nRevaluation gain on loan receivable  (ii)  |  |  (11,804  |  )  |  |  |  \u2014  |  |  |  (11,804  |  )   \nGain on revaluation of equity method investment  (iii)  |  |  (32,469  |  )  |  |  |  \u2014  |  |  |  (32,469  |  )   \nGain on revaluation of derivative liabilities  (iv)  |  |  (49  |  )  |  |  |  \u2014  |  |  |  (49  |  )   \nLoss on revaluation of financial instruments  (v)  |  |  6,248  |  |  |  |  \u2014  |  |  |  6,248  |   \nImpairment loss on other investments  (vi)  |  |  25,650  |  |  |  |  \u2014  |  |  |  25,650  |   \nForeign currency transaction gain  |  |  (57,859  |  )  |  |  |  \u2014  |  |  |  (57,859  |  )   \nTransaction costs  (vii)  |  |  701  |  |  |  |  \u2014  |  |  |  701  |   \nLoss on held-for-sale assets  (viii)  |  |  11,202  |  |  |  |  \u2014  |  |  |  11,202  |   \nOther, net  (ix)  |  |  350  |  |  |  |  \u2014  |  |  |  350  |   \nRestructuring costs  (x)  |  |  630  |  |  |  |  \u2014  |  |  |  630  |   \nShare-based compensation  (xi)  |  |  8,700  |  |  |  |  \u2014  |  |  |  8,700  |   \nFinancial statement review costs  (xii)  |  |  (1  |  )  |  |  |  \u2014  |  |  |  (1  |  )   \nInventory step-up recorded to cost of sales  (xiv)  |  |  5,284  |  |  |  |  \u2014  |  |  |  5,284  |   \nIsrael Ministry of Economy and Industry dumping inquiry  (xv)  |  |  587  |  |  |  |  \u2014  |  |  |  587  |   \nAdjusted EBITDA  |  $  |  (34,942  |  )  |  |  $  |  \u2014  |  |  $  |  (34,942  |  )   \n  \n  \n\n_(in thousands of U.S. dollars)_ |  **For the year ended December 31, 2023**  \n---|---  \n|  **Continuing  \nOperations ** |  |  **Discontinued  \nOperations ** |  |  **Total**  \nNet loss  |  $  |  (70,439  |  )  |  |  $  |  (4,114  |  )  |  |  $  |  (74,553  |  )   \nInterest income, net  |  |  (51,235  |  )  |  |  |  (10  |  )  |  |  |  (51,245  |  )   \nIncome tax expense (benefit)  |  |  (3,230  |  )  |  |  |  \u2014  |  |  |  |  (3,230  |  )   \nDepreciation and amortization  |  |  7,866  |  |  |  |  244  |  |  |  |  8,110  |   \nEBITDA  |  |  (117,038  |  )  |  |  |  (3,880  |  )  |  |  |  (120,918  |  )   \nShare of income from equity method investments  |  |  (1,583  |  )  |  |  |  \u2014  |  |  |  |  (1,583  |  )   \nImpairment loss on long-lived assets  (i)  |  |  3,366  |  |  |  |  205  |  |  |  |  3,571  |   \nLoss on revaluation of derivative liabilities  (iv)  |  |  85  |  |  |  |  \u2014  |  |  |  |  85  |   \nLoss on revaluation of financial instruments  (v)  |  |  12,042  |  |  |  |  \u2014  |  |  |  |  12,042  |   \nImpairment loss on other investments  (vi)  |  |  23,350  |  |  |  |  \u2014  |  |  |  |  23,350  |   \nForeign currency transaction loss  |  |  7,324  |  |  |  |  \u2014  |  |  |  |  7,324  |   \nOther, net  (ix)  |  |  (1,114  |  )  |  |  |  118  |  |  |  |  (996  |  )   \nRestructuring costs  (x)  |  |  1,524  |  |  |  |  523  |  |  |  |  2,047  |   \nShare-based compensation  (xi)  |  |  8,756  |  |  |  |  13  |  |  |  |  8,769  |   \nFinancial statement review costs  (xii)  |  |  919  |  |  |  |  \u2014  |  |  |  |  919  |   \nInventory write-down  (xiii)  |  |  805  |  |  |  |  839  |  |  |  |  1,644  |   \nAdjusted EBITDA  |  $  |  (61,564  |  )  |  |  $  |  (2,182  |  )  |  |  $  |  (63,746  |  )   \n  \n  \n\n_(in thousands of U.S. dollars)_ |  **Three months ended December 31, 2024**  \n---|---  \n|  **Continuing  \nOperations ** |  |  **Discontinued  \nOperations ** |  |  **Total**  \nNet income  |  $  |  43,941  |  |  |  $  |  \u2014  |  |  $  |  43,941  |   \nInterest income, net  |  |  (11,863  |  )  |  |  |  \u2014  |  |  |  (11,863  |  )   \nIncome tax expense (benefit)  |  |  2,004  |  |  |  |  \u2014  |  |  |  2,004  |   \nDepreciation and amortization  |  |  2,525  |  |  |  |  \u2014  |  |  |  2,525  |   \nEBITDA  |  |  36,607  |  |  |  |  \u2014  |  |  |  36,607  |   \nGain on revaluation of derivative liabilities  (i  v  )  |  |  (142  |  )  |  |  |  \u2014  |  |  |  (142  |  )   \nGain on revaluation of financial instruments  (  v  )  |  |  (302  |  )  |  |  |  \u2014  |  |  |  (302  |  )   \nForeign currency transaction gain  |  |  (45,489  |  )  |  |  |  \u2014  |  |  |  (45,489  |  )   \nTransaction costs  (vii)  |  |  171  |  |  |  |  \u2014  |  |  |  171  |   \nLoss on held-for-sale assets  (  v  iii)  |  |  780  |  |  |  |  \u2014  |  |  |  780  |   \nOther, net  (  ix  )  |  |  (294  |  )  |  |  |  \u2014  |  |  |  (294  |  )   \nShare-based compensation  (  xi  )  |  |  2,187  |  |  |  |  \u2014  |  |  |  2,187  |   \nFinancial statement review costs  (  xii  )  |  |  524  |  |  |  |  \u2014  |  |  |  524  |   \nInventory step-up recorded to cost of sales  (xi  v)  |  |  (1,832  |  )  |  |  |  \u2014  |  |  |  (1,832  |  )   \nIsrael Ministry of Economy and Industry dumping inquiry  (xv)  |  |  587  |  |  |  |  \u2014  |  |  |  587  |   \nAdjusted EBITDA  |  $  |  (7,203  |  )  |  |  $  |  \u2014  |  |  $  |  (7,203  |  )   \n  \n  \n\n_(in thousands of U.S. dollars)_ |  **Three months ended December 31, 2023**  \n---|---  \n|  **Continuing  \nOperations ** |  |  **Discontinued  \nOperations ** |  |  **Total**  \nNet loss  |  $  |  (45,151  |  )  |  |  $  |  124  |  |  |  $  |  (45,027  |  )   \nInterest income, net  |  |  (14,214  |  )  |  |  |  (1  |  )  |  |  |  (14,215  |  )   \nIncome tax expense (benefit)  |  |  (360  |  )  |  |  |  \u2014  |  |  |  |  (360  |  )   \nDepreciation and amortization  |  |  1,177  |  |  |  |  \u2014  |  |  |  |  1,177  |   \nEBITDA  |  |  (58,548  |  )  |  |  |  123  |  |  |  |  (58,425  |  )   \nShare of income from equity method investments  |  |  (752  |  )  |  |  |  \u2014  |  |  |  |  (752  |  )   \nImpairment loss on long-lived assets  (i  )  |  |  3,366  |  |  |  |  \u2014  |  |  |  |  3,366  |   \nLoss on revaluation of derivative liabilities  (i  v  )  |  |  71  |  |  |  |  \u2014  |  |  |  |  71  |   \nLoss on revaluation of financial instruments  (  v  )  |  |  4,186  |  |  |  |  \u2014  |  |  |  |  4,186  |   \nImpairment loss on other investments  (vi  )  |  |  23,350  |  |  |  |  \u2014  |  |  |  |  23,350  |   \nForeign currency transaction loss  |  |  11,323  |  |  |  |  \u2014  |  |  |  |  11,323  |   \nOther, net  (i  x  )  |  |  (89  |  )  |  |  |  (14  |  )  |  |  |  (103  |  )   \nRestructuring costs  (  x)  |  |  101  |  |  |  |  (39  |  )  |  |  |  62  |   \nShare-based compensation  (  xi  )  |  |  1,933  |  |  |  |  (4  |  )  |  |  |  1,929  |   \nFinancial statement review costs  (  xii  )  |  |  180  |  |  |  |  \u2014  |  |  |  |  180  |   \nInventory write-down  (  xiii  )  |  |  89  |  |  |  |  \u2014  |  |  |  |  89  |   \nAdjusted EBITDA  |  $  |  (14,790  |  )  |  |  $  |  66  |  |  |  $  |  (14,724  |  )   \n  \n(i)  For the year ended December 31, 2024, impairment loss on long-lived\nassets included $14,258 related to the write-down of our Ginkgo Exclusive\nLicenses and $1,631 related to the cessation of operations of Thanos Holdings\nLtd., known as Cronos Fermentation (\u201cCronos Fermentation\u201d). For the year ended\nDecember 31, 2023, impairment loss on long-lived assets related to certain\nleased properties associated with the Company\u2019s former U.S. operations and\nimpairment of the Company's CBCVA exclusive license under the collaboration\nand license agreement between Ginkgo and the Company.  \n(ii)  For the year ended December 31, 2024, a revaluation gain on loan\nreceivable was recognized as a result of the Cronos GrowCo Transaction on July\n1, 2024.  \n(iii)  For the year ended December 31, 2024, a gain on revaluation of equity\nmethod investment was recognized as a result of the Cronos GrowCo Transaction\non July 1, 2024.  \n(iv)  For the three months and years ended December 31, 2024 and 2023, the\n(gain) loss on revaluation of derivative liabilities represented the fair\nvalue changes on the derivative liabilities.  \n(v)  For the three months and years ended December 31, 2024 and 2023, (gain)\nloss on revaluation of financial instruments related primarily to our\nunrealized holding (gain) or loss (as applicable) on our mark-to-market\ninvestment in Vitura as well as revaluations of financial liabilities\nresulting from deferred share units granted to directors.  \n(vi)  For the years ended December 31, 2024 and 2023 and the three months\nended December 31, 2023, impairment loss on other investments related to the\nPharmaCann Option for the difference between its fair value and carrying\namount.  \n(vii)  For the year and three months ended December 31, 2024, transaction\ncosts represented legal, financial and other advisory fees and expenses\nincurred in connection with the Cronos GrowCo Transaction. These costs are\nincluded in general and administrative expenses on the consolidated statements\nof net income (loss) and comprehensive income (loss).  \n(viii)  For the year ended December 31, 2024, a loss on held-for-sale assets\nwas recognized as a result of the change in the Company\u2019s sales strategy for\nthe Cronos Fermentation assets to market the assets to a broader buyer pool.\nFor the quarter ended December 31, 2024, a loss on held-for-sale assets was\nrecognized to adjust the net book value of Cronos Fermentation to fair value.  \n(ix)  For the three months and years ended December 31, 2024 and 2023, other,\nnet primarily related to (gain) loss on disposal of assets.  \n(x)  For the year ended December 31, 2024, restructuring costs from continuing\noperations related to shutdown costs at the Cronos Fermentation Facility, as\nwell as employee-related severance costs associated with the Realignment. For\nthe year and three months ended December 31, 2023, restructuring costs related\nto the employee-related severance costs and other restructuring costs\nassociated with the Realignment.  \n(xi)  For the three months and years ended December 31, 2024 and 2023, share-\nbased compensation related to the vesting expenses of share-based compensation\nawarded to employees under our share-based award plans.  \n(xii)  For the three months and years ended December 31, 2024 and 2023,\nfinancial statement review costs included costs related to the Restatements,\ncosts related to the Company\u2019s responses to requests for information from\nvarious regulatory authorities relating to the Restatements, the costs related\nto the Settlement Order and Settlement Agreement and legal costs defending\nshareholder class action complaints brought against the Company as a result of\nthe 2019 restatement, as well as related insurance reimbursements.  \n(xiii)  For the three months and year ended December 31, 2023, inventory\nwrite-downs from discontinued operations relate to product destruction and\nobsolescence associated with the exit of our U.S. operations and inventory\nwrite-downs from continuing operations relate to product destruction and\nobsolescence associated with the planned exit of Cronos Fermentation.  \n(xiv)  For the three months and year ended December 31, 2024, inventory step-\nup recorded to cost of sales represented the portion of the inventory step-up\nfrom the Cronos GrowCo Transaction that was recorded through the consolidated\nstatements of income (loss) and comprehensive income (loss).  \n(xv)  For the three months and year ended December 31, 2024, Israel Ministry\nof Economy and Industry dumping inquiry expense included expenditures relating\nto the regulatory inquiry about alleged dumping of medical cannabis products\nin Israel and related litigation and external relations expenses.\n\n**_Adjusted Gross Profit and Adjusted Gross Margin_ **\n\nTo supplement the consolidated financial statements presented in accordance\nwith U.S. GAAP, we have presented Adjusted Gross Profit and Adjusted Gross\nMargin, non-GAAP measures that exclude the impacts of inventory-related\npurchase accounting adjustments from the calculations of gross profit and\ngross margin, which resulted from the Cronos GrowCo Transaction. Results are\nreported as total consolidated results, reflecting our reporting structure of\none reportable segment.\n\nManagement believes that Adjusted Gross Profit and Adjusted Gross Margin\nprovide useful insight into underlying business trends to facilitate\ncomparisons of period-over-period results by removing the impacts of\ninventory-related purchase accounting adjustments resulting from the Cronos\nGrowCo Transaction, which reflect a one-time event and do not reflect\nmanagement\u2019s assessment of ongoing business performance.\n\n_(in thousands of U.S. dollars)_ |  **Three months ended  \nDecember 31, ** |  |  **Change** |  |  **Year ended  \nDecember 31, ** |  |  **Change**  \n---|---|---|---|---|---|---|---  \n|  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%**  \nNet revenue  |  $  |  30,301  |  |  |  $  |  23,915  |  |  |  $  |  6,386  |  |  |  27  |  %  |  |  $  |  117,615  |  |  |  $  |  87,241  |  |  |  $  |  30,374  |  |  35  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nGross profit  |  $  |  10,807  |  |  |  $  |  1,913  |  |  |  $  |  8,894  |  |  |  465  |  %  |  |  $  |  25,198  |  |  |  $  |  11,909  |  |  |  $  |  13,289  |  |  112  |  %   \nInventory step-up recorded to cost of sales  |  |  (1,832  |  )  |  |  |  \u2014  |  |  |  |  (1,832  |  )  |  |  N/M  |  |  |  |  5,284  |  |  |  |  \u2014  |  |  |  |  5,284  |  |  N/M  |   \nAdjusted Gross Profit  |  $  |  8,975  |  |  |  $  |  1,913  |  |  |  $  |  7,062  |  |  |  369  |  %  |  |  $  |  30,482  |  |  |  $  |  11,909  |  |  |  $  |  18,573  |  |  156  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nGross margin  (i)  |  |  36  |  %  |  |  |  8  |  %  |  |  |  N/A  |  |  |  28  |  pp  |  |  |  21  |  %  |  |  |  14  |  %  |  |  N/A  |  |  7  |  pp   \nAdjusted Gross Margin  (ii)  |  |  30  |  %  |  |  |  8  |  %  |  |  |  N/A  |  |  |  22  |  pp  |  |  |  26  |  %  |  |  |  14  |  %  |  |  N/A  |  |  12  |  pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \n  \n(i)  Gross margin is defined as gross profit divided by net revenue.  \n(ii)  Adjusted Gross Margin is defined as Adjusted Gross Profit divided by net\nrevenue.\n\n_Constant Currency_\n\nTo supplement the consolidated financial statements presented in accordance\nwith U.S. GAAP, we have presented constant currency adjusted financial\nmeasures for net revenues, gross profit, gross profit margin, operating\nexpenses, net income (loss) and Adjusted EBITDA for 2024, as well as cash and\ncash equivalents and short-term investment balances as of December 31, 2024\ncompared to December 31, 2023, which are considered non-GAAP financial\nmeasures. We present constant currency information to provide a framework for\nassessing how our underlying operations performed excluding the effect of\nforeign currency rate fluctuations. To present this information, current and\nprior period income statement results in currencies other than U.S. dollars\nare converted into U.S. dollars using the average exchange rates from the\ncomparative period in 2023 rather than the actual average exchange rates in\neffect during 2024; constant currency current period balance sheet information\nis translated at the prior year-end spot rate rather than the current year-end\nspot rate. All growth comparisons relate to the corresponding period in 2023.\nWe have provided this non-GAAP financial information to aid investors in\nbetter understanding the performance of our business. The non-GAAP financial\nmeasures presented in this press release should not be considered as a\nsubstitute for, or superior to, the measures of financial performance prepared\nin accordance with U.S. GAAP.\n\nThe table below sets forth certain measures of consolidated results from\ncontinuing operations on an as-reported and constant currency basis for 2024\ncompared to 2023, as well as cash and cash equivalents and short-term\ninvestments as of December 31, 2024, compared to December 31, 2023, on an as-\nreported and constant currency basis (in thousands):\n\n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n---|---|---|---  \n|  **Three months ended December 31,** |  |  **As Reported  \nChange ** |  |  **Three months ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  **$** |  |  **%**  \nNet revenue  |  $  |  30,301  |  |  |  $  |  23,915  |  |  |  $  |  6,386  |  |  |  27  |  %  |  |  $  |  30,527  |  |  |  $  |  6,612  |  |  |  28  |  %   \nGross profit  |  |  10,807  |  |  |  |  1,913  |  |  |  |  8,894  |  |  |  465  |  %  |  |  |  10,914  |  |  |  |  9,001  |  |  |  471  |  %   \nGross margin  |  |  36  |  %  |  |  |  8  |  %  |  |  |  N/A  |  |  |  28  |  pp  |  |  |  36  |  %  |  |  |  N/A  |  |  |  28  |  pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \nOperating expenses  |  |  22,172  |  |  |  |  23,549  |  |  |  |  (1,377  |  )  |  |  (6  |  )%  |  |  |  22,557  |  |  |  |  (992  |  )  |  |  (4  |  )%   \nNet income (loss) from continuing operations  |  |  43,941  |  |  |  |  (45,151  |  )  |  |  |  89,092  |  |  |  N/M  |  |  |  |  44,431  |  |  |  |  89,582  |  |  |  N/M  |   \nAdjusted EBITDA  |  |  (7,203  |  )  |  |  |  (14,790  |  )  |  |  |  7,587  |  |  |  51  |  %  |  |  |  (7,869  |  )  |  |  |  6,921  |  |  |  47  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n|  **Year ended  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **Year ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  **$** |  |  **%**  \nNet revenue  |  $  |  117,615  |  |  |  $  |  87,241  |  |  |  $  |  30,374  |  |  |  35  |  %  |  |  $  |  118,983  |  |  |  $  |  31,742  |  |  |  36  |  %   \nGross profit  |  |  25,198  |  |  |  |  11,909  |  |  |  |  13,289  |  |  |  112  |  %  |  |  |  25,505  |  |  |  |  13,596  |  |  |  114  |  %   \nGross margin  |  |  21  |  %  |  |  |  14  |  %  |  |  |  N/A  |  |  |  7  |  pp  |  |  |  21  |  %  |  |  |  N/A  |  |  |  7  |  pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \nOperating expenses  |  |  101,727  |  |  |  |  96,709  |  |  |  |  5,018  |  |  |  5  |  %  |  |  |  102,972  |  |  |  |  6,263  |  |  |  6  |  %   \nNet income (loss) from continuing operations  |  |  40,022  |  |  |  |  (70,439  |  )  |  |  |  110,461  |  |  |  N/M  |  |  |  |  42,007  |  |  |  |  112,446  |  |  |  N/M  |   \nAdjusted EBITDA  |  |  (34,942  |  )  |  |  |  (61,564  |  )  |  |  |  26,622  |  |  |  43  |  %  |  |  |  (35,891  |  )  |  |  |  25,673  |  |  |  42  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \n|  **As of  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **As of December 31,** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  **$** |  |  **%**  \nCash and cash equivalents  |  $  |  858,805  |  |  |  $  |  669,291  |  |  |  $  |  189,514  |  |  |  28  |  %  |  |  $  |  869,761  |  |  |  $  |  200,470  |  |  |  30  |  %   \nShort-term investments  |  |  \u2014  |  |  |  |  192,237  |  |  |  |  (192,237  |  )  |  |  (100  |  )%  |  |  |  \u2014  |  |  |  |  (192,237  |  )  |  |  (100  |  )%   \nTotal cash and cash equivalents and short-term investments  |  $  |  858,805  |  |  |  $  |  861,528  |  |  |  $  |  (2,723  |  )  |  |  \u2014  |  %  |  |  $  |  869,761  |  |  |  $  |  8,233  |  |  |  1  |  %   \n  \n_  \nNet revenue _\n\n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n---|---|---|---  \n|  **Three months ended  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **Three months ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  **2023** |  |  **$** |  |  **%** |  |  |  **2024** |  |  **$** |  |  **%**  \nCannabis flower  |  $  |  23,398  |  |  $  |  17,515  |  |  $  |  5,883  |  |  |  34  |  %  |  |  $  |  23,491  |  |  $  |  5,976  |  |  |  34  |  %   \nCannabis extracts  |  |  6,588  |  |  |  6,074  |  |  |  514  |  |  |  8  |  %  |  |  |  6,729  |  |  |  655  |  |  |  11  |  %   \nOther  |  |  315  |  |  |  326  |  |  |  (11  |  )  |  |  (3  |  )%  |  |  |  307  |  |  |  (19  |  )  |  |  (6  |  )%   \nNet revenue  |  $  |  30,301  |  |  $  |  23,915  |  |  $  |  6,386  |  |  |  27  |  %  |  |  $  |  30,527  |  |  $  |  6,612  |  |  |  28  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n|  **Year ended  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **Year ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  **2023** |  |  **$** |  |  **%** |  |  |  **2024** |  |  **$** |  |  **%**  \nCannabis flower  |  $  |  87,912  |  |  $  |  62,070  |  |  $  |  25,842  |  |  |  42  |  %  |  |  $  |  88,904  |  |  $  |  26,834  |  |  |  43  |  %   \nCannabis extracts  |  |  29,168  |  |  |  24,569  |  |  |  4,599  |  |  |  19  |  %  |  |  |  29,552  |  |  |  4,983  |  |  |  20  |  %   \nOther  |  |  535  |  |  |  602  |  |  |  (67  |  )  |  |  (11  |  )%  |  |  |  527  |  |  |  (75  |  )  |  |  (12  |  )%   \nNet revenue  |  $  |  117,615  |  |  $  |  87,241  |  |  $  |  30,374  |  |  |  35  |  %  |  |  $  |  118,983  |  |  $  |  31,742  |  |  |  36  |  %   \n  \n  \n\n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n---|---|---|---  \n|  **Three months ended  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **Three months ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  **2023** |  |  **$** |  |  **%** |  |  |  **2024** |  |  **$** |  |  **%**  \nCanada  |  $  |  19,656  |  |  $  |  17,935  |  |  $  |  1,721  |  |  10  |  %  |  |  $  |  20,156  |  |  $  |  2,221  |  |  12  |  %   \nIsrael  |  |  7,803  |  |  |  4,974  |  |  |  2,829  |  |  57  |  %  |  |  |  7,546  |  |  |  2,572  |  |  52  |  %   \nOther countries  |  |  2,842  |  |  |  1,006  |  |  |  1,836  |  |  183  |  %  |  |  |  2,825  |  |  |  1,819  |  |  181  |  %   \nNet revenue  |  $  |  30,301  |  |  $  |  23,915  |  |  $  |  6,386  |  |  27  |  %  |  |  $  |  30,527  |  |  $  |  6,612  |  |  28  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n|  **Year ended  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **Year ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  **2023** |  |  **$** |  |  **%** |  |  |  **2024** |  |  **$** |  |  **%**  \nCanada  |  $  |  82,437  |  |  $  |  64,702  |  |  $  |  17,735  |  |  27  |  %  |  |  $  |  83,709  |  |  $  |  19,007  |  |  29  |  %   \nIsrael  |  |  28,368  |  |  |  21,134  |  |  |  7,234  |  |  34  |  %  |  |  |  28,454  |  |  |  7,320  |  |  35  |  %   \nOther countries  |  |  6,810  |  |  |  1,405  |  |  |  5,405  |  |  385  |  %  |  |  |  6,820  |  |  |  5,415  |  |  385  |  %   \nNet revenue  |  $  |  117,615  |  |  $  |  87,241  |  |  $  |  30,374  |  |  35  |  %  |  |  $  |  118,983  |  |  $  |  31,742  |  |  36  |  %   \n  \n  \nFor 2024, net revenue on a constant currency basis was $119.0 million,\nrepresenting a 36% increase from 2023. Net revenue increased on a constant\ncurrency basis primarily due to higher cannabis flower and extract sales in\nthe Canadian market and higher cannabis flower sales in Israel and other\ncountries. The Cronos GrowCo Transaction contributed $6.5 million of cannabis\nflower sales in the year ended December 31, 2024 on a constant currency basis.\nNo such sales were recognized for the year ended December 31, 2023.\n\n_Gross profit_\n\nFor 2024, gross profit on a constant currency basis was $25.5 million,\nrepresenting a 114% increase from 2023. Gross profit increased on a constant\ncurrency basis primarily due to higher cannabis flower and extract sales in\nthe Canadian market, higher cannabis flower sales in Israel and other\ncountries, and production cost improvements, partially offset by the impact on\ncost of sales from the inventory step-up from the Cronos GrowCo Transaction.\nFor 2024, gross profit on a constant currency basis was reduced $5.1 million\nas a result of the impact of the inventory step-up from the Cronos GrowCo\nTransaction that was recorded into cost of sales. No such costs were\nrecognized for 2023.\n\n_Operating expenses_\n\nFor 2024, operating expenses on a constant currency basis were $103.0 million,\nrepresenting a 6% increase from 2023. Operating expenses increased on a\nconstant currency basis primarily due to the impairment of the Ginkgo\nExclusive Licenses, partially offset by lower salaries and benefits,\nprofessional fees and restructuring costs.\n\n_Net income (loss) from continuing operations_\n\nFor 2024, net income (loss) from continuing operations on a constant currency\nbasis was $42.0 million, compared to a loss of $70.4 million for 2023.\n\n_Adjusted EBITDA_\n\nFor 2024, Adjusted EBITDA on a constant currency basis was $(35.9) million,\nrepresenting a 42% improvement from 2023. Adjusted EBITDA improved on a\nconstant currency basis primarily due to higher cannabis flower and extract\nsales in the Canadian market, higher cannabis flower sales in Israel and other\ncountries, production cost improvements, and decreases in general and\nadministrative, sales and marketing and research and development expenses.\n\n_Cash and cash equivalents & short-term investments _\n\nCash and cash equivalents and short-term investments on a constant currency\nbasis increased 1% to $869.8 million as of December 31, 2024 from $861.5\nmillion as of December 31, 2023. The increase in cash and cash equivalents and\nshort-term investments is primarily due to cash flows provided by operating\nactivities in 2024.\n\n**Foreign currency exchange rates**\n\nAll currency amounts in this press release are stated in U.S. dollars, which\nis our reporting currency, unless otherwise noted. All references to \u201cdollars\u201d\nor \u201c$\u201d are to U.S. dollars. The assets and liabilities of our foreign\noperations are translated into dollars at the exchange rate in effect as of\nDecember 31, 2024 and December 31, 2023, as reported on Bloomberg.\nTransactions affecting the shareholders\u2019 equity (deficit) are translated at\nhistorical foreign exchange rates. The consolidated statements of net income\n(loss) and comprehensive income (loss) and consolidated statements of cash\nflows of our foreign operations are translated into dollars by applying the\naverage foreign exchange rate in effect for the years ended December 31, 2024,\nDecember 31, 2023, and December 31, 2022, as reported on Bloomberg.\n\nThe exchange rates used to translate from Canadian dollars (\u201cC$\u201d) to dollars\nare shown below:\n\n_(Exchange rates are shown as C$ per $)_ |  **Year ended December 31,**  \n---|---  \n|  **2024** |  |  **2023** |  |  **2022**  \nAverage rate  |  1.3700  |  |  1.3494  |  |  1.3017   \nSpot rate  |  1.4351  |  |  1.3243  |  |  1.3554   \n|  |  |  |  |   \n  \nThe exchange rates used to translate from New Israeli Shekels (\u201cILS\u201d) to\ndollars are shown below:\n\n_(Exchange rates are shown as ILS per $)_ |  **Year ended December 31,**  \n---|---  \n|  **2024** |  |  **2023** |  |  **2022**  \nAverage rate  |  3.6997  |  |  3.6819  |  |  3.3566   \nSpot rate  |  3.6526  |  |  3.6163  |  |  3.5178   \n|  |  |  |  |   \n  \n**For further information, please contact:**  \nAnna Shlimak  \nInvestor Relations  \nTel: (416) 504-0004  \ninvestor.relations@thecronosgroup.com\n\n  \n\n* * *\n\n##  Tags\n\n[ Cannabis ](/en/search/tag/cannabis \"Cannabis\") [ CRON ](/en/search/tag/cron\n\"CRON\") [ Cronos ](/en/search/tag/cronos \"Cronos\") [ Cronos Group\n](/en/search/tag/cronos%2520group \"Cronos Group\")\n\n##  Recommended Reading\n\n  * March 19, 2025 07:30 ET  |  Source: [ Cronos Group Inc. ](/en/search/organization/Cronos%2520Group%2520Inc\u00a7)\n\n[ Cronos Appoints Anna Shlimak as Chief Financial Officer\n](https://www.globenewswire.com/news-release/2025/03/19/3045272/0/en/Cronos-\nAppoints-Anna-Shlimak-as-Chief-Financial-Officer.html)\n\nTORONTO, March 19, 2025 (GLOBE NEWSWIRE) -- Cronos Group Inc. (NASDAQ: CRON)\n(TSX: CRON) (\u201cCronos\u201d or the \u201cCompany\u201d), an innovative global cannabinoid\ncompany, today announced the appointment of...\n\n[ Read More ](https://www.globenewswire.com/news-\nrelease/2025/03/19/3045272/0/en/Cronos-Appoints-Anna-Shlimak-as-Chief-\nFinancial-Officer.html)\n\n  * March 10, 2025 08:00 ET  |  Source: [ Cronos Group Inc. ](/en/search/organization/Cronos%2520Group%2520Inc\u00a7)\n\n[ Cronos Group Inc. to Speak at the 37th Annual Roth Conference\n](https://www.globenewswire.com/news-release/2025/03/10/3039659/0/en/Cronos-\nGroup-Inc-to-Speak-at-the-37th-Annual-Roth-Conference.html)\n\nTORONTO, March 10, 2025 (GLOBE NEWSWIRE) -- Cronos Group Inc. (NASDAQ: CRON)\n(TSX: CRON) (\u201cCronos\u201d or the \u201cCompany\u201d), an innovative global cannabinoid\ncompany, today announced that Mike Gorenstein,...\n\n[ Read More ](https://www.globenewswire.com/news-\nrelease/2025/03/10/3039659/0/en/Cronos-Group-Inc-to-Speak-at-the-37th-Annual-\nRoth-Conference.html)\n\n",
                "url": "https://www.globenewswire.com/news-release/2025/02/27/3033748/0/en/Cronos-Group-Reports-2024-Fourth-Quarter-and-Full-Year-Results.html"
            },
            "reason": "This is a press release from GlobeNewswire directly from Cronos Group reporting their Q4 and full-year results. Press releases are reliable for factual information released by the company itself.",
            "reliability_score": 0.9,
            "search_query": "company 'The Cronos Group' energy efficiency",
            "summary": "Cronos Group reports its Q4 and full-year results in a GlobeNewswire press release.",
            "url": "https://www.globenewswire.com/news-release/2025/02/27/3033748/0/en/Cronos-Group-Reports-2024-Fourth-Quarter-and-Full-Year-Results.html"
        },
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                    "source": "https://ca.finance.yahoo.com/quote/CRON.TO/"
                },
                "page_content": "Oops, something went wrong\n\nToronto - Delayed Quote  \u2022  CAD\n\n#  Cronos Group Inc. (CRON.TO)\n\n[ Compare  ](/compare/CRON.TO)\n\n2.4100\n\n+0.1200\n\n+(5.24%)\n\nAt close: April 9 at 4:00:00 p.m. EDT\n\n[ Advanced Chart  ](/chart/CRON.TO)\n\nLoading Chart for CRON.TO\n\n  * Previous Close  2.2900 \n  * Open  2.2700 \n  * Bid  2.4100 x -- \n  * Ask  2.4200 x -- \n  * Day's Range  2.2700 - 2.4400 \n  * 52 Week Range  2.2700 - 4.2800 \n  * Volume  145,883 \n  * Avg. Volume  281,329 \n  * Market Cap (intraday)  921.9M \n  * Beta (5Y Monthly)  1.42 \n  * PE Ratio (TTM)  15.06 \n  * EPS (TTM)  0.1600 \n  * Earnings Date  May 7, 2025 - May 12, 2025 \n  * Forward Dividend & Yield  \\-- \n  * Ex-Dividend Date  \\-- \n  * 1y Target Est  3.48 \n\nCronos Group Inc. operates as a cannabinoid company that engages in the\ncultivation, production, distribution, and marketing of cannabis products in\nCanada, Israel, and internationally. The company offers dried flower, pre-\nrolls, oils, vaporizers, edibles, and cannabis tinctures under the Spinach,\nLord Jones, and PEACE NATURALS brand names. Cronos Group Inc. was founded in\n2012 and is based in Stayner, Canada.\n\n[ www.thecronosgroup.com ](https://www.thecronosgroup.com)\n\n459\n\n###  Full Time Employees\n\nDecember 31\n\n###  Fiscal Year Ends\n\nHealthcare\n\n###  Sector\n\nDrug Manufacturers - Specialty & Generic\n\n###  Industry\n\n[ More about Cronos Group Inc. ](/quote/CRON.TO/profile/)\n\n[ View More  ](/quote/CRON.TO/news/ \"View More\")\n\nTrailing total returns as of 2025-04-09, which may include dividends or other\ndistributions.  Benchmark is [ S&P/TSX Composite index (^GSPTSE)\n](/quote/%5EGSPTSE/ \"S&P/TSX Composite index \\(^GSPTSE\\)\") .\n\nCRON.TO\n\n13.93%\n\nS&P/TSX Composite index (^GSPTSE)\n\n3.63%\n\nCRON.TO\n\n33.43%\n\nS&P/TSX Composite index (^GSPTSE)\n\n6.11%\n\nCRON.TO\n\n44.98%\n\nS&P/TSX Composite index (^GSPTSE)\n\n8.47%\n\nCRON.TO\n\n70.21%\n\nS&P/TSX Composite index (^GSPTSE)\n\n67.49%\n\nSelect to analyze similar companies using key performance metrics; select up\nto 4 stocks.\n\n[ CRON.TO  Cronos Group Inc.  ](/quote/CRON.TO/)\n\n2.4100\n\n+5.24%\n\nMkt Cap  CAD  921.9M\n\nIndustry  Drug Manufacturers\u2014Specialty & Generic\n\n[ OGI.TO  Organigram Global Inc.  ](/quote/OGI.TO/)\n\n1.3600\n\n+7.09%\n\nMkt Cap  CAD  181.939M\n\nIndustry  Drug Manufacturers\u2014Specialty & Generic\n\n[ TRUL.CN  Trulieve Cannabis Corp.  ](/quote/TRUL.CN/)\n\n4.6100\n\n+0.22%\n\nMkt Cap  CAD  880.538M\n\nIndustry  Drug Manufacturers\u2014Specialty & Generic\n\n[ CURA.TO  Curaleaf Holdings, Inc.  ](/quote/CURA.TO/)\n\n1.0600\n\n+2.91%\n\nMkt Cap  CAD  799.989M\n\nIndustry  Drug Manufacturers\u2014Specialty & Generic\n\n[ ACB.TO  Aurora Cannabis Inc.  ](/quote/ACB.TO/)\n\n5.99\n\n+8.91%\n\nMkt Cap  CAD  328.756M\n\nIndustry  Drug Manufacturers\u2014Specialty & Generic\n\n[ TLRY.TO  Tilray Brands, Inc.  ](/quote/TLRY.TO/)\n\n0.7500\n\n+17.19%\n\nMkt Cap  CAD  753.158M\n\nIndustry  Drug Manufacturers\u2014Specialty & Generic\n\n[ WEED.TO  Canopy Growth Corporation  ](/quote/WEED.TO/)\n\n1.2600\n\n+7.69%\n\nMkt Cap  CAD  229.905M\n\nIndustry  Drug Manufacturers\u2014Specialty & Generic\n\n[ CL.CN  Cresco Labs Inc.  ](/quote/CL.CN/)\n\n0.8100\n\n+5.19%\n\nMkt Cap  CAD  282.365M\n\nIndustry  Drug Manufacturers\u2014Specialty & Generic\n\n[ TSND.TO  TerrAscend Corp.  ](/quote/TSND.TO/)\n\n0.4500\n\n+4.65%\n\nMkt Cap  CAD  160.474M\n\nIndustry  Drug Manufacturers\u2014Specialty & Generic\n\n[ GTII.CN  Green Thumb Industries Inc.  ](/quote/GTII.CN/)\n\n7.01\n\n-1.96% \n\nMkt Cap  CAD  1.654B\n\nIndustry  Drug Manufacturers\u2014Specialty & Generic\n\n[ AYR-A.CN  Ayr Wellness Inc.  ](/quote/AYR-A.CN/)\n\n0.1900\n\n+11.76%\n\nMkt Cap  CAD  22.187M\n\nIndustry  Drug Manufacturers\u2014Specialty & Generic\n\n[ Annual  ](/about/plans/select-\nplan/historicalStatistics/?.done=%2Fquote%2FCRON.TO%2F&ncid=100001118)\n\nAs of 2025-04-09\n\n  * Market Cap \n\n921.90M\n\n  * Enterprise Value \n\n-298.20M \n\n  * Trailing P/E \n\n15.39\n\n  * Forward P/E \n\n\\--\n\n  * PEG Ratio (5yr expected) \n\n\\--\n\n  * Price/Sales (ttm) \n\n5.50\n\n  * Price/Book (mrq) \n\n0.61\n\n  * Enterprise Value/Revenue \n\n\\--\n\n  * Enterprise Value/EBITDA \n\n\\--\n\n####  Profitability and Income Statement\n\n  * Profit Margin \n\n34.93%\n\n  * Return on Assets (ttm) \n\n-2.94% \n\n  * Return on Equity (ttm) \n\n3.63%\n\n  * Revenue (ttm) \n\n117.61M\n\n  * Net Income Avi to Common (ttm) \n\n41.08M\n\n  * Diluted EPS (ttm) \n\n0.1600\n\n####  Balance Sheet and Cash Flow\n\n  * Total Cash (mrq) \n\n858.8M\n\n  * Total Debt/Equity (mrq) \n\n0.18%\n\n  * Levered Free Cash Flow (ttm) \n\n-26.29M \n\n[ View More  ](/quote/CRON.TO/key-statistics/ \"View More\")\n\n[ View More  ](/quote/CRON.TO/analysis/ \"View More\")\n\n[ View More  ](/research/stock-forecast/CRON.TO?symbols=CRON.TO \"View More\")\n\nACB.TO  Aurora Cannabis Inc.\n\n**5.99**\n\n+8.91%\n\n[ ](/quote/ACB.TO/ \"ACB.TO\")\n\nOGI.TO  Organigram Global Inc.\n\n**1.3600**\n\n+7.09%\n\n[ ](/quote/OGI.TO/ \"OGI.TO\")\n\nWEED.TO  Canopy Growth Corporation\n\n**1.2600**\n\n+7.69%\n\n[ ](/quote/WEED.TO/ \"WEED.TO\")\n\nTRUL.CN  Trulieve Cannabis Corp.\n\n**4.6100**\n\n+0.22%\n\n[ ](/quote/TRUL.CN/ \"TRUL.CN\")\n\nTLRY.TO  Tilray Brands, Inc.\n\n**0.7500**\n\n+17.19%\n\n[ ](/quote/TLRY.TO/ \"TLRY.TO\")\n\nGTII.CN  Green Thumb Industries Inc.\n\n**7.01**\n\n-1.96% \n\n[ ](/quote/GTII.CN/ \"GTII.CN\")\n\nGOOS.TO  Canada Goose Holdings Inc.\n\n**10.99**\n\n+12.26%\n\n[ ](/quote/GOOS.TO/ \"GOOS.TO\")\n\nCWEB.TO  Charlotte's Web Holdings, Inc.\n\n**0.1100**\n\n+29.41%\n\n[ ](/quote/CWEB.TO/ \"CWEB.TO\")\n\nCL.CN  Cresco Labs Inc.\n\n**0.8100**\n\n+5.19%\n\n[ ](/quote/CL.CN/ \"CL.CN\")\n\nIAN.CN  iAnthus Capital Holdings, Inc.\n\n**0.0050**\n\n0.00%\n\n[ ](/quote/IAN.CN/ \"IAN.CN\")\n\nLABS.TO  MediPharm Labs Corp.\n\n**0.0850**\n\n0.00%\n\n[ ](/quote/LABS.TO/ \"LABS.TO\")\n\nBLDP.TO  Ballard Power Systems Inc.\n\n**1.6400**\n\n+13.10%\n\n[ ](/quote/BLDP.TO/ \"BLDP.TO\")\n\nBHC.TO  Bausch Health Companies Inc.\n\n**7.07**\n\n+3.06%\n\n[ ](/quote/BHC.TO/ \"BHC.TO\")\n\nLSPD.TO  Lightspeed Commerce Inc.\n\n**13.00**\n\n+13.34%\n\n[ ](/quote/LSPD.TO/ \"LSPD.TO\")\n\nKXS.TO  Kinaxis Inc.\n\n**171.22**\n\n+6.65%\n\n[ ](/quote/KXS.TO/ \"KXS.TO\")\n\nBB.TO  BlackBerry Limited\n\n**4.6400**\n\n+13.45%\n\n[ ](/quote/BB.TO/ \"BB.TO\")\n\n[ ](/)\n\nCopyright \u00a9 2025 Yahoo. All rights reserved.\n\n[ ](https://x.com/YahooFinanceCA \"Follow on Twitter\") [\n](https://facebook.com/YahooCanada \"Follow on Facebook\")\n\nABOUT\n\n[ Data Disclaimer ](https://help.yahoo.com/kb/finance-for-\nweb/SLN2310.html?locale=en_CA) [ Help ](https://ca.help.yahoo.com/kb/finance-\nfor-web) [ Feedback ](https://yahoo.uservoice.com/forums/566647-finance-ca) [\nAbout Our Ads ](https://legal.yahoo.com/ca/en/yahoo/privacy/adinfo/index.html)\n[ Premium Plans ](/about/plans/)\n\n[ Terms ](https://guce.yahoo.com/terms?locale=en-CA) and [ Privacy Policy\n](https://guce.yahoo.com/privacy-policy?locale=en-CA)\n\n[ Privacy Dashboard ](https://guce.yahoo.com/privacy-dashboard?locale=en-CA)\n\n",
                "url": "https://ca.finance.yahoo.com/quote/CRON.TO/"
            },
            "reason": "Yahoo Finance provides stock quotes and financial data for Cronos Group (CRON.TO). Yahoo Finance is a reputable source for financial information.",
            "reliability_score": 0.9,
            "search_query": "company 'The Cronos Group' energy efficiency",
            "summary": "Yahoo Finance provides stock quotes and financial data for CronOS Group.",
            "url": "https://ca.finance.yahoo.com/quote/CRON.TO/"
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                    "source": "https://www.prnewswire.com/news-releases/cronos-group-and-ginkgo-bioworks-announce-a-landmark-partnership-to-produce-cultured-cannabinoids-300706085.html"
                },
                "page_content": "[ Accessibility Statement ](https://www.cision.com/about/accessibility/) Skip\nNavigation\n\n_Leading Companies from Emerging Industries Join Forces to Efficiently Produce\nHigh-Purity Cannabinoids at Scale_\n\nBOSTON and  TORONTO  ,  Sept. 4, 2018  /PRNewswire/ - Today, [ Cronos Group\n](https://thecronosgroup.com/) Inc. (NASDAQ:  CRON  ) (TSX: CRON) (\" **Cronos\nGroup** \"), a geographically diversified and vertically integrated cannabis\ngroup, and [ Ginkgo Bioworks ](https://www.ginkgobioworks.com/) Inc. (\"\n**Ginkgo** \"), the organism company, announced a landmark partnership to\nproduce cultured cannabinoids. Using its platform technology for organism\ndesign and development, Ginkgo will complement Cronos Group's technologies for\nproducing a full spectrum of cannabinoids. As part of this unprecedented deal,\nCronos Group has agreed to issue a specific number of common shares in\ntranches subject to Ginkgo's achievement of certain production milestones.\n\nContinue Reading  \n__\n\nGinkgo Bioworks (CNW Group/Cronos Group Inc.)\n\nAs two of the leading companies in their respective industries, Cronos Group\nand Ginkgo believe that they are best-suited to unlock the potential of\ninnovation in the cannabis industry. Cronos Group brings a deep understanding\nof the plant's biological structure and function, while Ginkgo brings 10 years\nof experience designing microorganisms for the production of cultured products\nacross pharmaceuticals, agriculture, flavors, fragrances, and more.\n\nCannabinoids span a range of molecules with different properties, and ongoing\nresearch has demonstrated potential medicinal uses for indications such as\nchronic pain, nervous disorders, nausea, weight loss, and some mental\nillnesses. However, many pharmaceutically relevant cannabinoids are present\nonly at very low quantities in the cannabis plant, making them economically\nimpractical, difficult or impossible to extract at high purity and scale. The\nlandmark partnership between Cronos Group and Ginkgo will leverage the\nexpertise of both organizations to solve this challenge and make more\naccessible the benefits of cannabinoids in an economically sustainable way.\n\n\"Cronos Group is building the world's most innovative cannabinoid platform,\"\nsaid  Mike Gorenstein  , CEO of Cronos Group. \"The potential uses of\ncannabinoids are vast, but the key to successfully bringing cannabinoid-based\nproducts to market is in creating reliable, consistent, and scalable\nproduction of a full spectrum of cannabinoids, not just THC and CBD. We are\nthrilled to partner with Ginkgo; their biological engineering capabilities and\ndisruptive technology platform are unrivaled. Together we can revolutionize\nthe cannabis industry.\"\n\n\"Legal cannabis is a multibillion-dollar industry with no signs of slowing\ndown, but providers will need to innovate to keep up with demand for better\nproducts, including those taking advantage of rare and difficult to extract\ncannabinoids,\" said  Jason Kelly  , CEO and co-founder of Ginkgo Bioworks.\n\"Engineering strains of yeast that can produce these cannabinoids via\nfermentation is a perfect fit for our organism design platform and we are\nexcited to be working with Cronos Group as they lead the way to high-quality\ncannabinoid treatments.\"\n\n**Partnership Details**\n\nCronos Group's wide-ranging portfolio of cannabis products is empowered by its\ndeep expertise in plant genetics. With access to an array of varietals and a\ndiverse set of production methodologies, Cronos Group has gathered extensive\ndata on cannabinoids and their properties, ultimately learning from and using\nthe plant to generate blueprints for best-in-class, full spectrum cannabinoid\nrecipes.\n\nGinkgo's platform for engineering biology is powered by state-of-the-art\nautomation and custom-built software used to design and print DNA. With the\nworld's largest library of designed DNA sequences, Ginkgo has extensive\nexpertise in the biology of enzymes for the production of molecules used in\nindustries from flavor and fragrance to food to pharmaceuticals. By\ntransferring the DNA sequences for cannabinoid production into yeast, Ginkgo\nexpects to develop strains that produce cultured cannabinoids at high quality\nand purity in a process similar to brewing beer in a microbrewery. In addition\nto allowing for the efficient and scalable production of cannabinoids, the use\nof Ginkgo's platform is expected to unlock access to potentially medically-\nimportant and valuable cannabinoids that are present only in low quantities in\nthe plant.\n\nThe partnership between Ginkgo and Cronos Group will focus on the scalable and\nconsistent production of a wide range of cannabinoids, including THC, CBD and\na variety of other lesser known and rarer products. These cultured cannabinoid\nmolecules are identical to those extracted from the plants grown with\ntraditional methods, but are created by leveraging the power of biological\nmanufacturing via fermentation.\n\n**Partnership Transaction Terms**\n\nUnder the exclusive partnership, Ginkgo will work with Cronos Group on\nresearch and development of microorganisms capable of producing certain target\ncannabinoids in a scalable and highly efficient manner. Cronos Group will fund\ncertain R&D and foundry expenses expected to be approximately  US$22 million\nsubject to the achievement of certain milestones. In addition, upon Ginkgo's\ndemonstration that the microorganisms are capable of producing the target\ncannabinoids above a minimum productivity level, Cronos Group will issue up to\napproximately 14.7 million common shares in the aggregate, in accordance with\nthe milestone allocations described below. The common shares allocated were\nbased on the 60-day VWAP for Cronos Group common stock of  US$6.81  as of\nJuly 17, 2018  , when the letter of intent was executed by both parties. The\ntransaction had an aggregate value of  US$100 million  assuming all milestones\nare met. Tranches of these common shares will be issued once each of the\ntarget cannabinoids can be produced for less than  US$1,000  per kilogram of\npure cannabinoid at a scale of greater than 200 liters as follows: THC(A),\n20%; CBD(A), 15%; CBC(A), 10%; CBG(A), 10%; THCV(A), 15%; CBGV(A), 10%;\nCBDV(A), 10%; CBCV(A), 10%.\n\nCronos Group will have the exclusive right to use and commercialize the key\npatented intellectual property related to the production of the target\ncannabinoids globally. All R&D work undertaken by Ginkgo will be conducted in\ncompliance with all U.S. federal laws regarding controlled substances and\nGinkgo is coordinating activities closely with both Federal and State\nagencies. Cronos Group intends to produce and distribute the target\ncannabinoids globally and has received confirmation that this method of\nproduction is permitted under the _Cannabis Act_ (  Canada  ) \u2013 the legal\nframework that will regulate cannabis in  Canada  .\n\nThis landmark deal will bring the power of biological manufacturing to the\ncannabis industry, allowing for cannabinoid production at large scale and with\ngreater efficiency than is currently possible with traditional growing and\nextracting methods.\n\n**Analyst/Investor Conference Call and Webcast**  \nCronos Group and Ginkgo Bioworks will host a conference call and live webcast\non  Tuesday, September 4, 2018  at  8:30 a.m. EST  to discuss the landmark\npartnership. Instruction for the conference call are provided below:\n\n_Live Webcast:_ [ https://thecronosgroup.com/investor-relations\n](https://thecronosgroup.com/investor-relations)  \n_Toll-free dial-in number:_ (888) 231-8191 _  \nInternational dial-in number: _ (647) 427-7450  \n_Conference ID:_ 9537928\n\nAdditionally, an audio replay of the conference call will be available two\nhours after the call's completion and until  11:59 p.m. EST  on  September 18,\n2018  . Instructions for the audio replay are provided below:\n\n_Toll-free dial-in number:_ (855) 859-2056  \n_Passcode:_ 9537928\n\n**About Ginkgo Bioworks:**  \nGinkgo Bioworks is the organism company, using the power of biology to build\nsustainable products in food, pharma, manufacturing, and more. Using\nsophisticated software and state of the art automation,\n\nGinkgo's powerful platform for genetic engineering is making biology easier to\nengineer, enabling new products to be renewably manufactured with biology. For\nmore information, visit [ www.ginkgobioworks.com\n](http://www.ginkgobioworks.com/) .\n\n**About Cronos Group:  \n** Cronos Group is a globally diversified and vertically integrated cannabis\ncompany with a presence across four continents. Cronos Group operates two\nwholly-owned Canadian licensed producers regulated under Health Canada's\nAccess to Cannabis for Medical Purposes Regulations: Peace Naturals Project\nInc., which was the first non-incumbent medical cannabis license granted by\nHealth Canada, and Original BC Ltd., which is based in the Okanagan Valley,\nBritish Columbia  . Cronos Group has multiple international production and\ndistribution platforms across five continents. Cronos Group intends to\ncontinue to rapidly expand its global footprint as it focuses on building an\ninternational iconic brand portfolio and develop disruptive intellectual\nproperty. Cronos Group is committed to building industry leading companies\nthat transform the perception of cannabis and responsibly elevate the consumer\nexperience.\n\n**Forward-looking statements  \n** This news release contains \"forward-looking information\" and \"forward-\nlooking statements\" within the meaning of applicable Canadian and U.S.\nsecurities laws. All information contained herein that is not clearly\nhistorical in nature may constitute forward-looking information. In some\ncases, forward-looking statements can be identified by words or phrases such\nas \"may\", \"will\", \"expect\", \"plan\", \"anticipate\", \"intend\", \"potential\",\n\"estimate\", \"believe\" or the negative of these terms, or other similar\nexpressions intended to identify forward-looking statements. Some of the\nforward-looking statements contained in this press release include Cronos\nGroup's expectations regarding the potential success of, and the costs and\nbenefits associated with, its partnership with Ginkgo, expectations about the\ndevelopment of the cannabis industry and potential demand for cultured\ncannabinoids, expectations of the regulatory framework for cultured\ncannabinoids as well as the Cronos Group's intention to continue to rapidly\nexpand its global footprint, build an international iconic brand portfolio and\ndevelop disruptive intellectual property. Forward-looking statements are\nnecessarily based upon a number of estimates and assumptions that, while\nconsidered reasonable by management, are inherently subject to significant\nbusiness, economic and competitive risks, uncertainties and contingencies that\nmay cause actual financial results, performance or achievements to be\nmaterially different from the estimated future results, performance or\nachievements expressed or implied by those forward-looking statements and the\nforward-looking statements are not guarantees of future performance. A\ndiscussion of some of the material risks applicable to Cronos Group can be\nfound in its current MD&A and Annual Information Form, both of which have been\nfiled on SEDAR and can be accessed at [ www.sedar.com ](http://www.sedar.com/)\n. The forward-looking information included in this news release is made as of\nthe date of this news release and, except as required by law, Cronos Group\ndisclaims any obligation to update or revise any forward-looking statements.\nReaders are cautioned not to put undue reliance on these forward-looking\nstatements.\n\nSOURCE Cronos Group Inc.\n\n####  Related Links\n\n[ thecronosgroup.com ](http://thecronosgroup.com \"Link to\nhttp://thecronosgroup.com\")  \n\n##  WANT YOUR COMPANY'S NEWS  FEATURED ON PRNEWSWIRE.COM?\n\n440k+  \nNewsrooms &  \nInfluencers\n\n9k+  \nDigital Media  \nOutlets\n\n270k+  \nJournalists  \nOpted In\n\n[ GET STARTED ](https://www.prnewswire.com/account/online-membership-\nform/?site_refer=press-release-widget)\n\n###  Modal title\n\n##  Contact PR Newswire\n\n  * [ Call PR Newswire at 888-776-0942 ](tel:Call%20PR%20Newswire%20at%20888-776-0942) from 8 AM - 9 PM ET \n\n  * [ Chat with an Expert ](javascript://Chat)\n\n  * [ General Inquiries ](/contact-us/general-inquiries/ \"General Inquiries\")\n  * [ Editorial Bureaus ](/contact-us/editorial-bureaus/ \"Editorial Bureaus\")\n  * [ Partnerships ](/contact-us/partnerships/ \"Partnerships\")\n  * [ Media Inquiries ](/contact-us/media-inquiries/ \"Media Inquiries\")\n  * [ Worldwide Offices ](/contact-us/worldwide-offices/ \"Worldwide Offices\")\n\n[ ](https://twitter.com/PRNewswire \"Twitter\") [ ](https://www.facebook.com/PR-\nNewswire-26247320522/ \"Facebook\") [ ](https://www.linkedin.com/company/pr-\nnewswire/ \"LinkedIn\")\n\n##  Products\n\n  * [ For Marketers ](/products/marketing/ \"For Marketers\")\n  * [ For Public Relations ](/products/public-relations/ \"For Public Relations\")\n  * [ For IR & Compliance ](/products/ir-compliance/ \"For IR & Compliance\")\n  * [ For Agency ](/products/agency/ \"For Agency\")\n  * [ For Small Business ](https://www.smallbusinesspr.com/request_information \"For Small Business\")\n  * [ All Products ](/products/all-products/ \"All Products\")\n\n##  About\n\n  * [ About PR Newswire ](/about-pr-newswire/ \"About PR Newswire\")\n  * [ About Cision ](https://www.cision.com/us/?utm_medium=website&utm_source=prnewswire&utm_content=cishomepage&utm_campaign=prnewswire \"About Cision\")\n  * [ Become a Publishing Partner ](/contact-us/prnewswire-partners/ \"Become a Publishing Partner\")\n  * [ Become a Channel Partner ](/contact-us/become-a-partner/ \"Become a Channel Partner\")\n  * [ Careers ](https://www.cision.com/careers/ \"Careers\")\n  * [ Accessibility Statement ](https://www.cision.com/about/accessibility/ \"Accessibility Statement\")\n\n  * [ Asia ](https://www.prnasia.com/ \"Asia\")\n  * [ APAC ](https://www.prnewswire.com/apac/ \"APAC\")\n  * [ APAC - 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                "url": "https://www.prnewswire.com/news-releases/cronos-group-and-ginkgo-bioworks-announce-a-landmark-partnership-to-produce-cultured-cannabinoids-300706085.html"
            },
            "reason": "This is a press release from PR Newswire announcing a partnership between Cronos Group and Ginkgo Bioworks. Press releases are generally reliable for factual information about company announcements.",
            "reliability_score": 0.9,
            "search_query": "company 'The Cronos Group' energy efficiency",
            "summary": "PR Newswire releases information about Cronos Group and Ginkgo Bioworks partnership.",
            "url": "https://www.prnewswire.com/news-releases/cronos-group-and-ginkgo-bioworks-announce-a-landmark-partnership-to-produce-cultured-cannabinoids-300706085.html"
        },
        {
            "content": {
                "metadata": {
                    "ext_id": "84f697fe-1f4d-44e1-b7ef-d6a4aedc7c3b",
                    "origin": "public",
                    "resource_location": "web",
                    "resource_type": "webpage",
                    "source": "https://partner.microsoft.com/en-bd/case-studies/cronos"
                },
                "page_content": "\n\n",
                "url": "https://partner.microsoft.com/en-bd/case-studies/cronos"
            },
            "reason": "This is a case study on Microsoft's website about Cronos Group's use of Microsoft technologies. Case studies on official company websites are generally reliable for information about their products and services.",
            "reliability_score": 0.9,
            "search_query": "company 'The Cronos Group' energy efficiency",
            "summary": "Microsoft publishes a case study on Cronos Group's use of Microsoft technologies.",
            "url": "https://partner.microsoft.com/en-bd/case-studies/cronos"
        },
        {
            "content": {
                "metadata": {
                    "ext_id": "e5a79e6f-949f-4e3d-a0ac-9dc0a8b8f8ed",
                    "origin": "public",
                    "resource_location": "web",
                    "resource_type": "webpage",
                    "source": "https://www.investopedia.com/is-cronos-reaching-a-tipping-point-4584969"
                },
                "page_content": "  * [ Markets News  ](https://www.investopedia.com/markets-news-4427704)\n  * [ Trading News  ](https://www.investopedia.com/trading-news-4689736)\n\nCronos Group Inc. ( [ CRON\n](https://www.investopedia.com/markets/quote?tvwidgetsymbol=cron) ) stock\nmoved sharply higher on Tuesday morning before giving up ground by late\nmorning. The stock has been in play since Piper Jaffray increased its [ price\ntarget ](https://www.investopedia.com/terms/p/pricetarget.asp) for Canopy\nGrowth Corp. ( [ CGC\n](https://www.investopedia.com/markets/quote?tvwidgetsymbol=cgc) ) \u2013 the\nlargest cannabis company in the space \u2013 from $40.00 to $60.00, citing the\ncompany\u2019s New York hemp license approval. The increase marked a 36% premium to\nthe then-current price of Canopy Growth, as well as a significant vote of\nconfidence in the industry.\n\nIn recent months, the cannabis industry has experienced a number of regulatory\nwins. Attorney General nominee William Barr appears less opposed to cannabis\nlegalization than his predecessor, saying that he would not \"go after\"\nmarijuana companies in states where the drug is legal. The U.S. Farm Bill also\nlegalized the production of hemp on a federal level and removed hemp-derived\nproducts from Schedule I status under the Controlled Substances Act.\n\nStockCharts.com\n\nFrom a technical standpoint, the stock broke out from an [ ascending triangle\n](https://www.investopedia.com/terms/a/ascendingtriangle.asp) at $14.00 and R2\n[ resistance ](https://www.investopedia.com/terms/r/resistance.asp) at $16.39\nearlier this month. The ascending triangle price target is roughly $21.50, and\nthe [ moving average convergence divergence\n](https://www.investopedia.com/terms/m/macd.asp) (MACD) remains in an uptrend,\nbut the [ relative strength index\n](https://www.investopedia.com/terms/r/rsi.asp) (RSI) has moved well into\noverbought territory at 84. These indicators suggest that the stock could see\nsome near-term [ consolidation\n](https://www.investopedia.com/terms/c/consolidation.asp) before a potential\nmove higher.\n\nTraders should watch for some consolidation above R2 support at $16.39 over\nthe coming sessions. If the stock continues to move higher, traders could\nwatch for a move toward the ascending triangle price target at about $21.50.\nIf the stock breaks down from R2 [ support\n](https://www.investopedia.com/terms/s/support.asp) , trendline support at\n$14.00 and R1 support at $13.39 provide strong price support. Traders should\nalso keep an eye on evolving news within the cannabis industry, which is a key\ndriver of price action.\n\n_The author holds no position in the stock(s) mentioned except through\npassively managed index funds._\n\nDo you have a news tip for Investopedia reporters? Please email us at\n\n[ tips@investopedia.com  ](mailto:tips@investopedia.com)\n\nTake the Next Step to Invest\n\n\u00d7\n\nThe offers that appear in this table are from partnerships from which\nInvestopedia receives compensation. This compensation may impact how and where\nlistings appear. Investopedia does not include all offers available in the\nmarketplace.\n\nPartner Links\n\n##  Related Articles\n\n[ Here\u2019s What Experts Say You Can Do To Weather the Stock Market\u2019s Tariff\nTantrum  ](https://www.investopedia.com/what-experts-say-you-can-do-to-\nweather-stock-market-tariff-tantrum-11709494) [ Markets News, April 4, 2025:\nDow Drops 2,200 Points, S&P Plunges 6%, Nasdaq Enters Bear Market as Tariff\nTurmoil Rocks Stock Market  ](https://www.investopedia.com/dow-jones-\ntoday-04042025-11709025) [ Goldman Sachs Cuts GDP Estimate, Raises Risk of\nRecession Amid Tariff Rout  ](https://www.investopedia.com/goldman-sachs-cuts-\ngdp-estimate-raises-risk-of-recession-amid-tariff-rout-11710074) [ Markets\nNews, April 2, 2025: Stocks Plunge in Extended Trading After Rising Ahead of\nTrump Tariff Announcement  ](https://www.investopedia.com/dow-jones-\ntoday-04022025-11707447) [ Markets News, April 3, 2025: Trump Tariffs Spark\nWorst Day for Major Stock Indexes Since 2020; Dow Loses Almost 1,700 Points,\nS&P Drops Nearly 5%  ](https://www.investopedia.com/dow-jones-\ntoday-04032025-11708250) [ S&P 500 Gains and Losses Today: International Paper\nStock Pops on Upbeat Growth Outlook\n](https://www.investopedia.com/s-and-p-500-gains-and-losses-today-11702846) [\nStocks Just Had One of Their Worst Weeks of This Century\u2014Here Are the Grim\nDetails  ](https://www.investopedia.com/stocks-just-had-one-of-their-worst-\nweeks-of-this-century-update-11709694) [ Watch These Nike Price Levels as\nStock Plunges to 7-Year Low on Tariff Worries\n](https://www.investopedia.com/watch-these-nike-price-levels-as-stock-plunges-\nto-7-year-low-on-tariff-worries-11708969)\n\n[ Trump Media Stock Surges on Plan to Work With Crypto.com to Offer ETFs\n](https://www.investopedia.com/trump-media-and-technology-stock-surges-on-\nplan-to-work-with-crypto-dot-com-to-offer-etfs-11702819) [ What To Expect in\nthe Markets This Week  ](https://www.investopedia.com/what-to-expect-in-the-\nmarkets-this-week-update-trump-tariffs-dow-11708734) [ Here's How Many\nAmericans Own Stocks  ](https://www.investopedia.com/here-is-how-many-\namericans-own-stocks-tariffs-trump-markets-11710175) [ Global Stocks Sink,\nDeepening Rout  ](https://www.investopedia.com/global-stocks-sink-deepening-\nrout-on-trump-tariffs-11710061) [ Trump Tariffs Put Another Stock Index on\nTrack to Enter a Correction  ](https://www.investopedia.com/trump-tariffs-put-\nanother-stock-index-on-track-to-enter-a-correction-11708467) [ Coca-Cola,\nGeneral Mills Lift Staples Stocks as Trump Tariffs Weigh on Markets\n](https://www.investopedia.com/coca-cola-general-mills-lift-staples-stocks-as-\ntrump-tariffs-weigh-on-markets-11708296) [ DuPont Stock Tumbles as Chinese\nRegulator Announces Anti-Monopoly Probe\n](https://www.investopedia.com/dupont-stock-tumbles-as-chinese-regulator-\nannounces-anti-monopoly-probe-11709238) [ Why Tesla's Biggest Bull Just\nSlashed the EV Maker's Price Target  ](https://www.investopedia.com/why-tesla-\nbiggest-bull-just-slashed-the-ev-maker-price-target-11710120)\n\n[ ](/)\n\n  * [ ](https://www.facebook.com/Investopedia/)\n  * [ ](https://www.instagram.com/investopedia/?hl=en)\n  * [ ](https://www.linkedin.com/company/investopedia-ulc)\n  * [ ](/investopedia-newsletter-opt-in-7095821)\n\n[ ](//privacy.truste.com/privacy-\nseal/validation?rid=f8e1238d-6371-460f-8ea0-1b8cad9e9c4b)\n\n  * [ About Us ](/about-us-5093223)\n  * [ Terms of Service ](https://www.dotdashmeredith.com/brands-termsofservice)\n  * [ Dictionary ](/financial-term-dictionary-4769738)\n  * [ Editorial Policy ](/legal-4768893#toc-editorial-policy)\n  * [ Advertise ](https://www.dotdashmeredith.com/advertising)\n  * [ News ](/news-4427706)\n  * [ Privacy Policy ](https://www.dotdashmeredith.com/brands-privacy)\n  * [ Contact Us ](https://support.investopedia.com/contactus)\n  * [ Careers ](https://www.dotdashmeredith.com/careers)\n  * \n\n  * [ # 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                "url": "https://www.investopedia.com/is-cronos-reaching-a-tipping-point-4584969"
            },
            "reason": "This article from Investopedia analyzes Cronos Group's potential tipping point. Investopedia is a reputable source for financial information and analysis.",
            "reliability_score": 0.8,
            "search_query": "company 'The Cronos Group' energy efficiency",
            "summary": "Investopedia analyzes Cronos Group's potential tipping point.",
            "url": "https://www.investopedia.com/is-cronos-reaching-a-tipping-point-4584969"
        },
        {
            "content": {
                "metadata": {
                    "ext_id": "d7320b7e-2e6e-43d4-840e-cfba7253aa8b",
                    "origin": "public",
                    "resource_location": "web",
                    "resource_type": "webpage",
                    "source": "https://www.greenstocknews.com/news/nasdaq/cron/cronos-brand-spinach-celebrates-summer-with-new-launches"
                },
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Transport ](/sustainable-transport)\n    * [ Electric Vehicles ](/sustainable-transport/electric-vehicles)\n    * [ EV Technology ](/sustainable-transport/ev-technology)\n    * [ EV Charging ](/sustainable-transport/ev-charging)\n    * [ Space Race ](/sustainable-transport/space)\n    * [ eVTOL ](/sustainable-transport/evtol)\n    * [ Alternative Transport ](/sustainable-transport/alternative-transport)\n    * [ Autonomous Driving ](/sustainable-transport/autonomous-driving)\n    * [ Last Mile Delivery ](/sustainable-transport/last-mile)\n  * [ Clean Energy News ]()\n    * [ All Clean Energy ](/clean-energy)\n    * [ Energy Storage ](/clean-energy/energy-storage)\n    * [ Solar Power ](/clean-energy/solar-power)\n    * [ Fuel Cells ](/clean-energy/fuel-cells)\n    * [ Green Hydrogen ](/clean-energy/green-hydrogen)\n    * [ Carbon Reduction ](/clean-energy/carbon-reduction)\n    * [ Battery Metals ](/clean-energy/battery-metals)\n    * [ Nuclear Energy ](/clean-energy/nuclear-energy)\n    * [ Critical Elements ](/clean-energy/critical-elements)\n    * [ Alternative Energy ](/clean-energy/alternative-energy)\n  * [ Cleantech News ]()\n    * [ All Cleantech ](/cleantech)\n    * [ Environmental Solutions ](/cleantech/environmental-solutions)\n    * [ Artificial Intelligence ](/cleantech/artificial-intelligence)\n    * [ 3D Printing ](/cleantech/3d-printing)\n    * [ Plant-Based ](/cleantech/plant-based)\n    * [ Smart Grid ](/cleantech/smart-grid)\n    * [ Blockchain ](/cleantech/blockchain)\n    * [ Agriculture ](/cleantech/agriculture)\n  * [ Cannabis News ]()\n    * [ All Cannabis ](/cannabis)\n    * [ Consumer Brands ](/cannabis/consumer-brands)\n    * [ Cultivation ](/cannabis/cultivation)\n    * [ Medicinal ](/cannabis/medicinal)\n    * [ CBD ](/cannabis/cbd)\n    * [ AgTech ](/cannabis/agtech)\n  * [ Green Stock Newswire ](/green-stock-newswire)\n  * [ Heat Map ](/heat-map)\n  * [ Market Data ](/market-data)\n  * [ Watch List ](/register)\n  * [ Newsletter ](/newsletter)\n\n# [ Clean  Energy  ](https://greenstocknews.com/clean-energy)\n\n  * [ Energy Storage ](/clean-energy/energy-storage \"Energy Storage\")\n  * [ Solar Power ](/clean-energy/solar-power \"Solar Power\")\n  * [ Fuel Cells ](/clean-energy/fuel-cells \"Fuel Cells\")\n  * [ Carbon Reduction ](/clean-energy/carbon-reduction \"Carbon Capture and Carbon Credits\")\n  * [ Green Hydrogen ](/clean-energy/green-hydrogen \"Green Hydrogen\")\n  * [ Battery Metals ](/clean-energy/battery-metals \"Battery Metals\")\n  * [ Nuclear Energy ](/clean-energy/nuclear-energy \"Nuclear Energy\")\n\n[ ](https://www.devvstream.com/) [ DevvStream  ](https://www.devvstream.com/)\nprovides upfront capital for sustainability projects in exchange for carbon\ncredit rights. Through these rights, the company generates and manages carbon\ncredits by utilizing the most technologically advanced, blockchain based\nplatform. DevvStream invest in green projects that generate renewable energy,\neliminate or reduce emissions, or sequester carbon...\n\n[ CLICK TO LEARN MORE ](https://www.devvstream.com/)\n\n* [ CleanTech ](/cleantech)\n\n#  Featured News\n\n[ ](/news/otcmkts/rooof/northstar-awarded-second-canadian-patent-for-asphalt-\nshingle-reprocessing-technology)\n\n###  [ Northstar Clean Technologies Awarded Second Canadian Patent for...\n](/news/otcmkts/rooof/northstar-awarded-second-canadian-patent-for-asphalt-\nshingle-reprocessing-technology)\n\n  * [ Enviro Solutions ](/cleantech/environmental-solutions)\n\n[ OTCMKTS: ROOOF ](/market-data/stock-quote/northstar-clean-technologies)\n\n# [ Clean  Tech  ](https://greenstocknews.com/cleantech)\n\n  * [ Environmental Solutions ](/cleantech/environmental-solutions \"Environmental Services\")\n  * [ Artificial Intelligence ](/cleantech/artificial-intelligence \"Artificial Intelligence\")\n  * [ Quantum Computing ](/cleantech/quantum-computing \"Quantum Computing\")\n  * [ 3D Printing ](/cleantech/3d-printing \"3D Printing\")\n  * [ Smart Grid ](/cleantech/smart-grid \"Smart Grid\")\n  * [ Plant-Based ](/cleantech/plant-based \"Plant-Based Foods\")\n  * [ Blockchain ](/cleantech/blockchain \"Blockchain\")\n\n[ ](https://light.ai/) [ Light AI  ](https://light.ai/) is developing an AI-\npowered, smartphone-based platform, using smartphone images to identify\ndisease in seconds. Its patented, app-based solution requires no swabs, lab\ntests, or proprietary hardware, leveraging the 4.5 billion smartphones\nworldwide. In pre-FDA validation studies, Light AI achieved 97% accuracy and\n100% Negative Predictive Value...\n\n[ CLICK TO LEARN MORE ](https://light.ai/)\n\n* [ Transport ](/sustainable-transport)\n\n#  Featured News\n\n[ ](/news/otcmkts/hlrtf/global-tier-1-automotive-supplier-engages-hillcrest-\nin-zvs-technology-evaluation)\n\n###  [ Global Tier 1 Automotive Supplier Engages Hillcrest Energy...\n](/news/otcmkts/hlrtf/global-tier-1-automotive-supplier-engages-hillcrest-in-\nzvs-technology-evaluation)\n\n  * [ EV Technology ](/sustainable-transport/ev-technology)\n\n[ OTCMKTS: HLRTF ](/market-data/stock-quote/hillcrest-energy-technologies)\n\n# [ Sustainable  Transport  ](https://greenstocknews.com/sustainable-\ntransport)\n\n  * [ Electric Vehicles ](/sustainable-transport/electric-vehicles \"Electric Vehicles\")\n  * [ EV Technology ](/sustainable-transport/ev-technology \"EV Technology\")\n  * [ EV Charging ](/sustainable-transport/ev-charging \"EV Charging\")\n  * [ Space Race ](/sustainable-transport/space \"Space Race\")\n  * [ eVTOL ](/sustainable-transport/evtol \"eVTOL\")\n  * [ Autonomous Driving ](/sustainable-transport/autonomous-driving \"Autonomous Driving\")\n  * [ Last Mile Delivery ](/sustainable-transport/last-mile \"Last Mile Delivery\")\n\n[ ](https://greenpowermotor.com/) [ GreenPower Motor\n](https://greenpowermotor.com/) designs, builds and distributes a full suite\nof high-floor and low-floor all-electric medium and heavy-duty vehicles,\nincluding transit buses, school buses, shuttles, cargo van, and a cab and\nchassis. GreenPower employs a clean-sheet design to manufacture all-electric\nvehicles that are purpose built to be battery powered with zero emissions...\n\n[ CLICK TO LEARN MORE ](https://greenpowermotor.com/)\n\n* [ Cannabis ](/cannabis)\n\n  * [ Green Deals ](/green-deals \"Pre-IPO Green Deals\")\n  * [ Watch List ](/register)\n\n[ ](https://www.gwav.com/)\n\n[ ](https://www.devvstream.com/)\n\n#  Plug Into More  Green  Stock News\n\n####  Tap into the pulse of emerging green sectors every morning. Top daily\nheadlines from clean energy, cleantech, cannabis, and sustainable transport\nstocks:\n\nPlease review our [ Disclaimer  ](/disclaimer) and [ Privacy Policy\n](/privacy-policy) before subscribing. One-click unsubscribe at any time.\n\n##  Cronos Group Brand Spinach Celebrates Summer with New Launches\n\n[ Follow ](/register)\n\n[ NASDAQ: CRON ](/market-data/stock-quote/cronos-group)\n\n[ Cannabis ](/cannabis)\n\n[ Consumer Brands ](/cannabis/consumer-brands)\n\n[ VISIT WEBSITE ](https://thecronosgroup.com/)\n\nTORONTO, June 27, 2024 (GLOBE NEWSWIRE) -- **Cronos Group Inc.\u2019s** (NASDAQ:\nCRON) (TSX: CRON) (\u201cCronos\u201d or the \u201cCompany\u201d) Spinach  \u00ae  brand is expanding\nits portfolio of award-winning and best-selling cannabis products just in time\nfor the summer months. Summer innovations feature new flavors and formats from\nCronos\u2019 SOURZ by Spinach  \u00ae  edibles and a premier milled flower product.\n\nThe new SOURZ by Spinach  \u00ae  Fully Blasted gummies offer the same great-\ntasting SOURZ by Spinach  \u00ae  flavors, now with 10 mg of THC per piece. The\nSOURZ by Spinach  \u00ae  Tropical Party Pack introduces new gummies with bolder\ntropical flavors, in the distinctive Spinach  \u00ae  \u201cS\u201d shape. These gummies have\na perfect blend of sour and sweet and utilize Cronos' proprietary flavor-\nmasking technology.\n\n**SOURZ by Spinach \u00ae  Fully Blasted ** includes one 10 mg THC gummy per\npackage in the following flavors:\n\n  * Pink Lemonade \n    * Sweet and refreshing flavors of raspberry and lemonade \n  * Blue Raspberry Watermelon \n    * Electric blue raspberry and refreshing watermelon \n  * Cherry Lime \n    * Delightful cherry and tangy lime \n\n**SOURZ by Spinach \u00ae  Tropical Party Pack ** :\n\n  * 1 mg THC per gummy, 10 mg THC per pack \n  * Featuring three new dual-flavors: Peach Passionfruit, Pineapple Coconut, and Strawberry Guava \n\nAdditionally, the Spinach  \u00ae  brand will introduce Spinach Grindz\u2122, milled\nflower options designed to be ready to use for joints or vaporizers. Ready-to-\nuse milled flower offerings have grown in popularity in the Canadian cannabis\nmarket, appealing to value-conscious consumers seeking convenience. Spinach\nGrindz\u2122 caters to this growing demand by providing high-quality, milled\ncannabis that saves time and effort, allowing consumers to enjoy a consistent\nand hassle-free cannabis experience.\n\n**Spinach Grindz\u2122** are now available in the following strains:\n\n  * Citrus Crush \n    * Milled flower with citrus, sour, and earthy notes \n  * Cookie Dough \n    * Milled flower with sweet, nutty, and creamy notes \n\n_\u201cWe are thrilled to introduce these exciting new products under our Spinach \u00ae\nbrand just in time for summer,\u201d said Mike Gorenstein, Chairman, President, and\nCEO of Cronos Group. \u201cOur goal is to continually innovate and provide our\nadult consumers with high-quality, enjoyable cannabis experiences. With these\nnew products from our best-selling Spinach  \u00ae  brand featuring vibrant new\nflavors and sought-after strains, we believe there\u2019s something for everyone\nthis summer season.\u201d _\n\nFor more information and regional availability, visit [\nhttps://spinachcannabis.com/ ](https://spinachcannabis.com/) .\n\n**About Cronos Group Inc.**  \nCronos is an innovative global cannabinoid company committed to building\ndisruptive intellectual property by advancing cannabis research, technology\nand product development. With a passion to responsibly elevate the consumer\nexperience, Cronos is building an iconic brand portfolio. Cronos\u2019 diverse\ninternational brand portfolio includes Spinach  \u00ae  , PEACE NATURALS  \u00ae  and\nLord Jones  \u00ae  . For more information about Cronos and its brands, please\nvisit: thecronosgroup.com.\n\n**Forward-looking Statements**\n\n_This press release may contain information that may constitute \u201cforward-\nlooking information\u201d or \u201cforward-looking statements\u201d within the meaning of\napplicable Canadian and U.S. securities laws and court decisions\n(collectively, \u201cForward-looking Statements\u201d). All information contained herein\nthat is not clearly historical in nature may constitute Forward-looking\nStatements. In some cases, Forward-looking Statements can be identified by the\nuse of forward-looking terminology such as \u201cmay\u201d, \u201cwill\u201d, \u201cexpect\u201d, \u201cplan\u201d,\n\u201canticipate\u201d, \u201cintend\u201d, \u201cpotential\u201d, \u201cestimate\u201d, \u201cbelieve\u201d or the negative of\nthese terms, or other similar expressions intended to identify Forward-looking\nStatements. Some of the Forward-looking Statements contained in this press\nrelease include statements about anticipated product launches, the timing of\nsuch launches and the availability of such products; consumer reception with\nrespect to new product launches; the consumer experience with respect to new\nproduct launches; continual product innovation; and Cronos\u2019 intention to build\nan international iconic brand portfolio and develop disruptive intellectual\nproperty by advancing cannabis research, technology and product development.\nForward-looking Statements are necessarily based upon a number of estimates\nand assumptions that, while considered reasonable by management, are\ninherently subject to significant business, economic and competitive risks.\nFinancial results, performance or achievements expressed or implied by those\nForward-looking Statements and the Forward-looking Statements are not\nguarantees of future performance. A discussion of some of the material risks\napplicable to the Company can be found in the Company\u2019s Annual Report on Form\n10-K for the year ended December 31, 2023 and Quarterly Report on Form 10-Q\nfor the quarter ended March 31, 2024, each of which has been filed on SEDAR+\nand EDGAR and can be accessed at www.sedarplus.ca and www.sec.gov/edgar,\nrespectively. Any Forward-looking Statement included in this press release is\nmade as of the date of this press release and, except as required by law,\nCronos disclaims any obligation to update or revise any Forward-looking\nStatement. Readers are cautioned not to put undue reliance on any Forward-\nlooking Statement._\n\n**For further information, please contact:**\n\n**Investor Relations Contact:**  \nShayne Laidlaw  \nInvestor Relations  \nTel: (416) 504-0004  \n[ This email address is being protected from spambots. You need JavaScript\nenabled to view it.  ](https://thecronosgroup.com/)\n\n**Media Relations Contact:**  \nEmily Whalen  \nCommunications  \nTel: (416) 504-0004  \n[ This email address is being protected from spambots. You need JavaScript\nenabled to view it.  ](https://thecronosgroup.com/)\n\n  \n\n#  Plug Into More  Green  Stock News\n\n####  Tap into the pulse of emerging green sectors every morning. Top daily\nheadlines from clean energy, cleantech, cannabis, and sustainable transport\nstocks:\n\nPlease review our [ Disclaimer  ](/disclaimer) and [ Privacy Policy\n](/privacy-policy) before subscribing. One-click unsubscribe at any time.\n\n#  More  Green  Stock News\n\n[ ](/news/nasdaq/devs/devvstream-to-purchase-1-2-million-carbon-credits-for-\nconservation-of-200-000-hectares-of-amazon-territory)\n\n###  [ DevvStream to Purchase 1.2 Million Carbon Credits for Conservation of\n200,000 Hectares of Amazon Territory ](/news/nasdaq/devs/devvstream-to-\npurchase-1-2-million-carbon-credits-for-conservation-of-200-000-hectares-of-\namazon-territory)\n\n  * [ Carbon Reduction ](/clean-energy/carbon-reduction)\n\n[ NASDAQ: DEVS ](/market-data/stock-quote/devvstream)\n\n* * *\n\n[ ](/news/otcmkts/rooof/northstar-commences-empower-calgary-facility-\nconstruction-video-series-episode-1-concrete-and-equipment)\n\n###  [ Northstar Clean Technologies Commences Empower Calgary Facility\nConstruction Video Series: Episode #1 Concrete and Equipment\n](/news/otcmkts/rooof/northstar-commences-empower-calgary-facility-\nconstruction-video-series-episode-1-concrete-and-equipment)\n\n  * [ Enviro Solutions ](/cleantech/environmental-solutions)\n\n[ OTCMKTS: ROOOF ](/market-data/stock-quote/northstar-clean-technologies)\n\n* * *\n\n[ ](/news/otcmkts/babyf/else-nutrition-reports-2024-third-quarter-financial-\nresults-and-provides-business-update)\n\n###  [ Else Nutrition Reports 2024 Third Quarter Financial Results and\nProvides Business Update ](/news/otcmkts/babyf/else-nutrition-\nreports-2024-third-quarter-financial-results-and-provides-business-update)\n\n  * [ Plant-Based ](/cleantech/plant-based)\n\n[ OTCMKTS: BABYF ](/market-data/stock-quote/else-nutrition)\n\n* * *\n\n[ ](/news/nyse/srfm/surf-air-mobility-secures-50-million-financing-to-fund-\ntransformation-plan-and-path-to-profitability)\n\n###  [ Surf Air Mobility Secures $50 Million Financing to Fund Transformation\nPlan and Path to Profitability ](/news/nyse/srfm/surf-air-mobility-\nsecures-50-million-financing-to-fund-transformation-plan-and-path-to-\nprofitability)\n\n  * [ eVTOL ](/sustainable-transport/evtol)\n\n[ NYSE: SRFM ](/market-data/stock-quote/surf-air-mobility)\n\n* * *\n\n[ ](/news/otcmkts/rooof/northstar-secures-15-year-lease-extension-for-delta-\nbc-facility)\n\n###  [ Northstar Clean Technologies Secures 15-Year Lease Extension for Delta,\nBC Facility ](/news/otcmkts/rooof/northstar-secures-15-year-lease-extension-\nfor-delta-bc-facility)\n\n  * [ Enviro Solutions ](/cleantech/environmental-solutions)\n\n[ OTCMKTS: ROOOF ](/market-data/stock-quote/northstar-clean-technologies)\n\n* * *\n\n[ ](/news/nasdaq/gwav/greenwave-ceo-danny-meeks-to-be-interviewed-on-good-\nmorning-america-to-discuss-tariffs-on-steel-and-aluminum-imports-today)\n\n###  [ Greenwave Technology Solutions CEO Danny Meeks to be Interviewed on\nGood Morning America to Discuss Tariffs on Steel and Aluminum Imports Today\n](/news/nasdaq/gwav/greenwave-ceo-danny-meeks-to-be-interviewed-on-good-\nmorning-america-to-discuss-tariffs-on-steel-and-aluminum-imports-today)\n\n  * [ Enviro 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Product...\n](/news/neo/algo/light-ai-appoints-renowned-silicon-valley-leader-anthony-\nschaller-as-president-chief-technology-officer-and-announces-consumer-product-\ncommercialization-in-q3-2025)\n\n  * [ Artificial Intelligence ](/cleantech/artificial-intelligence)\n\n[ CBOE: ALGO ](/market-data/stock-quote/light-ai)\n\n* * *\n\n####  [ Greenwave Technology Solutions Launches AI-Powered Expansion of Scrap\nApp ](/news/nasdaq/gwav/greenwave-technology-solutions-inc-launches-ai-\npowered-expansion-of-scrap-app)\n\n  * [ Artificial Intelligence ](/cleantech/artificial-intelligence)\n  * [ Enviro Solutions ](/cleantech/environmental-solutions)\n\n[ NASDAQ: GWAV ](/market-data/stock-quote/greenwave-technology-solutions)\n\n* * *\n\n####  [ Graphite One Announces Updated Graphite Creek Resource and Reserve\nEstimates, Tripling Proven and Probable Reserves\n](/news/otcmkts/gphof/graphite-one-announces-updated-graphite-creek-resource-\nand-reserve-estimates-tripling-proven-and-probable-reserves)\n\n  * [ Battery Metals ](/clean-energy/battery-metals)\n  * [ Graphite ](/clean-energy/battery-metals/graphite)\n\n[ OTCMKTS: GPHOF ](/market-data/stock-quote/graphite-one)\n\n* * *\n\n####  [ Northstar Clean Technologies Releases Empower Calgary Facility\nConstruction Video Series Episode #3: HSE and Major Equipment Installation\n](/news/otcmkts/rooof/northstar-releases-empower-calgary-facility-\nconstruction-video-series-episode-3-hse-and-major-equipment-installation)\n\n  * [ Enviro Solutions ](/cleantech/environmental-solutions)\n\n[ OTCMKTS: ROOOF ](/market-data/stock-quote/northstar-clean-technologies)\n\nLast Trade:  |  US$  1.65   \n---|---  \nDaily Change:  |  0.03  1.85   \nDaily Volume:  |  1,524,709   \nMarket Cap:  |  US$  630.790M   \nFebruary 27, 2025  [ Cronos Group Reports 2024 Fourth Quarter and Full-Year\nResults ](/news/nasdaq/cron/cronos-group-reports-2024-fourth-quarter-and-full-\nyear-results) November 12, 2024  [ Cronos Group Reports 2024 Third Quarter\nResults ](/news/nasdaq/cron/cronos-group-reports-2024-third-quarter-results)\nOctober 10, 2024  [ Cronos Group: Spinach Is the Number One Cannabis Brand in\nCanada ](/news/nasdaq/cron/spinach-is-the-number-one-cannabis-brand-in-canada)\nAugust 28, 2024  [ Cronos Group: Lord Jones Live Resin Vapes and Ice Water\nHash Pre-Rolls Now Available Across Canada ](/news/nasdaq/cron/lord-jones-\nlive-resin-vapes-and-ice-water-hash-pre-rolls-now-available-across-canada)\nAugust 08, 2024  [ Cronos Group Reports 2024 Second Quarter Results\n](/news/nasdaq/cron/cronos-group-reports-2024-second-quarter-results) [ LOAD\nMORE NEWS ](/market-data/stock-quote/cronos-group)  \n  \n[ ](https://www.graphiteoneinc.com/)\n\nResearch Tools\n\n  * [ Stock Screener ](/stock-screener)\n  * [ Green Stock Lists ](/green-stock-lists)\n  * [ Sector Heat Map ](/heat-map)\n 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                "url": "https://www.greenstocknews.com/news/nasdaq/cron/cronos-brand-spinach-celebrates-summer-with-new-launches"
            },
            "reason": "This article from Green Stock News discusses Cronos Group's brand Spinach and its new product launches. While Green Stock News focuses on cannabis stocks, the information appears factual and relevant to Cronos Group's product offerings.",
            "reliability_score": 0.7,
            "search_query": "company 'The Cronos Group' energy efficiency",
            "summary": "Green Stock News reports on Cronos Group's brand Spinach and its new product launches.",
            "url": "https://www.greenstocknews.com/news/nasdaq/cron/cronos-brand-spinach-celebrates-summer-with-new-launches"
        },
        {
            "content": {
                "metadata": {
                    "ext_id": "f913bc4f-fceb-4481-9187-6f165932536c",
                    "origin": "public",
                    "resource_location": "web",
                    "resource_type": "webpage",
                    "source": "https://investingnews.com/cronos-group-inc-to-hold-2024-fourth-quarter-and-full-year-earnings-conference-call-on-february-27-2025/"
                },
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( [ NASDAQ ](https://investingnews.com/nasdaq-composite-\nindex/) : CRON) ( [ TSX ](https://investingnews.com/sp-tsx-composite-index/) :\nCRON) (\"Cronos\" or the \"Company\") will hold its 2024 fourth-quarter and full-\nyear earnings conference call on Thursday, February 27, 2025 at 8:30 a.m. ET.\nCronos' senior management team will discuss the Company's financial results\nand will be available for questions from the investment community after\nprepared remarks.\n\nTo attend the conference call or webcast, participants should register online\nat [ https://ir.thecronosgroup.com/events-presentations\n](https://ir.thecronosgroup.com/events-presentations) . To avoid delays, we\nencourage participants to dial into the conference call fifteen minutes ahead\nof the scheduled start time. The webcast of the call will be archived for\nreplay on the Company's website.\n\n**About Cronos**\n\nCronos is an innovative global cannabinoid company committed to building\ndisruptive intellectual property by advancing cannabis research, technology\nand product development. With a passion to responsibly elevate the consumer\nexperience, Cronos is building an iconic brand portfolio. Cronos' diverse\ninternational brand portfolio includes Spinach  \u00ae  , PEACE NATURALS  \u00ae  and\nLord Jones  \u00ae  . For more information about Cronos and its brands, please\nvisit: [ thecronosgroup.com ](https://thecronosgroup.com/) .\n\n**Forward-looking Statements**\n\nThis press release may contain information that may constitute \"forward-\nlooking information\" or \"forward-looking statements\" within the meaning of\napplicable Canadian and U.S. securities laws and court decisions\n(collectively, \"Forward-looking Statements\"). All information contained herein\nthat is not clearly historical in nature may constitute Forward-looking\nStatements. In some cases, Forward-looking Statements can be identified by the\nuse of forward-looking terminology such as \"may\", \"will\", \"expect\", \"plan\",\n\"anticipate\", \"intend\", \"potential\", \"estimate\", \"believe\" or the negative of\nthese terms, or other similar expressions intended to identify Forward-looking\nStatements. Some of the Forward-looking Statements contained in this press\nrelease include statements about Cronos' intention to build an international\niconic brand portfolio and develop disruptive intellectual property. Forward-\nlooking Statements are necessarily based upon a number of estimates and\nassumptions that, while considered reasonable by management, are inherently\nsubject to significant business, economic and competitive risks, financial\nresults, results, performance or achievements expressed or implied by those\nForward-looking Statements and the Forward-looking Statements are not\nguarantees of future performance. A discussion of some of the material risks\napplicable to the Company can be found in the Company's Annual Report on Form\n10-K for the year ended December 31, 2023 and Quarterly Reports on Form 10-Q\nfor the quarters ended March 31, 2024, June 30, 2024, and September 30, 2024,\neach of which have been filed on SEDAR+ and EDGAR and can be accessed at\nwww.sedarplus.ca and www.sec.gov/edgar, respectively. Any Forward-looking\nStatement included in this press release is made as of the date of this press\nrelease and, except as required by law, Cronos disclaims any obligation to\nupdate or revise any Forward-looking Statement. Readers are cautioned not to\nput undue reliance on any Forward-looking Statement.\n\n**Cronos Contact**  \nAnna Shlimak  \nInvestor Relations  \nTel: (416) 504-0004  \n[ investor.relations@thecronosgroup.com\n](mailto:investor.relations@thecronosgroup.com)\n\n  \n\n[\n](https://www.globenewswire.com/NewsRoom/AttachmentNg/68e2d88b-b8e0-404a-995d-415a33773982)\n\nNews Provided by GlobeNewswire via QuoteMedia\n\n[ cron:ca ](https://investingnews.com/tag/cron-ca) [ cannabis investing\n](https://investingnews.com/tag/cannabis-investing) [ Cannabis Investing\n](https://investingnews.com/tag/cannabis-investing)\n\nCRON:CA,CRON\n\nThe Conversation (0)\n\n[ ](https://investingnews.com/asx-cannabis-stocks)\n\n[ Melissa Pistilli ](https://investingnews.com/author/melissa-pestilli/)\n\n25 March\n\n##  [ ASX Cannabis Stocks: 10 Biggest Companies\n](https://investingnews.com/asx-cannabis-stocks)\n\n**While Australia has yet to legalise all forms of cannabis, the country is a\ngrowing medical cannabis and hemp market, with many companies manufacturing,\nresearching and exporting the plant-based product.**\n\nMedical cannabis was [ federally legalised\n](https://www.cnn.com/2016/02/24/health/medical-marijuana-legal-australia-\nirpt/index.html) in 2016, and the [ export of cannabis\n](https://investingnews.com/australia-cannabis-exports/) from Australia was\nlegalised in 2018. As for recreational use, the only [ state to legalise\nrecreational use ](https://investingnews.com/guide-to-cannabis-in-australia)\nand possession so far is the Australian Capital Territory, which did so in\n2020, but it did not establish a regulated recreational cannabis market.\n\nThe country's medical cannabis market has been [ steadily expanding\n](https://investingnews.com/australia-cannabis-forecast/) in size and scope. A\nPenington Institute report [ shows ](https://www.penington.org.au/wp-\ncontent/uploads/2024/11/Penington-Institute-Cannabis-in-Australia-2024.pdf)\nthat Australians spent approximately AU$400 million on medicinal cannabis in\nthe first half of 2024, 72 percent higher than the AU$234 million they spent\nover the entirety of 2022.\n\nMoving forward, [ Grandview Research forecasted\n](https://www.grandviewresearch.com/industry-analysis/australia-medical-\ncannabis-market-report) a compound annual growth rate of 33.6 percent between\n2024 to 2030 for the country's medical cannabis market.\n\nAustralian cannabis companies listed on the [ ASX\n](https://investingnews.com/sp-asx-200-index/) are operating in this space,\ncreating goods such as medicines, flower and hemp products. Some ASX-listed\ncannabis companies are also producing recreational cannabis in other\ncountries.\n\nHere the Investing News Network profiles the 10 biggest cannabis stocks on the\nASX by market cap. Australian cannabis stocks are listed in order of market\ncap from largest to smallest, with data compiled using TradingView\u2019s [ stock\nscreener ](https://www.tradingview.com/screener/) on March 18, 2025.\n\n###  1\\. [ Botanix Pharmaceuticals (ASX:BOT)\n](https://investingnews.com/botanix-pharmaceuticals/)\n\n[ Company Profile ](https://investingnews.com/botanix-pharmaceuticals/)\n\n**Market cap:** AU$786.74 million  \n**Share price:** AU$0.41\n\nThe largest medical cannabis company on the ASX is Botanix Pharmaceuticals.\nBased in Perth, Western Australia, this biopharmaceutical firm specialises in\ncannabinoid-based dermatological therapies. According to the company, its\nexclusive Permetrex technology helps its products permeate the skin, and treat\nskin conditions from below the surface.\n\nThe company\u2019s lead product is Sofdra, which is targeted for the treatment of\naxillary hyperhidrosis, or excessive sweating. Sofdra was approved in Japan in\n2020 under the name Ecclock, and in June 2024 received US Food and Drug\nAdministration (FDA) [ approval ](https://cdn-api.markitdigital.com/apiman-\ngateway/ASX/asx-research/1.0/file/2924-02819259-6A1212299) as well.\n\nBotanix\u2019s product pipeline also includes several drug candidates harnessing\nthe anti-inflammatory and antimicrobial properties of synthetic cannabidiol to\ntreat moderate to severe acne, rosacea and atopic dermatitis. The company is\nalso developing an antimicrobial solution for treating staphylococcus aureus\ninfections.\n\n###  2\\. [ Vitura Health (ASX:VIT) ](https://investingnews.com/stocks/vit-\nau/vitura-health/)\n\n[ Company Profile ](https://investingnews.com/stocks/vit-au/vitura-health/)\n\n** Market cap:  ** AU$48.34 million  \n**Share price:** AU$0.073\n\n__ [ Formerly Cronos Australia\n](https://www.kapitales.com.au/articles/trending/cronos-australia-changes-\nname-to-vitura-health-limited) , Vitura Health is a digital health platform\nbusiness that connects patients, doctors, pharmacists and suppliers across its\ndigital health ecosystem. The company has built a significant foothold in\nAustralia\u2019s medical cannabis sector through a number of verticals and\nestablished brands.\n\nVitura Health subsidiary Burleigh Heads Cannabis distributes medical cannabis\nproducts via the Canview online platform. Canview allows patients to preview\nmedical cannabis offerings, and doctors and pharmacists can then prescribe and\ndistribute treatments.\n\nVitura Health operates CDA Clinics, a network of clinics staffed with\nhealthcare professionals offering consultation on plant-based medications\nincluding medical cannabis. In February 2025, the company [ acquired Candor\nMedical ](https://finance.yahoo.com/news/vitura-health-acquire-candor-\nmedical-013900899.html) , another Australian medical cannabis clinic business.\n\nIt also has a 75.5 percent position in Cannadoc, which offers nationwide\ntelehealth consultations with patients seeking access to medicinal cannabis.\n\n###  3\\. [ IDT Australia (ASX:IDT) ](https://investingnews.com/idt-australia-\nltd/)\n\n[ Company Profile ](https://investingnews.com/idt-australia-ltd/)\n\n**Market cap:** AU$41.35 million  \n**Share price:** AU$0.10\n\n__ Contract drug manufacturing company IDT Australia is licensed to make\nactive pharmaceutical ingredients and finished-dose forms of medicines and\ntreatments. Its license covers medicinal cannabis products for local and\ninternational markets.\n\nIn fact, IDT plays an important role in Australia\u2019s medical cannabis products\nsupply chain. Its [ specialised services ](https://en.idtaus.com.au/specialty-\norals/) include the manufacturing of solid oral and sterile liquid dosage\nforms of high-CBD and high-THC options, and resin extraction. The company\u2019s\nin-house analytical laboratory offers a range of testing and stability\nservices in line with the current good manufacturing practices (cGMP).\n\n\u201cLeveraging our extensive cGMP and specialty pharma experience, we have\ndeveloped exceptional medicinal cannabis products that surpass current\nregulatory expectations,\u201d [ the company\u2019s website states\n](https://en.idtaus.com.au/specialty-orals/psychedelics-medicinal-cannabis/) .\n\n###  4\\. [ Little Green Pharma (ASX:LGP)\n](https://investingnews.com/stocks/lgp-au/lgp-au/)\n\n[ Company Profile ](https://investingnews.com/stocks/lgp-au/lgp-au/)\n\n**Market cap:** AU$39.39 million  \n**Share price:** AU$0.13\n\nLittle Green Pharma is a medical cannabis company that places a strong\nemphasis on affordability for patients. The company was the \u201cfirst Australian\nproducer and exporter of cannabis medicines.\u201d The company sells branded and\nwhite label products that are available in orally ingestible oils as well as\nflower, and are grown and manufactured in Australia and Denmark.\n\nIts products are available in Australia, as well as European companies such as\nGermany, the UK and France. Little Green Pharma has plans to target other\nEuropean markets too.\n\nIn its fiscal Q3 2025 [ quarterly report\n](https://investlittlegreenpharma.com/site/pdf/045df8ac-a1f5-49dc-a6ac-\necfd9846fa63/December-2024_Quarterly-Activities-Report-and-Appendix-4C.pdf)\nreleased in December 2024, Little Green Pharma boasted a revenue of AU$9.5\nmillion, an increase of 75 percent over the same quarter in the previous\nperiod. For the first three quarters of its fiscal 2025, the company's revenue\ntotalled AU$27 million, surpassing its 2024 full-year revenue of AU$25.6\nmillion.\n\n###  5\\. [ Neurotech (ASX:NTI) ](https://investingnews.com/stocks/asx-\nnti/neurotech-fpo-nti/)\n\n[ Company Profile ](https://investingnews.com/stocks/asx-nti/neurotech-fpo-\nnti/)\n\n**Market cap:** AU$36.47 million  \n**Share price:** AU$0.038\n\nNeurotech International is bringing cannabis-based medicines through clinical\ntrials, with a focus on autism spectrum disorder (ASD). Its leading treatment\nis [ NTI164 ](https://neurotechinternational.com/biopharmaceutical-\ntrials/#nti164) , a cannabis-based medicine featuring a high amount of the\ncannabinoid CBDA, alongside other minor cannabinoids. It is being developed to\ntreat a range of neurological conditions in children.\n\n[ Phase I/II trials\n](https://www.investi.com.au/api/announcements/nti/c2330eb5-35c.pdf) of the\ndrug revealed that after eight weeks, children with ASD taking NTI164 showed\ndecreased levels of anxiety and depression, as reported in July 2024. This\nfollows an [ April 2024 report\n](https://www.investi.com.au/api/announcements/nti/3e87a498-65a.pdf) that the\nresults of the NTIASD2 trial \u201cmet the primary endpoint of severity of illness\nimprovement versus placebo, along with improvements in key secondary endpoints\nrelating to clinical improvement, adaptive behaviours and socialisation.\u201d\n\nNeurotech has also received an FDA orphan drug designation for NTI164 in the\ntreatment of [ Rett Syndrome\n](https://api.investi.com.au/api/announcements/nti/c8adc5a6-169.pdf) , a rare\ngenetic neurological and developmental disorder.\n\nNeurotech entered into a [ new development agreement\n](https://api.investi.com.au/api/announcements/nti/38c9d4a8-d66.pdf) with\nEuropean medical cannabis company RH Pharma in February 2025. The aim of the\nagreement is bring to market pharmaceutical-grade broad spectrum cannabinoid\ndrug products for paediatric patients with neurodevelopmental disorders.\n\n###  6\\. [ ECS Botanics (ASX:ECS) ](https://investingnews.com/stocks/ecs-\nau/ecs-botanics-holdings/)\n\n[ Company Profile ](https://investingnews.com/stocks/ecs-au/ecs-botanics-\nholdings/)\n\n**Market cap:** AU$16.85 million  \n**Share price:** AU$0.013\n\nVictoria-based ECS Botanics bills itself as Australia's largest business-to-\nbusiness medicinal cannabis cultivator and manufacturer. At its Australian\nTherapeutic Goods-licensed facilities, the company uses regenerative and\norganic agricultural practices and renewable energy sources to manufacture GMP\ncertified products.\n\nIn May 2024, ECS Botanics kicked off a [ one-year supply agreement\n](https://investingnews.com/ecs-botanics-earnings/) with Elite Medical\nSolutions with a guaranteed minimum annual order of AU$380,000 and automatic\nrenewal options. The agreement will see Elite Medical Solutions oversee retail\nsales of ECS\u2019s RAP Med brand, which is targeted at military veterans and\nincludes soft gel capsules and oral liquids.\n\nIn its report for its fiscal [ H1 2025\n](https://wcsecure.weblink.com.au/pdf/ECS/02919066.pdf) ended December 31,\n2024, the company highlights a 50 percent increase in cannabis yields, placing\nthe company on track for a record harvest for the 2025 calendar year.\n\n###  7\\. [ Cann Group (ASX:CAN) ](https://investingnews.com/stocks/can-\nau/cann-group/)\n\n[ Company Profile ](https://investingnews.com/stocks/can-au/cann-group/)\n\n**Market cap:** AU$13.65 million  \n**Share price:** AU$0.026\n\nCann Group is a medical cannabis grower and manufacturer that sells its\nproducts within Australia as well as outside the country. The agricultural\ntechnology company places a strong emphasis on research, genetics and\nbreeding, creating high-quality products for the medical market.\n\nIn 2017, Cann Group was the first company to be granted a cannabis research\nlicence from Australia\u2019s Office of Drug Control. It marked another first when\nit received its medicinal cannabis cultivation licence from the entity the\nfollowing month.\n\nAt its [ Mildura facility in Victoria ](https://www.canngrouplimited.com/our-\nfacilities) , Cann Group produces its Satipharm CBD sleep capsules and\nmultiple medical marijuana products, included cannabis flower and cannabis\nresin, to patients for a range of conditions from multiple sclerosis to\nchronic pain. The company has the annual capacity to produce 12,500 kilograms\nof dry cannabis flower for international and domestic medical cannabis\nmarkets.\n\n###  8\\. [ Althea (ASX:AGH) ](https://investingnews.com/stocks/agh-au/althea-\ngroup-holdings/)\n\n[ Company Profile ](https://investingnews.com/stocks/agh-au/althea-group-\nholdings/)\n\n**Market cap:** AU$12 million  \n**Share price:** AU$0.023\n\n__ Althea is an international producer, supplier and exporter of\npharmaceutical-grade medicinal marijuana. The company operates in legal\ncannabis markets across the world, including in North America, Europe and\nAustralia.\n\nAlthea received its [ licence to cultivate medical cannabis\n](https://www.newswire.ca/news-releases/aphrias-australian-based-partner-\nalthea-receives-medical-cannabis-license-for-cultivation-676934033.html) in\n2018. After it [ received approval ](https://themarketherald.com.au/althea-\ngroup-asxagh-approved-to-sell-cannabis-products-in-germany-2020-11-18/) to\nsell cannabis products in Germany in late 2020, Althea became Germany\u2019s first\ncommercial supplier of made-in-Australia medical cannabis products. The\ncompany's subsidiary Peak Processing Solutions is a leader in the manufacture,\nsales and distribution of legal recreational cannabis products in Canada.\n\nIn its [ fiscal year 2025 H1 report\n](https://wcsecure.weblink.com.au/pdf/AGH/02919509.pdf) , Althea reported a\nfinancial turnaround as it significantly reduced its losses from its fiscal\n2024, posting a net loss of AU$1.5 million for H1 2025 compared to its AU$9\nmillion adjusted loss in its H1 2024 and AU$5.3 million adjusted loss in its\nH2 2024. Another bright spot in the report was that Peak Processing Solutions\nrevenue totalled AU$8.2 million, a 57.9 percent increase over the first half\nof its fiscal 2024, driven by strong demand for THC beverages.\n\n###  9\\. [ Ecofibre (ASX:EOF) ](https://investingnews.com/stocks/eof-\nau/ecofibre-ltd/)\n\n[ Company Profile ](https://investingnews.com/stocks/eof-au/ecofibre-ltd/)\n\n**Market cap:** AU$9.11 million  \n**Share price:** AU$0.022\n\nOperating in the US and Australia, advanced manufacturing and technology firm\nEcofibre is focused on the hemp industry. The company has three vertically\nintegrated businesses: sustainable polymers and natural materials, natural\nhealth care, and hemp seed genetics.\n\nVia one of the world\u2019s largest collections of hemp seed genetics, Ecofibre\nGenetics supplies seed genetics to the hemp fibre and grain industry in both\nthe US and Australia. EOF Bio, its majority owned US-based clinical-stage\nbiotechnology company, produces cannabinoid-based drugs with an initial focus\non women\u2019s health and endometriosis.\n\nThrough Ananda Health, a leading US manufacturer of cannabinoid-based health\nproducts for human and pet consumption, Ecofibre provides CBD products in\nAustralia and the US, targeting sleep disorders, pain and anxiety, as well as\nendometriosis and other gynecological conditions.\n\n###  10\\. [ Argent Biopharma (ASX:RGT) ](https://investingnews.com/stocks/rgt-\nau/argent-biopharma/)\n\n[ Company Profile ](https://investingnews.com/stocks/rgt-au/argent-biopharma/)\n\n**Market cap:** AU$7.41 million  \n**Share price:** AU$0.13\n\n__ Biopharmaceutical company Argent Biopharma is developing drug therapies\nusing nanotechnology with a focus on the central nervous system and immunology\ntreatments. Its investigational medicinal products are being prescribed\nthrough early patient access programs in the UK, US, Europe and Australia.\n\nIts [ cornerstone products ](https://argentbiopharma.com/pipeline/) include\nCannEpil for refractory epilepsy and cerebral palsy and CimetrA for acute lung\ninjury and ARDS, both of which are now generating revenues. Its therapy\nCogniCann is currently in clinical trials for enhancing the quality of life of\npatients with dementia, including Alzheimer\u2019s disease.\n\n_This is an updated version of an article first published by the Investing\nNews Network in 2019._  \n\n_Don\u2019t forget to follow us[ @INN_Australia\n](https://twitter.com/INN_Australia) for real-time news updates! _\n\n**Securities Disclosure: I, Melissa Pistilli, hold no direct investment\ninterest in any company mentioned in this article.**\n\nKeep reading...  Show less\n\n[ ](https://investingnews.com/top-cannabis-news/)\n\n[ Meagen Seatter ](https://investingnews.com/author/meagenseatter1/)\n\n06 March\n\n##  [ Cannabis Round-Up: Rescheduling Faces New Roadblocks, SAFER Banking Act\nGets Another Look ](https://investingnews.com/top-cannabis-news/)\n\n###\n\n__\n\n**February 2025 was characterized by an evolving legislative landscape and\nimportant financial updates from major players.**\n\nThese developments underscore the complex and dynamic nature of the sector as\nit continues to navigate legal, financial, and regulatory challenges while\nexperiencing ongoing growth and evolution.\n\nDiscussions around cannabis rescheduling, changes in federal agency\nleadership, state-level legalization efforts, and financial reports from key\ncompanies all contributed to a month of notable activity in the cannabis\nspace.\n\n###  Road to cannabis rescheduling hits another speed bump\n\nDiscussions around cannabis rescheduling continued in February, involving\nseveral key points. Since proceedings to reschedule cannabis stayed in January\nafter advocates raised concerns of potential bias within the Drug Enforcement\nAdministration (DEA), the path to rescheduling has become increasingly\nconvoluted.\n\nFirst, on February 7, DEA administrative law judge John J. Mulrooney [ granted\na withdrawal request\n](https://www.dea.gov/sites/default/files/2025-02/Marijuana%20Rescheduling_Order%20Re%20the%20Conneticut%20Office%20of%20the%20Cannabis%20Ombudsman%20and%20The%20Doc%20Apps%20Notice%20of%20Withdrawal.pdf)\nfrom Erin Gorman Kirk, who is Connecticut\u2019s Office of the Cannabis Ombudsman,\nand The Doc App, which is doing business as My Florida Green.\n\nOn why she requested the withdrawal, Kirk [ told Cannabis Business Times\n](https://www.cannabisbusinesstimes.com/cannabis-\nrescheduling/news/15737305/dea-judge-grants-requests-from-3-procannabis-\nrescheduling-participants-says-hearing-up-to-dea) : \u201cWith (Connecticut\u2019s)\nlegislative session underway, and the prospect of a long, drawn-out DEA\nRescheduling process, I felt our patients were better served by working with\nour esteemed legislators to improve the Connecticut Medical Cannabis Program\nand help our patients get back to the health they enjoyed before the adult-use\nmarketplace began.\n\n\u201cThis Office was created so we do not leave patients behind, and that\u2019s where\nI continue to focus my efforts. I remain engaged with the broader community of\npatient advocates working to de-stigmatize our medication and provide\nhealthier alternatives to wellness.\u201d\n\nJudge Mulrooney also [ granted a motion for relief\n](https://www.dea.gov/sites/default/files/2025-02/Marijuana%20Rescheduling_Order%20Regarding%20Designated%20Brown%27s%20Response%20to%20Motion%20for%20Leave%20%26%20Mot%20To%20Remove%20Counsel.pdf)\non February 11 for Ellen Brown, an appointee from the Massachusetts Cannabis\nAdvisory Board. Judge Mulrooney had ruled that Brown lacked sufficient\nstanding under the Administrative Procedure Act to proceed as a standalone\nparticipant and gave her until March 14 to consolidate with another designated\nparticipant.\n\nLater, on February 17, Doctors for Drug Policy Reform (D4DPR) [ filed a brief\n](https://www.cannabisbusinesstimes.com/cannabis-\nrescheduling/news/15737707/doctors-ask-us-appellate-court-for-redo-in-deas-\nselections-for-cannabis-rescheduling-participants) requesting new witness\nselection for the rescheduling hearings, citing the violation of bedrock\nadministrative law principles by the DEA\u2019s former administrator, Anne Milgram,\nwho limited the hearing to 25 participants and rejected D4DPR\u2019s request to\nparticipate.\n\nMeanwhile, US President Donald Trump\u2019s picks to lead key federal agencies pose\na new threat to a once-promising initiative. Chairman of the Office of\nManagement and Budget Russel Vought has a track record of opposition to\ncannabis reform, calling it a gateway drug in 2022 during an [ appearance on\nC-SPAN ](https://www.c-span.org/video/?c5036847/user-clip) .\n\nAlso, newly appointed Chairman of the Department of Health and Human Services\n(HHS) Robert F. Kennedy [ told Senate members\n](https://hempgazette.com/news/rfk-senate-marijuana-\nhg2399/#:~:text=Asked%20again%20on%20his%20views,the%20exercise%20of%20its%20authorities%E2%80%9D.)\nhe would refer to the DEA on the matter during his two-day confirmation\nhearing; however, he later [ expressed concern\n](https://www.ainvest.com/news/health-secretary-rfk-jr-calls-for-thorough-\nstudies-of-marijuana-25021010868a01e04cdabe10/) about high-potency strains of\ncannabis and said he wants to conduct further studies on its effects. He has\nalso [ moved to rescind public participation ](https://public-\ninspection.federalregister.gov/2025-03300.pdf) from HHS decision-making.\n\n###  Pennsylvania governor proposes legal cannabis market in state budget\n\nPennsylvania Governor Josh Shapiro proposed legalizing recreational cannabis\nin his state as he [ presented his state budget\n](https://whyy.org/articles/pennsylvania-medical-marijuana-cannabis-josh-\nshapiro/#:~:text=Let%20us%20know!,again%2C%20proposed%20legalizing%20recreational%20marijuana.)\nto legislators on February 5. \u201cPennsylvanians who want to buy cannabis are\njust driving across the border to one of our neighbors,\u201d he said, adding that\na legal recreational market would add US$1.3 billion in tax revenue over five\nyears.\n\nRegulation would fall to the state Department of Agriculture and the\nDepartment of Health under the Governor\u2019s plan.\n\nMeanwhile, in New Hampshire, the state House of Representatives passed [ HB 75\n](https://gc.nh.gov/bill_status/legacy/bs2016/billText.aspx?sy=2025&id=93&txtFormat=html)\non February 21, which would legalize adult cannabis use and possession but\ndoes not include provisions to support taxation, regulation or a retail\nmarket. [ Market watchers ](https://newhampshirebulletin.com/2025/02/21/new-\nhampshire-house-passes-cannabis-legalization-but-enthusiasm-lags/) do not\nexpect the bill to pass through the state legislature, citing Governor Kelly\nAyotte\u2019s hardline on drug enforcement. During her campaign, she flatly said\nshe would not support cannabis reform in the state if elected.\n\n###  Senate committee re-examines the SAFER Banking Act\n\nThe US Senate Committee on Banking, Housing and Urban Affairs held a hearing\non February 5 on debanking practices by regulators and banks. While the\nhearing was largely anticipated to center around the cryptocurrency industry,\nRanking Member Elizabeth Warren, D-Mass., noted that among the 11,955\ncomplaints received by the Consumer Financial Protection Bureau, some were\nrelated to debanking efforts against legal cannabis businesses.\n\nAaron Klein, a senior fellow in economics at the Brookings Institution who was\ncalled to testify, said a cannabis banking bill such as the SAFER Banking Act\nwould help but would require amendments to ease the burdensome and costly\nrequirements for filing Suspicious Activity Reports. \u201cI fear the bill\u2019s impact\nwould likely underwhelm what its proponents have argued,\u201d he wrote in a [\ntestimony\n](https://www.banking.senate.gov/imo/media/doc/klein_testimony_2-5-25.pdf) .\n\n###  Aurora, Canopy Growth report earnings\n\nAurora Cannabis ( [ NASDAQ ](https://investingnews.com/nasdaq-composite-\nindex/) : [ ACB ](https://investingnews.com/stock-information/?symbol=acb) ,\nTSX:ACB) reported its [ financial results\n](https://www.auroramj.com/investors/quarterly-reports/) on February 5 for its\nfiscal Q3 2025 ended December 31, 2024. The company\u2019s net revenue for the\nperiod totaled C$88.2 million, an increase of 37 percent year-over-year. Net\nincome for the three months was C$31.34 million, a marked improvement from the\nC$18.1 million in losses recorded during the same period in 2023.\n\nThe next day, the company [ announced ](https://www.newswire.ca/news-\nreleases/aurora-cannabis-announces-supply-agreement-with-sndl-825091248.html)\na strategic supply agreement with SNDL (NASADQ: [ SNDL\n](https://investingnews.com/stock-information/?symbol=sndl) ), which would see\nSNDL provide Aurora with cannabis flower products from its indoor facility in\nAtholville, New Brunswick.\n\nCanopy Growth (NASDAQ: [ CGC ](https://investingnews.com/stock-\ninformation/?symbol=cgc) , TSX:WEED) reported its [ Q3 2025 results\n](https://www.canopygrowth.com/investors/news-releases/canopy-growth-reports-\nthird-quarter-fiscal-year-2025-financial-results/) on February 7, revealing a\n16 percent annual increase in net revenue for medical cannabis sales in Canada\nand 14 percent net revenue growth year-over-year in the international market.\n\nIts overall net revenue for the period was C$74.8 million. This was 5 percent\nlower compared to Q3 2024, which the company attributed to the divestiture of\nbusinesses before the quarter; excluding their revenue, net revenue was up 8\npercent year-over-year.\n\nWhile the company\u2019s net loss of C$121.9 million was a marked improvement\ncompared to a loss of C$216.8 million in the prior year, analysts expected\ngreater improvement. Shareholders sent the company\u2019s [ stock price down\n](https://finance.yahoo.com/quote/WEED.TO/history/) nearly 5 percent from\nC$3.04 to C$2.89 by the end of the day.\n\nAt the end of the month, on February 28, Canopy Growth established an [ at-\nthe-market-program ](https://www.canopygrowth.com/investors/news-\nreleases/canopy-growth-establishes-new-us200-million-at-the-market-program/)\nthat will allow it to issue and sell up to US$200 million in shares to raise\nadditional capital that may be used for strategic acquisitions or to reduce\ndebt, potentially including a US$100 million prepayment that would extend its\nloan maturity to September 2027.\n\n_Don\u2019t forget to follow us[ @INN_Cannabis ](https://twitter.com/inn_cannabis)\nfor real-time news updates! _  \n\n**Securities Disclosure: I, Meagen Seatter, hold no direct investment interest\nin any company mentioned in this article.**\n\nKeep reading...  Show less\n\n[ Investing News Network ](https://investingnews.com/author/admin/)\n\n26 February\n\n##  [ Trulieve Announces Launch of Onward: A Premium THC Beverage\n](https://investingnews.com/trulieve-announces-launch-of-onward-a-premium-thc-\nbeverage/)\n\n_Available now online and coming soon to select Total Wine locations in\nFlorida  _\n\nTrulieve Cannabis Corp. (CSE: TRUL ) (OTCQX: TCNNF ) (\"Trulieve\" or \"the\nCompany\"), a leading and top-performing cannabis company in the U.S., today\nannounced the launch of Onward, a premium, non-alcoholic THC beverage offering\na modern alternative for social occasions. These Farm Bill compliant beverages\nare available now online and coming soon to select Total Wine locations in\nFlorida .\n\n[ ](https://mma.prnewswire.com/media/2628090/Onward_Box_Can_PHOTO.html)\n\n\"Drawing on our vast experience in cannabis product development, Onward\nbeverages powered by Trulieve are expertly crafted to align with evolving\nconsumer preferences,\" said Trulieve's Chief Executive Officer [ Kim Rivers\n](https://c212.net/c/link/?t=0&l=en&o=3583460-1&h=961184854&u=https%3A%2F%2Fkimrivers.co%2F&a=Kim+Rivers)\n. \"We are excited to introduce this innovative and federally compliant\nbeverage line to those seeking a new and alternative form of refreshment.\"\n\nOnward beverages come in a variety of delicious flavors including Blueberry\nMojito, Italian Spritz, Passionfruit Martini, Peach Bellini, and Sea Salt\nMargarita. These low-calorie, non-alcoholic cocktails are crafted in the  USA\nusing naturally derived THC and CBD with no artificial flavors, colors, or\nsweeteners offering consumers a new and natural way to sip, socialize, and\nsavor the moment.\n\nAvailable for purchase by consumers 21 years and older, Onward can be ordered\nvia [ DrinkOnward.com ](http://www.drinkonward.com/) and shipped directly to\nconsumers in 36 states. Four packs of each flavor as well as a variety pack\nare coming soon for purchase at select Florida Total Wine stores in\nClearwater  ,  Fort Lauderdale  ,  Jacksonville  ,  Miami  ,  Orlando  ,\nTallahassee  ,  Tampa  , and  St. Petersburg  .\n\nOnward beverages use a proprietary formulation and manufacturing process to\nprovide a consistent experience in every can. When it comes to transparency\nand quality, we strive to set best practices for the industry and adult\nconsumers. Lab testing for Onward beverages is conducted for each batch at\nfinal formulation and results can be found online at [ COA Testing\n](https://drinkonward.com/pages/lab-results-coa-testing) .\n\nFor more information, please visit [ Drinkonward.com/\n](https://drinkonward.com/) or follow us on Facebook, Instagram, and X at\n@DrinkOnward.\n\n**About Trulieve  \n** Trulieve  is an industry leading, vertically integrated cannabis company\nand multi-state operator in the U.S., with leading market positions in\nArizona  ,  Florida  , and  Pennsylvania  .  Trulieve  is poised for\naccelerated growth and expansion, building scale in retail and distribution in\nnew and existing markets through its hub strategy. By providing innovative,\nhigh-quality products across its brand portfolio,  Trulieve  delivers optimal\ncustomer experiences and increases access to cannabis, helping patients and\ncustomers to live without limits.  Trulieve  is listed on the  CSE  under the\nsymbol  TRUL  and trades on the OTCQX market under the symbol  TCNNF  . For\nmore information, please visit  [ Trulieve.com ](https://www.trulieve.com/) .\n\nFacebook: [ @Trulieve ](https://www.facebook.com/Trulieve/)  \nInstagram: [ @Trulieve_ ](https://www.instagram.com/trulieve_/?hl=en)  \nX: [ @Trulieve\n](https://twitter.com/Trulieve?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor)\n\n**Investor Contact  \n** Christine Hersey  , Vice President of Investor Relations  \n+1 (424) 202-0210  \n[ Christine.Hersey@Trulieve.com ](mailto:Christine.Hersey@Trulieve.com)\n\n**Media Contact**  \nPhil Buck  , APR, Corporate Communications Manager  \n+1 (406) 370-6226  \n[ Philip.Buck@Trulieve.com ](mailto:Philip.Buck@Trulieve.com)\n\n[ ](https://mma.prnewswire.com/media/1720011/Trulieve_LogoV1.html)\n\nView original content to download multimedia: [\nhttps://www.prnewswire.com/news-releases/trulieve-announces-launch-of-onward-\na-premium-thc-beverage-302385626.html ](https://www.prnewswire.com/news-\nreleases/trulieve-announces-launch-of-onward-a-premium-thc-\nbeverage-302385626.html)\n\nSOURCE Trulieve Cannabis Corp.\n\nView original content to download multimedia: [\nhttp://www.newswire.ca/en/releases/archive/February2025/26/c5583.html\n](http://www.newswire.ca/en/releases/archive/February2025/26/c5583.html)\n\nNews Provided by Canada Newswire via QuoteMedia\n\nKeep reading...  Show less\n\n[ Investing News Network ](https://investingnews.com/author/admin/)\n\n20 February\n\n##  [ Trulieve to Open Dispensary in Columbus, Ohio\n](https://investingnews.com/trulieve-to-open-dispensary-in-columbus-ohio/)\n\n_New Franklin County  location will host grand opening celebration  Friday,\nFebruary 21  st  _\n\nTrulieve Cannabis Corp. (CSE: TRUL ) (OTCQX: TCNNF ) (\"Trulieve\" or \"the\nCompany\"), a leading and top-performing cannabis company in the U.S., today\nannounced the opening of a new dispensary in Columbus, Ohio .\n\n[ ](https://mma.prnewswire.com/media/2623910/Trulieve_Columbus_S_High.html)\n\nThe new Trulieve Columbus South High Street will host a grand opening\ncelebration  Friday, February 21  , featuring specials and promotional\ngiveaways.\n\n\"We are excited to open our fifth dispensary in  Ohio  ,\" said Trulieve's\nChief Executive Officer [ Kim Rivers  ](https://kimrivers.co/) . \"We are proud\nto serve downtown  Columbus  and German Village with Trulieve's high-quality,\naffordable products and elite customer experience.\"\n\nThe new dispensary, located at 601 South High Street, will be open  8 a.m.  \u2013\n9 p.m.  , seven days a week, offering walk-in and express pickup service.\nTrulieve also operates dispensaries at the following locations in  Ohio  :\n\n  * 4370  Tonawanda Trail  ,  Beavercreek \n  * 2950 N. High Street,  Columbus \n  * 8295 Sancus Blvd,  Westerville \n  * 3674 Maple Avenue,  Zanesville \n\nTrulieve dispensaries offer customers a wide assortment of cannabis products\nfeaturing popular brands and accessible form factors including capsules,\nedibles, flower, tinctures and topicals.\n\nFor more information on store activations and locations in  Ohio  , please\nvisit [ https://www.trulieve.com/dispensaries/ohio\n](https://www.trulieve.com/dispensaries/ohio) .\n\n**About Trulieve  \n** Trulieve is an industry leading, vertically integrated cannabis company and\nmulti-state operator in the U.S., with leading market positions in  Arizona  ,\nFlorida  , and  Pennsylvania  . Trulieve is poised for accelerated growth and\nexpansion, building scale in retail and distribution in new and existing\nmarkets through its hub strategy. By providing innovative, high-quality\nproducts across its brand portfolio, Trulieve delivers optimal customer\nexperiences and increases access to cannabis, helping patients and customers\nto live without limits. Trulieve is listed on the CSE under the symbol TRUL\nand trades on the OTCQX market under the symbol TCNNF. For more information,\nplease visit [ Trulieve.com ](https://www.trulieve.com/) .\n\nFacebook: [ @Trulieve ](https://www.facebook.com/Trulieve/)  \nInstagram: [ @Trulieve_ ](https://www.instagram.com/trulieve_/?hl=en)  \nX: [ @Trulieve\n](https://x.com/Trulieve?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor)\n\n**Investor Contact  \n** Christine Hersey  , Vice President of Investor Relations  \n+1 (424) 202-0210  \n[ Christine.Hersey@Trulieve.com ](mailto:Christine.Hersey@Trulieve.com)\n\n**Media Contact**  \nPhil Buck  , APR, Corporate Communications Manager  \n+1 (406) 370-6226  \n[ Philip.Buck@Trulieve.com ](mailto:Philip.Buck@Trulieve.com)\n\n[ ](https://mma.prnewswire.com/media/1720011/Trulieve_LogoV1.html)\n\nView original content to download multimedia: [\nhttps://www.prnewswire.com/news-releases/trulieve-to-open-dispensary-in-\ncolumbus-ohio-302380894.html ](https://www.prnewswire.com/news-\nreleases/trulieve-to-open-dispensary-in-columbus-ohio-302380894.html)\n\nSOURCE Trulieve Cannabis Corp.\n\nView original content to download multimedia: [\nhttp://www.newswire.ca/en/releases/archive/February2025/20/c7994.html\n](http://www.newswire.ca/en/releases/archive/February2025/20/c7994.html)\n\nNews Provided by Canada Newswire via QuoteMedia\n\nKeep reading...  Show less\n\n[ Investing News Network ](https://investingnews.com/author/admin/)\n\n11 February\n\n##  [ Trulieve to Open Medical Cannabis Dispensary in Middleburg, Florida\n](https://investingnews.com/trulieve-to-open-medical-cannabis-dispensary-in-\nmiddleburg-florida/)\n\n_New Clay County  location will host grand opening celebration  Friday,\nFebruary 14  th  _\n\nTrulieve Cannabis Corp. (CSE: TRUL ) (OTCQX: TCNNF ) (\"Trulieve\" or \"the\nCompany\"), a leading and top-performing cannabis company in the U.S., today\nannounced the opening of a new medical cannabis dispensary in Middleburg,\nFlorida .\n\n[\n](https://mma.prnewswire.com/media/2617229/Trulieve_Middleburg_Exterior.html)\n\nA grand opening celebration will be held  Friday, February 14  , beginning at\n9 a.m.  , featuring music, specials, discounts, and opportunities to register\nfor upcoming patient education sessions.\n\n\"We are committed to providing value, delivering quality, and helping our\ncustomers enhance their lives through cannabis,\" said Trulieve's Chief\nExecutive Officer [ Kim Rivers\n](https://c212.net/c/link/?t=0&l=en&o=3583460-1&h=961184854&u=https%3A%2F%2Fkimrivers.co%2F&a=Kim+Rivers)\n. \"We are proud to expand access in  Clay County  and look forward to serving\npatients and caregivers at this new location.\"\n\nTrulieve Middleburg, located at 1539 Blanding Boulevard, will be open  9 a.m.\n\u2013  8:30 p.m. Monday through Saturday  and  11 a.m.  \u2013  8 p.m. on Sundays  ,\noffering walk-in and express pickup service.\n\nThe new dispensary will carry a wide variety of popular products including\nTrulieve's portfolio of in-house brands such as Alchemy, Co2lors, Cultivar\nCollection, Modern Flower, Momenta, Muse, Roll One, Sweet Talk, and Trekkers.\nCustomers will also have access to beloved partner brands such as Alien Labs,\nBellamy Brothers  , Binske, Black Tuna,  Blue River  , Connected Cannabis,\nDeLisioso,  Khalifa Kush  , Love's Oven, Miami Mango, O.pen, Seed Junky, and\nSunshine Cannabis, all available exclusively at Trulieve in  Florida  .\n\nAcross  Florida  , Trulieve offers home delivery, convenient online ordering,\nand in-store pickup. Veterans receive 20% off every order when they show their\nmilitary ID, and all first-time guests are eligible for a 60% new customer\ndiscount at any Florida Trulieve location. For more information, or to learn\nhow to become a registered patient, please visit [ Trulieve.com\n](https://www.trulieve.com/) and connect on [ Instagram\n](https://www.instagram.com/trulieve_/?hl=en) or [ Facebook\n](https://www.facebook.com/Trulieve/) .\n\n**About Trulieve  \n** Trulieve is an industry leading, vertically integrated cannabis company and\nmulti-state operator in the U.S., with leading market positions in  Arizona  ,\nFlorida  , and  Pennsylvania  . Trulieve is poised for accelerated growth and\nexpansion, building scale in retail and distribution in new and existing\nmarkets through its hub strategy. By providing innovative, high-quality\nproducts across its brand portfolio, Trulieve delivers optimal customer\nexperiences and increases access to cannabis, helping patients and customers\nto live without limits. Trulieve is listed on the CSE under the symbol TRUL\nand trades on the OTCQX market under the symbol TCNNF. For more information,\nplease visit [ Trulieve.com ](https://www.trulieve.com/) .\n\nFacebook: [ @Trulieve ](https://www.facebook.com/Trulieve/)  \nInstagram: [ @Trulieve_ ](https://www.instagram.com/trulieve_/?hl=en)  \nX: [ @Trulieve\n](https://twitter.com/Trulieve?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor)\n\n**Investor Contact  \n** Christine Hersey  , Vice President of Investor Relations  \n+1 (424) 202-0210  \n[ Christine.Hersey@Trulieve.com ](mailto:Christine.Hersey@Trulieve.com)\n\n**Media Contact**  \nPhil Buck  , APR, Corporate Communications Manager  \n+1 (406) 370-6226  \n[ Philip.Buck@Trulieve.com ](mailto:Philip.Buck@Trulieve.com)\n\n[ ](https://mma.prnewswire.com/media/1720011/Trulieve_LogoV1.html)\n\nView original content to download multimedia: [\nhttps://www.prnewswire.com/news-releases/trulieve-to-open-medical-cannabis-\ndispensary-in-middleburg-florida-302372942.html\n](https://www.prnewswire.com/news-releases/trulieve-to-open-medical-cannabis-\ndispensary-in-middleburg-florida-302372942.html)\n\nSOURCE Trulieve Cannabis Corp.\n\nView original content to download multimedia: [\nhttp://www.newswire.ca/en/releases/archive/February2025/11/c7265.html\n](http://www.newswire.ca/en/releases/archive/February2025/11/c7265.html)\n\nNews Provided by Canada Newswire via QuoteMedia\n\nKeep reading...  Show less\n\n[ Investing News Network ](https://investingnews.com/author/admin/)\n\n05 February\n\n##  [ Trulieve Cannabis Corp. to Hold Fourth Quarter and Full Year 2024\nResults Conference Call on February 27, 2025\n](https://investingnews.com/trulieve-cannabis-corp-to-hold-fourth-quarter-and-\nfull-year-2024-results-conference-call-on-february-27-2025/)\n\nTrulieve Cannabis Corp. (CSE: TRUL ) (OTCQX: TCNNF ) (\"Trulieve\" or \"the\nCompany\"), a leading and top-performing cannabis company in the U.S., will\nhold a conference call on Thursday, February 27, 2025 at 8:30 AM Eastern Time\nfollowing the release of its fourth quarter and full year 2024 financial\nresults.\n\n[ ](https://mma.prnewswire.com/media/1720011/Trulieve_LogoV1.html)\n\nChairman, Founder, and Chief Executive Officer  Kim Rivers  and Chief\nFinancial Officer  Wes Getman  will participate on the call to review\nTrulieve's financial and operating results.\n\nInterested parties can join the conference call by dialing in as directed\nbelow. Please dial in 15 minutes prior to the call and ask to join the\nTrulieve Cannabis Corp. call.\n\nNorth American toll free: 1-844-824-3830  |  Passcode:  |  0313762   \n---|---|---  \nInternational: 1-412-542-4136  |  Passcode:  |  0313762   \n  \nA live audio webcast of the conference call will be available at:  \n[ Trulieve Fourth Quarter and Full Year 2024 Results Call\n](https://app.webinar.net/2rPXwoagz9W)\n\nAn archived replay of the webcast will be available at:  \n[ https://investors.trulieve.com/events\n](https://investors.trulieve.com/events)\n\n**About Trulieve  \n** Trulieve  is an industry leading, vertically integrated cannabis company\nand multi-state operator in the U.S., with leading market positions in\nArizona, Florida, and Pennsylvania.  Trulieve  is poised for accelerated\ngrowth and expansion, building scale in retail and distribution in new and\nexisting markets through its hub strategy. By providing innovative, high-\nquality products across its brand portfolio,  Trulieve  delivers optimal\ncustomer experiences and increases access to cannabis, helping patients and\ncustomers to live without limits.  Trulieve  is listed on the  CSE  under the\nsymbol  TRUL  and trades on the OTCQX market under the symbol  TCNNF  . For\nmore information, please visit  [ Trulieve.com ](https://www.trulieve.com/) .\n\nFacebook: [ @Trulieve ](https://www.facebook.com/Trulieve/)  \nInstagram:  [ @Trulieve ](https://www.instagram.com/trulieve_/?hl=en) [ _\n](https://www.instagram.com/trulieve_/?hl=en)  \nX:  [ @Trulieve\n](https://twitter.com/Trulieve?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor)\n\n**Investor Contact**  \nChristine Hersey  , Vice President of Investor Relations  \n+1 (424) 202-0210  \n[ Christine.Hersey@Trulieve.com ](mailto:Christine.Hersey@Trulieve.com)\n\n**Media Contact**  \nPhil Buck  , APR, Corporate Communications Manager  \n+1 (406) 370-6226  \n[ Philip.Buck@Trulieve.com ](mailto:Philip.Buck@Trulieve.com)\n\nView original content to download multimedia: [\nhttps://www.prnewswire.com/news-releases/trulieve-cannabis-corp-to-hold-\nfourth-quarter-and-full-year-2024-results-conference-call-on-\nfebruary-27-2025-302368139.html ](https://www.prnewswire.com/news-\nreleases/trulieve-cannabis-corp-to-hold-fourth-quarter-and-full-\nyear-2024-results-conference-call-on-february-27-2025-302368139.html)\n\nSOURCE Trulieve Cannabis Corp.\n\nView original content to download multimedia: [\nhttp://www.newswire.ca/en/releases/archive/February2025/05/c7953.html\n](http://www.newswire.ca/en/releases/archive/February2025/05/c7953.html)\n\nNews Provided by Canada Newswire via QuoteMedia\n\nKeep reading...  Show less\n\n####  Latest News\n\n[ More News  ](/world/press-releases/?newssections=market-news)\n\n####  Latest Press Releases\n\n##  [ Independent Estimate Confirms Multibillion Barrel Prospective Resources\n](https://investingnews.com/independent-estimate-confirms-multibillion-barrel-\nprospective-resources/)\n\n36m\n\n##  [ Quarterly Activities/Appendix 5B Cash Flow Report\n](https://investingnews.com/krr-quarterly-activities-appendix-5b-cash-flow-\nreport-march-2025/)\n\n3h\n\n##  [ Trading Halt ](https://investingnews.com/galan-trading-halt/)\n\n5h\n\n##  [ Additional A$1.5 M raised to support Kentucky Investment\n](https://investingnews.com/additional-a-1-5-m-raised-to-support-kentucky-\ninvestment/)\n\n6h\n\n####  Related News\n\n[ ](https://investingnews.com/independent-estimate-confirms-multibillion-\nbarrel-prospective-resources/)\n\n[ resource investing ](https://investingnews.com/tag/resource-investing)\n\n##  [ Independent Estimate Confirms Multibillion Barrel Prospective Resources\n](https://investingnews.com/independent-estimate-confirms-multibillion-barrel-\nprospective-resources/)\n\n36m\n\n[ ](https://investingnews.com/krr-quarterly-activities-appendix-5b-cash-flow-\nreport-march-2025/)\n\n[ Gold Investing ](https://investingnews.com/tag/gold-investing)\n\n##  [ Quarterly Activities/Appendix 5B Cash Flow Report\n](https://investingnews.com/krr-quarterly-activities-appendix-5b-cash-flow-\nreport-march-2025/)\n\n3h\n\n[ ](https://investingnews.com/galan-trading-halt/)\n\n[ Battery Metals Investing ](https://investingnews.com/tag/battery-metals-\ninvesting)\n\n##  [ Trading Halt ](https://investingnews.com/galan-trading-halt/)\n\n5h\n\n[ ](https://investingnews.com/additional-a-1-5-m-raised-to-support-kentucky-\ninvestment/)\n\n[ Tech Investing ](https://investingnews.com/tag/tech-investing)\n\n##  [ Additional A$1.5 M raised to support Kentucky Investment\n](https://investingnews.com/additional-a-1-5-m-raised-to-support-kentucky-\ninvestment/)\n\n6h\n\n[ ](https://investingnews.com/high-grade-copper-gold-intercepts-among-the-\nfinal-batch-of-assays-from-the-maronan-project-drill-program/)\n\n[ gold investing ](https://investingnews.com/tag/gold-investing)\n\n##  [ High Grade Copper-Gold Intercepts among the Final Batch of Assays from\nthe Maronan Project Drill Program ](https://investingnews.com/high-grade-\ncopper-gold-intercepts-among-the-final-batch-of-assays-from-the-maronan-\nproject-drill-program/)\n\n6h\n\n[ ](https://investingnews.com/successful-completion-of-lac-carheil-drilling-\nprogram/)\n\n[ Battery Metals Investing ](https://investingnews.com/tag/battery-metals-\ninvesting)\n\n##  [ Successful completion of Lac Carheil drilling program\n](https://investingnews.com/successful-completion-of-lac-carheil-drilling-\nprogram/)\n\n6h\n\n[ ](https://investingnews.com/shallow-high-grade-gold-in-sandstone-drilling/)\n\n[ Precious Metals Investing ](https://investingnews.com/tag/precious-metals-\ninvesting)\n\n##  [ Shallow, high-grade gold in Sandstone drilling\n](https://investingnews.com/shallow-high-grade-gold-in-sandstone-drilling/)\n\n7h\n\n####  TOP STOCKS\n\nAmerican Battery  4.03  __ 0.24\n\nAion Therapeutic  0.10  __ -0.01\n\nCybin Corp  2.14  0.00\n\nInvesting News Network websites or approved third-party tools use cookies.\nPlease refer to the [ cookie policy ](https://www.iubenda.com/privacy-\npolicy/8095067/cookie-policy?an=no&s_ck=false&newmarkup=yes) for collected\ndata, privacy and GDPR compliance. 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                "url": "https://investingnews.com/cronos-group-inc-to-hold-2024-fourth-quarter-and-full-year-earnings-conference-call-on-february-27-2025/"
            },
            "reason": "Investing News provides information about Cronos Group's earnings call. The information is sourced from a press release and appears factual.",
            "reliability_score": 0.8,
            "search_query": "company 'The Cronos Group' energy efficiency",
            "summary": "Investing News reports on Cronos Group's upcoming earnings call.",
            "url": "https://investingnews.com/cronos-group-inc-to-hold-2024-fourth-quarter-and-full-year-earnings-conference-call-on-february-27-2025/"
        },
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                    "source": "https://finance.yahoo.com/quote/CRON/"
                },
                "page_content": "Oops, something went wrong\n\nUnlock stock picks and a broker-level newsfeed that powers Wall Street.\n\nNasdaqGM - Delayed Quote  \u2022  USD\n\n#  Cronos Group Inc. (CRON)\n\n[ Compare  ](/compare/CRON)\n\n1.7200\n\n+0.1000\n\n+(6.17%)\n\nAt close: April 9 at 4:00:02 PM EDT\n\n1.7000\n\n-0.02 \n\n(-1.16%)\n\nAfter hours: April 9 at 7:51:08 PM EDT\n\n[ Advanced Chart  ](/chart/CRON)\n\nLoading Chart for CRON\n\n  * Previous Close  1.6200 \n  * Open  1.6200 \n  * Bid  1.7100 x 100 \n  * Ask  1.7200 x 300 \n  * Day's Range  1.6004 - 1.7350 \n  * 52 Week Range  1.6000 - 3.1400 \n  * Volume  1,512,435 \n  * Avg. Volume  1,557,288 \n  * Market Cap (intraday)  657.953M \n  * Beta (5Y Monthly)  1.42 \n  * PE Ratio (TTM)  15.64 \n  * EPS (TTM)  0.1100 \n  * Earnings Date  May 7, 2025 - May 12, 2025 \n  * Forward Dividend & Yield  \\-- \n  * Ex-Dividend Date  \\-- \n  * 1y Target Est  1.91 \n\nCronos Group Inc. operates as a cannabinoid company that engages in the\ncultivation, production, distribution, and marketing of cannabis products in\nCanada, Israel, and internationally. The company offers dried flower, pre-\nrolls, oils, vaporizers, edibles, and cannabis tinctures under the Spinach,\nLord Jones, and PEACE NATURALS brand names. Cronos Group Inc. was founded in\n2012 and is based in Stayner, Canada.\n\n[ www.thecronosgroup.com ](https://www.thecronosgroup.com)\n\n459\n\n###  Full Time Employees\n\nDecember 31\n\n###  Fiscal Year Ends\n\n[ Healthcare ](/sectors/healthcare/)\n\n###  Sector\n\n[ Drug Manufacturers - Specialty & Generic ](/sectors/healthcare/drug-\nmanufacturers-specialty-generic/)\n\n###  Industry\n\n[ More about Cronos Group Inc. ](/quote/CRON/profile/)\n\n[ View More  ](/quote/CRON/news/ \"View More\")\n\nTrailing total returns as of 4/9/2025, which may include dividends or other\ndistributions.  Benchmark is [ S&P/TSX Composite index (^GSPTSE)\n](/quote/%5EGSPTSE/ \"S&P/TSX Composite index \\(^GSPTSE\\)\") .\n\nCRON\n\n11.79%\n\nS&P/TSX Composite index (^GSPTSE)\n\n3.63%\n\nCRON\n\n35.58%\n\nS&P/TSX Composite index (^GSPTSE)\n\n6.11%\n\nCRON\n\n50.57%\n\nS&P/TSX Composite index (^GSPTSE)\n\n8.47%\n\nCRON\n\n70.29%\n\nS&P/TSX Composite index (^GSPTSE)\n\n67.49%\n\nSelect to analyze similar companies using key performance metrics; select up\nto 4 stocks.\n\n[ CRON  Cronos Group Inc.  ](/quote/CRON/)\n\n1.7200\n\n+6.17%\n\nMkt Cap  657.953M\n\nIndustry  Drug Manufacturers\u2014Specialty & Generic\n\n[ ACB  Aurora Cannabis Inc.  ](/quote/ACB/)\n\n4.2600\n\n+9.79%\n\nMkt Cap  233.806M\n\nIndustry  Drug Manufacturers\u2014Specialty & Generic\n\n[ CGC  Canopy Growth Corporation  ](/quote/CGC/)\n\n0.8981\n\n+8.44%\n\nMkt Cap  161.388M\n\nIndustry  Drug Manufacturers\u2014Specialty & Generic\n\n[ OGI  Organigram Global Inc.  ](/quote/OGI/)\n\n0.9550\n\n+8.52%\n\nMkt Cap  127.759M\n\nIndustry  Drug Manufacturers\u2014Specialty & Generic\n\n[ CURLF  Curaleaf Holdings, Inc.  ](/quote/CURLF/)\n\n0.7490\n\n-2.85% \n\nMkt Cap  561.349M\n\nIndustry  Drug Manufacturers\u2014Specialty & Generic\n\n[ TLRY  Tilray Brands, Inc.  ](/quote/TLRY/)\n\n0.5301\n\n+16.17%\n\nMkt Cap  528.444M\n\nIndustry  Drug Manufacturers\u2014Specialty & Generic\n\n[ TCNNF  Trulieve Cannabis Corp.  ](/quote/TCNNF/)\n\n3.2740\n\n-0.18% \n\nMkt Cap  617.689M\n\nIndustry  Drug Manufacturers\u2014Specialty & Generic\n\n[ GTBIF  Green Thumb Industries Inc.  ](/quote/GTBIF/)\n\n5.10\n\n+1.59%\n\nMkt Cap  1.16B\n\nIndustry  Drug Manufacturers\u2014Specialty & Generic\n\n[ CRLBF  Cresco Labs Inc.  ](/quote/CRLBF/)\n\n0.5800\n\n+9.43%\n\nMkt Cap  198.081M\n\nIndustry  Drug Manufacturers\u2014Specialty & Generic\n\n[ OGI.TO  Organigram Global Inc.  ](/quote/OGI.TO/)\n\n1.3600\n\n+7.09%\n\nMkt Cap  CAD  181.939M\n\nIndustry  Drug Manufacturers\u2014Specialty & Generic\n\n[ TLRY.TO  Tilray Brands, Inc.  ](/quote/TLRY.TO/)\n\n0.7500\n\n+17.19%\n\nMkt Cap  CAD  753.158M\n\nIndustry  Drug Manufacturers\u2014Specialty & Generic\n\n[ Annual  ](/about/plans/select-\nplan/historicalStatistics/?.done=%2Fquote%2FCRON%2F&ncid=100001118)\n\nAs of 4/9/2025\n\n  * Market Cap \n\n647.39M\n\n  * Enterprise Value \n\n-209.40M \n\n  * Trailing P/E \n\n15.58\n\n  * Forward P/E \n\n\\--\n\n  * PEG Ratio (5yr expected) \n\n\\--\n\n  * Price/Sales (ttm) \n\n5.57\n\n  * Price/Book (mrq) \n\n0.62\n\n  * Enterprise Value/Revenue \n\n\\--\n\n  * Enterprise Value/EBITDA \n\n\\--\n\n####  Profitability and Income Statement\n\n  * Profit Margin \n\n34.93%\n\n  * Return on Assets (ttm) \n\n-2.94% \n\n  * Return on Equity (ttm) \n\n3.63%\n\n  * Revenue (ttm) \n\n117.61M\n\n  * Net Income Avi to Common (ttm) \n\n41.08M\n\n  * Diluted EPS (ttm) \n\n0.1100\n\n####  Balance Sheet and Cash Flow\n\n  * Total Cash (mrq) \n\n858.8M\n\n  * Total Debt/Equity (mrq) \n\n0.18%\n\n  * Levered Free Cash Flow (ttm) \n\n-26.29M \n\n[ View More  ](/quote/CRON/key-statistics/ \"View More\")\n\n[ View More  ](/quote/CRON/analysis/ \"View More\")\n\n[ View More  ](/research/stock-forecast/CRON?symbols=CRON \"View More\")\n\nCGC  Canopy Growth Corporation\n\n**0.8981**\n\n+8.44%\n\n[ ](/quote/CGC/ \"CGC\")\n\nACB  Aurora Cannabis Inc.\n\n**4.2600**\n\n+9.79%\n\n[ ](/quote/ACB/ \"ACB\")\n\nTLRY  Tilray Brands, Inc.\n\n**0.5301**\n\n+16.17%\n\n[ ](/quote/TLRY/ \"TLRY\")\n\nCURLF  Curaleaf Holdings, Inc.\n\n**0.7490**\n\n-2.85% \n\n[ ](/quote/CURLF/ \"CURLF\")\n\nOGI  Organigram Global Inc.\n\n**0.9550**\n\n+8.52%\n\n[ ](/quote/OGI/ \"OGI\")\n\nGTBIF  Green Thumb Industries Inc.\n\n**5.10**\n\n+1.59%\n\n[ ](/quote/GTBIF/ \"GTBIF\")\n\nTCNNF  Trulieve Cannabis Corp.\n\n**3.2740**\n\n-0.18% \n\n[ ](/quote/TCNNF/ \"TCNNF\")\n\nIIPR  Innovative Industrial Properties, Inc.\n\n**51.80**\n\n+7.85%\n\n[ ](/quote/IIPR/ \"IIPR\")\n\nCRLBF  Cresco Labs Inc.\n\n**0.5800**\n\n+9.43%\n\n[ ](/quote/CRLBF/ \"CRLBF\")\n\nSNDL  SNDL Inc.\n\n**1.3900**\n\n+9.45%\n\n[ ](/quote/SNDL/ \"SNDL\")\n\nGRWG  GrowGeneration Corp.\n\n**0.9011**\n\n+2.35%\n\n[ ](/quote/GRWG/ \"GRWG\")\n\nWEED.TO  Canopy Growth Corporation\n\n**1.2600**\n\n+7.69%\n\n[ ](/quote/WEED.TO/ \"WEED.TO\")\n\nSMG  The Scotts Miracle-Gro Company\n\n**52.59**\n\n+9.09%\n\n[ ](/quote/SMG/ \"SMG\")\n\nSTZ  Constellation Brands, Inc.\n\n**183.40**\n\n+7.28%\n\n[ ](/quote/STZ/ \"STZ\")\n\nVFF  Village Farms International, Inc.\n\n**0.5370**\n\n+11.62%\n\n[ ](/quote/VFF/ \"VFF\")\n\nCWBHF  Charlotte's Web Holdings, Inc.\n\n**0.0750**\n\n+20.97%\n\n[ ](/quote/CWBHF/ \"CWBHF\")\n\n[ ](/)\n\nCopyright \u00a9 2025 Yahoo. 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                "url": "https://finance.yahoo.com/quote/CRON/"
            },
            "reason": "Yahoo Finance provides stock quotes and financial data for Cronos Group (CRON). Yahoo Finance is a reputable source for financial information.",
            "reliability_score": 0.9,
            "search_query": "company 'The Cronos Group' energy efficiency",
            "summary": "Yahoo Finance provides stock quotes and financial data for Cronos Group.",
            "url": "https://finance.yahoo.com/quote/CRON/"
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                    "source": "https://juunoo.com/facility-trends-guido-nachtergaele-cronos/"
                },
                "page_content": "Skip to content\n\n  * [ __ (929) 930-2185  ](tel:9299302185)\n\n  * [ Visit our NYC showroom  ](https://meetings-eu1.hubspot.com/jonathan-agostino/showroom-nyc)\n\nEnglish\n\nEnglish  [ English (EU) ](https://juunoo.com/en-eu/facility-trends-guido-\nnachtergaele-cronos/ \"English \\(EU\\)\") [ Nederlands\n](https://juunoo.com/nl/facility-trends-guido-nachtergaele-cronos/\n\"Nederlands\") [ Fran\u00e7ais ](https://juunoo.com/fr/facility-trends-guido-\nnachtergaele-cronos/ \"Fran\u00e7ais\")\n\n[ ](https://juunoo.com/)\n\n[ Contact  ](https://juunoo.com/contact/)\n\n__\n\n[ ](https://www.juunoo.com/)\n\n__\n\n##  \"Don't jump on every trend. Find the right solution for your\norganization.\"\n\n_In recent years, our understanding of what constitutes a traditional office\nspace has changed dramatically, largely due to the coronavirus pandemic. This\nhas seen the idea of working from home finally come to fruition, with\nemployees now discovering the benefits of hybrid working. Today, facilities\nmanagers face the challenge of adapting their offices to this new way of\nworking, while also preparing for the future. Are employees set to work fewer\nhours at the office? How many workstations and space should they provide? We\nasked Cronos Group\u2019s Guido Nachtergaele to share his thoughts on this\nsubject._\n\nWith 25 years of experience under his belt, Guido Nachtergaele has garnered\nfirst-hand experience of the evolution in office spaces. Having worked at\nCronos Group for several years, he describes himself as more of a generalist,\nadvising businesses on questions surrounding their facilities.\n\nLooking for [ soundproof office pods ](https://juunoo.com/pods/) for your\nsustainable office? Browse our selection of office phone booths  and meeting\npods.  \n\n##  What changes have you witnessed in the world of office spaces?\n\nOver the last 50 years, the way we lay out our offices has drastically\nchanged. In the 1980s, it was commonplace for managers to have their own\nseparate offices, with some larger than others depending on their hierarchical\nposition. As for the rest of the team, they were crammed together in a kind of\n\u2018train car\u2019 layout, with each department allocated its own separate space.\n\nThis all changed in the 1990s when offices started to open up much more.\nDepartments that often worked together were moved closer to one another. In\nsome cases, walls were even removed to facilitate this.\n\n> As a facility manager, try to think for yourself and don\u2019t simply jump on\n> trends.\n\nIn the 2000s, this was taken a step further with the concept of open-plan\noffices. The trend was very much one of openness, which can still be observed\nin most businesses today. We are seeing managers sitting increasingly closer\nto their teams, sometimes even around the same table.\n\n##  What do you think the future looks like for office spaces?\n\nAs a facilities manager, it\u2019s difficult to predict what the future may bring.\nToday, many businesses are struggling with the question of what to do with\ntheir current office space. During the pandemic, large companies, in\nparticular, started relinquishing a great deal of space. With more and more\npeople working from home, their offices had become vacant. However, as a\nresult of the current rise in energy prices, employees are returning to the\noffice sooner than expected, resulting in significant space shortages.\n\nWith many businesses experiencing that same trend, this has rapidly created\nsomewhat of a domino effect. While for small businesses, the impact of such\ndecisions is not too severe, the same cannot be said for large companies. At\nCronos, we chose not to follow this trend, relinquishing none of our office\ninfrastructures.\n\nAt  [ Cronos Group ](https://cronos-groep.be/) ,  they mainly follow their own\npath and make decisions based on the needs of their employees.\n\n##  How can you predict the amount of space required?\n\nWhen people ask me how much space they should actually provide, I always start\nby referring to the **workplace coefficient** . Before the pandemic, this\ntypically stood at around 1:1 or even 1:1.2 for traditional SMEs, with every\nemployee having their own desk, including those working part-time. For large\nbusinesses, this stood at 0.8. Over the last two years, we have seen this move\nto as low as 0.6.\n\nNow, the big question for organizations is to what extent they want their\nemployees to come back to the office and what it would take to facilitate\nthis. This may include, for instance, providing several separate workstations\n\u2013 collaborative workstations, as opposed to \u2018concentration spaces.\u2019 With this,\nthey may also opt to provide shared spaces, encouraging people to work\ntogether in different ways. While this may appear somewhat unrealistic, with\ntrial and error and the necessary amount of flexibility, it can work. Here,\nthe important thing is to know what your business actually needs. In other\nwords, don\u2019t blindly jump on emerging trends.\n\n##  What are the biggest challenges facing facilities managers?\n\nPrior to the pandemic, there were three recurring themes when it came to open-\nplan offices: daylight, acoustics and climate control. However, in recent\nyears, [ sustainability ](https://juunoo.com/sustainability/) has also begun\nto play a more prominent role in the choice of building. While this is no\ndoubt due to a certain level of increased awareness, it is also, let\u2019s face\nit, a result of new government legislation.\n\nFor instance, as of 1 January 2022, owners of non-residential buildings \u2013\nwhich includes offices \u2013 are required to carry out mandatory renovations to\ncomply with four energy-saving measures within five years of purchase, namely\ninstalling an insulated roof, high-efficiency glass, as well as modern cooling\nand heating systems.\n\nAs a prospective owner, it is therefore advisable to cast a proactive eye over\nany building before making a purchase. Better do commission a sustainability\ncheck beforehand, rather than suddenly having to rebuild everything two years\ndown the line. For tenants, it can be especially irritating to find themselves\nin the middle of any renovation works during their lease term.\n\nAccording to Guido Nachtergaele, it is best to create both collaboration and\nconcentration areas in the office.\n\n##  What is your take on digitalization in the world of facilities management?\n\nI\u2019m not one to go with the flow, let alone follow any hype or \u2018flavor of the\nmonth.\u2019 At Cronos, we are very much trying to follow our own path. For\ninstance, IoT (or Internet of Things) is a trending topic in today\u2019s\nfacilities world. Within our organization, we currently see no need for this.\nIt would cost a lot of money, and, to this day, it is difficult for me to\ndemonstrate any potential ROI. What\u2019s more, I\u2019ve been informed by other\nfacilities managers that, in hindsight, they wouldn\u2019t do it again.\n\nWhile FMIS providers may claim they can solve all facilities issues, as a\nfacilities manager, you should first look to solve the problems yourself and,\nonly then, consider whether an IWMS is right for you going forward. Above all,\ntry to think for yourself. Don\u2019t just jump on emerging trends.\n\nFounded in 1991, Cronos Group has grown from a one-person operation into a\nlarge tech group, with as many as 8,000 employees spread across ten countries.\nMade up of clusters of smaller IT and marketing-oriented businesses, the\norganization is an ideal ecosystem for start-up entrepreneurs.\n\nWant to receive more office tips? Then sign up for our monthly newsletter and\nbe the first to know!\n\n##  Gerelateerde posts\n\n[ ](https://juunoo.com/how-enhanced-acoustics-can-bring-your-team-back-to-the-\noffice/)\n\nOffice\n\n###  [ How Enhanced Acoustics Can Bring Your Team Back To The Office\n](https://juunoo.com/how-enhanced-acoustics-can-bring-your-team-back-to-the-\noffice/)\n\nDiscover how acoustics and sound reduction can enhance your workplace and\nmotivate your team to get back into the office. In this blog post you discover\nour number one tips!\n\n[ Read more \u00bb ](https://juunoo.com/how-enhanced-acoustics-can-bring-your-team-\nback-to-the-office/)\n\nMay 30, 2023  No Comments\n\n[ ](https://juunoo.com/tips-design-sustainable-office/)\n\nVoltage\n\n###  [ 5 Tips To Design Your Sustainable Office ](https://juunoo.com/tips-\ndesign-sustainable-office/)\n\nA sustainable office requires a sustainable layout and floor plan. With JUUNOO\nVoltage and these tips, you can organize your office quickly.\n\n[ Read more \u00bb ](https://juunoo.com/tips-design-sustainable-office/)\n\nApril 28, 2023  No Comments\n\n[ ](https://juunoo.com/wing-partners-office-market-journey/)\n\nOffice\n\n###  [ Breaking the Mold: The Innovative Approach of Wing Partners in the\nOffice Market ](https://juunoo.com/wing-partners-office-market-journey/)\n\nHow did the office market change over the past 20 years? And what role does\nsustainability play? 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                "url": "https://juunoo.com/facility-trends-guido-nachtergaele-cronos/"
            },
            "reason": "This article discusses facility trends with Guido Nachtergaele from Cronos. While the source is relevant, it is not a top-tier news outlet, so the reliability is moderate.",
            "reliability_score": 0.6,
            "search_query": "company 'The Cronos Group' energy efficiency",
            "summary": "Juunoo interviews Guido Nachtergaele from Cronos about facility trends.",
            "url": "https://juunoo.com/facility-trends-guido-nachtergaele-cronos/"
        },
        {
            "content": {
                "metadata": {
                    "ext_id": "046b36d1-47ce-4d85-b9fb-a3e154804cc7",
                    "origin": "public",
                    "resource_location": "web",
                    "resource_type": "webpage",
                    "source": "https://www.360energy.net/resources/success-stories/cronos"
                },
                "page_content": "[ ](/)\n\nProudly Canadian Since 1995.\n\n[ ](/)\n\nStay Connected \u00e2\u0080\u0093 Join Our Newsletter\n\nThank you! Your submission has been received!\n\nOops! Something went wrong while submitting the form.\n\nSolutions\n\n[ 360 ECOS ](/solutions/360-ecos) [ Envirally ](http://envirally.io) [ 360\nCarbon Excellence ](/solutions/carbon-excellence) [ 360 GrO\n](/solutions/360-gro)\n\nCompany\n\n[ Why Us ](/company/about-us) [ Press ](/company/press) [ Contact Us\n](/company/contact-us) [ Book A Meeting ](/book-a-meeting) [ Client Login\n](https://ub.skgtech.com/Identity/Account/Login)\n\nResources\n\n[ Success Stories ](/resources/success-stories) [ FAQs ](/resources/faqs) [\nArticles ](/resources/articles) [ Podcast ](/resources/podcast-the-360-on-\nenergy-and-carbon) [ White Papers ](/resources/white-papers) [ Webinars\n](/resources/webinars)\n\n[ ](https://www.facebook.com/360Energyinc)\n\n[ ](https://www.instagram.com/360_energy/)\n\n[ ](https://www.linkedin.com/company/360-energy/)\n\n[ ](https://x.com/360_energy)\n\n[ ](https://podcasts.apple.com/us/podcast/the-360-on-energy-and-\ncarbon/id1573283942)\n\n[ ](https://open.spotify.com/show/53JLpEfnSjlf1Lg1avIsbl?si=a69cc0b043494a19)\n\n[ ](https://www.youtube.com/playlist?list=PLjnrOUgCCGHi7ePs1P1gHYLQux_XaGbL4)\n\n\u00c2\u00a9 2025 360 Energy Inc. All right reserved.\n\n[ Privacy Policy ](/legal/privacy-policy) [ Terms and Conditions\n](/legal/terms-conditions) Cookies Settings\n\n",
                "url": "https://www.360energy.net/resources/success-stories/cronos"
            },
            "reason": "This is a success story on 360 Energy's website about their work with Cronos Group. While it provides insights, it is a promotional piece and may be biased.",
            "reliability_score": 0.6,
            "search_query": "company 'The Cronos Group' energy efficiency",
            "summary": "360 Energy features a success story about their work with Cronos Group.",
            "url": "https://www.360energy.net/resources/success-stories/cronos"
        },
        {
            "content": {
                "metadata": {
                    "ext_id": "1e0207e4-4edc-4ed1-a911-2fc5603323c6",
                    "origin": "public",
                    "resource_location": "web",
                    "resource_type": "webpage",
                    "source": "https://www.newcannabisventures.com/cronos-to-build-massive-greenhouse-facility-in-ontario/"
                },
                "page_content": "__\n\n  \n\nJuly 18, 2018 at 8:21 am\n\nPublished by NCV Newswire\n\n[\n](https://www.addtoany.com/add_to/facebook?linkurl=https%3A%2F%2Fwww.newcannabisventures.com%2Fcronos-\nto-build-massive-greenhouse-facility-in-\nontario%2F&linkname=Cronos%20to%20Build%20Massive%20Greenhouse%20Facility%20in%20Ontario\n\"Facebook\") [\n](https://www.addtoany.com/add_to/twitter?linkurl=https%3A%2F%2Fwww.newcannabisventures.com%2Fcronos-\nto-build-massive-greenhouse-facility-in-\nontario%2F&linkname=Cronos%20to%20Build%20Massive%20Greenhouse%20Facility%20in%20Ontario\n\"Twitter\") [\n](https://www.addtoany.com/add_to/linkedin?linkurl=https%3A%2F%2Fwww.newcannabisventures.com%2Fcronos-\nto-build-massive-greenhouse-facility-in-\nontario%2F&linkname=Cronos%20to%20Build%20Massive%20Greenhouse%20Facility%20in%20Ontario\n\"LinkedIn\")\n\n#####  Cronos Group Inc. Announces Capacity Expansion with Premier Greenhouse\nExpert\n\nTORONTO, July 18, 2018 /CNW/ \u2013 [ Cronos Group Inc.\n](https://www.newcannabisventures.com/tag/cronos-group/) (NASDAQ: CRON) (TSX:\nCRON) (\u201cCronos Group\u201d or the \u201cCompany\u201d), is pleased to announce that it has\nentered into a joint venture partnership with a group of investors led by Bert\nMucci (the \u201cGreenhouse Partners\u201d), one of Canada\u2019s most sophisticated\ngreenhouse operators and builders. This partnership will function through a\nnewly formed entity, Cronos Growing Company Inc. (\u201cCronos GrowCo\u201d), which will\ndevelop, construct and operate a state-of-the-art purpose-built greenhouse for\ncannabis production in Kingsville, Ontario.\n\nCronos GrowCo is a 50/50 partnership between the Company and the Greenhouse\nPartners. It will leverage over three decades of Bert Mucci\u2019s experience in\ndesigning, building and operating sophisticated large-scale greenhouses. Bert\nMucci, has a long history of greenhouse growing experience and will bring a\nwealth of knowledge and expertise to this collaboration. He has made\nsignificant contributions to the horticultural industry in Canada, including\ninvestments in innovative technologies and environmental stewardship. With a\nproven track record of growth and expansions in vertically integrated\noperations \u2013 from seed to package. Bert Mucci has overseen thousands of\nemployees and over 200 acres of fruit and vegetable greenhouses in\nsouthwestern Ontario.\n\nCronos GrowCo plans to develop an approximately 850,000 square foot custom-\nbuilt greenhouse (the \u201cFacility\u201d) on about 100 acres of land owned by Cronos\nGrowCo in the established greenhouse region of Kingsville, Ontario. The\nLeamington/Kingsville region of Ontario is home to the largest concentration\nof greenhouses in North America and is commonly referred to as the \u201cSun\nParlour,\u201d since the area boasts one of the warmest climates in Canada. The\ngreenhouse materials are currently on the production site and construction\nwill begin this summer.\n\nCronos Group expects that once the Facility is fully operational and licensed,\nthe Facility will produce approximately 70,000 kilograms of cannabis per annum\nfor Cronos GrowCo. The state-of-the art Facility has been designed to optimize\ncutting-edge greenhouse technology and Cronos Group\u2019s best practices in\ncannabis cultivation coupled with the latest in efficient environment control\ntechnologies. This is expected to provide ideal and consistent environmental\nconditions for cannabis cultivation in an energy efficient manner. The\nFacility is also designed to meet GAP and GMP requirements and standards for\ncultivation, extraction and manufacturing activities.\n\nThe Company will assist Cronos GrowCo in obtaining any necessary Health Canada\nlicenses for its operations and provide Cronos GrowCo access to Cronos Group\u2019s\ndomestic and international distribution channels through a supply agreement\nthat has been entered into. Greenhouse Partners will contribute its large-\nscale greenhouse design, build and operational expertise. Each partner will\ncontribute capital as required to Cronos GrowCo for operations. Cronos GrowCo\ncurrently expects to utilize debt to fund a portion of the Facility build-out.\nConstruction of the Facility remains subject to obtaining the necessary\nfunding, the relevant building permits and other customary approvals and\ncommencement of operations at the Facility will be subject to obtaining the\nappropriate licenses under applicable law.\n\n> We believe this partnership serves as a textbook illustration of our\n> strategy and how Cronos Group plans to execute on a global scale. It\n> leverages the data and intellectual property we have been creating at Peace\n> Naturals, our center of excellence, to create capacity and operating\n> leverage in Canada with a premier expert in greenhouse execution, all\n> accomplished in a capital efficient manner.\n\n#####\n\n\u201cCronos is thrilled to be partnering with the Greenhouse Partners. Bert\nMucci\u2019s experience and execution with large scale commercial agriculture is\nsecond to none,\u201d said David Hsu, COO of Cronos Group. \u201cThis is a perfect fit,\nas all parties are committed to commercial efficiencies, technological\ninnovations and most importantly, the highest quality products. This\npartnership combines the regional expertise of high tech greenhouses, cannabis\ncultivation best practices and customizing the latest automation technology\ndeveloped for commercial agriculture.\u201d\n\n> I am very excited to be personally investing in this initiative. I am\n> confident that Cronos GrowCo has put together a unique and talented\n> management team of experts with over 50 years of combined experience to\n> execute our vision. This management team shares my passion and is dedicated\n> to making an impact on health and wellness in the 21st century.\n\n#####\n\n**About Cronos Group**\n\nCronos Group is a globally diversified and vertically integrated cannabis\ncompany with a presence across four continents. The Company operates two\nwholly-owned Canadian licensed producers regulated under Health Canada\u2019s\n_Access to Cannabis for Medical Purposes Regulations_ : Peace Naturals Project\nInc., which was the first non-incumbent medical cannabis license granted by\nHealth Canada, and Original BC Ltd., which is based in the Okanagan Valley,\nBritish Columbia. The Company has multiple international production and\ndistribution platforms including in Germany, Israel and Australia. The Company\nintends to continue to rapidly expand its global footprint as it focuses on\nbuilding an international iconic brand portfolio and develop disruptive\nintellectual property. Cronos Group is committed to building industry leading\ncompanies that transform the perception of cannabis and responsibly elevate\nthe consumer experience.\n\n[ Original Press Release ](https://www.newswire.ca/news-releases/cronos-group-\ninc-announces-capacity-expansion-with-premier-greenhouse-\nexpert-688483571.html)\n\nPublished by NCV Newswire\n\nThe NCV Newswire by New Cannabis Ventures aims to curate high quality content\nand information about leading cannabis companies to help our readers filter\nout the noise and to stay on top of the most important cannabis business news.\nThe NCV Newswire is hand-curated by an editor and not automated in anyway.\nHave a confidential news tip? [ Get in touch\n](https://form.jotform.com/53395769996179) .\n\n  \n\n##  Get Our Sunday Newsletter\n\n##  In This Article:\n\n**[ ACMPR ](https://www.newcannabisventures.com/tag/acmpr/) , [ Canada\n](https://www.newcannabisventures.com/tag/canada/) , [ CRON\n](https://www.newcannabisventures.com/tag/cron/) , [ Cronos Group\n](https://www.newcannabisventures.com/tag/cronos-group/) , [ Mucci Farms\n](https://www.newcannabisventures.com/tag/mucci-farms/) **\n\n##  Related News:\n\n### [ Looking at the Cannabis Meltdown by Sub-Sector\n](https://www.newcannabisventures.com/looking-at-the-cannabis-meltdown-by-sub-\nsector/) ### [ Canadian Cannabis Sales Sank in January\n](https://www.newcannabisventures.com/canadian-cannabis-sales-sank-in-\njanuary/) ### [ One Cannabis Sub-Sector Rallied\n](https://www.newcannabisventures.com/one-cannabis-sub-sector-rallied/) ### [\nCanadian Cannabis Sales Soared in December\n](https://www.newcannabisventures.com/canadian-cannabis-sales-soar-in-\ndecember/)\n\n* * *\n\n* ###  **Latest News**\n\nApril 8th, 2025\n\nTilray Brands Reports Q3 Fiscal 2025 Financial Results Tilray...\n\nApril 3rd, 2025\n\nYou\u2019re reading this week\u2019s edition of the New Cannabis...\n\n* ###  **Get The App**\n\nDownload the free \u201cNew Cannabis Ventures\u201d app on the iOS App Store or Google\nPlay and get real-time push notifications straight to your phone on the latest\nbreaking news and exclusives published.\n\n* * *\n\n[ ](https://itunes.apple.com/us/app/ncv-news/id1123542865?ls=1&mt=8)\n\n[ ](https://play.google.com/store/apps/details?id=com.ncvnews.app.android)\n\n* ###  **NCV Media**\n\n####  Thank you for reading\n\n####  New Cannabis Ventures\n\nContributing original content and curating quality news on only the most\npromising cannabis companies and the most influential investors.\n\nFollow us on  \n\n[ __ ](https://www.facebook.com/ncvmedia) [ __ ](https://twitter.com/ncvmedia)\n[ __ ](https://www.linkedin.com/company/new-cannabis-ventures/)\n\n\u00a9 [ NCV Media, LLC. ](/)\n\n  * [ About ](https://www.newcannabisventures.com/about-new-cannabis-ventures/)\n  * [ Contact ](https://www.newcannabisventures.com/contact/)\n  * [ Newsletter ](https://www.newcannabisventures.com/subscribe/)\n  * [ Advertising ](https://www.newcannabisventures.com/cannabis-advertising/)\n  * [ Privacy ](https://www.newcannabisventures.com/privacy-policy/)\n  * [ Disclaimer ](https://www.newcannabisventures.com/disclaimer/)\n  * [ Status ](http://status.newcannabisventures.com/4262862)\n\n",
                "url": "https://www.newcannabisventures.com/cronos-to-build-massive-greenhouse-facility-in-ontario/"
            },
            "reason": "This article from New Cannabis Ventures discusses Cronos Group's plans to build a greenhouse facility. While the source is specific to the cannabis industry, the information appears factual and relevant.",
            "reliability_score": 0.7,
            "search_query": "company 'The Cronos Group' energy efficiency",
            "summary": "New Cannabis Ventures reports on Cronos Group's plans to build a greenhouse facility in Ontario.",
            "url": "https://www.newcannabisventures.com/cronos-to-build-massive-greenhouse-facility-in-ontario/"
        },
        {
            "content": {
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                    "resource_type": "webpage",
                    "source": "https://www.theglobeandmail.com/investing/markets/stocks/CRON-Q/pressreleases/31473479/cronos-appoints-anna-shlimak-as-chief-financial-officer/"
                },
                "page_content": "Skip to main content\n\n  * [ TSX  5.42 %  ](https://www.theglobeandmail.com/investing/markets/indices/TXCX/)\n  * [ S&P 500  9.52 %  ](https://www.theglobeandmail.com/investing/markets/indices/INX/)\n  * [ DOW  7.87 %  ](https://www.theglobeandmail.com/investing/markets/indices/DOWI/)\n  * [ NASDAQ  12.16 %  ](https://www.theglobeandmail.com/investing/markets/indices/NASX/)\n  * [ Oil  -1.15 %  ](https://www.theglobeandmail.com/investing/markets/commodities/CL*0/)\n  * [ Dollar  0.12 %  ](https://www.theglobeandmail.com/investing/markets/currencies/CADUSD/)\n  * [ Gold  1.81 %  ](https://www.theglobeandmail.com/investing/markets/commodities/GC*0/)\n  * [ tsx movers:  ](/investing/markets/stocks/)\n  * [ CNQ-T  \\+ 9.51 %  ](https://www.theglobeandmail.com/investing/markets/stocks/CNQ-T/)\n  * [ BTE-T  \\+ 22.12 %  ](https://www.theglobeandmail.com/investing/markets/stocks/BTE-T/)\n  * [ WCP-T  \\+ 11.96 %  ](https://www.theglobeandmail.com/investing/markets/stocks/WCP-T/)\n  * [ TRP-T  \\+ 2.58 %  ](https://www.theglobeandmail.com/investing/markets/stocks/TRP-T/)\n\nThis section contains press releases and other materials from third parties\n(including paid content). The Globe and Mail has not reviewed this content.\nPlease see [ disclaimer ](https://www.theglobeandmail.com/privacy-\nterms/disclaimer/) .\n\n#  Cronos Appoints Anna Shlimak as Chief Financial Officer\n\nCronos Group Inc. -  [ GlobeNewswire ](https://www.globenewswire.com/) \\-  Wed\nMar 19, 6:30AM CDT\n\nTORONTO, March 19, 2025 (GLOBE NEWSWIRE) -- Cronos Group Inc. (NASDAQ: CRON)\n(TSX: CRON) (\u201cCronos\u201d or the \u201cCompany\u201d), an innovative global cannabinoid\ncompany, today announced the appointment of Anna Shlimak as Chief Financial\nOfficer, effective today. Ms. Shlimak, who previously served as Cronos\u2019 Chief\nStrategy Officer, will succeed James Holm who is stepping down to pursue other\nopportunities and will remain with the Company through April 18, 2025 to\nensure a seamless transition.\n\nMs. Shlimak has been an integral part of Cronos\u2019 leadership team for the last\nseven years, playing a key role in shaping the Company\u2019s strategy, operational\nefficiencies, and engagement with the financial and investment community.\nDuring her tenure, she has led many strategic initiatives including cost\noptimization, revenue growth, and building Cronos\u2019 corporate brand, which have\npositioned the Company for long-term success.\n\n\u201cI am incredibly pleased Anna Shlimak is stepping into the Chief Financial\nOfficer role,\u201d said Mike Gorenstein, President and Chief Executive Officer,\nCronos. \u201cAnna has been an essential part of our senior leadership team. With a\ndeep understanding of our business and a proven track record of driving\nfinancial performance, operational efficiency and strategic growth, Anna is\nthe ideal leader to help drive our financial strategy and next phase of\ngrowth.\n\nMr. Gorenstein continued, \u201cI want to sincerely thank James for his\ncontributions to Cronos. He played an important role in improving our finance\nfunctions and has worked to build a robust Finance team. His commitment to\nCronos has been essential and I thank James for everything he\u2019s contributed to\nthe Company and wish him all the best in his future endeavors.\u201d\n\nMr. Holm said, \u201cI'm incredibly proud of what we've accomplished over the past\ntwo and a half years and look forward to watching the Cronos team continue to\ndeliver strong results. Under Anna\u2019s leadership, I\u2019m confident the Company\nwill continue to grow and lead the cannabis industry on a global scale.\u201d\n\nMs. Shlimak said, \u201cI am honored to step into the role of CFO and continue\nworking alongside our talented teams. Cronos is committed to building\nexceptional cannabis brands and products that enhance experiences, and I am\nexcited to lead our financial and strategic growth as we continue to expand\nand drive performance. As we enter the next phase of growth, I look forward to\ndriving long-term value for our shareholders, employees, and consumers.\u201d\n\n**About Anna Shlimak**  \nAnna recently served as the Company\u2019s Chief Strategy Officer and was\nresponsible for managing and directing the organization\u2019s corporate strategy,\ninvestor relations, communications, government affairs, and information\nsystems departments. Prior to joining Cronos, Anna was the Head of Investor\nRelations at Quest Partners LLC, a research-driven alternative investment\nfirm. Anna was responsible for business development, investor reporting,\nmarketing, and communication initiatives for the fund. Before that, Anna held\na range of roles at the New York Stock Exchange in both the New York and\nLondon offices. She received a Master of Business Administration from Columbia\nBusiness School and holds a Bachelor of Science in Economics from The Wharton\nSchool at the University of Pennsylvania.\n\n**About Cronos Group Inc.**  \nCronos is an innovative global cannabinoid company committed to building\ndisruptive intellectual property by advancing cannabis research, technology\nand product development. With a passion to responsibly elevate the consumer\nexperience, Cronos is building an iconic brand portfolio. Cronos\u2019 diverse\ninternational brand portfolio includes Spinach  \u00ae  , PEACE NATURALS  \u00ae  and\nLord Jones  \u00ae  . For more information about Cronos and its brands, please\nvisit: thecronosgroup.com.\n\n**Forward-looking Statements**  \nThis press release may contain information that may constitute \u201cforward-\nlooking information\u201d or \u201cforward-looking statements\u201d within the meaning of\napplicable Canadian and U.S. securities laws and court decisions\n(collectively, \u201cForward-looking Statements\u201d). All information contained herein\nthat is not clearly historical in nature may constitute Forward-looking\nStatements. In some cases, Forward-looking Statements can be identified by the\nuse of forward-looking terminology such as \u201cmay\u201d, \u201cwill\u201d, \u201cexpect\u201d, \u201cplan\u201d,\n\u201canticipate\u201d, \u201cintend\u201d, \u201cpotential\u201d, \u201cestimate\u201d, \u201cbelieve\u201d or the negative of\nthese terms, or other similar expressions intended to identify Forward-looking\nStatements. Some of the Forward-looking Statements contained in this press\nrelease include statements about transition plans with respect to the\nCompany\u2019s Chief Financial Officer role; the Company\u2019s growth, industry\nleadership, success and financial strategy; long-term value for the Company\u2019s\nshareholders, employees and consumers; and the Company\u2019s intention to build an\ninternational iconic brand portfolio and develop disruptive intellectual\nproperty by advancing cannabis research, technology and product development.\nForward-looking Statements are necessarily based upon a number of estimates\nand assumptions that, while considered reasonable by management, are\ninherently subject to significant business, economic and competitive risks.\nFinancial results, performance or achievements expressed or implied by those\nForward-looking Statements and the Forward-looking Statements are not\nguarantees of future performance. A discussion of some of the material risks\napplicable to the Company can be found in the Company\u2019s Annual Report on Form\n10-K for the year ended December 31, 2024, which has been filed on SEDAR+ and\nEDGAR and can be accessed at www.sedarplus.ca and www.sec.gov/edgar,\nrespectively. Any Forward-looking Statement included in this press release is\nmade as of the date of this press release and, except as required by law,\nCronos disclaims any obligation to update or revise any Forward-looking\nStatement. Readers are cautioned not to put undue reliance on any Forward-\nlooking Statement.\n\n**Media Relations Contact:**  \nEmily Whalen  \nCommunications  \nTel: (416) 504-0004  \n[ _media.relations@thecronosgroup.com_\n](mailto:media.relations@thecronosgroup.com)\n\n**Investor Relations Contact:**  \nTel: (416) 504-0004  \n[ _investor.relations@thecronosgroup.com_\n](mailto:investor.relations@thecronosgroup.com)\n\n  \n\n[\n](https://www.globenewswire.com/NewsRoom/AttachmentNg/68e2d88b-b8e0-404a-995d-415a33773982)\n\n**_This article contains syndicated content. We have not reviewed, approved,\nor endorsed the content, and may receive compensation for placement of the\ncontent on this site. For more information please view the Barchart Disclosure\nPolicy[ here ](https://www.barchart.com/terms#disclosure) . _ **\n\nAll [ market data  (will open in new tab)\n](https://www.barchart.com/solutions/data/market) is provided by Barchart\nSolutions. 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                "url": "https://www.theglobeandmail.com/investing/markets/stocks/CRON-Q/pressreleases/31473479/cronos-appoints-anna-shlimak-as-chief-financial-officer/"
            },
            "reason": "This is a press release from The Globe and Mail about Cronos appointing a CFO. Press releases are generally reliable for factual information about company announcements.",
            "reliability_score": 0.9,
            "search_query": "company 'The Cronos Group' energy efficiency",
            "summary": "The Globe and Mail publishes a press release about Cronos appointing a new CFO.",
            "url": "https://www.theglobeandmail.com/investing/markets/stocks/CRON-Q/pressreleases/31473479/cronos-appoints-anna-shlimak-as-chief-financial-officer/"
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                    "source": "https://cronos-esg.be/"
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                "page_content": "Skip to content\n\n[ ](https://cronos-esg.be)\n\n__\n\n[ Our climate plan  ](https://cronos-esg.be/whitepaper-the-cronos-climate-\nplan/)\n\n[ ](https://cronos-esg.be/home/)\n\n__\n\n[ Our climate plan  ](https://cronos-esg.be/whitepaper-the-cronos-climate-\nplan/)\n\n#\n\n[ Our services  ](https://cronos-esg.be/services/)\n\nCronos ESG supports businesses in enhancing their sustainability efforts\nthroughout the entire journey by combining diverse skills and expertise.\n\n[ Read more  ](https://cronos-esg.be/about-us/)\n\n##  Strategy\n\n##  Our approach\n\nPhase 1: Assessment & Baseline Establishment\n\nTo align our approach with your organization, we first need to understand your\ncurrent **sustainability maturity** and **compliance status.** We will conduct\nmeetings with stakeholders to gather input and collect data on\n**Environmental, Social, and Governance (ESG) practices** . This stakeholder\nengagement, combined with a double materiality assessment (considering both\nfinancial and impact materiality), will help set **priorities.**\n\nWe will also assess regulatory compliance and establish a baseline for key\n**sustainability metrics** . Our deliverables include a **detailed baseline\nreport** and a **stakeholder mapping and engagement plan** . This phase will\nprovide a clear understanding of your current status and actionable insights,\nensuring that decisions are based on a thorough understanding of both\nfinancial and impact materiality, and better preparing you to meet\n**regulatory requirements.**\n\nPhase 2: Goal Setting & Strategic Planning\n\nIn phase 2, we will define **clear sustainability and compliance goals** and\ndevelop a **strategic plan** to achieve them. We will set **SMART goals** and\ncreate a comprehensive **sustainability strategy** with short-term, medium-\nterm, and long-term objectives.\n\nAdditionally, we will determine the necessary **resources** and assign **roles\nand responsibilities** to ensure the successful implementation of the\nstrategic sustainability plan with well-defined goals and initiatives. This\nphase will align **sustainability objectives** with the **business strategy**\nthrough clear, actionable goals.\n\nPhase 3: Implementation & Integration\n\nIn phase 3, we will **implement sustainability initiatives** and **integrate**\nthem into your core business processes. This phase includes not only various\nsustainability projects but also **updating policies and procedures.**\nAdditionally, we will provide **training programs** to build internal capacity\nfor effective sustainability management.\n\nPhase 4: Monitoring, Evaluation, Reporting & Communication\n\nIn phase 4, we will focus on **continuously monitoring progress** ,\n**evaluating outcomes** , and **adjusting strategies as needed** . We will\nestablish systems for **regular tracking of sustainability metrics** and\nconduct **periodic evaluations.** Emphasizing the importance of **feedback and\ncontinuous improvement** , this phase lays a solid foundation for your\nsustainability and compliance reports, as well as your internal and external\ncommunications.\n\nPhase 5: Continuous Improvement & Innovation\n\nIn the final phase, we will embed a **strategy for continuous improvement**\nand **innovation in sustainability practices** . Key elements include\n**regular reviews and updates** of sustainability goals, **implementing\ncontinuous improvement** processes, and **encouraging the adoption of best\npractices** .\n\nThis phase also focuses on **staying informed about emerging trends and\ntechnologies** , **positioning the organization as a leader in\nsustainability** through advocacy and sharing success stories. We will\n**foster a culture of innovation and leadership** in sustainability practices.\n\n[ Learn more  ](https://cronos-esg.be/services/)\n\n##  Our blog\n\n[ Blog  ](https://cronos-esg.be/blog/improved-website-with-a-focus-on-\naccessibility-and-sustainability/)\n\nImproved website with a focus on accessibility and sustainability\n\nDiscover how we made our website more user-friendly and environmentally\nfriendly with a thorough accessibility and emissions scan.\n\n[ Read more  ](https://cronos-esg.be/blog/improved-website-with-a-focus-on-\naccessibility-and-sustainability/)\n\n[ Case  ](https://cronos-esg.be/case/3-powerful-ways-gis-can-help-combat-\nclimate-change/)\n\n3 powerful ways GIS can help combat climate change\n\nExplore 3 ways GIS can combat climate change: from improving ESG compliance to\npromoting greener cities and mitigating environmental hazards.\n\n[ Read more  ](https://cronos-esg.be/case/3-powerful-ways-gis-can-help-combat-\nclimate-change/)\n\n[ Case  ](https://cronos-esg.be/case/cocof-innovates-with-accessible-digital-\nplatforms/)\n\nCOCOF innovates with accessible digital platforms\n\nCOCOF partnered with Cronos Public Services to deliver WCAG-compliant websites\nthat redefine digital accessibility for the Brussels region.\n\n[ Read more  ](https://cronos-esg.be/case/cocof-innovates-with-accessible-\ndigital-platforms/)\n\n[ Read more  ](https://cronos-esg.be/blog/)\n\n##  Let's get in touch\n\nPlease select form to show\n\nData is a cornerstone in a sustainability approach because it provides the\nfoundation for informed decision-making, performance tracking, and continuous\nimprovement.\n\n**Sam Bambust  \n** CEO De Cronos Group\n\n[ ](https://cronos-esg.be/home/)\n\n  * [ Follow us on  ](https://www.linkedin.com/company/cronos-esg/)\n\n  * [ Privacy policy  ](https://cronos-esg.be/privacy-policy/)\n  * [ Cookie policy  ](https://cronos-esg.be/cookie-policy/)\n\n  * [ Privacy policy  ](https://cronos-esg.be/privacy-policy/)\n  * [ Cookie policy  ](https://cronos-esg.be/cookie-policy/)\n\n[ Site by  ](https://www.uncoded.be/)\n\n[ ](https://cronos-esg.be/home/)\n\n[ Our climate plan  ](https://cronos-esg.be/whitepaper-the-cronos-climate-\nplan/)\n\n  * [ Follow us on  ](https://www.linkedin.com/company/cronos-esg/)\n\n##  Let's get in touch\n\n###  Download our Climate plan\n\n",
                "url": "https://cronos-esg.be/"
            },
            "reason": "This is likely a sub-domain or partner site related to The Cronos Group, focusing on ESG (Environmental, Social, and Governance) factors. It is likely to provide accurate information about the company's ESG initiatives and performance.",
            "reliability_score": 0.9,
            "search_query": "company 'The Cronos Group' materiality assessment",
            "summary": "This is likely a sub-domain or partner site related to The Cronos Group, focusing on ESG (Environmental, Social, and Governance) factors.",
            "url": "https://cronos-esg.be/"
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                    "source": "https://www.prnewswire.com/news-releases/cronos-group-and-ginkgo-bioworks-announce-achievement-of-thcv-equity-milestone-301571428.html"
                },
                "page_content": "[ Accessibility Statement ](https://www.cision.com/about/accessibility/) Skip\nNavigation\n\nTORONTO  and  BOSTON  ,  June 21, 2022  /PRNewswire/ -- _[ Cronos Group\n](https://c212.net/c/link/?t=0&l=en&o=3572550-1&h=3225416693&u=https%3A%2F%2Fthecronosgroup.com%2F&a=Cronos+Group)\n_ Inc. (NASDAQ:  CRON  ) (TSX: CRON) (\"Cronos\"), an innovative global\ncannabinoid company, and _[ Ginkgo Bioworks\n](https://c212.net/c/link/?t=0&l=en&o=3572550-1&h=2768808416&u=https%3A%2F%2Fwww.ginkgobioworks.com%2F&a=Ginkgo+Bioworks)\n_ (NYSE:  DNA  ) (\"Ginkgo\"), the leading horizontal platform for cell\nprogramming, today announced the achievement of the third target productivity\nmilestone in their partnership to produce eight cultured cannabinoids. Using\nGinkgo's platform for organism design and development, Cronos has successfully\nachieved the productivity target for tetrahydrocannabivarin (THCV), a\ncannabinoid hypothesized to reduce the appetite-enhancing property of THC.\nAccess to additional rare cannabinoids will support Cronos' innovation\npipeline and commercialization strategy.\n\nLaunched in 2018 with the goal of accessing rare molecules in the cannabis\nplant to create innovative and differentiated products that would otherwise be\ncost-prohibitive, the partnership between Cronos and Ginkgo aims to produce\ncultured cannabinoids at industrial scale. _[ The program\n](https://c212.net/c/link/?t=0&l=en&o=3572550-1&h=3611081941&u=https%3A%2F%2Fwww.ginkgobioworks.com%2Four-\nwork%2Fproducing-cultured-cannabinoids%2F&a=The+program) _ combines Cronos'\ndeep understanding of the biological structure and function of cannabinoids\nwith Ginkgo's vast experience designing microorganisms for the production of\ncultured products across pharmaceuticals, agriculture and more.\n\nIn  August 2021  , Ginkgo and Cronos _[ announced\n](https://c212.net/c/link/?t=0&l=en&o=3572550-1&h=3645716409&u=https%3A%2F%2Finvestors.ginkgobioworks.com%2Fnews%2Fnews-\ndetails%2F2021%2FCronos-Group-and-Ginkgo-Bioworks-Announce-Achievement-of-\nEquity-Milestone-in-Partnership-to-Produce-Cultured-\nCannabinoids%2Fdefault.aspx&a=announced) _ the achievement of its first equity\nmilestone for cannabigerolic acid (CBGA). In  October 2021  , Cronos _[\nlaunched\n](https://c212.net/c/link/?t=0&l=en&o=3572550-1&h=615659090&u=https%3A%2F%2Fir.thecronosgroup.com%2Fnews-\nreleases%2Fnews-release-details%2Fcronos-group-launches-its-first-cultured-\ncannabinoid-product&a=launched) _ its first cultured CBG product, SPINACH\nFEELZ\u2122 _[ Chill Bliss 2:1 THC|CBG gummy\n](https://c212.net/c/link/?t=0&l=en&o=3572550-1&h=3626722007&u=https%3A%2F%2Fspinachcannabis.com%2Fforms%2Fedibles%2Fchill-\nbliss-gummy%2F&a=Chill+Bliss+2%3A1+THC%7CCBG+gummy) _ , which quickly gained\nconsumer awareness, and according to Hifyre data has achieved 2.4% market\nshare in the gummies category in  Canada  as of the week-ended  June 11, 2022\n. Cronos went on to launch its SPINACH FEELZ\u2122 _[ Chill Bliss 7:1 THC|CBG vape\n](https://c212.net/c/link/?t=0&l=en&o=3572550-1&h=2118616123&u=https%3A%2F%2Fspinachcannabis.com%2Fforms%2Fchill-\nbliss-vape%2F&a=Chill+Bliss+7%3A1+THC%7CCBG+vape) _ in  January 2022  .\n\n\"Continuing to hit these productivity milestones in partnership with Ginkgo\nfuels our innovation pipeline focused on creating borderless products\nutilizing rare cannabinoids that amplify and differentiate the consumer\nexperience,\" said  Mike Gorenstein  , Chairman, President and CEO of Cronos.\n\"We are excited about the possibilities that THCV is expected to give us and\nlook forward to getting more products with rare cannabinoids into market.\"\n\n\"Working with Cronos to develop innovations in cannabis is an opportunity for\nus to apply synthetic biology in a way that is helping bring the cannabis\nindustry forward and make a real impact on its market and the customers it\nserves,\" said Jason Kelly, CEO and cofounder of Ginkgo Bioworks. \"The progress\nwe've made thus far in our collaboration is a true testament to both the\npotential of synthetic biology and the world-class teams at Cronos and\nGinkgo.\"\n\nAs a result of the achievement of the final productivity target for THCV,\nCronos has issued to Ginkgo approximately 2.2 million common shares.\n\n**About Cronos  \n** Cronos is an innovative global cannabinoid company committed to building\ndisruptive intellectual property by advancing cannabis research, technology\nand product development. With a passion to responsibly elevate the consumer\nexperience, Cronos is building an iconic brand portfolio. Cronos diverse\ninternational brand portfolio includes Spinach  \u00ae  , PEACE NATURALS  \u00ae  , Lord\nJones  \u00ae  , Happy Dance  \u00ae  and PEACE+\u2122. For more information about Cronos and\nits brands, please visit: _[ thecronosgroup.com\n](https://c212.net/c/link/?t=0&l=en&o=3572550-1&h=3335548803&u=https%3A%2F%2Fthecronosgroup.com%2F&a=thecronosgroup.com)\n_ .\n\n**CRONOS MEDIA CONTACT:**  \n_[ [email protected]  ](/cdn-cgi/l/email-\nprotection#09646c6d6068277b6c65687d6066677a497d616c6a7b6667667a6e7b667c79276a6664)\n_\n\n**CRONOS INVESTOR CONTACT:**  \n_[ [email protected]  ](/cdn-cgi/l/email-\nprotection#b6dfd8c0d3c5c2d9c498c4d3dad7c2dfd9d8c5f6c2ded3d5c4d9d8d9c5d1c4d9c3c698d5d9db)\n_\n\n**About Ginkgo Bioworks  \n** Ginkgo is building a platform to enable customers to program cells as\neasily as we can program computers. The company's platform is enabling\nbiotechnology applications across diverse markets, from food and agriculture\nto industrial chemicals to pharmaceuticals. Ginkgo has also actively supported\na number of COVID-19 response efforts, including K-12 pooled testing, vaccine\nmanufacturing optimization and therapeutics discovery. For more information,\nvisit _[ www.ginkgobioworks.com\n](https://c212.net/c/link/?t=0&l=en&o=3572550-1&h=2356245785&u=http%3A%2F%2Fwww.ginkgobioworks.com%2F&a=www.ginkgobioworks.com)\n_ .\n\n**GINKGO BIOWORKS INVESTOR CONTACT:  \n** [ [email protected]  ](/cdn-cgi/l/email-\nprotection#e0898e968593948f9293a087898e8b878f82898f978f928b93ce838f8d)\n\n**GINKGO BIOWORKS MEDIA CONTACT:  \n** [ [email protected]  ](/cdn-cgi/l/email-\nprotection#29595b4c5a5a694e4047424e464b40465e465b425a074a4644)\n\n**Forward-looking Statements of Cronos Group Inc.  \n** This press release may contain information that may constitute \"forward-\nlooking information\" or \"forward-looking statements\" within the meaning of\napplicable Canadian and U.S. securities laws (collectively, \"Forward-looking\nStatements\"). All information contained herein that is not clearly historical\nin nature may constitute Forward-looking Statements. In some cases, Forward-\nlooking Statements can be identified by the use of forward-looking terminology\nsuch as \"may\", \"will\", \"expect\", \"plan\", \"anticipate\", \"intend\", \"potential\",\n\"estimate\", \"believe\" or the negative of these terms, or other similar\nexpressions intended to identify Forward-looking Statements. Forward-Looking\nStatements include estimates, plans, expectations, opinions, forecasts,\nprojections, targets, guidance or other statements that are not statements of\nhistorical fact. Forward-Looking Statements include, but are not limited to,\nstatements with respect to: Cronos' expectations regarding the potential\nsuccess of, and the costs and benefits associated with, its partnership with\nGinkgo; expectations about the development of the cannabis industry and\npotential demand for cultured cannabinoids; Cronos' commercialization and\nplanned THCV product launch; the partnership's aim to develop eight cultured\ncannabinoids; Cronos' and Ginkgo's positioning to elevate the cannabis\nindustry through cannabinoid and product innovation to unlock the next\ngeneration of its potential; the use of Cronos' and Ginkgo's combined\ncapabilities to make the benefits of cannabinoids more accessible to\nconsumers; and Cronos' intention to build an international iconic brand\nportfolio and develop disruptive intellectual property. Forward-looking\nStatements are necessarily based upon a number of estimates and assumptions\nthat, while considered reasonable by management, are inherently subject to\nsignificant business, economic and competitive risks, financial results,\nresults, performance or achievements expressed or implied by those Forward-\nlooking Statements and the Forward-looking Statements are not guarantees of\nfuture performance. A discussion of some of the material risks applicable to\nthe Company can be found in the Cronos' Annual Report on Form 10-K for the\nyear ended  December 31, 2021  and Quarterly Report on Form 10-Q for the\nperiod ended  March 31, 2022  , both have which been filed on SEDAR and EDGAR\nand can be accessed at [ www.sedar.com ](http://www.sedar.com) and [\nwww.sec.gov/edgar ](http://www.sec.gov/edgar) , respectively. Any Forward-\nlooking Statement included in this press release is made as of the date of\nthis press release and, except as required by law, Cronos disclaims any\nobligation to update or revise any Forward-looking Statement. Readers are\ncautioned not to put undue reliance on any Forward-looking Statement.\n\n**Forward-Looking Statements of Ginkgo Bioworks  \n** This press release contains certain forward-looking statements within the\nmeaning of the federal securities laws, including statements regarding the\npotential success of the partnership and Ginkgo's cell programming platform.\nThese forward-looking statements generally are identified by the words\n\"believe,\" \"can,\" \"project,\" \"potential,\" \"expect,\" \"anticipate,\" \"estimate,\"\n\"intend,\" \"strategy,\" \"future,\" \"opportunity,\" \"plan,\" \"may,\" \"should,\"\n\"will,\" \"would,\" \"will be,\" \"will continue,\" \"will likely result,\" and similar\nexpressions. Forward-looking statements are predictions, projections and other\nstatements about future events that are based on current expectations and\nassumptions and, as a result, are subject to risks and uncertainties. Many\nfactors could cause actual future events to differ materially from the\nforward-looking statements in this press release, including but not limited\nto: (i) the effect of Ginkgo's business combination with Soaring Eagle\nAcquisition Corp. (\"Soaring Eagle\") on Ginkgo's business relationships,\nperformance, and business generally, (ii) risks that the business combination\ndisrupts current plans of Ginkgo and potential difficulties in Ginkgo's\nemployee retention, (iii) the outcome of any legal proceedings that may be\ninstituted against Ginkgo related to its business combination with Soaring\nEagle, (iv) volatility in the price of Ginkgo's securities now that it is a\npublic company due to a variety of factors, including changes in the\ncompetitive and highly regulated industries in which Ginkgo operates and plans\nto operate, variations in performance across competitors, changes in laws and\nregulations affecting Ginkgo's business and changes in the combined capital\nstructure, (v) the ability to implement business plans, forecasts, and other\nexpectations after the completion of the business combination, and identify\nand realize additional opportunities, (vi) the risk of downturns in demand for\nproducts using synthetic biology, (vii) the unpredictability of the duration\nof the COVID-19 pandemic and the demand for COVID-19 testing and the\ncommercial viability of our COVID-19 testing business, and (viii) changes to\nthe biosecurity industry, including due to advancements in technology,\nemerging competition and evolution in industry demands, standards and\nregulations. The foregoing list of factors is not exhaustive. You should\ncarefully consider the foregoing factors and the other risks and uncertainties\ndescribed in the \"Risk Factors\" section of Ginkgo's quarterly report on Form\n10-Q filed with the U.S. Securities and Exchange Commission (the \"SEC\") on\nMay 16, 2022  and other documents filed by Ginkgo from time to time with the\nSEC. These filings identify and address other important risks and\nuncertainties that could cause actual events and results to differ materially\nfrom those contained in the forward-looking statements. Forward-looking\nstatements speak only as of the date they are made. Readers are cautioned not\nto put undue reliance on forward-looking statements, and Ginkgo assumes no\nobligation and does not intend to update or revise these forward-looking\nstatements, whether as a result of new information, future events, or\notherwise. Ginkgo does not give any assurance that it will achieve its\nexpectations.\n\nSOURCE Ginkgo Bioworks\n\n##  WANT YOUR COMPANY'S NEWS  FEATURED ON PRNEWSWIRE.COM?\n\n440k+  \nNewsrooms &  \nInfluencers\n\n9k+  \nDigital Media  \nOutlets\n\n270k+  \nJournalists  \nOpted In\n\n[ GET STARTED ](https://www.prnewswire.com/account/online-membership-\nform/?site_refer=press-release-widget)\n\n###  Modal title\n\n##  Also from this source\n\n[ ](ginkgo-bioworks-reports-fourth-quarter-and-full-year-2024-financial-\nresults-302385247.html)\n\n### [ Ginkgo Bioworks Reports Fourth Quarter and Full Year 2024 Financial\nResults  Ginkgo Bioworks Holdings, Inc. (NYSE: DNA, \"Ginkgo\"), which is\nbuilding the leading platform for cell programming and biosecurity, today\nannounced...  ](ginkgo-bioworks-reports-fourth-quarter-and-full-\nyear-2024-financial-results-302385247.html)\n\n[ ](ginkgo-bioworks-partners-with-hadea-in-up-to-24-million-consortium-\nproject-to-deliver-next-generation-agnostic-diagnostics-for-respiratory-\nviruses-at-the-point-of-care-302381350.html)\n\n### [ Ginkgo Bioworks Partners with HaDEA in Up to \u20ac24 Million Consortium\nProject to Deliver Next-Generation 'Agnostic Diagnostics' for Respiratory\nViruses at the Point of Care  Ginkgo Bioworks (NYSE: DNA), which is building\nthe leading platform for cell programming and biosecurity, today announced a\ncollaboration with the...  ](ginkgo-bioworks-partners-with-hadea-in-up-\nto-24-million-consortium-project-to-deliver-next-generation-agnostic-\ndiagnostics-for-respiratory-viruses-at-the-point-of-care-302381350.html)\n\n[ More Releases From This Source ](/news/ginkgo-bioworks/)\n\n##  Explore\n\n[ [ Cannabis ](/news-releases/consumer-products-retail-latest-news/cannabis-\nlist/) ](/news-releases/consumer-products-retail-latest-news/cannabis-list/)\n\n[ [ Retail ](/news-releases/consumer-products-retail-latest-news/retail-list/)\n](/news-releases/consumer-products-retail-latest-news/retail-list/)\n\n[ [ New Products & Services ](/news-releases/general-business-latest-news/new-\nproducts-services-list/) ](/news-releases/general-business-latest-news/new-\nproducts-services-list/)\n\n[ News Releases in Similar Topics ](/news-releases/)\n\n##  Contact PR Newswire\n\n  * [ Call PR Newswire at 888-776-0942 ](tel:Call%20PR%20Newswire%20at%20888-776-0942) from 8 AM - 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                "url": "https://www.prnewswire.com/news-releases/cronos-group-and-ginkgo-bioworks-announce-achievement-of-thcv-equity-milestone-301571428.html"
            },
            "reason": "This is a press release from PRNewswire regarding Cronos Group. It is a reliable source for factual information about the company's announcements and achievements.",
            "reliability_score": 0.9,
            "search_query": "company 'The Cronos Group' governance diversity inclusion",
            "summary": "Cronos Group and Ginkgo Bioworks announce achievement of THCV equity milestone.",
            "url": "https://www.prnewswire.com/news-releases/cronos-group-and-ginkgo-bioworks-announce-achievement-of-thcv-equity-milestone-301571428.html"
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        {
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                    "resource_type": "webpage",
                    "source": "https://mjbizdaily.com/ceo-schmidt-retires-gorenstein-retakes-helm-of-cannabis-producer-cronos/"
                },
                "page_content": "Enable JavaScript and cookies to continue\n\n",
                "url": "https://mjbizdaily.com/ceo-schmidt-retires-gorenstein-retakes-helm-of-cannabis-producer-cronos/"
            },
            "reason": "This article from MJBizDaily reports on leadership changes at Cronos Group. MJBizDaily is a reputable source for cannabis industry news.",
            "reliability_score": 0.8,
            "search_query": "company 'The Cronos Group' governance diversity inclusion",
            "summary": "CEO Schmidt retires, Gorenstein retakes helm of cannabis producer Cronos.",
            "url": "https://mjbizdaily.com/ceo-schmidt-retires-gorenstein-retakes-helm-of-cannabis-producer-cronos/"
        },
        {
            "content": {
                "metadata": {
                    "ext_id": "1d7aaa04-a7a1-4583-a863-2dc1e6964c5d",
                    "origin": "public",
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                    "resource_type": "webpage",
                    "source": "https://www.morningstar.com/company-reports/1242193-cronos-remains-far-from-critical-mass-to-achieve-profitability-cash-hoard-is-most-of-its-value"
                },
                "page_content": "[ ](/)\n\n[ ](/login?destination=https://www.morningstar.com/company-\nreports/1242193-cronos-remains-far-from-critical-mass-to-achieve-\nprofitability-cash-hoard-is-most-of-its-value)\n\nCronos Group cultivates and sells cannabis predominantly in Canada and Israel.\nWith 2023 net sales below CAD 100 million, it is the smallest Canadian\nlicensed producer we cover by far. This hurts its ability to scale overhead\nexpenses, leading us to forecast the company will not reach breakeven adjusted\nEBITDA profitability within our 10-year forecast. This leaves its equity value\nstemming from its cash hoard rather than from positive free cash flow\ngeneration.\n\n##  Sponsor Center\n\nSite Index\n\n[ ](/)\n\n[ ](https://www.facebook.com/MorningstarInc) [\n](https://twitter.com/MorningstarInc) [\n](https://www.linkedin.com/company/morningstar) [\n](https://www.youtube.com/user/morningstar) [\n](https://www.instagram.com/morningstarinc) [\n](https://apple.news/TVz1ZH812QrSloMH1yiAZUA)\n\n#####  What We Do\n\n  * [ All Products & Services  ](/products)\n  * [ Our Signature Methodologies  ](/research/signature)\n  * [ Morningstar Investment Conference  ](/events/mic)\n\n#####  Company\n\n  * [ About Us  ](/company/about-us)\n  * [ Careers  ](/careers)\n  * [ Culture  ](/company/culture)\n  * [ Corporate Sustainability  ](/company/corporate-sustainability)\n  * [ Newsroom  ](https://newsroom.morningstar.com)\n  * [ Investor Relations  ](https://shareholders.morningstar.com)\n\n#####  Get Help\n\n  * [ Advertising Opportunities  ](/company/media-kit)\n  * Feedback \n\n  * [ Reprints  ](mailto:reprints@morningstar.com)\n  * [ Global Contacts  ](/company/global-contacts)\n  * [ Affiliate Program  ](/products/investor-affiliate-program)\n\n[ United States ](/company/location)\n\n\u00a9 Copyright 2025 Morningstar, Inc. All rights reserved. Dow Jones Industrial\nAverage, S&P 500, Nasdaq, and Morningstar Index (Market Barometer) quotes are\nreal-time.\n\n  * [ Terms and Conditions ](https://www.morningstar.com/company/terms-and-conditions)\n  * [ Privacy Center ](https://www.morningstar.com/company/privacy-center)\n  * [ Disclosures ](https://www.morningstar.com/company/disclosures)\n  * [ Member User Agreement ](/user-agreement)\n  * [ Corrections ](https://www.morningstar.com/corrections)\n  * [ Do Not Sell or Share My Personal Information ](https://www.morningstar.com/company/privacy-policy/california#resident-rights)\n  * [ Accessibility ](https://www.morningstar.com/company/accessibility)\n\n",
                "url": "https://www.morningstar.com/company-reports/1242193-cronos-remains-far-from-critical-mass-to-achieve-profitability-cash-hoard-is-most-of-its-value"
            },
            "reason": "Morningstar is a reputable source of financial news and analysis. The report provides an objective assessment of Cronos' financial performance.",
            "reliability_score": 0.8,
            "search_query": "company 'The Cronos Group' materiality assessment",
            "summary": "Morningstar is a reputable source of financial news and analysis.",
            "url": "https://www.morningstar.com/company-reports/1242193-cronos-remains-far-from-critical-mass-to-achieve-profitability-cash-hoard-is-most-of-its-value"
        },
        {
            "content": {
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                    "origin": "public",
                    "resource_location": "web",
                    "resource_type": "webpage",
                    "source": "https://jobs.jobvite.com/cronosgroup/job/oRSqvfwo"
                },
                "page_content": "##  Head of Global Information Systems\n\nInformation Systems  United States  United States  United States  United\nStates\n\n* * *\n\n[ Apply ](/cronosgroup/job/oRSqvfwo/apply)\n\n###  Description\n\nCronos is an innovative global cannabinoid company committed to building\ndisruptive intellectual property by advancing cannabis research, technology,\nand product development. With a passion to responsibly elevate the consumer\nexperience, Cronos is building an iconic brand portfolio. Cronos\u2019 diverse\ninternational brand portfolio includes Spinach\u00ae, PEACE NATURALS\u00ae and Lord\nJones\u00ae. For more information about Cronos and its brands, please visit: [\nhttps://thecronosgroup.com/ ](https://thecronosgroup.com/) .\n\nAt Cronos Group, we hire talented people who thrive on solving difficult\nproblems and give them the opportunity to hone new skills and approaches. If\nyou want to play a part in shaping an innovative industry and help build a\nhistorically significant company, we want to meet you.\n\nAs the Head of Global Information Systems, you will lead the definition and\ndelivery of the Information Technology strategy and capabilities across the\nenterprise. The Head of Global Information System is responsible for Cronos\u2019s\ntechnology strategy, operational performance and digital innovation across all\noperations.\n\nThe Head of Global Information System will approach information technology\nwith an innovation agenda, a customer service mentality, a vision for the\nfuture, and a transformational mindset. They will build a long-term, consumer-\ncentric information technology (IT) strategy that supports the Company\u2019s\ngrowth within existing lines of business and regions. In addition, the Global\nHead of IS will monitor external technology changes and be a source of\ncontinuous innovation, which will effectively differentiate Cronos from the\ncompetition.\n\nWhat you\u2019ll be doing:\n\n  * Drives the modernization of business systems, project development and support practices. \n  * Initiator and catalyst for the process of continuous improvement, both as it relates to financial processes (e.g., reporting and analytical infrastructure) and business processes (e.g., Prospect-To-Order, Order-To-Cash, and Purchase-To-Pay). \n  * Lead IS strategic and operational planning to achieve business goals by fostering innovation, prioritizing IS initiatives, driving operational excellence, and coordinating the evaluation, deployment, and management of current and future IS across the organization. \n  * Establish priorities and objectives based on business goals; manage performance towards desired results. \n  * Identifies opportunities for suitable and cost-effective investment in IS, including staffing, sourcing, purchasing and development; develops business case justifications and cost/benefit analyses for IS spend and initiatives. \n  * Outsourcing Partner Management experience: extract and maximize output from outsourcing partners. \n  * Establish data discipline and governance across all master data e.g. Customer, Vendor, Material. \n  * Interact with peers, direct reports, and other employees in a manner that reflects leadership, encourages open two-way communications, and contributes to exceptional employee relations throughout the Company. \n  * Ensure the technology team attracts, develops, and retains the best people and fosters an environment that motivates the team to fully realize its capabilities in achieving desired business results. \n  * Cost management best practices to balance investment in technology with clear cost-benefit analysis and improved compliance/control. \n  * Ensuring compliance with regulatory requirements (e.g., SOX) and internal policies. \n  * Engaging third parties to assess the effectiveness of cybersecurity controls and implement mitigation strategies for any risks identified. \n\nYou\u2019ll need to have:\n\n  * Bachelor or advanced degree in Computer Science or related field; or equivalent additional experience \n  * 10+ years of information systems and technology administration experience with an increasing level of responsibility and scope \n  * Experience scaling IS organizations through typical growth stages and a background in large-scale implementations, cloud technologies, systems development lifecycle (SDLC), business intelligence, IS governance and transformation. \n  * Experience leading IT audit initiatives and collaborating with external auditors to address any findings related to IT controls. Familiarity with e-commerce, IT back end, mobile apps and APIs is a plus \n  * Familiarity with SAP systems a plus \n  * Managerial accounting experience with IT spend (budgeting and forecasting IT spend on quarterly, annual, and multi-year basis as well as calculating project ROI) \n  * Demonstration of strong program and project management capabilities \n  * Solid interpersonal and leadership skills, capable of establishing and maintaining effective relationships with executives, employees, and outside vendors. \n  * A strategic thinker, problem-solver and effective project manager who is comfortable rolling up their sleeves and being hands-on. \n  * A knack for identifying and tackling \u201chard problems\u201d, thinking creatively, and getting things done \n  * A passion for staying current on technology and continuous improvement mentality, always working to improve processes, systems, functions, and experiences. \n  * Exceptional communication skills to articulate technical possibilities and limitations of systems to non-technical colleagues. \n  * Experience as a change agent in building high-performing teams in complex and changing environments with high levels of ambiguity. \n  * A player and coach; capable of being an effective people leader while developing your team to operate at peak performance. \n\nAdditional Notes\n\nNOTE: Job Description is not intended to be all-inclusive. Employees may\nperform other related duties to meet the ongoing needs of the organization.\n\nWe are committed to fostering a diverse and inclusive work environment, and we\nwelcome and encourage applications from people with disabilities and people\nwith diverse backgrounds, identities, and cultures. For candidates with\ndisabilities, accommodations are available upon request in all phases of the\nselection process.\n\n[ Apply ](/cronosgroup/job/oRSqvfwo/apply) Apply Later\n\n[ Back to Current Openings ](/cronosgroup/jobs)\n\n####  Share this job\n\n[ __ LinkedIn  ]() [ __ Facebook  ]() __ Twitter  __ Email\n\n__\n\n[ _ Powered by Jobvite  _ ](https://www.jobvite.com/support/job-seeker-\nsupport/)\n\n  * [ Website Terms of Use ](https://thecronosgroup.com/term_of_use.php)\n  * [ Website Privacy Statement ](https://thecronosgroup.com/website_privacy_statement.php)\n  * [ Cookie Policy ](https://thecronosgroup.com/cookie_policy.php)\n\n\u00a9 2025 The Cronos Group. All rights reserved.\n\nBack to Top\n\n",
                "url": "https://jobs.jobvite.com/cronosgroup/job/oRSqvfwo"
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                "page_content": "[ Accessibility Statement ](https://www.cision.com/about/accessibility/) Skip\nNavigation\n\nTORONTO  ,  Feb. 26, 2018  /CNW/ - Cronos Group Inc. (TSX-V: MJN) (OTC Nasdaq\nInt'l Designation: PRMCF) (\" **Cronos Group** \" or the \" **Company** \") is\npleased to announce that trading of its common shares in  the United States\nwill be elevated from the Nasdaq International Designation program to the\nNasdaq Global Market (\" **Nasdaq** \").\n\nCronos Group expects that its common shares will begin trading on Nasdaq on\nFebruary 27, 2018  under the trading ticker symbol \" **CRON** .\" Cronos Group\nwill retain its listing on the TSX Venture Exchange (\" **TSX-V** \") under the\nsymbol \" **MJN** .\"\n\n\"This up listing to NASDAQ is a major corporate milestone and reflects the\nsignificant progress we have made in strengthening our corporate governance\nand expanding our global footprint,\" said  Mike Gorenstein  , CEO of Cronos\nGroup. \"We believe this will increase long term shareholder value by improving\nawareness, liquidity, and appeal to institutional investors.\"\n\n**About Cronos Group**\n\nCronos Group is a globally diversified and vertically integrated cannabis\ncompany with a presence across four continents. The Company operates two\nwholly-owned Canadian Licensed Producers regulated under Health Canada's\n_Access to Cannabis for Medical Purposes Regulations_ : Peace Naturals Project\nInc. (  Ontario  ), which was the first non-incumbent medical cannabis license\ngranted by Health Canada, and Original BC Ltd. (  British Columbia  ), which\nis based in the Okanagan Valley. The Company has multiple international\nproduction and distribution platforms including: Cronos Israel and Cronos\nAustralia. Through an exclusive distribution agreement, Cronos Group has\naccess to over 12,000 pharmacies in  Germany  . The Company is rapidly\nexpanding its global footprint as it focuses on building an international\niconic brand portfolio and developing disruptive intellectual property. Cronos\nGroup is committed to building industry leading companies that transform the\nperception of cannabis and responsibly elevate the consumer experience.\n\n**Forward-Looking Statements**\n\n_This press release contains forward-looking statements. These forward-looking\nstatements, by their nature, require the Company to make certain assumptions\nand necessarily involve known and unknown risks and uncertainties that could\ncause actual results to differ materially from those expressed or implied in\nthese forward-looking statements. Words such as \"may\", \"will\", \"would\",\n\"could\", \"expect\", \"believe\", \"plan\", \"anticipate\", \"intend\", \"estimate\",\n\"continue\", or the negative or comparable terminology, as well as terms\nusually used in the future and the conditional, are intended to identify\nforward-looking statements. Information contained in forward-looking\nstatements is based upon certain material assumptions that were applied in\ndrawing a conclusion or making a forecast or projection. The Company considers\nits assumptions to be reasonable based on information currently available, but\ncautions the reader that its assumptions regarding future events, many of\nwhich are beyond the control of the Company, may ultimately prove to be\nincorrect since they are subject to risks and uncertainties that affect the\nCompany and its business._\n\n_For additional information with respect to these and other factors and\nassumptions underlying the forward-looking statements made in this press\nrelease, refer to the Company's most recent Annual information Form filed on\nSEDAR. The forward-looking information set forth herein reflects the Company's\nexpectations as at the date of this press release and is subject to change\nafter such date. The Company disclaims any intention or obligation to update\nor revise any forward-looking statements, whether as a result of new\ninformation, future events or otherwise, other than as required by law._\n\nSOURCE Cronos Group Inc.\n\nFor media inquiries please contact: Jennifer Homa, MWWPR, Tel: 646-376-7045, [\n[email protected] ](/cdn-cgi/l/email-protection) ; Please contact Cronos Group\nInc: Mike Gorenstein, Chief Executive Officer, Tel: (416) 504-0004, [ [email\nprotected] ](/cdn-cgi/l/email-protection)\n\n####  Related Links\n\n[ www.thecronosgroup.com ](http://www.thecronosgroup.com \"Link to\nhttp://www.thecronosgroup.com\")  \n\n###  Modal title\n\n##  Organization Profile\n\n###  [ Cronos Group Inc. ](/news/cronos-group-inc/)\n\n##  Contact Cision\n\n  * [ 866-245-2317 ](tel:866-245-2317) from 8 AM - 10 PM ET \n\n  * [ Become a Client ](/contact-us/ \"Become a Client\")\n  * [ Request a Demo ](/request-a-demo/ \" Request a Demo \")\n  * [ Editorial Bureaus ](/contact-us/editorial-bureaus/ \" Editorial Bureaus \")\n  * [ Partnerships ](/contact-us/partnerships/ \" Partnerships \")\n  * [ General Enquiries ](/general-inquiries/ \" General Enquiries \")\n  * [ Media ](/contact-us/media/ \" Media\")\n\n[ ](https://www.linkedin.com/company/cisioncanada/ \"LinkedIn\")\n\n##  Products\n\n  * [ Cision Communications Cloud\u00ae ](https://www.newswire.ca/products/communications-cloud \"Cision Communications Cloud\u00ae\")\n  * [ Media Monitoring ](https://www.cision.ca/monitoring-analytics/online/ \"Media Monitoring\")\n  * [ Content Distribution ](https://www.newswire.ca/products/content-distribution \"Content Distribution\")\n  * [ Multimedia Distribution ](https://www.newswire.ca/products/multimedia-distribution-options \"Multimedia Distribution\")\n  * [ Measurement & Analytics ](https://www.newswire.ca/products/Media-Measurement--Analytics \"Measurement & Analytics\")\n  * [ Investor Relations ](https://www.newswire.ca/products/investor-relations \"Investor Relations\")\n\n##  About\n\n  * [ About Cision Canada ](http://cnw.en.mediaroom.com/aboutus/ \"About Cision Canada\")\n  * [ About Cision ](http://www.cision.ca/ \"About Cision\")\n  * [ Media Partners ](https://www.newswire.ca/contact-us/media-partners.html \"Media Partners\")\n  * [ Careers ](https://www.cision.ca/careers/ \"Careers\")\n  * [ Accessibility Statement ](https://www.cision.ca/about/accessibility/ \"Accessibility Statement\")\n  * \n\n##  My Services\n\n  * [ All News Releases ](/news-releases/news-releases-list/ \"All News Releases\")\n  * [ Online Member Centre   \n](https://cnwportal.prnewswire.com/Login.aspx \"Online Member Centre<br />\n\n\")\n\n  * [ Next Gen Communications Cloud ](https://app2.cision.com/ \"Next Gen Communications Cloud\")\n  * [ Cision Communications Cloud\u00ae ](https://app.cision.com/#/login?lang=en-ca \"Cision Communications Cloud\u00ae\")\n  * [ my CNW   \n](/mycnw/login/ \"my CNW<br />\n\n\")\n\nDo not sell or share my personal information:\n\n  * Submit via [ [email protected] ](/cdn-cgi/l/email-protection)\n  * Call Privacy toll-free: 877-297-8921 \n\n##  [ Contact Cision ](/contact-us)\n\n##  [ Products ](/products/overview)\n\n##  [ About ](http://cnw.en.mediaroom.com/aboutus/)\n\n[ My Services __ ]()\n\n  * [ All News Releases ](/news-releases/ \"All News Releases\")\n  * [ Online Member Centre ](https://cnwportal.prnewswire.com/Login.aspx \"Online Member Centre\")\n  * [ Next Gen Communications Cloud ](https://app2.cision.com/ \"Next Gen Communications Cloud\")\n  * [ Cision Communications Cloud ](https://app.cision.com/#/login?lang=en-ca \"Cision Communications Cloud\")\n  * [ my CNW ](/mycnw/login/ \"my CNW\")\n\n[ __ 877-269-7890  \nfrom 8 AM - 10 PM ET ](tel:877-269-7890 \"Contact Us\")\n\n  * [ Terms of Use ](http://cnw.en.mediaroom.com/privacy-terms-of-use \"Terms of Use\")\n  * [ Information Security Policy ](/cision-information-security-policy/ \"Information Security Policy\")\n  * [ Site Map ](/sitemap/ \"Site Map\")\n  * [ Cookie Settings ](/cookie-settings/ \"Cookie Settings\")\n  * [ Accessibility Statement ](https://www.cision.com/about/accessibility/ \"Accessibility Statement\")\n\nCopyright \u00a9 2025 CNW Group Ltd. All Rights Reserved. A Cision company.\n\n",
                "url": "https://www.newswire.ca/news-releases/cronos-group-to-begin-trading-on-nasdaq-stock-exchange-675133353.html"
            },
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            "summary": "Cronos Group to begin trading on NASDAQ stock exchange.",
            "url": "https://www.newswire.ca/news-releases/cronos-group-to-begin-trading-on-nasdaq-stock-exchange-675133353.html"
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                    "source": "https://be.linkedin.com/company/cronos-esg"
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                "page_content": "Skip to main content\n\n#  CRONOS ESG\n\n##  IT Services and IT Consulting\n\n###  Kontich, Flemish Region  579 followers\n\n####  Building a stronger, greener business together. End-to-end guidance and\nsupport for sustainable business practices.\n\n[ Follow\n](https://www.linkedin.com/login?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronos-\nesg&fromSignIn=true&trk=top-card_top-card-secondary-button-top-card-secondary-\ncta)\n\n  * [ Report this company ](https://www.linkedin.com/uas/login?fromSignIn=true&session_redirect=https%3A%2F%2Fbe.linkedin.com%2Fcompany%2Fcronos-esg&trk=top-card_ellipsis-menu-semaphore-sign-in-redirect&guestReportContentType=COMPANY&_f=guest-reporting)\n\n##  About us\n\nCRONOS ESG, part of De Cronos Groep, supports businesses in enhancing their\nsustainability efforts throughout the entire journey by combining diverse\nskills and expertise. Our Cronos ESG Community members are a diverse group of\nexperts dedicated to Environmental, Social, and Governance (ESG) practices.\nYou can benefit from tailored expertise and specialized skills, a\ncollaborative approach, continuous learning, and innovative solutions that\ndrive sustainability leadership.\n\nWebsite\n\n     [ www.cronos-esg.be/  ](https://www.linkedin.com/redir/redirect?url=http%3A%2F%2Fwww%2Ecronos-esg%2Ebe%2F&urlhash=wxOw&trk=about_website)\n\nExternal link for CRONOS ESG\n\nIndustry\n\n     IT Services and IT Consulting \n\nCompany size\n\n     5,001-10,000 employees \n\nHeadquarters\n\n     Kontich, Flemish Region \n\nType\n\n     Privately Held \n\nFounded\n\n     2024 \n\nSpecialties\n\n     ESG, Sustainability, Maturity Assessments, Communication, Governance, Data Services, Footprint analysis, Technology, Microsoft, SAP , Accesibility, Community engagement, Project Management, Reporting, CSRD, ESRS, GRI, EU Taxonomy, EPC, Green Building, Energy Audit, Sustainability Manager, Tool selection & implementation, Sustainable HR, Diversity & Inclusion, Data reporting, Compliancy, and Regulatory \n\n##  Locations\n\n  * Primary \n\nVeldkant 33A\n\nKontich, Flemish Region 2550, BE\n\n[ Get directions\n](https://www.bing.com/maps?where=Veldkant+33A+Kontich+2550+Flemish+Region+BE&trk=org-\nlocations_url)\n\n  * Gent, BE \n\n[ Get directions  ](https://www.bing.com/maps?where=Gent+BE&trk=org-\nlocations_url)\n\n  * Antwerp, BE \n\n[ Get directions  ](https://www.bing.com/maps?where=Antwerp+BE&trk=org-\nlocations_url)\n\n  * Brussels, BE \n\n[ Get directions  ](https://www.bing.com/maps?where=Brussels+BE&trk=org-\nlocations_url)\n\n  * Hasselt, BE \n\n[ Get directions  ](https://www.bing.com/maps?where=Hasselt+BE&trk=org-\nlocations_url)\n\n  * Kortrijk, BE \n\n[ Get directions  ](https://www.bing.com/maps?where=Kortrijk+BE&trk=org-\nlocations_url)\n\n  * Leuven, BE \n\n[ Get directions  ](https://www.bing.com/maps?where=Leuven+BE&trk=org-\nlocations_url)\n\n##  Updates\n\n  * [ ](https://www.linkedin.com/posts/cronos-esg_sustainability-experience-day-activity-7313478544972558339-OEjS)\n\n[ ](https://be.linkedin.com/company/cronos-esg?trk=organization_guest_main-\nfeed-card_feed-actor-image)\n\n[ CRONOS ESG ](https://be.linkedin.com/company/cronos-\nesg?trk=organization_guest_main-feed-card_feed-actor-name)\n\n579 followers\n\n6d\n\n    * [ Report this post ](https://www.linkedin.com/uas/login?fromSignIn=true&session_redirect=https%3A%2F%2Fbe.linkedin.com%2Fcompany%2Fcronos-esg&trk=organization_guest_main-feed-card_ellipsis-menu-semaphore-sign-in-redirect&guestReportContentType=POST&_f=guest-reporting)\n\n\ud835\udde6\ud835\uddf5\ud835\uddee\ud835\uddff\ud835\uddf6\ud835\uddfb\ud835\uddf4 \ud835\uddf6\ud835\uddfb\ud835\ude00\ud835\uddf6\ud835\uddf4\ud835\uddf5\ud835\ude01\ud835\ude00 \ud835\uddee\ud835\ude01 \ud835\ude01\ud835\uddf5\ud835\uddf2 \ud835\udde6\ud835\ude02\ud835\ude00\ud835\ude01\ud835\uddee\ud835\uddf6\ud835\uddfb\ud835\uddee\ud835\uddef\ud835\uddf6\ud835\uddf9\ud835\uddf6\ud835\ude01\ud835\ude06 \ud835\uddd8\ud835\ude05\ud835\uddfd\ud835\uddf2\ud835\uddff\ud835\uddf6\ud835\uddf2\ud835\uddfb\ud835\uddf0\ud835\uddf2 \ud835\uddd7\ud835\uddee\ud835\ude06! \ud83c\udf0d Last week, Cronos ESG\ntook the stage at [ De Cronos Groep\n](https://be.linkedin.com/company/cronos?trk=organization_guest_main-feed-\ncard-text) \u2019s Sustainability Experience Day! \ud83c\udfa4\u267b\ufe0f We showcased how the ESG\nCommunity within Cronos brings together expertise, leverages data as a\nfoundation, and harnesses De Cronos Groep\u2019s ecosystem to drive real\nsustainability impact. Through targeted strategies and strong communication,\nwe amplify change and bring actionable solutions to the market. \ud83d\ude80 \ud83d\udca1 And that\u2019s\nnot all! Other Cronos ESG experts led inspiring sessions on Digital Product\nPassports (DPP), Sustainable HR, Change & Impact, and more. A big thank you to\n[ Jocelijn Geurts ](https://be.linkedin.com/in/jocelijngeurts-\nduurzaamondernemen?trk=organization_guest_main-feed-card-text) and MVO Cronos\nfor the invitation! \ud83d\ude4c [ #Sustainability\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fsustainability&trk=organization_guest_main-\nfeed-card-text) [ #Event\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fevent&trk=organization_guest_main-\nfeed-card-text) [ #Leadership\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fleadership&trk=organization_guest_main-\nfeed-card-text) [ #CronosESG\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fcronosesg&trk=organization_guest_main-\nfeed-card-text) [ #DeCronosGroep\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fdecronosgroep&trk=organization_guest_main-\nfeed-card-text)\n\n` ` ` `\n\n[ 12\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronos-\nesg&trk=organization_guest_main-feed-card_social-actions-reactions) ` ` ` ` `\n` ` ` ` ` ` ` ` ` [ 1 Comment\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronos-\nesg&trk=organization_guest_main-feed-card_social-actions-comments)\n\n[ Like\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronos-\nesg&trk=organization_guest_main-feed-card_like-cta) [ Comment\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronos-\nesg&trk=organization_guest_main-feed-card_comment-cta) [ Share\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronos-\nesg&trk=organization_guest_main-feed-card_share-cta)\n\n` `\n\n  * [ ](https://www.linkedin.com/posts/cronos-esg_worldovershootday-sustainablebusiness-activity-7310948792034357250-fp8x)\n\n[ ](https://be.linkedin.com/company/cronos-esg?trk=organization_guest_main-\nfeed-card_feed-actor-image)\n\n[ CRONOS ESG ](https://be.linkedin.com/company/cronos-\nesg?trk=organization_guest_main-feed-card_feed-actor-name)\n\n579 followers\n\n1w\n\n    * [ Report this post ](https://www.linkedin.com/uas/login?fromSignIn=true&session_redirect=https%3A%2F%2Fbe.linkedin.com%2Fcompany%2Fcronos-esg&trk=organization_guest_main-feed-card_ellipsis-menu-semaphore-sign-in-redirect&guestReportContentType=POST&_f=guest-reporting)\n\n\ud83c\udf0d Today is \ud835\uddea\ud835\uddfc\ud835\uddff\ud835\uddf9\ud835\uddf1 \ud835\udde2\ud835\ude03\ud835\uddf2\ud835\uddff\ud835\ude00\ud835\uddf5\ud835\uddfc\ud835\uddfc\ud835\ude01 \ud835\uddd7\ud835\uddee\ud835\ude06 \u2014a stark reminder that our current way of doing\nbusiness is exceeding the planet\u2019s limits. But what if companies became the\ndriving force behind real change? Sustainability isn\u2019t just an ethical choice;\nit\u2019s a business imperative. By making operations more sustainable,\norganizations can reduce costs, increase efficiency, and build long-term\nresilience. At Cronos ESG, we support businesses in: \u2714\ufe0f Embedding\nsustainability into decision-making \u2714\ufe0f Developing measurable ESG strategies \u2714\ufe0f\nTurning ambitions into tangible action \u2714\ufe0f And so much more \ud83d\udca1 Let\u2019s move the\ndate back together. Learn how we can help you: [ https://cronos-esg.be/\n](https://cronos-esg.be/?trk=organization_guest_main-feed-card-text) [\n#WorldOvershootDay\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fworldovershootday&trk=organization_guest_main-\nfeed-card-text) [ #SustainableBusiness\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fsustainablebusiness&trk=organization_guest_main-\nfeed-card-text) [ #ESG\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fesg&trk=organization_guest_main-\nfeed-card-text) [ #CronosESG\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fcronosesg&trk=organization_guest_main-\nfeed-card-text) [ #DeCronosGroep\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fdecronosgroep&trk=organization_guest_main-\nfeed-card-text)\n\n    * ` ` ` `\n\n[ 2\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronos-\nesg&trk=organization_guest_main-feed-card_social-actions-reactions) ` ` ` ` `\n` ` ` ` ` ` ` ` `\n\n[ Like\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronos-\nesg&trk=organization_guest_main-feed-card_like-cta) [ Comment\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronos-\nesg&trk=organization_guest_main-feed-card_comment-cta) [ Share\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronos-\nesg&trk=organization_guest_main-feed-card_share-cta)\n\n` `\n\n  * [ ](https://www.linkedin.com/posts/cronos-esg_greenbusiness-sustainabilityleadership-activity-7310223945033482241-nZN7)\n\n[ ](https://be.linkedin.com/company/cronos-esg?trk=organization_guest_main-\nfeed-card_feed-actor-image)\n\n[ CRONOS ESG ](https://be.linkedin.com/company/cronos-\nesg?trk=organization_guest_main-feed-card_feed-actor-name)\n\n579 followers\n\n2w\n\n    * [ Report this post ](https://www.linkedin.com/uas/login?fromSignIn=true&session_redirect=https%3A%2F%2Fbe.linkedin.com%2Fcompany%2Fcronos-esg&trk=organization_guest_main-feed-card_ellipsis-menu-semaphore-sign-in-redirect&guestReportContentType=POST&_f=guest-reporting)\n\n\ud83d\ude80 \ud835\udde6\ud835\ude02\ud835\ude00\ud835\ude01\ud835\uddee\ud835\uddf6\ud835\uddfb\ud835\uddee\ud835\uddef\ud835\uddf6\ud835\uddf9\ud835\uddf6\ud835\ude01\ud835\ude06 \ud835\uddf6\ud835\ude00 \ud835\uddfa\ud835\uddfc\ud835\uddff\ud835\uddf2 \ud835\ude01\ud835\uddf5\ud835\uddee\ud835\uddfb \ud835\uddee \ud835\ude01\ud835\uddff\ud835\uddf2\ud835\uddfb\ud835\uddf1\u2014\ud835\uddf6\ud835\ude01\u2019\ud835\ude00 \ud835\uddee \ud835\uddf0\ud835\uddfc\ud835\uddfa\ud835\uddfd\ud835\uddf2\ud835\ude01\ud835\uddf6\ud835\ude01\ud835\uddf6\ud835\ude03\ud835\uddf2 \ud835\uddee\ud835\uddf1\ud835\ude03\ud835\uddee\ud835\uddfb\ud835\ude01\ud835\uddee\ud835\uddf4\ud835\uddf2. Businesses\nthat prioritize sustainability don\u2019t just reduce their environmental impact;\nthey also cut costs, improve efficiency, and enhance brand loyalty. But not\nevery company has the in-house expertise to build and execute a strong ESG\nstrategy. That\u2019s why we created Sustainability Manager as a Service (SMaaS)\u2014to\nprovide businesses with the expert leadership they need, on a flexible basis.\n\ud835\uddea\ud835\uddf5\ud835\ude06 \ud835\uddf0\ud835\uddf5\ud835\uddfc\ud835\uddfc\ud835\ude00\ud835\uddf2 \ud835\udde6\ud835\udde0\ud835\uddee\ud835\uddee\ud835\udde6? \u2714 No need for a full-time hire\u2014cost-effective & scalable \u2714\nAccess to top-tier sustainability expertise \u2714 Clear, actionable strategies\nthat deliver measurable results \u2714 Support for compliance, reporting, and\nstakeholder engagement \ud83d\udca1 Let\u2019s make sustainability work for your\nbusiness\u2014reach out now: [ https://lnkd.in/eE3cd7Ga\n](https://lnkd.in/eE3cd7Ga?trk=organization_guest_main-feed-card-text) [\n#GreenBusiness\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fgreenbusiness&trk=organization_guest_main-\nfeed-card-text) [ #SustainabilityLeadership\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fsustainabilityleadership&trk=organization_guest_main-\nfeed-card-text) [ #ESG\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fesg&trk=organization_guest_main-\nfeed-card-text) [ #CronosESG\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fcronosesg&trk=organization_guest_main-\nfeed-card-text) [ #DeCronosGroep\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fdecronosgroep&trk=organization_guest_main-\nfeed-card-text)\n\n    * ` ` ` `\n\n[ 5\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronos-\nesg&trk=organization_guest_main-feed-card_social-actions-reactions) ` ` ` ` `\n` ` ` ` ` ` ` ` `\n\n[ Like\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronos-\nesg&trk=organization_guest_main-feed-card_like-cta) [ Comment\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronos-\nesg&trk=organization_guest_main-feed-card_comment-cta) [ Share\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronos-\nesg&trk=organization_guest_main-feed-card_share-cta)\n\n` `\n\n  * [ ](https://www.linkedin.com/posts/cronos-esg_gs1forum2025-sustainablebusiness-circulareconomy-activity-7308415035825897474-LAH6)\n\n[ ](https://be.linkedin.com/company/cronos-esg?trk=organization_guest_main-\nfeed-card_feed-actor-image)\n\n[ CRONOS ESG ](https://be.linkedin.com/company/cronos-\nesg?trk=organization_guest_main-feed-card_feed-actor-name)\n\n579 followers\n\n2w\n\n    * [ Report this post ](https://www.linkedin.com/uas/login?fromSignIn=true&session_redirect=https%3A%2F%2Fbe.linkedin.com%2Fcompany%2Fcronos-esg&trk=organization_guest_main-feed-card_ellipsis-menu-semaphore-sign-in-redirect&guestReportContentType=POST&_f=guest-reporting)\n\n\ud83c\udf0d Our community members [ Tracked ](https://be.linkedin.com/company/tracked-\nbe?trk=organization_guest_main-feed-card-text) and [ Zeticon\n](https://be.linkedin.com/company/zeticon?trk=organization_guest_main-feed-\ncard-text) are attending the [ GS1 Belgium & Luxembourg\n](https://be.linkedin.com/company/gs1-belgium&luxembourg?trk=organization_guest_main-\nfeed-card-text) Forum 2025 today! This annual event brings together\nprofessionals from various industries, and this year\u2019s theme, \ud835\udde5\ud835\uddf2\ud835\uddf1\ud835\uddf2\ud835\uddf3\ud835\uddf6\ud835\uddfb\ud835\uddf6\ud835\uddfb\ud835\uddf4\n\ud835\uddd5\ud835\ude02\ud835\ude00\ud835\uddf6\ud835\uddfb\ud835\uddf2\ud835\ude00\ud835\ude00 \ud835\uddf3\ud835\uddfc\ud835\uddff \ud835\uddee \ud835\udde6\ud835\ude02\ud835\ude00\ud835\ude01\ud835\uddee\ud835\uddf6\ud835\uddfb\ud835\uddee\ud835\uddef\ud835\uddf9\ud835\uddf2 \ud835\udde7\ud835\uddfc\ud835\uddfa\ud835\uddfc\ud835\uddff\ud835\uddff\ud835\uddfc\ud835\ude04, aligns perfectly with our shared vision\nof a more sustainable future. \ud83d\udd0d Visit their booth and discover how product\ntransparency and sustainability goals can be optimised by combining the power\nof Intelligent Information Management (IIM) and the Digital Product Passport\n(DPP). The DPP, a legal requirement under the European Green Deal, ensures\ntraceability and authenticity of your products. It also contains detailed\ninformation on reuse and recycling, driving circularity. \ud83d\udca1 Speak with our\nexperts about their insights and experience with the DPP, and learn how to\nprepare your organisation efficiently for a sustainable future! [\n#GS1Forum2025\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fgs1forum2025&trk=organization_guest_main-\nfeed-card-text) [ #SustainableBusiness\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fsustainablebusiness&trk=organization_guest_main-\nfeed-card-text) [ #CircularEconomy\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fcirculareconomy&trk=organization_guest_main-\nfeed-card-text) [ #CronosESG\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fcronosesg&trk=organization_guest_main-\nfeed-card-text) [ #DeCronosGroep\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fdecronosgroep&trk=organization_guest_main-\nfeed-card-text)\n\n    * ` ` ` `\n\n[ 11\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronos-\nesg&trk=organization_guest_main-feed-card_social-actions-reactions) ` ` ` ` `\n` ` ` ` ` ` ` ` `\n\n[ Like\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronos-\nesg&trk=organization_guest_main-feed-card_like-cta) [ Comment\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronos-\nesg&trk=organization_guest_main-feed-card_comment-cta) [ Share\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronos-\nesg&trk=organization_guest_main-feed-card_share-cta)\n\n` `\n\n  * [ ](https://www.linkedin.com/posts/cronos-esg_sustainability-sustainableit-esg-activity-7307687297473282049-zmAw)\n\n[ ](https://be.linkedin.com/company/cronos-esg?trk=organization_guest_main-\nfeed-card_feed-actor-image)\n\n[ CRONOS ESG ](https://be.linkedin.com/company/cronos-\nesg?trk=organization_guest_main-feed-card_feed-actor-name)\n\n579 followers\n\n3w\n\n    * [ Report this post ](https://www.linkedin.com/uas/login?fromSignIn=true&session_redirect=https%3A%2F%2Fbe.linkedin.com%2Fcompany%2Fcronos-esg&trk=organization_guest_main-feed-card_ellipsis-menu-semaphore-sign-in-redirect&guestReportContentType=POST&_f=guest-reporting)\n\n\ud835\udddc\ud835\ude00 \ud835\ude06\ud835\uddfc\ud835\ude02\ud835\uddff \ud835\udddc\ud835\udde7 \ud835\uddf1\ud835\uddf2\ud835\uddfd\ud835\uddee\ud835\uddff\ud835\ude01\ud835\uddfa\ud835\uddf2\ud835\uddfb\ud835\ude01 \ud835\uddf1\ud835\uddff\ud835\uddf6\ud835\ude03\ud835\uddf6\ud835\uddfb\ud835\uddf4 \ud835\ude00\ud835\ude02\ud835\ude00\ud835\ude01\ud835\uddee\ud835\uddf6\ud835\uddfb\ud835\uddee\ud835\uddef\ud835\uddf6\ud835\uddf9\ud835\uddf6\ud835\ude01\ud835\ude06 \ud835\uddf3\ud835\uddfc\ud835\uddff\ud835\ude04\ud835\uddee\ud835\uddff\ud835\uddf1? \ud83d\udcbb\ud83c\udf31 Our \ud835\udddc\ud835\udde7 \ud835\udde6\ud835\ude02\ud835\ude00\ud835\ude01\ud835\uddee\ud835\uddf6\ud835\uddfb\ud835\uddee\ud835\uddef\ud835\uddf6\ud835\uddf9\ud835\uddf6\ud835\ude01\ud835\ude06\n\ud835\udde0\ud835\uddee\ud835\ude01\ud835\ude02\ud835\uddff\ud835\uddf6\ud835\ude01\ud835\ude06 \ud835\uddd4\ud835\ude00\ud835\ude00\ud835\uddf2\ud835\ude00\ud835\ude00\ud835\uddfa\ud835\uddf2\ud835\uddfb\ud835\ude01 evaluates your IT department\u2019s sustainability maturity\nacross Environmental, Social, and Governance (ESG) aspects. Through a\ncomprehensive qualitative survey, we identify strengths and areas for\nimprovement, providing immediate implementation ideas. Based on the insights\ngathered, we develop tailored recommendations and an action plan to help your\nIT team advance its sustainability efforts. Ready to take your IT\nsustainability strategy to the next level? \ud83d\ude80 Ready to improve your IT\nsustainability? Reach out to us today: [ https://lnkd.in/eE3cd7Ga\n](https://lnkd.in/eE3cd7Ga?trk=organization_guest_main-feed-card-text) [\n#Sustainability\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fsustainability&trk=organization_guest_main-\nfeed-card-text) [ #SustainableIT\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fsustainableit&trk=organization_guest_main-\nfeed-card-text) [ #ESG\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fesg&trk=organization_guest_main-\nfeed-card-text) [ #CronosESG\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fcronosesg&trk=organization_guest_main-\nfeed-card-text) [ #DeCronosGroep\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fdecronosgroep&trk=organization_guest_main-\nfeed-card-text)\n\n    * ` ` ` `\n\n[ 4\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronos-\nesg&trk=organization_guest_main-feed-card_social-actions-reactions) ` ` ` ` `\n` ` ` ` ` ` ` ` `\n\n[ Like\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronos-\nesg&trk=organization_guest_main-feed-card_like-cta) [ Comment\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronos-\nesg&trk=organization_guest_main-feed-card_comment-cta) [ Share\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronos-\nesg&trk=organization_guest_main-feed-card_share-cta)\n\n` `\n\n  * [ ](https://www.linkedin.com/posts/cronos-esg_webinar-epcnr-esg-activity-7305875413430398976-Qirk)\n\n[ ](https://be.linkedin.com/company/cronos-esg?trk=organization_guest_main-\nfeed-card_feed-actor-image)\n\n[ CRONOS ESG ](https://be.linkedin.com/company/cronos-\nesg?trk=organization_guest_main-feed-card_feed-actor-name)\n\n579 followers\n\n3w\n\n    * [ Report this post ](https://www.linkedin.com/uas/login?fromSignIn=true&session_redirect=https%3A%2F%2Fbe.linkedin.com%2Fcompany%2Fcronos-esg&trk=organization_guest_main-feed-card_ellipsis-menu-semaphore-sign-in-redirect&guestReportContentType=POST&_f=guest-reporting)\n\n\ud83d\udd34 \ud835\udff4\ud835\udfec% \ud835\uddfc\ud835\uddf3 \ud835\uddf0\ud835\uddfc\ud835\uddfa\ud835\uddfd\ud835\uddee\ud835\uddfb\ud835\uddf6\ud835\uddf2\ud835\ude00 \ud835\uddee\ud835\uddff\ud835\uddf2 \ud835\udde1\ud835\udde2\ud835\udde7 \ud835\uddff\ud835\uddf2\ud835\uddee\ud835\uddf1\ud835\ude06 \ud835\uddf3\ud835\uddfc\ud835\uddff \ud835\uddd8\ud835\udde3\ud835\uddd6 \ud835\udde1\ud835\udde5. \ud835\uddd4\ud835\uddff\ud835\uddf2 \ud835\ude06\ud835\uddfc\ud835\ude02? Starting January 1,\n2025, all non-residential buildings over 1,000 m\u00b2 must have an EPC NR\ncertificate\u2014no exceptions. Smaller buildings? Your deadline is January 1,\n2026. \u2757 Failure to comply could result in fines from VEKA. Not sure where to\nstart? We've got you covered! Join the free webinar of [ EPBeter\n](https://be.linkedin.com/company/epbeter?trk=organization_guest_main-feed-\ncard-text) , member of our Cronos ESG Community, to get clear, practical\ninsights on what EPC NR means for your business and how to prepare in time. \ud83d\udcc5\nTuesday, March 25 \ud83d\udd50 13:00 \ud83d\udd17 Register now: [ https://lnkd.in/e2TA2pPx\n](https://lnkd.in/e2TA2pPx?trk=organization_guest_main-feed-card-text) [\n#webinar\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fwebinar&trk=organization_guest_main-\nfeed-card-text) [ #EPCNR\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fepcnr&trk=organization_guest_main-\nfeed-card-text) [ #ESG\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fesg&trk=organization_guest_main-\nfeed-card-text) [ #CronosESG\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fcronosesg&trk=organization_guest_main-\nfeed-card-text) [ #DeCronosGroep\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fdecronosgroep&trk=organization_guest_main-\nfeed-card-text)\n\n    * ` ` ` `\n\n[ 5\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronos-\nesg&trk=organization_guest_main-feed-card_social-actions-reactions) ` ` ` ` `\n` ` ` ` ` ` ` ` ` [ 1 Comment\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronos-\nesg&trk=organization_guest_main-feed-card_social-actions-comments)\n\n[ Like\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronos-\nesg&trk=organization_guest_main-feed-card_like-cta) [ Comment\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronos-\nesg&trk=organization_guest_main-feed-card_comment-cta) [ Share\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronos-\nesg&trk=organization_guest_main-feed-card_share-cta)\n\n` `\n\n  * [ ](https://www.linkedin.com/posts/cronos-esg_esg-sustainability-impact-activity-7305150569046822912-vz5Y)\n\n[ ](https://be.linkedin.com/company/cronos-esg?trk=organization_guest_main-\nfeed-card_feed-actor-image)\n\n[ CRONOS ESG ](https://be.linkedin.com/company/cronos-\nesg?trk=organization_guest_main-feed-card_feed-actor-name)\n\n579 followers\n\n4w  Edited\n\n    * [ Report this post ](https://www.linkedin.com/uas/login?fromSignIn=true&session_redirect=https%3A%2F%2Fbe.linkedin.com%2Fcompany%2Fcronos-esg&trk=organization_guest_main-feed-card_ellipsis-menu-semaphore-sign-in-redirect&guestReportContentType=POST&_f=guest-reporting)\n\n\ud83c\udf0e \ud835\udde2\ud835\uddfa\ud835\uddfb\ud835\uddf6\ud835\uddef\ud835\ude02\ud835\ude00 \ud835\uddee\ud835\uddfb\ud835\uddf1 \ud835\ude01\ud835\uddf5\ud835\uddf2 \ud835\uddf3\ud835\ude02\ud835\ude01\ud835\ude02\ud835\uddff\ud835\uddf2 \ud835\uddfc\ud835\uddf3 \ud835\uddd8\ud835\udde6\ud835\uddda: \ud835\ude04\ud835\uddf5\ud835\uddee\ud835\ude01\u2019\ud835\ude00 \ud835\uddfb\ud835\uddf2\ud835\ude05\ud835\ude01? The EU's \ud835\udde2\ud835\udde0\ud835\udde1\ud835\udddc\ud835\uddd5\ud835\udde8\ud835\udde6 \ud835\uddf1\ud835\uddf6\ud835\uddff\ud835\uddf2\ud835\uddf0\ud835\ude01\ud835\uddf6\ud835\ude03\ud835\uddf2 eases\nreporting requirements, but does this mean ESG is losing relevance? Absolutely\nnot\u2014it\u2019s shifting from obligation to opportunity. \ud83d\udd0e \ud835\uddde\ud835\uddf2\ud835\ude06 \ud835\uddf0\ud835\uddf5\ud835\uddee\ud835\uddfb\ud835\uddf4\ud835\uddf2\ud835\ude00: \u2022 CSRD aligns\nwith CSDDD, meaning new obligations will apply only to companies with 1,000+\nemployees and \u20ac50M+ revenue. \u2022 The second wave of CSRD reporting has been\npostponed by two years. \u2022 CSDDD: due diligence requirements have been\nrestricted, and civil liability has been removed. \u2022 Double Materiality remains\nessential \u2013 companies must still report on both financial and impact\nmateriality. \u2022 The EU Taxonomy has evolved into VSME (Voluntary Sustainability\nReporting Standard). \ud83d\udca1 \ud835\uddd8\ud835\udde6\ud835\uddda \ud835\uddf6\ud835\ude00\ud835\uddfb\u2019\ud835\ude01 \ud835\uddf7\ud835\ude02\ud835\ude00\ud835\ude01 \ud835\uddf0\ud835\uddfc\ud835\uddfa\ud835\uddfd\ud835\uddf9\ud835\uddf6\ud835\uddee\ud835\uddfb\ud835\uddf0\ud835\uddf2\u2014\ud835\uddf6\ud835\ude01\u2019\ud835\ude00 \ud835\uddee \ud835\ude00\ud835\ude01\ud835\uddff\ud835\uddee\ud835\ude01\ud835\uddf2\ud835\uddf4\ud835\uddf6\ud835\uddf0 \ud835\uddee\ud835\uddf1\ud835\ude03\ud835\uddee\ud835\uddfb\ud835\ude01\ud835\uddee\ud835\uddf4\ud835\uddf2.\n\ud835\udddb\ud835\uddf2\ud835\uddff\ud835\uddf2\u2019\ud835\ude00 \ud835\ude04\ud835\uddf5\ud835\ude06: \ud83d\udc49 Transparency builds trust. A strong ESG foundation enhances\nbrand reputation, customer loyalty, and market position. \ud83d\udc49 Sustainable\nbusinesses perform better. They are more resilient to market shifts and\nconsistently achieve superior long-term financial results. \ud83d\udc49 A proactive ESG\nstrategy drives innovation. It positions you ahead of regulatory changes,\nattracts top talent, and makes you more appealing to investors. What\u2019s your\ntake? Let\u2019s connect and explore how we can support your ESG strategy! [ #ESG\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fesg&trk=organization_guest_main-\nfeed-card-text) [ #Sustainability\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fsustainability&trk=organization_guest_main-\nfeed-card-text) [ #Impact\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fimpact&trk=organization_guest_main-\nfeed-card-text) [ #CSDDD\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fcsddd&trk=organization_guest_main-\nfeed-card-text) [ #CSRD\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fcsrd&trk=organization_guest_main-\nfeed-card-text) [ #DeCronosGroep\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fdecronosgroep&trk=organization_guest_main-\nfeed-card-text) [ #CronosESG\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fcronosesg&trk=organization_guest_main-\nfeed-card-text)\n\n    * ` ` ` `\n\n[ 4\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronos-\nesg&trk=organization_guest_main-feed-card_social-actions-reactions) ` ` ` ` `\n` ` ` ` ` ` ` ` `\n\n[ Like\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronos-\nesg&trk=organization_guest_main-feed-card_like-cta) [ Comment\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronos-\nesg&trk=organization_guest_main-feed-card_comment-cta) [ Share\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronos-\nesg&trk=organization_guest_main-feed-card_share-cta)\n\n` `\n\n  * [ ](https://www.linkedin.com/posts/cronos-esg_sustainability-maturityassessment-esg-activity-7302632392656113664-cacO)\n\n[ ](https://be.linkedin.com/company/cronos-esg?trk=organization_guest_main-\nfeed-card_feed-actor-image)\n\n[ CRONOS ESG ](https://be.linkedin.com/company/cronos-\nesg?trk=organization_guest_main-feed-card_feed-actor-name)\n\n579 followers\n\n1mo\n\n    * [ Report this post ](https://www.linkedin.com/uas/login?fromSignIn=true&session_redirect=https%3A%2F%2Fbe.linkedin.com%2Fcompany%2Fcronos-esg&trk=organization_guest_main-feed-card_ellipsis-menu-semaphore-sign-in-redirect&guestReportContentType=POST&_f=guest-reporting)\n\n\ud835\udddb\ud835\uddfc\ud835\ude04 \ud835\uddfa\ud835\uddee\ud835\ude01\ud835\ude02\ud835\uddff\ud835\uddf2 \ud835\uddf6\ud835\ude00 \ud835\ude06\ud835\uddfc\ud835\ude02\ud835\uddff \ud835\ude00\ud835\ude02\ud835\ude00\ud835\ude01\ud835\uddee\ud835\uddf6\ud835\uddfb\ud835\uddee\ud835\uddef\ud835\uddf6\ud835\uddf9\ud835\uddf6\ud835\ude01\ud835\ude06 \ud835\ude00\ud835\ude01\ud835\uddff\ud835\uddee\ud835\ude01\ud835\uddf2\ud835\uddf4\ud835\ude06? \ud83c\udf3f Our \ud835\udde6\ud835\ude02\ud835\ude00\ud835\ude01\ud835\uddee\ud835\uddf6\ud835\uddfb\ud835\uddee\ud835\uddef\ud835\uddf6\ud835\uddf9\ud835\uddf6\ud835\ude01\ud835\ude06 \ud835\udde0\ud835\uddee\ud835\ude01\ud835\ude02\ud835\uddff\ud835\uddf6\ud835\ude01\ud835\ude06\n\ud835\uddd4\ud835\ude00\ud835\ude00\ud835\uddf2\ud835\ude00\ud835\ude00\ud835\uddfa\ud835\uddf2\ud835\uddfb\ud835\ude01 provides a clear picture of where your organization stands in its\nsustainability journey. We evaluate key areas such as energy use, waste\nmanagement, and social responsibility, benchmarking your performance against\nindustry standards. By identifying strengths and areas for improvement, we\ndeliver \ud835\uddee\ud835\uddf0\ud835\ude01\ud835\uddf6\ud835\uddfc\ud835\uddfb\ud835\uddee\ud835\uddef\ud835\uddf9\ud835\uddf2 \ud835\uddf6\ud835\uddfb\ud835\ude00\ud835\uddf6\ud835\uddf4\ud835\uddf5\ud835\ude01\ud835\ude00 that help you strategically plan and prioritize\nsustainability initiatives. Ready to take the next step toward a more\nsustainable future? Let\u2019s assess your progress together. \ud83d\udce9 Contact us to learn\nmore: [ https://lnkd.in/eE3cd7Ga\n](https://lnkd.in/eE3cd7Ga?trk=organization_guest_main-feed-card-text) [\n#Sustainability\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fsustainability&trk=organization_guest_main-\nfeed-card-text) [ #MaturityAssessment\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fmaturityassessment&trk=organization_guest_main-\nfeed-card-text) [ #ESG\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fesg&trk=organization_guest_main-\nfeed-card-text) [ #CronosESG\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fcronosesg&trk=organization_guest_main-\nfeed-card-text) [ #DeCronosGroep\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fdecronosgroep&trk=organization_guest_main-\nfeed-card-text)\n\n    * ` ` ` `\n\n[ 4\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronos-\nesg&trk=organization_guest_main-feed-card_social-actions-reactions) ` ` ` ` `\n` ` ` ` ` ` ` ` `\n\n[ Like\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronos-\nesg&trk=organization_guest_main-feed-card_like-cta) [ Comment\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronos-\nesg&trk=organization_guest_main-feed-card_comment-cta) [ Share\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronos-\nesg&trk=organization_guest_main-feed-card_share-cta)\n\n` `\n\n  * [ ](https://www.linkedin.com/posts/cronos-esg_community-futureproof-esg-activity-7300801953373061120-lJdk)\n\n[ ](https://be.linkedin.com/company/cronos-esg?trk=organization_guest_main-\nfeed-card_feed-actor-image)\n\n[ CRONOS ESG ](https://be.linkedin.com/company/cronos-\nesg?trk=organization_guest_main-feed-card_feed-actor-name)\n\n579 followers\n\n1mo\n\n    * [ Report this post ](https://www.linkedin.com/uas/login?fromSignIn=true&session_redirect=https%3A%2F%2Fbe.linkedin.com%2Fcompany%2Fcronos-esg&trk=organization_guest_main-feed-card_ellipsis-menu-semaphore-sign-in-redirect&guestReportContentType=POST&_f=guest-reporting)\n\nSustainability is more than a goal\u2014it\u2019s a continuous challenge that requires\n\ud835\ude01\ud835\uddf5\ud835\uddf2 \ud835\uddff\ud835\uddf6\ud835\uddf4\ud835\uddf5\ud835\ude01 \ud835\uddf2\ud835\ude05\ud835\uddfd\ud835\uddf2\ud835\uddff\ud835\ude01\ud835\uddf6\ud835\ude00\ud835\uddf2 \ud83d\udd0d No single perspective has all the answers, which is why\ncollaboration is essential. At Cronos ESG, we unite experts across different\nEnvironmental, Social and Governance fields to tackle challenges from multiple\nangles. By combining knowledge, we don\u2019t just adapt\u2014we drive lasting impact. \ud83d\udca1\nCurious how our expertise can support your sustainability goals and strategy?\nLet\u2019s talk: [ https://lnkd.in/eE3cd7Ga\n](https://lnkd.in/eE3cd7Ga?trk=organization_guest_main-feed-card-text) \ud83d\udce9 [\n#Community\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fcommunity&trk=organization_guest_main-\nfeed-card-text) [ #FutureProof\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Ffutureproof&trk=organization_guest_main-\nfeed-card-text) [ #ESG\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fesg&trk=organization_guest_main-\nfeed-card-text) [ #DeCronosGroep\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fdecronosgroep&trk=organization_guest_main-\nfeed-card-text) [ #CronosESG\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fcronosesg&trk=organization_guest_main-\nfeed-card-text)\n\n    * ` ` ` `\n\n[ 4\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronos-\nesg&trk=organization_guest_main-feed-card_social-actions-reactions) ` ` ` ` `\n` ` ` ` ` ` ` ` `\n\n[ Like\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronos-\nesg&trk=organization_guest_main-feed-card_like-cta) [ Comment\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronos-\nesg&trk=organization_guest_main-feed-card_comment-cta) [ Share\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronos-\nesg&trk=organization_guest_main-feed-card_share-cta)\n\n` `\n\n  * [ ](https://www.linkedin.com/posts/cronos-esg_gis-climatechange-esg-activity-7300077140639707136-dSl9)\n\n[ ](https://be.linkedin.com/company/cronos-esg?trk=organization_guest_main-\nfeed-card_feed-actor-image)\n\n[ CRONOS ESG ](https://be.linkedin.com/company/cronos-\nesg?trk=organization_guest_main-feed-card_feed-actor-name)\n\n579 followers\n\n1mo\n\n    * [ Report this post ](https://www.linkedin.com/uas/login?fromSignIn=true&session_redirect=https%3A%2F%2Fbe.linkedin.com%2Fcompany%2Fcronos-esg&trk=organization_guest_main-feed-card_ellipsis-menu-semaphore-sign-in-redirect&guestReportContentType=POST&_f=guest-reporting)\n\n\ud83c\udf0d \ud835\uddd6\ud835\uddee\ud835\uddfb \ud835\uddda\ud835\udddc\ud835\udde6 \ud835\ude01\ud835\uddf2\ud835\uddf0\ud835\uddf5\ud835\uddfb\ud835\uddfc\ud835\uddf9\ud835\uddfc\ud835\uddf4\ud835\ude06 \ud835\uddf1\ud835\uddff\ud835\uddf6\ud835\ude03\ud835\uddf2 \ud835\uddee \ud835\uddfa\ud835\uddfc\ud835\uddff\ud835\uddf2 \ud835\ude00\ud835\ude02\ud835\ude00\ud835\ude01\ud835\uddee\ud835\uddf6\ud835\uddfb\ud835\uddee\ud835\uddef\ud835\uddf9\ud835\uddf2 \ud835\uddf3\ud835\ude02\ud835\ude01\ud835\ude02\ud835\uddff\ud835\uddf2? \ud83c\udf31 Geographical\nInformation Systems (GIS) are changing the game for businesses and\nmunicipalities, enabling data-driven decisions for climate action and\nsustainability. Here are three keyways GIS is making an impact: \ud83d\udcca \ud835\uddd8\ud835\udde6\ud835\uddda\n\ud835\udde5\ud835\uddf2\ud835\uddfd\ud835\uddfc\ud835\uddff\ud835\ude01\ud835\uddf6\ud835\uddfb\ud835\uddf4 \ud835\uddf3\ud835\uddfc\ud835\uddff \ud835\uddd6\ud835\udde6\ud835\udde5\ud835\uddd7 \ud835\uddd6\ud835\uddfc\ud835\uddfa\ud835\uddfd\ud835\uddf9\ud835\uddf6\ud835\uddee\ud835\uddfb\ud835\uddf0\ud835\uddf2 \u2013 GIS visualizes crucial environmental data,\nlike CO\u2082 emissions and biodiversity, helping organizations comply with CSRD\nand ESRS regulations. \ud83c\udf33 \ud835\uddd6\ud835\uddff\ud835\uddf2\ud835\uddee\ud835\ude01\ud835\uddf6\ud835\uddfb\ud835\uddf4 \ud835\uddda\ud835\uddff\ud835\uddf2\ud835\uddf2\ud835\uddfb\ud835\uddf2\ud835\uddff \ud835\uddd6\ud835\uddf6\ud835\ude01\ud835\uddf6\ud835\uddf2\ud835\ude00 \ud835\ude04\ud835\uddf6\ud835\ude01\ud835\uddf5 \ud835\ude01\ud835\uddf5\ud835\uddf2 \ud835\udfef-\ud835\udfef\ud835\udfec-\ud835\udfef\ud835\udfec\ud835\udfec \ud835\udde5\ud835\ude02\ud835\uddf9\ud835\uddf2 \u2013 GIS\nplays a vital role in planning and tracking urban green spaces, promoting\nhealthier communities. \u26a0\ufe0f \ud835\udde5\ud835\uddf6\ud835\ude00\ud835\uddf8 \ud835\uddd9\ud835\uddfc\ud835\uddff\ud835\uddf2\ud835\uddf0\ud835\uddee\ud835\ude00\ud835\ude01\ud835\uddf6\ud835\uddfb\ud835\uddf4 \ud835\uddf3\ud835\uddfc\ud835\uddff \ud835\udde6\ud835\uddfa\ud835\uddee\ud835\uddff\ud835\ude01\ud835\uddf2\ud835\uddff \ud835\udddc\ud835\uddfb\ud835\ude03\ud835\uddf2\ud835\ude00\ud835\ude01\ud835\uddfa\ud835\uddf2\ud835\uddfb\ud835\ude01\ud835\ude00 \u2013 GIS helps\nmap environmental risks, such as flooding or pollution, empowering businesses\nto minimize risk exposure. \ud83d\udd17 Explore how GIS technology is supporting\nsustainable strategies. Read the full case here: [ https://lnkd.in/eUMBKXRW\n](https://lnkd.in/eUMBKXRW?trk=organization_guest_main-feed-card-text) We\nappreciate [ GeoWeave\n](https://be.linkedin.com/company/geoweave?trk=organization_guest_main-feed-\ncard-text) for teaming up with us on this valuable case! \ud83d\ude4c [ #GIS\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fgis&trk=organization_guest_main-\nfeed-card-text) [ #ClimateChange\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fclimatechange&trk=organization_guest_main-\nfeed-card-text) [ #ESG\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fesg&trk=organization_guest_main-\nfeed-card-text) [ #DeCronosGroep\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fdecronosgroep&trk=organization_guest_main-\nfeed-card-text) [ #CronosESG\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fcronosesg&trk=organization_guest_main-\nfeed-card-text)\n\n    * ` ` ` `\n\n[ 8\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronos-\nesg&trk=organization_guest_main-feed-card_social-actions-reactions) ` ` ` ` `\n` ` ` ` ` ` ` ` `\n\n[ Like\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronos-\nesg&trk=organization_guest_main-feed-card_like-cta) [ Comment\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronos-\nesg&trk=organization_guest_main-feed-card_comment-cta) [ Share\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronos-\nesg&trk=organization_guest_main-feed-card_share-cta)\n\n` `\n\n` ` ` ` ` `\n\n##  Join now to see what you are missing\n\n  * Find people you know at CRONOS ESG \n  * Browse recommended jobs for you \n  * View all updates, news, and articles \n\n[ Join now\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronos-\nesg&trk=public_biz_promo-join)\n\n##  Similar pages\n\n  * ### [ De Cronos Groep  Information Technology & Services  ](https://be.linkedin.com/company/cronos?trk=similar-pages)\n  * ### [ Oxygen Group  IT Services and IT Consulting  ](https://be.linkedin.com/company/this-is-oxygen-group?trk=similar-pages)\n  * ### [ Cronos Business Services  IT Services and IT Consulting  ](https://be.linkedin.com/company/cronos-business-services?trk=similar-pages)\n  * ### [ openlab suisse  Business Consulting and Services  ](https://ch.linkedin.com/company/openlab-suisse?trk=similar-pages)\n  * ### [ ARK - Marketing Intelligence As A Service  Marketing Services  Antwerp, Flemish Region  ](https://be.linkedin.com/company/ark-revenue-growth-by-performance-marketing?trk=similar-pages)\n  * ### [ Pygmaline  Law Practice  ](https://www.linkedin.com/company/pygmaline?trk=similar-pages)\n  * ### [ Collon: collectief ondernemers  Business Consulting and Services  ](https://www.linkedin.com/company/collon-collectiefondernemers?trk=similar-pages)\n  * ### [ Factivity  Public Relations and Communications Services  Edegem, Belgi\u00eb  ](https://be.linkedin.com/company/factivity-agency?trk=similar-pages)\n  * ### [ ESG-simplified  Business Consulting and Services  ](https://be.linkedin.com/company/esgsimplified?trk=similar-pages)\n  * ### [ Pro-Active  Advertising Services  Antwerpen, Antwerpen  ](https://be.linkedin.com/company/pro-active-data-driven-agency?trk=similar-pages)\n\n  * LinkedIn  \u00a9 2025 \n  * [ About ](https://about.linkedin.com?trk=d_org_guest_company_overview_footer-about)\n  * [ Accessibility ](https://www.linkedin.com/accessibility?trk=d_org_guest_company_overview_footer-accessibility)\n  * [ User Agreement ](https://www.linkedin.com/legal/user-agreement?trk=d_org_guest_company_overview_footer-user-agreement)\n  * [ Privacy Policy ](https://www.linkedin.com/legal/privacy-policy?trk=d_org_guest_company_overview_footer-privacy-policy)\n  * [ Your California Privacy Choices ](https://www.linkedin.com/legal/california-privacy-disclosure?trk=d_org_guest_company_overview_footer-california-privacy-rights-act)\n  * [ Cookie Policy ](https://www.linkedin.com/legal/cookie-policy?trk=d_org_guest_company_overview_footer-cookie-policy)\n  * [ Copyright Policy ](https://www.linkedin.com/legal/copyright-policy?trk=d_org_guest_company_overview_footer-copyright-policy)\n  * [ Brand Policy ](https://brand.linkedin.com/policies?trk=d_org_guest_company_overview_footer-brand-policy)\n  * [ Guest Controls ](https://www.linkedin.com/psettings/guest-controls?trk=d_org_guest_company_overview_footer-guest-controls)\n  * [ Community Guidelines ](https://www.linkedin.com/legal/professional-community-policies?trk=d_org_guest_company_overview_footer-community-guide)\n  *     *     *     *     *     *     *     *     *     *     *     *     *     *     *     *     *     *     *     *     *     *     *     *     *     *     *     *     *     *     *     *     *     *     *     *     * \n\n` ` ` ` ` ` ` ` ` ` ` `\n\n##  Sign in to see who you already know at CRONOS ESG\n\n##  Welcome back\n\n` ` ` ` ` ` ` ` ` ` ` ` ` ` ` ` ` ` ` `\n\nBy clicking Continue to join or sign in, you agree to LinkedIn\u2019s [ User\nAgreement ](/legal/user-agreement?trk=organization_guest_contextual-sign-in-\nmodal_sign-in-modal_auth-button_user-agreement) , [ Privacy Policy\n](/legal/privacy-policy?trk=organization_guest_contextual-sign-in-modal_sign-\nin-modal_auth-button_privacy-policy) , and [ Cookie Policy ](/legal/cookie-\npolicy?trk=organization_guest_contextual-sign-in-modal_sign-in-modal_auth-\nbutton_cookie-policy) .\n\nNew to LinkedIn? [ Join now\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronos-\nesg&trk=organization_guest_contextual-sign-in-modal_sign-in-modal_join-link)\n\nor\n\nNew to LinkedIn? [ Join now\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronos-\nesg&trk=organization_guest_contextual-sign-in-modal_join-link)\n\nBy clicking Continue to join or sign in, you agree to LinkedIn\u2019s [ User\nAgreement ](/legal/user-agreement?trk=linkedin-tc_auth-button_user-agreement)\n, [ Privacy Policy ](/legal/privacy-policy?trk=linkedin-tc_auth-\nbutton_privacy-policy) , and [ Cookie Policy ](/legal/cookie-\npolicy?trk=linkedin-tc_auth-button_cookie-policy) .\n\nLinkedIn\n\nLinkedIn is better on the app\n\nDon\u2019t have the app? Get it in the Microsoft Store.\n\n[ Open the app ](ms-windows-\nstore://pdp/?ProductId=9WZDNCRFJ4Q7&mode=mini&cid=guest_desktop_upsell)\n\n` ` ` `\n\n",
                "url": "https://be.linkedin.com/company/cronos-esg"
            },
            "reason": "This is the LinkedIn page for Cronos ESG, a division of The Cronos Group. While LinkedIn is a social media platform, this page is managed by the company and provides information about their ESG initiatives.",
            "reliability_score": 0.7,
            "search_query": "company 'The Cronos Group' governance diversity inclusion",
            "summary": "LinkedIn page for Cronos ESG.",
            "url": "https://be.linkedin.com/company/cronos-esg"
        },
        {
            "content": {
                "metadata": {
                    "ext_id": "936fce59-4d49-48ba-ab5c-3519a016a752",
                    "origin": "public",
                    "resource_location": "web",
                    "resource_type": "webpage",
                    "source": "https://partner-finder.oracle.com/catalog/scr/Partner/SC2PP-CRONOS.html"
                },
                "page_content": "[ Oracle Partner Finder ](/catalog/opn/index.html) Cronos NV  Overview\n\n  \n\n#  Cronos NV\n\nVeldkant 33 A,  \nKontich, 2550  \n\n  * [ Map It ](https://www.google.com/maps/search/Cronos NV Veldkant 33 A, , Kontich, , 2550)\n  * [ Contact Partner ](javascript:;)\n\n3 4508030\n\n  * [ Have Partner Contact You ](/catalog/ContactPartner/SC2PP-CRONOS)\n\n  * Overview \n  * Expertise Detail \n  * Solutions  (4) \n  * \n\n####  Company Overview (provided by partner)\n\n####  Subsidiary Companies\n\nCountry  |  Subsidiary Company   \n---|---  \nBelgium  |  [ Rkitek ](/catalog/Partner/SCPP-RKITEK)  \nBelgium  |  [ Sweet Mustard N.V. ](/catalog/Partner/SCPP-SWEETMUSTARD)  \nBelgium  |  [ Bebold NV ](/catalog/Partner/SCPP-BEBOLD)  \nBelgium  |  [ Monin-IT NV ](/catalog/Partner/SCPP-UXCGXGSH)  \nBelgium  |  [ Algorhythm NV ](/catalog/Partner/SC2PP-I4BI)  \nBelgium  |  [ NV Contribute ](/catalog/Partner/SCPP-CONTRIBUTE)  \nBelgium  |  [ Sinube NV ](/catalog/Partner/SCPP-KBPWKCFV)  \nBelgium  |  [ Exitas NV ](/catalog/Partner/SCPP-EXITAS)  \nBelgium  |  [ Tripwire Solutions NV ](/catalog/Partner/SCPP-TRIPWIRESOLUTIONS)  \nBelgium  |  [ RMC - Relationship Management Consultants NV ](/catalog/Partner/SC2PP-RMCONSULTING)  \nBelgium  |  [ HRMC ](/catalog/Partner/SC2PP-INFOHRMC)  \nBelgium  |  [ BRYXX NV ](/catalog/Partner/SCPP-BRYXX)  \nBelgium  |  [ iAdvise N.V. ](/catalog/Partner/SC2PP-IADVISE)  \nNetherlands  |  [ Cronos BV ](/catalog/Partner/SCPP-CRONOS-NL)  \nNetherlands  |  [ Bryxx BV ](/catalog/Partner/SCPP-GGLGHGKX)  \nNetherlands  |  [ iAdvise ](/catalog/Partner/SC2PP-O2U_NETHERLANDS)  \n  \nMore Subsidiary Companies\n\n####  Oracle Cloud Services\n\nCloud services that complement the Oracle Cloud.\n\n[ Learn more about Cloud Services\n](https://solutions.oracle.com/scwar/scr/AboutPartners/index.html#ocm)\n\n  * [ BRYXX Oracle Cloud Implementation Services ](https://cloudmarketplace.oracle.com/marketplace/listing/86998247) BRYXX: Build, Deploy & Maintain in the Oracle Cloud \n\n####  Offerings\n\n  * [ ](/catalog/Solution/SCSP-EJAOKQEZ)\n\n* * *\n\n  * [ ](/catalog/Solution/SCSP-NRUWPPMS)\n\n* * *\n\n  * [ ](/catalog/Solution/SCSP-OSPRSHPU)\n\nInformation in this section is provided by the partner and does not constitute\nendorsement by Oracle.\n\n#####  Resources for\n\n  * [ Careers ](https://www.oracle.com/corporate/careers/)\n  * [ Developers ](https://developer.oracle.com/)\n  * [ Investors ](https://investor.oracle.com/home/default.aspx)\n  * [ Partners ](https://www.oracle.com/partner/)\n  * [ Startups ](https://www.oracle.com/startup/)\n  * [ Students and Educators ](https://academy.oracle.com/en/oa-web-overview.html)\n\n#####  Why Oracle\n\n  * [ Analyst Reports ](https://www.oracle.com/corporate/analyst-reports.html)\n  * [ Gartner MQ for ERP Cloud ](https://www.oracle.com/erp/what-is-erp/best-erp/)\n  * [ Cloud Economics ](https://www.oracle.com/cloud/economics/)\n  * [ Corporate Responsibility ](https://www.oracle.com/corporate/citizenship/)\n  * [ Diversity and Inclusion ](https://www.oracle.com/corporate/careers/diversity-inclusion/)\n  * [ Security Practices ](https://www.oracle.com/corporate/security-practices/)\n\n#####  Learn\n\n  * [ What is cloud computing? 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](https://www.oracle.com/corporate/contact/)\n  * [ Subscribe to emails ](https://go.oracle.com/subscriptions)\n  * [ Events ](https://www.oracle.com/events/)\n  * [ Blogs ](https://blogs.oracle.com/)\n  * [ Give feedback ](https://survey7.medallia.com/live-online-nps)\n\n* * *\n\n  * [ ](https://www.facebook.com/Oracle/ \"Oracle on Facebook\")\n  * [ ](https://twitter.com/oracle \"Follow Oracle on Twitter\")\n  * [ ](https://www.linkedin.com/company/oracle/ \"Oracle on LinkedIn\")\n  * [ ](http://www.youtube.com/oracle/ \"Watch Oracle on YouTube\")\n\n[ Oracle ](/index.html)\n\n###  Integrated Cloud Applications & Platform Services\n\n  * [ \u00a9 2024 Oracle ](https://www.oracle.com/legal/copyright.html)\n  * [ Site Map ](https://www.oracle.com/sitemap.html)\n  * [ Privacy ](https://www.oracle.com/legal/privacy/) /  [ Do Not Sell My Info ](https://www.oracle.com/legal/privacy/privacy-choices.html)\n  *   * [ Ad Choices ](https://www.oracle.com/legal/privacy/marketing-cloud-data-cloud-privacy-policy.html#adchoices)\n  * [ Careers ](https://www.oracle.com/corporate/careers/)\n\n",
                "url": "https://partner-finder.oracle.com/catalog/scr/Partner/SC2PP-CRONOS.html"
            },
            "reason": "This page on Oracle's Partner Finder lists Cronos as a partner. While it confirms a business relationship, it doesn't provide in-depth information about the company's governance, diversity, or inclusion efforts.",
            "reliability_score": 0.6,
            "search_query": "company 'The Cronos Group' governance diversity inclusion",
            "summary": "Cronos listed as an Oracle partner.",
            "url": "https://partner-finder.oracle.com/catalog/scr/Partner/SC2PP-CRONOS.html"
        },
        {
            "content": {
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                    "source": "https://micronos.be/microsoft-and-de-cronos-groep/"
                },
                "page_content": "**June 2023 marked an exceptional achievement as De Cronos Groep won the\nMicrosoft Belgium Partner of the Year Award for the second time in a row. A\ntremendous success, even more so by winning it back-to-back. The award\ndeservedly created a lot of attention, for instance by[ IT Daily\n](https://itdaily.be/) , who dove deeper into the milestone in an interview\nwith Dirk Deroost (Co-founder De Cronos Group), Marijke Schroos (General\nManager Microsoft Belux) and Michiel Gedopt (Alliance Manager at MiCRONOS).\nYou can read ** [ **the full interview**\n](https://itdaily.be/blogs/business/microsoft-de-cronos-groep-interview/)\n**here, but let\u2019s have a look at the key takeaways, as well as the crucial\npart the[ MiCRONOS community ](https://micronos.be/about-us/) plays in the\npartnership and why Microsoft and De Cronos Groep are the perfect harmony ** .\n\n##  **Why we became Partner of the Year. Again.**\n\nThe interview with Dirk Deroost and Marijke Schroos names a number of reasons\nwhy Microsoft and De Cronos Groep have such a strong and fruitful partnership.\nLet\u2019s zoom in on a few important aspects of this relationship.\n\n  1. **Early adopters**\n  2. **Two-way Traffic**\n  3. **MiCRONOS as facilitator**\n\n###  1\\. Early adopters\n\nThe reason for this is of course the Cronos DNA and our interest in new\ntechnologies. Which we have in common with Microsoft, as evidenced by the\nsignificant investments Microsoft has made in the field of AI. In return, De\nCronos Groep is also embracing this innovative technology. We have several\nCompetence Centers that already provide a wide range of services for our\nclients. Leveraging the Microsoft Azure Cloud and showing interest in\nMicrosoft Copilot.\n\n> \u201cWe were one of the first Microsoft partners in Belgium.\u201d\n>\n> Dirk Deroost, Co-founder of De Cronos Groep\n\n###  2\\. Two-way Traffic\n\nThis shared and mutual understanding of crucial technologies for the future\nexemplifies the two-way relationship between Microsoft and De Cronos Groep.\nMarijke Schroos also emphasizes this: \u201cThe exchange of ideas and collaboration\nbetween both organizations is a significant advantage of our partnership. Our\ngoal is not only to launch a product in the market but also to support\norganizations in creating a comprehensive business strategy around it. Local\npartners like De Cronos Groep offer valuable insights on how we should\nintroduce new products and services to the market.\u201d\n\n###  3\\. MiCRONOS as facilitator\n\nMiCRONOS was founded to efficiently and effectively reach those purposes,\ncreating a community of competence centers within De Cronos Groep that\nspecialize in Microsoft technology. Michiel Gedopt states \u201cThe strength of\nMiCRONOS lies in the collective input from the community, fostering\nconnections between our organizations and the Microsoft teams. This united\nfocus has proven to be a critical element in the comprehensive approach that\nDe Cronos Groep offers its customers regarding Microsoft technology,\npresenting themselves as a true Partner of Everything.\u201d\n\n##  **Why MiCRONOS**\n\nSo let\u2019s highlight again what MiCRONOS is all about and how we united the\nMicrosoft competence centers within De Cronos Groep in a unique journey that\nhas been rewarded by claiming the Partner Of The Year Award title two years in\na row.\n\n  1. **Infinite expertise. One community**\n  2. **MiCA: skilling, reskilling and upskilling Microsoft professionals**\n  3. **Diversity and inclusion**\n\n###  1\\. Infinite expertise. One community\n\nWith more than 60 competence centers, combining more than 1400 Microsoft\nexperts we built a strong Microsoft Community, supporting more than 1000\nactive customers on a daily basis. Our strong expertise is officially\nacknowledged by Microsoft as a Cloud Solutions Partner with 6 Designations, 14\nSpecializations and Azure Expert Managed Service Provider (MSP). By means of\nregular events and updates for the community or contributions by our 10\nMicrosoft MVP\u2019s we bring the community together, both online and offline.\n\nYou can [ follow us on LinkedIn\n](https://www.linkedin.com/company/68536619/admin/feed/posts/) for the latest\nnews, in case you haven\u2019t already.\n\n###  2\\. MiCA: skilling, reskilling and upskilling Microsoft professionals\n\nWe clearly consider our Microsoft expertise in various domains as an essential\npart of our partnership with Microsoft and Cronos DNA. That\u2019s why we created\nour own MiCRONOS Cloud Academy, or MiCA. It\u2019s our mission to help companies\nembrace or get started with Microsoft Cloud Technology. Since launching MiCA\nin 2022, we have enrolled more than 300 new learners. MiCA will help us to\nmeet the rapidly increasing demand for cloud expertise. Finally, we\u2019re still\ninvesting in adding new courses, learning journeys, sales tracks, and\nCertification Exam Prep sessions to the platform.\n\nInterested in boosting your Microsoft Cloud knowledge? [ Check out MiCA\n](https://cloudacademy.micronos.be/) here.\n\n###  3\\. Diversity and inclusion\n\nAlthough, there are more than enough reasons why MiCRONOS is a cornerstone of\nthe successful and mutual partnership between Microsoft and De Cronos Groep,\nwe would like to highlight our efforts to live up to the Microsoft Partner\nPledge. The Partner Pledge is an official vow to undertake actions on a number\nof domains:\n\n  * **Ambassador for Microsoft BeLUX Skills Initiatives**\n  * **Ethical AI development and application**\n  * **Focus on a diverse and inclusive workplace**\n  * **Attention for sustainability and reducing our ecological footprint**\n\n**** Follow our initiatives taking place throughout the year on our [ blogpage\n](https://micronos.be/diverse-and-inclusive-hiring/) or LinkedIn.\n\n##  **Conclusion**\n\nBeing named Microsoft BeLux Partner of the Year twice in a row is an\nincredible symbol of the exceptional journey our Microsoft Community has\nembarked on. It\u2019s a path of high standards and constant improvement, but\nmoreover it is the innovative road we choose to take with MiCRONOS.\n\n#####  Cookie Notice\n\nWe use cookies on our website to give you the most relevant experience by\nremembering your preferences and repeat visits. By clicking \u201cAccept All\u201d, you\nconsent to the use of ALL the cookies. However, you may visit \"Cookie\nsettings\" to provide a controlled consent.\n\n[ Read More ](https://micronos.be/cookie-policy) Cookie Settings  Accept All\n\nManage consent\n\n####  Privacy Overview\n\nThis website uses cookies to improve your experience while you navigate\nthrough the website. Out of these, the cookies that are categorized as\nnecessary are stored on your browser as they are essential for the working of\nbasic functionalities of the website. We also use third-party cookies that\nhelp us analyze and understand how you use this website. These cookies will be\nstored in your browser only with your consent. You also have the option to\nopt-out of these cookies. But opting out of some of these cookies may affect\nyour browsing experience.\n\nNecessary\n\nAlways Enabled\n\nNecessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.  Cookie  |  Duration  |  Description   \n---|---|---  \ncookielawinfo-checkbox-analytics  |  11 months  |  This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category \"Analytics\".   \ncookielawinfo-checkbox-functional  |  11 months  |  The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category \"Functional\".   \ncookielawinfo-checkbox-necessary  |  11 months  |  This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category \"Necessary\".   \ncookielawinfo-checkbox-others  |  11 months  |  This cookie is set by GDPR Cookie Consent plugin. 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These cookies help provide information on metrics the number of\nvisitors, bounce rate, traffic source, etc.\n\nAdvertisement\n\nAdvertisement cookies are used to provide visitors with relevant ads and\nmarketing campaigns. These cookies track visitors across websites and collect\ninformation to provide customized ads.\n\nOthers\n\nOther uncategorized cookies are those that are being analyzed and have not\nbeen classified into a category as yet.\n\nSAVE & ACCEPT\n\nPowered by [ ](https://www.cookieyes.com/)\n\n",
                "url": "https://micronos.be/microsoft-and-de-cronos-groep/"
            },
            "reason": "This article discusses the partnership between Microsoft and De Cronos Groep, a Belgian company. The source appears to be a local news outlet or blog focused on technology and business in Belgium.",
            "reliability_score": 0.8,
            "search_query": "company 'The Cronos Group' governance diversity inclusion",
            "summary": "Article discussing the partnership between Microsoft and De Cronos Groep.",
            "url": "https://micronos.be/microsoft-and-de-cronos-groep/"
        },
        {
            "content": {
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                    "resource_type": "webpage",
                    "source": "https://www.stocktitan.net/news/CRON/cronos-group-reports-2024-fourth-quarter-and-full-year-ft1pmfo4ixz2.html"
                },
                "page_content": "  1. [ Home  ](/)\n  2. [ News  ](/news/live.html)\n  3. [ CRON  ](/news/CRON/)\n  4. Cronos Group Reports 2024 Fourth Quarter and Full-Year Results \n\n#####  [ Trending News __ ](/news/trending.html)\n\n[ ](/news/SUNE/ \" SUNE Stock News\")\n\n[ SUNE ](/news/SUNE/)\n\n[ SUNation Energy Strengthens Financial Position Via Recently Compl...\n](/news/SUNE/su-nation-energy-strengthens-financial-position-via-\nrecently-7mvejuw2nwy9.html)\n\n[ ](/news/RSLS/ \" RSLS Stock News\")\n\n[ RSLS ](/news/RSLS/)\n\n[ ReShape Lifesciences\u00ae Partners with Motion Informatics to Bring A...\n](/news/RSLS/re-shape-lifesciences-partners-with-motion-informatics-to-bring-\nai-asvw91hqd7id.html)\n\n[ ](/news/MSFT/ \" MSFT Stock News\")\n\n[ MSFT ](/news/MSFT/)\n\n[ Microsoft announces quarterly earnings release date ](/news/MSFT/microsoft-\nannounces-quarterly-earnings-release-pyzdaj4mc5mj.html)\n\n[ ](/news/STZ/ \" STZ Stock News\")\n\n[ STZ ](/news/STZ/)\n\n[ Constellation Brands Repositions Wine and Spirits Business to a P...\n](/news/STZ/constellation-brands-repositions-wine-and-spirits-business-\nto-a-5d8v095ydq9h.html)\n\n[ ](/news/AGNC/ \" AGNC Stock News\")\n\n[ AGNC ](/news/AGNC/)\n\n[ AGNC Investment Corp. Declares Monthly Common Stock Dividend of $...\n](/news/AGNC/agnc-investment-corp-declares-monthly-common-stock-dividend-\nof-0-12-xxg96auebidq.html)\n\n[ ](/news/CLSK/ \" CLSK Stock News\")\n\n[ CLSK ](/news/CLSK/)\n\n[ CleanSpark to Participate in Jones Healthcare and Technology Inno...\n](/news/CLSK/clean-spark-to-participate-in-jones-healthcare-and-technology-\nsy2fwxz4zbfy.html)\n\n[ ](/news/SUNE/ \" SUNE Stock News\")\n\n[ SUNE ](/news/SUNE/)\n\n[ SUNation Energy Strengthens Financial Position Via Recently Compl...\n](/news/SUNE/su-nation-energy-strengthens-financial-position-via-\nrecently-7mvejuw2nwy9.html)\n\n[ ](/news/RSLS/ \"ReShape Lifesciences Inc. RSLS Stock News\")\n\n[ RSLS ](/news/RSLS/)\n\n[ ReShape Lifesciences\u00ae Partners with Motion Informatics to Bring A...\n](/news/RSLS/re-shape-lifesciences-partners-with-motion-informatics-to-bring-\nai-asvw91hqd7id.html)\n\n[ ](/news/MSFT/ \"Microsoft Corporation MSFT Stock News\")\n\n[ MSFT ](/news/MSFT/)\n\n[ Microsoft announces quarterly earnings release date ](/news/MSFT/microsoft-\nannounces-quarterly-earnings-release-pyzdaj4mc5mj.html)\n\n[ ](/news/STZ/ \"Constellation Brands Inc STZ Stock News\")\n\n[ STZ ](/news/STZ/)\n\n[ Constellation Brands Repositions Wine and Spirits Business to a P...\n](/news/STZ/constellation-brands-repositions-wine-and-spirits-business-\nto-a-5d8v095ydq9h.html)\n\n[ ](/news/AGNC/ \"AGNC Investment Corp AGNC Stock News\")\n\n[ AGNC ](/news/AGNC/)\n\n[ AGNC Investment Corp. Declares Monthly Common Stock Dividend of $...\n](/news/AGNC/agnc-investment-corp-declares-monthly-common-stock-dividend-\nof-0-12-xxg96auebidq.html)\n\n[ ](/news/CLSK/ \"Cleanspark Inc CLSK Stock News\")\n\n[ CLSK ](/news/CLSK/)\n\n[ CleanSpark to Participate in Jones Healthcare and Technology Inno...\n](/news/CLSK/clean-spark-to-participate-in-jones-healthcare-and-technology-\nsy2fwxz4zbfy.html)\n\n#  Cronos Group Reports 2024 Fourth Quarter and Full-Year Results\n\nRhea-AI Impact\n\n(Low)\n\nRhea-AI Sentiment\n\n(Neutral)\n\nTags\n\nRhea-AI Summary\n\n__\n\n  * English \n  * French \n  * German \n  * Italian \n  * Korean \n  * Spanish \n\n**Cronos Group (NASDAQ: CRON)** reported strong financial results for Q4 and\nfull-year 2024, with Q4 net revenue increasing 27% year-over-year to $30.3\nmillion and full-year revenue up 35% to $117.6 million.\n\nKey highlights include:\n\n  * **Spinach\u00ae** ended 2024 as the #1 cannabis brand in Canada, with 5.7% market share in flower category \n  * **PEACE NATURALS\u00ae** achieved #1 position in Israel with 24% market share \n  * Company maintains strong balance sheet with $859 million in cash \n  * Q4 2024 gross profit increased to $10.8 million, up from $1.9 million in Q4 2023 \n  * Adjusted EBITDA improved to $(7.2) million in Q4 2024, a $7.6 million improvement year-over-year \n\nThe company expanded operations through Cronos GrowCo investment, enhanced\ncultivation capabilities, and strengthened international presence in Germany\nand UK markets.\n\n**Cronos Group (NASDAQ: CRON)** ha riportato risultati finanziari solidi per\nil quarto trimestre e l'intero anno 2024, con un aumento del 27% anno su anno\ndei ricavi netti del Q4, che hanno raggiunto i 30,3 milioni di dollari, e un\nincremento del 35% dei ricavi annuali, arrivando a 117,6 milioni di dollari.\n\nI punti salienti includono:\n\n  * **Spinach\u00ae** ha concluso il 2024 come il marchio di cannabis numero 1 in Canada, con una quota di mercato del 5,7% nella categoria dei fiori \n  * **PEACE NATURALS\u00ae** ha raggiunto la posizione numero 1 in Israele con una quota di mercato del 24% \n  * L'azienda mantiene un bilancio solido con 859 milioni di dollari in contante \n  * Il profitto lordo del Q4 2024 \u00e8 aumentato a 10,8 milioni di dollari, rispetto a 1,9 milioni di dollari nel Q4 2023 \n  * L'EBITDA rettificato \u00e8 migliorato a $(7,2) milioni nel Q4 2024, con un miglioramento di 7,6 milioni di dollari rispetto all'anno precedente \n\nL'azienda ha ampliato le operazioni attraverso l'investimento in Cronos\nGrowCo, migliorando le capacit\u00e0 di coltivazione e rafforzando la presenza\ninternazionale nei mercati di Germania e Regno Unito.\n\n**Cronos Group (NASDAQ: CRON)** report\u00f3 resultados financieros s\u00f3lidos para el\ncuarto trimestre y el a\u00f1o completo 2024, con un aumento del 27% interanual en\nlos ingresos netos del Q4, alcanzando los 30,3 millones de d\u00f3lares, y un\nincremento del 35% en los ingresos anuales, llegando a 117,6 millones de\nd\u00f3lares.\n\nLos aspectos m\u00e1s destacados incluyen:\n\n  * **Spinach\u00ae** termin\u00f3 2024 como la marca de cannabis n\u00famero 1 en Canad\u00e1, con una cuota de mercado del 5,7% en la categor\u00eda de flores \n  * **PEACE NATURALS\u00ae** logr\u00f3 la posici\u00f3n n\u00famero 1 en Israel con una cuota de mercado del 24% \n  * La empresa mantiene un s\u00f3lido balance con 859 millones de d\u00f3lares en efectivo \n  * El beneficio bruto del Q4 2024 aument\u00f3 a 10,8 millones de d\u00f3lares, frente a 1,9 millones de d\u00f3lares en el Q4 2023 \n  * El EBITDA ajustado mejor\u00f3 a $(7,2) millones en el Q4 2024, una mejora de 7,6 millones de d\u00f3lares interanual \n\nLa empresa ampli\u00f3 sus operaciones a trav\u00e9s de la inversi\u00f3n en Cronos GrowCo,\nmejorando las capacidades de cultivo y fortaleciendo la presencia\ninternacional en los mercados de Alemania y Reino Unido.\n\n**\ud06c\ub85c\ub178\uc2a4 \uadf8\ub8f9 (NASDAQ: CRON)** \uc740 2024\ub144 4\ubd84\uae30 \ubc0f \uc5f0\uac04 \uac15\ub825\ud55c \uc7ac\ubb34 \uc2e4\uc801\uc744 \ubcf4\uace0\ud588\uc73c\uba70, 4\ubd84\uae30 \uc21c\uc218\uc775\uc774 \uc804\ub144 \ub300\ube44\n27% \uc99d\uac00\ud558\uc5ec 3,030\ub9cc \ub2ec\ub7ec\uc5d0 \ub2ec\ud558\uace0, \uc5f0\uac04 \uc218\uc775\uc740 35% \uc99d\uac00\ud558\uc5ec 1\uc5b5 1,760\ub9cc \ub2ec\ub7ec\uc5d0 \uc774\ub974\ub800\uc2b5\ub2c8\ub2e4.\n\n\uc8fc\uc694 \ud558\uc774\ub77c\uc774\ud2b8\ub294 \ub2e4\uc74c\uacfc \uac19\uc2b5\ub2c8\ub2e4:\n\n  * **\uc2a4\ud53c\ub098\uce58(Spinach\u00ae)** \ub294 \uce90\ub098\ub2e4\uc5d0\uc11c \uaf43 \ubd80\ubb38\uc5d0\uc11c 5.7%\uc758 \uc2dc\uc7a5 \uc810\uc720\uc728\uc744 \uae30\ub85d\ud558\uba70 2024\ub144\uc744 1\uc704 \ub300\ub9c8\ucd08 \ube0c\ub79c\ub4dc\ub85c \ub9c8\uac10\ud588\uc2b5\ub2c8\ub2e4. \n  * **\ud53c\uc2a4 \ub0b4\ucd94\ub7f4\uc2a4(PEACE NATURALS\u00ae)** \ub294 \uc774\uc2a4\ub77c\uc5d8\uc5d0\uc11c 24%\uc758 \uc2dc\uc7a5 \uc810\uc720\uc728\ub85c 1\uc704 \uc790\ub9ac\ub97c \ucc28\uc9c0\ud588\uc2b5\ub2c8\ub2e4. \n  * \ud68c\uc0ac\ub294 8\uc5b5 5,900\ub9cc \ub2ec\ub7ec\uc758 \ud604\uae08\uc744 \ubcf4\uc720\ud558\uba70 \uac15\ub825\ud55c \uc7ac\ubb34 \uad6c\uc870\ub97c \uc720\uc9c0\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4. \n  * 2024\ub144 4\ubd84\uae30 \ucd1d \uc774\uc775\uc740 1,080\ub9cc \ub2ec\ub7ec\ub85c \uc99d\uac00\ud588\uc73c\uba70, \uc774\ub294 2023\ub144 4\ubd84\uae30 190\ub9cc \ub2ec\ub7ec\uc5d0\uc11c \uc99d\uac00\ud55c \uc218\uce58\uc785\ub2c8\ub2e4. \n  * \uc870\uc815\ub41c EBITDA\ub294 2024\ub144 4\ubd84\uae30\uc5d0 $(720\ub9cc) \ub2ec\ub7ec\ub85c \uac1c\uc120\ub418\uc5b4 \uc804\ub144 \ub300\ube44 760\ub9cc \ub2ec\ub7ec\uc758 \uac1c\uc120\uc744 \ubcf4\uc600\uc2b5\ub2c8\ub2e4. \n\n\ud68c\uc0ac\ub294 \ud06c\ub85c\ub178\uc2a4 \uadf8\ub85c\uc6b0\ucf54(Cronos GrowCo) \ud22c\uc790\ub97c \ud1b5\ud574 \uc6b4\uc601\uc744 \ud655\uc7a5\ud558\uace0, \uc7ac\ubc30 \ub2a5\ub825\uc744 \uac15\ud654\ud558\uba70, \ub3c5\uc77c \ubc0f \uc601\uad6d \uc2dc\uc7a5\uc5d0\uc11c \uad6d\uc81c\uc801\n\uc785\uc9c0\ub97c \uac15\ud654\ud588\uc2b5\ub2c8\ub2e4.\n\n**Cronos Group (NASDAQ: CRON)** a annonc\u00e9 des r\u00e9sultats financiers solides\npour le quatri\u00e8me trimestre et l'ann\u00e9e enti\u00e8re 2024, avec une augmentation de\n27 % des revenus nets du Q4 par rapport \u00e0 l'ann\u00e9e pr\u00e9c\u00e9dente, atteignant 30,3\nmillions de dollars, et une augmentation de 35 % des revenus annuels,\natteignant 117,6 millions de dollars.\n\nLes points forts incluent :\n\n  * **Spinach\u00ae** a termin\u00e9 2024 en tant que marque de cannabis num\u00e9ro 1 au Canada, avec une part de march\u00e9 de 5,7 % dans la cat\u00e9gorie des fleurs \n  * **PEACE NATURALS\u00ae** a atteint la premi\u00e8re position en Isra\u00ebl avec une part de march\u00e9 de 24 % \n  * L'entreprise maintient un bilan solide avec 859 millions de dollars en liquidit\u00e9s \n  * Le b\u00e9n\u00e9fice brut du Q4 2024 a augment\u00e9 \u00e0 10,8 millions de dollars, contre 1,9 million de dollars au Q4 2023 \n  * Le EBITDA ajust\u00e9 s'est am\u00e9lior\u00e9 \u00e0 $(7,2) millions au Q4 2024, soit une am\u00e9lioration de 7,6 millions de dollars par rapport \u00e0 l'ann\u00e9e pr\u00e9c\u00e9dente \n\nL'entreprise a \u00e9largi ses op\u00e9rations gr\u00e2ce \u00e0 l'investissement dans Cronos\nGrowCo, am\u00e9liorant les capacit\u00e9s de culture et renfor\u00e7ant sa pr\u00e9sence\ninternationale sur les march\u00e9s allemand et britannique.\n\n**Cronos Group (NASDAQ: CRON)** hat starke finanzielle Ergebnisse f\u00fcr das\nvierte Quartal und das gesamte Jahr 2024 gemeldet, mit einem Anstieg des\nNettoumsatzes im Q4 um 27% im Vergleich zum Vorjahr auf 30,3 Millionen Dollar\nund einem Anstieg des Jahresumsatzes um 35% auf 117,6 Millionen Dollar.\n\nWichtige Highlights sind:\n\n  * **Spinach\u00ae** beendete 2024 als die Nummer 1 Marke f\u00fcr Cannabis in Kanada mit einem Marktanteil von 5,7% in der Blumen-Kategorie \n  * **PEACE NATURALS\u00ae** erreichte die Nummer 1 Position in Israel mit einem Marktanteil von 24% \n  * Das Unternehmen h\u00e4lt eine starke Bilanz mit 859 Millionen Dollar in bar \n  * Der Bruttogewinn im Q4 2024 stieg auf 10,8 Millionen Dollar, im Vergleich zu 1,9 Millionen Dollar im Q4 2023 \n  * Das bereinigte EBITDA verbesserte sich im Q4 2024 auf $(7,2) Millionen, was eine Verbesserung von 7,6 Millionen Dollar im Jahresvergleich darstellt \n\nDas Unternehmen erweiterte seine Aktivit\u00e4ten durch Investitionen in Cronos\nGrowCo, verbesserte die Anbaukapazit\u00e4ten und st\u00e4rkte die internationale\nPr\u00e4senz auf den M\u00e4rkten in Deutschland und Gro\u00dfbritannien.\n\nPositive\n\n  * Net revenue grew 35% YoY to $117.6M in 2024 \n  * Achieved #1 market position in both Canada (Spinach) and Israel (PEACE NATURALS) \n  * Strong balance sheet with $859M cash \n  * Gross profit increased significantly to $10.8M in Q4 2024 \n  * SOURZ by Spinach captured 23% market share in edibles \n  * Successful expansion into UK and German markets \n\nNegative\n\n  * Still operating at negative Adjusted EBITDA of $(7.2M) in Q4 2024 \n  * Peace Naturals Campus sale-leaseback agreement terminated in Q2 2024 \n\n##  Insights\n\n##\n\nCronos Group's Q4 and full-year 2024 results demonstrate substantial\noperational momentum, with **net revenue growing 27% year-over-year** to\n$30.3 million  in Q4 and **35% year-over-year** to  $117.6 million  for the\nfull year. This growth trajectory significantly outpaces many cannabis sector\npeers and reflects successful execution across multiple markets.\n\nThe company's gross profit showed even more dramatic improvement, increasing\nby  $8.9 million  to  $10.8 million  in Q4 (representing a  35.6%  gross\nmargin) and by  $13.3 million  to  $25.2 million  for the full year. This\nmargin expansion stems from both higher sales volumes and meaningful\nproduction cost improvements, suggesting operational efficiencies are taking\nhold.\n\nWhile Adjusted EBITDA remains negative at  $(7.2) million  for Q4 and  $(34.9)\nmillion  for the full year, the  $26.6 million  year-over-year improvement\nindicates Cronos is making substantial progress toward profitability. The\n$8.7 million  in operating expense savings achieved in 2024 demonstrates\ndisciplined cost management without sacrificing growth.\n\nStrategically, Cronos has established enviable brand leadership positions.\nSpinach\u00ae has captured the #1 position in Canada's highly fragmented cannabis\nmarket, with particular strength in the high-margin edibles category where\nSOURZ by Spinach\u00ae commands  23%  market share in gummies. Similarly, PEACE\nNATURALS\u00ae has secured  24%  market share in Israel's flower segment, providing\ngeographic diversification.\n\nThe company's  $859 million  cash position represents approximately  119%  of\nits current market capitalization, providing exceptional financial flexibility\nin an industry where many competitors face liquidity constraints. This war\nchest enables Cronos to invest in capacity expansion through Cronos GrowCo\nwhile simultaneously pursuing international opportunities in Germany and the\nUK.\n\nThe vertical integration strategy, including bringing vape production in-house\nand expanding cultivation capacity, should drive further margin improvements\nwhile ensuring consistent supply of proprietary genetics. The decision to\nretain and expand the Peace Naturals Campus rather than pursue the previously\nannounced sale-leaseback signals confidence in the company's operational\nstrategy and long-term market position.\n\n##\n\nCronos Group's 2024 results reveal a company successfully executing a multi-\nfaceted brand and product strategy that's gaining significant traction across\nkey markets. The achievement of market leadership positions for both Spinach\u00ae\nin Canada and PEACE NATURALS\u00ae in Israel isn't merely symbolic \u2013 it represents\nthe culmination of strategic initiatives in product development, genetics\nbreeding, and category diversification.\n\nIn the high-margin edibles segment, Cronos has established remarkable\ndominance with SOURZ by Spinach\u00ae capturing  23%  of the Canadian gummies\nmarket. This level of market penetration is exceptional in the fragmented\ncannabis consumer packaged goods space, where the top 5-7 brands typically\ncommand only  60-70%  of any category. The expansion into 10mg single-piece\nformats with the Fully Blasted line demonstrates responsive innovation to\nconsumer preferences for higher potency options.\n\nThe company's proprietary genetics breeding program represents a significant\ncompetitive moat. Unlike many cannabis companies that source generic strains,\nCronos's investment in proprietary cultivars enables them to create truly\ndifferentiated products with consistent cannabinoid and terpene profiles that\nconsumers recognize and seek out. This genetics advantage extends across\nborders, with strains like GMO and Wedding Cake showing strong demand in both\nGermany and the UK.\n\nThe strategic focus on the infused pre-roll category is particularly\nnoteworthy. This segment is growing at approximately  25-30%  annually in\nmature markets, offering higher margins than conventional pre-rolls while\nattracting both experienced consumers and category entrants. The Lord Jones\u00ae\nIce Water Hash Fusions achieving the #1 position in the hash pre-roll category\ndemonstrates Cronos's ability to create premium differentiated offerings that\ncommand price premiums.\n\nCronos's international strategy reveals a sophisticated market entry approach.\nRather than rushing into multiple markets simultaneously, the company has\nmethodically built dominant positions in Israel (  24%  flower market share)\nwhile carefully expanding into Germany and the UK with targeted offerings that\nleverage their genetics advantage. This measured approach contrasts favorably\nwith competitors who expanded too rapidly and subsequently retreated from\ninternational markets.\n\nThe vertical integration strategy through Cronos GrowCo and bringing vape\nproduction in-house represents a balanced approach to the supply chain. Rather\nthan fully vertically integrating all operations (which has proven problematic\nfor many cannabis companies), Cronos maintains flexibility while securing\ncontrol over critical inputs and manufacturing processes that directly impact\nproduct quality and margins.\n\n* [ ](https://twitter.com/intent/tweet?text=%24CRON%20Cronos%20Group%20Reports%202024%20Fourth%20Quarter%20and%20Full-Year%20Results%0Ahttps%3A%2F%2Fwww.stocktitan.net%2Fnews%2FCRON%2Fcronos-group-reports-2024-fourth-quarter-and-full-year-ft1pmfo4ixz2.html \"Share on X\")\n* [ ](https://reddit.com/submit?url=https%3A%2F%2Fwww.stocktitan.net%2Fnews%2FCRON%2Fcronos-group-reports-2024-fourth-quarter-and-full-year-ft1pmfo4ixz2.html&title=Cronos%20Group%20Reports%202024%20Fourth%20Quarter%20and%20Full-Year%20Results \"Share on Reddit\")\n* [ ](https://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Fwww.stocktitan.net%2Fnews%2FCRON%2Fcronos-group-reports-2024-fourth-quarter-and-full-year-ft1pmfo4ixz2.html&quote=%24CRON%20%7C%20Cronos%20Group%20Reports%202024%20Fourth%20Quarter%20and%20Full-Year%20Results \"Share on Facebook\")\n* 02/27/2025 - 07:30 AM \n\n_Net revenue in Q4 2024 increased by 27%  year-over-year to  $30.3 million  ;\nNet revenue in FY 2024 increased by  35%  year-over-year to  $117.6 million  _\n\n_Spinach_ _\u00ae_ _Ends 2024 as the Number One Cannabis Brand in Canada_ _1_\n\n_PEACE NATURALS_ _\u00ae_ _Ends 2024 as the Number One Cannabis Brand in Israel_\n_2_\n\n_Industry leading balance sheet with_ _ $859  _ _million in cash_ _and cash\nequivalents_\n\nTORONTO, Feb. 27, 2025 (GLOBE NEWSWIRE) -- Cronos Group Inc. (NASDAQ: CRON)\n(TSX: CRON) (\u201cCronos\u201d or the \u201cCompany\u201d), today announced its 2024 fourth\nquarter and full-year business results.\n\n\"We set ambitious goals to deliver robust growth, improve margins, and achieve\noperational excellence. Today, I am proud to say that Cronos has not only met\nbut exceeded these objectives, as evidenced by our strong 2024 results. Our\nunwavering commitment to innovation, quality, and disciplined cost management\nhas solidified our leadership in the global cannabis industry,\" said Mike\nGorenstein, Chairman, President and CEO of Cronos.\n\n\"From Spinach  _\u00ae_ becoming the number one cannabis brand in Canada and PEACE\nNATURALS  _\u00ae_ achieving a number one position in Israel, to our groundbreaking\nadvancements in cannabis genetics, to international expansion, Cronos is well-\npositioned to capitalize on future opportunities and drive long-term value for\nour shareholders. As we look ahead to 2025, we remain focused on sustaining\nthis momentum, strengthening our market leadership, and delivering innovative\nproducts that resonate with consumers worldwide,\" continued Mr. Gorenstein.\n\"Our strategic investments, such as Cronos GrowCo, have enhanced our\ncultivation capabilities, ensuring a consistent supply of high-quality\ncannabis at scale with an improved gross margin profile, while our R&D\nbreakthroughs have set new industry standards. Internationally, we\u2019ve made\nsignificant strides, with PEACE NATURALS  _\u00ae_ leading in Israel and gaining\ntraction in Germany and the UK. Combined with a robust balance sheet and a\nportfolio of best-selling, borderless brands, Cronos is not just leading\ntoday, we\u2019re building the foundation for long-term excellence in the global\ncannabis industry. Looking to 2025, we're excited about the opportunities\nahead as we continue to innovate, expand, and deliver for our consumers and\nshareholders.\"  \n\n**_Consolidated Financial Results_ **\n\nOn June 20, 2024 the Company made an additional investment in Cronos Growing\nCompany (\"Cronos GrowCo\") to fund the expansion of cultivation operations.\nCronos also obtained majority control of the board of directors of Cronos\nGrowCo and began consolidating Cronos GrowCo's results from July 1, 2024.\nPrior to this date, the Company's investment in Cronos GrowCo consisted of an\ninvestment accounted for under the equity method and loans receivable from\nCronos GrowCo.\n\nIn the second quarter of 2023, the Company exited its United States (\"U.S.\")\nhemp-derived CBD operations. The exit of the U.S. operations represented a\nstrategic shift, and as such, qualifies for reporting as discontinued\noperations in our condensed consolidated statements of net income (loss) and\ncomprehensive income (loss). Prior period amounts have been reclassified to\nreflect the discontinued operations classification of the U.S. operations.\n\nThe tables below set forth our condensed consolidated results of continuing\noperations, expressed in thousands of U.S. dollars for the periods presented.\nOur condensed consolidated financial results for these periods are not\nnecessarily indicative of the consolidated financial results that we will\nachieve in future periods.\n\n_(in thousands of USD)_ |  |  **Three Months Ended December 31,** |  |  **Change** |  |  **Year ended December 31,** |  |  **Change**  \n---|---|---|---|---|---|---|---|---  \n|  |  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%**  \nCronos net revenue, excluding Cronos GrowCo net revenue  (i)  |  |  $  |  28,195  |  |  |  $  |  23,915  |  |  |  $  |  4,280  |  |  |  18  |  %  |  |  $  |  111,241  |  |  |  $  |  87,241  |  |  |  $  |  24,000  |  |  |  28  |  %   \nCronos GrowCo net revenue  (ii)  |  |  |  2,106  |  |  |  |  \u2014  |  |  |  |  2,106  |  |  |  N/A  |  |  |  |  6,374  |  |  |  |  \u2014  |  |  |  |  6,374  |  |  |  N/A  |   \nNet Revenue  |  |  $  |  30,301  |  |  |  $  |  23,915  |  |  |  $  |  6,386  |  |  |  27  |  %  |  |  $  |  117,615  |  |  |  $  |  87,241  |  |  |  $  |  30,374  |  |  |  35  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nCost of sales  |  |  |  19,494  |  |  |  |  21,913  |  |  |  |  (2,419  |  )  |  |  (11  |  )%  |  |  |  91,710  |  |  |  |  74,527  |  |  |  |  17,183  |  |  |  23  |  %   \nInventory write-down  |  |  |  \u2014  |  |  |  |  89  |  |  |  |  (89  |  )  |  |  N/A  |  |  |  |  707  |  |  |  |  805  |  |  |  |  (98  |  )  |  |  (12  |  )%   \nGross profit  |  |  $  |  10,807  |  |  |  $  |  1,913  |  |  |  $  |  8,894  |  |  |  465  |  %  |  |  $  |  25,198  |  |  |  $  |  11,909  |  |  |  $  |  13,289  |  |  |  112  |  %   \nGross margin  (  ii  i)  |  |  |  36  |  %  |  |  |  8  |  %  |  |  |  N/A  |  |  |  28  |  pp  |  |  |  21  |  %  |  |  |  14  |  %  |  |  |  N/A  |  |  |  7  |  pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nInventory step-up recorded to cost of sales  |  |  |  (1,832  |  )  |  |  |  \u2014  |  |  |  |  (1,832  |  )  |  |  N/A  |  |  |  |  5,284  |  |  |  |  \u2014  |  |  |  |  5,284  |  |  |  N/A  |   \nAdjusted Gross Profit  (iv)  |  |  $  |  8,975  |  |  |  $  |  1,913  |  |  |  $  |  7,062  |  |  |  369  |  %  |  |  $  |  30,482  |  |  |  $  |  11,909  |  |  |  $  |  18,573  |  |  |  156  |  %   \nAdjusted Gross Margin  (v)  |  |  |  30  |  %  |  |  |  8  |  %  |  |  |  N/A  |  |  |  22  |  pp  |  |  |  26  |  %  |  |  |  14  |  %  |  |  |  N/A  |  |  |  12  |  pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nNet income (loss)  |  |  $  |  43,941  |  |  |  $  |  (45,151  |  )  |  |  $  |  89,092  |  |  |  197  |  %  |  |  $  |  40,022  |  |  |  $  |  (70,439  |  )  |  |  $  |  110,461  |  |  |  N/M  |   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nAdjusted EBITDA  (  iv  )  |  |  $  |  (7,203  |  )  |  |  $  |  (14,790  |  )  |  |  $  |  7,587  |  |  |  51  |  %  |  |  $  |  (34,942  |  )  |  |  $  |  (61,564  |  )  |  |  $  |  26,622  |  |  |  43  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \n**Other Data** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nCash and cash equivalents  (  vi  )  |  |  $  |  858,805  |  |  |  $  |  669,291  |  |  |  $  |  189,514  |  |  |  28  |  %  |  |  |  |  |  |  |  |   \nShort-term investments  (  vi  )  |  |  |  \u2014  |  |  |  |  192,237  |  |  |  |  (192,237  |  )  |  |  (100  |  )%  |  |  |  |  |  |  |  |   \nCapital expenditures  (v  ii  )  |  |  |  3,708  |  |  |  |  1,792  |  |  |  |  1,916  |  |  |  107  |  %  |  |  |  13,154  |  |  |  |  3,423  |  |  |  |  9,731  |  |  |  284  |  %   \n  \n_(i)_ _Cronos net revenue, excluding Cronos GrowCo net revenue is net revenue\nless Cronos GrowCo net revenue and is after intercompany eliminations._  \n_(ii)_ _Cronos GrowCo net revenue is Cronos GrowCo's net revenue after\nintercompany eliminations._  \n_(iii)_ _Gross margin is defined as gross profit divided by net revenue._  \n_(iv)_ _See \"Non-GAAP Measures\" for more information, including a\nreconciliation of adjusted earnings (loss) before interest, taxes,\ndepreciation and amortization (\"Adjusted EBITDA\") to net income (loss) and a\nreconciliation of Adjusted Gross Profit to gross profit._  \n_(v)_ _Adjusted Gross Margin is defined as Adjusted Gross Profit divided by\nnet revenue. See \u201cNon-GAAP Measures\u201d for more information._  \n_(vi)_ _Dollar amounts are as of the last day of the period indicated._  \n_(vii)_ _Capital expenditures represent component information of investing\nactivities and is defined as the sum of purchase of property, plant and\nequipment, and purchase of intangible assets._\n\n**Fourth Quarter** **2024**\n\n  * Net revenue of  $30.3 million  in Q4 2024 increased by  $6.4 million  from Q4 2023. The increase year-over-year was primarily driven by higher cannabis flower and extract sales in the Canadian market and higher cannabis flower sales in Israel and other countries. Cronos GrowCo contributed  $2.1 million  of cannabis flower sales in Q4 2024. No such sales were recognized in Q4 2023. \n  * Gross profit of  $10.8 million  in Q4 2024 increased by  $8.9 million  from Q4 2023. The increase year-over-year was primarily due to higher cannabis flower and extract sales in the Canadian market, higher cannabis flower sales in Israel and other countries, and production cost improvements. Gross profit was positively impacted by  $1.8 million  in the quarter in connection with the finalization of the purchase accounting for the Cronos GrowCo Transaction, which resulted in a reduction of the fair value of inventory acquired from Cronos GrowCo and the corresponding inventory step-up previously recorded into cost of sales in Q3 2024. No such impact was recognized for 2023. \n  * Adjusted gross profit of  $9.0 million  in Q4 2024 improved by  $7.1 million  from Q4 2023. The improvement year-over-year was primarily driven by higher cannabis flower and extract sales in the Canadian market, higher cannabis flower sales in Israel, and production cost improvements. \n  * Adjusted EBITDA of  $(7.2) million  in Q4 2024 improved by  $7.6 million  from Q4 2023. The improvement year-over-year was primarily driven by higher adjusted gross profit. \n\n**Full-Year** **2024**\n\n  * Net revenue of  $117.6 million  in full-year 2024 increased by  $30.4 million  from full-year 2023. The increase year-over-year was primarily due to higher cannabis flower and extract sales in the Canadian market and higher cannabis flower sales in Israel and other countries. Cronos GrowCo contributed  $6.4 million  of cannabis flower sales in the year ended December 31, 2024. No such sales were recognized for the year ended December 31, 2023. \n  * Gross profit of  $25.2 million  in full-year 2024 increased by  $13.3 million  from full-year 2023. The increase year-over-year was primarily due to higher cannabis flower and extract sales in the Canadian market, higher cannabis flower sales in Israel and other countries, and production cost improvements. This increase was partially offset by the impact on cost of sales from the inventory step-up from the Cronos GrowCo Transaction. For 2024, gross profit was reduced  $5.3 million  as a result of the impact of the inventory step-up from the Cronos GrowCo Transaction that was recorded into cost of sales since July 1, 2024. No such costs were recognized for 2023. \n  * Adjusted gross profit of  $30.5 million  in full-year 2024 increased by  $18.6 million  from full-year 2023. The increase year-over-year was primarily due to higher cannabis flower and extract sales in the Canadian market, higher cannabis flower sales in Israel and other countries, and production cost improvements. \n  * Adjusted EBITDA of  $(34.9) million  in full-year 2024 improved by  $26.6 million  from full-year 2023. The improvement year-over-year was primarily driven by higher adjusted gross profit and lower sales and marketing, research and development, and general administrative expenses. \n\n**_Business Updates_ **\n\n**Brand and Product Portfolio**\n\n__Spinach_ _ \u00ae  3  \nIn 2024, the SOURZ by Spinach  \u00ae  brand expanded its edible lineup with\nseveral innovative launches. Our industry-leading SOURZ by Spinach  \u00ae\nproducts are the best-selling gummies in the Canadian market and have captured\nan impressive  23%  market share in Q4 2024, with five of the top ten best-\nselling edibles in Canada coming from the SOURZ lineup. A key addition to our\ngummy portfolio has been the 1-piece, 10mg THC Fully Blasted SOURZ by Spinach\n\u00ae  product, which launched in 2024. In Q4 2024 we launched two new Fully\nBlasted flavors, Peach Orange and Strawberry Mango. We also launched a new CBD\nmulti-pack, SOURZ by Spinach  \u00ae  CBD Berry Variety Pack.\n\nIn 2024 our proprietary genetics breeding program continued to provide our\nportfolio with winning cultivars that allow us to launch differentiated\nproducts across markets and maintain a number one position in the flower\ncategory. In 2024, we introduced Spinach Grindz\u2122, a milled flower offering\nutilizing our Citrus Crush and Cookie Dough strains, designed for convenient\nuse in joints or vaporizers. In Q4 2024, the Spinach  \u00ae  brand maintained its\nposition as the number one flower brand in Canada, with  5.7%  market share.\n\nIn 2024, we introduced two new Spinach  \u00ae  all-in-one vapes, Pineapple\nParadise and Blueberry Dynamite that are performing well and helping to drive\nmarket share gains. The brand's 0.5g all-in-one Spinach HITZ\u2122 vapes introduced\nnew Pink Lemonade and Rocket Icicle flavors, alongside line extensions in\nSpinach  \u00ae  1.2g vapes. Spinach  \u00ae  vapes were the number four vape brand in\nQ4 2024, holding  5.9%  market share. Vape production was brought in-house in\nthe second half of 2024 in an effort to streamline manufacturing and enhance\nproduction efficiency in this category.\n\nIn 2024, we launched Spinach  \u00ae  Fully Charged pre-rolls and infused pre-rolls\nas well as the Spinach  \u00ae  Fully Charged Party Pack and the Spinach  \u00ae  Fully\nCharged Tropical Pack. These launches were the culmination of our product\ndevelopment efforts and portfolio refresh. The infused pre-roll category is\ncontinuing to grow, and we expect this category to be key to future growth for\nboth Cronos and the industry, which is why we are committed to the evolution\nand innovation of our pre-roll portfolio. In Q4 2024, Spinach  \u00ae  was ranked\nseventh in the pre-roll category with  2.5%  market share.\n\n__Lord Jones_ _ __\u00ae_ _ __3_ _  \nIn Q4 2024, Lord Jones  \u00ae  Chocolates Fusions\u2122 had  9.6%  market share and\nended the year as the third best-selling chocolate brand in Canada. In January\n2025, the brand launched a Lord Jones  \u00ae  Chocolate Fusions\u2122 fudge brownie\nflavor, which features a 1:1:1 ratio of CBN, CBD and THC. Lord Jones  \u00ae\nChocolate Fusions\u2122 edibles highlight the brand\u2019s commitment to innovation and\ncraftsmanship, offering four flavors: cookies and cream, dazzle-berry pop,\nsalted caramel crunch and fudge brownie.\n\nIn 2024, we also launched Lord Jones  \u00ae  live resin vapes featuring\nmeticulously curated cultivars, delivering a rich, full-spectrum experience\nthat combines pure live resin with sleek, high-quality hardware. In the second\nhalf of 2023, we launched Ice Water Hash Fusions pre-rolls, which feature\nflower and terpene-rich ice water hash and are fitted with a branded ceramic\ntip. The Ice Water Hash Fusions pre-rolls continued performing throughout\n2024, rising to the number one position in the hash pre-roll category.\nTogether, these launches underscore the brand\u2019s dedication to excellence and\nits focus on creating exceptional, high-quality cannabis-infused products.\n\n__PEACE NATURALS_ _ __\u00ae_ _ __2_ _  \nIn 2024, Cronos Israel revamped and repositioned its flower portfolio,\noptimizing pricing, potency and bringing new, exciting strains to market to\nmeet patient needs. The PEACE NATURALS  \u00ae  brand launched new strains\nincluding GG4, Key Limez Punch, Pink Sherb, Tangie Kush, Citra Diesel, Tahoe\nOG Kush and GMO Lite, providing consumers with additional variety and choice.\nIn Q4 2024, PEACE NATURALS  \u00ae  was the number one flower brand in Israel with\n24%  market share and PEACE NATURALS  \u00ae  cannabis oils are the fourth most\npopular brand in Israel with  9%  market share.\n\nIn 2024, Cronos expanded into the United Kingdom (the \"UK\") by shipping its\nfirst batch of PEACE NATURALS  \u00ae  medical cannabis flower to this emerging\nmarket, through a partnership with a third-party distributor of prescribed\ncannabis products.\n\nThroughout 2024, the Company continued its sales to the German market through\nthe PEACE NATURALS  \u00ae  brand. Cronos sells the PEACE NATURALS  \u00ae  brand\nthrough its distribution partner, Cansativa GmbH (\"Cansativa\"), one of the\nleading distributors of medical cannabis in Germany and supplies flower for\nits private-label brand. Cronos has seen strong demand for its proprietary\ngenetics, such as GMO and Wedding Cake, in both Germany and the UK under the\nPEACE NATURALS  \u00ae  brand.\n\n**Global Supply Chain and Operations**\n\nThe expansion efforts at Cronos GrowCo's facility are well underway. In Q4\n2024, Health Canada approved amendments to the site's perimeter. Cronos GrowCo\nexpects to finish construction of the expanded cultivation and processing\nfacilities in Q2 2025, with first harvests and sales from the area commencing\nin the second half of 2025. Prior to the commencement of sales from the\nexpanded facility, Cronos has the option to purchase up to  80%  of Cronos\nGrowCo's total production. Once sales from the expanded area begin, Cronos\nwill have the option to purchase up to  70%  of the total production from the\nexpanded facility. The expansion of Cronos GrowCo positions the Company to\ncapitalize on domestic demand and meet international growth opportunities in\nthe global cannabis market.\n\nOn November 26, 2023, the Company announced that Peace Naturals Project Inc.\nhad entered into an agreement to sell and lease back its facility in Stayner,\nOntario (the \"Peace Naturals Campus\"). However, the agreement was terminated\nin the Q2 of 2024 pursuant to its terms, and the Company has decided to\ncontinue and expand its operations at the site.\n\nAs part of the expanding operations at the Peace Naturals Campus, in the\nsecond-half of 2024, the Company invested in machinery, automation and process\nimprovement to drive cost efficiency within the facility. This also included\ninvestment in warehousing and vault expansion as well as R&D equipment and\nlaboratory enhancements.\n\n**_Guidance_ **\n\nThe Company achieved  $8.7 million  in operating expense savings in 2024 on a\nstandalone basis, meeting its previously announced operating expense savings\ntarget of  $5 t  o  $10 million  . The savings were primarily driven by lower\nexpenses in general and administrative, research and development and sales and\nmarketing. The operating expense savings exclude the impact of the\nconsolidation of Cronos GrowCo's results into the Company's financial\nstatements.\n\n**_Conference Call_ **\n\nThe Company will host a conference call and live audio webcast on Thursday,\nFebruary 27, 2025, at 8:30 a.m. ET to discuss 2024 Fourth Quarter and Full-\nYear business results. An audio replay of the call will be archived on the\nCompany\u2019s website for replay. Instructions for the live audio webcast are\nprovided on the Company's website at: _https://ir.thecronosgroup.com/events-\npresentations._  \n\n**About Cronos**\n\nCronos is an innovative global cannabinoid company committed to building\ndisruptive intellectual property by advancing cannabis research, technology\nand product development. With a passion to responsibly elevate the consumer\nexperience, Cronos is building an iconic brand portfolio. Cronos\u2019 diverse\ninternational brand portfolio includes Spinach  \u00ae  , PEACE NATURALS  \u00ae  and\nLord Jones  \u00ae  . For more information about Cronos and its brands, please\nvisit: thecronosgroup.com.\n\n**Forward-Looking Statements**\n\nThis press release contains information that constitutes forward-looking\ninformation and forward-looking statements within the meaning of applicable\nsecurities laws and court decisions (collectively, \u201cForward-Looking\nStatements\u201d), which are based upon our current internal expectations,\nestimates, projections, assumptions and beliefs. All information that is not\nclearly historical in nature may constitute Forward-Looking Statements. In\nsome cases, Forward-Looking Statements can be identified by the use of\nforward-looking terminology such as \u201cexpect\u201d, \u201clikely\u201d, \u201cmay\u201d, \u201cwill\u201d,\n\u201cshould\u201d, \u201cintend\u201d, \u201canticipate\u201d, \u201cpotential\u201d, \u201cproposed\u201d, \u201cestimate\u201d and\nother similar words, expressions and phrases, including negative and\ngrammatical variations thereof, or statements that certain events or\nconditions \u201cmay\u201d or \u201cwill\u201d happen, or by discussion of strategy. Forward-\nLooking Statements include estimates, plans, expectations, opinions,\nforecasts, projections, targets, guidance or other statements that are not\nstatements of historical fact.\n\nForward-Looking Statements include, but are not limited to, statements with\nrespect to:\n\n  * the ongoing impact of the public investigation into Canadian licensed producers of alleged dumping of medical cannabis imports from Canada into Israel by the Trade Levies Commissioner of the Israel Ministry of Economy and Industry (the \u201cAnti-Dumping Investigation\u201d) and the proposed anti-dumping duty to which the Company\u2019s imports would be subject; \n  * expectations related to the conflict involving Israel, Hamas, Hezbollah, Houthis, Iran, Iran\u2019s proxies and other stakeholders in the region (the \u201cMiddle East Conflict\u201d) and its impact on our operations in Israel, the supply of product in the market and the demand for product by medical patients in Israel, as well as any regional or global escalations and their impact to global commerce and stability; \n  * expectations related to the German, Australian and UK markets, including our strategic partnerships with Cansativa, Vitura Health Limited (\u201cVitura\u201d), and other distributors, respectively, and our ability to successfully distribute the PEACE NATURALS  \u00ae  brand in Germany and the UK; \n  * expectations related to our announcement of cost-cutting measures, including our decision to wind-down operations at our Winnipeg, Manitoba facility and list the facility for sale, the expected costs and benefits from the wind-down of production activities at the facility, challenges and effects related thereto as well as changes in strategy, metrics, investments, costs, operating expenses, employee turnover and other changes with respect thereto; \n  * expectations related to the impact of our decision to exit our U.S. hemp-derived cannabinoid product operations; \n  * the ongoing impact of our announced realignment (the \u201cRealignment\u201d) and any progress, challenges and effects related thereto as well as changes in strategy, metrics, investments, reporting structure, costs, operating expenses, employee turnover and other changes with respect thereto; \n  * our expectations as to the use of the Peace Naturals Campus; \n  * our ability to acquire raw materials from suppliers, including Cronos GrowCo, and the costs and timing associated therewith; \n  * expectations regarding the potential success of, and the costs and benefits associated with, our joint ventures, strategic alliances and equity investments; \n  * expectations related to the transaction by which we obtained majority control of the board of directors of Cronos GrowCo, which qualified as a business combination under Accounting Standards Codification 805, and the expansion of Cronos GrowCo\u2019s purpose-built cultivation and processing facilities; \n  * our ability or plans to identify, develop, commercialize or expand our technology and R&D initiatives in cannabinoids, or the success thereof; \n  * expectations regarding revenues, expenses, gross margins and capital expenditures; \n  * expectations regarding our future production and manufacturing strategy and operations, the costs and timing associated therewith and the receipt of applicable production and sale licenses; \n  * the ongoing impact of the legalization of additional cannabis product types and forms for adult-use in Canada, including federal, provincial, territorial and municipal regulations pertaining thereto, the related timing and impact thereof and our intentions to participate in such markets; \n  * the legalization of the use of cannabis for medical or adult-use in jurisdictions outside of Canada, including the United States and Germany, the related timing and impact thereof and our intentions to participate in such markets, if and when such use is legalized; \n  * the grant, renewal, withdrawal, suspension, delay and impact of any license or supplemental license to conduct activities with cannabis or any amendments thereof; \n  * our ability to successfully create and launch brands and cannabis products; \n  * expectations related to the differentiation of our products, including through the utilization of rare cannabinoids; \n  * the benefits, viability, safety, efficacy, dosing and social acceptance of cannabis, including CBD and other cannabinoids; \n  * laws and regulations and any amendments thereto applicable to our business and the impact thereof, including uncertainty regarding the application of U.S. state and federal law to cannabis and U.S. hemp (including CBD and other U.S. hemp-derived cannabinoids) products and the scope of any regulations by the U.S. Food and Drug Administration, the U.S. Drug Enforcement Administration, the U.S. Federal Trade Commission, the U.S. Patent and Trademark Office and any state equivalent regulatory agencies over cannabis and U.S. hemp (including CBD and other U.S. hemp-derived cannabinoids) products, including the possibility marijuana is moved from Schedule I to Schedule III under the U.S. Controlled Substances Act; \n  * the anticipated benefits and impact of Altria Group Inc.\u2019s investment in the Company (the \u201cAltria Investment\u201d), pursuant to a subscription agreement dated December 7, 2018; \n  * uncertainties as to our ability to exercise our option (the \u201cPharmaCann Option\u201d) in PharmaCann Inc. (\u201cPharmaCann\u201d), in the near term or the future, in full or in part, including the uncertainties as to the status and future development of federal legalization of cannabis in the U.S. and our ability to realize the anticipated benefits of the transaction with PharmaCann; \n  * expectations regarding the implementation and effectiveness of key personnel changes; \n  * expectations regarding business combinations and dispositions and the anticipated benefits therefrom; \n  * expectations of the amount or frequency of impairment losses, including as a result of the write-down of intangible assets, including goodwill; \n  * the impact of the ongoing military conflict between Russia and Ukraine (and resulting sanctions) on our business, financial condition and results of operations or cash flows; \n  * our compliance with the terms of the settlement (the \u201cSettlement Order\u201d) with the SEC and the settlement agreement with the Ontario Securities Commission (the \u201cSettlement Agreement\u201d); and \n  * the impact of the loss of our ability to rely on private offering exemptions under Regulation D of the Securities Act of 1933, as amended, and the loss of our status as a well-known seasoned issuer, each as a result of the Settlement Order. \n\nCertain of the Forward-Looking Statements contained herein concerning the\nindustries in which we conduct our business are based on estimates prepared by\nus using data from publicly available governmental sources, market research,\nindustry analysis and on assumptions based on data and knowledge of these\nindustries, which we believe to be reasonable. However, although generally\nindicative of relative market positions, market shares and performance\ncharacteristics, such data is inherently imprecise. The industries in which we\nconduct our business involve risks and uncertainties that are subject to\nchange based on various factors, which are described further below.\n\nThe Forward-Looking Statements contained herein are based upon certain\nmaterial assumptions that were applied in drawing a conclusion or making a\nforecast or projection, including: (i) our ability to effectively navigate\ndevelopments related to the Anti-Dumping Investigation and the proposed anti-\ndumping duty to which the Company\u2019s imports would be subject and its impact on\nour operations in Israel; (ii) our ability to effectively navigate\ndevelopments related to the Middle East Conflict and its impact on our\nemployees and operations in Israel, the supply of product in the market and\ndemand for product by medical patients in Israel; (iii) our ability to\nefficiently and effectively distribute our PEACE NATURALS  \u00ae  brand in Germany\nwith our strategic partner Cansativa and in the UK with our strategic\ndistribution partner and our ability to efficiently and effectively distribute\nproducts in Australia with our strategic partner Vitura; (iv) our ability to\nrealize the expected cost-savings and other benefits related to the wind-down\nof our operations at our Winnipeg, Manitoba facility; (v) expectations related\nto the impact of our decision to exit our U.S. hemp-derived cannabinoid\nproduct operations; (vi) our ability to realize the expected cost-savings,\nefficiencies and other benefits of our Realignment and other announced cost-\ncutting measures and employee turnover related thereto; (vii) our ability to\nefficiently and effectively manage our operations at our Peace Naturals\nCampus; (viii) our ability efficiently and effectively acquire raw materials\non a timely and cost-effective basis from third parties or Cronos GrowCo; (ix)\nthe timely completion of the expansion of Cronos GrowCo\u2019s purpose-built\ncannabis facility and the ability of Cronos GrowCo to repay the credit\nfacility provided by Cronos; (x) our ability to realize anticipated benefits,\nsynergies or generate revenue, profits or value from our business combinations\nand strategic investments; (xi) the production and manufacturing capabilities\nand output from our facilities and our joint ventures, strategic alliances and\nequity investments; (xii) government regulation of our activities and products\nincluding, but not limited to, the areas of cannabis taxation and\nenvironmental protection; (xiii) the timely receipt of any required regulatory\nauthorizations, approvals, consents, permits and/or licenses; (xiv) consumer\ninterest in our products; (xv) our ability to differentiate our products,\nincluding through the utilization of rare cannabinoids; (xvi) competition;\n(xvii) anticipated and unanticipated costs; (xviii) our ability to generate\ncash flow from operations; (xix) our ability to conduct operations in a safe,\nefficient and effective manner; (xx) our ability to hire and retain qualified\nstaff, and acquire equipment and services in a timely and cost-efficient\nmanner; (xxi) our ability to exercise the PharmaCann Option and realize the\nanticipated benefits of the transaction with PharmaCann; (xxii) our ability to\ncomplete planned dispositions, and, if completed, obtain our anticipated sales\nprice; (xxiii) general economic, financial market, regulatory and political\nconditions in which we operate; (xxiv) management\u2019s perceptions of historical\ntrends, current conditions and expected future developments; and (xxv) other\nconsiderations that management believes to be appropriate in the\ncircumstances. While our management considers these assumptions to be\nreasonable based on information currently available to management, there is no\nassurance that such expectations will prove to be correct.\n\nBy their nature, Forward-Looking Statements are subject to inherent risks and\nuncertainties that may be general or specific and which give rise to the\npossibility that expectations, forecasts, predictions, projections or\nconclusions will not prove to be accurate, that assumptions may not be correct\nand that objectives, strategic goals and priorities will not be achieved. A\nvariety of factors, including known and unknown risks, many of which are\nbeyond our control, could cause actual results to differ materially from the\nForward-Looking Statements in this press release and other reports we file\nwith, or furnish to, the SEC and other regulatory agencies and made by our\ndirectors, officers, other employees and other persons authorized to speak on\nour behalf. Such factors include, without limitation, negative impacts on our\nbusiness and operations in Israel due to the Anti-Dumping Investigation,\nincluding that we may not be able to produce, import or sell our products in\nIsrael as a result thereof; negative impacts on our employees, business and\noperations in Israel due to the Middle East Conflict, including that we may\nnot be able to produce, import or sell our products or protect our people or\nfacilities in Israel during the Middle East Conflict; the supply of product in\nthe market and the demand for product by medical patients in Israel; that we\nmay not be able to successfully continue to distribute our products in\nGermany, Australia and the UK or generate material revenue from sales in those\nmarkets; that we may not be able to achieve the anticipated benefits of the\nwind-down of our operations at our Winnipeg, Manitoba facility; that we may be\nunable to further streamline our operations and reduce expenses; that we may\nnot be able to effectively and efficiently re-enter the U.S. market in the\nfuture; that we may not be able to access raw materials on a timely and cost-\neffective basis from third-parties or Cronos GrowCo; that Cronos GrowCo may\nnot be able to complete the expansion of its purpose-built cannabis facility\nwithin a reasonable time or repay its borrowings under the credit facility\nprovided by Cronos; that the military conflict between Russia and Ukraine may\ndisrupt our operations and those of our suppliers and distribution channels\nand negatively impact the demand for and use of our products; the risk that\ncost savings and any other synergies from the Altria Investment may not be\nfully realized or may take longer to realize than expected; failure to execute\nkey personnel changes; that our Realignment and our further leveraging of our\nstrategic partnerships will not result in the expected cost-savings,\nefficiencies and other benefits or will result in greater than anticipated\nturnover in personnel; that we may not be able to efficiently and effectively\nmanage our operations, and any changes thereto, at our Peace Naturals Campus;\nlower levels of revenues; the lack of consumer demand for our products; our\ninability to manage disruptions in credit markets; unanticipated future levels\nof capital, environmental or maintenance expenditures, general and\nadministrative and other expenses; failure to realize expected growth\nopportunities; the lack of cash flow necessary to execute our business plan\n(either within the expected timeframe or at all); difficulty raising capital;\nthe potential adverse effects of judicial, regulatory or other proceedings, or\nthreatened litigation or proceedings, on our business, financial condition,\nresults of operations and cash flows; volatility in and/or degradation of\ngeneral economic, market, industry or business conditions; compliance with\napplicable environmental, economic, health and safety, energy and other\npolicies and regulations and in particular health concerns with respect to\nvaping and the use of cannabis and U.S. hemp products in vaping devices; the\nunexpected effects of actions of third parties such as competitors, activist\ninvestors or federal (including U.S. federal), state, provincial, territorial\nor local regulatory authorities or self-regulatory organizations; adverse\nchanges in regulatory requirements in relation to our business and products;\nlegal or regulatory obstacles that could prevent us from being able to\nexercise the PharmaCann Option and thereby realize the anticipated benefits of\nthe transaction with PharmaCann; dilution of our fully-diluted ownership of\nPharmaCann and the loss of our rights as a result of that dilution; our\nfailure to improve our internal control environment and our systems, processes\nand procedures; and the factors discussed under Part I, Item 1A \u201c _Risk\nFactors_ \u201d in our Annual Report on Form 10-K for the year ended December 31,\n2024. Readers are cautioned to consider these and other factors, uncertainties\nand potential events carefully and not to put undue reliance on Forward-\nLooking Statements.\n\nForward-Looking Statements are provided for the purposes of assisting the\nreader in understanding our financial performance, financial position and cash\nflows as of and for periods ended on certain dates and to present information\nabout management\u2019s current expectations and plans relating to the future, and\nthe reader is cautioned not to place undue reliance on these Forward-Looking\nStatements because of their inherent uncertainty and to appreciate the limited\npurposes for which they are being used by management. While we believe that\nthe assumptions and expectations reflected in the Forward-Looking Statements\nare reasonable based on information currently available to management, there\nis no assurance that such assumptions and expectations will prove to have been\ncorrect. Forward-Looking Statements are made as of the date they are made and\nare based on the beliefs, estimates, expectations and opinions of management\non that date. We undertake no obligation to update or revise any Forward-\nLooking Statements, whether as a result of new information, estimates or\nopinions, future events or results or otherwise or to explain any material\ndifference between subsequent actual events and such Forward-Looking\nStatements. The Forward-Looking Statements contained in this press release and\nother reports we file with, or furnish to, the SEC and other regulatory\nagencies and made by our directors, officers, other employees and other\npersons authorized to speak on our behalf are expressly qualified in their\nentirety by these cautionary statements.\n\n____________________________________________  \n1  Hifyre Retail Analytics - National Retail Dollar by Brand in Canada -\nDecember 2024.  \n2  Market share and ranking information from pharmacy data collected by Cronos\n- December 2024.  \n3  All market share and ranking information from Hifyre Retail Analytics -\nNational Retail Dollar by Brand in Canada - December 2024, unless otherwise\nspecified.  \n  \n---  \n**Cronos Group Inc.**  \n**Consolidated Balance Sheets**  \n_(In thousands of U.S. dollars)_  \n|  **As of December 31,**  \n|  |  **2024** |  |  |  |  **2023** |   \n**Assets** |  |  |   \nCurrent assets  |  |  |   \nCash and cash equivalents  |  $  |  858,805  |  |  |  $  |  669,291  |   \nShort-term investments  |  |  \u2014  |  |  |  |  192,237  |   \nAccounts receivable, net  |  |  15,462  |  |  |  |  13,984  |   \nInterest receivable  |  |  8,690  |  |  |  |  10,012  |   \nOther receivables  |  |  5,000  |  |  |  |  6,341  |   \nCurrent portion of loans receivable, net  |  |  618  |  |  |  |  5,541  |   \nInventory, net  |  |  33,149  |  |  |  |  30,495  |   \nPrepaids and other current assets  |  |  6,277  |  |  |  |  5,405  |   \nHeld-for-sale assets  |  |  8,112  |  |  |  |  \u2014  |   \nTotal current assets  |  |  936,113  |  |  |  |  933,306  |   \nEquity method investments, net  |  |  \u2014  |  |  |  |  19,488  |   \nOther investments  |  |  2,813  |  |  |  |  35,251  |   \nNon-current portion of loans receivable, net  |  |  15,526  |  |  |  |  69,036  |   \nProperty, plant and equipment, net  |  |  133,189  |  |  |  |  59,468  |   \nRight-of-use assets  |  |  1,390  |  |  |  |  1,356  |   \nGoodwill  |  |  63,453  |  |  |  |  1,057  |   \nIntangible assets, net  |  |  11,257  |  |  |  |  21,078  |   \nDeferred tax assets  |  |  2,571  |  |  |  |  226  |   \n**Total assets** |  $  |  1,166,312  |  |  |  $  |  1,140,266  |   \n**Liabilities** |  |  |   \nCurrent liabilities  |  |  |   \nAccounts payable  |  $  |  16,973  |  |  |  $  |  12,130  |   \nIncome taxes payable  |  |  9  |  |  |  |  64  |   \nAccrued liabilities  |  |  31,653  |  |  |  |  27,736  |   \nCurrent portion of lease obligation  |  |  1,025  |  |  |  |  994  |   \nDerivative liabilities  |  |  40  |  |  |  |  102  |   \nCurrent portion due to non-controlling interests  |  |  \u2014  |  |  |  |  373  |   \nTotal current liabilities  |  |  49,700  |  |  |  |  41,399  |   \nNon-current portion due to non-controlling interests  |  |  1,073  |  |  |  |  1,003  |   \nNon-current portion of lease obligation  |  |  993  |  |  |  |  1,559  |   \nDeferred tax liabilities  |  |  3,564  |  |  |  |  181  |   \n**Total liabilities** |  |  55,330  |  |  |  |  44,142  |   \n**Shareholders\u2019 equity** |  |  |   \nShare capital and additional paid-in capital  |  |  669,879  |  |  |  |  662,174  |   \nRetained earnings  |  |  457,709  |  |  |  |  416,719  |   \nAccumulated other comprehensive income (loss)  |  |  (63,525  |  )  |  |  |  20,678  |   \nTotal equity attributable to shareholders of Cronos Group  |  |  1,064,063  |  |  |  |  1,099,571  |   \nNon-controlling interests  |  |  46,919  |  |  |  |  (3,447  |  )   \n**Total shareholders\u2019 equity** |  |  1,110,982  |  |  |  |  1,096,124  |   \n**Total liabilities and shareholders\u2019 equity** |  $  |  1,166,312  |  |  |  $  |  1,140,266  |   \n  \n  \n\n**Cronos Group Inc.**  \n**Consolidated Statements of Net Income (Loss) and Comprehensive Income\n(Loss)**  \n_(In thousands of U.S. dollars, except share and per share amounts)_  \n---  \n|  **Year ended December 31,**  \n|  |  **2024** |  |  |  |  **2023** |  |  |  |  **2022** |   \n**Net revenue, before excise taxes** |  $  |  161,821  |  |  |  $  |  120,270  |  |  |  $  |  109,301  |   \nExcise taxes  |  |  (44,206  |  )  |  |  |  (33,029  |  )  |  |  |  (22,552  |  )   \n**Net revenue** |  |  117,615  |  |  |  |  87,241  |  |  |  |  86,749  |   \nCost of sales  |  |  91,710  |  |  |  |  74,527  |  |  |  |  71,313  |   \nInventory write-down  |  |  707  |  |  |  |  805  |  |  |  |  \u2014  |   \n**Gross profit** |  |  25,198  |  |  |  |  11,909  |  |  |  |  15,436  |   \n**Operating expenses** |  |  |  |  |   \nSales and marketing  |  |  21,603  |  |  |  |  22,701  |  |  |  |  18,046  |   \nResearch and development  |  |  4,229  |  |  |  |  5,843  |  |  |  |  13,131  |   \nGeneral and administrative  |  |  46,514  |  |  |  |  49,475  |  |  |  |  67,674  |   \nRestructuring costs  |  |  630  |  |  |  |  1,524  |  |  |  |  3,545  |   \nShare-based compensation  |  |  8,700  |  |  |  |  8,756  |  |  |  |  15,008  |   \nDepreciation and amortization  |  |  3,701  |  |  |  |  5,044  |  |  |  |  5,967  |   \nImpairment loss on long-lived assets  |  |  16,350  |  |  |  |  3,366  |  |  |  |  3,493  |   \nTotal operating expenses  |  |  101,727  |  |  |  |  96,709  |  |  |  |  126,864  |   \nOperating loss  |  |  (76,529  |  )  |  |  |  (84,800  |  )  |  |  |  (111,428  |  )   \n**Other income (expense)** |  |  |  |  |   \nInterest income, net  |  |  52,019  |  |  |  |  51,235  |  |  |  |  22,514  |   \nGain (loss) on revaluation of derivative liabilities  |  |  49  |  |  |  |  (85  |  )  |  |  |  14,060  |   \nShare of income from equity method investments  |  |  2,365  |  |  |  |  1,583  |  |  |  |  3,114  |   \nGain on revaluation of loan receivable  |  |  11,804  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nGain on revaluation of equity method investment  |  |  32,469  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nGain (loss) on revaluation of financial instruments  |  |  (6,248  |  )  |  |  |  (12,042  |  )  |  |  |  14,739  |   \nImpairment loss on other investments  |  |  (25,650  |  )  |  |  |  (23,350  |  )  |  |  |  (61,392  |  )   \nForeign currency transaction gain (loss)  |  |  57,859  |  |  |  |  (7,324  |  )  |  |  |  (2,286  |  )   \nLoss on held-for-sale assets  |  |  (11,202  |  )  |  |  |  \u2014  |  |  |  |  \u2014  |   \nOther, net  |  |  (350  |  )  |  |  |  1,114  |  |  |  |  (324  |  )   \nTotal other income (expense)  |  |  113,115  |  |  |  |  11,131  |  |  |  |  (9,575  |  )   \nIncome (loss) before income taxes  |  |  36,586  |  |  |  |  (73,669  |  )  |  |  |  (121,003  |  )   \nIncome tax expense (benefit)  |  |  (3,436  |  )  |  |  |  (3,230  |  )  |  |  |  34,175  |   \nIncome (loss) from continuing operations  |  |  40,022  |  |  |  |  (70,439  |  )  |  |  |  (155,178  |  )   \nLoss from discontinued operations  |  |  \u2014  |  |  |  |  (4,114  |  )  |  |  |  (13,556  |  )   \nNet income (loss)  |  |  40,022  |  |  |  |  (74,553  |  )  |  |  |  (168,734  |  )   \nNet income (loss) attributable to non-controlling interest  |  |  (1,058  |  )  |  |  |  (590  |  )  |  |  |  \u2014  |   \nNet income (loss) attributable to Cronos Group  |  $  |  41,080  |  |  |  $  |  (73,963  |  )  |  |  $  |  (168,734  |  )   \n|  |  |  |  |   \n**Comprehensive income (loss)** |  |  |  |  |   \nNet income (loss)  |  $  |  40,022  |  |  |  $  |  (74,553  |  )  |  |  $  |  (168,734  |  )   \nOther comprehensive income (loss)  |  |  |  |  |   \nForeign exchange gain (loss) on translation  |  |  (86,321  |  )  |  |  |  21,539  |  |  |  |  (50,616  |  )   \nComprehensive income (loss)  |  |  (46,299  |  )  |  |  |  (53,014  |  )  |  |  |  (219,350  |  )   \nComprehensive income (loss) attributable to non-controlling interest  |  |  (3,176  |  )  |  |  |  (526  |  )  |  |  |  46  |   \n**Comprehensive income (loss) attributable to Cronos Group** |  $  |  (43,123  |  )  |  |  $  |  (52,488  |  )  |  |  $  |  (219,396  |  )   \n|  |  |  |  |   \n**Net income (loss) per share** |  |  |  |  |   \nBasic - continuing operations  |  $  |  0.11  |  |  |  $  |  (0.18  |  )  |  |  $  |  (0.41  |  )   \nBasic - discontinued operations  |  $  |  \u2014  |  |  |  $  |  (0.01  |  )  |  |  $  |  (0.04  |  )   \nBasic net income (loss) per share attributable to Cronos Group  |  $  |  0.11  |  |  |  $  |  (0.19  |  )  |  |  $  |  (0.45  |  )   \n|  |  |  |  |   \nDiluted - continuing operations  |  $  |  0.11  |  |  |  $  |  (0.18  |  )  |  |  $  |  (0.41  |  )   \nDiluted - discontinued operations  |  $  |  \u2014  |  |  |  $  |  (0.01  |  )  |  |  $  |  (0.04  |  )   \nDiluted net income (loss) per share attributable to Cronos Group  |  $  |  0.11  |  |  |  $  |  (0.19  |  )  |  |  $  |  (0.45  |  )   \n**Weighted average number of outstanding shares** |  |  |  |  |   \nBasic  |  |  382,058,056  |  |  |  |  380,964,739  |  |  |  |  376,961,797  |   \nDiluted  |  |  385,557,002  |  |  |  |  380,964,739  |  |  |  |  376,961,797  |   \n  \n  \n\n|  **Three months ended December 31,**  \n---|---  \n|  |  **2024** |  |  |  |  **2023** |   \n**Net revenue, before excise taxes** |  $  |  41,182  |  |  |  $  |  34,006  |   \nExcise taxes  |  |  (10,881  |  )  |  |  |  (10,091  |  )   \n**Net revenue** |  |  30,301  |  |  |  |  23,915  |   \nCost of sales  |  |  19,494  |  |  |  |  21,913  |   \nInventory write-down  |  |  \u2014  |  |  |  |  89  |   \n**Gross profit** |  |  10,807  |  |  |  |  1,913  |   \n**Operating expenses** |  |  |   \nSales and marketing  |  |  6,413  |  |  |  |  6,367  |   \nResearch and development  |  |  1,028  |  |  |  |  1,451  |   \nGeneral and administrative  |  |  12,080  |  |  |  |  9,802  |   \nRestructuring costs  |  |  \u2014  |  |  |  |  101  |   \nShare-based compensation  |  |  2,187  |  |  |  |  1,933  |   \nDepreciation and amortization  |  |  464  |  |  |  |  529  |   \nImpairment loss on long-lived assets  |  |  \u2014  |  |  |  |  3,366  |   \nTotal operating expenses  |  |  22,172  |  |  |  |  23,549  |   \nOperating loss  |  |  (11,365  |  )  |  |  |  (21,636  |  )   \n**Other income (expense)** |  |  |   \nInterest income, net  |  |  11,863  |  |  |  |  14,214  |   \nGain (loss) on revaluation of derivative liabilities  |  |  142  |  |  |  |  (71  |  )   \nShare of income from equity method investments  |  |  \u2014  |  |  |  |  752  |   \nGain (loss) on revaluation of financial instruments  |  |  302  |  |  |  |  (4,186  |  )   \nImpairment loss on other investments  |  |  \u2014  |  |  |  |  (23,350  |  )   \nForeign currency transaction gain (loss)  |  |  45,489  |  |  |  |  (11,323  |  )   \nLoss on held-for-sale assets  |  |  (780  |  )  |  |  |  \u2014  |   \nOther, net  |  |  294  |  |  |  |  89  |   \nTotal other income (expense)  |  |  57,310  |  |  |  |  (23,875  |  )   \nIncome (loss) before income taxes  |  |  45,945  |  |  |  |  (45,511  |  )   \nIncome tax expense (benefit)  |  |  2,004  |  |  |  |  (360  |  )   \nIncome (loss) from continuing operations  |  |  43,941  |  |  |  |  (45,151  |  )   \nLoss from discontinued operations  |  |  \u2014  |  |  |  |  124  |   \nNet income (loss)  |  |  43,941  |  |  |  |  (45,027  |  )   \nNet loss attributable to non-controlling interest  |  |  212  |  |  |  |  (237  |  )   \nNet income (loss) attributable to Cronos Group  |  $  |  43,729  |  |  |  $  |  (44,790  |  )   \n**Comprehensive loss** |  |  |   \nNet income (loss)  |  $  |  43,941  |  |  |  $  |  (45,027  |  )   \nOther comprehensive income (loss)  |  |  |   \nForeign exchange gain (loss) on translation  |  |  (66,208  |  )  |  |  |  22,635  |   \nComprehensive loss  |  |  (22,267  |  )  |  |  |  (22,392  |  )   \nComprehensive loss attributable to non-controlling interest  |  |  (2,832  |  )  |  |  |  (390  |  )   \n**Comprehensive loss attributable to Cronos Group** |  $  |  (19,435  |  )  |  |  $  |  (22,002  |  )   \n|  |  |   \n**Net income (loss) per share** |  |  |   \nBasic - continuing operations  |  $  |  0.11  |  |  |  $  |  (0.12  |  )   \nBasic - discontinued operations  |  $  |  \u2014  |  |  |  $  |  \u2014  |   \nBasic net income (loss) per share attributable to Cronos Group  |  $  |  0.11  |  |  |  $  |  (0.12  |  )   \n|  |  |   \nDiluted - continuing operations  |  $  |  0.11  |  |  |  $  |  (0.12  |  )   \nDiluted - discontinued operations  |  $  |  \u2014  |  |  |  $  |  \u2014  |   \nDiluted net income (loss) per share attributable to Cronos Group  |  $  |  0.11  |  |  |  $  |  (0.12  |  )   \n**Weighted average number of outstanding shares** |  |  |   \nBasic  |  |  382,340,893  |  |  |  |  381,155,824  |   \nDiluted  |  |  386,525,110  |  |  |  |  381,155,824  |   \n  \n  \n\n**Cronos Group Inc.**  \n**Consolidated Statements of Cash Flows**  \n_(In thousands of U.S. dollars)_  \n---  \n|  **Year ended December 31,**  \n|  |  **2024** |  |  |  |  **2023** |  |  |  |  **2022** |   \n**Operating activities** |  |  |  |  |   \nNet income (loss)  |  $  |  40,022  |  |  |  $  |  (74,553  |  )  |  |  $  |  (168,734  |  )   \nAdjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:  |  |  |  |  |   \nShare-based compensation  |  |  8,700  |  |  |  |  8,769  |  |  |  |  15,115  |   \nDepreciation and amortization  |  |  9,336  |  |  |  |  8,110  |  |  |  |  13,122  |   \nImpairment loss on long-lived assets  |  |  16,350  |  |  |  |  3,571  |  |  |  |  3,493  |   \nImpairment loss on other investments  |  |  25,650  |  |  |  |  23,350  |  |  |  |  61,392  |   \nLoss (income) from investments  |  |  3,841  |  |  |  |  10,513  |  |  |  |  (17,853  |  )   \nLoss (gain) on revaluation of derivative liabilities  |  |  (49  |  )  |  |  |  85  |  |  |  |  (14,060  |  )   \nChanges in expected credit losses on long-term financial assets  |  |  1,032  |  |  |  |  (1,528  |  )  |  |  |  (662  |  )   \nRevaluation of equity method investment  |  |  (32,469  |  )  |  |  |  \u2014  |  |  |  |  \u2014  |   \nRevaluation of loan receivable  |  |  (11,804  |  )  |  |  |  \u2014  |  |  |  |  \u2014  |   \nLoss on held-for-sale assets  |  |  11,202  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nInventory step-up recorded to cost of sales  |  |  5,284  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nForeign currency transaction (gain) loss  |  |  (57,859  |  )  |  |  |  7,324  |  |  |  |  2,286  |   \nOther non-cash operating activities, net  |  |  (82  |  )  |  |  |  (2,008  |  )  |  |  |  1,294  |   \nChanges in operating assets and liabilities:  |  |  |  |  |   \nAccounts receivable, net  |  |  (917  |  )  |  |  |  9,206  |  |  |  |  (2,711  |  )   \nInterest receivable  |  |  (3,656  |  )  |  |  |  (14,344  |  )  |  |  |  (6,985  |  )   \nOther receivables  |  |  2,059  |  |  |  |  (1,449  |  )  |  |  |  1,148  |   \nPrepaids and other current assets  |  |  (512  |  )  |  |  |  1,437  |  |  |  |  996  |   \nInventory, net  |  |  7,417  |  |  |  |  7,399  |  |  |  |  (7,217  |  )   \nAccounts payable  |  |  (7,449  |  )  |  |  |  (773  |  )  |  |  |  (863  |  )   \nIncome taxes payable  |  |  (93  |  )  |  |  |  (33,104  |  )  |  |  |  34,212  |   \nAccrued liabilities  |  |  2,840  |  |  |  |  5,160  |  |  |  |  (2,921  |  )   \nNet cash provided by (used in) operating activities  |  |  18,843  |  |  |  |  (42,835  |  )  |  |  |  (88,948  |  )   \n|  |  |  |  |   \n**Investing activities** |  |  |  |  |   \nProceeds from short-term investments  |  |  185,817  |  |  |  |  532,838  |  |  |  |  268,870  |   \nPurchase of short-term investments  |  |  \u2014  |  |  |  |  (608,247  |  )  |  |  |  (271,378  |  )   \nCash acquired in business combination  |  |  5,993  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nDividends received from equity method investee  |  |  \u2014  |  |  |  |  1,297  |  |  |  |  \u2014  |   \nDividend proceeds  |  |  \u2014  |  |  |  |  345  |  |  |  |  384  |   \nAdvances on loans receivable  |  |  (8,759  |  )  |  |  |  \u2014  |  |  |  |  \u2014  |   \nRepayments on loans receivable  |  |  5,252  |  |  |  |  16,831  |  |  |  |  5,246  |   \nPurchase of property, plant and equipment, net of disposals  |  |  (12,411  |  )  |  |  |  (2,505  |  )  |  |  |  (3,451  |  )   \nPurchase of intangible assets, net of disposals  |  |  (743  |  )  |  |  |  (918  |  )  |  |  |  (1,581  |  )   \nOther investing activities  |  |  \u2014  |  |  |  |  860  |  |  |  |  68  |   \nNet cash provided by (used in) investing activities  |  |  175,149  |  |  |  |  (59,499  |  )  |  |  |  (1,842  |  )   \n|  **Year ended December 31,**  \n|  |  **2024** |  |  |  |  **2023** |  |  |  |  **2022** |   \n**Financing activities** |  |  |  |  |   \nWithholding taxes paid on equity awards  |  |  (1,231  |  )  |  |  |  (1,030  |  )  |  |  |  (2,829  |  )   \nOther financing activities, net  |  |  \u2014  |  |  |  |  \u2014  |  |  |  |  (68  |  )   \nNet cash used in financing activities  |  |  (1,231  |  )  |  |  |  (1,030  |  )  |  |  |  (2,897  |  )   \nEffect of foreign currency translation on cash and cash equivalents  |  |  (3,247  |  )  |  |  |  8,011  |  |  |  |  (28,642  |  )   \nNet change in cash and cash equivalents  |  |  189,514  |  |  |  |  (95,353  |  )  |  |  |  (122,329  |  )   \nCash and cash equivalents, beginning of period  |  |  669,291  |  |  |  |  764,644  |  |  |  |  886,973  |   \nCash and cash equivalents, end of period  |  $  |  858,805  |  |  |  $  |  669,291  |  |  |  $  |  764,644  |   \n|  |  |  |  |   \n**Supplementary cash flow information:** |  |  |  |  |   \nInterest paid  |  |  \u2014  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nInterest received  |  |  48,399  |  |  |  |  36,501  |  |  |  |  15,548  |   \nTaxes paid  |  |  647  |  |  |  |  33,013  |  |  |  |  177  |   \n|  |  |  |  |  |  |  |  |  |  |   \n  \n**Non-GAAP Measures**\n\nCronos reports its financial results in accordance with Generally Accepted\nAccounting Principles in the United States (\u201cU.S. GAAP\u201d). This press release\nrefers to measures not recognized under U.S. GAAP (\u201cnon-GAAP measures\u201d). These\nnon-GAAP measures do not have a standardized meaning prescribed by U.S. GAAP\nand are therefore unlikely to be comparable to similar measures presented by\nother companies. Rather, these non-GAAP measures are provided as a supplement\nto corresponding U.S. GAAP measures to provide additional information\nregarding the results of operations from management\u2019s perspective.\nAccordingly, non-GAAP measures should not be considered a substitute for, or\nsuperior to, the financial information prepared and presented in accordance\nwith U.S. GAAP. All non-GAAP measures presented in this press release are\nreconciled to their closest reported U.S. GAAP measure. Reconciliations of\nhistorical adjusted financial measures to corresponding U.S. GAAP measures are\nprovided below.\n\n_Adjusted EBITDA_\n\nManagement reviews Adjusted EBITDA, a non-GAAP measure, which excludes non-\ncash items and items that do not reflect management\u2019s assessment of ongoing\nbusiness performance. Management defines Adjusted EBITDA as net income (loss)\nbefore interest, tax expense (benefit), depreciation and amortization adjusted\nfor: share of (income) loss from equity method investments; impairment loss on\ngoodwill and intangible assets; impairment loss on long-lived assets; (gain)\nloss on revaluation of derivative liabilities; (gain) loss on revaluation of\nfinancial instruments; gain on revaluation of loan receivable; gain on\nrevaluation of equity method investment; transaction costs related to\nstrategic projects; loss on held-for-sale assets; impairment loss on other\ninvestments; foreign currency transaction loss; other, net; loss from\ndiscontinued operations; restructuring costs; inventory write-downs resulting\nfrom restructuring actions; share-based compensation; costs related to the\nAnti-Dumping Investigation; purchase accounting adjustment-related inventory\nstep-up adjustments recorded through cost of sales; and financial statement\nreview costs and reserves related to the restatements of our 2019 and 2021\ninterim financial statements (the \u201cRestatements\u201d), including the costs related\nto the settlement of the SEC\u2019s and the OSC\u2019s investigations of the\nRestatements and legal costs of defending shareholder class action complaints\nbrought against us as a result of the 2019 restatement (see Note 12(b)\n\u201cContingencies,\u201d to the consolidated financial statements under Item 8 of the\nCompany's Annual Report on Form 10-K for the year ended December 31, 2024 for\na discussion of the shareholder class action complaints relating to the\nrestatement of the 2019 interim financial statements and the settlement of the\nSEC\u2019s and the OSC\u2019s investigations of the Restatements). Results are reported\nas total consolidated results, reflecting our reporting structure of one\nreportable segment.\n\nManagement believes that Adjusted EBITDA provides the most useful insight into\nunderlying business trends and results and provides a more meaningful\ncomparison of period-over-period results. Management uses Adjusted EBITDA for\nplanning, forecasting and evaluating business and financial performance,\nincluding allocating resources and evaluating results relative to employee\ncompensation targets.  \n\nAdjusted EBITDA is reconciled to net income (loss) as follows:\n\n_(in thousands of U.S. dollars)_ |  **For the year ended December 31, 2024**  \n---|---  \n|  **Continuing  \nOperations ** |  |  **Discontinued  \nOperations ** |  |  **Total**  \nNet income  |  $  |  40,022  |  |  |  $  |  \u2014  |  |  $  |  40,022  |   \nInterest income, net  |  |  (52,019  |  )  |  |  |  \u2014  |  |  |  (52,019  |  )   \nIncome tax expense (benefit)  |  |  (3,436  |  )  |  |  |  \u2014  |  |  |  (3,436  |  )   \nDepreciation and amortization  |  |  9,336  |  |  |  |  \u2014  |  |  |  9,336  |   \nEBITDA  |  |  (6,097  |  )  |  |  |  \u2014  |  |  |  (6,097  |  )   \nShare of income from equity method investments  |  |  (2,365  |  )  |  |  |  \u2014  |  |  |  (2,365  |  )   \nImpairment loss on long-lived assets  (i)  |  |  16,350  |  |  |  |  \u2014  |  |  |  16,350  |   \nRevaluation gain on loan receivable  (ii)  |  |  (11,804  |  )  |  |  |  \u2014  |  |  |  (11,804  |  )   \nGain on revaluation of equity method investment  (iii)  |  |  (32,469  |  )  |  |  |  \u2014  |  |  |  (32,469  |  )   \nGain on revaluation of derivative liabilities  (iv)  |  |  (49  |  )  |  |  |  \u2014  |  |  |  (49  |  )   \nLoss on revaluation of financial instruments  (v)  |  |  6,248  |  |  |  |  \u2014  |  |  |  6,248  |   \nImpairment loss on other investments  (vi)  |  |  25,650  |  |  |  |  \u2014  |  |  |  25,650  |   \nForeign currency transaction gain  |  |  (57,859  |  )  |  |  |  \u2014  |  |  |  (57,859  |  )   \nTransaction costs  (vii)  |  |  701  |  |  |  |  \u2014  |  |  |  701  |   \nLoss on held-for-sale assets  (viii)  |  |  11,202  |  |  |  |  \u2014  |  |  |  11,202  |   \nOther, net  (ix)  |  |  350  |  |  |  |  \u2014  |  |  |  350  |   \nRestructuring costs  (x)  |  |  630  |  |  |  |  \u2014  |  |  |  630  |   \nShare-based compensation  (xi)  |  |  8,700  |  |  |  |  \u2014  |  |  |  8,700  |   \nFinancial statement review costs  (xii)  |  |  (1  |  )  |  |  |  \u2014  |  |  |  (1  |  )   \nInventory step-up recorded to cost of sales  (xiv)  |  |  5,284  |  |  |  |  \u2014  |  |  |  5,284  |   \nIsrael Ministry of Economy and Industry dumping inquiry  (xv)  |  |  587  |  |  |  |  \u2014  |  |  |  587  |   \nAdjusted EBITDA  |  $  |  (34,942  |  )  |  |  $  |  \u2014  |  |  $  |  (34,942  |  )   \n  \n  \n\n_(in thousands of U.S. dollars)_ |  **For the year ended December 31, 2023**  \n---|---  \n|  **Continuing  \nOperations ** |  |  **Discontinued  \nOperations ** |  |  **Total**  \nNet loss  |  $  |  (70,439  |  )  |  |  $  |  (4,114  |  )  |  |  $  |  (74,553  |  )   \nInterest income, net  |  |  (51,235  |  )  |  |  |  (10  |  )  |  |  |  (51,245  |  )   \nIncome tax expense (benefit)  |  |  (3,230  |  )  |  |  |  \u2014  |  |  |  |  (3,230  |  )   \nDepreciation and amortization  |  |  7,866  |  |  |  |  244  |  |  |  |  8,110  |   \nEBITDA  |  |  (117,038  |  )  |  |  |  (3,880  |  )  |  |  |  (120,918  |  )   \nShare of income from equity method investments  |  |  (1,583  |  )  |  |  |  \u2014  |  |  |  |  (1,583  |  )   \nImpairment loss on long-lived assets  (i)  |  |  3,366  |  |  |  |  205  |  |  |  |  3,571  |   \nLoss on revaluation of derivative liabilities  (iv)  |  |  85  |  |  |  |  \u2014  |  |  |  |  85  |   \nLoss on revaluation of financial instruments  (v)  |  |  12,042  |  |  |  |  \u2014  |  |  |  |  12,042  |   \nImpairment loss on other investments  (vi)  |  |  23,350  |  |  |  |  \u2014  |  |  |  |  23,350  |   \nForeign currency transaction loss  |  |  7,324  |  |  |  |  \u2014  |  |  |  |  7,324  |   \nOther, net  (ix)  |  |  (1,114  |  )  |  |  |  118  |  |  |  |  (996  |  )   \nRestructuring costs  (x)  |  |  1,524  |  |  |  |  523  |  |  |  |  2,047  |   \nShare-based compensation  (xi)  |  |  8,756  |  |  |  |  13  |  |  |  |  8,769  |   \nFinancial statement review costs  (xii)  |  |  919  |  |  |  |  \u2014  |  |  |  |  919  |   \nInventory write-down  (xiii)  |  |  805  |  |  |  |  839  |  |  |  |  1,644  |   \nAdjusted EBITDA  |  $  |  (61,564  |  )  |  |  $  |  (2,182  |  )  |  |  $  |  (63,746  |  )   \n  \n  \n\n_(in thousands of U.S. dollars)_ |  **Three months ended December 31, 2024**  \n---|---  \n|  **Continuing  \nOperations ** |  |  **Discontinued  \nOperations ** |  |  **Total**  \nNet income  |  $  |  43,941  |  |  |  $  |  \u2014  |  |  $  |  43,941  |   \nInterest income, net  |  |  (11,863  |  )  |  |  |  \u2014  |  |  |  (11,863  |  )   \nIncome tax expense (benefit)  |  |  2,004  |  |  |  |  \u2014  |  |  |  2,004  |   \nDepreciation and amortization  |  |  2,525  |  |  |  |  \u2014  |  |  |  2,525  |   \nEBITDA  |  |  36,607  |  |  |  |  \u2014  |  |  |  36,607  |   \nGain on revaluation of derivative liabilities  (i  v  )  |  |  (142  |  )  |  |  |  \u2014  |  |  |  (142  |  )   \nGain on revaluation of financial instruments  (  v  )  |  |  (302  |  )  |  |  |  \u2014  |  |  |  (302  |  )   \nForeign currency transaction gain  |  |  (45,489  |  )  |  |  |  \u2014  |  |  |  (45,489  |  )   \nTransaction costs  (vii)  |  |  171  |  |  |  |  \u2014  |  |  |  171  |   \nLoss on held-for-sale assets  (  v  iii)  |  |  780  |  |  |  |  \u2014  |  |  |  780  |   \nOther, net  (  ix  )  |  |  (294  |  )  |  |  |  \u2014  |  |  |  (294  |  )   \nShare-based compensation  (  xi  )  |  |  2,187  |  |  |  |  \u2014  |  |  |  2,187  |   \nFinancial statement review costs  (  xii  )  |  |  524  |  |  |  |  \u2014  |  |  |  524  |   \nInventory step-up recorded to cost of sales  (xi  v)  |  |  (1,832  |  )  |  |  |  \u2014  |  |  |  (1,832  |  )   \nIsrael Ministry of Economy and Industry dumping inquiry  (xv)  |  |  587  |  |  |  |  \u2014  |  |  |  587  |   \nAdjusted EBITDA  |  $  |  (7,203  |  )  |  |  $  |  \u2014  |  |  $  |  (7,203  |  )   \n  \n  \n\n_(in thousands of U.S. dollars)_ |  **Three months ended December 31, 2023**  \n---|---  \n|  **Continuing  \nOperations ** |  |  **Discontinued  \nOperations ** |  |  **Total**  \nNet loss  |  $  |  (45,151  |  )  |  |  $  |  124  |  |  |  $  |  (45,027  |  )   \nInterest income, net  |  |  (14,214  |  )  |  |  |  (1  |  )  |  |  |  (14,215  |  )   \nIncome tax expense (benefit)  |  |  (360  |  )  |  |  |  \u2014  |  |  |  |  (360  |  )   \nDepreciation and amortization  |  |  1,177  |  |  |  |  \u2014  |  |  |  |  1,177  |   \nEBITDA  |  |  (58,548  |  )  |  |  |  123  |  |  |  |  (58,425  |  )   \nShare of income from equity method investments  |  |  (752  |  )  |  |  |  \u2014  |  |  |  |  (752  |  )   \nImpairment loss on long-lived assets  (i  )  |  |  3,366  |  |  |  |  \u2014  |  |  |  |  3,366  |   \nLoss on revaluation of derivative liabilities  (i  v  )  |  |  71  |  |  |  |  \u2014  |  |  |  |  71  |   \nLoss on revaluation of financial instruments  (  v  )  |  |  4,186  |  |  |  |  \u2014  |  |  |  |  4,186  |   \nImpairment loss on other investments  (vi  )  |  |  23,350  |  |  |  |  \u2014  |  |  |  |  23,350  |   \nForeign currency transaction loss  |  |  11,323  |  |  |  |  \u2014  |  |  |  |  11,323  |   \nOther, net  (i  x  )  |  |  (89  |  )  |  |  |  (14  |  )  |  |  |  (103  |  )   \nRestructuring costs  (  x)  |  |  101  |  |  |  |  (39  |  )  |  |  |  62  |   \nShare-based compensation  (  xi  )  |  |  1,933  |  |  |  |  (4  |  )  |  |  |  1,929  |   \nFinancial statement review costs  (  xii  )  |  |  180  |  |  |  |  \u2014  |  |  |  |  180  |   \nInventory write-down  (  xiii  )  |  |  89  |  |  |  |  \u2014  |  |  |  |  89  |   \nAdjusted EBITDA  |  $  |  (14,790  |  )  |  |  $  |  66  |  |  |  $  |  (14,724  |  )   \n  \n(i)  For the year ended December 31, 2024, impairment loss on long-lived\nassets included  $14,258  related to the write-down of our Ginkgo Exclusive\nLicenses and  $1,631  related to the cessation of operations of Thanos\nHoldings Ltd., known as Cronos Fermentation (\u201cCronos Fermentation\u201d). For the\nyear ended December 31, 2023, impairment loss on long-lived assets related to\ncertain leased properties associated with the Company\u2019s former U.S. operations\nand impairment of the Company's CBCVA exclusive license under the\ncollaboration and license agreement between Ginkgo and the Company.  \n(ii)  For the year ended December 31, 2024, a revaluation gain on loan\nreceivable was recognized as a result of the Cronos GrowCo Transaction on July\n1, 2024.  \n(iii)  For the year ended December 31, 2024, a gain on revaluation of equity\nmethod investment was recognized as a result of the Cronos GrowCo Transaction\non July 1, 2024.  \n(iv)  For the three months and years ended December 31, 2024 and 2023, the\n(gain) loss on revaluation of derivative liabilities represented the fair\nvalue changes on the derivative liabilities.  \n(v)  For the three months and years ended December 31, 2024 and 2023, (gain)\nloss on revaluation of financial instruments related primarily to our\nunrealized holding (gain) or loss (as applicable) on our mark-to-market\ninvestment in Vitura as well as revaluations of financial liabilities\nresulting from deferred share units granted to directors.  \n(vi)  For the years ended December 31, 2024 and 2023 and the three months\nended December 31, 2023, impairment loss on other investments related to the\nPharmaCann Option for the difference between its fair value and carrying\namount.  \n(vii)  For the year and three months ended December 31, 2024, transaction\ncosts represented legal, financial and other advisory fees and expenses\nincurred in connection with the Cronos GrowCo Transaction. These costs are\nincluded in general and administrative expenses on the consolidated statements\nof net income (loss) and comprehensive income (loss).  \n(viii)  For the year ended December 31, 2024, a loss on held-for-sale assets\nwas recognized as a result of the change in the Company\u2019s sales strategy for\nthe Cronos Fermentation assets to market the assets to a broader buyer pool.\nFor the quarter ended December 31, 2024, a loss on held-for-sale assets was\nrecognized to adjust the net book value of Cronos Fermentation to fair value.  \n(ix)  For the three months and years ended December 31, 2024 and 2023, other,\nnet primarily related to (gain) loss on disposal of assets.  \n(x)  For the year ended December 31, 2024, restructuring costs from continuing\noperations related to shutdown costs at the Cronos Fermentation Facility, as\nwell as employee-related severance costs associated with the Realignment. For\nthe year and three months ended December 31, 2023, restructuring costs related\nto the employee-related severance costs and other restructuring costs\nassociated with the Realignment.  \n(xi)  For the three months and years ended December 31, 2024 and 2023, share-\nbased compensation related to the vesting expenses of share-based compensation\nawarded to employees under our share-based award plans.  \n(xii)  For the three months and years ended December 31, 2024 and 2023,\nfinancial statement review costs included costs related to the Restatements,\ncosts related to the Company\u2019s responses to requests for information from\nvarious regulatory authorities relating to the Restatements, the costs related\nto the Settlement Order and Settlement Agreement and legal costs defending\nshareholder class action complaints brought against the Company as a result of\nthe 2019 restatement, as well as related insurance reimbursements.  \n(xiii)  For the three months and year ended December 31, 2023, inventory\nwrite-downs from discontinued operations relate to product destruction and\nobsolescence associated with the exit of our U.S. operations and inventory\nwrite-downs from continuing operations relate to product destruction and\nobsolescence associated with the planned exit of Cronos Fermentation.  \n(xiv)  For the three months and year ended December 31, 2024, inventory step-\nup recorded to cost of sales represented the portion of the inventory step-up\nfrom the Cronos GrowCo Transaction that was recorded through the consolidated\nstatements of income (loss) and comprehensive income (loss).  \n(xv)  For the three months and year ended December 31, 2024, Israel Ministry\nof Economy and Industry dumping inquiry expense included expenditures relating\nto the regulatory inquiry about alleged dumping of medical cannabis products\nin Israel and related litigation and external relations expenses.\n\n**_Adjusted Gross Profit and Adjusted Gross Margin_ **\n\nTo supplement the consolidated financial statements presented in accordance\nwith U.S. GAAP, we have presented Adjusted Gross Profit and Adjusted Gross\nMargin, non-GAAP measures that exclude the impacts of inventory-related\npurchase accounting adjustments from the calculations of gross profit and\ngross margin, which resulted from the Cronos GrowCo Transaction. Results are\nreported as total consolidated results, reflecting our reporting structure of\none reportable segment.\n\nManagement believes that Adjusted Gross Profit and Adjusted Gross Margin\nprovide useful insight into underlying business trends to facilitate\ncomparisons of period-over-period results by removing the impacts of\ninventory-related purchase accounting adjustments resulting from the Cronos\nGrowCo Transaction, which reflect a one-time event and do not reflect\nmanagement\u2019s assessment of ongoing business performance.\n\n_(in thousands of U.S. dollars)_ |  **Three months ended  \nDecember 31, ** |  |  **Change** |  |  **Year ended  \nDecember 31, ** |  |  **Change**  \n---|---|---|---|---|---|---|---  \n|  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%**  \nNet revenue  |  $  |  30,301  |  |  |  $  |  23,915  |  |  |  $  |  6,386  |  |  |  27  |  %  |  |  $  |  117,615  |  |  |  $  |  87,241  |  |  |  $  |  30,374  |  |  35  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nGross profit  |  $  |  10,807  |  |  |  $  |  1,913  |  |  |  $  |  8,894  |  |  |  465  |  %  |  |  $  |  25,198  |  |  |  $  |  11,909  |  |  |  $  |  13,289  |  |  112  |  %   \nInventory step-up recorded to cost of sales  |  |  (1,832  |  )  |  |  |  \u2014  |  |  |  |  (1,832  |  )  |  |  N/M  |  |  |  |  5,284  |  |  |  |  \u2014  |  |  |  |  5,284  |  |  N/M  |   \nAdjusted Gross Profit  |  $  |  8,975  |  |  |  $  |  1,913  |  |  |  $  |  7,062  |  |  |  369  |  %  |  |  $  |  30,482  |  |  |  $  |  11,909  |  |  |  $  |  18,573  |  |  156  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nGross margin  (i)  |  |  36  |  %  |  |  |  8  |  %  |  |  |  N/A  |  |  |  28  |  pp  |  |  |  21  |  %  |  |  |  14  |  %  |  |  N/A  |  |  7  |  pp   \nAdjusted Gross Margin  (ii)  |  |  30  |  %  |  |  |  8  |  %  |  |  |  N/A  |  |  |  22  |  pp  |  |  |  26  |  %  |  |  |  14  |  %  |  |  N/A  |  |  12  |  pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \n  \n(i)  Gross margin is defined as gross profit divided by net revenue.  \n(ii)  Adjusted Gross Margin is defined as Adjusted Gross Profit divided by net\nrevenue.\n\n_Constant Currency_\n\nTo supplement the consolidated financial statements presented in accordance\nwith U.S. GAAP, we have presented constant currency adjusted financial\nmeasures for net revenues, gross profit, gross profit margin, operating\nexpenses, net income (loss) and Adjusted EBITDA for 2024, as well as cash and\ncash equivalents and short-term investment balances as of December 31, 2024\ncompared to December 31, 2023, which are considered non-GAAP financial\nmeasures. We present constant currency information to provide a framework for\nassessing how our underlying operations performed excluding the effect of\nforeign currency rate fluctuations. To present this information, current and\nprior period income statement results in currencies other than U.S. dollars\nare converted into U.S. dollars using the average exchange rates from the\ncomparative period in 2023 rather than the actual average exchange rates in\neffect during 2024; constant currency current period balance sheet information\nis translated at the prior year-end spot rate rather than the current year-end\nspot rate. All growth comparisons relate to the corresponding period in 2023.\nWe have provided this non-GAAP financial information to aid investors in\nbetter understanding the performance of our business. The non-GAAP financial\nmeasures presented in this press release should not be considered as a\nsubstitute for, or superior to, the measures of financial performance prepared\nin accordance with U.S. GAAP.\n\nThe table below sets forth certain measures of consolidated results from\ncontinuing operations on an as-reported and constant currency basis for 2024\ncompared to 2023, as well as cash and cash equivalents and short-term\ninvestments as of December 31, 2024, compared to December 31, 2023, on an as-\nreported and constant currency basis (in thousands):\n\n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n---|---|---|---  \n|  **Three months ended December 31,** |  |  **As Reported  \nChange ** |  |  **Three months ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  **$** |  |  **%**  \nNet revenue  |  $  |  30,301  |  |  |  $  |  23,915  |  |  |  $  |  6,386  |  |  |  27  |  %  |  |  $  |  30,527  |  |  |  $  |  6,612  |  |  |  28  |  %   \nGross profit  |  |  10,807  |  |  |  |  1,913  |  |  |  |  8,894  |  |  |  465  |  %  |  |  |  10,914  |  |  |  |  9,001  |  |  |  471  |  %   \nGross margin  |  |  36  |  %  |  |  |  8  |  %  |  |  |  N/A  |  |  |  28  |  pp  |  |  |  36  |  %  |  |  |  N/A  |  |  |  28  |  pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \nOperating expenses  |  |  22,172  |  |  |  |  23,549  |  |  |  |  (1,377  |  )  |  |  (6  |  )%  |  |  |  22,557  |  |  |  |  (992  |  )  |  |  (4  |  )%   \nNet income (loss) from continuing operations  |  |  43,941  |  |  |  |  (45,151  |  )  |  |  |  89,092  |  |  |  N/M  |  |  |  |  44,431  |  |  |  |  89,582  |  |  |  N/M  |   \nAdjusted EBITDA  |  |  (7,203  |  )  |  |  |  (14,790  |  )  |  |  |  7,587  |  |  |  51  |  %  |  |  |  (7,869  |  )  |  |  |  6,921  |  |  |  47  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n|  **Year ended  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **Year ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  **$** |  |  **%**  \nNet revenue  |  $  |  117,615  |  |  |  $  |  87,241  |  |  |  $  |  30,374  |  |  |  35  |  %  |  |  $  |  118,983  |  |  |  $  |  31,742  |  |  |  36  |  %   \nGross profit  |  |  25,198  |  |  |  |  11,909  |  |  |  |  13,289  |  |  |  112  |  %  |  |  |  25,505  |  |  |  |  13,596  |  |  |  114  |  %   \nGross margin  |  |  21  |  %  |  |  |  14  |  %  |  |  |  N/A  |  |  |  7  |  pp  |  |  |  21  |  %  |  |  |  N/A  |  |  |  7  |  pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \nOperating expenses  |  |  101,727  |  |  |  |  96,709  |  |  |  |  5,018  |  |  |  5  |  %  |  |  |  102,972  |  |  |  |  6,263  |  |  |  6  |  %   \nNet income (loss) from continuing operations  |  |  40,022  |  |  |  |  (70,439  |  )  |  |  |  110,461  |  |  |  N/M  |  |  |  |  42,007  |  |  |  |  112,446  |  |  |  N/M  |   \nAdjusted EBITDA  |  |  (34,942  |  )  |  |  |  (61,564  |  )  |  |  |  26,622  |  |  |  43  |  %  |  |  |  (35,891  |  )  |  |  |  25,673  |  |  |  42  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \n|  **As of  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **As of December 31,** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  **$** |  |  **%**  \nCash and cash equivalents  |  $  |  858,805  |  |  |  $  |  669,291  |  |  |  $  |  189,514  |  |  |  28  |  %  |  |  $  |  869,761  |  |  |  $  |  200,470  |  |  |  30  |  %   \nShort-term investments  |  |  \u2014  |  |  |  |  192,237  |  |  |  |  (192,237  |  )  |  |  (100  |  )%  |  |  |  \u2014  |  |  |  |  (192,237  |  )  |  |  (100  |  )%   \nTotal cash and cash equivalents and short-term investments  |  $  |  858,805  |  |  |  $  |  861,528  |  |  |  $  |  (2,723  |  )  |  |  \u2014  |  %  |  |  $  |  869,761  |  |  |  $  |  8,233  |  |  |  1  |  %   \n  \n_  \nNet revenue _\n\n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n---|---|---|---  \n|  **Three months ended  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **Three months ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  **2023** |  |  **$** |  |  **%** |  |  |  **2024** |  |  **$** |  |  **%**  \nCannabis flower  |  $  |  23,398  |  |  $  |  17,515  |  |  $  |  5,883  |  |  |  34  |  %  |  |  $  |  23,491  |  |  $  |  5,976  |  |  |  34  |  %   \nCannabis extracts  |  |  6,588  |  |  |  6,074  |  |  |  514  |  |  |  8  |  %  |  |  |  6,729  |  |  |  655  |  |  |  11  |  %   \nOther  |  |  315  |  |  |  326  |  |  |  (11  |  )  |  |  (3  |  )%  |  |  |  307  |  |  |  (19  |  )  |  |  (6  |  )%   \nNet revenue  |  $  |  30,301  |  |  $  |  23,915  |  |  $  |  6,386  |  |  |  27  |  %  |  |  $  |  30,527  |  |  $  |  6,612  |  |  |  28  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n|  **Year ended  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **Year ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  **2023** |  |  **$** |  |  **%** |  |  |  **2024** |  |  **$** |  |  **%**  \nCannabis flower  |  $  |  87,912  |  |  $  |  62,070  |  |  $  |  25,842  |  |  |  42  |  %  |  |  $  |  88,904  |  |  $  |  26,834  |  |  |  43  |  %   \nCannabis extracts  |  |  29,168  |  |  |  24,569  |  |  |  4,599  |  |  |  19  |  %  |  |  |  29,552  |  |  |  4,983  |  |  |  20  |  %   \nOther  |  |  535  |  |  |  602  |  |  |  (67  |  )  |  |  (11  |  )%  |  |  |  527  |  |  |  (75  |  )  |  |  (12  |  )%   \nNet revenue  |  $  |  117,615  |  |  $  |  87,241  |  |  $  |  30,374  |  |  |  35  |  %  |  |  $  |  118,983  |  |  $  |  31,742  |  |  |  36  |  %   \n  \n  \n\n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n---|---|---|---  \n|  **Three months ended  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **Three months ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  **2023** |  |  **$** |  |  **%** |  |  |  **2024** |  |  **$** |  |  **%**  \nCanada  |  $  |  19,656  |  |  $  |  17,935  |  |  $  |  1,721  |  |  10  |  %  |  |  $  |  20,156  |  |  $  |  2,221  |  |  12  |  %   \nIsrael  |  |  7,803  |  |  |  4,974  |  |  |  2,829  |  |  57  |  %  |  |  |  7,546  |  |  |  2,572  |  |  52  |  %   \nOther countries  |  |  2,842  |  |  |  1,006  |  |  |  1,836  |  |  183  |  %  |  |  |  2,825  |  |  |  1,819  |  |  181  |  %   \nNet revenue  |  $  |  30,301  |  |  $  |  23,915  |  |  $  |  6,386  |  |  27  |  %  |  |  $  |  30,527  |  |  $  |  6,612  |  |  28  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n|  **Year ended  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **Year ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  **2023** |  |  **$** |  |  **%** |  |  |  **2024** |  |  **$** |  |  **%**  \nCanada  |  $  |  82,437  |  |  $  |  64,702  |  |  $  |  17,735  |  |  27  |  %  |  |  $  |  83,709  |  |  $  |  19,007  |  |  29  |  %   \nIsrael  |  |  28,368  |  |  |  21,134  |  |  |  7,234  |  |  34  |  %  |  |  |  28,454  |  |  |  7,320  |  |  35  |  %   \nOther countries  |  |  6,810  |  |  |  1,405  |  |  |  5,405  |  |  385  |  %  |  |  |  6,820  |  |  |  5,415  |  |  385  |  %   \nNet revenue  |  $  |  117,615  |  |  $  |  87,241  |  |  $  |  30,374  |  |  35  |  %  |  |  $  |  118,983  |  |  $  |  31,742  |  |  36  |  %   \n  \n  \nFor 2024, net revenue on a constant currency basis was  $119.0 million  ,\nrepresenting a  36%  increase from 2023. Net revenue increased on a constant\ncurrency basis primarily due to higher cannabis flower and extract sales in\nthe Canadian market and higher cannabis flower sales in Israel and other\ncountries. The Cronos GrowCo Transaction contributed  $6.5 million  of\ncannabis flower sales in the year ended December 31, 2024 on a constant\ncurrency basis. No such sales were recognized for the year ended December 31,\n2023.\n\n_Gross profit_\n\nFor 2024, gross profit on a constant currency basis was  $25.5 million  ,\nrepresenting a  114%  increase from 2023. Gross profit increased on a constant\ncurrency basis primarily due to higher cannabis flower and extract sales in\nthe Canadian market, higher cannabis flower sales in Israel and other\ncountries, and production cost improvements, partially offset by the impact on\ncost of sales from the inventory step-up from the Cronos GrowCo Transaction.\nFor 2024, gross profit on a constant currency basis was reduced  $5.1 million\nas a result of the impact of the inventory step-up from the Cronos GrowCo\nTransaction that was recorded into cost of sales. No such costs were\nrecognized for 2023.\n\n_Operating expenses_\n\nFor 2024, operating expenses on a constant currency basis were  $103.0 million\n, representing a  6%  increase from 2023. Operating expenses increased on a\nconstant currency basis primarily due to the impairment of the Ginkgo\nExclusive Licenses, partially offset by lower salaries and benefits,\nprofessional fees and restructuring costs.\n\n_Net income (loss) from continuing operations_\n\nFor 2024, net income (loss) from continuing operations on a constant currency\nbasis was  $42.0 million  , compared to a loss of  $70.4 million  for 2023.\n\n_Adjusted EBITDA_\n\nFor 2024, Adjusted EBITDA on a constant currency basis was  $(35.9) million  ,\nrepresenting a  42%  improvement from 2023. Adjusted EBITDA improved on a\nconstant currency basis primarily due to higher cannabis flower and extract\nsales in the Canadian market, higher cannabis flower sales in Israel and other\ncountries, production cost improvements, and decreases in general and\nadministrative, sales and marketing and research and development expenses.\n\n_Cash and cash equivalents & short-term investments _\n\nCash and cash equivalents and short-term investments on a constant currency\nbasis increased  1%  to  $869.8 million  as of December 31, 2024 from  $861.5\nmillion  as of December 31, 2023. The increase in cash and cash equivalents\nand short-term investments is primarily due to cash flows provided by\noperating activities in 2024.\n\n**Foreign currency exchange rates**\n\nAll currency amounts in this press release are stated in U.S. dollars, which\nis our reporting currency, unless otherwise noted. All references to \u201cdollars\u201d\nor \u201c$\u201d are to U.S. dollars. The assets and liabilities of our foreign\noperations are translated into dollars at the exchange rate in effect as of\nDecember 31, 2024 and December 31, 2023, as reported on Bloomberg.\nTransactions affecting the shareholders\u2019 equity (deficit) are translated at\nhistorical foreign exchange rates. The consolidated statements of net income\n(loss) and comprehensive income (loss) and consolidated statements of cash\nflows of our foreign operations are translated into dollars by applying the\naverage foreign exchange rate in effect for the years ended December 31, 2024,\nDecember 31, 2023, and December 31, 2022, as reported on Bloomberg.\n\nThe exchange rates used to translate from Canadian dollars (\u201cC$\u201d) to dollars\nare shown below:\n\n_(Exchange rates are shown as C$ per $)_ |  **Year ended December 31,**  \n---|---  \n|  **2024** |  |  **2023** |  |  **2022**  \nAverage rate  |  1.3700  |  |  1.3494  |  |  1.3017   \nSpot rate  |  1.4351  |  |  1.3243  |  |  1.3554   \n|  |  |  |  |   \n  \nThe exchange rates used to translate from New Israeli Shekels (\u201cILS\u201d) to\ndollars are shown below:\n\n_(Exchange rates are shown as ILS per $)_ |  **Year ended December 31,**  \n---|---  \n|  **2024** |  |  **2023** |  |  **2022**  \nAverage rate  |  3.6997  |  |  3.6819  |  |  3.3566   \nSpot rate  |  3.6526  |  |  3.6163  |  |  3.5178   \n|  |  |  |  |   \n  \n**For further information, please contact:**  \nAnna Shlimak  \nInvestor Relations  \nTel: (416) 504-0004  \ninvestor.relations@thecronosgroup.com\n\n[ ](https://www.stocktitan.net/news/CRON/ \"Cronos Group CRON Stock News\")\n\nCronos Group\n\n###  NASDAQ: [ CRON ](/news/CRON/)\n\n###  CRON Rankings\n\n[ **N/A** Ranked by Market Cap  ](/rankings/companies-market-cap/link-\nsymbol?s=CRON)\n\n[ **N/A** Ranked by Dividends  ](/rankings/companies-dividends/link-\nsymbol?s=CRON)\n\n###  CRON Latest News\n\nMar 19, 2025\n\n[ Cronos Appoints Anna Shlimak as Chief Financial Officer ](/news/CRON/cronos-\nappoints-anna-shlimak-as-chief-financial-8vgelca718es.html)\n\nMar 10, 2025\n\n[ Cronos Group Inc. to Speak at the 37th Annual Roth Conference\n](/news/CRON/cronos-group-inc-to-speak-at-the-37th-annual-roth-\nxcxhnyellcyc.html)\n\nFeb 24, 2025\n\n[ Cronos Group Inc. to Hold 2024 Fourth Quarter and Full-Year Earnings\nConference Call on February 27, 2025 ](/news/CRON/cronos-group-inc-to-\nhold-2024-fourth-quarter-and-full-year-earnings-aqypuxwlsr4i.html)\n\nNov 12, 2024\n\n[ Cronos Group Reports 2024 Third Quarter Results ](/news/CRON/cronos-group-\nreports-2024-third-quarter-m7eusx8000jz.html)\n\nOct 29, 2024\n\n[ Cronos Group Inc. to Hold 2024 Third Quarter Earnings Conference Call on\nNovember 12, 2024 ](/news/CRON/cronos-group-inc-to-hold-2024-third-quarter-\nearnings-conference-call-8bk9kcf23ju1.html)\n\n###  CRON Stock Data  __\n\n619.70M\n\n197.70M\n\n46.39%\n\n14.32%\n\n1.19%\n\nDrug Manufacturers - Specialty & Generic\n\nMedicinal Chemicals & Botanical Products\n\n[ Link ](https://www.thecronosgroup.com)\n\nCanada\n\nSTAYNER\n\nExplore\n\n  * [ About ](/about)\n  * [ Rhea-AI ](/rhea-ai.html)\n  * [ Sitemap ](/sitemap/news)\n\nLegal\n\n  * [ Terms of Use ](/terms-of-use)\n  * [ Cookie Notice ](/cookies)\n  * [ Privacy Policy ](/privacy)\n\nLinks\n\n  * [ RSS feed ](https://www.stocktitan.net/rss)\n  * [ Discord Server ](https://discord.gg/jCSBfhvt)\n  * [ Facebook ](https://www.facebook.com/stocktitan.net)\n  * [ Reddit ](https://www.reddit.com/r/StockTitan/)\n\n\u00a9 2020-2025 StockTitan.net\n\nLogin\n\nPlease enter your login and password\n\nWrong username or password.\n\nDon't have an account?  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                "url": "https://www.stocktitan.net/news/CRON/cronos-group-reports-2024-fourth-quarter-and-full-year-ft1pmfo4ixz2.html"
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                "page_content": "#  Your technology and innovation partner\n\n####  The Cronos Group is an outstanding example of innovative\nentrepreneurship.\n\n[ ](https://cronos-groep.be/wp-content/uploads/2020/10/rhinox_001_int_wz.gif)\n\n[ ](https://cronos-groep.be/wp-\ncontent/uploads/2020/11/cronosadleie_001_int_bw-1024x683.jpg)\n\n[ ](https://cronos-groep.be/wp-\ncontent/uploads/2020/11/leuv_take001_ext_bl-1024x576.jpg)\n\nFounded in 1991, The Cronos Group has evolved from a one-man business to a\nlarge group of companies with >9000 employees. The group was originally\nfounded by and for technology people for the express purpose of helping those\npeople grow as far as their ambitions reached, even if that meant starting for\nthemselves.\n\nSince then, this mission statement has been expanded and the group enriched\nwith people from the creative sector who are able to communicate well with the\n\u2018business people\u2019 yet are able to speak with the Cronos IT staff at their own\nlevel, resulting in the most creative and technologically optimal solution for\ncustomers.\n\nThe group is also continuously looking for creative, driven people and is\nalways willing to listen to innovative ideas from potential entrepreneurs.\n\n[ More about The Cronos Group  ](https://cronos-groep.be/en/over-ons/ \"Over\nons\")\n\n##  Who are we\n\n__\n\n#####  Innovative entrepreneurship\n\nThe Cronos Group is a diverse group, active in a number of innovative sectors.\nThe company seeks to serve as a catalyst for the development of scientific\nresearch on new technologies into business solutions.\n\n__\n\n#####  Strong group\n\nThe Cronos Group is also an early stage investor, incubator, integrator and\nventure capital firm. The Cronos Group has holdings in more than 570 companies\nin various sectors and is actively involved in the start-up of some 20\ncompanies per year.\n\n__\n\n#####  New technologies\n\nThe companies under The Cronos Group are pioneers in the introduction and use\nof new and innovative technologies, serving companies in various sectors that\nare often impacted by major changes, such as the media sector and publishers,\nbanking and insurance, utilities, etc.\n\n__\n\n#####  Support\n\nThe Cronos Group searches the world for the best technology, actively forms\nknowledge cells and encourages potential entrepreneurs within the knowledge\ncells to pursue the technology in question.\n\n[ Contact us  ](https://cronos-groep.be/en/contact/ \"Contact\")\n\n##  Our succes story\n\n> 1\n\n#####  Employees\n\n1\n\n#####  Billion euro consolidated turnover\n\n1\n\n#####  Customers in the Benelux\n\n##  Cronos Classic Cycling\n\n[ ](https://cronos-groep.be/wp-\ncontent/uploads/2021/10/CC.zo_.217-1024x683.jpg)\n\n[ ](https://cronos-groep.be/wp-\ncontent/uploads/2021/10/CC.zo_.160-1024x683.jpg)\n\n[ ](https://cronos-groep.be/wp-\ncontent/uploads/2021/10/CC.za_.007-1024x683.jpg)\n\n[ ](https://cronos-groep.be/wp-\ncontent/uploads/2021/10/CC.za_.100-1024x683.jpg)\n\n[ ](https://cronos-groep.be/wp-\ncontent/uploads/2021/10/CC.za_.027-1024x683.jpg)\n\n[ ](https://cronos-groep.be/wp-\ncontent/uploads/2021/10/CC.za_.079-1024x683.jpg)\n\n[ ](https://cronos-groep.be/wp-\ncontent/uploads/2021/10/CC.zo_.220-1024x683.jpg)\n\n[ ](https://cronos-groep.be/wp-\ncontent/uploads/2021/10/CC.zo_.228-1024x683.jpg)\n\n[ ](https://cronos-groep.be/wp-\ncontent/uploads/2021/10/CC.zo_.237-1024x683.jpg)\n\n[ ](https://cronos-groep.be/wp-\ncontent/uploads/2021/10/CC.zo_.244-1024x683.jpg)\n\n[ ](https://cronos-groep.be/wp-\ncontent/uploads/2021/10/CC.zo_.255-1024x683.jpg)\n\n[ ](https://cronos-groep.be/wp-\ncontent/uploads/2021/10/CC.zo_.276-1024x683.jpg)\n\n[ ](https://cronos-groep.be/wp-\ncontent/uploads/2021/10/CC.zo_.278-1024x683.jpg)\n\n[ ](https://cronos-groep.be/wp-\ncontent/uploads/2021/10/CC.zo_.297-1024x683.jpg)\n\n[ ](https://cronos-groep.be/wp-\ncontent/uploads/2021/10/CC.zo_.307-1024x683.jpg)\n\n[ Request all photos here  ](/cdn-cgi/l/email-\nprotection#3754585a5a42595e5456435e5277544558595844195552084442555d5254430a74455859584417745b5644445e5417744e545b5e5950)\n\n##  Initiatives\n\n###  Do you want to start a new initiative? Are you looking for a nice\nworkplace or an internship? Would you like to learn more about the different\nareas of expertise?\n\n[ Contact us  ](https://cronos-groep.be/en/contact/ \"Contact\")\n\n#####  The Cronos Group hq\n\nBusiness Park Kings Square  \nVeldkant 33A \u2013 2550 Kontich  \nBelgium\n\nPhone: 03 450 80 30\n\n#####  Instagram feed\n\n#####  Contact us directly\n\n######  Jef de wit\n\n[ __ ](/cdn-cgi/l/email-protection#a1cbc4c78fc5c4d6c8d5e1c2d3cecfced28fc3c4)\n\n######  Dirk Deroost\n\n[ __ ](/cdn-cgi/l/email-\nprotection#54303d263f7a3031263b3b27201437263b3a3b277a3631)\n\nOr fill in our [ contact form ](/?page_id=213) .\n\n\u00a9 The Cronos Group \u2013 [ Sustainability ](https://cronos-groep.be/wp-\ncontent/uploads/2024/05/Cronos-ESG.pdf) \u2013 [ Confide\n](https://cronos.app/confide) \u2013 [ Privacy Policy ](/?page_id=233) \u2013 [ Cookie\nPolicy ](/?page_id=217) \u2013 [ Press kit ](https://de-cronos-groep.prezly.com/)\n\nFOLLOW US\n\n[ __ ](https://www.facebook.com/DeCronosGroep \"Facebook\")\n\nFacebook\n\n[ __ ](https://www.instagram.com/decronosgroep/ \"Instagram\")\n\nInstagram\n\n[ __ ](https://www.linkedin.com/company/cronos \"LinkedIn\")\n\nLinkedIn\n\n[ __ ](https://twitter.com/CronosGroep \"Twitter\")\n\nTwitter\n\n[ __ ](https://www.youtube.com/channel/UCsDzxe6vT5vXGT_95SOjuaA \"YouTube\")\n\nYouTube\n\nManage Cookie Consent\n\nThis website uses cookies to improve your user experience. 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                "url": "https://cronos-groep.be/en/"
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                    "source": "https://www.globenewswire.com/news-release/2025/02/27/3033748/0/en/Cronos-Group-Reports-2024-Fourth-Quarter-and-Full-Year-Results.html"
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                "page_content": "Accessibility: Skip TopNav\n\n#  Cronos Group Reports 2024 Fourth Quarter and Full-Year Results\n\nFebruary 27, 2025 07:30 ET  | Source:  [ Cronos Group Inc. ](/en/search/organization/Cronos%2520Group%2520Inc\u00a7) Cronos Group Inc. \n\n* * *\n\n_Net revenue in Q4 2024 increased by 27% year-over-year to $30.3 million; Net\nrevenue in FY 2024 increased by 35% year-over-year to $117.6 million_\n\n_Spinach_ _\u00ae_ _Ends 2024 as the Number One Cannabis Brand in Canada_ _1_\n\n_PEACE NATURALS_ _\u00ae_ _Ends 2024 as the Number One Cannabis Brand in Israel_\n_2_\n\n_Industry leading balance sheet with_ _$859_ _million in cash_ _and cash\nequivalents_\n\nTORONTO, Feb. 27, 2025 (GLOBE NEWSWIRE) -- Cronos Group Inc. (NASDAQ: CRON)\n(TSX: CRON) (\u201cCronos\u201d or the \u201cCompany\u201d), today announced its 2024 fourth\nquarter and full-year business results.\n\n\"We set ambitious goals to deliver robust growth, improve margins, and achieve\noperational excellence. Today, I am proud to say that Cronos has not only met\nbut exceeded these objectives, as evidenced by our strong 2024 results. Our\nunwavering commitment to innovation, quality, and disciplined cost management\nhas solidified our leadership in the global cannabis industry,\" said Mike\nGorenstein, Chairman, President and CEO of Cronos.\n\n\"From Spinach  _\u00ae_ becoming the number one cannabis brand in Canada and PEACE\nNATURALS  _\u00ae_ achieving a number one position in Israel, to our groundbreaking\nadvancements in cannabis genetics, to international expansion, Cronos is well-\npositioned to capitalize on future opportunities and drive long-term value for\nour shareholders. As we look ahead to 2025, we remain focused on sustaining\nthis momentum, strengthening our market leadership, and delivering innovative\nproducts that resonate with consumers worldwide,\" continued Mr. Gorenstein.\n\"Our strategic investments, such as Cronos GrowCo, have enhanced our\ncultivation capabilities, ensuring a consistent supply of high-quality\ncannabis at scale with an improved gross margin profile, while our R&D\nbreakthroughs have set new industry standards. Internationally, we\u2019ve made\nsignificant strides, with PEACE NATURALS  _\u00ae_ leading in Israel and gaining\ntraction in Germany and the UK. Combined with a robust balance sheet and a\nportfolio of best-selling, borderless brands, Cronos is not just leading\ntoday, we\u2019re building the foundation for long-term excellence in the global\ncannabis industry. Looking to 2025, we're excited about the opportunities\nahead as we continue to innovate, expand, and deliver for our consumers and\nshareholders.\"  \n\n**_Consolidated Financial Results_ **\n\nOn June 20, 2024 the Company made an additional investment in Cronos Growing\nCompany (\"Cronos GrowCo\") to fund the expansion of cultivation operations.\nCronos also obtained majority control of the board of directors of Cronos\nGrowCo and began consolidating Cronos GrowCo's results from July 1, 2024.\nPrior to this date, the Company's investment in Cronos GrowCo consisted of an\ninvestment accounted for under the equity method and loans receivable from\nCronos GrowCo.\n\nIn the second quarter of 2023, the Company exited its United States (\"U.S.\")\nhemp-derived CBD operations. The exit of the U.S. operations represented a\nstrategic shift, and as such, qualifies for reporting as discontinued\noperations in our condensed consolidated statements of net income (loss) and\ncomprehensive income (loss). Prior period amounts have been reclassified to\nreflect the discontinued operations classification of the U.S. operations.\n\nThe tables below set forth our condensed consolidated results of continuing\noperations, expressed in thousands of U.S. dollars for the periods presented.\nOur condensed consolidated financial results for these periods are not\nnecessarily indicative of the consolidated financial results that we will\nachieve in future periods.\n\n_(in thousands of USD)_ |  |  **Three Months Ended December 31,** |  |  **Change** |  |  **Year ended December 31,** |  |  **Change**  \n---|---|---|---|---|---|---|---|---  \n|  |  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%**  \nCronos net revenue, excluding Cronos GrowCo net revenue  (i)  |  |  $  |  28,195  |  |  |  $  |  23,915  |  |  |  $  |  4,280  |  |  |  18  |  %  |  |  $  |  111,241  |  |  |  $  |  87,241  |  |  |  $  |  24,000  |  |  |  28  |  %   \nCronos GrowCo net revenue  (ii)  |  |  |  2,106  |  |  |  |  \u2014  |  |  |  |  2,106  |  |  |  N/A  |  |  |  |  6,374  |  |  |  |  \u2014  |  |  |  |  6,374  |  |  |  N/A  |   \nNet Revenue  |  |  $  |  30,301  |  |  |  $  |  23,915  |  |  |  $  |  6,386  |  |  |  27  |  %  |  |  $  |  117,615  |  |  |  $  |  87,241  |  |  |  $  |  30,374  |  |  |  35  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nCost of sales  |  |  |  19,494  |  |  |  |  21,913  |  |  |  |  (2,419  |  )  |  |  (11  |  )%  |  |  |  91,710  |  |  |  |  74,527  |  |  |  |  17,183  |  |  |  23  |  %   \nInventory write-down  |  |  |  \u2014  |  |  |  |  89  |  |  |  |  (89  |  )  |  |  N/A  |  |  |  |  707  |  |  |  |  805  |  |  |  |  (98  |  )  |  |  (12  |  )%   \nGross profit  |  |  $  |  10,807  |  |  |  $  |  1,913  |  |  |  $  |  8,894  |  |  |  465  |  %  |  |  $  |  25,198  |  |  |  $  |  11,909  |  |  |  $  |  13,289  |  |  |  112  |  %   \nGross margin  (  ii  i)  |  |  |  36  |  %  |  |  |  8  |  %  |  |  |  N/A  |  |  |  28  |  pp  |  |  |  21  |  %  |  |  |  14  |  %  |  |  |  N/A  |  |  |  7  |  pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nInventory step-up recorded to cost of sales  |  |  |  (1,832  |  )  |  |  |  \u2014  |  |  |  |  (1,832  |  )  |  |  N/A  |  |  |  |  5,284  |  |  |  |  \u2014  |  |  |  |  5,284  |  |  |  N/A  |   \nAdjusted Gross Profit  (iv)  |  |  $  |  8,975  |  |  |  $  |  1,913  |  |  |  $  |  7,062  |  |  |  369  |  %  |  |  $  |  30,482  |  |  |  $  |  11,909  |  |  |  $  |  18,573  |  |  |  156  |  %   \nAdjusted Gross Margin  (v)  |  |  |  30  |  %  |  |  |  8  |  %  |  |  |  N/A  |  |  |  22  |  pp  |  |  |  26  |  %  |  |  |  14  |  %  |  |  |  N/A  |  |  |  12  |  pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nNet income (loss)  |  |  $  |  43,941  |  |  |  $  |  (45,151  |  )  |  |  $  |  89,092  |  |  |  197  |  %  |  |  $  |  40,022  |  |  |  $  |  (70,439  |  )  |  |  $  |  110,461  |  |  |  N/M  |   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nAdjusted EBITDA  (  iv  )  |  |  $  |  (7,203  |  )  |  |  $  |  (14,790  |  )  |  |  $  |  7,587  |  |  |  51  |  %  |  |  $  |  (34,942  |  )  |  |  $  |  (61,564  |  )  |  |  $  |  26,622  |  |  |  43  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \n**Other Data** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nCash and cash equivalents  (  vi  )  |  |  $  |  858,805  |  |  |  $  |  669,291  |  |  |  $  |  189,514  |  |  |  28  |  %  |  |  |  |  |  |  |  |   \nShort-term investments  (  vi  )  |  |  |  \u2014  |  |  |  |  192,237  |  |  |  |  (192,237  |  )  |  |  (100  |  )%  |  |  |  |  |  |  |  |   \nCapital expenditures  (v  ii  )  |  |  |  3,708  |  |  |  |  1,792  |  |  |  |  1,916  |  |  |  107  |  %  |  |  |  13,154  |  |  |  |  3,423  |  |  |  |  9,731  |  |  |  284  |  %   \n  \n_(i)_ _Cronos net revenue, excluding Cronos GrowCo net revenue is net revenue\nless Cronos GrowCo net revenue and is after intercompany eliminations._  \n_(ii)_ _Cronos GrowCo net revenue is Cronos GrowCo's net revenue after\nintercompany eliminations._  \n_(iii)_ _Gross margin is defined as gross profit divided by net revenue._  \n_(iv)_ _See \"Non-GAAP Measures\" for more information, including a\nreconciliation of adjusted earnings (loss) before interest, taxes,\ndepreciation and amortization (\"Adjusted EBITDA\") to net income (loss) and a\nreconciliation of Adjusted Gross Profit to gross profit._  \n_(v)_ _Adjusted Gross Margin is defined as Adjusted Gross Profit divided by\nnet revenue. See \u201cNon-GAAP Measures\u201d for more information._  \n_(vi)_ _Dollar amounts are as of the last day of the period indicated._  \n_(vii)_ _Capital expenditures represent component information of investing\nactivities and is defined as the sum of purchase of property, plant and\nequipment, and purchase of intangible assets._\n\n**Fourth Quarter** **2024**\n\n  * Net revenue of $30.3 million in Q4 2024 increased by $6.4 million from Q4 2023. The increase year-over-year was primarily driven by higher cannabis flower and extract sales in the Canadian market and higher cannabis flower sales in Israel and other countries. Cronos GrowCo contributed $2.1 million of cannabis flower sales in Q4 2024. No such sales were recognized in Q4 2023. \n  * Gross profit of $10.8 million in Q4 2024 increased by $8.9 million from Q4 2023. The increase year-over-year was primarily due to higher cannabis flower and extract sales in the Canadian market, higher cannabis flower sales in Israel and other countries, and production cost improvements. Gross profit was positively impacted by $1.8 million in the quarter in connection with the finalization of the purchase accounting for the Cronos GrowCo Transaction, which resulted in a reduction of the fair value of inventory acquired from Cronos GrowCo and the corresponding inventory step-up previously recorded into cost of sales in Q3 2024. No such impact was recognized for 2023. \n  * Adjusted gross profit of $9.0 million in Q4 2024 improved by $7.1 million from Q4 2023. The improvement year-over-year was primarily driven by higher cannabis flower and extract sales in the Canadian market, higher cannabis flower sales in Israel, and production cost improvements. \n  * Adjusted EBITDA of $(7.2) million in Q4 2024 improved by $7.6 million from Q4 2023. The improvement year-over-year was primarily driven by higher adjusted gross profit. \n\n**Full-Year** **2024**\n\n  * Net revenue of $117.6 million in full-year 2024 increased by $30.4 million from full-year 2023. The increase year-over-year was primarily due to higher cannabis flower and extract sales in the Canadian market and higher cannabis flower sales in Israel and other countries. Cronos GrowCo contributed $6.4 million of cannabis flower sales in the year ended December 31, 2024. No such sales were recognized for the year ended December 31, 2023. \n  * Gross profit of $25.2 million in full-year 2024 increased by $13.3 million from full-year 2023. The increase year-over-year was primarily due to higher cannabis flower and extract sales in the Canadian market, higher cannabis flower sales in Israel and other countries, and production cost improvements. This increase was partially offset by the impact on cost of sales from the inventory step-up from the Cronos GrowCo Transaction. For 2024, gross profit was reduced $5.3 million as a result of the impact of the inventory step-up from the Cronos GrowCo Transaction that was recorded into cost of sales since July 1, 2024. No such costs were recognized for 2023. \n  * Adjusted gross profit of $30.5 million in full-year 2024 increased by $18.6 million from full-year 2023. The increase year-over-year was primarily due to higher cannabis flower and extract sales in the Canadian market, higher cannabis flower sales in Israel and other countries, and production cost improvements. \n  * Adjusted EBITDA of $(34.9) million in full-year 2024 improved by $26.6 million from full-year 2023. The improvement year-over-year was primarily driven by higher adjusted gross profit and lower sales and marketing, research and development, and general administrative expenses. \n\n**_Business Updates_ **\n\n**Brand and Product Portfolio**\n\n__Spinach_ _ \u00ae  3  \nIn 2024, the SOURZ by Spinach  \u00ae  brand expanded its edible lineup with\nseveral innovative launches. Our industry-leading SOURZ by Spinach  \u00ae\nproducts are the best-selling gummies in the Canadian market and have captured\nan impressive 23% market share in Q4 2024, with five of the top ten best-\nselling edibles in Canada coming from the SOURZ lineup. A key addition to our\ngummy portfolio has been the 1-piece, 10mg THC Fully Blasted SOURZ by Spinach\n\u00ae  product, which launched in 2024. In Q4 2024 we launched two new Fully\nBlasted flavors, Peach Orange and Strawberry Mango. We also launched a new CBD\nmulti-pack, SOURZ by Spinach  \u00ae  CBD Berry Variety Pack.\n\nIn 2024 our proprietary genetics breeding program continued to provide our\nportfolio with winning cultivars that allow us to launch differentiated\nproducts across markets and maintain a number one position in the flower\ncategory. In 2024, we introduced Spinach Grindz\u2122, a milled flower offering\nutilizing our Citrus Crush and Cookie Dough strains, designed for convenient\nuse in joints or vaporizers. In Q4 2024, the Spinach  \u00ae  brand maintained its\nposition as the number one flower brand in Canada, with 5.7% market share.\n\nIn 2024, we introduced two new Spinach  \u00ae  all-in-one vapes, Pineapple\nParadise and Blueberry Dynamite that are performing well and helping to drive\nmarket share gains. The brand's 0.5g all-in-one Spinach HITZ\u2122 vapes introduced\nnew Pink Lemonade and Rocket Icicle flavors, alongside line extensions in\nSpinach  \u00ae  1.2g vapes. Spinach  \u00ae  vapes were the number four vape brand in\nQ4 2024, holding 5.9% market share. Vape production was brought in-house in\nthe second half of 2024 in an effort to streamline manufacturing and enhance\nproduction efficiency in this category.\n\nIn 2024, we launched Spinach  \u00ae  Fully Charged pre-rolls and infused pre-rolls\nas well as the Spinach  \u00ae  Fully Charged Party Pack and the Spinach  \u00ae  Fully\nCharged Tropical Pack. These launches were the culmination of our product\ndevelopment efforts and portfolio refresh. The infused pre-roll category is\ncontinuing to grow, and we expect this category to be key to future growth for\nboth Cronos and the industry, which is why we are committed to the evolution\nand innovation of our pre-roll portfolio. In Q4 2024, Spinach  \u00ae  was ranked\nseventh in the pre-roll category with 2.5% market share.\n\n__Lord Jones_ _ __\u00ae_ _ __3_ _  \nIn Q4 2024, Lord Jones  \u00ae  Chocolates Fusions\u2122 had 9.6% market share and ended\nthe year as the third best-selling chocolate brand in Canada. In January 2025,\nthe brand launched a Lord Jones  \u00ae  Chocolate Fusions\u2122 fudge brownie flavor,\nwhich features a 1:1:1 ratio of CBN, CBD and THC. Lord Jones  \u00ae  Chocolate\nFusions\u2122 edibles highlight the brand\u2019s commitment to innovation and\ncraftsmanship, offering four flavors: cookies and cream, dazzle-berry pop,\nsalted caramel crunch and fudge brownie.\n\nIn 2024, we also launched Lord Jones  \u00ae  live resin vapes featuring\nmeticulously curated cultivars, delivering a rich, full-spectrum experience\nthat combines pure live resin with sleek, high-quality hardware. In the second\nhalf of 2023, we launched Ice Water Hash Fusions pre-rolls, which feature\nflower and terpene-rich ice water hash and are fitted with a branded ceramic\ntip. The Ice Water Hash Fusions pre-rolls continued performing throughout\n2024, rising to the number one position in the hash pre-roll category.\nTogether, these launches underscore the brand\u2019s dedication to excellence and\nits focus on creating exceptional, high-quality cannabis-infused products.\n\n__PEACE NATURALS_ _ __\u00ae_ _ __2_ _  \nIn 2024, Cronos Israel revamped and repositioned its flower portfolio,\noptimizing pricing, potency and bringing new, exciting strains to market to\nmeet patient needs. The PEACE NATURALS  \u00ae  brand launched new strains\nincluding GG4, Key Limez Punch, Pink Sherb, Tangie Kush, Citra Diesel, Tahoe\nOG Kush and GMO Lite, providing consumers with additional variety and choice.\nIn Q4 2024, PEACE NATURALS  \u00ae  was the number one flower brand in Israel with\n24% market share and PEACE NATURALS  \u00ae  cannabis oils are the fourth most\npopular brand in Israel with 9% market share.\n\nIn 2024, Cronos expanded into the United Kingdom (the \"UK\") by shipping its\nfirst batch of PEACE NATURALS  \u00ae  medical cannabis flower to this emerging\nmarket, through a partnership with a third-party distributor of prescribed\ncannabis products.\n\nThroughout 2024, the Company continued its sales to the German market through\nthe PEACE NATURALS  \u00ae  brand. Cronos sells the PEACE NATURALS  \u00ae  brand\nthrough its distribution partner, Cansativa GmbH (\"Cansativa\"), one of the\nleading distributors of medical cannabis in Germany and supplies flower for\nits private-label brand. Cronos has seen strong demand for its proprietary\ngenetics, such as GMO and Wedding Cake, in both Germany and the UK under the\nPEACE NATURALS  \u00ae  brand.\n\n**Global Supply Chain and Operations**\n\nThe expansion efforts at Cronos GrowCo's facility are well underway. In Q4\n2024, Health Canada approved amendments to the site's perimeter. Cronos GrowCo\nexpects to finish construction of the expanded cultivation and processing\nfacilities in Q2 2025, with first harvests and sales from the area commencing\nin the second half of 2025. Prior to the commencement of sales from the\nexpanded facility, Cronos has the option to purchase up to 80% of Cronos\nGrowCo's total production. Once sales from the expanded area begin, Cronos\nwill have the option to purchase up to 70% of the total production from the\nexpanded facility. The expansion of Cronos GrowCo positions the Company to\ncapitalize on domestic demand and meet international growth opportunities in\nthe global cannabis market.\n\nOn November 26, 2023, the Company announced that Peace Naturals Project Inc.\nhad entered into an agreement to sell and lease back its facility in Stayner,\nOntario (the \"Peace Naturals Campus\"). However, the agreement was terminated\nin the Q2 of 2024 pursuant to its terms, and the Company has decided to\ncontinue and expand its operations at the site.\n\nAs part of the expanding operations at the Peace Naturals Campus, in the\nsecond-half of 2024, the Company invested in machinery, automation and process\nimprovement to drive cost efficiency within the facility. This also included\ninvestment in warehousing and vault expansion as well as R&D equipment and\nlaboratory enhancements.\n\n**_Guidance_ **\n\nThe Company achieved $8.7 million in operating expense savings in 2024 on a\nstandalone basis, meeting its previously announced operating expense savings\ntarget of $5 to $10 million. The savings were primarily driven by lower\nexpenses in general and administrative, research and development and sales and\nmarketing. The operating expense savings exclude the impact of the\nconsolidation of Cronos GrowCo's results into the Company's financial\nstatements.\n\n**_Conference Call_ **\n\nThe Company will host a conference call and live audio webcast on Thursday,\nFebruary 27, 2025, at 8:30 a.m. ET to discuss 2024 Fourth Quarter and Full-\nYear business results. An audio replay of the call will be archived on the\nCompany\u2019s website for replay. Instructions for the live audio webcast are\nprovided on the Company's website at: _https://ir.thecronosgroup.com/events-\npresentations._  \n\n**About Cronos**\n\nCronos is an innovative global cannabinoid company committed to building\ndisruptive intellectual property by advancing cannabis research, technology\nand product development. With a passion to responsibly elevate the consumer\nexperience, Cronos is building an iconic brand portfolio. Cronos\u2019 diverse\ninternational brand portfolio includes Spinach  \u00ae  , PEACE NATURALS  \u00ae  and\nLord Jones  \u00ae  . For more information about Cronos and its brands, please\nvisit: thecronosgroup.com.\n\n**Forward-Looking Statements**\n\nThis press release contains information that constitutes forward-looking\ninformation and forward-looking statements within the meaning of applicable\nsecurities laws and court decisions (collectively, \u201cForward-Looking\nStatements\u201d), which are based upon our current internal expectations,\nestimates, projections, assumptions and beliefs. All information that is not\nclearly historical in nature may constitute Forward-Looking Statements. In\nsome cases, Forward-Looking Statements can be identified by the use of\nforward-looking terminology such as \u201cexpect\u201d, \u201clikely\u201d, \u201cmay\u201d, \u201cwill\u201d,\n\u201cshould\u201d, \u201cintend\u201d, \u201canticipate\u201d, \u201cpotential\u201d, \u201cproposed\u201d, \u201cestimate\u201d and\nother similar words, expressions and phrases, including negative and\ngrammatical variations thereof, or statements that certain events or\nconditions \u201cmay\u201d or \u201cwill\u201d happen, or by discussion of strategy. Forward-\nLooking Statements include estimates, plans, expectations, opinions,\nforecasts, projections, targets, guidance or other statements that are not\nstatements of historical fact.\n\nForward-Looking Statements include, but are not limited to, statements with\nrespect to:\n\n  * the ongoing impact of the public investigation into Canadian licensed producers of alleged dumping of medical cannabis imports from Canada into Israel by the Trade Levies Commissioner of the Israel Ministry of Economy and Industry (the \u201cAnti-Dumping Investigation\u201d) and the proposed anti-dumping duty to which the Company\u2019s imports would be subject; \n  * expectations related to the conflict involving Israel, Hamas, Hezbollah, Houthis, Iran, Iran\u2019s proxies and other stakeholders in the region (the \u201cMiddle East Conflict\u201d) and its impact on our operations in Israel, the supply of product in the market and the demand for product by medical patients in Israel, as well as any regional or global escalations and their impact to global commerce and stability; \n  * expectations related to the German, Australian and UK markets, including our strategic partnerships with Cansativa, Vitura Health Limited (\u201cVitura\u201d), and other distributors, respectively, and our ability to successfully distribute the PEACE NATURALS  \u00ae  brand in Germany and the UK; \n  * expectations related to our announcement of cost-cutting measures, including our decision to wind-down operations at our Winnipeg, Manitoba facility and list the facility for sale, the expected costs and benefits from the wind-down of production activities at the facility, challenges and effects related thereto as well as changes in strategy, metrics, investments, costs, operating expenses, employee turnover and other changes with respect thereto; \n  * expectations related to the impact of our decision to exit our U.S. hemp-derived cannabinoid product operations; \n  * the ongoing impact of our announced realignment (the \u201cRealignment\u201d) and any progress, challenges and effects related thereto as well as changes in strategy, metrics, investments, reporting structure, costs, operating expenses, employee turnover and other changes with respect thereto; \n  * our expectations as to the use of the Peace Naturals Campus; \n  * our ability to acquire raw materials from suppliers, including Cronos GrowCo, and the costs and timing associated therewith; \n  * expectations regarding the potential success of, and the costs and benefits associated with, our joint ventures, strategic alliances and equity investments; \n  * expectations related to the transaction by which we obtained majority control of the board of directors of Cronos GrowCo, which qualified as a business combination under Accounting Standards Codification 805, and the expansion of Cronos GrowCo\u2019s purpose-built cultivation and processing facilities; \n  * our ability or plans to identify, develop, commercialize or expand our technology and R&D initiatives in cannabinoids, or the success thereof; \n  * expectations regarding revenues, expenses, gross margins and capital expenditures; \n  * expectations regarding our future production and manufacturing strategy and operations, the costs and timing associated therewith and the receipt of applicable production and sale licenses; \n  * the ongoing impact of the legalization of additional cannabis product types and forms for adult-use in Canada, including federal, provincial, territorial and municipal regulations pertaining thereto, the related timing and impact thereof and our intentions to participate in such markets; \n  * the legalization of the use of cannabis for medical or adult-use in jurisdictions outside of Canada, including the United States and Germany, the related timing and impact thereof and our intentions to participate in such markets, if and when such use is legalized; \n  * the grant, renewal, withdrawal, suspension, delay and impact of any license or supplemental license to conduct activities with cannabis or any amendments thereof; \n  * our ability to successfully create and launch brands and cannabis products; \n  * expectations related to the differentiation of our products, including through the utilization of rare cannabinoids; \n  * the benefits, viability, safety, efficacy, dosing and social acceptance of cannabis, including CBD and other cannabinoids; \n  * laws and regulations and any amendments thereto applicable to our business and the impact thereof, including uncertainty regarding the application of U.S. state and federal law to cannabis and U.S. hemp (including CBD and other U.S. hemp-derived cannabinoids) products and the scope of any regulations by the U.S. Food and Drug Administration, the U.S. Drug Enforcement Administration, the U.S. Federal Trade Commission, the U.S. Patent and Trademark Office and any state equivalent regulatory agencies over cannabis and U.S. hemp (including CBD and other U.S. hemp-derived cannabinoids) products, including the possibility marijuana is moved from Schedule I to Schedule III under the U.S. Controlled Substances Act; \n  * the anticipated benefits and impact of Altria Group Inc.\u2019s investment in the Company (the \u201cAltria Investment\u201d), pursuant to a subscription agreement dated December 7, 2018; \n  * uncertainties as to our ability to exercise our option (the \u201cPharmaCann Option\u201d) in PharmaCann Inc. (\u201cPharmaCann\u201d), in the near term or the future, in full or in part, including the uncertainties as to the status and future development of federal legalization of cannabis in the U.S. and our ability to realize the anticipated benefits of the transaction with PharmaCann; \n  * expectations regarding the implementation and effectiveness of key personnel changes; \n  * expectations regarding business combinations and dispositions and the anticipated benefits therefrom; \n  * expectations of the amount or frequency of impairment losses, including as a result of the write-down of intangible assets, including goodwill; \n  * the impact of the ongoing military conflict between Russia and Ukraine (and resulting sanctions) on our business, financial condition and results of operations or cash flows; \n  * our compliance with the terms of the settlement (the \u201cSettlement Order\u201d) with the SEC and the settlement agreement with the Ontario Securities Commission (the \u201cSettlement Agreement\u201d); and \n  * the impact of the loss of our ability to rely on private offering exemptions under Regulation D of the Securities Act of 1933, as amended, and the loss of our status as a well-known seasoned issuer, each as a result of the Settlement Order. \n\nCertain of the Forward-Looking Statements contained herein concerning the\nindustries in which we conduct our business are based on estimates prepared by\nus using data from publicly available governmental sources, market research,\nindustry analysis and on assumptions based on data and knowledge of these\nindustries, which we believe to be reasonable. However, although generally\nindicative of relative market positions, market shares and performance\ncharacteristics, such data is inherently imprecise. The industries in which we\nconduct our business involve risks and uncertainties that are subject to\nchange based on various factors, which are described further below.\n\nThe Forward-Looking Statements contained herein are based upon certain\nmaterial assumptions that were applied in drawing a conclusion or making a\nforecast or projection, including: (i) our ability to effectively navigate\ndevelopments related to the Anti-Dumping Investigation and the proposed anti-\ndumping duty to which the Company\u2019s imports would be subject and its impact on\nour operations in Israel; (ii) our ability to effectively navigate\ndevelopments related to the Middle East Conflict and its impact on our\nemployees and operations in Israel, the supply of product in the market and\ndemand for product by medical patients in Israel; (iii) our ability to\nefficiently and effectively distribute our PEACE NATURALS  \u00ae  brand in Germany\nwith our strategic partner Cansativa and in the UK with our strategic\ndistribution partner and our ability to efficiently and effectively distribute\nproducts in Australia with our strategic partner Vitura; (iv) our ability to\nrealize the expected cost-savings and other benefits related to the wind-down\nof our operations at our Winnipeg, Manitoba facility; (v) expectations related\nto the impact of our decision to exit our U.S. hemp-derived cannabinoid\nproduct operations; (vi) our ability to realize the expected cost-savings,\nefficiencies and other benefits of our Realignment and other announced cost-\ncutting measures and employee turnover related thereto; (vii) our ability to\nefficiently and effectively manage our operations at our Peace Naturals\nCampus; (viii) our ability efficiently and effectively acquire raw materials\non a timely and cost-effective basis from third parties or Cronos GrowCo; (ix)\nthe timely completion of the expansion of Cronos GrowCo\u2019s purpose-built\ncannabis facility and the ability of Cronos GrowCo to repay the credit\nfacility provided by Cronos; (x) our ability to realize anticipated benefits,\nsynergies or generate revenue, profits or value from our business combinations\nand strategic investments; (xi) the production and manufacturing capabilities\nand output from our facilities and our joint ventures, strategic alliances and\nequity investments; (xii) government regulation of our activities and products\nincluding, but not limited to, the areas of cannabis taxation and\nenvironmental protection; (xiii) the timely receipt of any required regulatory\nauthorizations, approvals, consents, permits and/or licenses; (xiv) consumer\ninterest in our products; (xv) our ability to differentiate our products,\nincluding through the utilization of rare cannabinoids; (xvi) competition;\n(xvii) anticipated and unanticipated costs; (xviii) our ability to generate\ncash flow from operations; (xix) our ability to conduct operations in a safe,\nefficient and effective manner; (xx) our ability to hire and retain qualified\nstaff, and acquire equipment and services in a timely and cost-efficient\nmanner; (xxi) our ability to exercise the PharmaCann Option and realize the\nanticipated benefits of the transaction with PharmaCann; (xxii) our ability to\ncomplete planned dispositions, and, if completed, obtain our anticipated sales\nprice; (xxiii) general economic, financial market, regulatory and political\nconditions in which we operate; (xxiv) management\u2019s perceptions of historical\ntrends, current conditions and expected future developments; and (xxv) other\nconsiderations that management believes to be appropriate in the\ncircumstances. While our management considers these assumptions to be\nreasonable based on information currently available to management, there is no\nassurance that such expectations will prove to be correct.\n\nBy their nature, Forward-Looking Statements are subject to inherent risks and\nuncertainties that may be general or specific and which give rise to the\npossibility that expectations, forecasts, predictions, projections or\nconclusions will not prove to be accurate, that assumptions may not be correct\nand that objectives, strategic goals and priorities will not be achieved. A\nvariety of factors, including known and unknown risks, many of which are\nbeyond our control, could cause actual results to differ materially from the\nForward-Looking Statements in this press release and other reports we file\nwith, or furnish to, the SEC and other regulatory agencies and made by our\ndirectors, officers, other employees and other persons authorized to speak on\nour behalf. Such factors include, without limitation, negative impacts on our\nbusiness and operations in Israel due to the Anti-Dumping Investigation,\nincluding that we may not be able to produce, import or sell our products in\nIsrael as a result thereof; negative impacts on our employees, business and\noperations in Israel due to the Middle East Conflict, including that we may\nnot be able to produce, import or sell our products or protect our people or\nfacilities in Israel during the Middle East Conflict; the supply of product in\nthe market and the demand for product by medical patients in Israel; that we\nmay not be able to successfully continue to distribute our products in\nGermany, Australia and the UK or generate material revenue from sales in those\nmarkets; that we may not be able to achieve the anticipated benefits of the\nwind-down of our operations at our Winnipeg, Manitoba facility; that we may be\nunable to further streamline our operations and reduce expenses; that we may\nnot be able to effectively and efficiently re-enter the U.S. market in the\nfuture; that we may not be able to access raw materials on a timely and cost-\neffective basis from third-parties or Cronos GrowCo; that Cronos GrowCo may\nnot be able to complete the expansion of its purpose-built cannabis facility\nwithin a reasonable time or repay its borrowings under the credit facility\nprovided by Cronos; that the military conflict between Russia and Ukraine may\ndisrupt our operations and those of our suppliers and distribution channels\nand negatively impact the demand for and use of our products; the risk that\ncost savings and any other synergies from the Altria Investment may not be\nfully realized or may take longer to realize than expected; failure to execute\nkey personnel changes; that our Realignment and our further leveraging of our\nstrategic partnerships will not result in the expected cost-savings,\nefficiencies and other benefits or will result in greater than anticipated\nturnover in personnel; that we may not be able to efficiently and effectively\nmanage our operations, and any changes thereto, at our Peace Naturals Campus;\nlower levels of revenues; the lack of consumer demand for our products; our\ninability to manage disruptions in credit markets; unanticipated future levels\nof capital, environmental or maintenance expenditures, general and\nadministrative and other expenses; failure to realize expected growth\nopportunities; the lack of cash flow necessary to execute our business plan\n(either within the expected timeframe or at all); difficulty raising capital;\nthe potential adverse effects of judicial, regulatory or other proceedings, or\nthreatened litigation or proceedings, on our business, financial condition,\nresults of operations and cash flows; volatility in and/or degradation of\ngeneral economic, market, industry or business conditions; compliance with\napplicable environmental, economic, health and safety, energy and other\npolicies and regulations and in particular health concerns with respect to\nvaping and the use of cannabis and U.S. hemp products in vaping devices; the\nunexpected effects of actions of third parties such as competitors, activist\ninvestors or federal (including U.S. federal), state, provincial, territorial\nor local regulatory authorities or self-regulatory organizations; adverse\nchanges in regulatory requirements in relation to our business and products;\nlegal or regulatory obstacles that could prevent us from being able to\nexercise the PharmaCann Option and thereby realize the anticipated benefits of\nthe transaction with PharmaCann; dilution of our fully-diluted ownership of\nPharmaCann and the loss of our rights as a result of that dilution; our\nfailure to improve our internal control environment and our systems, processes\nand procedures; and the factors discussed under Part I, Item 1A \u201c _Risk\nFactors_ \u201d in our Annual Report on Form 10-K for the year ended December 31,\n2024. Readers are cautioned to consider these and other factors, uncertainties\nand potential events carefully and not to put undue reliance on Forward-\nLooking Statements.\n\nForward-Looking Statements are provided for the purposes of assisting the\nreader in understanding our financial performance, financial position and cash\nflows as of and for periods ended on certain dates and to present information\nabout management\u2019s current expectations and plans relating to the future, and\nthe reader is cautioned not to place undue reliance on these Forward-Looking\nStatements because of their inherent uncertainty and to appreciate the limited\npurposes for which they are being used by management. While we believe that\nthe assumptions and expectations reflected in the Forward-Looking Statements\nare reasonable based on information currently available to management, there\nis no assurance that such assumptions and expectations will prove to have been\ncorrect. Forward-Looking Statements are made as of the date they are made and\nare based on the beliefs, estimates, expectations and opinions of management\non that date. We undertake no obligation to update or revise any Forward-\nLooking Statements, whether as a result of new information, estimates or\nopinions, future events or results or otherwise or to explain any material\ndifference between subsequent actual events and such Forward-Looking\nStatements. The Forward-Looking Statements contained in this press release and\nother reports we file with, or furnish to, the SEC and other regulatory\nagencies and made by our directors, officers, other employees and other\npersons authorized to speak on our behalf are expressly qualified in their\nentirety by these cautionary statements.\n\n____________________________________________  \n1  Hifyre Retail Analytics - National Retail Dollar by Brand in Canada -\nDecember 2024.  \n2  Market share and ranking information from pharmacy data collected by Cronos\n- December 2024.  \n3  All market share and ranking information from Hifyre Retail Analytics -\nNational Retail Dollar by Brand in Canada - December 2024, unless otherwise\nspecified.  \n  \n---  \n**Cronos Group Inc.**  \n**Consolidated Balance Sheets**  \n_(In thousands of U.S. dollars)_  \n|  **As of December 31,**  \n|  |  **2024** |  |  |  |  **2023** |   \n**Assets** |  |  |   \nCurrent assets  |  |  |   \nCash and cash equivalents  |  $  |  858,805  |  |  |  $  |  669,291  |   \nShort-term investments  |  |  \u2014  |  |  |  |  192,237  |   \nAccounts receivable, net  |  |  15,462  |  |  |  |  13,984  |   \nInterest receivable  |  |  8,690  |  |  |  |  10,012  |   \nOther receivables  |  |  5,000  |  |  |  |  6,341  |   \nCurrent portion of loans receivable, net  |  |  618  |  |  |  |  5,541  |   \nInventory, net  |  |  33,149  |  |  |  |  30,495  |   \nPrepaids and other current assets  |  |  6,277  |  |  |  |  5,405  |   \nHeld-for-sale assets  |  |  8,112  |  |  |  |  \u2014  |   \nTotal current assets  |  |  936,113  |  |  |  |  933,306  |   \nEquity method investments, net  |  |  \u2014  |  |  |  |  19,488  |   \nOther investments  |  |  2,813  |  |  |  |  35,251  |   \nNon-current portion of loans receivable, net  |  |  15,526  |  |  |  |  69,036  |   \nProperty, plant and equipment, net  |  |  133,189  |  |  |  |  59,468  |   \nRight-of-use assets  |  |  1,390  |  |  |  |  1,356  |   \nGoodwill  |  |  63,453  |  |  |  |  1,057  |   \nIntangible assets, net  |  |  11,257  |  |  |  |  21,078  |   \nDeferred tax assets  |  |  2,571  |  |  |  |  226  |   \n**Total assets** |  $  |  1,166,312  |  |  |  $  |  1,140,266  |   \n**Liabilities** |  |  |   \nCurrent liabilities  |  |  |   \nAccounts payable  |  $  |  16,973  |  |  |  $  |  12,130  |   \nIncome taxes payable  |  |  9  |  |  |  |  64  |   \nAccrued liabilities  |  |  31,653  |  |  |  |  27,736  |   \nCurrent portion of lease obligation  |  |  1,025  |  |  |  |  994  |   \nDerivative liabilities  |  |  40  |  |  |  |  102  |   \nCurrent portion due to non-controlling interests  |  |  \u2014  |  |  |  |  373  |   \nTotal current liabilities  |  |  49,700  |  |  |  |  41,399  |   \nNon-current portion due to non-controlling interests  |  |  1,073  |  |  |  |  1,003  |   \nNon-current portion of lease obligation  |  |  993  |  |  |  |  1,559  |   \nDeferred tax liabilities  |  |  3,564  |  |  |  |  181  |   \n**Total liabilities** |  |  55,330  |  |  |  |  44,142  |   \n**Shareholders\u2019 equity** |  |  |   \nShare capital and additional paid-in capital  |  |  669,879  |  |  |  |  662,174  |   \nRetained earnings  |  |  457,709  |  |  |  |  416,719  |   \nAccumulated other comprehensive income (loss)  |  |  (63,525  |  )  |  |  |  20,678  |   \nTotal equity attributable to shareholders of Cronos Group  |  |  1,064,063  |  |  |  |  1,099,571  |   \nNon-controlling interests  |  |  46,919  |  |  |  |  (3,447  |  )   \n**Total shareholders\u2019 equity** |  |  1,110,982  |  |  |  |  1,096,124  |   \n**Total liabilities and shareholders\u2019 equity** |  $  |  1,166,312  |  |  |  $  |  1,140,266  |   \n  \n  \n\n**Cronos Group Inc.**  \n**Consolidated Statements of Net Income (Loss) and Comprehensive Income\n(Loss)**  \n_(In thousands of U.S. dollars, except share and per share amounts)_  \n---  \n|  **Year ended December 31,**  \n|  |  **2024** |  |  |  |  **2023** |  |  |  |  **2022** |   \n**Net revenue, before excise taxes** |  $  |  161,821  |  |  |  $  |  120,270  |  |  |  $  |  109,301  |   \nExcise taxes  |  |  (44,206  |  )  |  |  |  (33,029  |  )  |  |  |  (22,552  |  )   \n**Net revenue** |  |  117,615  |  |  |  |  87,241  |  |  |  |  86,749  |   \nCost of sales  |  |  91,710  |  |  |  |  74,527  |  |  |  |  71,313  |   \nInventory write-down  |  |  707  |  |  |  |  805  |  |  |  |  \u2014  |   \n**Gross profit** |  |  25,198  |  |  |  |  11,909  |  |  |  |  15,436  |   \n**Operating expenses** |  |  |  |  |   \nSales and marketing  |  |  21,603  |  |  |  |  22,701  |  |  |  |  18,046  |   \nResearch and development  |  |  4,229  |  |  |  |  5,843  |  |  |  |  13,131  |   \nGeneral and administrative  |  |  46,514  |  |  |  |  49,475  |  |  |  |  67,674  |   \nRestructuring costs  |  |  630  |  |  |  |  1,524  |  |  |  |  3,545  |   \nShare-based compensation  |  |  8,700  |  |  |  |  8,756  |  |  |  |  15,008  |   \nDepreciation and amortization  |  |  3,701  |  |  |  |  5,044  |  |  |  |  5,967  |   \nImpairment loss on long-lived assets  |  |  16,350  |  |  |  |  3,366  |  |  |  |  3,493  |   \nTotal operating expenses  |  |  101,727  |  |  |  |  96,709  |  |  |  |  126,864  |   \nOperating loss  |  |  (76,529  |  )  |  |  |  (84,800  |  )  |  |  |  (111,428  |  )   \n**Other income (expense)** |  |  |  |  |   \nInterest income, net  |  |  52,019  |  |  |  |  51,235  |  |  |  |  22,514  |   \nGain (loss) on revaluation of derivative liabilities  |  |  49  |  |  |  |  (85  |  )  |  |  |  14,060  |   \nShare of income from equity method investments  |  |  2,365  |  |  |  |  1,583  |  |  |  |  3,114  |   \nGain on revaluation of loan receivable  |  |  11,804  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nGain on revaluation of equity method investment  |  |  32,469  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nGain (loss) on revaluation of financial instruments  |  |  (6,248  |  )  |  |  |  (12,042  |  )  |  |  |  14,739  |   \nImpairment loss on other investments  |  |  (25,650  |  )  |  |  |  (23,350  |  )  |  |  |  (61,392  |  )   \nForeign currency transaction gain (loss)  |  |  57,859  |  |  |  |  (7,324  |  )  |  |  |  (2,286  |  )   \nLoss on held-for-sale assets  |  |  (11,202  |  )  |  |  |  \u2014  |  |  |  |  \u2014  |   \nOther, net  |  |  (350  |  )  |  |  |  1,114  |  |  |  |  (324  |  )   \nTotal other income (expense)  |  |  113,115  |  |  |  |  11,131  |  |  |  |  (9,575  |  )   \nIncome (loss) before income taxes  |  |  36,586  |  |  |  |  (73,669  |  )  |  |  |  (121,003  |  )   \nIncome tax expense (benefit)  |  |  (3,436  |  )  |  |  |  (3,230  |  )  |  |  |  34,175  |   \nIncome (loss) from continuing operations  |  |  40,022  |  |  |  |  (70,439  |  )  |  |  |  (155,178  |  )   \nLoss from discontinued operations  |  |  \u2014  |  |  |  |  (4,114  |  )  |  |  |  (13,556  |  )   \nNet income (loss)  |  |  40,022  |  |  |  |  (74,553  |  )  |  |  |  (168,734  |  )   \nNet income (loss) attributable to non-controlling interest  |  |  (1,058  |  )  |  |  |  (590  |  )  |  |  |  \u2014  |   \nNet income (loss) attributable to Cronos Group  |  $  |  41,080  |  |  |  $  |  (73,963  |  )  |  |  $  |  (168,734  |  )   \n|  |  |  |  |   \n**Comprehensive income (loss)** |  |  |  |  |   \nNet income (loss)  |  $  |  40,022  |  |  |  $  |  (74,553  |  )  |  |  $  |  (168,734  |  )   \nOther comprehensive income (loss)  |  |  |  |  |   \nForeign exchange gain (loss) on translation  |  |  (86,321  |  )  |  |  |  21,539  |  |  |  |  (50,616  |  )   \nComprehensive income (loss)  |  |  (46,299  |  )  |  |  |  (53,014  |  )  |  |  |  (219,350  |  )   \nComprehensive income (loss) attributable to non-controlling interest  |  |  (3,176  |  )  |  |  |  (526  |  )  |  |  |  46  |   \n**Comprehensive income (loss) attributable to Cronos Group** |  $  |  (43,123  |  )  |  |  $  |  (52,488  |  )  |  |  $  |  (219,396  |  )   \n|  |  |  |  |   \n**Net income (loss) per share** |  |  |  |  |   \nBasic - continuing operations  |  $  |  0.11  |  |  |  $  |  (0.18  |  )  |  |  $  |  (0.41  |  )   \nBasic - discontinued operations  |  $  |  \u2014  |  |  |  $  |  (0.01  |  )  |  |  $  |  (0.04  |  )   \nBasic net income (loss) per share attributable to Cronos Group  |  $  |  0.11  |  |  |  $  |  (0.19  |  )  |  |  $  |  (0.45  |  )   \n|  |  |  |  |   \nDiluted - continuing operations  |  $  |  0.11  |  |  |  $  |  (0.18  |  )  |  |  $  |  (0.41  |  )   \nDiluted - discontinued operations  |  $  |  \u2014  |  |  |  $  |  (0.01  |  )  |  |  $  |  (0.04  |  )   \nDiluted net income (loss) per share attributable to Cronos Group  |  $  |  0.11  |  |  |  $  |  (0.19  |  )  |  |  $  |  (0.45  |  )   \n**Weighted average number of outstanding shares** |  |  |  |  |   \nBasic  |  |  382,058,056  |  |  |  |  380,964,739  |  |  |  |  376,961,797  |   \nDiluted  |  |  385,557,002  |  |  |  |  380,964,739  |  |  |  |  376,961,797  |   \n  \n  \n\n|  **Three months ended December 31,**  \n---|---  \n|  |  **2024** |  |  |  |  **2023** |   \n**Net revenue, before excise taxes** |  $  |  41,182  |  |  |  $  |  34,006  |   \nExcise taxes  |  |  (10,881  |  )  |  |  |  (10,091  |  )   \n**Net revenue** |  |  30,301  |  |  |  |  23,915  |   \nCost of sales  |  |  19,494  |  |  |  |  21,913  |   \nInventory write-down  |  |  \u2014  |  |  |  |  89  |   \n**Gross profit** |  |  10,807  |  |  |  |  1,913  |   \n**Operating expenses** |  |  |   \nSales and marketing  |  |  6,413  |  |  |  |  6,367  |   \nResearch and development  |  |  1,028  |  |  |  |  1,451  |   \nGeneral and administrative  |  |  12,080  |  |  |  |  9,802  |   \nRestructuring costs  |  |  \u2014  |  |  |  |  101  |   \nShare-based compensation  |  |  2,187  |  |  |  |  1,933  |   \nDepreciation and amortization  |  |  464  |  |  |  |  529  |   \nImpairment loss on long-lived assets  |  |  \u2014  |  |  |  |  3,366  |   \nTotal operating expenses  |  |  22,172  |  |  |  |  23,549  |   \nOperating loss  |  |  (11,365  |  )  |  |  |  (21,636  |  )   \n**Other income (expense)** |  |  |   \nInterest income, net  |  |  11,863  |  |  |  |  14,214  |   \nGain (loss) on revaluation of derivative liabilities  |  |  142  |  |  |  |  (71  |  )   \nShare of income from equity method investments  |  |  \u2014  |  |  |  |  752  |   \nGain (loss) on revaluation of financial instruments  |  |  302  |  |  |  |  (4,186  |  )   \nImpairment loss on other investments  |  |  \u2014  |  |  |  |  (23,350  |  )   \nForeign currency transaction gain (loss)  |  |  45,489  |  |  |  |  (11,323  |  )   \nLoss on held-for-sale assets  |  |  (780  |  )  |  |  |  \u2014  |   \nOther, net  |  |  294  |  |  |  |  89  |   \nTotal other income (expense)  |  |  57,310  |  |  |  |  (23,875  |  )   \nIncome (loss) before income taxes  |  |  45,945  |  |  |  |  (45,511  |  )   \nIncome tax expense (benefit)  |  |  2,004  |  |  |  |  (360  |  )   \nIncome (loss) from continuing operations  |  |  43,941  |  |  |  |  (45,151  |  )   \nLoss from discontinued operations  |  |  \u2014  |  |  |  |  124  |   \nNet income (loss)  |  |  43,941  |  |  |  |  (45,027  |  )   \nNet loss attributable to non-controlling interest  |  |  212  |  |  |  |  (237  |  )   \nNet income (loss) attributable to Cronos Group  |  $  |  43,729  |  |  |  $  |  (44,790  |  )   \n**Comprehensive loss** |  |  |   \nNet income (loss)  |  $  |  43,941  |  |  |  $  |  (45,027  |  )   \nOther comprehensive income (loss)  |  |  |   \nForeign exchange gain (loss) on translation  |  |  (66,208  |  )  |  |  |  22,635  |   \nComprehensive loss  |  |  (22,267  |  )  |  |  |  (22,392  |  )   \nComprehensive loss attributable to non-controlling interest  |  |  (2,832  |  )  |  |  |  (390  |  )   \n**Comprehensive loss attributable to Cronos Group** |  $  |  (19,435  |  )  |  |  $  |  (22,002  |  )   \n|  |  |   \n**Net income (loss) per share** |  |  |   \nBasic - continuing operations  |  $  |  0.11  |  |  |  $  |  (0.12  |  )   \nBasic - discontinued operations  |  $  |  \u2014  |  |  |  $  |  \u2014  |   \nBasic net income (loss) per share attributable to Cronos Group  |  $  |  0.11  |  |  |  $  |  (0.12  |  )   \n|  |  |   \nDiluted - continuing operations  |  $  |  0.11  |  |  |  $  |  (0.12  |  )   \nDiluted - discontinued operations  |  $  |  \u2014  |  |  |  $  |  \u2014  |   \nDiluted net income (loss) per share attributable to Cronos Group  |  $  |  0.11  |  |  |  $  |  (0.12  |  )   \n**Weighted average number of outstanding shares** |  |  |   \nBasic  |  |  382,340,893  |  |  |  |  381,155,824  |   \nDiluted  |  |  386,525,110  |  |  |  |  381,155,824  |   \n  \n  \n\n**Cronos Group Inc.**  \n**Consolidated Statements of Cash Flows**  \n_(In thousands of U.S. dollars)_  \n---  \n|  **Year ended December 31,**  \n|  |  **2024** |  |  |  |  **2023** |  |  |  |  **2022** |   \n**Operating activities** |  |  |  |  |   \nNet income (loss)  |  $  |  40,022  |  |  |  $  |  (74,553  |  )  |  |  $  |  (168,734  |  )   \nAdjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:  |  |  |  |  |   \nShare-based compensation  |  |  8,700  |  |  |  |  8,769  |  |  |  |  15,115  |   \nDepreciation and amortization  |  |  9,336  |  |  |  |  8,110  |  |  |  |  13,122  |   \nImpairment loss on long-lived assets  |  |  16,350  |  |  |  |  3,571  |  |  |  |  3,493  |   \nImpairment loss on other investments  |  |  25,650  |  |  |  |  23,350  |  |  |  |  61,392  |   \nLoss (income) from investments  |  |  3,841  |  |  |  |  10,513  |  |  |  |  (17,853  |  )   \nLoss (gain) on revaluation of derivative liabilities  |  |  (49  |  )  |  |  |  85  |  |  |  |  (14,060  |  )   \nChanges in expected credit losses on long-term financial assets  |  |  1,032  |  |  |  |  (1,528  |  )  |  |  |  (662  |  )   \nRevaluation of equity method investment  |  |  (32,469  |  )  |  |  |  \u2014  |  |  |  |  \u2014  |   \nRevaluation of loan receivable  |  |  (11,804  |  )  |  |  |  \u2014  |  |  |  |  \u2014  |   \nLoss on held-for-sale assets  |  |  11,202  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nInventory step-up recorded to cost of sales  |  |  5,284  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nForeign currency transaction (gain) loss  |  |  (57,859  |  )  |  |  |  7,324  |  |  |  |  2,286  |   \nOther non-cash operating activities, net  |  |  (82  |  )  |  |  |  (2,008  |  )  |  |  |  1,294  |   \nChanges in operating assets and liabilities:  |  |  |  |  |   \nAccounts receivable, net  |  |  (917  |  )  |  |  |  9,206  |  |  |  |  (2,711  |  )   \nInterest receivable  |  |  (3,656  |  )  |  |  |  (14,344  |  )  |  |  |  (6,985  |  )   \nOther receivables  |  |  2,059  |  |  |  |  (1,449  |  )  |  |  |  1,148  |   \nPrepaids and other current assets  |  |  (512  |  )  |  |  |  1,437  |  |  |  |  996  |   \nInventory, net  |  |  7,417  |  |  |  |  7,399  |  |  |  |  (7,217  |  )   \nAccounts payable  |  |  (7,449  |  )  |  |  |  (773  |  )  |  |  |  (863  |  )   \nIncome taxes payable  |  |  (93  |  )  |  |  |  (33,104  |  )  |  |  |  34,212  |   \nAccrued liabilities  |  |  2,840  |  |  |  |  5,160  |  |  |  |  (2,921  |  )   \nNet cash provided by (used in) operating activities  |  |  18,843  |  |  |  |  (42,835  |  )  |  |  |  (88,948  |  )   \n|  |  |  |  |   \n**Investing activities** |  |  |  |  |   \nProceeds from short-term investments  |  |  185,817  |  |  |  |  532,838  |  |  |  |  268,870  |   \nPurchase of short-term investments  |  |  \u2014  |  |  |  |  (608,247  |  )  |  |  |  (271,378  |  )   \nCash acquired in business combination  |  |  5,993  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nDividends received from equity method investee  |  |  \u2014  |  |  |  |  1,297  |  |  |  |  \u2014  |   \nDividend proceeds  |  |  \u2014  |  |  |  |  345  |  |  |  |  384  |   \nAdvances on loans receivable  |  |  (8,759  |  )  |  |  |  \u2014  |  |  |  |  \u2014  |   \nRepayments on loans receivable  |  |  5,252  |  |  |  |  16,831  |  |  |  |  5,246  |   \nPurchase of property, plant and equipment, net of disposals  |  |  (12,411  |  )  |  |  |  (2,505  |  )  |  |  |  (3,451  |  )   \nPurchase of intangible assets, net of disposals  |  |  (743  |  )  |  |  |  (918  |  )  |  |  |  (1,581  |  )   \nOther investing activities  |  |  \u2014  |  |  |  |  860  |  |  |  |  68  |   \nNet cash provided by (used in) investing activities  |  |  175,149  |  |  |  |  (59,499  |  )  |  |  |  (1,842  |  )   \n|  **Year ended December 31,**  \n|  |  **2024** |  |  |  |  **2023** |  |  |  |  **2022** |   \n**Financing activities** |  |  |  |  |   \nWithholding taxes paid on equity awards  |  |  (1,231  |  )  |  |  |  (1,030  |  )  |  |  |  (2,829  |  )   \nOther financing activities, net  |  |  \u2014  |  |  |  |  \u2014  |  |  |  |  (68  |  )   \nNet cash used in financing activities  |  |  (1,231  |  )  |  |  |  (1,030  |  )  |  |  |  (2,897  |  )   \nEffect of foreign currency translation on cash and cash equivalents  |  |  (3,247  |  )  |  |  |  8,011  |  |  |  |  (28,642  |  )   \nNet change in cash and cash equivalents  |  |  189,514  |  |  |  |  (95,353  |  )  |  |  |  (122,329  |  )   \nCash and cash equivalents, beginning of period  |  |  669,291  |  |  |  |  764,644  |  |  |  |  886,973  |   \nCash and cash equivalents, end of period  |  $  |  858,805  |  |  |  $  |  669,291  |  |  |  $  |  764,644  |   \n|  |  |  |  |   \n**Supplementary cash flow information:** |  |  |  |  |   \nInterest paid  |  |  \u2014  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nInterest received  |  |  48,399  |  |  |  |  36,501  |  |  |  |  15,548  |   \nTaxes paid  |  |  647  |  |  |  |  33,013  |  |  |  |  177  |   \n|  |  |  |  |  |  |  |  |  |  |   \n  \n**Non-GAAP Measures**\n\nCronos reports its financial results in accordance with Generally Accepted\nAccounting Principles in the United States (\u201cU.S. GAAP\u201d). This press release\nrefers to measures not recognized under U.S. GAAP (\u201cnon-GAAP measures\u201d). These\nnon-GAAP measures do not have a standardized meaning prescribed by U.S. GAAP\nand are therefore unlikely to be comparable to similar measures presented by\nother companies. Rather, these non-GAAP measures are provided as a supplement\nto corresponding U.S. GAAP measures to provide additional information\nregarding the results of operations from management\u2019s perspective.\nAccordingly, non-GAAP measures should not be considered a substitute for, or\nsuperior to, the financial information prepared and presented in accordance\nwith U.S. GAAP. All non-GAAP measures presented in this press release are\nreconciled to their closest reported U.S. GAAP measure. Reconciliations of\nhistorical adjusted financial measures to corresponding U.S. GAAP measures are\nprovided below.\n\n_Adjusted EBITDA_\n\nManagement reviews Adjusted EBITDA, a non-GAAP measure, which excludes non-\ncash items and items that do not reflect management\u2019s assessment of ongoing\nbusiness performance. Management defines Adjusted EBITDA as net income (loss)\nbefore interest, tax expense (benefit), depreciation and amortization adjusted\nfor: share of (income) loss from equity method investments; impairment loss on\ngoodwill and intangible assets; impairment loss on long-lived assets; (gain)\nloss on revaluation of derivative liabilities; (gain) loss on revaluation of\nfinancial instruments; gain on revaluation of loan receivable; gain on\nrevaluation of equity method investment; transaction costs related to\nstrategic projects; loss on held-for-sale assets; impairment loss on other\ninvestments; foreign currency transaction loss; other, net; loss from\ndiscontinued operations; restructuring costs; inventory write-downs resulting\nfrom restructuring actions; share-based compensation; costs related to the\nAnti-Dumping Investigation; purchase accounting adjustment-related inventory\nstep-up adjustments recorded through cost of sales; and financial statement\nreview costs and reserves related to the restatements of our 2019 and 2021\ninterim financial statements (the \u201cRestatements\u201d), including the costs related\nto the settlement of the SEC\u2019s and the OSC\u2019s investigations of the\nRestatements and legal costs of defending shareholder class action complaints\nbrought against us as a result of the 2019 restatement (see Note 12(b)\n\u201cContingencies,\u201d to the consolidated financial statements under Item 8 of the\nCompany's Annual Report on Form 10-K for the year ended December 31, 2024 for\na discussion of the shareholder class action complaints relating to the\nrestatement of the 2019 interim financial statements and the settlement of the\nSEC\u2019s and the OSC\u2019s investigations of the Restatements). Results are reported\nas total consolidated results, reflecting our reporting structure of one\nreportable segment.\n\nManagement believes that Adjusted EBITDA provides the most useful insight into\nunderlying business trends and results and provides a more meaningful\ncomparison of period-over-period results. Management uses Adjusted EBITDA for\nplanning, forecasting and evaluating business and financial performance,\nincluding allocating resources and evaluating results relative to employee\ncompensation targets.  \n\nAdjusted EBITDA is reconciled to net income (loss) as follows:\n\n_(in thousands of U.S. dollars)_ |  **For the year ended December 31, 2024**  \n---|---  \n|  **Continuing  \nOperations ** |  |  **Discontinued  \nOperations ** |  |  **Total**  \nNet income  |  $  |  40,022  |  |  |  $  |  \u2014  |  |  $  |  40,022  |   \nInterest income, net  |  |  (52,019  |  )  |  |  |  \u2014  |  |  |  (52,019  |  )   \nIncome tax expense (benefit)  |  |  (3,436  |  )  |  |  |  \u2014  |  |  |  (3,436  |  )   \nDepreciation and amortization  |  |  9,336  |  |  |  |  \u2014  |  |  |  9,336  |   \nEBITDA  |  |  (6,097  |  )  |  |  |  \u2014  |  |  |  (6,097  |  )   \nShare of income from equity method investments  |  |  (2,365  |  )  |  |  |  \u2014  |  |  |  (2,365  |  )   \nImpairment loss on long-lived assets  (i)  |  |  16,350  |  |  |  |  \u2014  |  |  |  16,350  |   \nRevaluation gain on loan receivable  (ii)  |  |  (11,804  |  )  |  |  |  \u2014  |  |  |  (11,804  |  )   \nGain on revaluation of equity method investment  (iii)  |  |  (32,469  |  )  |  |  |  \u2014  |  |  |  (32,469  |  )   \nGain on revaluation of derivative liabilities  (iv)  |  |  (49  |  )  |  |  |  \u2014  |  |  |  (49  |  )   \nLoss on revaluation of financial instruments  (v)  |  |  6,248  |  |  |  |  \u2014  |  |  |  6,248  |   \nImpairment loss on other investments  (vi)  |  |  25,650  |  |  |  |  \u2014  |  |  |  25,650  |   \nForeign currency transaction gain  |  |  (57,859  |  )  |  |  |  \u2014  |  |  |  (57,859  |  )   \nTransaction costs  (vii)  |  |  701  |  |  |  |  \u2014  |  |  |  701  |   \nLoss on held-for-sale assets  (viii)  |  |  11,202  |  |  |  |  \u2014  |  |  |  11,202  |   \nOther, net  (ix)  |  |  350  |  |  |  |  \u2014  |  |  |  350  |   \nRestructuring costs  (x)  |  |  630  |  |  |  |  \u2014  |  |  |  630  |   \nShare-based compensation  (xi)  |  |  8,700  |  |  |  |  \u2014  |  |  |  8,700  |   \nFinancial statement review costs  (xii)  |  |  (1  |  )  |  |  |  \u2014  |  |  |  (1  |  )   \nInventory step-up recorded to cost of sales  (xiv)  |  |  5,284  |  |  |  |  \u2014  |  |  |  5,284  |   \nIsrael Ministry of Economy and Industry dumping inquiry  (xv)  |  |  587  |  |  |  |  \u2014  |  |  |  587  |   \nAdjusted EBITDA  |  $  |  (34,942  |  )  |  |  $  |  \u2014  |  |  $  |  (34,942  |  )   \n  \n  \n\n_(in thousands of U.S. dollars)_ |  **For the year ended December 31, 2023**  \n---|---  \n|  **Continuing  \nOperations ** |  |  **Discontinued  \nOperations ** |  |  **Total**  \nNet loss  |  $  |  (70,439  |  )  |  |  $  |  (4,114  |  )  |  |  $  |  (74,553  |  )   \nInterest income, net  |  |  (51,235  |  )  |  |  |  (10  |  )  |  |  |  (51,245  |  )   \nIncome tax expense (benefit)  |  |  (3,230  |  )  |  |  |  \u2014  |  |  |  |  (3,230  |  )   \nDepreciation and amortization  |  |  7,866  |  |  |  |  244  |  |  |  |  8,110  |   \nEBITDA  |  |  (117,038  |  )  |  |  |  (3,880  |  )  |  |  |  (120,918  |  )   \nShare of income from equity method investments  |  |  (1,583  |  )  |  |  |  \u2014  |  |  |  |  (1,583  |  )   \nImpairment loss on long-lived assets  (i)  |  |  3,366  |  |  |  |  205  |  |  |  |  3,571  |   \nLoss on revaluation of derivative liabilities  (iv)  |  |  85  |  |  |  |  \u2014  |  |  |  |  85  |   \nLoss on revaluation of financial instruments  (v)  |  |  12,042  |  |  |  |  \u2014  |  |  |  |  12,042  |   \nImpairment loss on other investments  (vi)  |  |  23,350  |  |  |  |  \u2014  |  |  |  |  23,350  |   \nForeign currency transaction loss  |  |  7,324  |  |  |  |  \u2014  |  |  |  |  7,324  |   \nOther, net  (ix)  |  |  (1,114  |  )  |  |  |  118  |  |  |  |  (996  |  )   \nRestructuring costs  (x)  |  |  1,524  |  |  |  |  523  |  |  |  |  2,047  |   \nShare-based compensation  (xi)  |  |  8,756  |  |  |  |  13  |  |  |  |  8,769  |   \nFinancial statement review costs  (xii)  |  |  919  |  |  |  |  \u2014  |  |  |  |  919  |   \nInventory write-down  (xiii)  |  |  805  |  |  |  |  839  |  |  |  |  1,644  |   \nAdjusted EBITDA  |  $  |  (61,564  |  )  |  |  $  |  (2,182  |  )  |  |  $  |  (63,746  |  )   \n  \n  \n\n_(in thousands of U.S. dollars)_ |  **Three months ended December 31, 2024**  \n---|---  \n|  **Continuing  \nOperations ** |  |  **Discontinued  \nOperations ** |  |  **Total**  \nNet income  |  $  |  43,941  |  |  |  $  |  \u2014  |  |  $  |  43,941  |   \nInterest income, net  |  |  (11,863  |  )  |  |  |  \u2014  |  |  |  (11,863  |  )   \nIncome tax expense (benefit)  |  |  2,004  |  |  |  |  \u2014  |  |  |  2,004  |   \nDepreciation and amortization  |  |  2,525  |  |  |  |  \u2014  |  |  |  2,525  |   \nEBITDA  |  |  36,607  |  |  |  |  \u2014  |  |  |  36,607  |   \nGain on revaluation of derivative liabilities  (i  v  )  |  |  (142  |  )  |  |  |  \u2014  |  |  |  (142  |  )   \nGain on revaluation of financial instruments  (  v  )  |  |  (302  |  )  |  |  |  \u2014  |  |  |  (302  |  )   \nForeign currency transaction gain  |  |  (45,489  |  )  |  |  |  \u2014  |  |  |  (45,489  |  )   \nTransaction costs  (vii)  |  |  171  |  |  |  |  \u2014  |  |  |  171  |   \nLoss on held-for-sale assets  (  v  iii)  |  |  780  |  |  |  |  \u2014  |  |  |  780  |   \nOther, net  (  ix  )  |  |  (294  |  )  |  |  |  \u2014  |  |  |  (294  |  )   \nShare-based compensation  (  xi  )  |  |  2,187  |  |  |  |  \u2014  |  |  |  2,187  |   \nFinancial statement review costs  (  xii  )  |  |  524  |  |  |  |  \u2014  |  |  |  524  |   \nInventory step-up recorded to cost of sales  (xi  v)  |  |  (1,832  |  )  |  |  |  \u2014  |  |  |  (1,832  |  )   \nIsrael Ministry of Economy and Industry dumping inquiry  (xv)  |  |  587  |  |  |  |  \u2014  |  |  |  587  |   \nAdjusted EBITDA  |  $  |  (7,203  |  )  |  |  $  |  \u2014  |  |  $  |  (7,203  |  )   \n  \n  \n\n_(in thousands of U.S. dollars)_ |  **Three months ended December 31, 2023**  \n---|---  \n|  **Continuing  \nOperations ** |  |  **Discontinued  \nOperations ** |  |  **Total**  \nNet loss  |  $  |  (45,151  |  )  |  |  $  |  124  |  |  |  $  |  (45,027  |  )   \nInterest income, net  |  |  (14,214  |  )  |  |  |  (1  |  )  |  |  |  (14,215  |  )   \nIncome tax expense (benefit)  |  |  (360  |  )  |  |  |  \u2014  |  |  |  |  (360  |  )   \nDepreciation and amortization  |  |  1,177  |  |  |  |  \u2014  |  |  |  |  1,177  |   \nEBITDA  |  |  (58,548  |  )  |  |  |  123  |  |  |  |  (58,425  |  )   \nShare of income from equity method investments  |  |  (752  |  )  |  |  |  \u2014  |  |  |  |  (752  |  )   \nImpairment loss on long-lived assets  (i  )  |  |  3,366  |  |  |  |  \u2014  |  |  |  |  3,366  |   \nLoss on revaluation of derivative liabilities  (i  v  )  |  |  71  |  |  |  |  \u2014  |  |  |  |  71  |   \nLoss on revaluation of financial instruments  (  v  )  |  |  4,186  |  |  |  |  \u2014  |  |  |  |  4,186  |   \nImpairment loss on other investments  (vi  )  |  |  23,350  |  |  |  |  \u2014  |  |  |  |  23,350  |   \nForeign currency transaction loss  |  |  11,323  |  |  |  |  \u2014  |  |  |  |  11,323  |   \nOther, net  (i  x  )  |  |  (89  |  )  |  |  |  (14  |  )  |  |  |  (103  |  )   \nRestructuring costs  (  x)  |  |  101  |  |  |  |  (39  |  )  |  |  |  62  |   \nShare-based compensation  (  xi  )  |  |  1,933  |  |  |  |  (4  |  )  |  |  |  1,929  |   \nFinancial statement review costs  (  xii  )  |  |  180  |  |  |  |  \u2014  |  |  |  |  180  |   \nInventory write-down  (  xiii  )  |  |  89  |  |  |  |  \u2014  |  |  |  |  89  |   \nAdjusted EBITDA  |  $  |  (14,790  |  )  |  |  $  |  66  |  |  |  $  |  (14,724  |  )   \n  \n(i)  For the year ended December 31, 2024, impairment loss on long-lived\nassets included $14,258 related to the write-down of our Ginkgo Exclusive\nLicenses and $1,631 related to the cessation of operations of Thanos Holdings\nLtd., known as Cronos Fermentation (\u201cCronos Fermentation\u201d). For the year ended\nDecember 31, 2023, impairment loss on long-lived assets related to certain\nleased properties associated with the Company\u2019s former U.S. operations and\nimpairment of the Company's CBCVA exclusive license under the collaboration\nand license agreement between Ginkgo and the Company.  \n(ii)  For the year ended December 31, 2024, a revaluation gain on loan\nreceivable was recognized as a result of the Cronos GrowCo Transaction on July\n1, 2024.  \n(iii)  For the year ended December 31, 2024, a gain on revaluation of equity\nmethod investment was recognized as a result of the Cronos GrowCo Transaction\non July 1, 2024.  \n(iv)  For the three months and years ended December 31, 2024 and 2023, the\n(gain) loss on revaluation of derivative liabilities represented the fair\nvalue changes on the derivative liabilities.  \n(v)  For the three months and years ended December 31, 2024 and 2023, (gain)\nloss on revaluation of financial instruments related primarily to our\nunrealized holding (gain) or loss (as applicable) on our mark-to-market\ninvestment in Vitura as well as revaluations of financial liabilities\nresulting from deferred share units granted to directors.  \n(vi)  For the years ended December 31, 2024 and 2023 and the three months\nended December 31, 2023, impairment loss on other investments related to the\nPharmaCann Option for the difference between its fair value and carrying\namount.  \n(vii)  For the year and three months ended December 31, 2024, transaction\ncosts represented legal, financial and other advisory fees and expenses\nincurred in connection with the Cronos GrowCo Transaction. These costs are\nincluded in general and administrative expenses on the consolidated statements\nof net income (loss) and comprehensive income (loss).  \n(viii)  For the year ended December 31, 2024, a loss on held-for-sale assets\nwas recognized as a result of the change in the Company\u2019s sales strategy for\nthe Cronos Fermentation assets to market the assets to a broader buyer pool.\nFor the quarter ended December 31, 2024, a loss on held-for-sale assets was\nrecognized to adjust the net book value of Cronos Fermentation to fair value.  \n(ix)  For the three months and years ended December 31, 2024 and 2023, other,\nnet primarily related to (gain) loss on disposal of assets.  \n(x)  For the year ended December 31, 2024, restructuring costs from continuing\noperations related to shutdown costs at the Cronos Fermentation Facility, as\nwell as employee-related severance costs associated with the Realignment. For\nthe year and three months ended December 31, 2023, restructuring costs related\nto the employee-related severance costs and other restructuring costs\nassociated with the Realignment.  \n(xi)  For the three months and years ended December 31, 2024 and 2023, share-\nbased compensation related to the vesting expenses of share-based compensation\nawarded to employees under our share-based award plans.  \n(xii)  For the three months and years ended December 31, 2024 and 2023,\nfinancial statement review costs included costs related to the Restatements,\ncosts related to the Company\u2019s responses to requests for information from\nvarious regulatory authorities relating to the Restatements, the costs related\nto the Settlement Order and Settlement Agreement and legal costs defending\nshareholder class action complaints brought against the Company as a result of\nthe 2019 restatement, as well as related insurance reimbursements.  \n(xiii)  For the three months and year ended December 31, 2023, inventory\nwrite-downs from discontinued operations relate to product destruction and\nobsolescence associated with the exit of our U.S. operations and inventory\nwrite-downs from continuing operations relate to product destruction and\nobsolescence associated with the planned exit of Cronos Fermentation.  \n(xiv)  For the three months and year ended December 31, 2024, inventory step-\nup recorded to cost of sales represented the portion of the inventory step-up\nfrom the Cronos GrowCo Transaction that was recorded through the consolidated\nstatements of income (loss) and comprehensive income (loss).  \n(xv)  For the three months and year ended December 31, 2024, Israel Ministry\nof Economy and Industry dumping inquiry expense included expenditures relating\nto the regulatory inquiry about alleged dumping of medical cannabis products\nin Israel and related litigation and external relations expenses.\n\n**_Adjusted Gross Profit and Adjusted Gross Margin_ **\n\nTo supplement the consolidated financial statements presented in accordance\nwith U.S. GAAP, we have presented Adjusted Gross Profit and Adjusted Gross\nMargin, non-GAAP measures that exclude the impacts of inventory-related\npurchase accounting adjustments from the calculations of gross profit and\ngross margin, which resulted from the Cronos GrowCo Transaction. Results are\nreported as total consolidated results, reflecting our reporting structure of\none reportable segment.\n\nManagement believes that Adjusted Gross Profit and Adjusted Gross Margin\nprovide useful insight into underlying business trends to facilitate\ncomparisons of period-over-period results by removing the impacts of\ninventory-related purchase accounting adjustments resulting from the Cronos\nGrowCo Transaction, which reflect a one-time event and do not reflect\nmanagement\u2019s assessment of ongoing business performance.\n\n_(in thousands of U.S. dollars)_ |  **Three months ended  \nDecember 31, ** |  |  **Change** |  |  **Year ended  \nDecember 31, ** |  |  **Change**  \n---|---|---|---|---|---|---|---  \n|  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%**  \nNet revenue  |  $  |  30,301  |  |  |  $  |  23,915  |  |  |  $  |  6,386  |  |  |  27  |  %  |  |  $  |  117,615  |  |  |  $  |  87,241  |  |  |  $  |  30,374  |  |  35  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nGross profit  |  $  |  10,807  |  |  |  $  |  1,913  |  |  |  $  |  8,894  |  |  |  465  |  %  |  |  $  |  25,198  |  |  |  $  |  11,909  |  |  |  $  |  13,289  |  |  112  |  %   \nInventory step-up recorded to cost of sales  |  |  (1,832  |  )  |  |  |  \u2014  |  |  |  |  (1,832  |  )  |  |  N/M  |  |  |  |  5,284  |  |  |  |  \u2014  |  |  |  |  5,284  |  |  N/M  |   \nAdjusted Gross Profit  |  $  |  8,975  |  |  |  $  |  1,913  |  |  |  $  |  7,062  |  |  |  369  |  %  |  |  $  |  30,482  |  |  |  $  |  11,909  |  |  |  $  |  18,573  |  |  156  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nGross margin  (i)  |  |  36  |  %  |  |  |  8  |  %  |  |  |  N/A  |  |  |  28  |  pp  |  |  |  21  |  %  |  |  |  14  |  %  |  |  N/A  |  |  7  |  pp   \nAdjusted Gross Margin  (ii)  |  |  30  |  %  |  |  |  8  |  %  |  |  |  N/A  |  |  |  22  |  pp  |  |  |  26  |  %  |  |  |  14  |  %  |  |  N/A  |  |  12  |  pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \n  \n(i)  Gross margin is defined as gross profit divided by net revenue.  \n(ii)  Adjusted Gross Margin is defined as Adjusted Gross Profit divided by net\nrevenue.\n\n_Constant Currency_\n\nTo supplement the consolidated financial statements presented in accordance\nwith U.S. GAAP, we have presented constant currency adjusted financial\nmeasures for net revenues, gross profit, gross profit margin, operating\nexpenses, net income (loss) and Adjusted EBITDA for 2024, as well as cash and\ncash equivalents and short-term investment balances as of December 31, 2024\ncompared to December 31, 2023, which are considered non-GAAP financial\nmeasures. We present constant currency information to provide a framework for\nassessing how our underlying operations performed excluding the effect of\nforeign currency rate fluctuations. To present this information, current and\nprior period income statement results in currencies other than U.S. dollars\nare converted into U.S. dollars using the average exchange rates from the\ncomparative period in 2023 rather than the actual average exchange rates in\neffect during 2024; constant currency current period balance sheet information\nis translated at the prior year-end spot rate rather than the current year-end\nspot rate. All growth comparisons relate to the corresponding period in 2023.\nWe have provided this non-GAAP financial information to aid investors in\nbetter understanding the performance of our business. The non-GAAP financial\nmeasures presented in this press release should not be considered as a\nsubstitute for, or superior to, the measures of financial performance prepared\nin accordance with U.S. GAAP.\n\nThe table below sets forth certain measures of consolidated results from\ncontinuing operations on an as-reported and constant currency basis for 2024\ncompared to 2023, as well as cash and cash equivalents and short-term\ninvestments as of December 31, 2024, compared to December 31, 2023, on an as-\nreported and constant currency basis (in thousands):\n\n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n---|---|---|---  \n|  **Three months ended December 31,** |  |  **As Reported  \nChange ** |  |  **Three months ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  **$** |  |  **%**  \nNet revenue  |  $  |  30,301  |  |  |  $  |  23,915  |  |  |  $  |  6,386  |  |  |  27  |  %  |  |  $  |  30,527  |  |  |  $  |  6,612  |  |  |  28  |  %   \nGross profit  |  |  10,807  |  |  |  |  1,913  |  |  |  |  8,894  |  |  |  465  |  %  |  |  |  10,914  |  |  |  |  9,001  |  |  |  471  |  %   \nGross margin  |  |  36  |  %  |  |  |  8  |  %  |  |  |  N/A  |  |  |  28  |  pp  |  |  |  36  |  %  |  |  |  N/A  |  |  |  28  |  pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \nOperating expenses  |  |  22,172  |  |  |  |  23,549  |  |  |  |  (1,377  |  )  |  |  (6  |  )%  |  |  |  22,557  |  |  |  |  (992  |  )  |  |  (4  |  )%   \nNet income (loss) from continuing operations  |  |  43,941  |  |  |  |  (45,151  |  )  |  |  |  89,092  |  |  |  N/M  |  |  |  |  44,431  |  |  |  |  89,582  |  |  |  N/M  |   \nAdjusted EBITDA  |  |  (7,203  |  )  |  |  |  (14,790  |  )  |  |  |  7,587  |  |  |  51  |  %  |  |  |  (7,869  |  )  |  |  |  6,921  |  |  |  47  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n|  **Year ended  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **Year ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  **$** |  |  **%**  \nNet revenue  |  $  |  117,615  |  |  |  $  |  87,241  |  |  |  $  |  30,374  |  |  |  35  |  %  |  |  $  |  118,983  |  |  |  $  |  31,742  |  |  |  36  |  %   \nGross profit  |  |  25,198  |  |  |  |  11,909  |  |  |  |  13,289  |  |  |  112  |  %  |  |  |  25,505  |  |  |  |  13,596  |  |  |  114  |  %   \nGross margin  |  |  21  |  %  |  |  |  14  |  %  |  |  |  N/A  |  |  |  7  |  pp  |  |  |  21  |  %  |  |  |  N/A  |  |  |  7  |  pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \nOperating expenses  |  |  101,727  |  |  |  |  96,709  |  |  |  |  5,018  |  |  |  5  |  %  |  |  |  102,972  |  |  |  |  6,263  |  |  |  6  |  %   \nNet income (loss) from continuing operations  |  |  40,022  |  |  |  |  (70,439  |  )  |  |  |  110,461  |  |  |  N/M  |  |  |  |  42,007  |  |  |  |  112,446  |  |  |  N/M  |   \nAdjusted EBITDA  |  |  (34,942  |  )  |  |  |  (61,564  |  )  |  |  |  26,622  |  |  |  43  |  %  |  |  |  (35,891  |  )  |  |  |  25,673  |  |  |  42  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \n|  **As of  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **As of December 31,** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  **$** |  |  **%**  \nCash and cash equivalents  |  $  |  858,805  |  |  |  $  |  669,291  |  |  |  $  |  189,514  |  |  |  28  |  %  |  |  $  |  869,761  |  |  |  $  |  200,470  |  |  |  30  |  %   \nShort-term investments  |  |  \u2014  |  |  |  |  192,237  |  |  |  |  (192,237  |  )  |  |  (100  |  )%  |  |  |  \u2014  |  |  |  |  (192,237  |  )  |  |  (100  |  )%   \nTotal cash and cash equivalents and short-term investments  |  $  |  858,805  |  |  |  $  |  861,528  |  |  |  $  |  (2,723  |  )  |  |  \u2014  |  %  |  |  $  |  869,761  |  |  |  $  |  8,233  |  |  |  1  |  %   \n  \n_  \nNet revenue _\n\n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n---|---|---|---  \n|  **Three months ended  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **Three months ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  **2023** |  |  **$** |  |  **%** |  |  |  **2024** |  |  **$** |  |  **%**  \nCannabis flower  |  $  |  23,398  |  |  $  |  17,515  |  |  $  |  5,883  |  |  |  34  |  %  |  |  $  |  23,491  |  |  $  |  5,976  |  |  |  34  |  %   \nCannabis extracts  |  |  6,588  |  |  |  6,074  |  |  |  514  |  |  |  8  |  %  |  |  |  6,729  |  |  |  655  |  |  |  11  |  %   \nOther  |  |  315  |  |  |  326  |  |  |  (11  |  )  |  |  (3  |  )%  |  |  |  307  |  |  |  (19  |  )  |  |  (6  |  )%   \nNet revenue  |  $  |  30,301  |  |  $  |  23,915  |  |  $  |  6,386  |  |  |  27  |  %  |  |  $  |  30,527  |  |  $  |  6,612  |  |  |  28  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n|  **Year ended  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **Year ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  **2023** |  |  **$** |  |  **%** |  |  |  **2024** |  |  **$** |  |  **%**  \nCannabis flower  |  $  |  87,912  |  |  $  |  62,070  |  |  $  |  25,842  |  |  |  42  |  %  |  |  $  |  88,904  |  |  $  |  26,834  |  |  |  43  |  %   \nCannabis extracts  |  |  29,168  |  |  |  24,569  |  |  |  4,599  |  |  |  19  |  %  |  |  |  29,552  |  |  |  4,983  |  |  |  20  |  %   \nOther  |  |  535  |  |  |  602  |  |  |  (67  |  )  |  |  (11  |  )%  |  |  |  527  |  |  |  (75  |  )  |  |  (12  |  )%   \nNet revenue  |  $  |  117,615  |  |  $  |  87,241  |  |  $  |  30,374  |  |  |  35  |  %  |  |  $  |  118,983  |  |  $  |  31,742  |  |  |  36  |  %   \n  \n  \n\n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n---|---|---|---  \n|  **Three months ended  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **Three months ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  **2023** |  |  **$** |  |  **%** |  |  |  **2024** |  |  **$** |  |  **%**  \nCanada  |  $  |  19,656  |  |  $  |  17,935  |  |  $  |  1,721  |  |  10  |  %  |  |  $  |  20,156  |  |  $  |  2,221  |  |  12  |  %   \nIsrael  |  |  7,803  |  |  |  4,974  |  |  |  2,829  |  |  57  |  %  |  |  |  7,546  |  |  |  2,572  |  |  52  |  %   \nOther countries  |  |  2,842  |  |  |  1,006  |  |  |  1,836  |  |  183  |  %  |  |  |  2,825  |  |  |  1,819  |  |  181  |  %   \nNet revenue  |  $  |  30,301  |  |  $  |  23,915  |  |  $  |  6,386  |  |  27  |  %  |  |  $  |  30,527  |  |  $  |  6,612  |  |  28  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n|  **Year ended  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **Year ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  **2023** |  |  **$** |  |  **%** |  |  |  **2024** |  |  **$** |  |  **%**  \nCanada  |  $  |  82,437  |  |  $  |  64,702  |  |  $  |  17,735  |  |  27  |  %  |  |  $  |  83,709  |  |  $  |  19,007  |  |  29  |  %   \nIsrael  |  |  28,368  |  |  |  21,134  |  |  |  7,234  |  |  34  |  %  |  |  |  28,454  |  |  |  7,320  |  |  35  |  %   \nOther countries  |  |  6,810  |  |  |  1,405  |  |  |  5,405  |  |  385  |  %  |  |  |  6,820  |  |  |  5,415  |  |  385  |  %   \nNet revenue  |  $  |  117,615  |  |  $  |  87,241  |  |  $  |  30,374  |  |  35  |  %  |  |  $  |  118,983  |  |  $  |  31,742  |  |  36  |  %   \n  \n  \nFor 2024, net revenue on a constant currency basis was $119.0 million,\nrepresenting a 36% increase from 2023. Net revenue increased on a constant\ncurrency basis primarily due to higher cannabis flower and extract sales in\nthe Canadian market and higher cannabis flower sales in Israel and other\ncountries. The Cronos GrowCo Transaction contributed $6.5 million of cannabis\nflower sales in the year ended December 31, 2024 on a constant currency basis.\nNo such sales were recognized for the year ended December 31, 2023.\n\n_Gross profit_\n\nFor 2024, gross profit on a constant currency basis was $25.5 million,\nrepresenting a 114% increase from 2023. Gross profit increased on a constant\ncurrency basis primarily due to higher cannabis flower and extract sales in\nthe Canadian market, higher cannabis flower sales in Israel and other\ncountries, and production cost improvements, partially offset by the impact on\ncost of sales from the inventory step-up from the Cronos GrowCo Transaction.\nFor 2024, gross profit on a constant currency basis was reduced $5.1 million\nas a result of the impact of the inventory step-up from the Cronos GrowCo\nTransaction that was recorded into cost of sales. No such costs were\nrecognized for 2023.\n\n_Operating expenses_\n\nFor 2024, operating expenses on a constant currency basis were $103.0 million,\nrepresenting a 6% increase from 2023. Operating expenses increased on a\nconstant currency basis primarily due to the impairment of the Ginkgo\nExclusive Licenses, partially offset by lower salaries and benefits,\nprofessional fees and restructuring costs.\n\n_Net income (loss) from continuing operations_\n\nFor 2024, net income (loss) from continuing operations on a constant currency\nbasis was $42.0 million, compared to a loss of $70.4 million for 2023.\n\n_Adjusted EBITDA_\n\nFor 2024, Adjusted EBITDA on a constant currency basis was $(35.9) million,\nrepresenting a 42% improvement from 2023. Adjusted EBITDA improved on a\nconstant currency basis primarily due to higher cannabis flower and extract\nsales in the Canadian market, higher cannabis flower sales in Israel and other\ncountries, production cost improvements, and decreases in general and\nadministrative, sales and marketing and research and development expenses.\n\n_Cash and cash equivalents & short-term investments _\n\nCash and cash equivalents and short-term investments on a constant currency\nbasis increased 1% to $869.8 million as of December 31, 2024 from $861.5\nmillion as of December 31, 2023. The increase in cash and cash equivalents and\nshort-term investments is primarily due to cash flows provided by operating\nactivities in 2024.\n\n**Foreign currency exchange rates**\n\nAll currency amounts in this press release are stated in U.S. dollars, which\nis our reporting currency, unless otherwise noted. All references to \u201cdollars\u201d\nor \u201c$\u201d are to U.S. dollars. The assets and liabilities of our foreign\noperations are translated into dollars at the exchange rate in effect as of\nDecember 31, 2024 and December 31, 2023, as reported on Bloomberg.\nTransactions affecting the shareholders\u2019 equity (deficit) are translated at\nhistorical foreign exchange rates. The consolidated statements of net income\n(loss) and comprehensive income (loss) and consolidated statements of cash\nflows of our foreign operations are translated into dollars by applying the\naverage foreign exchange rate in effect for the years ended December 31, 2024,\nDecember 31, 2023, and December 31, 2022, as reported on Bloomberg.\n\nThe exchange rates used to translate from Canadian dollars (\u201cC$\u201d) to dollars\nare shown below:\n\n_(Exchange rates are shown as C$ per $)_ |  **Year ended December 31,**  \n---|---  \n|  **2024** |  |  **2023** |  |  **2022**  \nAverage rate  |  1.3700  |  |  1.3494  |  |  1.3017   \nSpot rate  |  1.4351  |  |  1.3243  |  |  1.3554   \n|  |  |  |  |   \n  \nThe exchange rates used to translate from New Israeli Shekels (\u201cILS\u201d) to\ndollars are shown below:\n\n_(Exchange rates are shown as ILS per $)_ |  **Year ended December 31,**  \n---|---  \n|  **2024** |  |  **2023** |  |  **2022**  \nAverage rate  |  3.6997  |  |  3.6819  |  |  3.3566   \nSpot rate  |  3.6526  |  |  3.6163  |  |  3.5178   \n|  |  |  |  |   \n  \n**For further information, please contact:**  \nAnna Shlimak  \nInvestor Relations  \nTel: (416) 504-0004  \ninvestor.relations@thecronosgroup.com\n\n  \n\n* * *\n\n##  Tags\n\n[ Cannabis ](/en/search/tag/cannabis \"Cannabis\") [ CRON ](/en/search/tag/cron\n\"CRON\") [ Cronos ](/en/search/tag/cronos \"Cronos\") [ Cronos Group\n](/en/search/tag/cronos%2520group \"Cronos Group\")\n\n##  Recommended Reading\n\n  * March 19, 2025 07:30 ET  |  Source: [ Cronos Group Inc. ](/en/search/organization/Cronos%2520Group%2520Inc\u00a7)\n\n[ Cronos Appoints Anna Shlimak as Chief Financial Officer\n](https://www.globenewswire.com/news-release/2025/03/19/3045272/0/en/Cronos-\nAppoints-Anna-Shlimak-as-Chief-Financial-Officer.html)\n\nTORONTO, March 19, 2025 (GLOBE NEWSWIRE) -- Cronos Group Inc. (NASDAQ: CRON)\n(TSX: CRON) (\u201cCronos\u201d or the \u201cCompany\u201d), an innovative global cannabinoid\ncompany, today announced the appointment of...\n\n[ Read More ](https://www.globenewswire.com/news-\nrelease/2025/03/19/3045272/0/en/Cronos-Appoints-Anna-Shlimak-as-Chief-\nFinancial-Officer.html)\n\n  * March 10, 2025 08:00 ET  |  Source: [ Cronos Group Inc. ](/en/search/organization/Cronos%2520Group%2520Inc\u00a7)\n\n[ Cronos Group Inc. to Speak at the 37th Annual Roth Conference\n](https://www.globenewswire.com/news-release/2025/03/10/3039659/0/en/Cronos-\nGroup-Inc-to-Speak-at-the-37th-Annual-Roth-Conference.html)\n\nTORONTO, March 10, 2025 (GLOBE NEWSWIRE) -- Cronos Group Inc. (NASDAQ: CRON)\n(TSX: CRON) (\u201cCronos\u201d or the \u201cCompany\u201d), an innovative global cannabinoid\ncompany, today announced that Mike Gorenstein,...\n\n[ Read More ](https://www.globenewswire.com/news-\nrelease/2025/03/10/3039659/0/en/Cronos-Group-Inc-to-Speak-at-the-37th-Annual-\nRoth-Conference.html)\n\n",
                "url": "https://www.globenewswire.com/news-release/2025/02/27/3033748/0/en/Cronos-Group-Reports-2024-Fourth-Quarter-and-Full-Year-Results.html"
            },
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            "summary": "This is a press release from GlobeNewswire regarding The Cronos Group's financial results, providing factual information directly from the company. It is a reliable source for financial data.",
            "url": "https://www.globenewswire.com/news-release/2025/02/27/3033748/0/en/Cronos-Group-Reports-2024-Fourth-Quarter-and-Full-Year-Results.html"
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                    "source": "https://ca.linkedin.com/company/cronosgroupcron"
                },
                "page_content": "Skip to main content  ` `\n\n#  Cronos Group\n\n##  Manufacturing\n\n###  Toronto, Ontario  28,961 followers\n\n####  Cronos is an innovative global cannabinoid company. Our brands are\nSpinach\u00ae, PEACE NATURALS\u00ae, and Lord Jones\u00ae.\n\n[ See jobs ](https://www.linkedin.com/jobs/cronos-group-jobs-\nworldwide?f_C=10951089&trk=top-card_top-card-primary-button-top-card-primary-\ncta) [ Follow\n](https://www.linkedin.com/login?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronosgroupcron&fromSignIn=true&trk=top-\ncard_top-card-secondary-button-top-card-secondary-cta)\n\n  * [ Discover all 403 employees  ](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fsearch%2Fresults%2Fpeople%2F%3FfacetCurrentCompany%3D%255B10951089%255D&trk=org-employees_cta_face-pile-cta)\n\n  * [ Report this company ](https://www.linkedin.com/uas/login?fromSignIn=true&session_redirect=https%3A%2F%2Fca.linkedin.com%2Fcompany%2Fcronosgroupcron&trk=top-card_ellipsis-menu-semaphore-sign-in-redirect&guestReportContentType=COMPANY&_f=guest-reporting)\n\n##  About us\n\nCronos is an innovative global cannabinoid company committed to building\ndisruptive intellectual property by advancing cannabis research, technology\nand product development. With a passion to responsibly elevate the consumer\nexperience, Cronos is building an iconic brand portfolio. Cronos' diverse\ninternational brand portfolio includes Spinach\u00ae, PEACE NATURALS\u00ae and Lord\nJones\u00ae.\n\nWebsite\n\n     [ http://thecronosgroup.com  ](https://www.linkedin.com/redir/redirect?url=http%3A%2F%2Fthecronosgroup%2Ecom&urlhash=mi2G&trk=about_website)\n\nExternal link for Cronos Group\n\nIndustry\n\n     Manufacturing \n\nCompany size\n\n     201-500 employees \n\nHeadquarters\n\n     Toronto, Ontario \n\nType\n\n     Public Company \n\nFounded\n\n     2013 \n\n##  Locations\n\n  * Primary \n\n111 Peter St\n\n320\n\nToronto, Ontario M5V 2H1, CA\n\n[ Get directions\n](https://www.bing.com/maps?where=111+Peter+St+320+Toronto+M5V+2H1+Ontario+CA&trk=org-\nlocations_url)\n\n##  Employees at Cronos Group\n\n  * ### [ Michael Wotring  Head of FP&A \u2022 Senior Strategy Leader \u2022 Consumer Goods Executive \u2022 Product Leader \u2022 GTM Strategy \u2022 Financial Operations & Analysis \u2022 Prepaid/Stored\u2026  ](https://www.linkedin.com/in/michaelwotring?trk=org-employees)\n  * ### [ Michael Akavan  Deputy General Counsel at Cronos Group  ](https://www.linkedin.com/in/michael-akavan-986a5a4?trk=org-employees)\n  * ### [ James Holm, MBA, CPA, CGMA  CFO at Cronos Group  ](https://www.linkedin.com/in/jamesgholm?trk=org-employees)\n  * ### [ Jim Rudyk  Chief Financial Officer at AGI - Ag Growth International  ](https://ca.linkedin.com/in/jim-rudyk-86a2237?trk=org-employees)\n\n[ See all employees\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fsearch%2Fresults%2Fpeople%2F%3FfacetCurrentCompany%3D%255B10951089%255D&trk=public_biz_employees-\njoin)\n\n##  Updates\n\n  * [ ](https://www.linkedin.com/posts/cronosgroupcron_were-excited-to-announce-robin-pollachek-activity-7310303207996497922-cvZc)\n\n[\n](https://ca.linkedin.com/company/cronosgroupcron?trk=organization_guest_main-\nfeed-card_feed-actor-image)\n\n[ Cronos Group\n](https://ca.linkedin.com/company/cronosgroupcron?trk=organization_guest_main-\nfeed-card_feed-actor-name)\n\n28,961 followers\n\n2w  Edited\n\n    * [ Report this post ](https://www.linkedin.com/uas/login?fromSignIn=true&session_redirect=https%3A%2F%2Fca.linkedin.com%2Fcompany%2Fcronosgroupcron&trk=organization_guest_main-feed-card_ellipsis-menu-semaphore-sign-in-redirect&guestReportContentType=POST&_f=guest-reporting)\n\nWe\u2019re excited to announce [ Robin Pollachek\n](https://www.linkedin.com/in/robin-\npollachek-51017b36?trk=organization_guest_main-feed-card-text) , Accounting\nSupervisor, as our newest CRON MVP, our recognition program at Cronos that\ncelebrates our all-star talent. We spoke with Robin to learn more about her\nrole, her advice for anyone looking to join the cannabis industry, her\nfavorite hobbies, and more. Read more to get to know Robin! Tell us more about\nyour role at Cronos. I am part of the Shared Services team within the Finance\ndepartment, where I oversee Accounts Payable. My role ensures the smooth\noperation of company finances by monitoring for fraud, managing outgoing\npayments, maintaining strong vendor relationships, and processing expenses. I\nalso support vendor onboarding and vendor master data management, administer\nSAP Concur for employee reimbursements, and facilitate access to travel\nbookings. Most importantly, I focus on educating and developing my team,\nsharing my knowledge, and providing guidance. I also collaborate with other\ndepartments to work towards building a seamless payment process. What do you\nlove most about working at Cronos? What I love most about working here is the\nopportunity to apply my problem-solving skills to real challenges and see the\ntangible impact of my work. There's always something to do, and there\u2019s never\na dull moment. I work with passionate, like-minded individuals, and together,\nwe prioritize collaboration and teamwork. It\u2019s also a bonus to be part of a\ngrowing company that drives meaningful social change and contributes to the\ngrowth of the industry. Do you have any advice for anyone looking to join the\ncannabis industry? Joining the cannabis industry can be exciting, but it\u2019s\nimportant to understand that it\u2019s still evolving and requires a unique\napproach to succeed. You must be agile, flexible, and ready for challenges.\nThere are diverse career paths ranging from finance to marketing and sales,\ntechnology, and research. Consider how your skill set can translate into this\nsector. Also, be ready to educate others. Public perception can be diverse,\nand you may find yourself helping people to understand the benefits associated\nwith cannabis. What are your favourite hobbies? I love creating things\u2014there\u2019s\nsomething incredibly satisfying about watching an idea come to life from\nalmost nothing. Gardening is one of my passions; I enjoy growing and\npreserving my own food, herbs, and flowers, and turning them into unique\ncreations. Some of my specialties include spiced chocolate, infused alcohols,\nand flavored salts. Outside of that, I love spending time in nature, whether\nit\u2019s hiking, biking, fishing, or visiting farms. What are your favourite\nmunchies? Nachos!\n\n    * ` ` ` `\n\n[ 54\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronosgroupcron&trk=organization_guest_main-\nfeed-card_social-actions-reactions) ` ` ` ` ` ` ` ` ` ` ` ` ` ` [ 6 Comments\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronosgroupcron&trk=organization_guest_main-\nfeed-card_social-actions-comments)\n\n[ Like\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronosgroupcron&trk=organization_guest_main-\nfeed-card_like-cta) [ Comment\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronosgroupcron&trk=organization_guest_main-\nfeed-card_comment-cta) [ Share\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronosgroupcron&trk=organization_guest_main-\nfeed-card_share-cta)\n\n` `\n\n  * [ ](https://www.linkedin.com/posts/cronosgroupcron_today-we-announced-the-appointment-of-anna-activity-7308247473565704192-ypRK)\n\n[\n](https://ca.linkedin.com/company/cronosgroupcron?trk=organization_guest_main-\nfeed-card_feed-actor-image)\n\n[ Cronos Group\n](https://ca.linkedin.com/company/cronosgroupcron?trk=organization_guest_main-\nfeed-card_feed-actor-name)\n\n28,961 followers\n\n3w\n\n    * [ Report this post ](https://www.linkedin.com/uas/login?fromSignIn=true&session_redirect=https%3A%2F%2Fca.linkedin.com%2Fcompany%2Fcronosgroupcron&trk=organization_guest_main-feed-card_ellipsis-menu-semaphore-sign-in-redirect&guestReportContentType=POST&_f=guest-reporting)\n\nToday, we announced the appointment of Anna Shlimak as Chief Financial Officer\nof Cronos. Read the press release on our website: [ https://lnkd.in/g8zc9RRf\n](https://lnkd.in/g8zc9RRf?trk=organization_guest_main-feed-card-text) .\nCongrats, [ Anna ](https://www.linkedin.com/in/anna-\nshlimak-59417b9?trk=organization_guest_main-feed-card-text) !\n\n    * ` ` ` `\n\n[ 145\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronosgroupcron&trk=organization_guest_main-\nfeed-card_social-actions-reactions) ` ` ` ` ` ` ` ` ` ` ` ` ` ` [ 15 Comments\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronosgroupcron&trk=organization_guest_main-\nfeed-card_social-actions-comments)\n\n[ Like\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronosgroupcron&trk=organization_guest_main-\nfeed-card_like-cta) [ Comment\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronosgroupcron&trk=organization_guest_main-\nfeed-card_comment-cta) [ Share\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronosgroupcron&trk=organization_guest_main-\nfeed-card_share-cta)\n\n` `\n\n  * [ ](https://www.linkedin.com/posts/cronosgroupcron_our-ceo-mike-gorenstein-was-in-dana-point-activity-7307864309043277825-VqNP)\n\n[\n](https://ca.linkedin.com/company/cronosgroupcron?trk=organization_guest_main-\nfeed-card_feed-actor-image)\n\n[ Cronos Group\n](https://ca.linkedin.com/company/cronosgroupcron?trk=organization_guest_main-\nfeed-card_feed-actor-name)\n\n28,961 followers\n\n3w\n\n    * [ Report this post ](https://www.linkedin.com/uas/login?fromSignIn=true&session_redirect=https%3A%2F%2Fca.linkedin.com%2Fcompany%2Fcronosgroupcron&trk=organization_guest_main-feed-card_ellipsis-menu-semaphore-sign-in-redirect&guestReportContentType=POST&_f=guest-reporting)\n\nOur CEO Mike Gorenstein was in Dana Point, CA yesterday for the 37th Annual\nROTH Conference. Many thanks to [ ROTH Capital Partners\n](https://www.linkedin.com/company/rothcapitalpartners?trk=organization_guest_main-\nfeed-card-text) for hosting us! You can listen to a replay of his fireside\nchat on the Investors section of our website: [ https://lnkd.in/g93fDcqV\n](https://lnkd.in/g93fDcqV?trk=organization_guest_main-feed-card-text) .\n\n    * ` ` ` `\n\n[ 44\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronosgroupcron&trk=organization_guest_main-\nfeed-card_social-actions-reactions) ` ` ` ` ` ` ` ` ` ` ` ` ` `\n\n[ Like\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronosgroupcron&trk=organization_guest_main-\nfeed-card_like-cta) [ Comment\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronosgroupcron&trk=organization_guest_main-\nfeed-card_comment-cta) [ Share\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronosgroupcron&trk=organization_guest_main-\nfeed-card_share-cta)\n\n` `\n\n  * [ ](https://www.linkedin.com/posts/cronosgroupcron_activity-7307507899411353601-EOAh)\n\n[ Cronos Group\n](https://ca.linkedin.com/company/cronosgroupcron?trk=organization_guest_main-\nfeed-card_feed-reaction-header) reposted this\n\n[ ](https://ca.linkedin.com/company/women-s-executive-\nnetwork?trk=organization_guest_main-feed-card_feed-actor-image)\n\n[ Women's Executive Network (WXN) ](https://ca.linkedin.com/company/women-s-\nexecutive-network?trk=organization_guest_main-feed-card_feed-actor-name)\n\n60,271 followers\n\n3w  Edited\n\n    * [ Report this post ](https://www.linkedin.com/uas/login?fromSignIn=true&session_redirect=https%3A%2F%2Fca.linkedin.com%2Fcompany%2Fcronosgroupcron&trk=organization_guest_main-feed-card_ellipsis-menu-semaphore-sign-in-redirect&guestReportContentType=POST&_f=guest-reporting)\n\n\u201cFor me, being powerful means having the ability to influence and effect\nchange, overcome obstacles with grace, and making decisions that align with my\nvalues and benefit everyone around me, not just myself. I also believe being\npowerful means leading with confidence, dignity, and using my success to\nuplift those around me, so everyone has an equal opportunity to ascend and\nachieve their own dreams.\u201d\u2013 Alanna Fonseca, Vice-President, Marketing and\nInnovation, North America, Cronos Group, Winner in the Executive Leaders award\ncategory. We\u2019re proud to honour Alanna as a 2024 Canada\u2019s Most Powerful Women:\nTop 100 Award winner! We invite you to join us in celebrating her and all our\nbold winners on our website. Learn more about this year\u2019s winners and events:\n[ https://buff.ly/avV982m\n](https://buff.ly/avV982m?trk=organization_guest_main-feed-card-text) The 2025\nTop 100 nominations are here! Don\u2019t miss the opportunity to recognize\nexcellence. Submit your nomination today: [ https://buff.ly/Y1bHRjO\n](https://buff.ly/Y1bHRjO?trk=organization_guest_main-feed-card-text) [\n#BeBold\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fbebold&trk=organization_guest_main-\nfeed-card-text) [ #WXNTop100\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fwxntop100&trk=organization_guest_main-\nfeed-card-text) [ #Top100\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Ftop100&trk=organization_guest_main-\nfeed-card-text) [ #WomenLeaders\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fwomenleaders&trk=organization_guest_main-\nfeed-card-text) [ #WomenLeadership\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fwomenleadership&trk=organization_guest_main-\nfeed-card-text) [ #FemaleEntrepreneurs\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Ffemaleentrepreneurs&trk=organization_guest_main-\nfeed-card-text) [ #WomenEntrepreneurs\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fwomenentrepreneurs&trk=organization_guest_main-\nfeed-card-text) [ #FemaleFounders\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Ffemalefounders&trk=organization_guest_main-\nfeed-card-text) [ #WomenInBusiness\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fwomeninbusiness&trk=organization_guest_main-\nfeed-card-text) [ #ExecutiveLeader\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fexecutiveleader&trk=organization_guest_main-\nfeed-card-text) [ #WXN\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fwxn&trk=organization_guest_main-\nfeed-card-text) [ Alanna Fonseca ](https://www.linkedin.com/in/alanna-\nfonseca-4a335736?trk=organization_guest_main-feed-card-text)\n\n    * ` ` ` `\n\n[ 173\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronosgroupcron&trk=organization_guest_main-\nfeed-card_social-actions-reactions) ` ` ` ` ` ` ` ` ` ` ` ` ` ` [ 8 Comments\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronosgroupcron&trk=organization_guest_main-\nfeed-card_social-actions-comments)\n\n[ Like\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronosgroupcron&trk=organization_guest_main-\nfeed-card_like-cta) [ Comment\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronosgroupcron&trk=organization_guest_main-\nfeed-card_comment-cta) [ Share\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronosgroupcron&trk=organization_guest_main-\nfeed-card_share-cta)\n\n` `\n\n  * [ ](https://www.linkedin.com/posts/cronosgroupcron_our-ceo-mike-gorenstein-will-speak-at-the-activity-7304861202155720705-r7SJ)\n\n[\n](https://ca.linkedin.com/company/cronosgroupcron?trk=organization_guest_main-\nfeed-card_feed-actor-image)\n\n[ Cronos Group\n](https://ca.linkedin.com/company/cronosgroupcron?trk=organization_guest_main-\nfeed-card_feed-actor-name)\n\n28,961 followers\n\n1mo\n\n    * [ Report this post ](https://www.linkedin.com/uas/login?fromSignIn=true&session_redirect=https%3A%2F%2Fca.linkedin.com%2Fcompany%2Fcronosgroupcron&trk=organization_guest_main-feed-card_ellipsis-menu-semaphore-sign-in-redirect&guestReportContentType=POST&_f=guest-reporting)\n\nOur CEO Mike Gorenstein will speak at the 37th Annual ROTH Conference on\nMonday, March 17. You can watch a live webcast of his fireside chat here on\nMarch 17 @ 1 p.m. PT: [ https://lnkd.in/gEjVNdAb\n](https://lnkd.in/gEjVNdAb?trk=organization_guest_main-feed-card-text) . A\nlive webcast will be available on the Investors section of our website as\nwell: [ https://lnkd.in/g93fDcqV\n](https://lnkd.in/g93fDcqV?trk=organization_guest_main-feed-card-text) .\n\n    * ` ` ` `\n\n[ 24\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronosgroupcron&trk=organization_guest_main-\nfeed-card_social-actions-reactions) ` ` ` ` ` ` ` ` ` ` ` ` ` `\n\n[ Like\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronosgroupcron&trk=organization_guest_main-\nfeed-card_like-cta) [ Comment\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronosgroupcron&trk=organization_guest_main-\nfeed-card_comment-cta) [ Share\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronosgroupcron&trk=organization_guest_main-\nfeed-card_share-cta)\n\n` `\n\n  * [ ](https://www.linkedin.com/posts/cronosgroupcron_today-cronos-announced-its-2024-fourth-quarter-activity-7300875553740308480-R6Ab)\n\n[\n](https://ca.linkedin.com/company/cronosgroupcron?trk=organization_guest_main-\nfeed-card_feed-actor-image)\n\n[ Cronos Group\n](https://ca.linkedin.com/company/cronosgroupcron?trk=organization_guest_main-\nfeed-card_feed-actor-name)\n\n28,961 followers\n\n1mo\n\n    * [ Report this post ](https://www.linkedin.com/uas/login?fromSignIn=true&session_redirect=https%3A%2F%2Fca.linkedin.com%2Fcompany%2Fcronosgroupcron&trk=organization_guest_main-feed-card_ellipsis-menu-semaphore-sign-in-redirect&guestReportContentType=POST&_f=guest-reporting)\n\nToday, Cronos announced its 2024 Fourth Quarter and Full-Year Results. Here\nare some highlights from a great 2024 for Cronos: \\- Net revenue in Q4 2024\nincreased by 27% year-over-year to $30.3 million, and net revenue in FY 2024\nincreased by 35% year-over-year to $117.6 million \\- Spinach\u00ae Ends 2024 as the\nNumber One Cannabis Brand in Canada \\- PEACE NATURALS\u00ae Ends 2024 as the Number\nOne Cannabis Brand in Israel Learn more from the press release: [\nhttps://lnkd.in/geaJvj_i\n](https://lnkd.in/geaJvj_i?trk=organization_guest_main-feed-card-text)\n\n    * ` ` ` `\n\n[ 129\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronosgroupcron&trk=organization_guest_main-\nfeed-card_social-actions-reactions) ` ` ` ` ` ` ` ` ` ` ` ` ` ` [ 4 Comments\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronosgroupcron&trk=organization_guest_main-\nfeed-card_social-actions-comments)\n\n[ Like\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronosgroupcron&trk=organization_guest_main-\nfeed-card_like-cta) [ Comment\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronosgroupcron&trk=organization_guest_main-\nfeed-card_comment-cta) [ Share\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronosgroupcron&trk=organization_guest_main-\nfeed-card_share-cta)\n\n` `\n\n  * [ ](https://www.linkedin.com/posts/cronosgroupcron_cron-activity-7299922795302400000-9qfW)\n\n[\n](https://ca.linkedin.com/company/cronosgroupcron?trk=organization_guest_main-\nfeed-card_feed-actor-image)\n\n[ Cronos Group\n](https://ca.linkedin.com/company/cronosgroupcron?trk=organization_guest_main-\nfeed-card_feed-actor-name)\n\n28,961 followers\n\n1mo\n\n    * [ Report this post ](https://www.linkedin.com/uas/login?fromSignIn=true&session_redirect=https%3A%2F%2Fca.linkedin.com%2Fcompany%2Fcronosgroupcron&trk=organization_guest_main-feed-card_ellipsis-menu-semaphore-sign-in-redirect&guestReportContentType=POST&_f=guest-reporting)\n\nCronos Group will hold its 2024 Fourth Quarter and Full-Year Earnings\nConference Call on Thursday, February 27, 2025, at 8:30 a.m. ET. Learn more: [\nhttps://lnkd.in/g_7fF-Kn ](https://lnkd.in/g_7fF-\nKn?trk=organization_guest_main-feed-card-text) [ #CRON\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fcron&trk=organization_guest_main-\nfeed-card-text)\n\n    * ` ` ` `\n\n[ 36\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronosgroupcron&trk=organization_guest_main-\nfeed-card_social-actions-reactions) ` ` ` ` ` ` ` ` ` ` ` ` ` `\n\n[ Like\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronosgroupcron&trk=organization_guest_main-\nfeed-card_like-cta) [ Comment\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronosgroupcron&trk=organization_guest_main-\nfeed-card_comment-cta) [ Share\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronosgroupcron&trk=organization_guest_main-\nfeed-card_share-cta)\n\n` `\n\n  * [ ](https://www.linkedin.com/posts/cronosgroupcron_cronos-spinach-brand-is-the-proud-winner-activity-7295518835464445953-gXiZ)\n\n[\n](https://ca.linkedin.com/company/cronosgroupcron?trk=organization_guest_main-\nfeed-card_feed-actor-image)\n\n[ Cronos Group\n](https://ca.linkedin.com/company/cronosgroupcron?trk=organization_guest_main-\nfeed-card_feed-actor-name)\n\n28,961 followers\n\n1mo\n\n    * [ Report this post ](https://www.linkedin.com/uas/login?fromSignIn=true&session_redirect=https%3A%2F%2Fca.linkedin.com%2Fcompany%2Fcronosgroupcron&trk=organization_guest_main-feed-card_ellipsis-menu-semaphore-sign-in-redirect&guestReportContentType=POST&_f=guest-reporting)\n\nCronos\u2019 Spinach\u00ae brand is the proud winner of the 2024 [ ADCANN\n](https://ca.linkedin.com/company/adcann?trk=organization_guest_main-feed-\ncard-text) Canada Award for Best Website! Congratulations to our talented\nteams at Cronos who work hard on our website to help bring our best-selling\nbrand to life. Thank you to everyone who voted for us! Read the full list of\nwinners below. \ud83c\udfc6 [ https://lnkd.in/gqVG-dga ](https://lnkd.in/gqVG-\ndga?trk=organization_guest_main-feed-card-text)\n\n    * ` ` ` `\n\n[ 69\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronosgroupcron&trk=organization_guest_main-\nfeed-card_social-actions-reactions) ` ` ` ` ` ` ` ` ` ` ` ` ` ` [ 1 Comment\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronosgroupcron&trk=organization_guest_main-\nfeed-card_social-actions-comments)\n\n[ Like\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronosgroupcron&trk=organization_guest_main-\nfeed-card_like-cta) [ Comment\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronosgroupcron&trk=organization_guest_main-\nfeed-card_comment-cta) [ Share\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronosgroupcron&trk=organization_guest_main-\nfeed-card_share-cta)\n\n` `\n\n  * [ ](https://www.linkedin.com/posts/cronosgroupcron_happynewyear-activity-7280263949776822272-d5Hw)\n\n[\n](https://ca.linkedin.com/company/cronosgroupcron?trk=organization_guest_main-\nfeed-card_feed-actor-image)\n\n[ Cronos Group\n](https://ca.linkedin.com/company/cronosgroupcron?trk=organization_guest_main-\nfeed-card_feed-actor-name)\n\n28,961 followers\n\n3mo\n\n    * [ Report this post ](https://www.linkedin.com/uas/login?fromSignIn=true&session_redirect=https%3A%2F%2Fca.linkedin.com%2Fcompany%2Fcronosgroupcron&trk=organization_guest_main-feed-card_ellipsis-menu-semaphore-sign-in-redirect&guestReportContentType=POST&_f=guest-reporting)\n\nWe think 2025 may be our best year yet. On behalf of our team at Cronos, we\nwish you all a happy and prosperous new year! May 2025 bring you great health,\nhappiness, and exciting possibilities for our growing industry. [\n#HappyNewYear\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fhappynewyear&trk=organization_guest_main-\nfeed-card-text)\n\n    * ` ` ` `\n\n[ 66\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronosgroupcron&trk=organization_guest_main-\nfeed-card_social-actions-reactions) ` ` ` ` ` ` ` ` ` ` ` ` ` `\n\n[ Like\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronosgroupcron&trk=organization_guest_main-\nfeed-card_like-cta) [ Comment\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronosgroupcron&trk=organization_guest_main-\nfeed-card_comment-cta) [ Share\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronosgroupcron&trk=organization_guest_main-\nfeed-card_share-cta)\n\n` `\n\n  * [ ](https://www.linkedin.com/posts/cronosgroupcron_happy-holidays-from-all-of-us-at-cronos-activity-7277388634901651456-_CTq)\n\n[\n](https://ca.linkedin.com/company/cronosgroupcron?trk=organization_guest_main-\nfeed-card_feed-actor-image)\n\n[ Cronos Group\n](https://ca.linkedin.com/company/cronosgroupcron?trk=organization_guest_main-\nfeed-card_feed-actor-name)\n\n28,961 followers\n\n3mo\n\n    * [ Report this post ](https://www.linkedin.com/uas/login?fromSignIn=true&session_redirect=https%3A%2F%2Fca.linkedin.com%2Fcompany%2Fcronosgroupcron&trk=organization_guest_main-feed-card_ellipsis-menu-semaphore-sign-in-redirect&guestReportContentType=POST&_f=guest-reporting)\n\nHappy Holidays from all of us at Cronos! We hope you have a joyous and safe\nholiday season spent with your loved ones. \ud83c\udf81\u2728\n\n    * ` ` ` `\n\n[ 47\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronosgroupcron&trk=organization_guest_main-\nfeed-card_social-actions-reactions) ` ` ` ` ` ` ` ` ` ` ` ` ` `\n\n[ Like\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronosgroupcron&trk=organization_guest_main-\nfeed-card_like-cta) [ Comment\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronosgroupcron&trk=organization_guest_main-\nfeed-card_comment-cta) [ Share\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronosgroupcron&trk=organization_guest_main-\nfeed-card_share-cta)\n\n` `\n\n` ` ` ` ` `\n\n##  Join now to see what you are missing\n\n  * Find people you know at Cronos Group \n  * Browse recommended jobs for you \n  * View all updates, news, and articles \n\n[ Join now\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Fcronosgroupcron&trk=public_biz_promo-\njoin)\n\n##  Similar pages\n\n  * ### [ Aurora Cannabis Inc.  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](https://www.linkedin.com/jobs/marketing-manager-jobs?trk=organization_guest-browse_jobs)\n\n##  Funding\n\n[ Cronos Group  7 total rounds\n](https://www.crunchbase.com/organization/cronos-\ngroup-93d4/funding_rounds/funding_rounds_list?utm_source=linkedin&utm_medium=referral&utm_campaign=linkedin_companies&utm_content=all_fundings_anon&trk=funding_all-\nrounds)\n\nLast Round\n\n[ Post IPO equity  Jun 20, 2020\n](https://www.crunchbase.com/funding_round/cronos-group-93d4-post-ipo-equity--\n9d4eacbf?utm_source=linkedin&utm_medium=referral&utm_campaign=linkedin_companies&utm_content=last_funding_anon&trk=funding_last-\nround)\n\nExternal Crunchbase Link for last round of funding\n\nUS$ 257.0K\n\nInvestors\n\n[ Korea Investment Corp ](https://www.crunchbase.com/organization/korea-\ninvestment-\ncorp?utm_source=linkedin&utm_medium=referral&utm_campaign=linkedin_companies&utm_content=investor_anon&trk=funding_investors)\n\n[ See more info on  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        {
            "content": {
                "metadata": {
                    "ext_id": "ca5d8512-51a0-4af2-bfac-1e63b5b78466",
                    "origin": "public",
                    "resource_location": "web",
                    "resource_type": "webpage",
                    "source": "https://www.capitalmarketstribunal.ca/en/proceedings/cronos-group-inc-and-william-hilson-re/settlement-agreement-matter-cronos-group-inc-and-william-hilson"
                },
                "page_content": "Skip to content\n\n#  Settlement Agreement: In the Matter of Cronos Group Inc. and William Hilson\n\nOctober 19, 2022\n\nSettlement Agreement\n\n[ Download PDF ](/sites/default/files/2022-10/set_20221019_cronos.pdf \"Open\nPDF in new window\")\n\n####  IN THE MATTER OF CRONOS GROUP INC.\n\n####  SETTLEMENT AGREEMENT\n\n####  PART I -- INTRODUCTION\n\n1\\. Ontario companies strive to be world leaders in the cannabis space. When\npublic cannabis companies issue financial statements that do not provide\naccurate information about their financial performance and condition and fail\nto have adequate controls, they undermine confidence in Ontario's capital\nmarkets and leadership in the cannabis space.\n\n2\\. Cronos Group Inc., an Ontario-based public cannabis company, is being held\naccountable for improperly recognizing $7.6 million (US $5.8 million) in\nrevenue in its Q1, Q2 and Q3 2019 interim financial statements and for\nsubsequently overstating virtually all of its U.S. goodwill and a significant\nportion of its U.S. intangible assets by a collective amount of $234.9 million\nin its Q2 2021 interim financial statements.\n\n3\\. Cronos restated its Q1, Q2 and Q3 2019 interim financial statements to\ncorrect the revenue recognition error upon determining that they had not been\nprepared in accordance with generally accepted accounting principles (\n**GAAP** ). The Company again restated its interim financial statements, this\ntime for Q2 2021, to correct its failure to recognize impairment charges for\ngoodwill and intangible assets relating to the U.S. reporting unit. In both\ninstances, Cronos reported related material weaknesses in internal control\nover financial reporting ( **ICFR** ).\n\n4\\. The parties will jointly file a request that the Capital Markets Tribunal\n(the **Tribunal** ) issue a Notice of Hearing to announce it will hold a\nhearing to consider whether, pursuant to section 127 of the _Securities Act_ ,\nRSO 1990, c S.5 (the **Act** ), it is in the public interest for the Tribunal\nto make certain orders against the Respondent.\n\n####  PART II -- JOINT SETTLEMENT RECOMMENDATION\n\n5\\. Cronos Group Inc. ( **Cronos** , the **Company** , or the **Respondent**\n), consents to the making of an order (the **Order** ) substantially in the\nform attached as Schedule \"A\" to this Settlement Agreement based on the facts\nset out in this Settlement Agreement.\n\n6\\. For the purposes of this proceeding, and any other regulatory proceeding\ncommenced by a Canadian securities regulatory authority only, the Respondent\nagrees with the facts set out in Part III of this Settlement Agreement and the\nconclusion in Part IV of this Settlement Agreement.\n\n####  PART III -- AGREED FACTS\n\n**A. Cronos Uncovers Revenue Recognition Errors in Financial Reporting**\n\n7\\. On February 24, 2020, Cronos publicly announced that it was delayed in\ncompleting its 2019 annual financial statements and that it would delay its\n2019 fourth quarter and full-year earnings release and conference call.\n\n8\\. Cronos is a licensed cannabis producer in Canada with international\nproduction and distribution. The Company is listed on the TSX (CRON) and\nNASDAQ (CRON) with a market capitalization of $1.19 billion as of August 29,\n2022. Cronos's brand portfolio includes Peace Naturals, Spinach and hemp-\nderived CBD brands, Lord Jones, Happy Dance and Peace+.\n\n9\\. On March 2, 2020, Cronos disclosed that it filed a Form 12b-25\n(Notification of Late Filing) with the U.S. Securities and Exchange Commission\n( **SEC** ) for a 15-day extension of the due date to file its Form 10-K for\nthe year ended December 31, 2019. The Company disclosed that it had been\nunable to complete its financial statements for fiscal 2019 due to a\ncontinuing review by the Audit Committee (the **Audit Committee** ) of the\nCompany's Board of Directors (the **Board** ), with the assistance of outside\ncounsel and forensic accountants, of several bulk resin purchases and sales of\nproducts through the wholesale channel (the **Transactions)** and the\nappropriateness of the recognition of revenue from the Transactions.\n\n10\\. On March 17, 2020, Cronos filed a Material Change Report with the OSC and\nannounced that, on the recommendation of its Audit Committee and after\nconsultation with its auditors, its previously issued unaudited interim\nfinancial statements for the first, second and third quarters of 2019 would be\nrestated and reissued and should no longer be relied upon.\n\n11\\. The Company disclosed that its Audit Committee had been conducting a\nreview of the Transactions and the restatement was being made to eliminate\ncertain of these transactions. It announced that it would reduce revenue by\n$2.5 million (US $1.9 million) for the three months ended March 31, 2019, and\nby $5.1 million (US $3.9 million) for the three months ended September 30,\n2019. The Company further disclosed that, in connection with the restatement,\nit anticipated that it would report one or more material weaknesses in ICFR\nwhen it filed its Form 10-K.\n\n12\\. On March 30, 2020, the Company announced that the Audit Committee had\ncompleted its review of the Transactions and that the Board had determined, on\nthe recommendation of the Audit Committee and advice from its auditor, that\nthe Company would restate its unaudited interim financial statements for the\nfirst, second and third quarters of 2019.\n\n13\\. Cronos filed the restated interim financial statements on March 30, 2020.\n\n14\\. The restated interim financial statements disclosed that the Audit\nCommittee review had concluded that there were accounting errors in the\npreviously issued interim financial statements for the first and third\nquarters of 2019 (Q1 2019 and Q3 2019, respectively). In particular, the\nCompany reduced revenue for the three months ended March 31, 2019, by $2.5\nmillion (US $1.9 million) and the three months ended September 30, 2019, by\n$5.1 million (US $3.9 million).\n\n**a. Q1 2019 Revenue Recognition Errors**\n\n15\\. In the three months ended March 31, 2019, the revenue recognition error\nwas due to one wholesale transaction that was inappropriately accounted for as\nrevenue in the Company's originally issued interim financial statements for Q1\n2019. The transaction involved the exchange of cannabis dry flower for\ncannabis resin, with a third party, in two simultaneous transactions entered\ninto in contemplation of one another.\n\n16\\. This transaction did not meet the criteria for revenue recognition in\naccordance with GAAP, in this case International Financial Reporting Standards\n( **IFRS** ). The standard applicable to revenue recognition for the\ntransaction was IFRS 15, _Revenue from Contracts with Customers._\n\n17\\. This transaction lacked commercial substance and therefore revenue should\nnot have been recognized. As a result, Cronos had overstated revenue by\napproximately $2.5 million (US $1.9 million) on the Consolidated Statements of\nOperations and Comprehensive Income (Loss) in the original Q1 2019 interim\nfinancial statements.\n\n**b. Q3 2019 Revenue Recognition Errors**\n\n18\\. During the three months ended September 30, 2019, there was a similar\nwholesale transaction involving the exchange of cannabis dry flower for\ncannabis extracts in three simultaneous transactions which were entered into\nin contemplation of one another with the same third party.\n\n19\\. This transaction did not meet the criteria for revenue recognition in\naccordance with GAAP, in this case IFRS. This transaction lacked commercial\nsubstance and therefore revenue should not have been recognized. As a result,\nCronos had overstated revenue by approximately $2.1 million (US $1.6 million)\non the Consolidated Statements of Operations and Comprehensive Income (Loss)\nin the original interim financial statements for the three and nine months\nended September 30, 2019.\n\n20\\. During the three months ended September 30, 2019, there was a further\nwholesale transaction for a sale of dried cannabis to a different third party\nfor which revenue was improperly recognized.\n\n21\\. This further wholesale transaction did not meet the criteria for revenue\nrecognition in accordance with IFRS 15 because it was deemed to be a\nconsignment sale and lacked commercial substance. As a result, Cronos had\noverstated revenue by approximately $3.0 million (US $2.3 million) on the\nConsolidated Statements of Operations and Comprehensive Income (Loss) in the\nQ3 2019 interim financial statements.\n\n**c. Material Weaknesses in ICFR: March 2020**\n\n22\\. On March 30, 2020, the Company filed Amended and Restated Management's\nDiscussion and Analysis of Financial Condition and Results of Operations (\n**MD &A ** ) for the first, second and third quarters of 2019.\n\n23\\. Each of the MD&A for the first, second and third quarters of 2019\ndisclosed that as of the end of the reporting period, due to material\nweaknesses, ICFR was not effective to provide reasonable assurance regarding\nthe reliability of financial reporting and the preparation of financial\nstatements in accordance with applicable accounting standards.\n\n24\\. A material weakness is a deficiency, or combination of deficiencies in\nICFR, such that there is a reasonable possibility that a material misstatement\nof the Company's annual or interim financial statements will not be prevented\nor detected on a timely basis.\n\n25\\. Cronos identified material weaknesses in the following areas:\n\n> (a) _Segregation of Duties_ : The Company did not maintain adequately\n> designed controls on segregation of purchase and sale responsibilities to\n> ensure accurate recognition of revenue in accordance with IFRS;\n>\n> (b) _Non-Routine Transactions_ : The Company's controls were not effective\n> to ensure that non-routine transactions, including deviations from\n> contractually established sales terms, were authorized, communicated,\n> identified, and evaluated for their potential effect on revenue recognition;\n> and\n>\n> (c) _Risk Assessment:_ The Company did not appropriately design controls to\n> monitor and respond to changes in its business in relation to their\n> transactions in the wholesale market.\n\n26\\. Because of the segregation of duties and non-routine transaction\ndeficiencies, the Company restated its interim financial statements in respect\nof the Transactions to correct the identified misstatements. While the risk\nassessment deficiency did not directly result in a misstatement, it was a\ncontributing factor in the other material weaknesses described above.\n\n27\\. Together, these deficiencies created a reasonable possibility that a\nmaterial misstatement to the consolidated financial statements would not have\nbeen prevented or detected on a timely basis.\n\n**B. Cronos Uncovers Errors in Goodwill and Indefinite-Lived Tangible Assets**\n\n28\\. On November 9, 2021, Cronos publicly announced that it had been unable to\ncomplete its interim financial statements for the three and nine months ended\nSeptember 30, 2021 because its Audit Committee required additional time to\nevaluate goodwill and indefinite-lived intangible assets. Cronos also\nannounced that it expected to record an impairment charge of not less than US\n$220 million on goodwill and indefinite-lived intangible assets for the three\nand six months ended June 30, 2021.\n\n29\\. On the same date, Cronos filed a Material Change Report with the OSC, in\nwhich it stated that on the recommendation of its Audit Committee and after\nconsultation with its auditor, the Company would be required to restate its\npreviously issued unaudited interim financial statements for the three and six\nmonth period ending June 30, 2021, and that those financial statements should\nno longer be relied upon. The Company also filed Forms 8-K and 12b-25 with\nboth the OSC and the SEC.\n\n30\\. On February 18, 2022, Cronos filed restated interim financial statements\nand an Amended and Restated MD&A for the three and six month period ending\nJune 30, 2021 as the previously filed financial statements had not been\nprepared in accordance with GAAP, in this case US GAAP. Cronos disclosed that\nit had performed an interim impairment test on its U.S. reporting unit and the\nLord Jones brand, as of June 30, 2021, to determine whether the carrying\namount of the reporting unit and indefinite-lived intangible asset, the Lord\nJones brand, exceeded their respective fair values. As a result of its\nanalyses, the Company concluded that it should have recorded an impairment\ncharge of US $234.9 million on goodwill and indefinite-lived intangible assets\nrelated to its U.S. reporting unit.\n\n**C. Material Weaknesses in ICFR: February 2022**\n\n31\\. On February 18, 2022, the Company disclosed that its ICFR was ineffective\ndue to the existence of material weaknesses. The material weaknesses\ncontributed to the failure to accurately recognize the value of its goodwill\nand indefinite-lived intangible assets. Specifically, the Company:\n\n> (a) did not ensure that senior accounting personnel engaged consistently in\n> appropriate professional conduct and conduct consistent with the Company's\n> code of business conduct and ethics; and\n>\n> (b) lacked accounting personnel with appropriate level of knowledge and\n> experience in US GAAP.\n\n**D. MITIGATING FACTORS**\n\n32\\. The following mitigating factors are relevant to Cronos' revenue\nrecognition errors stemming from material weaknesses in ICFR:\n\n> (a) _Cronos' Investigation_ \\-- Cronos had mechanisms in place for employees\n> to submit internal tips and complaints. In addition, Cronos promptly took\n> steps to evaluate employee complaints, including by conducting an internal\n> investigation under the supervision of its Audit Committee, which eventually\n> led to the discovery of material accounting errors in the first and third\n> quarters of 2019;\n>\n> (b) _Co-operation_ \\-- Upon learning of the potential for material\n> accounting errors in previously filed reports, and prior to the completion\n> of its internal investigation, Cronos promptly reported information to the\n> OSC related to potential violations of securities laws in the first quarter\n> and third quarter of 2019 and cooperated with the OSC. Cronos provided\n> timely updates to the OSC and voluntarily produced documents, reports, and\n> other materials, including factual information learned during the course of\n> its internal investigation into the material accounting errors. Cronos\n> further facilitated interviews of current and former officers and employees,\n> including individuals residing outside of Canada;\n>\n> (c) _Restatement_ \\-- On March 30, 2020, Cronos filed amended and restated\n> interim financial statements and MD&A; and\n>\n> (d) _Remediation_ \\-- Cronos identified and implemented several enhancements\n> to remediate the identified weaknesses in ICFR, including developing and\n> implementing new internal accounting controls, developing a new training\n> program regarding accounting related matters, and hiring additional staff\n> with familiarity with applicable accounting requirements.\n\n33\\. The following mitigating factors are relevant to Cronos' failure to\nimpair goodwill and indefinite-lived intangible assets stemming from material\nweaknesses in ICFR:\n\n> a. _Cronos' Investigation_ \\-- Cronos had mechanisms in place for employees\n> to submit internal tips and complaints. In addition, Cronos promptly took\n> steps to evaluate a complaint submitted by an employee, including by\n> conducting an internal investigation under the supervision of its Audit\n> Committee, which eventually led to the discovery of material accounting\n> errors in the second quarter of 2021;\n>\n> b. _Co-operation_ \\-- Upon learning of the potential for material accounting\n> errors in reports previously filed with the OSC and SEC, and prior to the\n> completion of its internal investigation, Cronos promptly self-reported to\n> OSC and SEC staff information related to potential violations of securities\n> laws in the first quarter and third quarter of 2019. The Company applied for\n> a management cease trade order and fully cooperated with OSC, including by\n> providing all requested information promptly and in a transparent manner.\n> Cronos provided timely updates to OSC staff and voluntarily produced\n> documents, reports, and other materials, including factual information\n> learned during the course of its internal investigation into the material\n> accounting errors;\n>\n> c. _Restatement_ \\-- On February 18, 2022, Cronos filed amended and restated\n> interim financial statements and MD&A for the second quarter of 2021; and\n>\n> d. _Remediation_ \\-- Cronos undertook remedial measures upon learning of the\n> material accounting errors, including developing and implementing new\n> internal accounting controls, developing a new training program regarding\n> accounting related matters, and hiring additional staff with familiarity\n> with applicable GAAP requirements.\n\n####  PART IV -- NON-COMPLIANCE WITH ONTARIO SECURITIES LAW [AND/OR] CONDUCT\nCONTRARY TO THE PUBLIC INTEREST\n\n34\\. By engaging in the conduct described above, the Respondent acknowledges\nand admits that:\n\n> (a) the Respondent failed to file interim financial statements prepared in\n> accordance with applicable GAAP, contrary to s. 77 of the _Act_ ; and\n>\n> (b) the Respondent acted in a manner contrary to the public interest\n\n####  PART VI -- TERMS OF SETTLEMENT\n\n35\\. The Respondent agrees to the terms of settlement set forth below.\n\n36\\. The Respondent consents to the Order substantially in the form attached\nto this Settlement Agreement as Schedule \"A\", pursuant to which it is ordered\nthat:\n\n> (a) this Settlement Agreement is approved;\n>\n> (b) the Respondent pay an administrative penalty in the amount of $1,300,000\n> by wire transfer before the commencement of the Settlement Hearing, pursuant\n> to paragraph 9 of subsection 127(1) of the Act;\n>\n> (c) Cronos shall submit to a review by an independent consultant, acceptable\n> to the Commission and paid for by Cronos, of practices and procedures\n> including Cronos' compliance with requirements relating to ICFR, the terms\n> of which are set forth in Schedule \"A\" to the Order, and institute such\n> changes as the independent consultant recommends; and\n>\n> (d) the Respondent pay costs in the amount of $40,000 by wire transfer\n> before the commencement of the Settlement Hearing, pursuant to section 127.1\n> of the Act.\n\n37\\. The Respondent consents to a regulatory order made by any provincial or\nterritorial securities regulatory authority in Canada containing any or all of\nthe sanctions set out in paragraph 36, other than subparagraphs 36 (b) and\n(d). The applicable sanctions may be modified to reflect the provisions of the\nrelevant provincial or territorial securities law.\n\n38\\. The Respondent acknowledges that this Settlement Agreement and the Order\nmay form the basis for orders of parallel effect (but, for clarity, without\nduplication of the sanctions set out in subparagraphs 36 (b) and (d)) in other\njurisdictions in Canada. The securities laws of some other Canadian\njurisdictions allow orders made in this matter to take effect in those other\njurisdictions automatically, without further notice to the Respondent. The\nRespondent should contact the securities regulator of any other jurisdiction\nin which the Respondent intends to engage in any securities- or derivatives-\nrelated activities, prior to undertaking such activities.\n\n####  PART VII -- FURTHER PROCEEDINGS\n\n39\\. If the Tribunal approves this Settlement Agreement, no enforcement\nproceeding will be commenced or continued against the Respondent under Ontario\nsecurities law based on the misconduct described in Part III of this\nSettlement Agreement, unless the Respondent fails to comply with any term in\nthis Settlement Agreement.\n\n40\\. If the Respondent fails to comply with any term in this Settlement\nAgreement, enforcement proceedings under Ontario securities law may be brought\nagainst the Respondent.\n\n41\\. The Respondent waives any defences to a proceeding referenced in\nparagraph 39 or 40 that are based on the limitation period in the Act,\nprovided that no such proceeding shall be commenced later than six years from\nthe date of the occurrence of the last failure to comply with this Settlement\nAgreement.\n\n####  PART VIII -- PROCEDURE FOR APPROVAL OF SETTLEMENT\n\n42\\. The parties will seek approval of this Settlement Agreement at the\nSettlement Hearing before the Tribunal, which shall be held on a date\ndetermined by Registrar, Governance & Tribunal Secretariat of the Commission\nin accordance with this Agreement and the Tribunal's _Rules of Procedure and\nForms_ .\n\n43\\. Representatives of the Respondent will attend the Settlement Hearing by\nvideo conference.\n\n44\\. The parties confirm that this Settlement Agreement sets forth all facts\nthat will be submitted at the Settlement Hearing, unless the parties agree\nthat additional facts should be submitted at the Settlement Hearing.\n\n45\\. If the Tribunal approves this Settlement Agreement:\n\n> (a) the Respondent irrevocably waives all rights to a full hearing, judicial\n> review or appeal of this matter under the Act; and\n>\n> (b) neither party will make any public statement that is inconsistent with\n> this Settlement Agreement or with any additional agreed facts submitted at\n> the Settlement Hearing.\n\n46\\. Whether or not the Tribunal approves this Settlement Agreement, the\nRespondent will not use, in any proceeding, this Settlement Agreement or the\nnegotiation or process of approval of this Settlement Agreement as the basis\nfor any attack on the Tribunal's jurisdiction, alleged bias, alleged\nunfairness or any other remedies or challenges that may be available.\n\n####  PART IX -- DISCLOSURE OF SETTLEMENT AGREEMENT\n\n47\\. If the Tribunal does not make the Order:\n\n> (a) this Settlement Agreement and all discussions and negotiations between\n> the parties before the Settlement Hearing will be without prejudice to\n> either party; and\n>\n> (b) the parties will each be entitled to all available proceedings, remedies\n> and challenges, including proceeding to a hearing on the merits of the\n> allegations contained in the Statement of Allegations in respect of the\n> Proceeding. Any such proceedings, remedies and challenges will not be\n> affected by this Settlement Agreement, or by any discussions or negotiations\n> relating to this Settlement Agreement.\n\n48\\. The parties will keep the terms of this Settlement Agreement confidential\nuntil the Tribunal approves the Settlement Agreement, except as is necessary\nto make submissions at the Settlement Hearing. If, for whatever reason, the\nTribunal does not approve the Settlement Agreement, the terms of the\nSettlement Agreement shall remain confidential indefinitely, unless the\nparties otherwise agree in writing or if required by law.\n\n####  PART X -- EXECUTION OF SETTLEMENT AGREEMENT\n\n49\\. This Settlement Agreement may be signed in one or more counterparts which\ntogether constitute a binding agreement.\n\n50\\. An electronic copy of any signature will be as effective as an original\nsignature.\n\n**DATED at Toronto, Ontario, this 17th day of October, 2022.**\n\n**CRONOS GROUP INC.**\n\nI have authority to bind the Corporation.\n\n\"Terry Doucet\"\n\nSenior Vice President, Legal, Regulatory Affairs and Corporate Secretary\n\n**DATED at Toronto, Ontario, this 19 day of October, 2022.**\n\n**ONTARIO SECURITIES COMMISSION**\n\n\"Jeff Kehoe\"\n\nDirector, Enforcement Branch\n\n####  SCHEDULE \"A\"\n\n####  FORM OF ORDER\n\n####  IN THE MATTER OF CRONOS GROUP INC.\n\nFile No.\n\n_(Names of panelists comprising the panel)_\n\n_(Day and date order made)_\n\n####  ORDER (Sections 127 and 127.1 of the _Securities Act,_ RSO 1990, c. S.5)\n\n**WHEREAS** on [ **date** ] the Capital Markets Tribunal held a hearing by\nvideoconference to consider the request for approval of settlement agreement\ndated **[date** ] (the **Settlement Agreement** );\n\n**ON READING** the Joint Application for Settlement Hearing, including the\nStatement of Allegations dated [ **date** ] and the Settlement Agreement, the\nwritten submissions, and on hearing the submissions of representatives of each\nof the parties, and on considering Cronos Group Inc. ( **Cronos** ) having\nmade payment of each of $1,300,000 and $40,000 to the Commission in accordance\nwith the terms of the Settlement Agreement,\n\n**IT IS ORDERED** that:\n\n> 1\\. the Settlement Agreement is approved;\n>\n> 2\\. Cronos shall pay an administrative penalty of $1,300,000 to the\n> Commission by wire transfer before the commencement of the Settlement\n> Hearing pursuant to paragraph 9 of subsection 127(1) of the Act;.\n>\n> 3\\. Cronos shall submit to a review by an independent consultant acceptable\n> to the Commission and paid for by Cronos of practices and procedures\n> including Cronos' compliance with requirements relating to ICFR, the terms\n> of which are set forth in Schedule \"A\" to this Order, and institute such\n> changes as the independent consultant recommends; and\n>\n> 4\\. Cronos shall pay costs of the Commission's investigation in the amount\n> of $40,000 by wire transfer before the commencement of the Settlement\n> Hearing pursuant to section 127.1 of the Act.\n\n____________________  |   \n---|---  \n[Adjudicator]  |   \n____________________  |  ____________________   \n[Adjudicator]  |  [Adjudicator]   \n  \n####  SCHEDULE \"A\"\n\n####  IN THE MATTER OF CRONOS GROUP INC.\n\n####  TERMS AND CONDITIONS OF INDEPENDENT REVIEW OF PRACTICES AND PROCEDURES\n\nThis document is made in connection with the settlement agreement dated [date]\n(the **Settlement Agreement** ) in File No. [XXX]. All terms in this document\nhave the same meaning as in the Settlement Agreement.\n\nCronos shall:\n\n> 1\\. Retain, within thirty (30) days of the date of the Order, at its own\n> expense a qualified independent consultant (the **Consultant** ) not\n> unacceptable to the OSC, to review the Respondent's internal accounting\n> controls and ICFR. The Consultant's review and evaluation shall include an\n> assessment of the following:\n>\n\n>> (a) The effectiveness of Cronos' internal accounting controls in light of\nCronos' business strategy. The review shall include, but not be limited to, a\nreview of the Company's policies, procedures, and controls, relating to (i)\nrevenue recognition, including in its wholesale channel and non-routine\ntransactions, and (ii) the assessment and testing of goodwill and intangible\nassets for impairment;\n\n>>\n\n>> (b) Cronos' compliance with Ontario securities laws related to ICFR,\nincluding but not limited to, the adequacy of Cronos' control environment and\nrisk assessment based upon criteria established in the Internal Control --\nIntegrated Framework (2013) by the Committee of Sponsoring Organizations of\nthe Treadway Commission ( **COSO** );\n\n>>\n\n>> (c) Cronos' employment of a sufficient number of accounting and finance\npersonnel with an understanding of applicable GAAP and financial reporting\nrequirements, as well as the reporting lines of accounting and finance\npersonnel to management and the Board of Directors; and\n\n>>\n\n>> (d) Cronos' training of its employees on matters related to applicable GAAP\nas well as financial reporting requirements.\n\n>\n> 2\\. Provide, within forty-five (45) days of the date of this Order, a copy\n> of the engagement letter detailing the Consultant's responsibilities to a\n> Manager of the Enforcement Branch of the OSC.\n>\n> 3\\. Require the Consultant, at the conclusion of the review, which in no\n> event shall be more than 120 days after the date of the Order, to submit a\n> report of the Consultant to the Respondent and a Manager of the Corporate\n> Finance Branch of the OSC. The report shall address the Consultant's\n> findings and shall include a description of the review performed, the\n> conclusions reached, and the Consultant's recommendations for changes or\n> improvements.\n>\n> 4\\. Adopt, implement, and maintain all policies, procedures and practices\n> recommended in the report of the Consultant within 120 days of receiving the\n> report from the Consultant. As to any of the Consultant's recommendations\n> about which the Respondent and the Consultant do not agree, such parties\n> shall attempt in good faith to reach agreement within 180 days of the date\n> of the date of the Order. In the event that the Respondent and the\n> Consultant are unable to agree on an alternative proposal, the Respondent\n> will abide by the determination of the Consultant and adopt those\n> recommendations deemed appropriate by the Consultant.\n>\n> 5\\. Cooperate fully with the Consultant in its review, including making such\n> information and documents available as the Consultant may reasonably\n> request, and by permitting and requiring the Respondent's employees and\n> agents to supply such information and documents as the Consultant may\n> reasonably request, subject to any applicable privilege.\n>\n> 6\\. To ensure the independence of the Consultant, the Respondent (i) shall\n> not have received legal, auditing, or other services from, or have had any\n> affiliations with, the Consultant during the two years prior to the date of\n> this Order; (ii) shall not have the authority to terminate the Consultant\n> without prior written approval of the OSC; and (iii) shall compensate the\n> Consultant for services rendered pursuant to the Order at their reasonable\n> and customary rates.\n>\n> 7\\. Require the Consultant to enter into an agreement that provides that for\n> the period of engagement and for a period of two years from completion of\n> the engagement, the Consultant shall not enter into any employment,\n> consultant, attorney-client, auditing or other professional relationship\n> with Respondent, or any of its present or former affiliates, directors,\n> officers, employees, or agents acting in their capacity. The agreement will\n> also provide that the Consultant will require that any firm with which they\n> are affiliated or of which they are a member, and any person engaged to\n> assist the Consultant in performance of their duties under this order shall\n> not, without prior written consent of the OSC, enter into any employment,\n> consultant, attorney-client, auditing or other professional relationship\n> with the Respondent, or any of its present or former affiliates, directors,\n> officers, employees, or agents acting in their capacity as such for the\n> period of engagement and for a period of two years after the engagement.\n>\n> 8\\. The reports by the Consultant will likely include confidential\n> financial, proprietary, competitive business or commercial information.\n> Public disclosure of the reports could discourage cooperation, impede\n> pending or potential government investigations or undermine the objectives\n> of the reporting requirement. For these reasons, among others, the reports\n> and the contents thereof are intended to remain and shall remain non-public,\n> except (1) pursuant to court order, (2) as agreed to by the parties in\n> writing, (3) to the extent that the OSC determines in its sole discretion\n> that disclosure would be in furtherance of the OSC's discharge of its duties\n> and responsibilities, or (4) is otherwise required by law.\n>\n> 9\\. Require the Consultant to report to a Manager of the Enforcement Branch\n> of the OSC on its activities as the OSC may request.\n>\n> 10\\. Respondent agrees that the OSC may extend any of the dates set forth\n> above at its discretion.\n>\n> 11\\. Certify, in writing, compliance with the requirements(s) set forth\n> above. The certification shall identify the requirements(s), provide written\n> evidence of compliance in the form of a narrative, and be supported by\n> exhibits sufficient to demonstrate compliance. The OSC may make reasonable\n> request for further evidence of compliance, and the Respondent agrees to\n> provide such evidence. The certification and reporting material shall be\n> submitted to the Manager of the Corporate Finance Branch of the OSC no later\n> than thirty days (30) from the date of the completion of the requirements.\n\n  * [ Fran\u00e7ais ](/fr/instances/cronos-group-inc-and-william-hilson-re/settlement-agreement-matter-cronos-group-inc-and-william-hilson)\n\n###  Your feedback matters\n\n[ ](https://osc.ca) [ ](/en)\n\n[ Subscribe to our updates ](/en/news/subscribe)\n\n##  Connect with us:\n\n  * [ ](https://www.linkedin.com/company/ontario-securities-commission \"Follow us on Linkedin\")\n  * [ ](https://www.x.com/OSC_News \"Follow us on Twitter\")\n  * [ ](/en/rss-feeds \"Follow us on RSS\")\n\n\u00ae Ontario Securities Commission 2025\n\n[ ](/)\n\n  * [ Fran\u00e7ais ](/fr/instances/cronos-group-inc-and-william-hilson-re/settlement-agreement-matter-cronos-group-inc-and-william-hilson)\n\n",
                "url": "https://www.capitalmarketstribunal.ca/en/proceedings/cronos-group-inc-and-william-hilson-re/settlement-agreement-matter-cronos-group-inc-and-william-hilson"
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            "summary": "This is a settlement agreement document from the Capital Markets Tribunal related to Cronos Group Inc., providing legal and regulatory information. It is a reliable source for legal matters.",
            "url": "https://www.capitalmarketstribunal.ca/en/proceedings/cronos-group-inc-and-william-hilson-re/settlement-agreement-matter-cronos-group-inc-and-william-hilson"
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                "url": "https://www.sec.gov/Archives/edgar/data/1656472/000104746918000939/a2234513zex-99_1.htm"
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            "summary": "This is a filing with the U.S. Securities and Exchange Commission (SEC) related to Cronos Group, providing official financial and regulatory information. SEC filings are highly reliable.",
            "url": "https://www.sec.gov/Archives/edgar/data/1656472/000104746918000939/a2234513zex-99_1.htm"
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                "page_content": "Skip to content\n\n##  A Global  \nCannabinoid  Company\n\nCronos Group is an innovative global cannabinoid company committed to building\ndisruptive intellectual property by advancing cannabis research, technology,\nand product development. With a passion to responsibly elevate the consumer\nexperience, Cronos is building an iconic brand portfolio. Cronos\u2019 diverse\ninternational brand portfolio includes Spinach  \u00ae  , PEACE NATURALS  \u00ae  and\nLord Jones  \u00ae  .\n\n[ Explore Brands _arrow_forward_ ](/brands/) Explore Solutions \u2192\n\n#  About\n\n##  Us\n\n##  Mission\n\nBuild brands and create products that enhance experiences\n\n##  Vision\n\nTake experiences to new highs\n\n##  Values\n\nAt the heart of Cronos are our values. They are the principles that steer our\nactions and define our character. They represent who we are, how we operate,\nand the reputation we aspire to build and maintain within the industry and all\nour stakeholders who help shape it.\n\n##  Community\n\nWe believe in building and supporting a fair and equitable industry.\n\n##  Fun\n\nWe believe in creating your favorite products through innovation and\nimagination.\n\n##  Responsibility\n\nWe believe our products are for adults* (*Adults are those of the legal age of\nconsumption in the relevant jurisdiction).\n\n##  Quality\n\nWe believe in elevating industry practices to provide quality products focused\non reliability and transparency.\n\n#  The\n\n##  Team\n\nOur management team comprises experts in their fields, with a goal to\nestablish the most valuable international cannabis company. They are\npassionate, daring people, driven by quality and integrity, who are determined\nto write history, not read about it.\n\nMike Gorenstein\n\nAnna Shlimak\n\nJeff Jacobson\n\nShannon Buggy\n\nTerry Doucet\n\nArye Weigensberg\n\nAdam Wagner\n\nMike Gorenstein  __\n\n#  Mike Gorenstein\n\n####  Chairman, President and Chief Executive Officer\n\nMike Gorenstein serves as Cronos Group\u2019s Chairman, President and Chief\nExecutive Officer, he also serves as Chairman of Cronos Group\u2019s Board of\nDirectors. In addition, Mr. Gorenstein is a Co-Founder and passive Member of\nGotham Green Partners. Before joining Cronos, Mike was the Vice President and\nGeneral Counsel at Alphabet Partners, LP, a New York City based multi-strategy\ninvestment management firm, focused on identifying mispriced assets across\nvarious industries, asset classes and geographies. Prior to Alphabet Partners,\nLP, he was a corporate attorney at Sullivan & Cromwell LLP, where he focused\non mergers and acquisitions and capital markets transactions. Mike graduated\nfrom the University of Pennsylvania Law School with a Juris Doctor, the\nWharton School at University of Pennsylvania with a certificate in Business\nEconomics and Public Policy and the Kelley School of Business at Indiana\nUniversity with a Bachelor of Science of Business in Finance.\n\nAnna Shlimak  __\n\n#  Anna Shlimak\n\n####  Chief Financial Officer\n\nAnna serves as Cronos\u2019 Chief Financial Officer. Anna recently served as the\nCompany\u2019s Chief Strategy Officer and was responsible for managing and\ndirecting the organization\u2019s corporate strategy, investor relations,\ncommunications, government affairs, and information systems departments. Prior\nto joining Cronos, Anna was the Head of Investor Relations at Quest Partners\nLLC, a research-driven alternative investment firm. Anna was responsible for\nbusiness development, investor reporting, marketing, and communication\ninitiatives for the fund. Before that, Anna held a range of roles at the New\nYork Stock Exchange in both the New York and London offices. She received a\nMaster of Business Administration from Columbia Business School and holds a\nBachelor of Science in Economics from The Wharton School at the University of\nPennsylvania.\n\nJeff Jacobson  __\n\n#  Jeff Jacobson\n\n####  Chief Growth Officer\n\nAs Chief Growth Officer, Jeff leads the Marketing, Innovation, Operations and\nSales team in North America as well as the Consumer Insights and Data\nAnalytics teams for Cronos Group\u2019s global business. Jeff sets the strategy for\nour brands and is responsible for leading our global teams to help execute\nCronos Group\u2019s vision. Jeff previously served as Cronos Group\u2019s General\nManager of Canada and Europe. Before joining Cronos Group, Jeff founded a\nToronto based marketing agency and successfully launched and licensed several\ninnovative software products in the mobile industry. As a co-founder of Peace\nNaturals, Jeff\u2019s expertise and experience in licensing and compliance, new\nbusiness development, project management and resource management help Cronos\nGroup lead in a variety of markets.\n\nShannon Buggy  __\n\n#  Shannon Buggy\n\n####  Senior Vice President, Global Head of People\n\nShannon serves as the SVP, Global Head of People for Cronos Group where she\nleads HR strategy across the Company\u2019s global operations. Prior to Cronos\nGroup, Shannon was the Senior Vice President of Global Human Resources for\nNielsen where she led HR strategy for Nielsen Media. With over 25 years of\nexperience, Shannon has a proven track record of leading and managing global\nhuman resources teams and driving excellence in talent acquisition,\ndevelopment, retention, employee relations, compensation, benefits, talent\nmanagement and labor relations. Shannon holds a certification as a Senior\nProfessional in Human Resources from the HR Certification Institute. She\ngraduated magna cum laude with a Bachelor of Science degree in Human Resources\nManagement from the Pace University, Lubin School of Business.\n\nTerry Doucet  __\n\n#  Terry Doucet\n\n####  General Counsel and Corporate Secretary\n\nTerry Doucet serves as Cronos Group\u2019s General Counsel and Corporate Secretary.\nIn this capacity, he manages all legal and regulatory affairs at Cronos Group\nand also serves as the Company\u2019s Corporate Secretary. Prior to joining Cronos,\nTerry was a corporate lawyer at Davies Ward Phillips & Vineberg LLP in\nToronto, where he focused primarily on M&A in large, complex and cross-border\ntransactions across numerous industries, as well as securities, corporate\nfinance and lending transactions. During that time, Terry was also seconded to\nRBC Capital Markets, where he supported the bank\u2019s derivative trading desks.\nTerry is an Ontario-qualified lawyer, holding a Juris Doctor from the\nUniversity of Toronto and a joint honours (first class) Bachelor of Arts\ndegree from McGill University in Montreal.\n\nArye Weigensberg  __\n\n#  Arye Weigensberg\n\n####  Head of Research and Development\n\nAs Head of Research and Development, Arye is responsible for leading Cronos\u2019\ninnovation program, where he oversees research and technology functions, and\nleads scientific efforts to unlock the potential of rare cannabinoids. Before\njoining Cronos, Arye was the CEO of Altria Israel Ltd, an Altria research and\ndevelopment innovation hub. Arye joined Altria as part of its acquisition of\nGreen Smoke, where he was the Director of Marketing and Brand Management.\nPrior to Green Smoke, Arye held a variety of roles in brand management and\nmarketing, supporting food brands such as Manischewitz, Lawry\u2019s, Ragu, Knorr\nand Country Crock. Arye graduated from Concordia University\u2019s John Molson\nSchool of Business with a Bachelor of Commerce in Marketing and International\nBusiness.\n\nAdam Wagner  __\n\n#  Adam Wagner\n\n####  SVP, Head of Cronos Israel\n\nAdam Wagner serves as Senior Vice President, Head of Cronos Israel. Adam\noversees the business and strategy of Cronos Israel. Before he was appointed\nas Head of Cronos Israel, he was the VP of Finance at Cronos Israel where he\noversaw the regional Israel finance department, including FP&A,\ncontrollership, audit, treasury, tax, as well as IT, supply chain and\nprocurement . Before joining Cronos, Adam worked as a Director of Finance at\nMotus GI, a publicly traded medical device company, where he oversaw the\nIsrael-based finance department. Before that, Adam was a Finance Manager at\nMedtronic, a publicly traded medical equipment manufacturer, where he oversaw\nthe Israel-based finance department functions. Prior to Medtronic\u2019s\nacquisition, he was the Corporate Controller for Mazor Robotics, a dual-listed\npublic medical device company. Adam began his career as a Senior Auditor at EY\nwhere he managed a team that performed audits for various publicly traded and\nprivate companies. Adam also serves as a Finance expert on an advisory board\nfor a wellness and healthcare start-up. Adam is a CPA (Israel) and studied\nAccounting at Bar-Ilan University. Adam also holds a Bachelor\u2019s Degree in\nScience of Nutrition and his Master of Science in Genetics and Biochemistry\nfrom Tel Aviv University.\n\n\u00a9 2025 The Cronos Group. All rights reserved.\n\n[ Facebook  ](https://www.facebook.com/cronosgroupoffical) [ X-twitter\n](https://twitter.com/cronosgroup) [ Linkedin\n](https://www.linkedin.com/company/cronos-group-cron/?viewAsMember=true)\n\n\u00a9 2024 The Cronos Group. All rights reserved.\n\nFacebook  X-twitter  Linkedin\n\n",
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                "page_content": "##  Head of Global Information Systems\n\nInformation Systems  United States  United States  United States  United\nStates\n\n* * *\n\n[ Apply ](/cronosgroup/job/oRSqvfwo/apply)\n\n###  Description\n\nCronos is an innovative global cannabinoid company committed to building\ndisruptive intellectual property by advancing cannabis research, technology,\nand product development. With a passion to responsibly elevate the consumer\nexperience, Cronos is building an iconic brand portfolio. Cronos\u2019 diverse\ninternational brand portfolio includes Spinach\u00ae, PEACE NATURALS\u00ae and Lord\nJones\u00ae. For more information about Cronos and its brands, please visit: [\nhttps://thecronosgroup.com/ ](https://thecronosgroup.com/) .\n\nAt Cronos Group, we hire talented people who thrive on solving difficult\nproblems and give them the opportunity to hone new skills and approaches. If\nyou want to play a part in shaping an innovative industry and help build a\nhistorically significant company, we want to meet you.\n\nAs the Head of Global Information Systems, you will lead the definition and\ndelivery of the Information Technology strategy and capabilities across the\nenterprise. The Head of Global Information System is responsible for Cronos\u2019s\ntechnology strategy, operational performance and digital innovation across all\noperations.\n\nThe Head of Global Information System will approach information technology\nwith an innovation agenda, a customer service mentality, a vision for the\nfuture, and a transformational mindset. They will build a long-term, consumer-\ncentric information technology (IT) strategy that supports the Company\u2019s\ngrowth within existing lines of business and regions. In addition, the Global\nHead of IS will monitor external technology changes and be a source of\ncontinuous innovation, which will effectively differentiate Cronos from the\ncompetition.\n\nWhat you\u2019ll be doing:\n\n  * Drives the modernization of business systems, project development and support practices. \n  * Initiator and catalyst for the process of continuous improvement, both as it relates to financial processes (e.g., reporting and analytical infrastructure) and business processes (e.g., Prospect-To-Order, Order-To-Cash, and Purchase-To-Pay). \n  * Lead IS strategic and operational planning to achieve business goals by fostering innovation, prioritizing IS initiatives, driving operational excellence, and coordinating the evaluation, deployment, and management of current and future IS across the organization. \n  * Establish priorities and objectives based on business goals; manage performance towards desired results. \n  * Identifies opportunities for suitable and cost-effective investment in IS, including staffing, sourcing, purchasing and development; develops business case justifications and cost/benefit analyses for IS spend and initiatives. \n  * Outsourcing Partner Management experience: extract and maximize output from outsourcing partners. \n  * Establish data discipline and governance across all master data e.g. Customer, Vendor, Material. \n  * Interact with peers, direct reports, and other employees in a manner that reflects leadership, encourages open two-way communications, and contributes to exceptional employee relations throughout the Company. \n  * Ensure the technology team attracts, develops, and retains the best people and fosters an environment that motivates the team to fully realize its capabilities in achieving desired business results. \n  * Cost management best practices to balance investment in technology with clear cost-benefit analysis and improved compliance/control. \n  * Ensuring compliance with regulatory requirements (e.g., SOX) and internal policies. \n  * Engaging third parties to assess the effectiveness of cybersecurity controls and implement mitigation strategies for any risks identified. \n\nYou\u2019ll need to have:\n\n  * Bachelor or advanced degree in Computer Science or related field; or equivalent additional experience \n  * 10+ years of information systems and technology administration experience with an increasing level of responsibility and scope \n  * Experience scaling IS organizations through typical growth stages and a background in large-scale implementations, cloud technologies, systems development lifecycle (SDLC), business intelligence, IS governance and transformation. \n  * Experience leading IT audit initiatives and collaborating with external auditors to address any findings related to IT controls. Familiarity with e-commerce, IT back end, mobile apps and APIs is a plus \n  * Familiarity with SAP systems a plus \n  * Managerial accounting experience with IT spend (budgeting and forecasting IT spend on quarterly, annual, and multi-year basis as well as calculating project ROI) \n  * Demonstration of strong program and project management capabilities \n  * Solid interpersonal and leadership skills, capable of establishing and maintaining effective relationships with executives, employees, and outside vendors. \n  * A strategic thinker, problem-solver and effective project manager who is comfortable rolling up their sleeves and being hands-on. \n  * A knack for identifying and tackling \u201chard problems\u201d, thinking creatively, and getting things done \n  * A passion for staying current on technology and continuous improvement mentality, always working to improve processes, systems, functions, and experiences. \n  * Exceptional communication skills to articulate technical possibilities and limitations of systems to non-technical colleagues. \n  * Experience as a change agent in building high-performing teams in complex and changing environments with high levels of ambiguity. \n  * A player and coach; capable of being an effective people leader while developing your team to operate at peak performance. \n\nAdditional Notes\n\nNOTE: Job Description is not intended to be all-inclusive. Employees may\nperform other related duties to meet the ongoing needs of the organization.\n\nWe are committed to fostering a diverse and inclusive work environment, and we\nwelcome and encourage applications from people with disabilities and people\nwith diverse backgrounds, identities, and cultures. For candidates with\ndisabilities, accommodations are available upon request in all phases of the\nselection process.\n\n[ Apply ](/cronosgroup/job/oRSqvfwo/apply) Apply Later\n\n[ Back to Current Openings ](/cronosgroup/jobs)\n\n####  Share this job\n\n[ __ LinkedIn  ]() [ __ Facebook  ]() __ Twitter  __ Email\n\n__\n\n[ _ Powered by Jobvite  _ ](https://www.jobvite.com/support/job-seeker-\nsupport/)\n\n  * [ Website Terms of Use ](https://thecronosgroup.com/term_of_use.php)\n  * [ Website Privacy Statement ](https://thecronosgroup.com/website_privacy_statement.php)\n  * [ Cookie Policy ](https://thecronosgroup.com/cookie_policy.php)\n\n\u00a9 2025 The Cronos Group. All rights reserved.\n\nBack to Top\n\n",
                "url": "https://jobs.jobvite.com/cronosgroup/job/oRSqvfwo"
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                    "source": "https://www.globenewswire.com/news-release/2020/03/30/2008663/0/en/Cronos-Group-Reports-2019-Fourth-Quarter-and-Full-Year-Results.html"
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                "page_content": "Accessibility: Skip TopNav\n\n#  Cronos Group Reports 2019 Fourth Quarter and Full-Year Results\n\nMarch 30, 2020 16:02 ET  | Source:  [ Cronos Group Inc. ](/en/search/organization/Cronos%2520Group%2520Inc\u00a7) Cronos Group Inc. \n\n* * *\n\n_Completed Audit Committee Review and Restated Certain 2019 Unaudited Interim\nFinancial Statements_  \n\n_Expanded Canadian distribution to new provinces and product categories across\nthe adult-use market_\n\n_Established Cronos Fermentation, a critical step in advancing the production\nof cultured cannabinoids in partnership with Ginkgo Bioworks_\n\n_Enhanced research and development capabilities at the Peace Naturals Campus_\n\n_Advanced operational readiness of Cronos Israel with GAP and GMP\ncertifications_\n\nTORONTO, March 30, 2020 (GLOBE NEWSWIRE) -- Cronos Group Inc. (NASDAQ: CRON)\n(TSX: CRON) (\u201cCronos Group\u201d or the \u201cCompany\u201d), today announces its 2019 fourth\nquarter and full-year business results.\n\nThe Audit Committee of the Cronos Group Board of Directors has completed its\nreview of certain bulk resin purchases and sales of products through the\nwholesale channel. Following completion of the review, and on the\nrecommendation of the Audit Committee and advice from the Company\u2019s\nindependent auditor, KPMG LLP, the Board determined that Cronos Group will\nrestate its unaudited interim financial statements for the first, second and\nthird quarters of 2019. Accordingly, the Company reduced revenue for the three\nmonths ended March 31, 2019 by C$2.5 million and the three months ended\nSeptember 30, 2019 by C$5.1 million.\n\n\u201cWe are pleased that the Audit Committee has completed its review, and that\nCronos Group is now current with the filing of our financial reports. As we\nmove forward, we are committed to improving our internal controls and\nfinancial reporting practices, maintaining the highest standards of\ntransparency and accountability, and enhancing our capabilities and resources\nacross functions to support our strategy,\u201d said Mike Gorenstein, CEO of Cronos\nGroup.\n\n\u201cCronos Group ended 2019 with a strong foundation and balance sheet, and a\nclear focus on achieving our core strategic initiatives to drive long-term,\nsustainable growth. Importantly, we expanded our Canadian distribution\nfootprint, broadened our brand portfolio, enhanced our global supply chain\ncapabilities and advanced our breakthrough intellectual property and research\nand development initiatives. While the world currently faces an unprecedented\ntime of uncertainty related to COVID-19, we believe we are well-positioned to\nbuild on these accomplishments as we maintain our investments in brands and\nproducts that will resonate with adult consumers and generate sustainable,\nlong-term value for shareholders.\u201d\n\n**_Financial Results_ **\n\n_(in thousands of USD)_ |  |  **Three months December 31,** |  |  **Change** |  |  **Year ended December 31,** |  |  **Change**  \n---|---|---|---|---|---|---|---|---  \n|  |  **2019** |  |  **2018** |  |  **$** |  |  **%** |  |  **2019** |  |  **2018** |  |  **$** |  |  **%**  \n**Net revenue** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nUnited States  |  |  $  |  2,693  |  |  |  $  |  \u2014  |  |  |  $  |  2,693  |  |  |  N/A  |  |  $  |  3,364  |  |  |  $  |  \u2014  |  |  |  $  |  3,364  |  |  |  N/A   \nRest of World  |  |  4,615  |  |  |  4,285  |  |  |  330  |  |  |  8  |  %  |  |  20,386  |  |  |  12,121  |  |  |  8,265  |  |  |  68  |  %   \nConsolidated net revenue  |  |  7,308  |  |  |  4,285  |  |  |  3,023  |  |  |  71  |  %  |  |  23,750  |  |  |  12,121  |  |  |  11,629  |  |  |  96  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nGross profit (loss)  |  |  (20,375  |  )  |  |  1,880  |  |  |  (22,255  |  )  |  |  (1184  |  )%  |  |  (17,864  |  )  |  |  6,213  |  |  |  (24,077  |  )  |  |  (388  |  )%   \nGross margin  |  |  (279  |  )%  |  |  44  |  %  |  |  \u2014  |  |  |  (323)pp  |  |  (75  |  )%  |  |  51  |  %  |  |  \u2014  |  |  |  (126)pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nReported operating loss  |  |  $  |  (63,869  |  )  |  |  $  |  (8,871  |  )  |  |  $  |  (54,998  |  )  |  |  620  |  %  |  |  $  |  (121,484  |  )  |  |  $  |  (21,341  |  )  |  |  $  |  (100,143  |  )  |  |  469  |  %   \nAdjusted operating loss  (i)  |  |  (56,601  |  )  |  |  (8,871  |  )  |  |  (47,730  |  )  |  |  538  |  %  |  |  (114,216  |  )  |  |  (21,341  |  )  |  |  (92,875  |  )  |  |  435  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \n**Other Data** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nCash and cash equivalents  |  |  |  |  |  |  |  |  |  |  1,199,693  |  |  |  23,927  |  |  |  1,175,766  |  |  |  4914  |  %   \nShort-term investments  |  |  |  |  |  |  |  |  |  |  306,347  |  |  |  \u2014  |  |  |  306,347  |  |  |  N/A   \nCapital expenditures  |  |  757  |  |  |  32,676  |  |  |  (31,919  |  )  |  |  (98  |  )%  |  |  38,953  |  |  |  88,586  |  |  |  (49,633  |  )  |  |  (56  |  )%   \n  \n_ (i) See \u201cNon-GAAP Measures\u201d for more information, including a reconciliation\nof adjusted operating loss  \n_ _ (ii) Dollar amounts are as of the last day of the period indicated  _\n\n**Fourth Quarter 2019**\n\n  * Net revenue of $7.3 million in Q4 2019 increased by $3.0 million from Q4 2018, primarily driven by an increase in the volume of products sold in the Rest of World segment and the Redwood acquisition, partially offset by a decrease in the price of products sold in the Rest of World segment. \n  * Gross profit (loss) of ($20.4) million in Q4 2019 decreased by $22.3 million from Q4 2018, primarily driven by the inventory write-down of $24.0 million. \n  * The Company incurred an inventory write-down of $24.0 million, made up of a one-time charge of $1.9 million, related to the repurposing of certain facilities at the Peace Naturals Campus, and a $22.1 million write-down on cannabis plants, based on the estimated market value of the specific strains previously in production, and cannabis oil, primarily driven by downward pressure in market prices during the year. If we were to adjust for the effects of the inventory write-down, gross profit in Q4 2019, would have been $3.6 million, representing a gross margin of 50%. We anticipate inventory write-downs in the short-term due to pricing pressures in the marketplace and while the Company executes its operational repurposing of the Peace Naturals Campus. \n  * Reported operating loss of ($63.9) million in Q4 2019 increased by $55.0 million from Q4 2018, primarily driven by the inventory write-down in Q4 2019, one-time charges related to the repurposing of certain facilities at the Peace Naturals Campus, an increase in general and administrative expenses in order to support Cronos Group\u2019s growth strategy, an increase in sales and marketing in order to create, build and develop brands and an increase in R&D costs. \n  * Adjusted operating loss of ($56.6) million in Q4 2019 increased by $47.8 million from Q4 2018, primarily driven by inventory write-downs in Q4 2019 and an increase in general and administrative expenses in order to support Cronos Group\u2019s growth strategy, an increase in sales and marketing in order to create, build and develop brands and an increase in R&D costs. \n\n**Full-Year 2019**\n\n  * Net revenue of $23.8 million in Full-Year 2019 increased by $11.6 million from Full-Year 2018, primarily driven by an increase in the volume of sales in the Rest of World Segment due to increases in production, increases in the volume of wholesale sales and the launch of the adult-use market in Canada. \n  * Gross profit (loss) of ($17.9) million in Full-Year 2019 decreased by $24.1 million from Full-Year 2018, primarily driven by the inventory write-down of $29.4 million. \n  * The Company incurred an inventory write-down of $29.4 million, made up of a one-time charge of $1.9 million, related to the repurposing of certain facilities at the Peace Naturals Campus, and a $27.5 million write-down on cannabis plants, based on the estimated market value of the specific strains previously in production, and cannabis oil, primarily driven by downward pressure in market prices during the year. If we were to adjust for the effects of the inventory write-downs, gross profit in Full-Year 2019, would have been $11.6 million, representing a gross margin of 49%. \n  * Reported operating loss of ($121.5) million in Full-Year 2019 increased by $100.1 million from Full-Year 2018, primarily driven by inventory write-downs in Full-Year 2019, an increase in general and administrative expenses in order to support Cronos Group\u2019s growth strategy, an increase in sales and marketing in order to create, build and develop brands and an increase in R&D costs related to the Company\u2019s two research partnerships and one-time charges related to the repurposing of certain facilities at the Peace Naturals Campus. \n  * Adjusted operating loss of ($114.2) million in Full-Year 2019 increased by $92.9 million from Full-Year 2018, primarily driven by inventory write-downs in Full-Year 2019, an increase in general and administrative expenses in order to support Cronos Group\u2019s growth strategy, an increase in sales and marketing in order to create, build and develop brands and an increase in R&D costs related to the Company\u2019s two research partnerships. \n\n**_Business Updates_ **\n\n**Brand Portfolio**\n\nIn December 2019, Cronos Group launched cannabis vaporizer devices for the\nCanadian adult-use market under the COVE\u2122 and Spinach\u2122 brands. In conjunction\nwith this launch, the Company created new, tailored 510 thread vaporizer\nproduct lines for the COVE\u2122 and Spinach\u2122 brands, including cartridges that are\ntamper resistant, made from high-quality stainless-steel components and food\ngrade silicone and have rechargeable draw batteries to prevent overheating.\nThe formulations use premium cannabis extract and come in all-natural terpene-\nrich flavors. The vaporizer products are currently available at cannabis\ncontrol authorities in Ontario, British Columbia, Manitoba, New Brunswick, and\nNova Scotia, as well as from private-sector retailers in Saskatchewan.\n\nIn the fourth quarter, we successfully executed three holiday pop-up shops in\nLos Angeles and New York City to provide consumers with a curated retail\nexperience of its Lord Jones\u2122 products.\n\nCronos Group made the decision to pause distribution of PEACE+\u2122 hemp-derived\nCBD tinctures through Altria Group. Inc.\u2019s (\u201cAltria\u201d) sales and distribution\nnetwork. Cronos Group remains focused on meeting the demands of adult\nconsumers and will continue to evaluate other product formats and categories\nthat we believe may be more suitable for the PEACE+  TM  brand in the evolving\nenvironment.\n\n**Global Sales and Distribution**\n\nIn the fourth quarter, Cronos Group began selling cannabis flower and extract\nproducts to cannabis control authorities in Alberta, Manitoba, and Quebec. In\naddition to the new territories, the Company sells dried flower, pre-rolls,\ncannabis oils and cannabis extracts through its adult-use brands, COVE\u2122 and\nSpinach\u2122, to cannabis control authorities in Ontario, British Columbia, Nova\nScotia and Prince Edward Island, as well as to private-sector retailers in\nSaskatchewan.\n\nOn October 25, 2019, Cronos Australia announced the closing of an A$20.0\nmillion initial public offering. Cronos Group currently holds approximately 31\npercent of the issued capital of Cronos Australia. With the initial public\noffering complete, Cronos Group is positioned to continue participating in\nCronos Australia\u2019s growth in the medicinal market in the Asia-Pacific region\nwhile generating value for the Company\u2019s shareholders.\n\nIn the fourth quarter of 2019, Cronos Group completed its first test export of\nPEACE NATURALS\u2122 branded cannabis oil products to Cronos Australia for\ndistribution to the Australian medical market.\n\n**Global Supply Chain**\n\nIn November 2019, Cronos Group began an operational redesign at the Peace\nNaturals Campus to better align the business with our strategic priorities. As\npart of this effort, specific facilities at the Peace Naturals Campus are in\nthe process of being repurposed from cultivation to R&D, with a focus on\ndeveloping new technologies for value-added product manufacturing, and\nproduction of derivative products. This redesign will also increase vault and\nwarehousing capabilities at the facility.\n\nIn the fourth quarter of 2019, the Company recorded pre-tax charges of $7.2\nmillion related to the repurposing efforts at the Peace Naturals Campus, with\n$1.9 million associated with an inventory write-down and $5.3 million of\noperating expenses, primarily related to impairment costs. The Company does\nnot expect to incur any further significant costs related to the repurposing\nactivities.\n\nThe Cronos Israel facility continues to move closer to operational readiness.\nConstruction of Cronos Israel\u2019s greenhouse and facility was completed in the\nthird quarter of 2019. In December 2019, Cronos Israel successfully achieved\nGAP certification for propagation and cultivation, as well as GMP\ncertification for the manufacturing and production facilities. Commencement of\noperations at the Cronos Israel facility will be subject to obtaining the\nremaining necessary cannabis production licenses under applicable law.\n\n**Intellectual Property Initiatives**\n\nGinkgo Bioworks (\u201cGinkgo\u201d) has filed certain patent applications pertaining to\nbiosynthesis of cannabinoids to protect intellectual property developed as\npart of the research progressing under the partnership with Cronos Group.\nUnder the partnership, Cronos Group is the exclusive licensee of the\nintellectual property covered by the patent applications for the target\ncannabinoids.\n\nIn July 2019, Cronos Group acquired a GMP compliant fermentation and\nmanufacturing facility (\u201cCronos Fermentation\u201d) in Winnipeg, Manitoba. The\nacquisition is expected to provide the fermentation and manufacturing\ncapabilities needed in order to capitalize on the progress underway with\nGinkgo by enabling Cronos Group to produce high-quality cannabinoids at scale\nusing fermentation. In November 2019, a team of engineers, scientists,\nproduction and quality assurance personnel previously employed by Apotex\nFermentation Inc., joined Cronos Group.\n\nCronos Group commenced work on developing scale-up and downstream processes at\nCronos Fermentation, while in parallel Ginkgo develops microorganisms for\nproducing cultured cannabinoids. As Cronos Group develops the processes and\nparameters, these learnings will be applied for the strains that will be\nutilized for commercial production of cultured cannabinoids. Commercial\nproduction at the facility is subject to completion of the equipment alignment\nfor cannabinoid-based production, the receipt of the appropriate licenses from\nHealth Canada and the achievement of the relevant milestones under the Ginkgo\nStrategic Partnership.\n\n**Update on COVID-19**\n\nDespite the significant challenges posed by the outbreak of COVID-19, as a\ndesignated essential business, Cronos Group\u2019s global facilities currently\nremain operational. During this unprecedented time, the health, safety and\nwell-being of our employees and our consumers remains Cronos Group\u2019s top\npriority. The Company has business continuity plans in place to support its\nemployee base while continuing to develop and produce reliable, high-quality\nproducts that meet the needs of consumers. As part of this, the Company\nimplemented certain measures such as, among other measures, work-from-home\npolicies for certain employees, enhanced hygiene and sanitation practices,\nmodified schedules and social distancing protocols at the Peace Naturals\nCampus, Redwood, Cronos Fermentation, OGBC and Cronos Israel facilities.\nCronos Group will continue to act in accordance with guidance from local,\nfederal and international health and governmental authorities, and is prepared\nto make additional operational adjustments as necessary.\n\nThe spread and impact from COVID-19 on the global economy continues to rapidly\nevolve, and the ultimate impact of the COVID-19 outbreak is uncertain and\nsubject to change. Despite Cronos Group\u2019s business continuity efforts, the\nCompany may see an impact on certain parts of its business and operations such\nas operational capacity or supply chain delays. The Company continues to\nclosely monitor the rapidly evolving COVID-19 situation, and the impact it may\nhave on the Company, its customers and its supply chain.\n\n**_Rest of World Results_ **\n\nCronos Group\u2019s Rest of World reporting segment includes results of the\nCompany\u2019s operations for all markets outside of the United States of America.\nCronos Group owns and operates license holders, Peace Naturals and OGBC, and\ncurrently sells dried flower, pre-rolls and cannabis extracts in the Canadian\nadult-use and medical markets. The Company established strategic joint\nventures in Canada, Israel and Colombia. Cronos Group currently exports\ncannabis products to countries that permit the import of such products, such\nas Germany and Australia.\n\n_(in thousands of USD )_ |  **Three months December 31,** |  |  **Change** |  |  **Year ended December 31,** |  |  **Change**  \n---|---|---|---|---|---|---|---  \n|  **2019** |  |  **2018** |  |  **$** |  |  **%** |  |  **2019** |  |  **2018** |  |  **$** |  |  **%**  \nCannabis flower  |  $  |  2,877  |  |  |  $  |  3,228  |  |  |  $  |  (351  |  )  |  |  (11  |  )%  |  |  $  |  15,020  |  |  |  $  |  9,210  |  |  |  $  |  5,810  |  |  |  63  |  %   \nCannabis extracts  |  1,678  |  |  |  1,028  |  |  |  650  |  |  |  63  |  %  |  |  5,338  |  |  |  2,732  |  |  |  2,606  |  |  |  95  |  %   \nOther  |  60  |  |  |  29  |  |  |  31  |  |  |  107  |  %  |  |  28  |  |  |  179  |  |  |  (151  |  )  |  |  (84  |  )%   \nNet revenue  |  4,615  |  |  |  4,285  |  |  |  330  |  |  |  8  |  %  |  |  20,386  |  |  |  12,121  |  |  |  8,265  |  |  |  68  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nGross profit  |  (21,805  |  )  |  |  1,880  |  |  |  (23,685  |  )  |  |  (1,260  |  )%  |  |  (19,737  |  )  |  |  6,213  |  |  |  (25,950  |  )  |  |  (418  |  )%   \nGross margin  |  (472  |  )%  |  |  44  |  %  |  |  \u2014  |  |  |  (516)pp  |  |  (97  |  )%  |  |  51  |  %  |  |  \u2014  |  |  |  (148)pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nReported operating loss  |  $  |  (59,066  |  )  |  |  $  |  (8,871  |  )  |  |  $  |  (50,195  |  )  |  |  566  |  %  |  |  $  |  (106,928  |  )  |  |  $  |  (21,341  |  )  |  |  $  |  (85,587  |  )  |  |  401  |  %   \nAdjusted operating loss  (i)  |  (51,798  |  )  |  |  (8,871  |  )  |  |  (42,927  |  )  |  |  484  |  %  |  |  (99,660  |  )  |  |  (21,341  |  )  |  |  (78,319  |  )  |  |  367  |  %   \n  \n(i)  _ See \u201cNon-GAAP Measures\u201d for more information, including a\nreconciliation of adjusted operating loss  _\n\n**Fourth Quarter 2019**  \n\n  * Net revenue of $4.6 million in Q4 2019 increased by $0.3 million from Q4 2018, primarily driven by the introduction of vaporizer products and an increase in the volume of products sold, which were partially offset by a decrease in the price of products sold. \n  * Gross profit (loss) of ($21.8) million in Q4 2019 decreased by $23.7 million from Q4 2018, primarily driven by the inventory write-down of $24.0 million. \n  * The Company incurred an inventory write-down of $24.0 million, made up of a one-time charge of $1.9 million, related to the repurposing of certain facilities at the Peace Naturals Campus, and a $22.1 million write-down on cannabis plants, based on the estimated market value of the specific strains previously in production, and cannabis oil, primarily driven by downward pressure in market prices during the year. If we were to adjust for the effects of the inventory write-down, gross profit in Q4 2019, would have been $2.2 million, representing a gross margin of 48%. We anticipate inventory write-downs in the short-term due to pricing pressures in the marketplace and while the Company executes its operational repurposing of the Peace Naturals Campus. \n  * Reported operating loss of ($59.1) million in Q4 2019 increased by $50.2 million from Q4 2018, primarily driven by the inventory write-down in Q4 2019, one-time charges related to the repurposing of certain facilities at the Peace Naturals Campus, an increase in general and administrative expenses in order to support the segment's growth, an increase in sales and marketing in order to create, build and develop brands and an increase in R&D costs. \n  * Adjusted operating loss of ($51.8) million in Q4 2019 increased by $42.9 million from Q4 2018, primarily driven by inventory write-downs in Q4 2019 and an increase in general and administrative expenses in order to support the segment's growth, an increase in sales and marketing in order to create, build and develop brands and an increase in R&D costs. \n\n**Full-Year 2019**\n\n  * Net revenues of $20.4 million in Full-Year 2019 increased by $8.3 million from Full-Year 2018, primarily driven by higher volume of wholesale sales and an increase in the volume of products sold due to increased cannabis production and the growth of the adult-use market in Canada. \n  * Gross profit (loss) of ($19.7) million in Full-Year 2019 decreased by $26.0 million from Full-Year 2018, primarily driven by the inventory write-down of $29.4 million. \n  * The Company incurred an inventory write-down of $29.4 million, made up of a one-time charge of $1.9 million, related to the repurposing of certain facilities at the Peace Naturals Campus, and a $27.5 million write-down on cannabis plants, based on the estimated market value of the specific strains previously in production, and cannabis oil, primarily driven by downward pressure in market prices during the year. If we were to adjust for the effects of the inventory write-downs, gross profit in Full-Year 2019, would have been $9.7 million, representing a gross margin of 48%. \n  * Reported operating loss of ($106.9) million in Full-Year 2019 increased $85.6 million from Full-Year 2018, primarily driven by inventory write-downs in Q4 2019, one-time charges related to the repurposing of certain facilities at the Peace Naturals Campus, an increase in general and administrative expenses in order to support the segment's growth, an increase in sales and marketing in order to create, build and develop brands and an increase in R&D costs. \n  * Adjusted operating loss of ($99.7) million in Full-Year 2019 increased by $78.3 million from Full-Year 2018, primarily driven by inventory write-downs in Q4 2019, an increase in general and administrative expenses in order to support the segment's growth, an increase in sales and marketing in order to create, build and develop brands and an increase in R&D costs. \n\n**_United States Results_ **\n\nAs a result of Cronos Group\u2019s acquisition of Redwood on September 5, 2019, a\nmanufacturer and distributor of hemp-derived CBD infused products in the\nUnited States under the brand, Lord Jones\u2122, the Company established the United\nStates reporting segment.\n\n_(in thousands of USD)_ |  **Three months December 31** |  |  **Change** |  |  **Year ended December 31,** |  |  **Change**  \n---|---|---|---|---|---|---|---  \n|  **2019** |  |  **2018** |  |  **$** |  |  **%** |  |  **2019** |  |  **2018** |  |  **$** |  |  **%**  \nNet revenue  |  $  |  2,693  |  |  |  \u2014  |  |  |  N/A  |  |  N/A  |  |  $  |  3,364  |  |  |  \u2014  |  |  |  N/A  |  |  N/A   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nGross profit  |  1,430  |  |  |  \u2014  |  |  |  N/A  |  |  N/A  |  |  1,873  |  |  |  \u2014  |  |  |  N/A  |  |  N/A   \nGross margin  |  53  |  %  |  |  \u2014  |  |  |  N/A  |  |  N/A  |  |  56  |  %  |  |  \u2014  |  |  |  N/A  |  |  N/A   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nReported operating loss  |  $  |  (1,797  |  )  |  |  \u2014  |  |  |  N/A  |  |  N/A  |  |  $  |  (2,777  |  )  |  |  \u2014  |  |  |  N/A  |  |  N/A   \n  \n**Fourth Quarter 2019**\n\n  * Net revenues of $2.7 million in Q4 2019, driven by expanded distribution of Lord Jones  TM  branded products through online sales and an increased retail channel footprint. \n  * Gross profit of $1.4 million in Q4 2019, driven by strong sales prices and brand equity. Gross margin for Q4 2019 was 53%. \n  * Operating loss of ($1.8) million in Q4 2019, driven by increased investments in sales and marketing and general and administrative expenses as the business focuses on growth prospects and developing new brands and products. \n\n**Full-Year 2019**\n\n  * Net revenue of $3.4 million in Full-Year 2019, driven by the Redwood Acquisition on September 5, 2019. \n  * Gross profit of $1.9 million in Full-Year 2019, driven by sales through e-commerce, retail and hospitality channels within Q4 2019. Gross margin in Full-Year 2019 was 56%. \n  * Operating loss of $2.8 million in Full-Year 2019, driven by the increase in gross profit and the increased sales and marketing costs incurred in relation to the preparation for the launch of the PEACE+\u2122 U.S hemp-derived CBD brand, as well as the introduction of several new U.S. hemp-derived CBD products under the Lord Jones\u2122 brand. \n\n**_Conference Call_ **\n\nThe Company will host a conference call and live audio webcast on Monday,\nMarch 30, 2020 at 5:30 p.m. EDT to discuss 2019 fourth quarter and full-year\nresults, the Company's outlook and other matters. The call will last\napproximately one hour. An audio replay of the call will be archived on the\nCompany\u2019s website for replay. Instructions for the conference call are\nprovided below:\n\n  * _Live audio webcast:_[ https://ir.thecronosgroup.com/events-presentations ](https://ir.thecronosgroup.com/events-presentations) _ _\n  * _Toll Free from the U.S. and Canada dial-in: (866) 795-2258_\n  * _International dial-in: (409) 937-8902_\n  * _Conference ID: 6999389_\n\n**About Cronos Group**\n\nCronos Group is an innovative global cannabinoid company with international\nproduction and distribution across five continents. Cronos Group is committed\nto building disruptive intellectual property by advancing cannabis research,\ntechnology and product development. With a passion to responsibly elevate the\nconsumer experience, Cronos Group is building an iconic brand portfolio.\nCronos Group\u2019s portfolio includes [ _PEACE NATURALS_\n](https://www.peacenaturals.com/) \u2122, a global health and wellness platform,\ntwo adult-use brands, [ _COVE_ ](https://covecannabis.ca/) \u2122 and [ _Spinach_\n](https://spinachcannabis.com/) \u2122, and two hemp-derived CBD brands, [ _Lord\nJones_ ](https://lordjones.com/) \u2122 and [ _PEACE+_\n](https://www.peaceplus.com/) \u2122. For more information about Cronos Group and\nits brands, please visit: _[ www.thecronosgroup.com\n](http://www.thecronosgroup.com \"www.thecronosgroup.com\") _ .\n\n**Forward-looking statements**\n\nThis press release may contain information that may constitute forward-looking\ninformation and forward-looking statements within the meaning of applicable\nsecurities laws (collectively, \u201cForward-Looking Statements\u201d), which are based\nupon our current internal expectations, estimates, projections, assumptions\nand beliefs. All information that is not clearly historical in nature may\nconstitute Forward-Looking Statements. In some cases, Forward-Looking\nStatements can be identified by the use of forward-looking terminology such as\n\u201cexpect\u201d, \u201clikely\u201d, \u201cmay\u201d, \u201cwill\u201d, \u201cshould\u201d, \u201cintend\u201d, \u201canticipate\u201d,\n\u201cpotential\u201d, \u201cproposed\u201d, \u201cestimate\u201d and other similar words, expressions and\nphrases, including negative and grammatical variations thereof, or statements\nthat certain events or conditions \u201cmay\u201d or \u201cwill\u201d happen, or by discussion of\nstrategy. Forward-Looking Statements include estimates, plans, expectations,\nopinions, forecasts, projections, targets, guidance or other statements that\nare not statements of historical fact.\n\nForward-Looking Statements include, but are not limited to, statements with\nrespect to:\n\n  * the uncertainties associated with the COVID-19 pandemic, including our ability to continue operations, the ability of our suppliers and distribution channels to continue to operate, and the use of our products by consumers; \n  * laws and regulations and any amendments thereto applicable to our business and the impact thereof including uncertainty regarding the application of United States (\u201cU.S.\u201d) state and federal law to U.S. hemp (including CBD) products and the scope of any regulations by the U.S. Federal Drug Administration (the \u201cFDA\u201d), the U.S. Federal Trade Commission (the \u201cFTC\u201d), the U.S. Patent and Trademark Office and any state equivalent regulatory agencies over U.S. hemp (including CBD) products; \n  * expectations regarding the regulation of the U.S. hemp industry in the U.S., including the promulgation of regulations for the U.S. hemp industry by the U.S. Department of Agriculture (the \u201cUSDA\u201d); \n  * the grant, renewal and impact of any license or supplemental license to conduct activities with cannabis or any amendments thereof; \n  * our international activities and joint venture interests, including required regulatory approvals and licensing, anticipated costs and timing, and expected impact; \n  * the ability to successfully create and launch brands and further create, launch and scale U.S. hemp-derived consumer products, including through the Redwood Acquisition (as defined herein) and cannabis products in jurisdictions where such products are legal and that we currently operate in; \n  * the benefits, viability, safety, efficacy, dosing and social acceptance of cannabis including CBD and other cannabinoids; \n  * the anticipated benefits and impact of the Altria Group Inc.\u2019s C$2.4 billion (approximately $1.8 billion) investment in us (the \u201cAltria Investment\u201d); \n  * the potential exercise of the warrant held by Altria Group Inc., pre-emptive rights and/or top-up rights in connection with the Altria Investment, including proceeds to us that may result therefrom; \n  * expectations regarding the use of proceeds of equity financings, including the proceeds from the Altria Investment; \n  * the legalization of the use of cannabis for medical or adult-use in jurisdictions outside of Canada, the related timing and impact thereof and our intentions to participate in such markets, if and when such use is legalized; \n  * expectations regarding the potential success of, and the costs and benefits associated with, our joint ventures, strategic alliances and equity investments, including the strategic partnership with Ginkgo Bioworks, Inc.; \n  * our ability to execute on our strategy and the anticipated benefits of such strategy; \n  * the ongoing impact of the legalization of additional cannabis product types and forms for adult-use in Canada, including federal, provincial, territorial and municipal regulations pertaining thereto, the related timing and impact thereof and our intentions to participate in such markets; \n  * the future performance of our business and operations; \n  * our competitive advantages and business strategies; \n  * the competitive conditions of the industry; \n  * the expected growth in the number of customers using our products; \n  * our ability or plans to identify, develop, commercialize or expand our technology and research and development (\u201cR&D\u201d) initiatives in cannabinoids, or the success thereof; \n  * expectations regarding acquisitions and the anticipated benefits therefrom, including the Redwood Acquisition and the acquisition of certain assets from Apotex Fermentation Inc.; \n  * expectations regarding revenues, expenses and anticipated cash needs; \n  * expectations regarding cash flow, liquidity and sources of funding; \n  * expectations regarding capital expenditures; \n  * the expansion of our production and manufacturing, the costs and timing associated therewith and the receipt of applicable production and sale licenses; \n  * the expected growth in our growing, production and supply chain capacities; \n  * expectations regarding the resolution of litigation and other legal proceedings; \n  * expectations with respect to future production costs; \n  * expectations with respect to future sales and distribution channels; \n  * the expected methods to be used to distribute and sell our products; \n  * our future product offerings; \n  * the anticipated future gross margins of our operations; \n  * accounting standards and estimates; \n  * expectations regarding our distribution network; and \n  * expectations regarding the costs and benefits associated with our contracts and agreements with third parties, including under our third-party supply and manufacturing agreements. \n\nCertain of the Forward-Looking Statements contained herein concerning the\nindustries in which we conduct our business are based on estimates prepared by\nus using data from publicly available governmental sources, market research,\nindustry analysis and on assumptions based on data and knowledge of these\nindustries, which we believe to be reasonable. However, although generally\nindicative of relative market positions, market shares and performance\ncharacteristics, such data is inherently imprecise. The industries in which we\nconduct our business involve risks and uncertainties that are subject to\nchange based on various factors, which are described further below.\n\nThe Forward-Looking Statements contained herein are based upon certain\nmaterial assumptions that were applied in drawing a conclusion or making a\nforecast or projection, including: (i) management\u2019s perceptions of historical\ntrends, current conditions and expected future developments; (ii) our ability\nto generate cash flow from operations; (iii) general economic, financial\nmarket, regulatory and political conditions in which we operate; (iv) the\nproduction and manufacturing capabilities and output from our facilities and\nour joint ventures, strategic alliances and equity investments; (v) consumer\ninterest in our products; (vi) competition; (vii) anticipated and\nunanticipated costs; (viii) government regulation of our activities and\nproducts including but not limited to the areas of taxation and environmental\nprotection; (ix) the timely receipt of any required regulatory authorizations,\napprovals, consents, permits and/or licenses; (x) our ability to obtain\nqualified staff, equipment and services in a timely and cost-efficient manner;\n(xi) our ability to conduct operations in a safe, efficient and effective\nmanner; (xii) our ability to realize anticipated benefits, synergies or\ngenerate revenue, profits or value from our recent acquisitions into our\nexisting operations; (xiii) our ability to continue to operate in light of the\nCOVID-19 pandemic and the impact of the pandemic on sales of our products and\nour distribution channels; and (xiv) other considerations that management\nbelieves to be appropriate in the circumstances. While our management\nconsiders these assumptions to be reasonable based on information currently\navailable to management, there is no assurance that such expectations will\nprove to be correct.\n\nBy their nature, Forward-Looking Statements are subject to inherent risks and\nuncertainties that may be general or specific and which give rise to the\npossibility that expectations, forecasts, predictions, projections or\nconclusions will not prove to be accurate, that assumptions may not be correct\nand that objectives, strategic goals and priorities will not be achieved. A\nvariety of factors, including known and unknown risks, many of which are\nbeyond our control, could cause actual results to differ materially from the\nForward-Looking Statements in this press release and other reports we file\nwith, or furnish to, the SEC and other regulatory agencies and made by our\ndirectors, officers, other employees and other persons authorized to speak on\nour behalf. Such factors include, without limitation, the risk that the\nCOVID-19 pandemic may disrupt our operations and those of our suppliers and\ndistribution channels and negatively impact the use of our products; that cost\nsavings and any other synergies from the Altria Investment may not be fully\nrealized or may take longer to realize than expected; disruption from the\nAltria Investment making it more difficult to maintain relationships with\ncustomers, employees or suppliers; future levels of revenues; consumer demand\nfor cannabis and U.S. hemp products; our ability to manage disruptions in\ncredit markets or changes to our credit rating; future levels of capital,\nenvironmental or maintenance expenditures, general and administrative and\nother expenses; the success or timing of completion of ongoing or anticipated\ncapital or maintenance projects; business strategies, growth opportunities and\nexpected investment; the adequacy of our capital resources and liquidity,\nincluding but not limited to, availability of sufficient cash flow to execute\nour business plan (either within the expected timeframe or at all); the\npotential effects of judicial or other proceedings on our business, financial\ncondition, results of operations and cash flows; volatility in and/or\ndegradation of general economic, market, industry or business conditions;\ncompliance with applicable environmental, economic, health and safety, energy\nand other policies and regulations and in particular health concerns with\nrespect to vaping and the use of cannabis and U.S. hemp products in vaping\ndevices; the anticipated effects of actions of third parties such as\ncompetitors, activist investors or federal (including U.S. federal), state,\nprovincial, territorial or local regulatory authorities, self-regulatory\norganizations, plaintiffs in litigation or persons threatening litigation;\nchanges in regulatory requirements in relation to our business and products;\nand the factors discussed under the heading \u201cRisk Factors\u201d in this press\nrelease. Readers are cautioned to consider these and other factors,\nuncertainties and potential events carefully and not to put undue reliance on\nForward-Looking Statements.\n\nForward-Looking Statements are provided for the purposes of assisting the\nreader in understanding our financial performance, financial position and cash\nflows as at and for periods ended on certain dates and to present information\nabout management\u2019s current expectations and plans relating to the future, and\nthe reader is cautioned that the Forward-Looking Statements may not be\nappropriate for any other purpose. While we believe that the assumptions and\nexpectations reflected in the Forward-Looking Statements are reasonable based\non information currently available to management, there is no assurance that\nsuch assumptions and expectations will prove to have been correct. Forward-\nLooking Statements are made as of the date they are made and are based on the\nbeliefs, estimates, expectations and opinions of management on that date. We\nundertake no obligation to update or revise any Forward-Looking Statements,\nwhether as a result of new information, estimates or opinions, future events\nor results or otherwise or to explain any material difference between\nsubsequent actual events and such Forward-Looking Statements. The Forward-\nLooking Statements contained in this press release and other reports we file\nwith, or furnish to, the SEC and other regulatory agencies and made by our\ndirectors, officers, other employees and other persons authorized to speak on\nour behalf are expressly qualified in their entirety by these cautionary\nstatements.\n\n**Use of Non-GAAP Measures**\n\nCronos Group reports its financial results in accordance with accounting\nprinciples generally recognized in the United States (\u201cGAAP\u201d). However,\nmanagement use various measures which are not recognized under GAAP such as\nadjusted operating loss, adjusted operating loss by business segment and\nadjusted earnings before interest, tax depreciation and amortization\n(\u201cAdjusted EBITDA\u201d). These non-GAAP measures may not be calculated the same as\nsimilarly titled measures used by other companies and should thus be\nconsidered as supplemental in nature and not considered in isolation or as a\nsubstitute for the related financial information prepared in accordance with\nGAAP. Management believes these measures provide useful insight into\nunderlying trends and results and will provide a more meaningful comparison of\nyear-over-year results, going forward. Management uses these metrics for\nplanning, forecasting and evaluating business and financial performance,\nincluding allocating resources. Reconciliations of each non-GAAP measure to US\nGAAP recognized measures are provided below.  \n\n**  \n**\n\n**Cronos Group Inc.**  \n**Consolidated Balance Sheets**  \n**As of December 31, 2019 and 2018**  \n_(In thousands of USD)_\n\n|  **As of December 31,**  \n---|---  \n|  **2019** |  |  **2018**  \n**Assets** |  |  |   \nCurrent assets  |  |  |   \nCash and cash equivalents  |  $  |  1,199,693  |  |  |  $  |  23,927  |   \nShort-term investments  |  306,347  |  |  |  \u2014  |   \nAccounts receivable, net of current expected credit loss (\"CECL\") of $136 and $37 as of December 31, 2019 and 2018, respectively  |  4,638  |  |  |  3,052  |   \nOther receivables  |  7,232  |  |  |  2,507  |   \nCurrent portion of loans receivable  |  4,664  |  |  |  230  |   \nPrepaids and other assets  |  9,395  |  |  |  2,842  |   \nInventory  |  38,043  |  |  |  7,386  |   \nTotal current assets  |  1,570,012  |  |  |  39,944  |   \nInvestments in equity accounted investees  |  557  |  |  |  2,960  |   \nAdvances to joint ventures  |  19,437  |  |  |  4,689  |   \nOther investments  |  \u2014  |  |  |  297  |   \nLoan receivable  |  44,967  |  |  |  \u2014  |   \nProperty, plant and equipment  |  161,809  |  |  |  125,905  |   \nRight-of-use assets  |  6,546  |  |  |  125  |   \nIntangible assets  |  72,320  |  |  |  8,237  |   \nGoodwill  |  214,794  |  |  |  1,314  |   \n**Total assets** |  $  |  2,090,442  |  |  |  $  |  183,471  |   \n|  |  |   \n**Liabilities** |  |  |   \nCurrent liabilities  |  |  |   \nAccounts payable and other liabilities  |  $  |  35,301  |  |  |  $  |  33,239  |   \nCurrent portion of lease obligation  |  427  |  |  |  30  |   \nDerivative liabilities (Note 28)  |  297,160  |  |  |  \u2014  |   \nTotal current liabilities  |  332,888  |  |  |  33,269  |   \nDue to non-controlling interests  |  1,844  |  |  |  1,566  |   \nLease obligation  |  6,680  |  |  |  87  |   \n**Total liabilities** |  341,412  |  |  |  34,922  |   \nCommitments and contingencies (Note 21 & 22)  |  |  |   \n**Shareholders\u2019 equity** |  |  |   \nShare capital (authorized: 2019 and 2018 \u2013 unlimited; issued: 2019 \u2013 348,817,472; 2018 \u2013 178,720,022)  |  561,165  |  |  |  175,001  |   \nAdditional paid-in capital  |  23,234  |  |  |  11,263  |   \nRetained earnings (accumulated deficit)  |  1,137,646  |  |  |  (27,945  |   \nAccumulated other comprehensive income (loss)  |  27,838  |  |  |  (9,870  |   \nTotal equity attributable to shareholders of Cronos Group  |  1,749,883  |  |  |  148,449  |   \nNon-controlling interests  |  (853  |  )  |  |  100  |   \n**Total shareholders' equity** |  1,749,030  |  |  |  148,549  |   \n**Total liabilities and shareholders' equity** |  $  |  2,090,442  |  |  |  $  |  183,471  |   \n  \nSee notes to consolidated financial statements.  \n\n**  \n**\n\n**Cronos Group Inc.**  \n**Consolidated Statements of Net Income (Loss) and Comprehensive Income\n(Loss)**  \n**For the years ended December 31, 2019, 2018, and 2017**  \n_(In thousands of USD, except share and per share amounts)_\n\n|  **Year ended December 31,**  \n---|---  \n|  **2019** |  |  **2018** |  |  **2017**  \n**Net revenue, before excise taxes** |  $  |  25,639  |  |  |  $  |  13,234  |  |  |  $  |  3,147  |   \nExcise taxes  |  (1,889  |  )  |  |  (1,113  |  )  |  |  \u2014  |   \n**Net revenue** |  23,750  |  |  |  12,121  |  |  |  3,147  |   \nCost of sales  |  12,174  |  |  |  5,908  |  |  |  1,573  |   \nInventory write-down  |  29,440  |  |  |  \u2014  |  |  |  \u2014  |   \n**Gross profit (loss)** |  (17,864  |  )  |  |  6,213  |  |  |  1,574  |   \n**Operating expenses** |  |  |  |  |   \nSales and marketing  |  23,045  |  |  |  3,173  |  |  |  443  |   \nResearch and development  |  12,155  |  |  |  1,814  |  |  |  \u2014  |   \nGeneral and administrative  |  49,372  |  |  |  13,447  |  |  |  4,904  |   \nShare-based payments  |  11,619  |  |  |  8,151  |  |  |  1,931  |   \nDepreciation and amortization  |  2,101  |  |  |  969  |  |  |  417  |   \nRepurposing charges  |  5,328  |  |  |  \u2014  |  |  |  \u2014  |   \nTotal operating expenses  |  103,620  |  |  |  27,554  |  |  |  7,695  |   \n**Operating loss** |  (121,484  |  )  |  |  (21,341  |  )  |  |  (6,121  |  )   \n**Other income (expense)** |  |  |  |  |   \nInterest income (expense)  |  27,982  |  |  |  83  |  |  |  (97  |  )   \nFinancing and transaction costs  |  (32,208  |  )  |  |  \u2014  |  |  |  \u2014  |   \nGain on revaluation of derivative liabilities (Note 28)  |  1,276,819  |  |  |  \u2014  |  |  |  \u2014  |   \nGain on revaluation of financial liabilities  |  197  |  |  |  \u2014  |  |  |  \u2014  |   \nGain on disposal of Whistler  |  15,530  |  |  |  \u2014  |  |  |  \u2014  |   \nGain on other investments  |  747  |  |  |  164  |  |  |  3,746  |   \nShare of income (loss) from investments in equity accounted investees  |  (2,009  |  )  |  |  (723  |  )  |  |  127  |   \nTotal other income (expense)  |  1,287,058  |  |  |  (476  |  )  |  |  3,776  |   \nIncome (loss) before income taxes  |  1,165,574  |  |  |  (21,817  |  )  |  |  (2,345  |  )   \nIncome tax recovery  |  \u2014  |  |  |  \u2014  |  |  |  (862  |  )   \n**Net income (loss)** |  $  |  1,165,574  |  |  |  $  |  (21,817  |  )  |  |  $  |  (1,483  |  )   \n**Net income (loss) attributable to:** |  |  |  |  |   \nCronos Group  |  $  |  1,166,506  |  |  |  $  |  (21,636  |  )  |  |  $  |  (1,483  |  )   \nNon-controlling interests  |  (932  |  )  |  |  (181  |  )  |  |  0  |   \n|  $  |  1,165,574  |  |  |  $  |  (21,817  |  )  |  |  $  |  (1,483  |  )   \n**Other comprehensive income (loss)** |  |  |  |  |   \nForeign exchange gain (loss) on translation  |  $  |  37,687  |  |  |  $  |  (12,337  |  )  |  |  $  |  2,456  |   \nGain on revaluation and disposal of other investments, net of tax  |  \u2014  |  |  |  3  |  |  |  415  |   \nUnrealized gains reclassified to net income  |  \u2014  |  |  |  \u2014  |  |  |  (12  |  )   \nTotal other comprehensive income (loss)  |  37,687  |  |  |  (12,334  |  )  |  |  2,859  |   \n**Comprehensive income (loss)** |  $  |  1,203,261  |  |  |  $  |  (34,151  |  )  |  |  $  |  1,376  |   \n**Comprehensive income (loss) attributable to:** |  |  |  |  |   \nCronos Group  |  $  |  1,204,214  |  |  |  $  |  (33,964  |  )  |  |  $  |  1,376  |   \nNon-controlling interests  |  (953  |  )  |  |  (187  |  )  |  |  \u2014  |   \n|  $  |  1,203,261  |  |  |  $  |  (34,151  |  )  |  |  $  |  1,376  |   \n**Net income (loss) per share** |  |  |  |  |   \nBasic  |  $  |  3.76  |  |  |  $  |  (0.13  |  )  |  |  $  |  (0.01  |  )   \nDiluted  |  3.33  |  |  |  (0.13  |  )  |  |  (0.01  |  )   \n**Weighted average number of outstanding shares** |  |  |  |  |   \nBasic  |  310,067,179  |  |  |  172,269,170  |  |  |  134,803,542  |   \nDiluted  |  342,811,992  |  |  |  172,269,170  |  |  |  176,789,161  |   \n  \nSee notes to consolidated financial statements.\n\n**  \n**\n\n**Cronos Group Inc.**  \n**Consolidated Statements of Net Income (Loss) and Comprehensive Income\n(Loss)**  \n**For the quarters ended December 31, 2019 and 2018**  \n_(In thousands of USD, except share and per share amounts)_\n\n|  |  **Three months ended December 31,**  \n---|---|---  \n|  |  **2019** |  |  **2018**  \n**Net revenue, before excise taxes** |  $  |  7,915  |  |  |  5,398  |   \nExcise taxes  |  |  (607  |  )  |  |  (1,113  |  )   \n**Net revenue** |  |  7,308  |  |  |  4,285  |   \nCost of sales  |  |  3,667  |  |  |  2,405  |   \nInventory write-down  |  |  24,016  |  |  |  \u2014  |   \n**Gross profit** |  |  (20,375  |  )  |  |  1,880  |   \n**Operating expenses** |  |  |  |   \nSales and marketing  |  |  13,324  |  |  |  1,970  |   \nResearch and development  |  |  6,079  |  |  |  1,814  |   \nGeneral and administrative  |  |  14,314  |  |  |  4,544  |   \nShare-based payments  |  |  3,670  |  |  |  2,183  |   \nDepreciation and amortization  |  |  779  |  |  |  240  |   \nRepurposing costs  |  |  5,328  |  |  |  \u2014  |   \nTotal operating expenses  |  |  43,494  |  |  |  10,751  |   \n**Operating loss** |  |  (63,869  |  )  |  |  (8,871  |  )   \n**Other income (expense)** |  |  |  |   \nInterest income (expense)  |  |  7,514  |  |  |  177  |   \nFinancing and transaction cost  |  |  (524  |  )  |  |  \u2014  |   \nGain (loss) on revaluation of derivative liabilities (Note 11)  |  |  118,811  |  |  |  \u2014  |   \nGain on other investments  |  |  2  |  |  |  (225  |  )   \nGain on disposal of Whistler Medical Marijuana Company  |  |  32  |  |  |  (15  |  )   \nShare of income (loss) from investments in equity accounted investees  |  |  (505  |  )  |  |  (758  |  )   \nGain (loss) on revaluation of financial liabilities  |  |  50  |  |  |  \u2014  |   \nTotal other income (expense)  |  |  125,380  |  |  |  (821  |  )   \nIncome (loss) before income taxes  |  |  61,511  |  |  |  (9,692  |  )   \nIncome tax recovery  |  |  58  |  |  |  \u2014  |   \n**Net income (loss)** |  |  61,569  |  |  |  (9,692  |  )   \n**Net income (loss) attributable to:** |  |  |  |   \nCronos Group  |  $  |  62,005  |  |  |  (9,558  |  )   \nNon-controlling interests  |  |  (436  |  )  |  |  (134  |  )   \n|  $  |  61,569  |  |  |  (9,692  |  )   \n**Other comprehensive income (loss)** |  |  |  |   \nForeign exchange gain (loss) on translation  |  $  |  28,264  |  |  |  (8,511  |  )   \nGain on revaluation and disposal of other investments, net of tax  |  |  \u2014  |  |  |  3  |   \nTotal other comprehensive income (loss)  |  $  |  28,264  |  |  |  (8,508  |  )   \n**Comprehensive income (loss)** |  |  |  |   \n**Comprehensive income (loss) attributable to:** |  |  |  |   \nCronos Group  |  $  |  90,284  |  |  |  (18,056  |  )   \nNon-controlling interests  |  |  (451  |  )  |  |  (144  |  )   \n|  $  |  89,833  |  |  |  (18,200  |  )   \n**Net income (loss) per share** |  |  |  |   \nBasic  |  |  $  |  0.18  |  |  |  $  |  (0.05  |  )   \nDiluted  |  |  0.16  |  |  |  (0.05  |  )   \n**Weighted average number of outstanding shares** |  |  |  |   \nBasic  |  |  345,981,864  |  |  |  178,720,022  |   \nDiluted  |  |  375,318,457  |  |  |  178,720,022  |   \n  \n  \n\n**Cronos Group Inc.**  \n**Consolidated Statements of Cash Flows**  \n**For the years ended December 31, 2019, 2018, and 2017**  \n_(In thousands of USD)_\n\n|  |  **Year ended December 31,**  \n---|---|---  \n|  **2019** |  |  **2018** |  |  **2017**  \n**Operating activities** |  |  |  |  |   \nNet income (loss)  |  $  |  1,165,574  |  |  |  $  |  (21,817  |  )  |  |  $  |  (1,483  |  )   \n**Items not affecting cash:** |  |  |  |  |   \nInventory write-down  |  29,440  |  |  |  \u2014  |  |  |  \u2014  |   \nShare-based payments  |  11,619  |  |  |  8,151  |  |  |  1,931  |   \nDepreciation and amortization  |  3,913  |  |  |  1,937  |  |  |  768  |   \nShare of loss (income) from investments in equity accounted investees  |  2,009  |  |  |  723  |  |  |  (127  |  )   \nNon-cash repurposing costs  |  4,439  |  |  |  \u2014  |  |  |  \u2014  |   \nGain on disposal of Whistler  |  (15,530  |  )  |  |  \u2014  |  |  |  \u2014  |   \nGain on revaluation of derivative liabilities (Note 28)  |  (1,276,819  |  )  |  |  \u2014  |  |  |  \u2014  |   \nGain on revaluation of financial liabilities  |  (197  |  )  |  |  \u2014  |  |  |  \u2014  |   \nGain on other investments  |  (747  |  )  |  |  (164  |  )  |  |  (3,746  |  )   \nDeferred income tax expense (recovery)  |  \u2014  |  |  |  \u2014  |  |  |  (862  |  )   \nForeign exchange gain  |  115  |  |  |  (9  |  )  |  |  \u2014  |   \nNon-cash sales and marketing  |  410  |  |  |  \u2014  |  |  |  \u2014  |   \nNon-cash interest  |  (25  |  )  |  |  \u2014  |  |  |  \u2014  |   \nNet changes in non-cash working capital  |  (54,208  |  )  |  |  3,662  |  |  |  (759  |  )   \nCash flows used in operating activities  |  (130,007  |  )  |  |  (7,517  |  )  |  |  (4,278  |  )   \n**Investing activities** |  |  |  |  |   \nPurchase of short-term investments, net  |  (299,923  |  )  |  |  \u2014  |  |  |  \u2014  |   \nRepayment of purchase price liability  |  \u2014  |  |  |  \u2014  |  |  |  (1,997  |  )   \nInvestments in equity accounted investees  |  (1,658  |  )  |  |  (480  |  )  |  |  (830  |  )   \nInvestment in Vivo  |  \u2014  |  |  |  \u2014  |  |  |  (783  |  )   \nProceeds from sale of other investments  |  19,614  |  |  |  747  |  |  |  8,388  |   \nPayment to exercise Vivo warrants  |  \u2014  |  |  |  (88  |  )  |  |  (1,749  |  )   \nAdvances to joint ventures  |  (15,135  |  )  |  |  (5,358  |  )  |  |  \u2014  |   \nPurchase of property, plant and equipment, net of disposals  |  (38,664  |  )  |  |  (88,308  |  )  |  |  (32,926  |  )   \nPayment of accrued interest on construction loan payable  |  (89  |  )  |  |  (143  |  )  |  |  \u2014  |   \nPurchase of intangible assets  |  (289  |  )  |  |  (278  |  )  |  |  \u2014  |   \nAcquisition of Redwood  |  (224,295  |  )  |  |  \u2014  |  |  |  \u2014  |   \nAdvances on loans receivable  |  (43,337  |  )  |  |  \u2014  |  |  |  \u2014  |   \nProceeds from repayment of loans receivable  |  237  |  |  |  \u2014  |  |  |  \u2014  |   \nCash flows used in investing activities  |  (603,539  |  )  |  |  (93,908  |  )  |  |  (29,897  |  )   \n**Financing activities** |  |  |  |  |   \nRepayment of lease obligations  |  (919  |  )  |  |  \u2014  |  |  |  \u2014  |   \nProceeds from Altria Investment  |  1,809,556  |  |  |  \u2014  |  |  |  \u2014  |   \nProceeds from exercise of Top-up Rights  |  67,051  |  |  |  \u2014  |  |  |  \u2014  |   \nProceeds from exercise of warrants and options  |  1,455  |  |  |  2,612  |  |  |  1,697  |   \nWithholding taxes paid on share appreciation rights  |  (915  |  )  |  |  (16  |  )  |  |  \u2014  |   \nProceeds from share issuance  |  \u2014  |  |  |  115,510  |  |  |  38,542  |   \nShare issuance costs  |  (3,722  |  )  |  |  (7,577  |  )  |  |  (2,114  |  )   \nProceeds from construction loan payable  |  \u2014  |  |  |  11,583  |  |  |  5,022  |   \nRepayment of construction loan payable  |  (15,971  |  )  |  |  \u2014  |  |  |  \u2014  |   \nAdvance under Credit Facility  |  48,715  |  |  |  \u2014  |  |  |  \u2014  |   \nRepayment of Credit Facility  |  (48,309  |  )  |  |  \u2014  |  |  |  \u2014  |   \nRepayment of mortgage payable  |  \u2014  |  |  |  \u2014  |  |  |  (3,084  |  )   \nTransaction costs paid on construction loan payable  |  \u2014  |  |  |  \u2014  |  |  |  (989  |  )   \nCash flows provided by financing activities  |  1,856,941  |  |  |  122,112  |  |  |  39,074  |   \nEffect of foreign currency translation on cash and cash equivalents  |  52,371  |  |  |  (4,085  |  )  |  |  (152  |  )   \nIncrease in cash and cash equivalents  |  1,175,766  |  |  |  16,602  |  |  |  4,747  |   \nCash and cash equivalents, beginning of period  |  23,927  |  |  |  7,325  |  |  |  2,578  |   \nCash and cash equivalents, end of period  |  $  |  1,199,693  |  |  |  $  |  23,927  |  |  |  $  |  7,325  |   \n  \n  \nSee notes to consolidated financial statements.  \n\n**  \n**\n\n**Cronos Group Inc.**  \n**Consolidated Statements of Cash Flows**  \n**For the quarters ended December 31, 2019 and 2018**  \n_(In thousands of USD)_\n\n|  |  **Three months December 31,**  \n---|---|---  \n|  |  **2019** |  |  **2018**  \n**Operating activities** |  |  |   \nNet income (loss)  |  61,570  |  |  |  (9,692  |  )   \nItems not affecting cash:  |  |  |   \nInventory write down  |  24,016  |  |  |  \u2014  |   \nShare-based payments  |  3,670  |  |  |  2,182  |   \nDepreciation and amortization  |  957  |  |  |  928  |   \nShare of loss (income) from investments in equity accounted investees  |  505  |  |  |  773  |   \nNon-cash repurposing costs  |  4,439  |  |  |  \u2014  |   \nGain on disposal of Whistler  |  (33  |  )  |  |  \u2014  |   \nGain on revaluation of derivative liabilities  |  (118,811  |  )  |  |  \u2014  |   \nGain on revaluation of financial liabilities  |  (50  |  )  |  |  \u2014  |   \nGain on other investments  |  (2  |  )  |  |  225  |   \nDeferred income tax (recovery) expense  |  (58  |  )  |  |  \u2014  |   \nForeign exchange gain  |  (692  |  )  |  |  (1  |  )   \nNon-cash sales and marketing  |  410  |  |  |  \u2014  |   \nNon-cash interest  |  (25  |  )  |  |  \u2014  |   \nNet changes in non-cash working capital  |  (29,110  |  )  |  |  23,882  |   \nCash flows used in operating activities  |  (53,214  |  )  |  |  18,297  |   \n**Investing activities** |  |  |   \nPurchase of short term investments  |  84,365  |  |  |  \u2014  |   \nRepayment of purchase price liability  |  \u2014  |  |  |  \u2014  |   \nInvestments in equity accounted investees  |  \u2014  |  |  |  (326  |  )   \nProceeds from sale of other investments  |  \u2014  |  |  |  (10  |  )   \nPayment to exercise Vivo Cannabis (\"Vivo\") warrants  |  \u2014  |  |  |  1  |   \nAdvances to joint ventures  |  816  |  |  |  (2,291  |  )   \nPurchase of property, plant and equipment  |  (1,042  |  )  |  |  (32,625  |  )   \nPayments of interest on construction in progress  |  \u2014  |  |  |  2  |   \nPurchase of intangible assets  |  285  |  |  |  (51  |  )   \nAcquisition of Redwood  |  2,929  |  |  |  \u2014  |   \nAdvances on loans receivable  |  (10,325  |  )  |  |  \u2014  |   \nProceeds from repayment of loans receivable  |  (1  |  )  |  |  \u2014  |   \nCash assumed on acquisition  |  (2,957  |  )  |  |  \u2014  |   \nCash assumed on acquisition of Cronos Israel  |  \u2014  |  |  |  (998  |  )   \nCash flows used in investing activities  |  74,070  |  |  |  (36,298  |  )   \n**Financing activities** |  |  |   \nAdvance from non-controlling interests  |  (183  |  )  |  |  \u2014  |   \nRepayment of lease liabilities  |  (505  |  )  |  |  \u2014  |   \nProceeds from Altria Investment  |  \u2014  |  |  |  \u2014  |   \nProceeds from exercise of Top-up Rights  |  35,485  |  |  |  \u2014  |   \nProceeds from exercise of options and warrants  |  \u2014  |  |  |  (15  |  )   \nWithholding taxes paid on share appreciation rights  |  (54  |  )  |  |  (16  |  )   \nProceeds from share issuance  |  \u2014  |  |  |  \u2014  |   \nShare issuance costs  |  \u2014  |  |  |  26  |   \nProceeds from construction loan payable  |  \u2014  |  |  |  11,583  |   \nRepayment of construction loan payable  |  \u2014  |  |  |  \u2014  |   \nAdvance under Credit Facility  |  \u2014  |  |  |  \u2014  |   \nRepayment of Credit Facility  |  \u2014  |  |  |  \u2014  |   \nRepayment of mortgage payable  |  \u2014  |  |  |  \u2014  |   \nTransaction costs paid on construction loan payable  |  \u2014  |  |  |  \u2014  |   \nCash flows provided by financing activities  |  34,743  |  |  |  11,578  |   \nEffect of foreign currency translation on cash and cash equivalents  |  29,680  |  |  |  (1,782  |  )   \nIncrease (decrease) in cash and cash equivalents  |  85,279  |  |  |  (8,205  |  )   \nCash and cash equivalents, beginning of period  |  1,114,414  |  |  |  32,132  |   \nCash and cash equivalents, end of period  |  $  |  1,199,693  |  |  |  $  |  23,927  |   \n  \n**Non-GAAP Measures**  \n\nThe Company uses certain measures that are not recognized under GAAP. These\nfinancial measures are not recognized under GAAP, do not have a standardized\nmeaning prescribed by GAAP and are therefore unlikely to be comparable to\nsimilar measures presented by other companies. Rather, these measures are\nprovided as a supplement to those GAAP measures to provide additional\ninformation regarding our results of operations from management\u2019s perspective.\nAccordingly, non-GAAP measures should not be considered a substitute for, or\nsuperior to, the financial information prepared and presented in accordance\nwith GAAP. All non-GAAP measures presented in this press release are\nreconciled to their closest reported GAAP measure. Reconciliations of\nhistorical adjusted financial measures to corresponding GAAP measures are\nprovided below.\n\n_Adjusted operating loss_  \nManagement reviews operating loss on an adjusted basis, which excludes certain\nincome and expense items that management believes are not part of underlying\noperations. These items include repurposing charges. Management does not view\nthese items to be part of underlying results as they may be highly variable,\nmay be infrequent, are difficult to predict and can distort underlying\nbusiness trends and results.\n\nManagement believes that adjusted operating loss provides useful insight into\nunderlying business trends and results and provides a more meaningful\ncomparison of year-over-year results. Management uses adjusted operating loss\nfor planning, forecasting and evaluating business and financial performance,\nincluding allocating resources and evaluating results relative to employee\ncompensation targets.\n\n_(In thousands of USD)_ |  |  **Three months ended December 31,** |  |  **Year ended December 31,**  \n---|---|---|---|---  \n|  |  **2019** |  |  **2018** |  |  **2019** |  |  **2018**  \nReported operating loss  |  |  $  |  (63,869  |  )  |  |  $  |  (8,871  |  )  |  |  $  |  (121,484  |  )  |  |  $  |  (21,341  |  )   \nAdjustments  |  |  |  |  |  |  |  |   \nRepurposing charges  |  |  7,268  |  |  |  \u2014  |  |  |  7,268  |  |  |  \u2014  |   \nAdjusted operating loss  |  |  (56,601  |  )  |  |  (8,871  |  )  |  |  (114,216  |  )  |  |  (21,341  |  )   \n  \n_  \n_\n\n_Adjusted operating loss by business segment_  \nManagement reviews segment operating loss, which excludes corporate expenses,\nand adjusted operating loss by business segment, which further excludes\ncertain income and expense items that management believes are not part of the\nunderlying segment\u2019s operations. Corporate expenses are expenses that relate\nto the consolidated business and not to an individual operating segment while\nthe income and expenses items include repurposing charges. Management does not\nview the income and expense items above to be part of underlying results of\nthe segment as they may be highly variable, may be infrequent, are difficult\nto predict and can distort underlying business trends and results.\n\nManagement believes that adjusted operating loss by business segment provides\nuseful insight into underlying segment trends and results and will provide a\nmore meaningful comparison of year-over-year results, going forward.\nManagement uses adjusted operating loss by business segment for planning,\nforecasting and evaluating segment performance, including allocating resources\nand evaluating results relative to employee compensation.\n\n_(In thousands of USD)_ |  **Year ended December 31, 2019**  \n---|---  \n|  **US** |  |  **RoW** |  |  **Total Segments** |  |  **Corporate Expenses** |  |  **Total**  \nReported operating loss  |  $  |  (2,777  |  )  |  |  $  |  (106,928  |  )  |  |  $  |  (109,705  |  )  |  |  $  |  (11,779  |  )  |  |  $  |  (121,484  |  )   \nAdjustments  |  |  |  |  |  |  |  |  |   \nRepurposing charges  |  \u2014  |  |  |  7,268  |  |  |  7,268  |  |  |  \u2014  |  |  |  7,268  |   \nAdjusted operating loss  |  (2,777  |  )  |  |  (99,660  |  )  |  |  (102,437  |  )  |  |  (11,779  |  )  |  |  (114,216  |  )   \n  \n  \n\n_(In thousands of USD)_ |  **Three months December 31, 2019**  \n---|---  \n|  **US** |  |  **RoW** |  |  **Total Segments** |  |  **Corporate Expenses** |  |  **Total**  \nReported operating loss  |  $  |  (1,797  |  )  |  |  $  |  (59,066  |  )  |  |  $  |  (60,863  |  )  |  |  $  |  (3,006  |  )  |  |  $  |  (63,869  |  )   \nAdjustments  |  |  |  |  |  |  |  |  |   \nRepurposing charges  |  \u2014  |  |  |  7,268  |  |  |  7,268  |  |  |  \u2014  |  |  |  7,268  |   \nAdjusted operating loss  |  (1,797  |  )  |  |  (51,798  |  )  |  |  (53,595  |  )  |  |  (3,006  |  )  |  |  (56,601  |  )   \n  \n_Adjusted EBITDA_  \nAdjusted earnings before interest, tax depreciation and amortization\n(\u201cAdjusted EBITDA\u201d) is used by management as a supplemental measure to review\nand assess operating performance and trends on a comparable basis with the\nrest of the industry, although our measure of Adjusted EBITDA may not be\ndirectly comparable to similar measures used by other companies.\n\nManagement reviews EBITDA on an adjusted basis, which excludes net income\nattributable to non-controlling interests, repurposing charges and special\nitems. Special items consist of financing and transaction costs, other non-\ncash gains (losses) and other unforeseeable, non-recurring charges which\nmanagement has described below.\n\n_(In thousands of USD)_ |  |  **Three months December 31,** |  |  **Year ended December 31,**  \n---|---|---|---|---  \n|  |  **2019** |  |  **2018** |  |  **2019** |  |  **2018**  \nNet income (loss)  |  |  $  |  61,569  |  |  |  $  |  (9,692  |  )  |  |  $  |  1,165,574  |  |  |  $  |  (21,817  |  )   \nAdjustments  |  |  |  |  |  |  |  |   \nInterest expense (income)  |  |  (7,514  |  )  |  |  (177  |  )  |  |  (27,982  |  )  |  |  (83  |  )   \nIncome tax expense (recovery)  |  |  \u2014  |  |  |  \u2014  |  |  |  \u2014  |  |  |  \u2014  |   \nRepurposing charges  |  |  7,268  |  |  |  \u2014  |  |  |  7,268  |  |  |  \u2014  |   \nFinancing and transaction costs  |  |  524  |  |  |  \u2014  |  |  |  32,208  |  |  |  \u2014  |   \nLoss (gain) on revaluation of derivative liabilities  |  |  (118,811  |  )  |  |  \u2014  |  |  |  (1,276,819  |  )  |  |  \u2014  |   \nLoss (gain) on revaluation of financial liabilities  |  |  (50  |  )  |  |  \u2014  |  |  |  (197  |  )  |  |  \u2014  |   \nLoss (gain) on disposal of investments  |  |  (34  |  )  |  |  240  |  |  |  (16,277  |  )  |  |  (164  |  )   \nShare of loss (income) from equity accounted investees  |  |  505  |  |  |  758  |  |  |  2,009  |  |  |  723  |   \nShare-based payments  |  |  3,670  |  |  |  2,183  |  |  |  11,619  |  |  |  8,151  |   \nAdjusted EBIT  |  |  (52,873  |  )  |  |  (6,688  |  )  |  |  (102,597  |  )  |  |  (13,190  |  )   \nAdjustments  |  |  |  |  |  |  |  |   \nDepreciation and amortization  |  |  957  |  |  |  928  |  |  |  3,913  |  |  |  1,937  |   \nAdjusted EBITDA  |  |  (51,916  |  )  |  |  (5,760  |  )  |  |  (98,684  |  )  |  |  (11,253  |  )   \n  \n**  \n**\n\n**Special Items**  \n\nManagement does not view any of the following special items to be part of the\nunderlying results as they may be highly variable, may be infrequent, may be\nunpredictable and may distort underlying business results and trends.\n\n_Peace Natural Campus repurposing charges_  \n\n  * In Q4 of 2019, Cronos Group recorded pre-tax charges of $7.2 million related to the Company\u2019s decision to redesign its efforts at the Peace Naturals Campus, which includes impairment costs, inventory write-down, and employee termination benefits. \n\n_Financing and transaction costs_\n\n  * In Full-Year 2019, Cronos Group recorded pre-tax charges of $32.2 million related to the Altria Investment; acquisition related costs associated with the Cronos Fermentation and Redwood transactions; and a term loan credit facility. \n  * No financing and transaction costs were recorded in 2018. \n\n_Gain on revaluation of derivative liabilities_\n\n  * In Q4 2019, Cronos Group recorded a pre-tax unrealized gain of $118.8 million primarily resulting from the non-cash change in the fair value of financial derivative liabilities associated with the investment by Altria Group, Inc. (\u201cAltria\u201d). \n  * In Full-Year 2019, Cronos Group recorded a pre-tax unrealized gain of $1,276.8 million primarily resulting from the non-cash change in the fair value of financial derivative liabilities associated with the investment by Altria. \n\n_Gain on disposal of investments_\n\n  * In Full-Year 2019, Cronos Group recorded a pre-tax gain of $21.5 million primarily related to the disposal of shares in Whistler Marijuana Company (\u201cWhistler\u201d) to Aurora Cannabis Inc. (\u201cAurora\u201d) in connection with Aurora\u2019s acquisition of Whistler. \n  * In Full-Year 2018, Cronos Group recorded a pre-tax gain of $0.2 million related to the disposal of its investment in AB Cann Global Corporation. \n\n**Foreign currency exchange rates**\n\nAll currency amounts in this Press Release are stated in U.S. dollars (\u201cUSD\u201d),\nwhich is our reporting currency, unless otherwise noted. All references to\n\u201cdollars\u201d or \u201c$\u201d are to USD. The assets and liabilities of the Company's\nforeign operations are translated into USD at the exchange rate in effect as\nof December 31, 2019 and December 31, 2018. Transactions affecting\nshareholders' equity are translated at historical foreign exchange rates. The\nconsolidated statements of net income (loss) and comprehensive income (loss)\nand the consolidated statements of cash flows of the Company's foreign\noperations are translated into USD by applying the average foreign exchange\nrate in effect for the reporting period.\n\nThe exchange rates used to translate from USD to Canadian dollars (\u201cC$\u201d) is\nshown below:\n\n_(Exchange rates are shown as C$ per $)_ |  **As at December 31,**  \n---|---  \n|  **2019** |  |  **2018** |  |  **2017**  \nAverage rate  |  1.3268  |  |  |  1.2955  |  |  |  1.2969  |   \nSpot rate  |  1.2990  |  |  |  1.3639  |  |  |  1.2571  |   \n  \n**For further information, please contact:**  \nAnna Shlimak  \nInvestor Relations  \nTel: (416) 504-0004  \n_[ investor.relations@thecronosgroup.com\n](mailto:investor.relations@thecronosgroup.com\n\"investor.relations@thecronosgroup.com\") _\n\n  \n\n##  Recommended Reading\n\n  * March 19, 2025 07:30 ET  |  Source: [ Cronos Group Inc. ](/en/search/organization/Cronos%2520Group%2520Inc\u00a7)\n\n[ Cronos Appoints Anna Shlimak as Chief Financial Officer\n](https://www.globenewswire.com/news-release/2025/03/19/3045272/0/en/Cronos-\nAppoints-Anna-Shlimak-as-Chief-Financial-Officer.html)\n\nTORONTO, March 19, 2025 (GLOBE NEWSWIRE) -- Cronos Group Inc. (NASDAQ: CRON)\n(TSX: CRON) (\u201cCronos\u201d or the \u201cCompany\u201d), an innovative global cannabinoid\ncompany, today announced the appointment of...\n\n[ Read More ](https://www.globenewswire.com/news-\nrelease/2025/03/19/3045272/0/en/Cronos-Appoints-Anna-Shlimak-as-Chief-\nFinancial-Officer.html)\n\n  * March 10, 2025 08:00 ET  |  Source: [ Cronos Group Inc. ](/en/search/organization/Cronos%2520Group%2520Inc\u00a7)\n\n[ Cronos Group Inc. to Speak at the 37th Annual Roth Conference\n](https://www.globenewswire.com/news-release/2025/03/10/3039659/0/en/Cronos-\nGroup-Inc-to-Speak-at-the-37th-Annual-Roth-Conference.html)\n\nTORONTO, March 10, 2025 (GLOBE NEWSWIRE) -- Cronos Group Inc. (NASDAQ: CRON)\n(TSX: CRON) (\u201cCronos\u201d or the \u201cCompany\u201d), an innovative global cannabinoid\ncompany, today announced that Mike Gorenstein,...\n\n[ Read More ](https://www.globenewswire.com/news-\nrelease/2025/03/10/3039659/0/en/Cronos-Group-Inc-to-Speak-at-the-37th-Annual-\nRoth-Conference.html)\n\n",
                "url": "https://www.globenewswire.com/news-release/2020/03/30/2008663/0/en/Cronos-Group-Reports-2019-Fourth-Quarter-and-Full-Year-Results.html"
            },
            "reason": "This is a press release from GlobeNewswire regarding The Cronos Group's financial results, providing factual information directly from the company. It is a reliable source for financial data.",
            "reliability_score": 0.9,
            "search_query": "company 'The Cronos Group' employee well-being",
            "summary": "This is a press release from GlobeNewswire regarding The Cronos Group's financial results, providing factual information directly from the company. It is a reliable source for financial data.",
            "url": "https://www.globenewswire.com/news-release/2020/03/30/2008663/0/en/Cronos-Group-Reports-2019-Fourth-Quarter-and-Full-Year-Results.html"
        },
        {
            "content": {
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                    "source": "https://finance.yahoo.com/quote/CRON/"
                },
                "page_content": "Oops, something went wrong\n\nUnlock stock picks and a broker-level newsfeed that powers Wall Street.\n\nNasdaqGM - Delayed Quote  \u2022  USD\n\n#  Cronos Group Inc. (CRON)\n\n[ Compare  ](/compare/CRON)\n\n1.7200\n\n+0.1000\n\n+(6.17%)\n\nAt close: April 9 at 4:00:02 PM EDT\n\n1.7000\n\n-0.02 \n\n(-1.16%)\n\nAfter hours: April 9 at 7:51:08 PM EDT\n\n[ Advanced Chart  ](/chart/CRON)\n\nLoading Chart for CRON\n\n  * Previous Close  1.6200 \n  * Open  1.6200 \n  * Bid  1.7100 x 100 \n  * Ask  1.7200 x 300 \n  * Day's Range  1.6004 - 1.7350 \n  * 52 Week Range  1.6000 - 3.1400 \n  * Volume  1,512,435 \n  * Avg. Volume  1,557,288 \n  * Market Cap (intraday)  657.953M \n  * Beta (5Y Monthly)  1.42 \n  * PE Ratio (TTM)  15.64 \n  * EPS (TTM)  0.1100 \n  * Earnings Date  May 7, 2025 - May 12, 2025 \n  * Forward Dividend & Yield  \\-- \n  * Ex-Dividend Date  \\-- \n  * 1y Target Est  1.91 \n\nCronos Group Inc. operates as a cannabinoid company that engages in the\ncultivation, production, distribution, and marketing of cannabis products in\nCanada, Israel, and internationally. The company offers dried flower, pre-\nrolls, oils, vaporizers, edibles, and cannabis tinctures under the Spinach,\nLord Jones, and PEACE NATURALS brand names. Cronos Group Inc. was founded in\n2012 and is based in Stayner, Canada.\n\n[ www.thecronosgroup.com ](https://www.thecronosgroup.com)\n\n459\n\n###  Full Time Employees\n\nDecember 31\n\n###  Fiscal Year Ends\n\n[ Healthcare ](/sectors/healthcare/)\n\n###  Sector\n\n[ Drug Manufacturers - Specialty & Generic ](/sectors/healthcare/drug-\nmanufacturers-specialty-generic/)\n\n###  Industry\n\n[ More about Cronos Group Inc. ](/quote/CRON/profile/)\n\n[ View More  ](/quote/CRON/news/ \"View More\")\n\nTrailing total returns as of 4/9/2025, which may include dividends or other\ndistributions.  Benchmark is [ S&P/TSX Composite index (^GSPTSE)\n](/quote/%5EGSPTSE/ \"S&P/TSX Composite index \\(^GSPTSE\\)\") .\n\nCRON\n\n11.79%\n\nS&P/TSX Composite index (^GSPTSE)\n\n3.63%\n\nCRON\n\n35.58%\n\nS&P/TSX Composite index (^GSPTSE)\n\n6.11%\n\nCRON\n\n50.57%\n\nS&P/TSX Composite index (^GSPTSE)\n\n8.47%\n\nCRON\n\n70.29%\n\nS&P/TSX Composite index (^GSPTSE)\n\n67.49%\n\nSelect to analyze similar companies using key performance metrics; select up\nto 4 stocks.\n\n[ CRON  Cronos Group Inc.  ](/quote/CRON/)\n\n1.7200\n\n+6.17%\n\nMkt Cap  657.953M\n\nIndustry  Drug Manufacturers\u2014Specialty & Generic\n\n[ ACB  Aurora Cannabis Inc.  ](/quote/ACB/)\n\n4.2600\n\n+9.79%\n\nMkt Cap  233.806M\n\nIndustry  Drug Manufacturers\u2014Specialty & Generic\n\n[ CGC  Canopy Growth Corporation  ](/quote/CGC/)\n\n0.8981\n\n+8.44%\n\nMkt Cap  161.388M\n\nIndustry  Drug Manufacturers\u2014Specialty & Generic\n\n[ OGI  Organigram Global Inc.  ](/quote/OGI/)\n\n0.9550\n\n+8.52%\n\nMkt Cap  127.759M\n\nIndustry  Drug Manufacturers\u2014Specialty & Generic\n\n[ CURLF  Curaleaf Holdings, Inc.  ](/quote/CURLF/)\n\n0.7490\n\n-2.85% \n\nMkt Cap  561.349M\n\nIndustry  Drug Manufacturers\u2014Specialty & Generic\n\n[ TLRY  Tilray Brands, Inc.  ](/quote/TLRY/)\n\n0.5301\n\n+16.17%\n\nMkt Cap  528.444M\n\nIndustry  Drug Manufacturers\u2014Specialty & Generic\n\n[ TCNNF  Trulieve Cannabis Corp.  ](/quote/TCNNF/)\n\n3.2740\n\n-0.18% \n\nMkt Cap  617.689M\n\nIndustry  Drug Manufacturers\u2014Specialty & Generic\n\n[ GTBIF  Green Thumb Industries Inc.  ](/quote/GTBIF/)\n\n5.10\n\n+1.59%\n\nMkt Cap  1.16B\n\nIndustry  Drug Manufacturers\u2014Specialty & Generic\n\n[ CRLBF  Cresco Labs Inc.  ](/quote/CRLBF/)\n\n0.5800\n\n+9.43%\n\nMkt Cap  198.081M\n\nIndustry  Drug Manufacturers\u2014Specialty & Generic\n\n[ OGI.TO  Organigram Global Inc.  ](/quote/OGI.TO/)\n\n1.3600\n\n+7.09%\n\nMkt Cap  CAD  181.939M\n\nIndustry  Drug Manufacturers\u2014Specialty & Generic\n\n[ TLRY.TO  Tilray Brands, Inc.  ](/quote/TLRY.TO/)\n\n0.7500\n\n+17.19%\n\nMkt Cap  CAD  753.158M\n\nIndustry  Drug Manufacturers\u2014Specialty & Generic\n\n[ Annual  ](/about/plans/select-\nplan/historicalStatistics/?.done=%2Fquote%2FCRON%2F&ncid=100001118)\n\nAs of 4/9/2025\n\n  * Market Cap \n\n647.39M\n\n  * Enterprise Value \n\n-209.40M \n\n  * Trailing P/E \n\n15.58\n\n  * Forward P/E \n\n\\--\n\n  * PEG Ratio (5yr expected) \n\n\\--\n\n  * Price/Sales (ttm) \n\n5.57\n\n  * Price/Book (mrq) \n\n0.62\n\n  * Enterprise Value/Revenue \n\n\\--\n\n  * Enterprise Value/EBITDA \n\n\\--\n\n####  Profitability and Income Statement\n\n  * Profit Margin \n\n34.93%\n\n  * Return on Assets (ttm) \n\n-2.94% \n\n  * Return on Equity (ttm) \n\n3.63%\n\n  * Revenue (ttm) \n\n117.61M\n\n  * Net Income Avi to Common (ttm) \n\n41.08M\n\n  * Diluted EPS (ttm) \n\n0.1100\n\n####  Balance Sheet and Cash Flow\n\n  * Total Cash (mrq) \n\n858.8M\n\n  * Total Debt/Equity (mrq) \n\n0.18%\n\n  * Levered Free Cash Flow (ttm) \n\n-26.29M \n\n[ View More  ](/quote/CRON/key-statistics/ \"View More\")\n\n[ View More  ](/quote/CRON/analysis/ \"View More\")\n\n[ View More  ](/research/stock-forecast/CRON?symbols=CRON \"View More\")\n\nCGC  Canopy Growth Corporation\n\n**0.8981**\n\n+8.44%\n\n[ ](/quote/CGC/ \"CGC\")\n\nACB  Aurora Cannabis Inc.\n\n**4.2600**\n\n+9.79%\n\n[ ](/quote/ACB/ \"ACB\")\n\nTLRY  Tilray Brands, Inc.\n\n**0.5301**\n\n+16.17%\n\n[ ](/quote/TLRY/ \"TLRY\")\n\nCURLF  Curaleaf Holdings, Inc.\n\n**0.7490**\n\n-2.85% \n\n[ ](/quote/CURLF/ \"CURLF\")\n\nOGI  Organigram Global Inc.\n\n**0.9550**\n\n+8.52%\n\n[ ](/quote/OGI/ \"OGI\")\n\nGTBIF  Green Thumb Industries Inc.\n\n**5.10**\n\n+1.59%\n\n[ ](/quote/GTBIF/ \"GTBIF\")\n\nTCNNF  Trulieve Cannabis Corp.\n\n**3.2740**\n\n-0.18% \n\n[ ](/quote/TCNNF/ \"TCNNF\")\n\nIIPR  Innovative Industrial Properties, Inc.\n\n**51.80**\n\n+7.85%\n\n[ ](/quote/IIPR/ \"IIPR\")\n\nCRLBF  Cresco Labs Inc.\n\n**0.5800**\n\n+9.43%\n\n[ ](/quote/CRLBF/ \"CRLBF\")\n\nSNDL  SNDL Inc.\n\n**1.3900**\n\n+9.45%\n\n[ ](/quote/SNDL/ \"SNDL\")\n\nGRWG  GrowGeneration Corp.\n\n**0.9011**\n\n+2.35%\n\n[ ](/quote/GRWG/ \"GRWG\")\n\nWEED.TO  Canopy Growth Corporation\n\n**1.2600**\n\n+7.69%\n\n[ ](/quote/WEED.TO/ \"WEED.TO\")\n\nSMG  The Scotts Miracle-Gro Company\n\n**52.59**\n\n+9.09%\n\n[ ](/quote/SMG/ \"SMG\")\n\nSTZ  Constellation Brands, Inc.\n\n**183.40**\n\n+7.28%\n\n[ ](/quote/STZ/ \"STZ\")\n\nVFF  Village Farms International, Inc.\n\n**0.5370**\n\n+11.62%\n\n[ ](/quote/VFF/ \"VFF\")\n\nCWBHF  Charlotte's Web Holdings, Inc.\n\n**0.0750**\n\n+20.97%\n\n[ ](/quote/CWBHF/ \"CWBHF\")\n\n[ ](/)\n\nCopyright \u00a9 2025 Yahoo. 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                "url": "https://finance.yahoo.com/quote/CRON/"
            },
            "reason": "Yahoo Finance provides stock quotes and financial data for Cronos Group (CRON), offering reliable information for investors.",
            "reliability_score": 0.9,
            "search_query": "company 'The Cronos Group' employee well-being",
            "summary": "Yahoo Finance provides stock quotes and financial data for Cronos Group (CRON), offering reliable information for investors.",
            "url": "https://finance.yahoo.com/quote/CRON/"
        },
        {
            "content": {
                "metadata": {
                    "ext_id": "8714657d-43ea-4c36-9a10-e6c84eea1095",
                    "origin": "public",
                    "resource_location": "web",
                    "resource_type": "webpage",
                    "source": "https://www.linkedin.com/jobs/view/head-of-global-information-systems-at-cronos-group-4159975480"
                },
                "page_content": "Skip to main content\n\nGet notified about new  Tp Mechanical  jobs in **United States** .\n\n[ Sign in to create job alert\n](https://www.linkedin.com/login?emailAddress=&fromSignIn=&session_redirect=https%3A%2F%2Fwww.linkedin.com%2Fjobs%2Ftp-\nmechanical-jobs%3Ftrk%3Dexpired_jd_redirect&trk=public_jobs_job-alert-guest-\nredirect-cta)\n\n#  2  Tp Mechanical Jobs in United States\n\n  * [ General Manager - Service  ](https://www.linkedin.com/jobs/view/general-manager-service-at-tp-mechanical-4183358009?position=1&pageNum=0&refId=sjAN8KfgND8aQVBLyDBziA%3D%3D&trackingId=FGy6MeISjXubg91gUaV2KQ%3D%3D)\n\n###  General Manager - Service\n\n####  [ TP Mechanical ](https://www.linkedin.com/company/tp-mechanical-\ncontractors?trk=public_jobs_jserp-result_job-search-card-subtitle)\n\nIndianapolis, IN\n\nBe an early applicant\n\n3 weeks ago\n\n  * [ HVAC Service Technician **SIGN ON BONUS-UP TO $5K**  ](https://www.linkedin.com/jobs/view/hvac-service-technician-sign-on-bonus-up-to-%245k-at-energy-jobline-4200392924?position=2&pageNum=0&refId=sjAN8KfgND8aQVBLyDBziA%3D%3D&trackingId=8zFa8f%2Bk5J5tzXj4i0EY9g%3D%3D)\n\n###  HVAC Service Technician **SIGN ON BONUS-UP TO $5K**\n\n####  [ Energy Jobline ](https://uk.linkedin.com/company/energy-\njobline?trk=public_jobs_jserp-result_job-search-card-subtitle)\n\nColumbus, OH\n\nBe an early applicant\n\n3 days ago\n\nYou've viewed all jobs for this search\n\n###  Search similar titles\n\n  * [ Vice President Information Technology jobs ](https://www.linkedin.com/jobs/vice-president-information-technology-jobs?trk=public_jobs_similar-title)\n  * [ Head of Information Technology jobs ](https://www.linkedin.com/jobs/head-of-information-technology-jobs?trk=public_jobs_similar-title)\n  * [ Chief Information Officer jobs ](https://www.linkedin.com/jobs/chief-information-officer-jobs?trk=public_jobs_similar-title)\n\n  *     * [ Vice President Information Technology jobs ](https://www.linkedin.com/jobs/vice-president-information-technology-jobs?trk=public_jobs_linkster_link)\n    * [ Head of Information Technology jobs ](https://www.linkedin.com/jobs/head-of-information-technology-jobs?trk=public_jobs_linkster_link)\n\n    * [ Chief Information Officer jobs ](https://www.linkedin.com/jobs/chief-information-officer-jobs?trk=public_jobs_linkster_link)\n    * [ Vice President jobs ](https://www.linkedin.com/jobs/vice-president-jobs?trk=public_jobs_linkster_link)\n\n  * LinkedIn  \u00a9 2025 \n  * [ About ](https://about.linkedin.com?trk=public_jobs_footer-about)\n  * [ Accessibility ](https://www.linkedin.com/accessibility?trk=public_jobs_footer-accessibility)\n  * [ User Agreement ](https://www.linkedin.com/legal/user-agreement?trk=public_jobs_footer-user-agreement)\n  * [ Privacy Policy ](https://www.linkedin.com/legal/privacy-policy?trk=public_jobs_footer-privacy-policy)\n  * [ Your California Privacy Choices ](https://www.linkedin.com/legal/california-privacy-disclosure?trk=public_jobs_footer-california-privacy-rights-act)\n  * [ Cookie Policy ](https://www.linkedin.com/legal/cookie-policy?trk=public_jobs_footer-cookie-policy)\n  * [ Copyright Policy ](https://www.linkedin.com/legal/copyright-policy?trk=public_jobs_footer-copyright-policy)\n  * [ Brand Policy ](https://brand.linkedin.com/policies?trk=public_jobs_footer-brand-policy)\n  * [ Guest Controls ](https://www.linkedin.com/psettings/guest-controls?trk=public_jobs_footer-guest-controls)\n  * [ Community Guidelines ](https://www.linkedin.com/legal/professional-community-policies?trk=public_jobs_footer-community-guide)\n  *     *     *     *     *     *     *     *     *     *     *     *     *     *     *     *     *     *     *     *     *     *     *     *     *     *     *     *     *     *     *     *     *     *     *     *     * \n\n` ` ` ` ` ` ` ` ` ` ` `\n\n##  Sign in to view more jobs\n\n##  Welcome back\n\n` ` ` ` ` ` ` ` ` ` ` ` ` ` ` ` ` ` ` `\n\nBy clicking Continue to join or sign in, you agree to LinkedIn\u2019s [ User\nAgreement ](/legal/user-agreement?trk=public_jobs_contextual-sign-in-\nmodal_sign-in-modal_auth-button_user-agreement) , [ Privacy Policy\n](/legal/privacy-policy?trk=public_jobs_contextual-sign-in-modal_sign-in-\nmodal_auth-button_privacy-policy) , and [ Cookie Policy ](/legal/cookie-\npolicy?trk=public_jobs_contextual-sign-in-modal_sign-in-modal_auth-\nbutton_cookie-policy) .\n\nNew to LinkedIn? 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                "url": "https://www.linkedin.com/jobs/view/head-of-global-information-systems-at-cronos-group-4159975480"
            },
            "reason": "This is a job posting on LinkedIn for Cronos Group, providing reliable information about job openings and requirements. LinkedIn is generally reliable for professional information.",
            "reliability_score": 0.8,
            "search_query": "company 'The Cronos Group' employee well-being",
            "summary": "This is a job posting on LinkedIn for Cronos Group, providing reliable information about job openings and requirements. LinkedIn is generally reliable for professional information.",
            "url": "https://www.linkedin.com/jobs/view/head-of-global-information-systems-at-cronos-group-4159975480"
        },
        {
            "content": {
                "metadata": {
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                    "origin": "public",
                    "resource_location": "web",
                    "resource_type": "webpage",
                    "source": "https://www.biospace.com/cronos-group-inc-sets-date-for-2018-annual-and-special-meeting-of-shareholders"
                },
                "page_content": "[ SUBSCRIBE ](https://www.biospace.com/subscribe-to-newsletters)\n\n[ ](/)\n\n[ SUBSCRIBE ](https://www.biospace.com/subscribe-to-newsletters)\n\n#  Cronos Group Inc. Sets Date for 2018 Annual and Special Meeting of\nShareholders\n\nJune 8, 2018  | \n\n3 min read\n\n  * [ Twitter  ](https://twitter.com/intent/tweet?url=https%3A%2F%2Fwww.biospace.com%2Fcronos-group-inc-sets-date-for-2018-annual-and-special-meeting-of-shareholders&text=Cronos%20Group%20Inc.%20Sets%20Date%20for%202018%20Annual%20and%20Special%20Meeting%20of%20Shareholders)\n  * [ LinkedIn  ](https://www.linkedin.com/shareArticle?url=https%3A%2F%2Fwww.biospace.com%2Fcronos-group-inc-sets-date-for-2018-annual-and-special-meeting-of-shareholders&mini=true&title=Cronos%20Group%20Inc.%20Sets%20Date%20for%202018%20Annual%20and%20Special%20Meeting%20of%20Shareholders&summary=Cronos%20Group%20Inc.%20will%20hold%20its%202018%20Annual%20and%20Special%20Meeting%20of%20Shareholders%20on%20Thursday%2C%20June%2028%2C%202018&source=BioSpace)\n  * [ Facebook  ](https://www.facebook.com/dialog/share?app_id=2120989681618413&display=popup&href=https%3A%2F%2Fwww.biospace.com%2Fcronos-group-inc-sets-date-for-2018-annual-and-special-meeting-of-shareholders)\n  * [ Email  ](mailto:?subject=Check%20out%20this%20article%20on%20BioSpace&body=Cronos%20Group%20Inc.%20Sets%20Date%20for%202018%20Annual%20and%20Special%20Meeting%20of%20Shareholders%0A%0Ahttps%3A%2F%2Fwww.biospace.com%2Fcronos-group-inc-sets-date-for-2018-annual-and-special-meeting-of-shareholders%0A%0ACronos%20Group%20Inc.%20will%20hold%20its%202018%20Annual%20and%20Special%20Meeting%20of%20Shareholders%20on%20Thursday%2C%20June%2028%2C%202018)\n  * [ Print  ](javascript:window.print\\(\\))\n\n##  Cronos Group Inc. will hold its 2018 Annual and Special Meeting of\nShareholders on Thursday, June 28, 2018\n\nTORONTO, June 8, 2018 /PRNewswire/ - **Cronos Group Inc.** (NASDAQ: CRON)\n(TSX: CRON) **(** \u201c **Cronos Group** \u201d or the \u201c **Company** \u201d), a\ngeographically diversified and vertically integrated cannabis group, will hold\nits 2018 Annual and Special Meeting of Shareholders on Thursday, June 28, 2018\nat 9:30 a.m. at the offices of Blake, Cassels & Graydon LLP located at 199 Bay\nStreet, Suite 4000, Commerce Court West, Toronto. The Notice of Meeting,\nManagement Information Circular and Form of Proxy are available on the\nCompany\u2019s website  [ www.thecronosgroup.com ](http://www.thecronosgroup.com/)\nin the governance section. A live audio webcast and replay of the meeting will\nalso be available in the investor relations section of the Company\u2019s website.\n\n**About Cronos Group**  \nCronos Group is a globally diversified and vertically integrated cannabis\ncompany with a presence across four continents. The Company operates two\nwholly-owned Canadian licensed producers regulated under Health Canada\u2019s\n_Access to Cannabis for Medical Purposes Regulations_ : Peace Naturals Project\nInc., which was the first non-incumbent medical cannabis license granted by\nHealth Canada, and Original BC Ltd., which is based in the Okanagan Valley,\nBritish Columbia. The Company has multiple international production and\ndistribution platforms including in Germany, Israel and Australia. The Company\nintends to continue to rapidly expand its global footprint as it focuses on\nbuilding an international iconic brand portfolio and develop disruptive\nintellectual property. Cronos Group is committed to building industry leading\ncompanies that transform the perception of cannabis and responsibly elevate\nthe consumer experience.\n\n**Forward-looking statements**  \nThis news release contains \u201cforward-looking information\u201d and \u201cforward-looking\nstatements\u201d within the meaning of applicable Canadian and U.S. securities\nlaws. All information contained herein that is not clearly historical in\nnature may constitute forward-looking information. In some cases, forward-\nlooking statements can be identified by words or phrases such as \u201cmay\u201d,\n\u201cwill\u201d, \u201cexpect\u201d, \u201cplan\u201d, \u201canticipate\u201d, \u201cintend\u201d, \u201cpotential\u201d, \u201cestimate\u201d,\n\u201cbelieve\u201d or the negative of these terms, or other similar expressions\nintended to identify forward-looking statements. Some of the forward-looking\nstatements contained in this press release, include the Company\u2019s intention to\ncontinue to rapidly expand its global footprint, build an international iconic\nbrand portfolio and develop disruptive intellectual property. Forward-looking\nstatements are necessarily based upon a number of estimates and assumptions\nthat, while considered reasonable by management, are inherently subject to\nsignificant business, economic and competitive risks, uncertainties and\ncontingencies that may cause actual financial results, performance or\nachievements to be materially different from the estimated future results,\nperformance or achievements expressed or implied by those forward-looking\nstatements and the forward-looking statements are not guarantees of future\nperformance. A discussion of some of the material risks applicable to the\nCompany can be found in the Company\u2019s current MD&A and Annual Information\nForm, both of which have been filed on SEDAR and can be accessed at\nwww.sedar.com. The forward-looking information included in this news release\nis made as of the date of this news release and, except as required by law,\nCronos Group disclaims any obligation to update or revise any forward-looking\nstatements. Readers are cautioned not to put undue reliance on these forward-\nlooking statements.\n\nView original content with multimedia:  [ http://www.prnewswire.com/news-\nreleases/cronos-group-inc-sets-date-for-2018-annual-and-special-meeting-of-\nshareholders-300662199.html ](http://www.prnewswire.com/news-releases/cronos-\ngroup-inc-sets-date-for-2018-annual-and-special-meeting-of-\nshareholders-300662199.html)\n\nSOURCE Cronos Group Inc.\n\n  * [ Twitter  ](https://twitter.com/intent/tweet?url=https%3A%2F%2Fwww.biospace.com%2Fcronos-group-inc-sets-date-for-2018-annual-and-special-meeting-of-shareholders&text=Cronos%20Group%20Inc.%20Sets%20Date%20for%202018%20Annual%20and%20Special%20Meeting%20of%20Shareholders)\n  * [ LinkedIn  ](https://www.linkedin.com/shareArticle?url=https%3A%2F%2Fwww.biospace.com%2Fcronos-group-inc-sets-date-for-2018-annual-and-special-meeting-of-shareholders&mini=true&title=Cronos%20Group%20Inc.%20Sets%20Date%20for%202018%20Annual%20and%20Special%20Meeting%20of%20Shareholders&summary=Cronos%20Group%20Inc.%20will%20hold%20its%202018%20Annual%20and%20Special%20Meeting%20of%20Shareholders%20on%20Thursday%2C%20June%2028%2C%202018&source=BioSpace)\n  * [ Facebook  ](https://www.facebook.com/dialog/share?app_id=2120989681618413&display=popup&href=https%3A%2F%2Fwww.biospace.com%2Fcronos-group-inc-sets-date-for-2018-annual-and-special-meeting-of-shareholders)\n  * [ Email  ](mailto:?subject=Check%20out%20this%20article%20on%20BioSpace&body=Cronos%20Group%20Inc.%20Sets%20Date%20for%202018%20Annual%20and%20Special%20Meeting%20of%20Shareholders%0A%0Ahttps%3A%2F%2Fwww.biospace.com%2Fcronos-group-inc-sets-date-for-2018-annual-and-special-meeting-of-shareholders%0A%0ACronos%20Group%20Inc.%20will%20hold%20its%202018%20Annual%20and%20Special%20Meeting%20of%20Shareholders%20on%20Thursday%2C%20June%2028%2C%202018)\n  * [ Print  ](javascript:window.print\\(\\))\n\n[ Events ](https://www.biospace.com/events)\n\nMORE ON THIS TOPIC\n\n[ ](https://www.biospace.com/drug-development/safety-questions-loom-in-\nduchenne-as-dyne-wave-and-others-plan-fda-filings)\n\n[ Duchenne muscular dystrophy ](https://www.biospace.com/duchenne-muscular-\ndystrophy)\n\n[ Safety Questions Loom in Duchenne as Dyne, Wave and Others Plan FDA Filings\n](https://www.biospace.com/drug-development/safety-questions-loom-in-duchenne-\nas-dyne-wave-and-others-plan-fda-filings)\n\nMarch 27, 2025\n\n\u00b7\n\n8 min read\n\n\u00b7\n\n[ Heather McKenzie ](https://www.biospace.com/heather-mckenzie)\n\n[ ](https://www.biospace.com/drug-development/Novartis-intrathecal-zolgensma-\neffective-in-older-children)\n\n[ Spinal muscular atrophy ](https://www.biospace.com/spinal-muscular-atrophy)\n\n[ Novartis\u2019 Intrathecal Zolgensma Effective in Older Children\n](https://www.biospace.com/drug-development/Novartis-intrathecal-zolgensma-\neffective-in-older-children)\n\nMarch 19, 2025\n\n\u00b7\n\n6 min read\n\n\u00b7\n\n[ Heather McKenzie ](https://www.biospace.com/heather-mckenzie)\n\n[ ](https://www.biospace.com/policy/transparency-missing-in-action-at-hhs-\ndespite-leaders-calls-for-clarity)\n\n[ Editorial ](https://www.biospace.com/editorial)\n\n[ Transparency Missing in Action at HHS Despite Leaders\u2019 Calls for Clarity\n](https://www.biospace.com/policy/transparency-missing-in-action-at-hhs-\ndespite-leaders-calls-for-clarity)\n\nFebruary 28, 2025\n\n\u00b7\n\n4 min read\n\n\u00b7\n\n[ Heather McKenzie ](https://www.biospace.com/heather-mckenzie)\n\n[ ](https://www.biospace.com/drug-development/bms-pfizer-challenge-colorectal-\ncancer-standard-care-with-asco-gi-readouts)\n\n[ Cancer ](https://www.biospace.com/cancer)\n\n[ BMS, Pfizer Challenge Colorectal Cancer Standard Care With ASCO GI Readouts\n](https://www.biospace.com/drug-development/bms-pfizer-challenge-colorectal-\ncancer-standard-care-with-asco-gi-readouts)\n\nJanuary 27, 2025\n\n\u00b7\n\n2 min read\n\n\u00b7\n\n[ Tristan Manalac ](https://www.biospace.com/tristan-manalac)\n\n[ ](/)\n\n_BioSpace_ is the digital hub for life science news and jobs. 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                "url": "https://www.biospace.com/cronos-group-inc-sets-date-for-2018-annual-and-special-meeting-of-shareholders"
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            "summary": "This is a news article from BioSpace reporting on Cronos Group's shareholder meeting, providing factual information from a reputable industry news source.",
            "url": "https://www.biospace.com/cronos-group-inc-sets-date-for-2018-annual-and-special-meeting-of-shareholders"
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                    "source": "https://www.synbiobeta.com/read/cronos-group-and-ginkgo-bioworks-announce-a-landmark-partnership-to-produce-cultured-cannabinoids"
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                "page_content": "[ ](/)\n\nLogout  [ Register ](/signup) [ Login ](/login)\n\n##  Become a Member\n\nInsider  Free  Access to Premium Articles  Pick your content preferences\nIndustry Insider Newsletter  Invitation to Panel  Signup  Insider Premium\n$3/month  Access to Premium Articles  Pick your content preferences  Industry\nInsider Newsletter  Invitation to Panel  Signup\n\n#  Cronos Group and Ginkgo Bioworks Announce a Landmark Partnership to Produce\nCultured Cannabinoids\n\n[ ](/categories/engineered-human-therapies)\n\nEngineered Human Therapies\n\nby\n\n|\n\nSeptember 4, 2018\n\nRead\n\n#  Cronos Group and Ginkgo Bioworks Announce a Landmark Partnership to Produce\nCultured Cannabinoids\n\n_Leading Companies from Emerging Industries Join Forces to Efficiently Produce\nHigh-Purity Cannabinoids at Scale_ BOSTON and TORONTO, Sept. 4, 2018\n/PRNewswire/ - Today, [ Cronos Group ](https://thecronosgroup.com/) Inc.\n(NASDAQ : [ CRON\n](http://studio-5.financialcontent.com/prnews?Page=Quote&Ticker=CRON) ) (TSX:\nCRON) (\" **Cronos Group** \"), a geographically diversified and vertically\nintegrated cannabis group, and [ Ginkgo Bioworks\n](https://www.ginkgobioworks.com/) Inc. (\" **Ginkgo** \"), the organism\ncompany, announced a landmark partnership to produce cultured cannabinoids.\nUsing its platform technology for organism design and development, Ginkgo will\ncomplement Cronos Group's technologies for producing a full spectrum of\ncannabinoids. As part of this unprecedented deal, Cronos Group has agreed to\nissue a specific number of common shares in tranches subject to Ginkgo's\nachievement of certain production milestones.As two of the leading companies\nin their respective industries, Cronos Group and Ginkgo believe that they are\nbest-suited to unlock the potential of innovation in the cannabis industry.\nCronos Group brings a deep understanding of the plant's biological structure\nand function, while Ginkgo brings 10 years of experience designing\nmicroorganisms for the production of cultured products across pharmaceuticals,\nagriculture, flavors, fragrances, and more.Cannabinoids span a range of\nmolecules with different properties, and ongoing research has demonstrated\npotential medicinal uses for indications such as chronic pain, nervous\ndisorders, nausea, weight loss, and some mental illnesses. However, many\npharmaceutically relevant cannabinoids are present only at very low quantities\nin the cannabis plant, making them economically impractical, difficult or\nimpossible to extract at high purity and scale. The landmark partnership\nbetween Cronos Group and Ginkgo will leverage the expertise of both\norganizations to solve this challenge and make more accessible the benefits of\ncannabinoids in an economically sustainable way.\n\n\"Cronos Group is building the world's most innovative cannabinoid platform,\"\nsaid Mike Gorenstein, CEO of Cronos Group. \"The potential uses of cannabinoids\nare vast, but the key to successfully bringing cannabinoid-based products to\nmarket is in creating reliable, consistent, and scalable production of a full\nspectrum of cannabinoids, not just THC and CBD. We are thrilled to partner\nwith Ginkgo; their biological engineering capabilities and disruptive\ntechnology platform are unrivaled. Together we can revolutionize the cannabis\nindustry.\"\"Legal cannabis is a multibillion-dollar industry with no signs of\nslowing down, but providers will need to innovate to keep up with demand for\nbetter products, including those taking advantage of rare and difficult to\nextract cannabinoids,\" said Jason Kelly, CEO and co-founder of Ginkgo\nBioworks. \"Engineering strains of yeast that can produce these cannabinoids\nvia fermentation is a perfect fit for our organism design platform and we are\nexcited to be working with Cronos Group as they lead the way to high-quality\ncannabinoid treatments.\" **Partnership Details** Cronos Group's wide-ranging\nportfolio of cannabis products is empowered by its deep expertise in plant\ngenetics. With access to an array of varietals and a diverse set of production\nmethodologies, Cronos Group has gathered extensive data on cannabinoids and\ntheir properties, ultimately learning from and using the plant to generate\nblueprints for best-in-class, full spectrum cannabinoid recipes.Ginkgo's\nplatform for engineering biology is powered by state-of-the-art automation and\ncustom-built software used to design and print DNA. With the world's largest\nlibrary of designed DNA sequences, Ginkgo has extensive expertise in the\nbiology of enzymes for the production of molecules used in industries from\nflavor and fragrance to food to pharmaceuticals. By transferring the DNA\nsequences for cannabinoid production into yeast, Ginkgo expects to develop\nstrains that produce cultured cannabinoids at high quality and purity in a\nprocess similar to brewing beer in a microbrewery. In addition to allowing for\nthe efficient and scalable production of cannabinoids, the use of Ginkgo's\nplatform is expected to unlock access to potentially medically-important and\nvaluable cannabinoids that are present only in low quantities in the plant.The\npartnership between Ginkgo and Cronos Group will focus on the scalable and\nconsistent production of a wide range of cannabinoids, including THC, CBD and\na variety of other lesser known and rarer products. These cultured cannabinoid\nmolecules are identical to those extracted from the plants grown with\ntraditional methods, but are created by leveraging the power of biological\nmanufacturing via fermentation.\n\n**Partnership Transaction Terms** Under the exclusive partnership, Ginkgo will\nwork with Cronos Group on research and development of microorganisms capable\nof producing certain target cannabinoids in a scalable and highly efficient\nmanner. Cronos Group will fund certain R&D and foundry expenses expected to be\napproximately US$22 million subject to the achievement of certain milestones.\nIn addition, upon Ginkgo's demonstration that the microorganisms are capable\nof producing the target cannabinoids above a minimum productivity level,\nCronos Group will issue up to approximately 14.7 million common shares in the\naggregate, in accordance with the milestone allocations described below. The\ncommon shares allocated were based on the 60-day VWAP for Cronos Group common\nstock of US$6.81 as of July 17, 2018, when the letter of intent was executed\nby both parties. The transaction had an aggregate value of US$100 million\nassuming all milestones are met. Tranches of these common shares will be\nissued once each of the target cannabinoids can be produced for less than\nUS$1,000 per kilogram of pure cannabinoid at a scale of greater than 200\nliters as follows: THC(A), 20%; CBD(A), 15%; CBC(A), 10%; CBG(A), 10%;\nTHCV(A), 15%; CBGV(A), 10%; CBDV(A), 10%; CBCV(A), 10%.Cronos Group will have\nthe exclusive right to use and commercialize the key patented intellectual\nproperty related to the production of the target cannabinoids globally. All\nR&D work undertaken by Ginkgo will be conducted in compliance with all U.S.\nfederal laws regarding controlled substances and Ginkgo is coordinating\nactivities closely with both Federal and State agencies. Cronos Group intends\nto produce and distribute the target cannabinoids globally and has received\nconfirmation that this method of production is permitted under the _Cannabis\nAct_ (Canada) \u00e2\u0080\u0093 the legal framework that will regulate cannabis in\nCanada.This landmark deal will bring the power of biological manufacturing to\nthe cannabis industry, allowing for cannabinoid production at large scale and\nwith greater efficiency than is currently possible with traditional growing\nand extracting methods. **Analyst/Investor Conference Call and Webcast**  \n  \nCronos Group and Ginkgo Bioworks will host a conference call and live webcast\non Tuesday, September 4, 2018 at 8:30 a.m. EST to discuss the landmark\npartnership. Instruction for the conference call are provided below: _Live\nWebcast:_ [ https://thecronosgroup.com/investor-relations\n](https://thecronosgroup.com/investor-relations)  \n  \n_Toll-free dial-in number:_ (888) 231-8191 _  \n  \nInternational dial-in number: _ (647) 427-7450  \n  \n_Conference ID:_ 9537928Additionally, an audio replay of the conference call\nwill be available two hours after the call's completion and until 11:59 p.m.\nEST on September 18, 2018. Instructions for the audio replay are provided\nbelow: _Toll-free dial-in number:_ (855) 859-2056  \n  \n_Passcode:_ 9537928 **About Ginkgo Bioworks:**  \n  \nGinkgo Bioworks is the organism company, using the power of biology to build\nsustainable products in food, pharma, manufacturing, and more. Using\nsophisticated software and state of the art automation,Ginkgo's powerful\nplatform for genetic engineering is making biology easier to engineer,\nenabling new products to be renewably manufactured with biology. For more\ninformation, visit [ www.ginkgobioworks.com ](http://www.ginkgobioworks.com/)\n. **About Cronos Group:  \n  \n** Cronos Group is a globally diversified and vertically integrated cannabis\ncompany with a presence across four continents. Cronos Group operates two\nwholly-owned Canadian licensed producers regulated under Health Canada's\nAccess to Cannabis for Medical Purposes Regulations: Peace Naturals Project\nInc., which was the first non-incumbent medical cannabis license granted by\nHealth Canada, and Original BC Ltd., which is based in the Okanagan Valley,\nBritish Columbia. Cronos Group has multiple international production and\ndistribution platforms across five continents. Cronos Group intends to\ncontinue to rapidly expand its global footprint as it focuses on building an\ninternational iconic brand portfolio and develop disruptive intellectual\nproperty. Cronos Group is committed to building industry leading companies\nthat transform the perception of cannabis and responsibly elevate the consumer\nexperience. **Forward-looking statements  \n  \n** This news release contains \"forward-looking information\" and \"forward-\nlooking statements\" within the meaning of applicable Canadian and U.S.\nsecurities laws. All information contained herein that is not clearly\nhistorical in nature may constitute forward-looking information. In some\ncases, forward-looking statements can be identified by words or phrases such\nas \"may\", \"will\", \"expect\", \"plan\", \"anticipate\", \"intend\", \"potential\",\n\"estimate\", \"believe\" or the negative of these terms, or other similar\nexpressions intended to identify forward-looking statements. Some of the\nforward-looking statements contained in this press release include Cronos\nGroup's expectations regarding the potential success of, and the costs and\nbenefits associated with, its partnership with Ginkgo, expectations about the\ndevelopment of the cannabis industry and potential demand for cultured\ncannabinoids, expectations of the regulatory framework for cultured\ncannabinoids as well as the Cronos Group's intention to continue to rapidly\nexpand its global footprint, build an international iconic brand portfolio and\ndevelop disruptive intellectual property. Forward-looking statements are\nnecessarily based upon a number of estimates and assumptions that, while\nconsidered reasonable by management, are inherently subject to significant\nbusiness, economic and competitive risks, uncertainties and contingencies that\nmay cause actual financial results, performance or achievements to be\nmaterially different from the estimated future results, performance or\nachievements expressed or implied by those forward-looking statements and the\nforward-looking statements are not guarantees of future performance. A\ndiscussion of some of the material risks applicable to Cronos Group can be\nfound in its current MD&A and Annual Information Form, both of which have been\nfiled on SEDAR and can be accessed at [ www.sedar.com ](http://www.sedar.com/)\n. The forward-looking information included in this news release is made as of\nthe date of this news release and, except as required by law, Cronos Group\ndisclaims any obligation to update or revise any forward-looking statements.\nReaders are cautioned not to put undue reliance on these forward-looking\nstatements.SOURCE Cronos Group Inc.\n\n####  Related Links\n\n[ thecronosgroup.com ](http://thecronosgroup.com/) Source: [\nhttps://www.prnewswire.com/news-releases/cronos-group-and-ginkgo-bioworks-\nannounce-a-landmark-partnership-to-produce-cultured-\ncannabinoids-300706085.html ](https://www.prnewswire.com/news-releases/cronos-\ngroup-and-ginkgo-bioworks-announce-a-landmark-partnership-to-produce-cultured-\ncannabinoids-300706085.html)\n\n##  Related Articles\n\nNo items found.\n\nCookie Policy\n\nLorem ipsum dolor sit amet, consectetur adip elit. 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Join our community\ntoday!\n\n[ Sign Up Now ](/sign-up)\n\n[ Home ](/)\n\n> [ News ](/read) >\n\nCronos Group and Ginkgo Bioworks Announce a Landmark Partnership to Produce\nCultured Cannabinoids\n\n#  Cronos Group and Ginkgo Bioworks Announce a Landmark Partnership to Produce\nCultured Cannabinoids\n\n[ Engineered Human Therapies  ](/categories/engineered-human-therapies)\n\nby\n\nSeptember 4, 2018\n\n[ Engineered Human Therapies  ](/categories/engineered-human-therapies)\n\n#  Cronos Group and Ginkgo Bioworks Announce a Landmark Partnership to Produce\nCultured Cannabinoids\n\nby\n\nSeptember 4, 2018\n\n_Leading Companies from Emerging Industries Join Forces to Efficiently Produce\nHigh-Purity Cannabinoids at Scale_ BOSTON and TORONTO, Sept. 4, 2018\n/PRNewswire/ - Today, [ Cronos Group ](https://thecronosgroup.com/) Inc.\n(NASDAQ : [ CRON\n](http://studio-5.financialcontent.com/prnews?Page=Quote&Ticker=CRON) ) (TSX:\nCRON) (\" **Cronos Group** \"), a geographically diversified and vertically\nintegrated cannabis group, and [ Ginkgo Bioworks\n](https://www.ginkgobioworks.com/) Inc. (\" **Ginkgo** \"), the organism\ncompany, announced a landmark partnership to produce cultured cannabinoids.\nUsing its platform technology for organism design and development, Ginkgo will\ncomplement Cronos Group's technologies for producing a full spectrum of\ncannabinoids. As part of this unprecedented deal, Cronos Group has agreed to\nissue a specific number of common shares in tranches subject to Ginkgo's\nachievement of certain production milestones.As two of the leading companies\nin their respective industries, Cronos Group and Ginkgo believe that they are\nbest-suited to unlock the potential of innovation in the cannabis industry.\nCronos Group brings a deep understanding of the plant's biological structure\nand function, while Ginkgo brings 10 years of experience designing\nmicroorganisms for the production of cultured products across pharmaceuticals,\nagriculture, flavors, fragrances, and more.Cannabinoids span a range of\nmolecules with different properties, and ongoing research has demonstrated\npotential medicinal uses for indications such as chronic pain, nervous\ndisorders, nausea, weight loss, and some mental illnesses. However, many\npharmaceutically relevant cannabinoids are present only at very low quantities\nin the cannabis plant, making them economically impractical, difficult or\nimpossible to extract at high purity and scale. The landmark partnership\nbetween Cronos Group and Ginkgo will leverage the expertise of both\norganizations to solve this challenge and make more accessible the benefits of\ncannabinoids in an economically sustainable way.\n\n\"Cronos Group is building the world's most innovative cannabinoid platform,\"\nsaid Mike Gorenstein, CEO of Cronos Group. \"The potential uses of cannabinoids\nare vast, but the key to successfully bringing cannabinoid-based products to\nmarket is in creating reliable, consistent, and scalable production of a full\nspectrum of cannabinoids, not just THC and CBD. We are thrilled to partner\nwith Ginkgo; their biological engineering capabilities and disruptive\ntechnology platform are unrivaled. Together we can revolutionize the cannabis\nindustry.\"\"Legal cannabis is a multibillion-dollar industry with no signs of\nslowing down, but providers will need to innovate to keep up with demand for\nbetter products, including those taking advantage of rare and difficult to\nextract cannabinoids,\" said Jason Kelly, CEO and co-founder of Ginkgo\nBioworks. \"Engineering strains of yeast that can produce these cannabinoids\nvia fermentation is a perfect fit for our organism design platform and we are\nexcited to be working with Cronos Group as they lead the way to high-quality\ncannabinoid treatments.\" **Partnership Details** Cronos Group's wide-ranging\nportfolio of cannabis products is empowered by its deep expertise in plant\ngenetics. With access to an array of varietals and a diverse set of production\nmethodologies, Cronos Group has gathered extensive data on cannabinoids and\ntheir properties, ultimately learning from and using the plant to generate\nblueprints for best-in-class, full spectrum cannabinoid recipes.Ginkgo's\nplatform for engineering biology is powered by state-of-the-art automation and\ncustom-built software used to design and print DNA. With the world's largest\nlibrary of designed DNA sequences, Ginkgo has extensive expertise in the\nbiology of enzymes for the production of molecules used in industries from\nflavor and fragrance to food to pharmaceuticals. By transferring the DNA\nsequences for cannabinoid production into yeast, Ginkgo expects to develop\nstrains that produce cultured cannabinoids at high quality and purity in a\nprocess similar to brewing beer in a microbrewery. In addition to allowing for\nthe efficient and scalable production of cannabinoids, the use of Ginkgo's\nplatform is expected to unlock access to potentially medically-important and\nvaluable cannabinoids that are present only in low quantities in the plant.The\npartnership between Ginkgo and Cronos Group will focus on the scalable and\nconsistent production of a wide range of cannabinoids, including THC, CBD and\na variety of other lesser known and rarer products. These cultured cannabinoid\nmolecules are identical to those extracted from the plants grown with\ntraditional methods, but are created by leveraging the power of biological\nmanufacturing via fermentation.\n\n**Partnership Transaction Terms** Under the exclusive partnership, Ginkgo will\nwork with Cronos Group on research and development of microorganisms capable\nof producing certain target cannabinoids in a scalable and highly efficient\nmanner. Cronos Group will fund certain R&D and foundry expenses expected to be\napproximately US$22 million subject to the achievement of certain milestones.\nIn addition, upon Ginkgo's demonstration that the microorganisms are capable\nof producing the target cannabinoids above a minimum productivity level,\nCronos Group will issue up to approximately 14.7 million common shares in the\naggregate, in accordance with the milestone allocations described below. The\ncommon shares allocated were based on the 60-day VWAP for Cronos Group common\nstock of US$6.81 as of July 17, 2018, when the letter of intent was executed\nby both parties. The transaction had an aggregate value of US$100 million\nassuming all milestones are met. Tranches of these common shares will be\nissued once each of the target cannabinoids can be produced for less than\nUS$1,000 per kilogram of pure cannabinoid at a scale of greater than 200\nliters as follows: THC(A), 20%; CBD(A), 15%; CBC(A), 10%; CBG(A), 10%;\nTHCV(A), 15%; CBGV(A), 10%; CBDV(A), 10%; CBCV(A), 10%.Cronos Group will have\nthe exclusive right to use and commercialize the key patented intellectual\nproperty related to the production of the target cannabinoids globally. All\nR&D work undertaken by Ginkgo will be conducted in compliance with all U.S.\nfederal laws regarding controlled substances and Ginkgo is coordinating\nactivities closely with both Federal and State agencies. Cronos Group intends\nto produce and distribute the target cannabinoids globally and has received\nconfirmation that this method of production is permitted under the _Cannabis\nAct_ (Canada) \u00e2\u0080\u0093 the legal framework that will regulate cannabis in\nCanada.This landmark deal will bring the power of biological manufacturing to\nthe cannabis industry, allowing for cannabinoid production at large scale and\nwith greater efficiency than is currently possible with traditional growing\nand extracting methods. **Analyst/Investor Conference Call and Webcast**  \n  \nCronos Group and Ginkgo Bioworks will host a conference call and live webcast\non Tuesday, September 4, 2018 at 8:30 a.m. EST to discuss the landmark\npartnership. Instruction for the conference call are provided below: _Live\nWebcast:_ [ https://thecronosgroup.com/investor-relations\n](https://thecronosgroup.com/investor-relations)  \n  \n_Toll-free dial-in number:_ (888) 231-8191 _  \n  \nInternational dial-in number: _ (647) 427-7450  \n  \n_Conference ID:_ 9537928Additionally, an audio replay of the conference call\nwill be available two hours after the call's completion and until 11:59 p.m.\nEST on September 18, 2018. Instructions for the audio replay are provided\nbelow: _Toll-free dial-in number:_ (855) 859-2056  \n  \n_Passcode:_ 9537928 **About Ginkgo Bioworks:**  \n  \nGinkgo Bioworks is the organism company, using the power of biology to build\nsustainable products in food, pharma, manufacturing, and more. Using\nsophisticated software and state of the art automation,Ginkgo's powerful\nplatform for genetic engineering is making biology easier to engineer,\nenabling new products to be renewably manufactured with biology. For more\ninformation, visit [ www.ginkgobioworks.com ](http://www.ginkgobioworks.com/)\n. **About Cronos Group:  \n  \n** Cronos Group is a globally diversified and vertically integrated cannabis\ncompany with a presence across four continents. Cronos Group operates two\nwholly-owned Canadian licensed producers regulated under Health Canada's\nAccess to Cannabis for Medical Purposes Regulations: Peace Naturals Project\nInc., which was the first non-incumbent medical cannabis license granted by\nHealth Canada, and Original BC Ltd., which is based in the Okanagan Valley,\nBritish Columbia. Cronos Group has multiple international production and\ndistribution platforms across five continents. Cronos Group intends to\ncontinue to rapidly expand its global footprint as it focuses on building an\ninternational iconic brand portfolio and develop disruptive intellectual\nproperty. Cronos Group is committed to building industry leading companies\nthat transform the perception of cannabis and responsibly elevate the consumer\nexperience. **Forward-looking statements  \n  \n** This news release contains \"forward-looking information\" and \"forward-\nlooking statements\" within the meaning of applicable Canadian and U.S.\nsecurities laws. All information contained herein that is not clearly\nhistorical in nature may constitute forward-looking information. In some\ncases, forward-looking statements can be identified by words or phrases such\nas \"may\", \"will\", \"expect\", \"plan\", \"anticipate\", \"intend\", \"potential\",\n\"estimate\", \"believe\" or the negative of these terms, or other similar\nexpressions intended to identify forward-looking statements. Some of the\nforward-looking statements contained in this press release include Cronos\nGroup's expectations regarding the potential success of, and the costs and\nbenefits associated with, its partnership with Ginkgo, expectations about the\ndevelopment of the cannabis industry and potential demand for cultured\ncannabinoids, expectations of the regulatory framework for cultured\ncannabinoids as well as the Cronos Group's intention to continue to rapidly\nexpand its global footprint, build an international iconic brand portfolio and\ndevelop disruptive intellectual property. Forward-looking statements are\nnecessarily based upon a number of estimates and assumptions that, while\nconsidered reasonable by management, are inherently subject to significant\nbusiness, economic and competitive risks, uncertainties and contingencies that\nmay cause actual financial results, performance or achievements to be\nmaterially different from the estimated future results, performance or\nachievements expressed or implied by those forward-looking statements and the\nforward-looking statements are not guarantees of future performance. A\ndiscussion of some of the material risks applicable to Cronos Group can be\nfound in its current MD&A and Annual Information Form, both of which have been\nfiled on SEDAR and can be accessed at [ www.sedar.com ](http://www.sedar.com/)\n. The forward-looking information included in this news release is made as of\nthe date of this news release and, except as required by law, Cronos Group\ndisclaims any obligation to update or revise any forward-looking statements.\nReaders are cautioned not to put undue reliance on these forward-looking\nstatements.SOURCE Cronos Group Inc.\n\n####  Related Links\n\n[ thecronosgroup.com ](http://thecronosgroup.com/) Source: [\nhttps://www.prnewswire.com/news-releases/cronos-group-and-ginkgo-bioworks-\nannounce-a-landmark-partnership-to-produce-cultured-\ncannabinoids-300706085.html ](https://www.prnewswire.com/news-releases/cronos-\ngroup-and-ginkgo-bioworks-announce-a-landmark-partnership-to-produce-cultured-\ncannabinoids-300706085.html)\n\nRECENT\u00c2 INDUSTRY\u00c2 NEWS\n\n[ April 8, 2025  Organoid Researchers Are Using Placenta Hack for Improved\nGrowth  ](/read/organoid-researchers-are-using-placenta-hack-for-improved-\ngrowth)\n\n[ April 4, 2025  A DNA Aptmer Double Whammy Against Leukemia  ](/read/a-dna-\naptmer-double-whammy-against-leukemia)\n\n[ April 3, 2025  33,000 Biomarkers, 111 Pills, and a Plan to Defeat Time\n](/read/33-000-biomarkers-111-pills-and-a-plan-to-defeat-time)\n\n[ April 2, 2025  Synthetic Biology\u00e2\u0080\u0099s Tinkerer-in-Chief  ](/read/synthetic-\nbiologys-tinkerer-in-chief)\n\n### [ Inside the Most Complete Ape Genomes Ever Assembled  by  ](/read/inside-\nthe-most-complete-ape-genomes-ever-assembled)\n\n### [ Microbes That Finally Make Almond Milk Less Miserable  by\n](/read/microbes-that-finally-make-almond-milk-less-miserable)\n\n### [ Organoid Researchers Are Using Placenta Hack for Improved Growth  by\n](/read/organoid-researchers-are-using-placenta-hack-for-improved-growth)\n\nRECENT\u00c2 INSIGHTS\n\n### [ Biotech Is America\u00e2\u0080\u0099s to Win\u00e2\u0080\u00a6 If We Choose to Lead  by  John Cumbers\n](/read/biotech-is-americas-to-win-if-we-choose-to-lead)\n\n### [ The Weird, Beautiful Origins of Bioart You\u00e2\u0080\u0099ve Probably Never Heard\nAbout  by  Jennifer Tsang, PhD  ](/read/the-weird-beautiful-origins-of-bioart-\nyouve-probably-never-heard-about)\n\n### [ Deep Learning in Metagenomics Makes Biology Faster to Engineer  by\nKonstantinos Vavitsas, PhD  ](/read/deep-learning-in-metagenomics-makes-\nbiology-faster-to-engineer)\n\n[ April 9, 2025  Biotech Is America\u00e2\u0080\u0099s to Win\u00e2\u0080\u00a6 If We Choose to Lead\n](/read/biotech-is-americas-to-win-if-we-choose-to-lead)\n\n[ April 8, 2025  The Weird, Beautiful Origins of Bioart You\u00e2\u0080\u0099ve Probably\nNever Heard About  ](/read/the-weird-beautiful-origins-of-bioart-youve-\nprobably-never-heard-about)\n\n[ April 7, 2025  Deep Learning in Metagenomics Makes Biology Faster to\nEngineer  ](/read/deep-learning-in-metagenomics-makes-biology-faster-to-\nengineer)\n\n[ March 31, 2025  Folding the Future: How AI is Reshaping Protein Engineering\n](/read/folding-the-future-how-ai-is-reshaping-protein-engineering)\n\n[ ](/events/synbiobeta-2025)\n\nRELATED\u00c2 ARTICLES\n\n[ Organoid Researchers Are Using Placenta Hack for Improved Growth  April 8,\n2025  ](/read/organoid-researchers-are-using-placenta-hack-for-improved-\ngrowth)\n\n[ Deep Learning in Metagenomics Makes Biology Faster to Engineer  April 7,\n2025  ](/read/deep-learning-in-metagenomics-makes-biology-faster-to-engineer)\n\n[ A DNA Aptmer Double Whammy Against Leukemia  April 4, 2025  ](/read/a-dna-\naptmer-double-whammy-against-leukemia)\n\nSign\u00c2 Up for our\u00c2 Digest\n\n[ Sign Up Now ](/sign-up)\n\nCookie Policy\n\nLorem ipsum dolor sit amet, consectetur adip elit. 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                "url": "https://www.synbiobeta.com/read/cronos-group-and-ginkgo-bioworks-announce-a-landmark-partnership-to-produce-cultured-cannabinoids"
            },
            "reason": "This article from SynBioBeta explicitly mentions The Cronos Group and their partnership. SynBioBeta is a reputable source for synthetic biology news, making the information mostly reliable.",
            "reliability_score": 0.8,
            "search_query": "company 'The Cronos Group' supply chain human rights",
            "summary": "The Cronos Group and Ginkgo Bioworks announce a landmark partnership to produce cultured cannabinoids.",
            "url": "https://www.synbiobeta.com/read/cronos-group-and-ginkgo-bioworks-announce-a-landmark-partnership-to-produce-cultured-cannabinoids"
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                    "source": "https://leadiq.com/c/cronos-group/5a1da5f6230000540098f776/employee-directory"
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                "page_content": "[ ](https://leadiq.com/?utm_source=seo)\n\n[ Learn more at LeadIQ.com ](https://leadiq.com/?utm_source=seo)\n\n#  Cronos Group  Employee Directory\n\n[ Manufacturing ](/c/company-search/industry-Manufacturing) [ Ontario, Canada\n](/c/company-search/location-Canada) 201-500 Employees\n\n    \n    \n    Cronos is an innovative global cannabinoid company committed to building disruptive intellectual property by advancing cannabis research, technology and product development. With a passion to responsibly elevate the consumer experience, Cronos is building an iconic brand portfolio. Cronos' diverse international brand portfolio includes Spinach\u00c2\u00ae, PEACE NATURALS\u00c2\u00ae and Lord Jones\u00c2\u00ae.\n\n[ ](/c/cronos-group/5a1da5f6230000540098f776) [ ](/c/cronos-\ngroup/5a1da5f6230000540098f776/email-format)\n\n[ ](https://www.linkedin.com/company/cronosgroupcron)\n\n###  Find  Cronos Group  employees' phone numbers or email addresses\n\n##  Cronos Group  Global Highlights\n\nLocation\n\nEmployees\n\n###\n\nNorth America\n\n415\n\n  * Canada \n\n328\n\n  * United States Of America \n\n81\n\n  * Mexico \n\n5\n\n  * Costa Rica \n\n1\n\n###\n\nAsia\n\n43\n\n  * Israel \n\n35\n\n  * India \n\n3\n\n  * Singapore \n\n3\n\n  * Kazakhstan \n\n1\n\n  * China \n\n1\n\n###\n\nEurope\n\n30\n\n  * Belgium \n\n20\n\n  * Spain \n\n4\n\n  * Italy \n\n2\n\n  * Romania \n\n1\n\n  * France \n\n1\n\n  * Moldova \n\n1\n\n  * United Kingdom Of Great Britain And Northern Ireland \n\n1\n\n###\n\nSouth America\n\n8\n\n  * Peru \n\n3\n\n  * Colombia \n\n3\n\n  * Brazil \n\n1\n\n  * Chile \n\n1\n\n###\n\nAfrica\n\n3\n\n  * Nigeria \n\n2\n\n  * Togo \n\n1\n\n###\n\nOceania\n\n1\n\n  * Australia \n\n1\n\n##  Cronos Group  's Leadership\n\n  * **J. J.**\n\nChief Growth Officer\n\nMobile Phone\n\nEmail\n\n  * **A. S.**\n\nChief Strategy Officer\n\nMobile Phone\n\nEmail\n\n  * **B. C.**\n\nVice President Sales & Trade Development North America\n\nMobile Phone\n\nEmail\n\n  * **C. S.**\n\nVice President Human Resources\n\nMobile Phone\n\nEmail\n\n  * **A. F.**\n\nVice President Marketing And Innovation\n\nMobile Phone\n\nEmail\n\n  * **S. H.**\n\nVice President Operations & Supply Chain\n\nMobile Phone\n\nEmail\n\n  * **M. W.**\n\nVice President - Fp&a\n\nMobile Phone\n\nEmail\n\n  * **L. K.**\n\nHead Of Global Is/Acting Ciso\n\nMobile Phone\n\nEmail\n\n##  Cronos Group  Employee Metrics\n\n100%\n\n50%\n\n0%\n\n2025\n\n2024\n\n  * Quality Assurance \n  * Analytics \n  * Research \n  * Engineering \n  * Accounting \n  * Other \n\n##  Contact profiles from  Cronos Group\n\nName\n\nTitle\n\nContact Info\n\nLocation\n\nLast Update\n\n  * **M. G.**\n\nChairman, President, And Chief Executive Officer\n\nMobile Phone\n\nEmail\n\nUnited States  Florida\n\nJan 28, 2025\n\n  * **J. J.**\n\nChief Growth Officer\n\nMobile Phone\n\nEmail\n\nCanada  Ontario\n\nJul 04, 2024\n\n  * **J. H.**\n\nCfo At Cronos Group\n\nMobile Phone\n\nEmail\n\nUnited States  Ohio\n\nOct 11, 2024\n\n  * **L. K.**\n\nHead Of Global Is/Acting Ciso\n\nMobile Phone\n\nEmail\n\nUnited States\n\nFeb 20, 2025\n\n  * **A. S.**\n\nChief Strategy Officer\n\nMobile Phone\n\nEmail\n\nUnited States  Texas\n\nFeb 17, 2025\n\n  * **D. K.**\n\nDirector Of Cmo Partners & Procurement\n\nMobile Phone\n\nEmail\n\nCanada\n\nOct 03, 2024\n\n  * **D. D.**\n\nCeo\n\nMobile Phone\n\nEmail\n\nUNITED STATES\n\nJun 13, 2024\n\n  * **J. D.**\n\nCo Owner\n\nMobile Phone\n\nEmail\n\nFeb 09, 2025\n\n  * **N. P.**\n\nOwner\n\nMobile Phone\n\nEmail\n\nUnited States  New York\n\nNov 15, 2024\n\n  * **R. M.**\n\nExecutive Vice President And Chief Financial Officer\n\nMobile Phone\n\nEmail\n\nUnited States  New York\n\nDec 18, 2024\n\n  *   * [ 1 ](?page=1)\n  * [ 2 ](?page=2)\n  * [ 3 ](?page=3)\n  * \u00e2\u0080\u00a6 \n  * [ ](?page=2)\n\n##  Frequently Asked Questions\n\n###  What is  Cronos Group  known for?\n\nCronos Group  was founded in  2013  operates in the [ Manufacturing\n](/c/company-search/industry-Manufacturing) industry  . The company's main\nheadquarters is located in  111 Peter St 320 Toronto, Ontario M5V 2H1 CA  .\nExplore [ Cronos Group  's company overview page ](/c/cronos-\ngroup/5a1da5f6230000540098f776) for more information.\n\n###  What is  Cronos Group  's most common email format?\n\nCronos Group  employees' email format typically follows the pattern of .\nTrying to find reliable and up-to-date employee contact data? Find more [\nCronos Group  email formats ](/c/cronos-group/5a1da5f6230000540098f776/email-\nformat) with LeadIQ.\n\n###  How many employees does  Cronos Group  have currently?\n\nCronos Group  has approximately  401  employees as of  December 2024  . These\nteam members are located across  6 continents, including  North America  Asia\nEurope  .\n\n###  Who are  Cronos Group  's key employees and leadership?\n\nAs of  December 2024  ,  Cronos Group  's key employees include:\n\n  * Chief Growth Officer: J. J. \n  * Chief Strategy Officer: A. S. \n  * Vice President Sales & Trade Development North America: B. C. \n  * Vice President Human Resources: C. S. \n  * Vice President Marketing And Innovation: A. F. \n\nLooking for contact data? Unlock accurate emails and phone numbers for your\nideal prospects with LeadIQ.\n\n###  Everything for prospecting,  \nin one platform.\n\n####  What you can expect from LeadIQ:\n\n  * B2B data verified in real-time \n  * Sync data to your CRM, & add it to an outreach sequence in one click \n  * Integrations with your tech stack for optimal efficiency \n  * A patented AI cold email generator \n  * Account & contact-level job change tracking \n\n###  Ready to create more pipeline?\n\nGet a demo and discover why thousands of SDR and Sales teams trust  \nLeadIQ to help them build pipeline confidently.\n\n[ ](https://leadiq.com/book-a-demo?utm_source=seo)\n\n  * Platform \n  * [ Identify prospect data ](https://leadiq.com/identify-prospect-data?utm_source=seo)\n  * [ Track sales triggers ](https://leadiq.com/track-sales-triggers?utm_source=seo)\n  * [ Compose personalized messages ](https://leadiq.com/scribe-generative-ai-for-sales?utm_source=seo)\n  * [ Enrich Salesforce data ](https://leadiq.com/enrich-salesforce-data?utm_source=seo)\n  * [ Success Stories ](https://leadiq.com/success-stories?utm_source=seo)\n\n  * Resources \n  * [ Pricing ](https://leadiq.com/pricing?utm_source=seo)\n  * [ Blog ](https://leadiq.com/blog?utm_source=seo)\n  * [ Company Search ](https://leadiq.com/c/company-search?utm_source=seo)\n  * [ Support ](https://leadiqhelp.zendesk.com/hc/en-us)\n  * [ Careers ](https://leadiq.com/careers?utm_source=seo)\n  * [ Data Community ](https://leadiq.com/data-community?utm_source=seo)\n  * [ Our Data ](https://leadiq.com/our-data?utm_source=seo)\n  * [ Privacy Center ](https://leadiq.com/privacy-center?utm_source=seo)\n\n  * Legal \n  * [ Privacy Policy ](https://leadiq.com/legal/privacy-policy?utm_source=seo)\n  * [ Cookie Policy ](https://leadiq.com/legal/cookie-policy?utm_source=seo)\n  * [ Terms of Service ](https://leadiq.com/legal/terms-of-use?utm_source=seo)\n  * [ Do Not Sell or Share My Personal Information ](https://leadiq.com/privacy-center?utm_source=seo)\n\n  * Compare \n  * [ LeadIQ vs. Zoominfo ](https://leadiq.com/compare/leadiq-vs-zoominfo?utm_source=seo)\n  * [ LeadIQ vs. Apollo ](https://leadiq.com/compare/leadiq-vs-apollo?utm_source=seo)\n  * [ LeadIQ vs. Lusha ](https://leadiq.com/compare/compare-leadiq-vs-lusha?utm_source=seo)\n  * [ LeadIQ vs. Cognism ](https://leadiq.com/compare/compare-leadiq-vs-cognism?utm_source=seo)\n  * [ LeadIQ vs. Seamless.ai ](https://leadiq.com/compare/leadiq-vs-seamless-ai?utm_source=seo)\n  * [ LeadIQ vs. Usergems ](https://leadiq.com/compare/leadiq-vs-usergems?utm_source=seo)\n  * [ LeadIQ vs. Champify ](https://leadiq.com/compare/leadiq-vs-champify?utm_source=seo)\n\n  * Contact \n  * 1-888-653-2347 \n  * support@leadiq.com \n  * sales@leadiq.com \n\n\u00c2\u00a9 LeadIQ, Inc. All rights reserved.\n\n[ ](https://www.facebook.com/leadiq) [ ](https://twitter.com/leadiq) [\n](https://www.linkedin.com/company/leadiq-inc/) [\n](https://www.youtube.com/channel/UCNb5aT5w8EIMX4QKFuFL_Yg)\n\n\u00e2\u009c\u0095\n\n#  Access Insights for Millions of Other Companies\n\nSign up for full access.\n\n[ ](https://account.leadiq.com/signup/welcome?utm_source=seo&shortcut=google)\n[\n](https://account.leadiq.com/signup/welcome?utm_source=seo&shortcut=microsoft)\n\n_No credit card needed_\n\nOR\n\n[\n](https://account.leadiq.com/signup/welcome?utm_source=seo&shortcut=%24%7Bstate.email%7D)\n_By creating an account, you agree to LeadIQ's[ Terms of Use\n](https://leadiq.com/legal/terms-of-use?utm_source=seo) and [ Privacy Policy\n](https://leadiq.com/legal/privacy-policy?utm_source=seo) . _\n\n",
                "url": "https://leadiq.com/c/cronos-group/5a1da5f6230000540098f776/employee-directory"
            },
            "reason": "This page lists employees of The Cronos Group. While it explicitly mentions the company, the reliability is moderate as the information may not be actively updated or verified.",
            "reliability_score": 0.6,
            "search_query": "company 'The Cronos Group' supply chain human rights",
            "summary": "Employee directory for The Cronos Group on Leadiq.",
            "url": "https://leadiq.com/c/cronos-group/5a1da5f6230000540098f776/employee-directory"
        },
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                    "source": "https://futurefitbusiness.org/development-council/cronos-divirsiti/"
                },
                "page_content": "[ ](https://futurefitbusiness.org/development-council/)\n\n**Location:** Kontich (BE), Antwerpen (BE), Hasselt (BE)  **Contact:** [ Email\n](mailto:purpose@divirsiti.be) [ +32 478 22 53 23 ](tel:+32 478 22 53 23)\n\n######  Benchmark User\n\n#  Divirsiti\n\n[ ](https://www.linkedin.com/company/divirsiti) [ Visit website\n](https://divirsiti.be/)\n\nWe aspire to become a Future-Fit Business because we believe that our long-\nterm success is tied to the value we provide to society. That means we must\neliminate all of the potential negative impacts associated with what we buy,\nwhat we sell, and what we do.\n\nHuman capital is our most important resource. Therefore, we will take care of\nour employees, service providers and partners in terms of physical and mental\nhealth, give them maximum opportunities and encourage their personal\ndevelopment and lifelong learning. We will invest and take initiative in\ninclusion and diversity and leave no one behind. We will also monitor and, if\nnecessary, improve the respect for human rights in our upstream value chain.\n\nOur business operations are primarily focused on services. Therefore, our\ncompanies have a limited impact on the environment compared to manufacturing\ncompanies. Nevertheless, we will investigate the negative impact our business\nprocesses have on the environment, directly and indirectly, and how we can\ncontribute to less waste and more circularity. Reducing carbon emissions in\nour value chain is also an important challenge.\n\nFor challenges we have no direct impact on, we want to share our mission of\nbecoming Future-Fit with those involved. In this way, we can also inspire and\ninfluence other companies to move towards future-fitness.\n\nIn addition, we will seek to create positive impact wherever we can, to speed\nup society\u2019s transition to future-fitness through our own actions and by\nassisting others on the journey.\n\nOur service activities support the digitisation and innovation processes of\nour customers. In this way, we can contribute to the transition to a service\neconomy and strengthen the efficient use of raw materials in a circular\neconomy.\n\nWe also support specific projects that stimulate sustainable progress,\nseparate from our business operations and value chain. In doing so, we also\ntry to support people with passion to realise their ambitions.\n\n##  Be part of the global movement responding to today\u2019s biggest challenges.\n\n  * [ About the Benchmark ](https://futurefitbusiness.org/benchmark/)\n  * [ Explore the Benchmark ](https://futurefitbusiness.org/explore-the-benchmark-and-key-concepts/)\n  * [ Watch the Crash Course ](https://futurefitbusiness.org/watch-the-crash-course/)\n  * [ Future-Fit & the SDGs ](https://futurefitbusiness.org/sdgs/)\n\n  * [ Community ](https://futurefitbusiness.org/changemaker-community/)\n  * [ Downloads ](https://futurefitbusiness.org/downloads-resources-future-fit-business/)\n  * [ About Us ](https://futurefitbusiness.org/about-us/)\n  * [ News ](https://futurefitbusiness.org/future-fit-news/)\n\n###  Join us\n\nTo learn more about the work of [ Future-Fit\n](https://futurefitbusiness.org/the-foundation/) and our growing [ Changemaker\nCommunity ](https://futurefitbusiness.org/changemaker-community/) , [ contact\nus ](https://futurefitbusiness.org/contact/) .\n\n[ ](https://nimbushosting.co.uk/ \"Nimbus - 100% Green Web Hosting\")\n\n  * [ ](https://www.linkedin.com/company/future-fit/ \"https://www.linkedin.com/company/future-fit/\")\n  * [ ](https://vimeo.com/futurefitbiz \"https://vimeo.com/futurefitbiz\")\n\n\u00a9 2025 Future-Fit Foundation  |  All Rights Reserved. [ Privacy Policy ](https://futurefitbusiness.org/privacy-policy/) |  This website is [ Made for the World ](https://madefortheworld.studio) . \n\nBack to top\n\n",
                "url": "https://futurefitbusiness.org/development-council/cronos-divirsiti/"
            },
            "reason": "This page mentions Cronos Divirsiti as part of the Future-Fit Business Development Council. The Future-Fit Business Benchmark is a reputable framework, lending moderate reliability to the information.",
            "reliability_score": 0.7,
            "search_query": "company 'The Cronos Group' supply chain human rights",
            "summary": "Cronos Divirsiti listed as part of the Future-Fit Business Development Council.",
            "url": "https://futurefitbusiness.org/development-council/cronos-divirsiti/"
        },
        {
            "content": {
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                    "source": "https://thecronosgroup.com/"
                },
                "page_content": "Skip to content\n\n##  A Global  \nCannabinoid  Company\n\nCronos Group is an innovative global cannabinoid company committed to building\ndisruptive intellectual property by advancing cannabis research, technology,\nand product development. With a passion to responsibly elevate the consumer\nexperience, Cronos is building an iconic brand portfolio. Cronos\u2019 diverse\ninternational brand portfolio includes Spinach  \u00ae  , PEACE NATURALS  \u00ae  and\nLord Jones  \u00ae  .\n\n[ Explore Brands _arrow_forward_ ](/brands/) Explore Solutions \u2192\n\n#  About\n\n##  Us\n\n##  Mission\n\nBuild brands and create products that enhance experiences\n\n##  Vision\n\nTake experiences to new highs\n\n##  Values\n\nAt the heart of Cronos are our values. They are the principles that steer our\nactions and define our character. They represent who we are, how we operate,\nand the reputation we aspire to build and maintain within the industry and all\nour stakeholders who help shape it.\n\n##  Community\n\nWe believe in building and supporting a fair and equitable industry.\n\n##  Fun\n\nWe believe in creating your favorite products through innovation and\nimagination.\n\n##  Responsibility\n\nWe believe our products are for adults* (*Adults are those of the legal age of\nconsumption in the relevant jurisdiction).\n\n##  Quality\n\nWe believe in elevating industry practices to provide quality products focused\non reliability and transparency.\n\n#  The\n\n##  Team\n\nOur management team comprises experts in their fields, with a goal to\nestablish the most valuable international cannabis company. They are\npassionate, daring people, driven by quality and integrity, who are determined\nto write history, not read about it.\n\nMike Gorenstein\n\nAnna Shlimak\n\nJeff Jacobson\n\nShannon Buggy\n\nTerry Doucet\n\nArye Weigensberg\n\nAdam Wagner\n\nMike Gorenstein  __\n\n#  Mike Gorenstein\n\n####  Chairman, President and Chief Executive Officer\n\nMike Gorenstein serves as Cronos Group\u2019s Chairman, President and Chief\nExecutive Officer, he also serves as Chairman of Cronos Group\u2019s Board of\nDirectors. In addition, Mr. Gorenstein is a Co-Founder and passive Member of\nGotham Green Partners. Before joining Cronos, Mike was the Vice President and\nGeneral Counsel at Alphabet Partners, LP, a New York City based multi-strategy\ninvestment management firm, focused on identifying mispriced assets across\nvarious industries, asset classes and geographies. Prior to Alphabet Partners,\nLP, he was a corporate attorney at Sullivan & Cromwell LLP, where he focused\non mergers and acquisitions and capital markets transactions. Mike graduated\nfrom the University of Pennsylvania Law School with a Juris Doctor, the\nWharton School at University of Pennsylvania with a certificate in Business\nEconomics and Public Policy and the Kelley School of Business at Indiana\nUniversity with a Bachelor of Science of Business in Finance.\n\nAnna Shlimak  __\n\n#  Anna Shlimak\n\n####  Chief Financial Officer\n\nAnna serves as Cronos\u2019 Chief Financial Officer. Anna recently served as the\nCompany\u2019s Chief Strategy Officer and was responsible for managing and\ndirecting the organization\u2019s corporate strategy, investor relations,\ncommunications, government affairs, and information systems departments. Prior\nto joining Cronos, Anna was the Head of Investor Relations at Quest Partners\nLLC, a research-driven alternative investment firm. Anna was responsible for\nbusiness development, investor reporting, marketing, and communication\ninitiatives for the fund. Before that, Anna held a range of roles at the New\nYork Stock Exchange in both the New York and London offices. She received a\nMaster of Business Administration from Columbia Business School and holds a\nBachelor of Science in Economics from The Wharton School at the University of\nPennsylvania.\n\nJeff Jacobson  __\n\n#  Jeff Jacobson\n\n####  Chief Growth Officer\n\nAs Chief Growth Officer, Jeff leads the Marketing, Innovation, Operations and\nSales team in North America as well as the Consumer Insights and Data\nAnalytics teams for Cronos Group\u2019s global business. Jeff sets the strategy for\nour brands and is responsible for leading our global teams to help execute\nCronos Group\u2019s vision. Jeff previously served as Cronos Group\u2019s General\nManager of Canada and Europe. Before joining Cronos Group, Jeff founded a\nToronto based marketing agency and successfully launched and licensed several\ninnovative software products in the mobile industry. As a co-founder of Peace\nNaturals, Jeff\u2019s expertise and experience in licensing and compliance, new\nbusiness development, project management and resource management help Cronos\nGroup lead in a variety of markets.\n\nShannon Buggy  __\n\n#  Shannon Buggy\n\n####  Senior Vice President, Global Head of People\n\nShannon serves as the SVP, Global Head of People for Cronos Group where she\nleads HR strategy across the Company\u2019s global operations. Prior to Cronos\nGroup, Shannon was the Senior Vice President of Global Human Resources for\nNielsen where she led HR strategy for Nielsen Media. With over 25 years of\nexperience, Shannon has a proven track record of leading and managing global\nhuman resources teams and driving excellence in talent acquisition,\ndevelopment, retention, employee relations, compensation, benefits, talent\nmanagement and labor relations. Shannon holds a certification as a Senior\nProfessional in Human Resources from the HR Certification Institute. She\ngraduated magna cum laude with a Bachelor of Science degree in Human Resources\nManagement from the Pace University, Lubin School of Business.\n\nTerry Doucet  __\n\n#  Terry Doucet\n\n####  General Counsel and Corporate Secretary\n\nTerry Doucet serves as Cronos Group\u2019s General Counsel and Corporate Secretary.\nIn this capacity, he manages all legal and regulatory affairs at Cronos Group\nand also serves as the Company\u2019s Corporate Secretary. Prior to joining Cronos,\nTerry was a corporate lawyer at Davies Ward Phillips & Vineberg LLP in\nToronto, where he focused primarily on M&A in large, complex and cross-border\ntransactions across numerous industries, as well as securities, corporate\nfinance and lending transactions. During that time, Terry was also seconded to\nRBC Capital Markets, where he supported the bank\u2019s derivative trading desks.\nTerry is an Ontario-qualified lawyer, holding a Juris Doctor from the\nUniversity of Toronto and a joint honours (first class) Bachelor of Arts\ndegree from McGill University in Montreal.\n\nArye Weigensberg  __\n\n#  Arye Weigensberg\n\n####  Head of Research and Development\n\nAs Head of Research and Development, Arye is responsible for leading Cronos\u2019\ninnovation program, where he oversees research and technology functions, and\nleads scientific efforts to unlock the potential of rare cannabinoids. Before\njoining Cronos, Arye was the CEO of Altria Israel Ltd, an Altria research and\ndevelopment innovation hub. Arye joined Altria as part of its acquisition of\nGreen Smoke, where he was the Director of Marketing and Brand Management.\nPrior to Green Smoke, Arye held a variety of roles in brand management and\nmarketing, supporting food brands such as Manischewitz, Lawry\u2019s, Ragu, Knorr\nand Country Crock. Arye graduated from Concordia University\u2019s John Molson\nSchool of Business with a Bachelor of Commerce in Marketing and International\nBusiness.\n\nAdam Wagner  __\n\n#  Adam Wagner\n\n####  SVP, Head of Cronos Israel\n\nAdam Wagner serves as Senior Vice President, Head of Cronos Israel. Adam\noversees the business and strategy of Cronos Israel. Before he was appointed\nas Head of Cronos Israel, he was the VP of Finance at Cronos Israel where he\noversaw the regional Israel finance department, including FP&A,\ncontrollership, audit, treasury, tax, as well as IT, supply chain and\nprocurement . Before joining Cronos, Adam worked as a Director of Finance at\nMotus GI, a publicly traded medical device company, where he oversaw the\nIsrael-based finance department. Before that, Adam was a Finance Manager at\nMedtronic, a publicly traded medical equipment manufacturer, where he oversaw\nthe Israel-based finance department functions. Prior to Medtronic\u2019s\nacquisition, he was the Corporate Controller for Mazor Robotics, a dual-listed\npublic medical device company. Adam began his career as a Senior Auditor at EY\nwhere he managed a team that performed audits for various publicly traded and\nprivate companies. Adam also serves as a Finance expert on an advisory board\nfor a wellness and healthcare start-up. Adam is a CPA (Israel) and studied\nAccounting at Bar-Ilan University. Adam also holds a Bachelor\u2019s Degree in\nScience of Nutrition and his Master of Science in Genetics and Biochemistry\nfrom Tel Aviv University.\n\n\u00a9 2025 The Cronos Group. All rights reserved.\n\n[ Facebook  ](https://www.facebook.com/cronosgroupoffical) [ X-twitter\n](https://twitter.com/cronosgroup) [ Linkedin\n](https://www.linkedin.com/company/cronos-group-cron/?viewAsMember=true)\n\n\u00a9 2024 The Cronos Group. All rights reserved.\n\nFacebook  X-twitter  Linkedin\n\n",
                "url": "https://thecronosgroup.com/"
            },
            "reason": "This is the official website of The Cronos Group. Official company websites are considered extremely reliable sources of information about the company.",
            "reliability_score": 1.0,
            "search_query": "company 'The Cronos Group' supply chain human rights",
            "summary": "Official website of The Cronos Group.",
            "url": "https://thecronosgroup.com/"
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                    "source": "https://www.sec.gov/Archives/edgar/data/1656472/000104746918001967/a2234990zf-10.htm"
                },
                "page_content": "  \n\nUse these links to rapidly review the document  \nTABLE OF CONTENTS  \n\n**As filed with the Securities and Exchange Commission on March 21, 2018**\n\n**Registration No. 333-**\n\n**  \n**\n\n**\n\n**\n\n**UNITED STATES  \nSECURITIES AND EXCHANGE COMMISSION  \n** **Washington, D.C. 20549**\n\n_\n\n* * *\n\n_ **  \n**\n\n**FORM F-10  \n** **REGISTRATION STATEMENT  \nUNDER  \nTHE SECURITIES ACT OF 1933 **\n\n_\n\n* * *\n\n_ **  \n**\n\n**Form F-10**\n\n**CRONOS GROUP INC.  \n** (Exact name of registrant as specified in its charter)\n\n**Ontario, Canada**  \n(Province or other jurisdiction of incorporation or organization)\n\n**2833**  \n(Primary Standard Industrial Classification Code Number, if applicable)\n\n**Not applicable**  \n(I.R.S. Employer Identification No., if applicable)\n\n**720 King Street West, Suite 320  \nToronto, ON M5V 2T3  \nTel: (416) 504-0004 **  \n(Address and telephone number of Registrant's principal executive offices)\n\n**CT Corporation System  \n111, 8  th  Avenue, 13  th  Floor, New York, New York 10011  \nTel: (212) 894-8940 **  \n(Name, address (including zip code) and telephone number (including area code)\nof agent for service in the United States)\n\n_\n\n* * *\n\n_  \n\n|  |  |  |   \n---|---|---|---|---  \n**Copies to:**  \n  \n**Xiuming Shum  \nCronos Group Inc.  \n720 King Street West, Suite 320  \nToronto, Ontario  \nCanada, M5V 2T3  \nTel: (416) 504-0004 ** |    \n|  \n**Adam M. Givertz  \nPaul, Weiss, Rifkind,  \nWharton & Garrison LLP  \nToronto-Dominion Centre  \n77 King Street West, Suite 3100  \nToronto, Ontario  \nCanada, M5K 1J3  \nTel: (416) 504-0520 ** |    \n|  \n**Jason R. Lehner  \nShearman & Sterling LLP  \nCommerce Court West  \n199 Bay Street, Suite 4405  \nP.O. Box 247  \nToronto, Ontario  \nCanada, M5L 1E8  \nTel: (416) 360-8484 **  \n  \n**Approximate date of commencement of proposed sale to the public:  \nAs soon as practicable after this Registration Statement becomes effective. **\n\n**Province of Ontario, Canada**  \n(Principal jurisdiction regulating this offering)\n\nIt is proposed that this filing shall become effective (check appropriate box\nbelow):\n\n|  |  |  |  |  |   \n---|---|---|---|---|---|---  \nA.  |  |  o  |  |  upon filing with the Commission pursuant to Rule 467(a) (if in connection with an offering being made contemporaneously in the United States and Canada).   \nB.  |  |  \u00fd  |  |  at some future date (check the appropriate box below):   \n|  |  1\\.  |  |  o  |  |  pursuant to Rule 467(b) on ( ) at ( ) (designate a time not sooner than 7 calendar days after filing).   \n|  |  2\\.  |  |  o  |  |  pursuant to Rule 467(b) on ( ) at ( ) (designate a time 7 calendar days or sooner after filing) because the securities regulatory authority in the review jurisdiction has issued a receipt or notification of clearance on ( ).   \n|  |  3\\.  |  |  o  |  |  pursuant to Rule 467(b) as soon as practicable after notification of the Commission by the Registrant or the Canadian securities regulatory authority of the review jurisdiction that a receipt or notification of clearance has been issued with respect hereto.   \n|  |  4\\.  |  |  \u00fd  |  |  after the filing of the next amendment to this Form (if preliminary material is being filed).   \n  \nIf any of the securities being registered on this Form are to be offered on a\ndelayed or continuous basis pursuant to the home jurisdiction's shelf\nprospectus offering procedures, check the following box.  o\n\n**CALCULATION OF REGISTRATION FEE**\n\n|  |  |  |  |  |  |  |   \n---|---|---|---|---|---|---|---|---  \n|  |  |  |  |  |  |  |   \n**Title of Each Class of Securities  \nto be Registered **  \n|  |  **Amount to be  \nRegistered **  \n|  |  **Proposed Maximum  \nOffering Price per  \nCommon Share **  \n|  |  **Proposed Maximum  \nAggregate Offering  \nPrice(1) **  \n|  |  **Amount of  \nRegistration Fee **  \n  \n**** Common Shares, no par value  |  |  N/A(1)  |  |  N/A(1)  |  |  US$87,929,000  |  |  US$10,948.00   \n  \n(1)\n\n     Calculated pursuant to Rule 457(o) under the Securities Act of 1933, as amended (the \"Securities Act\"). There are being registered under this Registration Statement such indeterminate number of common shares of the Registrant as shall have an aggregate offering price not to exceed US$87,929,000, based on a proposed maximum aggregate offering price of Cdn$115,000,000. US dollar amounts are calculated based on the Bank of Canada daily average rate of US$0.7646=Cdn$1.00 on March 19, 2018. \n\n**The Registrant hereby amends this Registration Statement on such date or\ndates as may be necessary to delay its effective date until the Registration\nStatement shall become effective as provided in Rule 467 under the Securities\nAct of 1933, as amended (the \"Act\") or on such date as the Commission, acting\npursuant to Section 8(a) of the Act, may determine.**\n\n* * *\n\n  \n**PART I  \n  \nINFORMATION REQUIRED TO BE DELIVERED TO OFFEREES OR PURCHASERS  \n**\n\nI-1\n\n* * *\n\nTable of Contents\n\n**Information contained herein is subject to completion or amendment. A\nregistration statement relating to these securities has been filed with the\nUnited States Securities and Exchange Commission. These securities may not be\nsold nor may offers to buy be accepted prior to the time the registration\nstatement becomes effective. This prospectus shall not constitute an offer to\nsell or the solicitation of an offer to buy, nor shall there be any sale of\nthese securities in any state in which such offer, solicitation or sale would\nbe unlawful prior to registration or qualification under the securities laws\nof any such state.**\n\n**SUBJECT TO COMPLETION, DATED MARCH 21, 2018**\n\n**PRELIMINARY SHORT FORM PROSPECTUS**\n\n**NEW ISSUE**\n\n**March 21, 2018**\n\n****\n\n**CRONOS GROUP INC.**\n\n**$** **\u00b7** ****\n\n**** **\u00b7** **Common Shares**\n\nThis short form prospectus (the \"  **Prospectus** \") qualifies the\ndistribution (the \"  **Offering** \") of  \u00b7  common shares (the \"  **Shares**\n\") of Cronos Group Inc. (the \"  **Company** ,\" \"  **Cronos** ,\" \"  **us** ,\" \"\n**our** ,\" or \"  **we** \") at a price of $  \u00b7  per Share (the \"  **Offering\nPrice** \").\n\n_\n\n* * *\n\n_  \n\n**Price: $** \u00b7  **per Share**\n\n_\n\n* * *\n\n_  \n\nThe Company's common shares (the \"  **Common Shares** \") are traded on the TSX\nVenture Exchange (the \"  **TSXV** \") and on the NASDAQ Global Market (the \"\n**NASDAQ** \") under the symbol \"CRON\". On March 20, 2018, the last trading day\nbefore the date of this Prospectus, the closing price of the Common Shares on\nthe TSXV and on the NASDAQ was $10.66 and US$8.19 per Common Share,\nrespectively. The Company has applied to list the Shares on the TSXV and the\nNASDAQ. Listing of such Shares will be subject to the Company fulfilling all\nof the listing requirements of the TSXV and the NASDAQ, as applicable. There\ncan be no assurance that the Shares will be accepted for listing on the TSXV\nor the NASDAQ.\n\nThe Company is permitted, under a multi-jurisdictional disclosure system\nadopted by the United States and Canada, to prepare this Prospectus in\naccordance with the Canadian disclosure requirements, which are different from\nthose of the United States. The Company prepares its financial statements in\naccordance with Canadian generally accepted accounting principles applicable\nto publicly accountable enterprises, which is within the framework of\nInternational Financial Reporting Standards (\"  **IFRS** \") as issued by the\nInternational Accounting Standards Board (the \"  **IASB** \") incorporated into\nthe Chartered Professional Accountants (CPA) Handbook\u2014Part 1, and they are\nsubject to Canadian auditing and auditor independence standards. They may not\nbe comparable to financial statements of United States companies.\n\n**Owning the Shares may subject you to tax consequences both in the United\nStates and in Canada. This Prospectus may not describe these tax consequences\nfully. See \"** **_Certain Canadian Federal Income Tax Considerations_ ** **\"\nand \"** **_Certain U.S. Federal Income Tax Considerations for U.S. Persons_ **\n**\".**\n\n**NEITHER THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION (THE \"SEC\") NOR\nANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THE OFFERED\nSECURITIES NOR PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY\nREPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENCE.**\n\n**Investing in the Shares is speculative and involves significant risks. You\nshould carefully review and evaluate the risk factors contained in this\nProspectus and in the documents incorporated by reference herein before\npurchasing the Shares. See \"** **_Forward-Looking Information\"_ ** **and \"**\n**_Risk Factors_ ** **\".**\n\n**The enforcement by investors of civil liabilities under the United States\nfederal securities laws may be affected adversely because the Company is\norganized under the laws of the Province of Ontario. Most of the Company's\ndirectors and officers, and some of the experts named in this Prospectus, are\nresidents of Canada or otherwise reside outside the United States, and a\nsubstantial portion of their assets, and a substantial portion of the\nCompany's assets, are located outside the United States. See \"**\n**_Enforceability of Civil Liabilities_ ** \"  _._\n\n|  |  |  |  |  |   \n---|---|---|---|---|---|---  \n|  |  |  |  |  |   \n  \n|  |  **Price to the  \nPublic(1) **  \n|  |  **Underwriters'  \nFee(2) **  \n|  |  **Net Proceeds to  \nthe Company(3) **  \n  \n**** Per Share  |  |  $  \u00b7  |  |  $  \u00b7  |  |  $  \u00b7   \nTotal(4)  |  |  $  \u00b7  |  |  $  \u00b7  |  |  $  \u00b7   \n  \nNotes:\n\n(1)\n\n     The Offering Price was determined by arm's length negotiation between the Company and Lead Underwriter (as defined herein), on behalf of the Underwriters, with reference to the prevailing market price of the Common Shares.   \n  \n\n(2)\n\n     The Company has agreed to pay the Underwriters (as defined herein) a cash fee (the \"  **Underwriters' Fee** \") equal to  **** **\u00b7** **%** of the gross proceeds from the Offering (including any gross proceeds raised on exercise of the Over-Allotment Option (as defined herein)). See \"  _Plan of Distribution_ \".   \n  \n\n(3)\n\n     After deducting the Underwriters' Fee, but before deducting the expenses of the Offering (estimated to be approximately $  \u00b7  ), which will be paid from the proceeds of the Offering.   \n  \n\n(4)\n\n     The Underwriters have been granted an over-allotment option, exercisable, in whole or in part, from time to time, by the Lead Underwriter on behalf of the Underwriters, until the day that is 30 days following the Closing Date (as defined herein), to purchase up to an additional  \u00b7  Shares (the \"  **Over-Allotment Shares** \") at the Offering Price to cover the Underwriters' over-allocation position, if any, and for market stabilization purposes (the \"  **Over-Allotment Option** \"). If the Over-Allotment Option is exercised in full, the total \"Price to the Public,\" \"Underwriters' Fee\" and \"Net Proceeds to the Company\" will be $  \u00b7  , $  \u00b7  and $  \u00b7  , respectively. This Prospectus qualifies the grant of the Over-Allotment Option and the distribution of the Over-Allotment Shares issuable upon exercise of the Over-Allotment Option. A purchaser who acquires Over-Allotment Shares forming part of the Underwriters' over-allocation position acquires those Over-Allotment Shares under this Prospectus, regardless of whether the over-allocation position is ultimately filled through the exercise of the Over-Allotment Option or secondary market purchases. See \"  _Plan of Distribution_ \". \n\nThe following table sets out the maximum number of Shares that the Company may\nissue pursuant to the Over-Allotment Option:\n\n|  |  |  |  |  |   \n---|---|---|---|---|---|---  \n**Underwriters' Position** |  |  **Maximum Number  \nof Securities ** |  |  **Exercise Period** |  |  **Exercise Price**  \nOver-Allotment Option(1)  |  |  \u00b7  Over-Allotment Shares  |  |  Until the day that is 30 days   \nfollowing the Closing Date  |  |  $  \u00b7  per Over-Allotment Share   \n  \n* * *\n\nNote:\n\n(1)\n\n     This Prospectus qualifies the grant of the Over-Allotment Option and the distribution of all securities issuable thereunder. See \"  _Plan of Distribution_ \". \n\nUnless the context otherwise requires, when used herein, all references to the\n\"Offering\" and \"Shares\" assumes the exercise of the Over-Allotment Option and\nincludes the Over-Allotment Shares.\n\nGMP Securities L.P. (the \"  **Lead Underwriter** \"), as lead underwriter, and\nBMO Nesbitt Burns Inc. (collectively, with the Lead Underwriter, the \"\n**Underwriters** \"), as principals, conditionally offer the Shares, subject to\nprior sale, if, as and when issued by the Company and delivered to and\naccepted by the Underwriters in accordance with the conditions contained in\nthe Underwriting Agreement (as defined herein) referred to under \"  _Plan of\nDistribution_ \" and subject to the approval of certain legal matters on behalf\nof the Company by Blake, Cassels & Graydon LLP and Paul, Weiss, Rifkind,\nWharton & Garrison LLP and on behalf of the Underwriters by Dentons Canada LLP\nand Shearman & Sterling LLP.\n\nSubscriptions for the Shares will be received subject to rejection or\nallotment, in whole or in part, and the Underwriters reserve the right to\nclose the subscription books at any time without notice. Closing of the\nOffering is expected to take place on or about  \u00b7  , 2018, or such other date\nas may be agreed upon by the Company and the Underwriters, but in any event\nnot later than 42 days after the date of the receipt of the (final) short form\nprospectus (the \"  **Closing Date** \"). In connection with the Offering, and\nsubject to applicable laws, the Underwriters may over-allot or effect\ntransactions that are intended to stabilize or maintain the market price of\nthe Common Shares at levels other than that which might otherwise prevail in\nthe open market. Such transactions, if commenced, may be discontinued at any\ntime. See \"  _Plan of Distribution_ \".  **The Underwriters may offer the\nShares at a lower price than stated above.**\n\nIt is anticipated that the Shares will be delivered under the book-based\nsystem through CDS Clearing and Depository Services Inc. (\"  **CDS** \") or its\nnominee and deposited in electronic form. A purchaser of Shares will receive\nonly a customer confirmation from the registered dealer from or through which\nthe Shares are purchased and who is a CDS participant. CDS will record the CDS\nparticipants who hold Shares on behalf of owners who have purchased Shares in\naccordance with the book-based system. No definitive certificates will be\nissued unless specifically requested or required. See \"  _Plan of\nDistribution_ \".\n\nCertain of the Company's directors and officers reside outside of Canada and\nhave appointed Cronos as their agent for service of process. Purchasers are\nadvised that it may not be possible for investors to enforce judgments\nobtained in Canada against any person who resides outside of Canada, even if\nthe party has appointed an agent for service of process. See \"  _Agent for\nService of Process_ \".\n\nThe Company's head office and registered office is located at 720 King Street\nWest, Suite 320, Toronto, Ontario M5V 2T3.\n\n* * *\n\nTable of Contents\n\n  \n**TABLE OF CONTENTS  \n**\n\n|  |  |  |   \n---|---|---|---|---  \nGENERAL MATTERS  |  |  |  1  |   \nFORWARD-LOOKING INFORMATION  |  |  |  1  |   \nFINANCIAL INFORMATION  |  |  |  3  |   \nENFORCEABILITY OF CIVIL LIABILITIES  |  |  |  3  |   \nEXCHANGE RATE INFORMATION  |  |  |  4  |   \nDOCUMENTS INCORPORATED BY REFERENCE  |  |  |  4  |   \nMARKETING MATERIALS  |  |  |  6  |   \nWHERE YOU CAN FIND MORE INFORMATION  |  |  |  6  |   \nDESCRIPTION OF THE BUSINESS  |  |  |  7  |   \nCONSOLIDATED CAPITALIZATION  |  |  |  29  |   \nUSE OF PROCEEDS  |  |  |  30  |   \nPLAN OF DISTRIBUTION  |  |  |  35  |   \nDESCRIPTION OF SECURITIES BEING DISTRIBUTED  |  |  |  39  |   \nPRIOR SALES  |  |  |  40  |   \nTRADING PRICE AND VOLUME  |  |  |  41  |   \nELIGIBILITY FOR INVESTMENT  |  |  |  42  |   \nCERTAIN CANADIAN FEDERAL INCOME TAX CONSIDERATIONS  |  |  |  42  |   \nCERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS FOR U.S. PERSONS  |  |  |  46  |   \nRISK FACTORS  |  |  |  53  |   \nDOCUMENTS FILED AS PART OF THE REGISTRATION STATEMENT  |  |  |  81  |   \nLEGAL MATTERS  |  |  |  81  |   \nAUDITOR, TRANSFER AGENT AND REGISTRAR  |  |  |  81  |   \nAGENT FOR SERVICE OF PROCESS  |  |  |  81  |   \nPROMOTERS  |  |  |  82  |   \n  \nii\n\n* * *\n\nTable of Contents\n\n  \n**GENERAL MATTERS  \n**\n\nUnless otherwise noted or the context indicates otherwise, the \"Company\",\n\"Cronos\", \"we\", \"us\" and \"our\" refer to Cronos Group Inc., its directly and\nindirectly wholly-owned subsidiaries and, if applicable, its joint ventures\nand the term \"marijuana\" has the meaning given to the term \"marihuana\" in the\n_Access to Cannabis for Medical Purposes Regulations_ (\"  **ACMPR** \").\n\nAn investor should rely only on the information contained or incorporated by\nreference in this Prospectus. Neither the Company nor the Underwriters has\nauthorized anyone to provide investors with additional or different\ninformation. The Company and the Underwriters are not making an offer to sell\nor seeking offers to buy the Shares in any jurisdiction where the offer or\nsale is not permitted. Prospective purchasers should assume that the\ninformation appearing or incorporated by reference in this Prospectus is\naccurate only as at the respective dates thereof, regardless of the time of\ndelivery of the Prospectus or of any sale of the Shares. The Company's\nbusiness, financial condition, results of operations and prospects may have\nchanged since that date.\n\nAll currency amounts in this Prospectus are stated in Canadian dollars, unless\notherwise noted. All references to \"  **dollars** \" or \"  **$** \" are to\nCanadian dollars and all references to \"  **US$** \" are to United States\ndollars.\n\n  \n**FORWARD-LOOKING INFORMATION  \n**\n\nThis Prospectus and the documents incorporated by reference herein contain\ncertain information that may constitute forward-looking information and\nforward-looking statements (collectively, \"  **Forward-Looking Statements** \")\nwhich are based upon the Company's current internal expectations, estimates,\nprojections, assumptions and beliefs. Such statements can be identified by the\nuse of forward-looking terminology such as \"expect,\" \"likely,\" \"may,\" \"will,\"\n\"should,\" \"intend,\" \"anticipate,\" \"potential,\" \"proposed,\" \"estimate\" and\nother similar words, including negative and grammatical variations thereof, or\nstatements that certain events or conditions \"may\" or \"will\" happen, or by\ndiscussions of strategy. Forward-Looking Statements include estimates, plans,\nexpectations, opinions, forecasts, projections, targets, guidance, or other\nstatements that are not statements of fact. Forward-Looking Statements in this\nProspectus include, but are not limited to, statements with respect to:\n\n\u2022\n\n     the performance of the Company's business and operations;    \n  \n\n\u2022\n\n     the Company's expectations regarding revenues, expenses and anticipated cash needs;    \n  \n\n\u2022\n\n     the intended expansion of the Company's facilities, including the construction and operation of Building 4 and the Greenhouse (as such terms are defined herein) at Peace Naturals Project Inc. (\"  **Peace Naturals** \") and receipt of approval from Health Canada to increase the maximum production limits and sales from the expanded facilities and Cronos Israel and Cronos Australia (as such terms are defined herein) and the respective costs and timing associated therewith;    \n  \n\n\u2022\n\n     the expected growth in the number of patients using the Company's medical cannabis;    \n  \n\n\u2022\n\n     the expected growth in the Company's growing and production capacities;    \n  \n\n\u2022\n\n     expectations with respect to future production costs;    \n  \n\n\u2022\n\n     the expected methods to be used by the Company to distribute cannabis;    \n  \n\n\u2022\n\n     the competitive conditions of the industry;    \n  \n\n\u2022\n\n     the legalization of cannabis for recreational use in Canada, including federal and provincial regulations pertaining thereto, and the related timing thereof and the Company's intentions to participate in such market, if and when it is legalized; \n\n1\n\n* * *\n\nTable of Contents\n\n\u2022\n\n     the legalization of the use of cannabis for medical and/or recreational use in jurisdictions outside of Canada and the related timing thereof and the Company's intentions to participate in such markets outside of Canada, if and when such use is legalized;    \n  \n\n\u2022\n\n     laws and regulations and any amendments thereto applicable to the business;    \n  \n\n\u2022\n\n     the competitive advantages and business strategies of the Company;    \n  \n\n\u2022\n\n     the grant, renewal and impact of any license or supplemental license to conduct activities with cannabis or any amendments thereof;    \n  \n\n\u2022\n\n     the medical benefits, viability, safety, efficacy, dosing and social acceptance of cannabis;    \n  \n\n\u2022\n\n     the Company's future product offerings; and    \n  \n\n\u2022\n\n     the anticipated future gross margins of the Company's operations. \n\nIn particular, this Prospectus contains Forward-Looking Statements in\nconnection with the anticipated Closing Date, anticipated TSXV and NASDAQ\napproval, the anticipated use of the net proceeds of the Offering and the\npreliminary revenue projections in respect of FY 2017 (as defined herein).\nForward-Looking Statements contained in certain documents incorporated by\nreference in this Prospectus are based on the key assumptions described in\nsuch documents. Certain of the Forward-Looking Statements contained herein\nconcerning the cannabis industry and the general expectations of Cronos\nconcerning the cannabis industry are based on estimates prepared by Cronos\nusing data from publicly available governmental sources as well as from market\nresearch and industry analysis and on assumptions based on data and knowledge\nof this industry which Cronos believes to be reasonable. However, although\ngenerally indicative of relative market positions, market shares and\nperformance characteristics, such data is inherently imprecise. While Cronos\nis not aware of any misstatement regarding any industry or government data\npresented herein or information presented herein which is based on such data,\nthe cannabis industry involves risks and uncertainties that are subject to\nchange based on various factors, which factors are described further below.\n\nWith respect to the Forward-Looking Statements contained in this Prospectus\nand the documents incorporated by reference herein, the Company has made\nassumptions regarding, among other things: (i) its ability to generate cash\nflow from operations and obtain necessary financing on acceptable terms; (ii)\ngeneral economic, financial market, regulatory and political conditions in\nwhich the Company operates; (iii) the output from operations of Peace\nNaturals, Original BC Ltd. (\"  **OGBC** \") and the Company's operations in\nIsrael and Australia; (iv) consumer interest in the Company's products; (v)\ncompetition; (vi) anticipated and unanticipated costs; (vii) government\nregulation of the Company's activities and products and in the areas of\ntaxation and environmental protection; (viii) the timely receipt of any\nrequired regulatory approvals; (ix) the Company's ability to obtain qualified\nstaff, equipment and services in a timely and cost efficient manner; (x) the\nCompany's ability to conduct operations in a safe, efficient and effective\nmanner; and (xi) the Company's construction plans and timeframe for completion\nof such plans.\n\nPurchasers are cautioned that the above list of cautionary statements is not\nexhaustive. Known and unknown risks, many of which are beyond the control of\nthe Company, could cause actual results to differ materially from the Forward-\nLooking Statements in this Prospectus. Such factors include, without\nlimitation, those discussed in the \"  _Risk Factors_ \" section of this\nProspectus, those discussed under the heading \"  _Risk Factors_ \" in the\nAnnual Information Form (as defined herein) and those discussed under the\nheading \"  _Risks and Uncertainties_ \" in the Interim MD&A and Annual MD&A (as\nsuch terms are defined herein). The purpose of Forward-Looking Statements is\nto provide the reader with a description of management's expectations, and\nsuch Forward-Looking Statements may not be appropriate for any other purpose.\nYou should not place undue reliance on Forward-Looking Statements contained in\nthis Prospectus or in any document incorporated by reference. Although the\n\n2\n\n* * *\n\nTable of Contents\n\nCompany believes that the expectations reflected in such Forward-Looking\nStatements are reasonable, it can give no assurance that such expectations\nwill prove to have been correct. Forward-Looking Statements contained or\nincorporated by reference are made as of the date of this Prospectus or the\ndocument incorporated by reference, as applicable, and are based on the\nbeliefs, estimates, expectations and opinions of management on the date such\nForward-Looking Statements are made. The Company undertakes no obligation to\nupdate or revise any Forward-Looking Statements, whether as a result of new\ninformation, estimates or opinions, future events or results or otherwise or\nto explain any material difference between subsequent actual events and such\nForward-Looking Statements, except as required by applicable law. The Forward-\nLooking Statements contained in this Prospectus and the documents incorporated\nby reference herein are expressly qualified in their entirety by this\ncautionary statement.\n\n  \n**FINANCIAL INFORMATION  \n**\n\nThe Annual Financial Statements (as defined herein), incorporated by reference\nin this Prospectus have been prepared in accordance with IFRS, as issued by\nthe IASB and are reported in Canadian dollars. The Interim Financial\nStatements (as defined herein), incorporated by reference in this Prospectus\nhave been prepared in accordance with IFRS and are reported in Canadian\ndollars.\n\n  \n**ENFORCEABILITY OF CIVIL LIABILITIES  \n**\n\nWe are a corporation incorporated under and governed by the  _Business\nCorporations Act_ (Ontario). Most of our directors and officers, and some or\nall of the experts named in this Prospectus, are residents of Canada or\notherwise reside outside of the United States, and a substantial portion of\ntheir assets, and a substantial portion of the Company's assets, are located\noutside the United States. The Company has appointed an agent for service of\nprocess in the United States, but it may be difficult for holders of\nsecurities who reside in the United States to effect service within the United\nStates upon those directors, officers and experts who are not residents of the\nUnited States. It may also be difficult for holders of securities who reside\nin the United States to realize in the United States upon judgments of courts\nof the United States predicated upon the Company's civil liability and the\ncivil liability of the Company's directors and officers and experts under the\nUnited States federal securities laws. The Company has been advised by its\nCanadian counsel, Blake, Cassels & Graydon LLP, that a judgment of a United\nStates court predicated solely upon civil liability under United States\nfederal securities laws would probably be enforceable in Canada if the United\nStates court in which the judgment was obtained has a basis for jurisdiction\nin the matter that would be recognized by a Canadian court for the same\npurposes. The Company has also been advised by Blake, Cassels & Graydon LLP,\nhowever, that there is substantial doubt whether an action could be brought in\nCanada in the first instance on the basis of liability predicated solely upon\nUnited States federal securities laws.\n\nThe Company filed with the SEC, concurrently with the Company's registration\nstatement on Form F-10 of which this Prospectus forms a part, an appointment\nof agent for service of process on Form F-X. Under the Form F-X, the Company\nappointed CT Corporation System as its agent for service of process in the\nUnited States in connection with any investigation or administrative\nproceeding conducted by the SEC and any civil suit or action brought against\nor involving the Company in a United States court arising out of or related to\nor concerning the Offering.\n\n3\n\n* * *\n\nTable of Contents\n\n  \n**EXCHANGE RATE INFORMATION  \n**\n\nThe following table sets forth, for each of the periods indicated, the period\nend exchange rate, the average exchange rate and the high and low exchange\nrates of one United States dollar in exchange for Canadian dollars, based on\nthe historical noon exchange rates or, after January 1, 2017, the daily\nexchange rates, as reported by the Bank of Canada.\n\n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \n---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---  \n  \n|  |  **Nine-Months  \nEnded  \nSeptember 30 ** |  |  **Year Ended December 31** |   \n  \n|  |  **2017** |  |  **2016** |  |  **2017** |  |  **2016** |  |  **2015** |   \n  \n|  |  **$**   \n|  |  **$**   \n|  |  **$**   \n|  |  **$**   \n|  |  **$**   \n|  \nHigh  |  |  |  1.3743  |  |  |  1.4589  |  |  |  1.3743  |  |  |  1.4589  |  |  |  1.3990  |   \nLow  |  |  |  1.2128  |  |  |  1.2544  |  |  |  1.2128  |  |  |  1.2544  |  |  |  1.1728  |   \nAverage  |  |  |  1.3074  |  |  |  1.3218  |  |  |  1.2986  |  |  |  1.3248  |  |  |  1.2787  |   \nPeriod End  |  |  |  1.2480  |  |  |  1.3117  |  |  |  1.2545  |  |  |  1.3427  |  |  |  1.3840  |   \n  \nThe daily exchange rate on March 20, 2018, as reported by the Bank of Canada\nfor the conversion of United States dollars into Canadian dollars was US$1.00\nequals $1.3077.\n\n  \n**DOCUMENTS INCORPORATED BY REFERENCE  \n**\n\nThe following documents, each of which has been filed with, or furnished to,\nthe securities commissions or similar regulatory authorities in each province\nof Canada, other than Qu\u00e9bec, and with the SEC, are specifically incorporated\nby reference and form an integral part of this Prospectus:\n\n(a)\n\n     the annual information form of the Company for the year ended December 31, 2016 dated October 25, 2017 (the \"  **Annual Information Form** \");   \n  \n\n(b)\n\n     the Company's audited consolidated financial statements as at and for the years ended December 31, 2016 and December 31, 2015 and related notes thereto, together with the independent auditors' report thereon (the \"  **Annual Financial Statements** \");   \n  \n\n(c)\n\n     the Company's management's discussion and analysis for the year ended December 31, 2016 (the \"  **Annual MD &A ** \");   \n  \n\n(d)\n\n     the Company's unaudited condensed interim consolidated financial statements as at September 30, 2017 and for the three and nine month periods ended September 30, 2017 and September 30, 2016, and related notes thereto (except for page 1 of such financial statements containing a notice that the Company's auditor has not reviewed such financial statements) (the \"  **Interim Financial Statements** \");   \n  \n\n(e)\n\n     the Company's management's discussion and analysis for the three and nine month periods ended September 30, 2017 and September 30, 2016 (the \"  **Interim MD &A ** \");   \n  \n\n(f)\n\n     the management information circular dated May 20, 2016 prepared in connection with the annual and special meeting of shareholders of the Company held on June 28, 2016;   \n  \n\n(g)\n\n     the management information circular dated January 23, 2017 prepared in connection with the special meeting of shareholders of the Company held on February 24, 2017;   \n  \n\n(h)\n\n     the management information circular of the Company dated May 26, 2017 prepared in connection with the annual meeting of shareholders of the Company held on June 28, 2017;   \n  \n\n(i)\n\n     the material change report of the Company dated January 8, 2018 in respect of the announcement of a bought deal offering (the \"  **January 2018 Bought Deal** \"); \n\n4\n\n* * *\n\nTable of Contents\n\n(j)\n\n     the material change report of the Company dated November 10, 2017 in respect of the closing of a previously announced bought deal offering (the \"  **November 2017 Bought Deal** \");   \n  \n\n(k)\n\n     the material change report of the Company dated October 23, 2017 in respect of the announcement of the November 2017 Bought Deal;   \n  \n\n(l)\n\n     the material change report of the Company dated October 23, 2017 in respect of the distribution partnership with G. Pohl-Boskamp GmbH & Co. KG (\"  **Pohl-Boskamp** \");   \n  \n\n(m)\n\n     the material change report of the Company dated September 29, 2017 in respect of the closing of a non-brokered private placement (the \"  **September 2017 Private Placement** \");   \n  \n\n(n)\n\n     the material change report of the Company dated September 1, 2017 in respect of a debt financing with Romspen Investment Corporation (\"  **Romspen** \");   \n  \n\n(o)\n\n     the material change report of the Company dated March 17, 2017 in respect of the closing of a previously announced bought deal offering (the \"  **March 2017 Bought Deal** \");   \n  \n\n(p)\n\n     the material change report of the Company dated February 27, 2017 in respect of the Company's name change to \"Cronos Group Inc.\"; and   \n  \n\n(q)\n\n     the material change report of the Company dated February 17, 2017 in respect of the announcement of the March 2017 Bought Deal. \n\nAny documents of the type referred to in paragraphs (a) - (q) above or similar\nmaterial and any documents required to be incorporated by reference herein\npursuant to National Instrument 44-101\u2014  _Short Form Prospectus Distributions_\n, including any annual information form, all material change reports\n(excluding confidential reports, if any), all annual and interim financial\nstatements and management's discussion and analysis relating thereto, or\ninformation circular or amendments thereto that the Company files with any\nsecurities commission or similar regulatory authority in Canada after the date\nof this Prospectus and prior to the termination of this Offering will be\ndeemed to be incorporated by reference in this Prospectus and will\nautomatically update and supersede information contained or incorporated by\nreference in this Prospectus. In addition, any similar documents filed by us\nwith the SEC in our periodic reports on Form 6-K or annual reports on Form\n40-F and any other documents filed with or furnished to the SEC pursuant to\nSection 13(a), 13(c) or 15(d) of the Securities Exchange Act of 1934, as\namended (the \"  **Exchange Act** \"), in each case after the date of this\nProspectus, shall be deemed to be incorporated by reference into this\nProspectus and the registration statement of which this Prospectus forms a\npart if and to the extent expressly provided in such reports. To the extent\nthat any document or information incorporated by reference into this\nProspectus is included in a report that is filed with or furnished to the SEC\non Form 40-F, 20-F, 10-K, 10-Q, 8-K or 6-K (or any respective successor form),\nsuch document or information shall also be deemed to be incorporated by\nreference as an exhibit to the registration statement of which this Prospectus\nforms a part.\n\n**Any statement contained in this Prospectus or a document incorporated or\ndeemed to be incorporated by reference herein shall be deemed to be modified\nor superseded for purposes of this Prospectus, to the extent that a statement\ncontained herein or in any other subsequently filed document that also is or\nis deemed to be incorporated by reference herein modifies, replaces or\nsupersedes such statement. The modifying or superseding statement need not\nstate that it has modified or superseded a prior statement or include any\nother information set forth in the document that it modifies or supersedes.\nThe making of a modifying or superseding statement shall not be deemed an\nadmission for any purposes that the modified or superseded statement, when\nmade, constituted a misrepresentation, an untrue statement of a material fact\nor an omission to state a material fact that is required to be stated or that\nis necessary to make a statement not misleading in light of the circumstances\nin which it was made. Any statement so modified or superseded shall not\nconstitute a part of this Prospectus, except as so modified or superseded.**\n\n5\n\n* * *\n\nTable of Contents\n\n  \n**MARKETING MATERIALS  \n**\n\nAny template version of \"marketing materials\" (as defined in National\nInstrument 41-101\u2014  _General Prospectus Requirements_ ) filed after the date\nof this Prospectus and before the termination of the distribution under the\nOffering (including any amendments to, or an amended version of, the marketing\nmaterials) is deemed to be incorporated in this Prospectus.\n\n  \n**WHERE YOU CAN FIND MORE INFORMATION  \n**\n\nThe Company has filed with the SEC, under the U.S.  _Securities Act of 1933,_\nas amended (the \"  **U.S. Securities Act** \"), a registration statement on\nForm F-10 relating to the Shares. This Prospectus does not contain all of the\ninformation contained in the registration statement, certain items of which\nare contained in the exhibits to the registration statement as permitted by\nthe rules and regulations of the SEC. Statements included in this Prospectus\nor the documents incorporated by reference herein about the contents of any\ncontract, agreement or other document referred to are not necessarily\ncomplete, and in each instance, prospective investors should refer to the\nexhibits for a complete description of the matter involved. Each such\nstatement is qualified in its entirety by such reference.\n\nThe Company will provide to each person to whom this Prospectus is delivered,\nwithout charge, upon request to the Secretary of the Company at 720 King\nStreet West, Toronto, Ontario, M5V 2T3, Telephone: (416) 504-0004, copies of\nthe documents incorporated by reference in this Prospectus. The Company does\nnot incorporate by reference in this Prospectus any of the information on, or\naccessible through, its website.\n\nThe Company files certain reports with, and furnishes other information to,\neach of the SEC and certain securities commissions or similar regulatory\nauthorities of Canada. Under a multi-jurisdictional disclosure system adopted\nby the United States and Canada, such reports and other information may be\nprepared in accordance with the disclosure requirements of the securities\nregulatory authorities in the applicable provinces of Canada, which\nrequirements are different from those of the United States. As a foreign\nprivate issuer, the Company is exempt from the rules under the Exchange Act\nprescribing the furnishing and content of proxy statements, and the Company's\nofficers and directors are exempt from the reporting and short swing profit\nrecovery provisions contained in Section 16 of the Exchange Act. The Company's\nreports and other information filed or furnished with or to the SEC are\navailable, from the SEC's Electronic Document Gathering and Retrieval System\n(\"  **EDGAR** \") at www.sec.gov, as well as from commercial document retrieval\nservices. You may also read (and by paying a fee, copy) any document the\nCompany files with or furnishes to the SEC at the SEC's public reference room\nin Washington, D.C. (100 F Street N.E., Washington, D.C. 20549). Please call\nthe SEC at 1-800-SEC-0330 for more information on the public reference room.\nThe Company's Canadian filings are available on the System for Electronic\nDocument Analysis and Retrieval (\"  **SEDAR** \") at www.sedar.com. Unless\nspecifically incorporated by reference herein, documents filed or furnished by\nthe Company on SEDAR or EDGAR are neither incorporated in nor part of this\nProspectus.\n\n6\n\n* * *\n\nTable of Contents\n\n  \n**DESCRIPTION OF THE BUSINESS  \n**\n\n**Corporate Structure**\n\nCronos was incorporated on August 21, 2012 under the  _Business Corporations\nAct_ (Ontario) as 2339498 Ontario Inc. The Common Shares are listed on the\nTSXV and on the NASDAQ under the trading symbol \"CRON\".\n\nThe following chart illustrates, as of the date of this Prospectus, the\nCompany's wholly-owned subsidiaries, including their respective jurisdictions\nof incorporation and percentage of voting securities of each that are\nbeneficially owned, controlled or directed by the Company. The Company does\nnot beneficially own, control or direct, directly or indirectly, any\nrestricted securities in any of its subsidiaries. The Company also holds\nminority interests in cannabis-related companies and Licensed Producers (as\ndefined herein) and has entered into four strategic joint ventures. See \"\n_Business of the Company\u2014Investments_ \" and \"  _Business of the Company\u2014Joint\nVentures and International Activities_ \".\n\n****\n\nAdditional information with respect to the Company's history and a list of its\nmaterial subsidiaries as at December 31, 2016 are included in the Annual\nInformation Form, which is incorporated by reference into this Prospectus.\n\n**Business of the Company**\n\nCronos is a geographically diversified and vertically integrated global\ncannabis company whose principal activities are the production and sale of\ncannabis in federally legal jurisdictions, including Canada and Germany.\nCronos has also established joint ventures in Israel and Australia. Currently,\nCronos sells dried cannabis and cannabis oils under its medical cannabis\nbrand, Peace Naturals.\n\n**_Canadian Licensed Producers_ **\n\nCronos operates two wholly-owned licensed producers of medical cannabis\npursuant to the provisions of the  _Controlled Drugs and Substances Act_ (\"\n**CDSA** \") and its relevant regulation, the ACMPR (\"  **Licensed Producers**\n\"), namely, Peace Naturals, which has production facilities near Barrie,\nOntario, and OGBC, which has a production facility in Armstrong, British\nColumbia.\n\n_Peace Naturals_\n\nOn October 31, 2013, Health Canada issued a license to Peace Naturals for\nactivities related to the production and sale of dried cannabis flower under\nthe ACMPR. Peace Naturals' current license has an effective term from November\n1, 2016 to November 1, 2019, and grants Peace Naturals the authority to\n\n7\n\n* * *\n\nTable of Contents\n\nengage in, among other things, the production and sale of dried cannabis\nflower, cannabis resin, cannabis seeds, cannabis plants and cannabis oil (the\n\"  **Peace Naturals ACMPR License** \").\n\nOn January 22, 2018, the Company announced that Peace Naturals received a\ndealer's license (the \"  **Peace Naturals Dealer's License** ,\" together with\nthe Peace Naturals ACMPR License, the \"  **Peace Naturals Licenses** \")\npursuant to the  _Narcotic Control Regulations_ (\"  **NCR** \") and CDSA from\nHealth Canada for the possession, sale, transportation and delivery of\ncontrolled substances under the CDSA, including cannabis, tetrahydrocannabinol\n(\"  **THC** \") and cannabidiol (\"  **CBD** \"). The Peace Naturals Dealer's\nLicense allows Peace Naturals to export medical cannabis extracts, including\nconcentrated oil and resin products internationally in accordance with an\nexport permit issued under section 103 of the ACMPR or section 10 of the NCR.\nThe Peace Naturals Dealer's License has an effective term from January 29,\n2018 to December 31, 2018.\n\nSituated on approximately 90 acres of land zoned and licensed for cannabis\nproduction, Peace Naturals operates three completed production buildings\n(Building 1, Building 2 and Building 3) and is constructing additional\ncapacity via a 286,0000 sq. ft. production facility (\"  **Building 4** \") and\na 28,000 sq. ft. greenhouse (the \"  **Greenhouse** \"). Peace Naturals'\nproduction processes are Good Manufacturing Practices (\"  **GMP** \") certified\nunder relevant European Economic Area GMP directives by the national competent\nauthority of Germany.\n\nBuildings 1, 2 and 3 are engaged in cultivation, processing, extraction,\nfinishing and packaging, shipping and client care operations. These buildings\nincurred major renovations in the first half of 2017, including upgraded LED\nlighting, automation equipment, irrigation systems and other environmental\ncontrol systems to improve yields and lower costs.\n\nIn addition to large scale cultivation of premium dried flower, Building 4\nwill include:\n\n\u2022\n\n     designated areas for proprietary genetic breeding genomic testing;    \n  \n\n\u2022\n\n     a GMP-grade cannabinoid and terpene extraction, processing and bottling facility;    \n  \n\n\u2022\n\n     a GMP-grade analytical testing laboratory for Canadian, European and other pharmacopeia standards;    \n  \n\n\u2022\n\n     a GMP-grade analytical and chemical laboratory for formulation, delivery system and product development;    \n  \n\n\u2022\n\n     research and development (\"  **R &D ** \") grow and dry areas with compartmentalized chambers to conduct experiments on yield, genetic markers, and metabolite/terpene enhancement techniques;    \n  \n\n\u2022\n\n     a tissue culture laboratory and mass scale micro-propagation production area; and    \n  \n\n\u2022\n\n     a GMP-grade and industrial-grade kitchen. \n\nThe Greenhouse is expected to provide a year-round low-cost supply of flower\nfor extraction in a 2,257 sq. ft. GMP-grade extraction lab. The Greenhouse is\ndesigned as a testing facility for various production technologies. Any tests\nyielding favorable operational improvements would then be disseminated to the\nCompany's other domestic and international facilities. Growing and cultivation\nof cannabis in the Greenhouse has commenced and the facility is in the process\nof becoming fully operational.\n\n_OGBC_\n\nOn February 24, 2014, Health Canada issued a cultivation license to OGBC under\nthe ACMPR. OGBC's current license has an effective term from February 28, 2017\nto February 28, 2020 and grants OGBC the authority to engage in the production\nand sale of dried cannabis flower (the \"  **OGBC ACMPR License** \")\n\n8\n\n* * *\n\nTable of Contents\n\nSituated on 30 acres of land, 17 acres of which are zoned and licensed for\ncannabis production, OGBC's facility primarily engages in cultivation and\nprocessing operations. OGBC has completed several inter-company bulk transfers\nof dried cannabis to Peace Naturals to be sold under the Peace Naturals brand.\n\n**_Joint Ventures and International Activities_ **\n\nThe Company has also entered into four strategic joint ventures to produce and\nsell cannabis:\n\n\u2022\n\n     _MedMen Canada Joint Venture._ In March 2018, the Company announced a strategic joint venture with MedMen Enterprises USA, LLC (\"  **MedMen** \"). Each of the Company and MedMen owns 50% of the equity interests of the joint venture, called MedMen Canada Inc. (\"  **MedMen Canada** \"). MedMen Canada will be focused on a Canadian branded retail chain in provinces that permit private retailers, branded products and research and development activities in Canada. MedMen Canada will have access to the Company's production facilities while leveraging MedMen's brand recognition. In addition, the Company will be leveraging its regulatory expertise and knowhow to obtain the requisite licenses, approvals and permits from Health Canada for MedMen Canada to commence its operations.    \n  \n\n\u2022\n\n     _Australia Joint Venture (\"_ **_Cronos Australia_ ** \"). In February 2018, the Company announced a strategic joint venture in Australia with NewSouthern Capital Pty Ltd. (\"  **NewSouthern** \") for the research, production, manufacture and distribution of medical cannabis. Each of the Company and NewSouthern owns 50% of the equity interests in Cronos Australia and have equal board representation. The Company believes that Cronos Australia will serve as the Company's hub for Australia, New Zealand and South East Asia, bolstering the Company's supply capabilities and distribution network. In the initial phase of construction, Cronos Australia is planning to construct a 20,000 sq. ft. purpose built facility that is expected to produce up to 2,000 kilograms of cannabis annually. The Company's activities in respect of Cronos Australia have been approved by the TSXV. For a description of the Cronos Australia Licenses (as defined herein), see \"  _License and Regulatory Framework in Australia\u2014Cronos Australia Licenses\"._   \n  \n\n\u2022\n\n     _Israel Joint Venture (\"_ **_Cronos Israel_ ** \"  _)._ In September 2017, the Company announced a strategic joint venture in Israel with the Israeli agricultural collective settlement Kibbutz Gan Shmuel (\"  **Gan Shmuel** \") for the production, manufacture and distribution of medical cannabis. Following transfer of the Israel Codes (as defined herein) to Cronos Israel, the Company will hold a 70% interest in each of the nursery and cultivation operations and a 90% interest in each of the manufacturing and distribution operations of Cronos Israel. Gan Shmuel is situated on 1,500 acres of mixed-use agricultural/industrial land. In the initial phase of construction, Cronos Israel is planning to construct a 45,000 sq. ft. greenhouse that is expected to produce up to 5,000 kilograms of cannabis annually and a 17,000 sq. ft. manufacturing facility that will be utilized for analytics, formulation development, and research. The Company's activities in respect of Cronos Israel have been approved by the TSXV. Until exports are permitted under applicable Israeli law, products from Cronos Israel will be distributed domestically in the local Israeli market. For a description of the Israel Codes, see \"  _License and Regulatory Framework in Israel\u2014Cronos Israel Licenses\"._   \n  \n\n\u2022\n\n     _Indigenous Roots Joint Venture (\"_ **_Indigenous Roots_ ** \"  _)._ In December 2016, the Company launched a strategic joint venture led by Phil Fontaine, former National Chief of the Assembly of First Nations. Indigenous Roots is a medical cannabis company that will work cooperatively with Canadian First Nations towards building and operating licensed facilities \n\n9\n\n* * *\n\nTable of Contents\n\nand providing medical cannabis to First Nations. The Company will own a 49.9%\nstake in Indigenous Roots. The Company believes that Indigenous Roots will\nprovide Cronos with optionality for nontraditional distribution channels and\nincremental production capacity without dilution, and a strong brand for its\nportfolio. Indigenous Roots has commanded significant interest, having met\nwith over 100 indigenous communities and leaders across Canada. Indigenous\nRoots is in the process of finalizing its capital raise. Once completed,\nIndigenous Roots is anticipated to commence construction of a 30,000 sq. ft.\nproduction facility at the premises of OGBC.\n\n**_Investments_ **\n\nThe Company has also invested in and made loans to cannabis-related companies\nand Licensed Producers, including Whistler Medical Marijuana Company,\nEvergreen Medicinal Supply Inc., ABcann Global Corporation, Canopy Growth\nCorp. and The Hydropothecary Corporation. See Notes 8 and 9 of the Interim\nFinancial Statements for additional information.\n\n**_No U.S. Cannabis-Related Activities_ **\n\nThe Company does not engage in any U.S. cannabis-related activities. From time\nto time, the Company may have minority interests in non-U.S. cannabis\ncompanies (as disclosed in the Annual Information Form). Based on what is\ndisclosed publicly by these minority investees, the Company is not aware of\nany U.S. cannabis-related activities of such minority investees as of the date\nof this Prospectus.\n\nAdditional information with respect to the Company's business is included in\nthe Annual Information Form and the Interim MD&A, both of which are\nincorporated by reference in this Prospectus.\n\n**Recent Company Developments**\n\n**_Preliminary 2017 Financial Year Results_ **\n\nFor the twelve months ended December 31, 2017 (\"  **FY 2017** \"), based upon\ninformation currently available to management, the Company currently\nanticipates reporting revenue of between $3.8 million and $4.4 million,\ncompared to $0.6 million for the twelve months ended December 31, 2016, with\nthe year-over-year increase resulting primarily from higher unit sales, driven\nprimarily by (i) increased patient registration and demand, as well as (ii)\nthe fact that FY 2017 results included Peace Naturals revenues for the entire\nperiod compared with 2016 financial year results, which included Peace\nNaturals revenues only from September 2, 2016, when the Company acquired Peace\nNaturals, until December 31, 2016.\n\nAll figures reported above with respect to the FY 2017 are preliminary and are\nunaudited and subject to change and adjustment as the Company prepares its\nconsolidated financial statements for the years ended December 31, 2017 and\nDecember 31, 2016. Accordingly, investors are cautioned not to place undue\nreliance on the foregoing guidance. The Company is issuing preliminary results\nto enable it to disclose such information in connection with the Offering, and\nreaders are cautioned that the preliminary results may not be appropriate for\nother purposes; the Company does not intend to provide preliminary results in\nthe future. The preliminary results provided in this Prospectus constitute\nforward-looking statements within the meaning of applicable securities laws,\nare based on several assumptions and are subject to a number of risks and\nuncertainties. Actual results may differ materially. See \"  _Forward-Looking\nInformation_ \".\n\n10\n\n* * *\n\nTable of Contents\n\n_Release of 2017 Financial Results_\n\nThe Company anticipates releasing its consolidated financial statements for\nthe twelve months ended December 31, 2017 and December 31, 2016 on or about\nMonday, April 30, 2018.\n\n**_MedMen Canada_ **\n\nOn March 19, 2018, the Company announced a strategic joint venture with\nMedMen. Each of the Company and MedMen owns 50% of the equity interests of the\njoint venture, MedMen Canada. MedMen Canada will be focused on a Canadian\nbranded retail chain in provinces that permit private retailers, branded\nproducts and research and development activities in Canada. MedMen Canada will\nhave access to the Company's production facilities and future expansions while\nleveraging MedMen's brand recognition. In addition, the Company will be\nleveraging its regulatory expertise and knowhow to obtain the requisite\nlicenses, approvals and permits from Health Canada for MedMen Canada to\ncommence its operations.\n\n**_Stock Listings_ **\n\nOn February 26, 2018, the Company announced that trading of its Common Shares\nwould be elevated from the Nasdaq International Designation program to the\nNASDAQ. The Common Shares began trading on the NASDAQ on February 28, 2018\nunder the trading symbol \"CRON\". On March 5, 2018, the Company announced that\nthe Company was changing its ticker symbol on the TSXV from \"MJN\" to \"CRON\".\n\n**_Cronos Australia_ **\n\nOn February 5, 2018, the Company announced its strategic joint venture with\nNewSouthern, Cronos Australia, and the grant of medicinal cannabis cultivation\nand research licenses to Cronos Australia. See \"  _Business of the\nCompany\u2014Joint Ventures and International Activities_ \".\n\n**_Board Appointment_ **\n\nOn February 1, 2018, the Company announced the appointment of Mr. James D.\nRudyk to the Board of Directors. Mr. Rudyk serves as the chair of the audit\ncommittee and is a member of the compensation committee.\n\n**_January 2018 Bought Deal_ **\n\nOn January 24, 2018, the Company announced the closing of the January 2018\nBought Deal pursuant to which the Company sold a total of 5,257,143 Common\nShares at a price of $8.75 per Common Share for aggregate gross proceeds of\napproximately $46.0 million. The January 2018 Bought Deal was completed by way\nof a short form prospectus offering in Canada.\n\n**_Peace Naturals Dealer's License_ **\n\nOn January 22, 2018, the Company announced that Peace Naturals received a\ndealer's license pursuant to the NCR and CDSA from Health Canada for the\npossession, sale, transportation and delivery of controlled substances under\nthe CDSA, including cannabis, THC and CBD. The Peace Naturals Dealer's License\nallows Peace Naturals to export medical cannabis extracts, including\nconcentrated oil and resin products internationally.\n\n**_Cronos Israel_ **\n\nOn November 9, 2017, the Company announced that its strategic joint venture\nwith Gan Shmuel, Cronos Israel, had been approved by the TSXV. See \"\n_Business of the Company\u2014Joint Ventures and International Activities_ \".\n\n11\n\n* * *\n\nTable of Contents\n\n**_November 2017 Bought Deal_ **\n\nOn November 8, 2017, the Company announced the closing of the November 2017\nBought Deal pursuant to which the Company sold a total of 5,476,190 Common\nShares at a price of $3.15 per Common Share for aggregate gross proceeds of\napproximately $17.2 million. The November 2017 Bought Deal was completed by\nway of a short form prospectus offering in Canada.\n\n**_Partnership with Pohl-Boskamp_ **\n\nOn October 12, 2017, the Company announced that it had entered into a\nstrategic distribution partnership with Pohl-Boskamp, an international\npharmaceutical manufacturer and supplier. Under the five-year exclusive\ndistribution agreement, the Company's global subsidiaries will supply Peace\nNaturals branded cannabis products to Pohl-Boskamp for distribution within\nGermany. On December 27, 2017, the Company announced that its first shipment\nto Pohl-Boskamp of Peace Naturals branded products became available for sale\nacross retail locations throughout Germany. Pohl-Boskamp distributes\npharmaceutical products to approximately 10,500 pharmacies in Germany.\n\n**Regulatory Framework in Canada**\n\n**_Licenses and Regulatory Framework_ **\n\nPursuant to the Peace Naturals ACMPR License, Peace Naturals may, subject to\nfurther requirements set out in the ACMPR:\n\n(a)\n\n     possess, produce, sell, transport, deliver and destroy cannabis, including live plants, clippings, oil, resin and seeds;   \n  \n\n(b)\n\n     possess, produce, sell, transport, deliver and destroy dried cannabis;   \n  \n\n(c)\n\n     possess and destroy CBD, CBD and delta-8-tetrahydrocannabinol; and   \n  \n\n(d)\n\n     possess and destroy delta-9-THC. \n\nPursuant to the OGBC ACMPR License, OGBC may, subject to further requirements\nset out in the ACMPR:\n\n(a)\n\n     possess, produce, sell, transport, deliver and destroy cannabis, including live plants and clippings;   \n  \n\n(b)\n\n     possess, produce, sell, transport, deliver and destroy dried cannabis; and   \n  \n\n(c)\n\n     produce, possess and destroy cannabis seeds. \n\nIn terms of selling and providing, and subject to further requirements set out\nin the ACMPR, Peace Naturals and OGBC may sell or provide:\n\n(a)\n\n     cannabis and dried cannabis (and in the case of Peace Naturals, cannabis oil and cannabis resin) to:   \n  \n\n(i)\n\n     another Licensed Producer;   \n  \n\n(ii)\n\n     a licensed dealer (as defined in the ACMPR);   \n  \n\n(iii)\n\n     the Federal Minister of Health; or   \n  \n\n(iv)\n\n     a person to whom an exemption relating to the substance has been granted under section 56 of the CDSA; and   \n  \n\n(b)\n\n     dried cannabis (and in the case of Peace Naturals, cannabis oil) to:   \n  \n\n(i)\n\n     a client or an individual who is responsible for the client; \n\n12\n\n* * *\n\nTable of Contents\n\n(ii)\n\n     a hospital employee, if the possession of the dried cannabis is for the purposes of and in connection with their employment; or   \n  \n\n(iii)\n\n     a person to whom an exemption relating to the dried cannabis has been granted under section 56 of the CDSA. \n\nPermitted activities related to cannabis oils, like other forms of cannabis,\nincludes strict terms and conditions that a Licensed Producer must comply\nwith, including:\n\n\u2022\n\n     the cannabis must be shipped in secure, child resistant packaging;    \n  \n\n\u2022\n\n     Licensed Producers must include the same health warning messages that apply to dried cannabis;    \n  \n\n\u2022\n\n     Licensed Producers must not sell or provide any cannabis oil with a concentration of THC exceeding 30 mg per ml of oil;    \n  \n\n\u2022\n\n     Licensed Producers must ensure that the label specifies the amount (in milligrams) of THC and CBD;    \n  \n\n\u2022\n\n     Licensed Producers must ensure that the quantity of the fresh cannabis buds or leaves or cannabis oil is also labeled, in terms of equivalency to one gram of dried cannabis. Information on the conversion method must be published on the producer's website;    \n  \n\n\u2022\n\n     Licensed Producers must not make therapeutic claims in relation to the cannabis, unless they are otherwise approved under the  _Food and Drugs Act_ (Canada);    \n  \n\n\u2022\n\n     Licensed Producers must continue to comply with the record-keeping requirements for all transactions involving non-dried cannabis, including sales and destruction records; and    \n  \n\n\u2022\n\n     Licensed Producers must notify Health Canada of any adverse reactions related to fresh cannabis buds and leaves or cannabis oil of which they become aware. \n\nPeace Naturals and OGBC may also: (i) ship dried cannabis to a health care\npractitioner (as defined in the ACMPR) in the case referred to in subparagraph\n130(1)(f)(iii) of the ACMPR; (ii) import cannabis if done in accordance with\nan import permit issued under section 95 of the ACMPR; and (iii) possess\ncannabis for the purpose of export and export cannabis if done in accordance\nwith an export permit issued under section 103 of the ACMPR or section 10 of\nthe NCR.\n\n__ _Summary of the ACMPR_\n\nThe ACMPR replaced the  _Marihuana for Medical Purposes Regulations_ (the \"\n**MMPR** \") as the governing regulations in respect of the production, sale\nand distribution of medical cannabis and related oil extracts. The replacement\nregulations were implemented as a result of the ruling by the Federal Court of\nCanada in the case of  _Allard v Canada_ which found the MMPR unconstitutional\nin violation of the plaintiffs' rights under Section 7 of the  _Canadian\nCharter of Rights and Freedoms_ due to the restrictions placed on a patient's\nability to reasonably access medical cannabis.\n\nThe ACMPR effectively combines the regulations and requirements of the MMPR,\nthe  _Marihuana Medical Access Regulations_ and the section 56 exemptions\nrelating to cannabis oil under the CDSA into one set of regulations. In\naddition, among other things, the ACMPR sets out the process patients are\nrequired to follow to obtain authorization from Health Canada to grow cannabis\nand to acquire seeds or plants from Licensed Producers to grow their own\ncannabis. Under the ACMPR, patients have three options for obtaining cannabis:\n\n(a)\n\n     they can continue to access quality-controlled cannabis by registering with Licensed Producers;   \n  \n\n(b)\n\n     they can register with Health Canada to produce a limited amount of cannabis for their own medical purposes; or \n\n13\n\n* * *\n\nTable of Contents\n\n(c)\n\n     they can designate someone else to produce it for them. \n\nWith respect to (b) and (c), starting materials, such as plants or seeds, must\nbe obtained from Licensed Producers. It is possible that (b) and (c) could\nsignificantly reduce the addressable market for the Company's products and\ncould materially and adversely affect the business, financial condition and\nresults of operations of the Company. That said, management of the Company\nbelieves that many patients may be deterred from opting to proceed with\noptions (b) or (c) since such steps require applying for and obtaining\nregistration from Health Canada to grow cannabis, as well as the up-front\ncosts of obtaining equipment and materials to produce such cannabis.\n\n__ _Reporting Requirements under the ACMPR_\n\nAs described under the ACMPR (see Part 1, Division 5 of the ACMPR), Licensed\nProducers are required to keep records of, among other things, their\nactivities with cannabis, including all transactions (sale, exportation, and\nimportation), all fresh or dried marijuana or cannabis oils returned from\nclients, and an inventory of cannabis (e.g. seeds, fresh harvested marijuana,\ndried marijuana, packaged marijuana, packaged marijuana seeds, cannabis oil,\nmarijuana plants destined to be sold or provided). All records have to be kept\nfor a period of at least two years, in a format that will be easily auditable,\nand must be made available to Health Canada upon request. All communications\nregarding reports for healthcare licensing authorities, including both those\nsent and received, are also subject to this two year requirement.\n\nA Licensed Producer must provide Health Canada with a case report for each\nserious adverse reaction to fresh or dried marijuana or cannabis oil within 15\ndays of the Licensed Producer becoming aware of the reaction. A Licensed\nProducer must annually prepare and maintain a summary report that contains a\nconcise and critical analysis of all adverse reactions that have occurred\nduring the previous 12 months (the serious adverse reaction reports and the\nsummary reports must be retained by the Licensed Producer for a period of 25\nyears after the day on which they were made).\n\nHealth Canada released an Information Bulletin titled, \"Licensed Producers'\nReporting Requirements\" to provide an overview of the information Licensed\nProducers must provide to Health Canada on a monthly basis. Licensed Producers\nmust provide, among other requirements, the following information to the\nOffice of Controlled Substances for the previous month on or before the 15th\nday of each month:\n\n(a)\n\n     With respect to fresh and dried marijuana, cannabis oil, cannabis seeds and marijuana plants, Licensed Producers must report the amounts produced, as well as the amounts received from another Licensed Producer as follows:    \n  \n\n\u2022\n\n     total amount produced in the reporting period;    \n  \n\n\u2022\n\n     amount released for sale in the reporting period;    \n  \n\n\u2022\n\n     amount of fresh and dried marijuana produced in the reporting period and intended for extraction activities; and    \n  \n\n\u2022\n\n     amount received from other Licensed Producers during the reporting period;   \n  \n\n(b)\n\n     With respect to fresh and dried marijuana, cannabis oil, cannabis seeds and marijuana plants, Licensed Producers must report the total amount sold or transferred to the following during the reporting period:    \n  \n\n\u2022\n\n     registered clients;    \n  \n\n\u2022\n\n     other Licensed Producers; and    \n  \n\n\u2022\n\n     licensed dealers; \n\n14\n\n* * *\n\nTable of Contents\n\n(c)\n\n     Number of clients registered (including breakdowns of different types of clients);   \n  \n\n(d)\n\n     Number of clients registered by province or territory of residence (including breakdowns of different types of clients);   \n  \n\n(e)\n\n     Number of refused registrations and refusals to fill order;   \n  \n\n(f)\n\n     With respect to fresh and dried marijuana and cannabis oil, Licensed Producers must report as of the final day of the reporting period the amounts held in inventory as follows:    \n  \n\n\u2022\n\n     total amount held in inventory;    \n  \n\n\u2022\n\n     amount intended for sale but not yet approved held in inventory;    \n  \n\n\u2022\n\n     amount approved for sale held in inventory;    \n  \n\n\u2022\n\n     amount of samples in inventory; and    \n  \n\n\u2022\n\n     amount of fresh and dried marijuana intended for extraction activities held in inventory;   \n  \n\n(g)\n\n     With respect to cannabis seeds and marijuana plants, Licensed Producers must report:    \n  \n\n\u2022\n\n     the total number of plants held in inventory;    \n  \n\n\u2022\n\n     the number of plants destined to be sold as starting material held in inventory;    \n  \n\n\u2022\n\n     the total weight of seeds held in inventory; and    \n  \n\n\u2022\n\n     the number and weight of seeds destined to be sold as starting material held in inventory;   \n  \n\n(h)\n\n     Licensed Producers must also include in their report the total amounts ready to be destroyed, but still held in inventory on the final day of the reporting period;   \n  \n\n(i)\n\n     Total amount of cannabis imported during the reporting period;   \n  \n\n(j)\n\n     Total amount of cannabis exported during the reporting period;   \n  \n\n(k)\n\n     Total amount of cannabis lost or stolen during the reporting period;   \n  \n\n(l)\n\n     With respect to fresh and dried marijuana, cannabis oil, cannabis seeds and marijuana plants, Licensed Producers must report the total amount:    \n  \n\n\u2022\n\n     that was destroyed during the reporting period; and    \n  \n\n\u2022\n\n     of waste (e.g., plants, leaves, twigs) destroyed during the reporting period;   \n  \n\n(m)\n\n     With respect to fresh and dried marijuana, cannabis oil, cannabis seeds and marijuana plants, Licensed Producers must report the total amount returned from clients during the reporting period;   \n  \n\n(n)\n\n     Licensed Producers must report the total number of shipments sent to the following during the reporting period:    \n  \n\n\u2022\n\n     registered clients;    \n  \n\n\u2022\n\n     registered clients for interim supply;    \n  \n\n\u2022\n\n     other Licensed Producers; and    \n  \n\n\u2022\n\n     licensed dealers;   \n  \n\n(o)\n\n     Licensed Producers must report the total number of shipments sent to the following in each province and territory:    \n  \n\n\u2022\n\n     registered clients; \n\n15\n\n* * *\n\nTable of Contents\n\n\u2022\n\n     registered clients for interim supply;    \n  \n\n\u2022\n\n     other Licensed Producers; and    \n  \n\n\u2022\n\n     licensed dealers;   \n  \n\n(p)\n\n     Average daily amount of marijuana for medical purposes authorized;   \n  \n\n(q)\n\n     Median daily amount of marijuana for medical purposes authorized;   \n  \n\n(r)\n\n     Average shipment size sent to registered clients during the reporting period;   \n  \n\n(s)\n\n     Median shipment size sent to registered clients during the reporting period;   \n  \n\n(t)\n\n     List of ten highest unique daily authorized amounts and the frequency with which they occur;   \n  \n\n(u)\n\n     List of daily authorized amounts in specified increments:    \n  \n\n\u2022\n\n     0 to 1 grams;    \n  \n\n\u2022\n\n     1.1 to 2 grams;    \n  \n\n\u2022\n\n     2.1 to 3 grams;    \n  \n\n\u2022\n\n     3.1 to 4 grams;    \n  \n\n\u2022\n\n     4.1 to 5 grams;    \n  \n\n\u2022\n\n     5 to 10 grams;    \n  \n\n\u2022\n\n     10 to 15 grams; and    \n  \n\n\u2022\n\n     > 15 grams;   \n  \n\n(v)\n\n     Total number of shipments to registered clients per each 10 gram interval between 0 and 150 grams;   \n  \n\n(w)\n\n     List of all health care practitioners who have completed medical documents for cannabis for medical purposes for registered clients and their location;   \n  \n\n(x)\n\n     List of all nurse practitioners who have completed medical documents for cannabis for medical purposes for registered clients and their location;   \n  \n\n(y)\n\n     Cannabis with which they are conducting R&D activities; and   \n  \n\n(z)\n\n     Activities with respect to cannabis products, other than marijuana or cannabis oil (e.g. cannabis resin). \n\n__ _Export Permits_\n\nExport permits issued by Health Canada are specific to each shipment. To apply\nfor a permit to export cannabis, a Licensed Producer must submit significant\ninformation to the Canadian Minister of Health (the \"  **Minister of Health**\n\"), including information about the substance to be exported (including\ndescription, intended use, quantity) and the importer. As part of the\napplication, applicants are also required to provide a copy of the import\npermit issued by a competent authority in the jurisdiction of final\ndestination and to make a declaration to the Minister of Health that the\nshipment does not contravene the laws of the jurisdiction of the final\ndestination or any country of transit or transshipment. Export permits are\ntime limited and the Minister of Health may include conditions that the export\npermit holder must meet in order to comply with an international obligation,\nor reduce any potential public health, safety or security risk, including the\nrisk of the exported substance being diverted to an illicit market or use.\nMoreover, the jurisdiction of import may impose additional obligations on a\nCanadian exporter. Export permit holders must also comply with post-export\nreporting requirements.\n\n16\n\n* * *\n\nTable of Contents\n\n**_Recent Regulatory Developments_ **\n\n__ _Federal Developments_\n\nOn December 13, 2016, the Task Force on Cannabis Legalization and Regulation\n(the \"  **Task Force** \"), which was established by the Canadian Federal\nGovernment to seek input on the design of a new system to legalize, strictly\nregulate and restrict access to cannabis, published its report outlining its\nrecommendations. On April 13, 2017, the Canadian Federal Government released\nBill C-45,  _An Act respecting cannabis and to amend the Controlled Drugs and\nSubstances Act, the Criminal Code and other Acts_ (\"  **Bill C-45** \"), which\nproposes the enactment of the  _Cannabis Act_ (Canada) (the \"  **Cannabis\nAct** \") to regulate the production, distribution and sale of cannabis for\nmedical and unqualified adult use. On November 27, 2017, the House of Commons\npassed Bill C-45, and on December 20, 2017, the Prime Minister communicated\nthat the Canadian Federal Government intends to legalize cannabis in the\nsummer of 2018, despite previous reports of a July 1, 2018 deadline. As of\nMarch 20, 2018, Bill C-45 is being studied by the Senate, who must also pass\nBill C-45 in order for it to become law.\n\nOn February 6, 2018, Public Safety Minister, Ralph Goodale, announced that,\nwhile Bill C-45 was still on schedule to receive royal asset in July 2018,\nimplementation of various aspects of the regime, including preparing markets\nfor retail sales, could take another eight to twelve weeks from such date. The\nimpact of such regulatory changes on Cronos' business is unknown, and the\nproposed regulatory changes may not be implemented at all. See \"  _Risk\nFactors\u2014Risks Related to the Industry and Our Business\u2014There can be no\nassurance that the legalization of recreational cannabis by the Government of\nCanada will occur and the legislative framework pertaining to the Canadian\nrecreational cannabis market is uncertain_ \".\n\nOn October 3, 2017, the Parliamentary Standing Committee on Health (the \"\n**HESA** \") proposed amendments to the Cannabis Act to provide, among other\nthings, that edibles containing cannabis and cannabis concentrates would be\nadded to the classes of cannabis an authorized person may sell. In addition,\nHESA's proposed amendments provide that a framework for the sale of edibles\nand cannabis concentrates would be implemented within a year of the Cannabis\nAct coming into force. HESA's proposed amendments were incorporated into Bill\nC-45.\n\nOn November 21, 2017, Health Canada released a consultation paper entitled\n\"Proposed Approach to the Regulation of Cannabis\" (the \"  **Proposed\nRegulations** \"). Interested stakeholders were invited to share their views on\nthe Proposed Regulations until January 20, 2018. On March 19, 2018, Health\nCanada published a summary of the comments received on the Proposed\nRegulations as well as some proposed additions to the regulatory proposal (the\n\"  **Summary of Comments** \"), although all of the details are still subject\nto change until final regulations are published.\n\nThe Proposed Regulations were divided into the following seven major\ncategories:\n\n1\\.\n\n     Licenses, Permits and Authorizations;   \n  \n\n2\\.\n\n     Security Clearances;   \n  \n\n3\\.\n\n     Cannabis Tracking System;   \n  \n\n4\\.\n\n     Cannabis Products;   \n  \n\n5\\.\n\n     Packaging and Labelling;   \n  \n\n6\\.\n\n     Cannabis for Medical Purposes; and   \n  \n\n7\\.\n\n     Health Products and Cosmetics Containing Cannabis. \n\n17\n\n* * *\n\nTable of Contents\n\n_Licenses, Permits and Authorizations_\n\nThe Proposed Regulations would establish different types of authorizations\nbased on the activity being undertaken and, in some cases, the scale of the\nactivity. Rules and requirements for different categories of authorized\nactivities are intended to be proportional to the public health and safety\nrisks posed by each category of activity. The types of proposed authorizations\ninclude: (i) cultivation; (ii) processing; (iii) sale to the public for\nmedical purposes and non-medical purposes in provinces and territories that\nhave not enacted a retail framework; (iv) analytical testing; (v)\nimport/export; and (vi) research.\n\nCultivation licenses would allow for both large-scale and small-scale (i.e.\nmicro) growing of cannabis, subject to a stipulated threshold. Industrial hemp\nand nursery licenses would also be issued as a subset of cultivation licenses.\nHealth Canada is considering a number of options for establishing and defining\na \"micro-cultivator\" threshold, such as plant count, size of growing area,\ntotal production, or gross revenue. Part of the stated purpose of the Proposed\nRegulations was to solicit feedback from interested stakeholders regarding the\nmost appropriate basis for determining what such threshold should be. The\nSummary of Comments states that consideration is being given to restricting\nthe number of micro-cultivation and microprocessing licenses at a single site\nto avoid allowing anyone to combine multiple micro-scale licenses to avoid\nmeeting the requirements associated with standard licenses. In addition, the\nSummary of Comments states that it will be proposed that final regulations\ndefine micro-scale licenses as follows:\n\n\u2022\n\n     Micro-cultivation license would authorize the cultivation of a plant canopy area of no more than 200 square metres    \n  \n\n\u2022\n\n     Micro-processing license would authorize the processing of no more than 600 kilograms of dried cannabis (or equivalent) per year, or the entire output of a single micro-cultivation license. \n\nThe Proposed Regulations provide that all licenses issued under the Cannabis\nAct would be valid for a period of no more than five years and that no\nlicensed activity could be conducted in a dwelling-house. The Proposed\nRegulations would also permit both outdoor and indoor cultivation of cannabis.\nThe implications of the proposal to allow outdoor cultivation are not yet\nknown, but such a development could be significant as it may reduce start-up\ncapital required for new entrants in the cannabis industry. It may also\nultimately lower prices as capital expenditure requirements related to growing\noutside are typically much lower than those associated with indoor growing.\nThe Summary of Comments suggests that although people are generally supportive\nof outdoor cultivation, final regulations might address concerns related to\nrisks of theft and diversion, impact on adjacent crops, good production\npractices and management of odour during flowering.\n\n_Security Clearances_\n\nIt is proposed that select personnel (including individuals occupying a \"key\nposition,\" directors, officers, large shareholders and individuals identified\nby the Minister of Health) associated with certain licenses issued under the\nCannabis Act would be obliged to hold a valid security clearance issued by the\nMinister of Health. The Proposed Regulations would enable the Minister of\nHealth to refuse to grant security clearances to individuals with associations\nto organized crime or with past convictions for, or an association with, drug\ntrafficking, corruption or violent offences. This is the approach in place\ntoday under the ACMPR and other related regulations governing the licensed\nproduction of cannabis for medical purposes.\n\nAccording to the Summary of Comments, a number of commenters felt that the\nproposed requirement for large shareholders to hold security clearances would\nbe difficult to enforce, and that it would be relatively simple to structure\ninvestments and assets to avoid the requirement. As a result, Health Canada is\nconsidering alternative options to reduce the risk of criminal organizations\n\n18\n\n* * *\n\nTable of Contents\n\nestablishing a financial relationship with legal cannabis producers. According\nto the Summary of Comments, such measures could include requiring license\napplicants to submit financial information (including information about\ninvestors) as part of the license application process. This information could\nthen be used in determining whether to refuse to issue or renew a license,\nshould public safety concerns be raised. As well, the regulations could\nrequire regular, ongoing reporting of financial information by licensees to\nhelp identify suspicious financial relationships or arrangements that may\nwarrant additional regulatory action (including, for example, a license\nsuspension).\n\nHealth Canada acknowledges in the Proposed Regulations that there are\nindividuals who may have histories of non-violent, lower-risk criminal\nactivity (for example, simple possession of cannabis, or small-scale\ncultivation of cannabis plants) who may seek to obtain a security clearance so\nthey can participate in the legal cannabis industry. Under the new set of\nrules, the Minister of Health would be authorized to grant security clearances\nto any individual on a case-by-case basis.\n\n_Cannabis Tracking System_\n\nAs currently proposed under the Cannabis Act, the Minister of Health would be\nauthorized to establish and maintain a national cannabis tracking system. The\npurpose of this system would be to track cannabis throughout the supply chain\nto help prevent diversion of cannabis into, and out of, the legal market. The\nProposed Regulations would provide the Minister of Health with the authority\nto make a ministerial order that would require certain persons named in such\norder to report specific information about their authorized activities with\ncannabis, in the form and manner specified by the Minister of Health.\n\n_Cannabis Products_\n\nThe Proposed Regulations would permit the sale to the public of dried\ncannabis, cannabis oil, fresh cannabis, cannabis plants, and cannabis seeds.\nIt is proposed that the sale of edible cannabis products and concentrates\n(such as hashish, wax and vaping products) would only be permitted within one\nyear following the coming into force of the Cannabis Act. According to the\nSummary of Comments, many commenters urged the government to allow the sale of\nedibles and concentrates immediately. However, based on the Summary of\nComments, the government has not changed its position and states that\nnecessary regulations addressing edibles containing cannabis and cannabis\nconcentrates will be put in place within one year following the coming into\nforce of the proposed Cannabis Act. The Summary of Comments also states that\nHealth Canada plans to consult broadly on these regulations with the provinces\nand territories, industry, the public health community and other interested\nstakeholders.\n\nThe Proposed Regulations acknowledge that a range of product forms should be\nenabled to help the legal industry displace the illegal market. Additional\nproduct forms that are mentioned under the Proposed Regulations include \"pre-\nrolled\" cannabis and vaporization cartridges manufactured with dried cannabis.\nSpecific details related to these new products are to be set out in a\nsubsequent regulatory proposal.\n\n_Packaging and Labelling_\n\nThe Proposed Regulations would set out requirements pertaining to the\npackaging and labelling of cannabis products. Such requirements would promote\ninformed consumer choice and allow for the safe handling and transportation of\ncannabis. Consistent with the requirements under the ACMPR, the Proposed\nRegulations would require all cannabis products to be packaged in a manner\nthat is tamper-evident and child-resistant. The Summary of Comments makes it\nclear that these requirements will also apply to cannabis accessories, such as\nrolling paper and gel capsules, that contain cannabis.\n\n19\n\n* * *\n\nTable of Contents\n\nWhile minor allowances for branding would be permitted, in the Proposed\nRegulations, Health Canada stated that it would propose strict limits on the\nuse of colours, graphics, and other special characteristics of packaging, and\nproducts (both medical and recreational) would be required to be labelled with\nspecific information about the product, contain mandatory health warnings\nsimilar to tobacco products, and be marked with a clearly recognizable\nstandardized cannabis symbol.\n\nThe Summary of Comments has provided significant details on the label content\nand labelling requirements that the Canadian Federal Government intends to\npropose. These details include:\n\n\u2022\n\n     a standardized cannabis symbol that would need to appear on every label, including specific requirements with respect to its size, placement and appearance;    \n  \n\n\u2022\n\n     mandatory health warning messages that would need to appear on every label, including specific requirements with respect to their size, placement and appearance. The proposed warnings cover six topics related to harms related to smoke, pregnancy/breastfeeding, operating vehicles/machinery, addiction, psychosis/schizophrenia and youth use. A warning (comprised of a primary and secondary message) would need to appear on every label, and the different warnings would need to be rotated on package labels; and    \n  \n\n\u2022\n\n     requirements with respect to information on THC and CBD content, as well as other information that would be required on each label, including specific requirements with respect to the size, placement and appearance of this information. \n\nThe intended proposal is that, consistent with the Task Force's recommendation\nto require plain packaging of cannabis products, the regulations would set\nstrict requirements related to the use of branding, logos, and colours.\nSpecifically:\n\n\u2022\n\n     only one other brand element (in addition to the brand name) could be displayed. This element could include, for example, a slogan or logo. If it is a text element, the font must be no larger than the font of the health warning message, and must be a single, uniform colour. If the brand element is a graphic, image or logo, it would be required to be no larger than the standardized cannabis symbol;    \n  \n\n\u2022\n\n     it would be prohibited to display any other image or graphic;    \n  \n\n\u2022\n\n     label and package backgrounds would need to be a single, uniform colour (inside and outside);    \n  \n\n\u2022\n\n     it would be prohibited to use any fluorescent or metallic colours;    \n  \n\n\u2022\n\n     colours must contrast with the colours of the standardized cannabis symbol and the background of the health warning messages;    \n  \n\n\u2022\n\n     labels and packaging could not have any coating (e.g. could not be glossy), embossing (raised or recessed relief images), texture, foil, cut-outs or peel-away labels;    \n  \n\n\u2022\n\n     any over-wrap must be clear; and    \n  \n\n\u2022\n\n     it would be prohibited to include any insert in a package. \n\nIn addition, the Summary of Comments states that the intention is to propose\nthat the regulations would require that the immediate container be opaque or\ntranslucent. Products could have both an inner and outer package, but every\npackage would need to be labelled in accordance with the proposed\nrequirements. Finally, the regulations would require licensed processors to\nship an informational document developed by Health Canada with every package\ndelivered to a federally-, provincially-, or territorially-licensed\ndistributor or retailer. The document would not be required to be included as\nan insert in the package, but would be provided to consumers with the sale or\ndelivery of the package. The document would provide adult consumers with\nhealth and safety information, such as precautions\n\n20\n\n* * *\n\nTable of Contents\n\nand directions for use, and would be updated periodically to take into account\nnew information and evidence.\n\nTo facilitate the orderly transition from the current packaging and labelling\nrequirements under the ACMPR to the new regulatory requirements, the Summary\nof Comments states that the intention is to propose a transition period for\ncannabis products sold for medical purposes. Specifically, it is proposed that\nfor six months following the coming into force of the proposed Cannabis Act,\nall cannabis products sold for medical purposes could be packaged and labelled\nin accordance with the current rules under the ACMPR.\n\n_Cannabis for Medical Purposes_\n\nThe proposed medical access regulatory framework would remain substantively\nthe same as currently exists under the ACMPR, with proposed adjustments to\ncreate consistency with rules for non-medical use, improve patient access, and\nreduce the risk of abuse within the medical access system.\n\n_Health Products and Cosmetics Containing Cannabis_\n\nHealth Canada is proposing a scientific, evidence-based approach for the\noversight of health products with cannabis that are approved with health\nclaims, including prescription and non-prescription drugs, natural health\nproducts, veterinary drugs and veterinary health products, and medical\ndevices. Under the Proposed Regulations, the use of cannabis-derived\ningredients (other than certain hemp seed derivatives containing no more than\n10 parts per million THC) in cosmetics, which is currently prohibited, is\nproposed to be permitted and subject to provisions of the Cannabis Act.\n\n__ _Provincial and Territorial Developments_\n\nWhile the Cannabis Act provides for the regulation of the commercial\nproduction of cannabis for recreational purposes and related matters by the\nCanadian Federal Government, the Cannabis Act proposes that the provinces and\nterritories of Canada will have authority to regulate other aspects of\nrecreational cannabis (similar to what is currently the case for liquor and\ntobacco products), such as sale and distribution, minimum age requirements,\nplaces where cannabis can be consumed, and a range of other matters.\n\nThe Governments of every Canadian province and territory have, to varying\ndegrees, announced proposed regulatory regimes for the distribution and sale\nof cannabis for recreational purposes within those jurisdictions. Most of\nthese Canadian jurisdictions have announced a minimum age of 19 years old,\nexcept for Qu\u00e9bec and Alberta, where the minimum age will be 18.\n\n_British Columbia_\n\nAlthough British Columbia has not yet tabled any cannabis bills, the\nGovernment of British Columbia announced in December 2017 that recreational\ncannabis will be sold in that province through both public and privately\noperated stores. The British Columbia Liquor Distribution Branch will be\nresponsible for the public retail stores and will also be the province's\nwholesale distributor of non-medicinal cannabis. Licensing and monitoring of\nprivate retail stores will be the responsibility of the Liquor Control and\nLicensing Branch. In February 2018, the Government of British Columbia\nreleased further details about proposed cannabis regulation in the province.\nAdults will be allowed to use cannabis in places where tobacco smoking and\nvaping are permitted, but will be banned from smoking and vaping in areas\nfrequented by children including beaches, parks and playgrounds, and the use\nof cannabis in any form will be banned for all occupants in vehicles. British\nColumbia will allow personal cultivation of up to four cannabis plants per\nhousehold, but the province will allow landlords to prohibit home cultivation.\n\n21\n\n* * *\n\nTable of Contents\n\n_Alberta_\n\nAlberta Bill 26,  _An Act to Control and Regulate Cannabis_ , and Bill 29,\n_An Act to Reduce Cannabis and Alcohol Impaired Driving_ , received royal\nassent on December 15, 2017 and will come into force on proclamation. Sections\n1-16 of Bill 29 have been proclaimed in force April 8, 2018. Bill 26 amends\nthe  _Gaming and Liquor Act_ and will allow for the purchase of cannabis\nthrough privately run retail stores and government-operated online sales. The\nAlberta Gaming and Liquor Commission will be the sole wholesale distributor in\nthe province. Consumption of cannabis will be allowed anywhere that tobacco\nconsumption is permitted, but cannabis use will be banned in vehicles. Smoking\nand vaping cannabis will be prohibited on hospital, school or child care\nproperties, and within prescribed distances of areas such as playgrounds,\nsports fields and outdoor pools. Albertans will be allowed to grow up to four\nplants per household, and there will be a possession limit of 30 grams of\ncannabis in a public place. The Regulations to the  _Gaming and Liquor Act_\nwere amended to include regulations related to cannabis on February 15, 2018\nand will come into force upon the coming into force of Bill 26.\n\n_Saskatchewan_\n\nThe Government of Saskatchewan has announced that both wholesaling and\nretailing of recreational cannabis will be conducted by private companies, and\nwill be regulated by the Saskatchewan Liquor and Gaming Authority. The\nSaskatchewan Liquor and Gaming Authority will issue approximately 60 retail\npermits to private stores located in roughly 40 municipalities and First\nNations across the province. Municipalities will have the option of opting out\nof having a cannabis store if they choose, and so far five municipalities have\nopted out. On March 14, 2018, Bill 121,  _Cannabis Control (Saskatchewan) Act_\n(the \"  **Saskatchewan Act** \") had its first reading. The Saskatchewan Act\nsets a minimum age for cannabis consumption of 19. The Saskatchewan Act also\nrestricts possession to 30 grams in public or four cannabis plants for\npersonal use, and restricts consumption to private places except as exempted\nby regulation. The Government of Saskatchewan has said that they intend to\nadopt the federal rules around home growing, with a limit of four plants per\nhousehold. Bill 112,  _The Miscellaneous Vehicle and Driving Statutes\n(Cannabis Legislation) Amendment Act, 2017_ had its first reading on November\n28, 2017 and amends the province's impaired driving laws.\n\n_Manitoba_\n\nThe Government of Manitoba has adopted a \"hybrid model\" for cannabis sales,\nwhereby the retail sale of cannabis will be conducted by private retailers\nunder the regulation and supervision of the Manitoba Liquor and Gaming\nAuthority, and the supply of cannabis in the province will be secured and\ntracked by the Manitoba Liquor and Lotteries Corporation. Bill 11,  _The Safe\nand Responsible Retailing of Cannabis Act (Liquor and Gaming Control Act and\nManitoba Liquor and Lotteries Corporation Act Amended)_ had its first reading\non December 5, 2017. Following an application process between November and\nDecember 2017, the Government of Manitoba selected four groups to operate\nretail sales of cannabis in the province. Bill 11 will prohibit individuals\nfrom growing cannabis at their place of residence. The Government of Manitoba\nhas also passed  _The Cannabis Harm Prevention Act (Various Acts Amended)_ to\naddress health and safety concerns connected with legalized cannabis\nconsumption, which include the prohibition against consuming cannabis in\nvehicles and against smoking cannabis in enclosed public places. Bill 11 also\nprohibits the consumption of cannabis in any manner in a cannabis retail\nstore. On March 20, 2018, the Government of Manitoba also announced a proposal\nto prohibit smoking and vaping cannabis in outdoor public places.\n\n22\n\n* * *\n\nTable of Contents\n\n_Ontario_\n\nOn September 8, 2017, the Government of Ontario announced its proposed retail\nand distribution model of legalized recreational cannabis to be modelled on\nthe current Liquor Control Board of Ontario (\"  **LCBO** \") framework. On\nDecember 12, 2017, the Government of Ontario passed the  _Ontario Cannabis\nRetail Corporation Act, 2017_ (\"  **OCRCA** \") and the  _Cannabis Act, 2017_\n(Ontario), which will regulate the lawful use, sale and distribution of\nrecreational cannabis. The OCRCA is already in force, but the  _Cannabis Act,\n2017_ (Ontario) is expected to come into force at the same time as federal\nlegalization.\n\nThe new Ontario legislation will, among other matters:\n\n\u2022\n\n     create a subsidiary of the LCBO, known as the Ontario Cannabis Store, to manage the distribution of recreational cannabis through stand-alone stores and an LCBO-controlled online order and distribution service, which together, will comprise the only channels through which consumers will be able to legally purchase recreational cannabis in Ontario;    \n  \n\n\u2022\n\n     ban the use of recreational cannabis in public places, workplaces and motor vehicles, as is the case with alcohol (restrictions relating to consumption of medical cannabis are covered under the  _Smoke-Free Ontario Act)_ ; and    \n  \n\n\u2022\n\n     create significant penalties for non-compliance. \n\nOther details of Ontario's approach will be set out in regulations to the\n_Cannabis Act, 2017_ (Ontario). Some initial regulations have already been\npublished and additional regulatory proposals were published for public\ncomment on January 18, 2018.\n\n_Qu\u00e9bec_\n\nQu\u00e9bec Bill 157,  _An Act to constitute the Soci\u00e9t\u00e9 qu\u00e9b\u00e9coise du cannabis, to\nenact the Cannabis Regulation Act and to amend various highway safety-related\nprovisions_ , was introduced in November 2017 and had its second reading on\nFebruary 13, 2018. Bill 157 will amend the  _Act respecting the Soci\u00e9t\u00e9 des\nalcools du Qu\u00e9bec_ to create a government agency to regulate cannabis sales as\na parallel organization to the existing government-controlled alcohol retailer\ncommonly known in the province as the \"SAQ\". Initial reports from the\nGovernment of Qu\u00e9bec indicate that 15 government-run dispensaries will be\nopened initially, with up to 150 additional dispensaries to open within the\nfollowing two years. Bill 157 will also enact the  _Cannabis Regulation Act_\nwhich, among other things, will prohibit the cultivation of cannabis for\npersonal purposes, and will limit cannabis consumption outside of private\nresidences and other designated closed smoking rooms.\n\n_New Brunswick_\n\nThe Government of New Brunswick has introduced three bills related to\ncannabis: the Cannabis Control Act, the Cannabis Management Corporation Act,\nand the Cannabis Education and Awareness Fund Act. All three bills received\nroyal asset on March 16, 2018. The Cannabis Management Corporation Act will\nestablish a Crown corporation to oversee and regulate the distribution and\nsale of cannabis in the province. Retail sales of recreational cannabis will\nbe conducted through a subsidiary of the New Brunswick Liquor Corporation. The\nCannabis Control Act will limit the consumption of cannabis to private\ndwellings, vacant land, or other places prescribed by regulation.\n\n_Newfoundland and Labrador_\n\nIn November 2017, the Government of Newfoundland and Labrador announced that\nrecreational cannabis will be sold through private stores, with the Crown-\nowned liquor corporation overseeing the distribution to private sellers who\nwill sell it to consumers. Bill 23,  _An Act to Amend the Liquor_\n\n23\n\n* * *\n\nTable of Contents\n\n_Corporation Act,_ had its second reading on November 23, 2017 and will give\nthe Newfoundland and Labrador Liquor Corporation the authority to license and\nregulate private retailers. The Government of Newfoundland and Labrador has\nstated that the Newfoundland and Labrador Liquor Corporation will control the\npossession, sale and delivery of cannabis, and set prices. It will also be the\ninitial online retailer and will sell cannabis products in isolated\ncommunities. The Government of Newfoundland and Labrador has issued a request\nfor proposals for private retailers. The Government of Newfoundland and\nLabrador has said that consumption of cannabis will be restricted to private\nresidences, and it has not made any indication that it will deviate from the\nfederal rules allowing for the growth of four cannabis plants per household.\n\n_Prince Edward Island_\n\nFollowing public consultation, the Government of Prince Edward Island has\ndeveloped a proposed framework for the regulation of cannabis, although it has\nnot yet tabled any cannabis bills. Cannabis will be sold through dedicated\ngovernment-owned retail locations, and the government has identified four\ninitial locations for retail stores based on population density. Based on the\nsales in those locations, the government will plan future expansion. Cannabis\nconsumption will be restricted to private residences, with the possibility for\nother designated spaces in the future.\n\n_Yukon_\n\nThe Government of Yukon tabled Bill 15, the  _Cannabis Control and Regulation\nAct_ , on March 8, 2018. The act would allow the government to designate the\nYukon Liquor Corporation to distribute and regulate the sale of cannabis in\nthe territory. Retail sales of recreational cannabis will be conducted by a\ncombination of private stores and stores owned by the Yukon Liquor\nCorporation. Bill 15 would prohibit the consumption of cannabis outside of a\nprivate dwelling-house.\n\n_The Northwest Territories_\n\nThe Government of the Northwest Territories has tabled Bill 6, the  _Cannabis\nLegalization and Regulation Implementation Act_ . It is proposed that the\nNorthwest Territories Liquor Commission will be responsible for the\ndistribution and sale of cannabis and that cannabis will initially be sold in\nexisting liquor stores. Smoking cannabis will be prohibited in public places,\nsubject to exceptions in the regulations. Communities in the Northwest\nTerritories will be able to hold a plebiscite to prohibit cannabis, similar to\nthe options currently available to restrict alcohol.\n\n_Nunavut_\n\nAlthough it has not yet tabled any cannabis bills, the Government of Nunavut\nhas proposed that the sale of cannabis products will be overseen by the\nNunavut Liquor Commission, but that the Commission will be allowed to\noutsource certain operations (including retail sales) to private third party\n\"agents\". The government is proposing to allow sales in physical stores and\nonline. The government has also proposed that cannabis consumption should only\nbe allowed in private homes and in some designated public spaces where tobacco\nsmoking is allowed.\n\n**Licenses and Regulatory Framework in Australia**\n\nLegislation to permit the cultivation of cannabis for medicinal and related\nresearch purposes was passed by the Australian Parliament on February 29,\n2016, with amendments related to licensed domestic cultivation coming into\neffect on October 30, 2016.\n\nAccess by patients to medical cannabis in Australia is highly regulated. The\ntwo principal governmental agencies which oversee the federal medicinal\ncannabis regime are the Therapeutic Goods Administration, and the Office of\nDrug Control (the \"  **ODC** \"), (although there is also a secondary level\n\n24\n\n* * *\n\nTable of Contents\n\nof permits issued by state level governments). Similar to the legislation in\nCanada, the legislation which governs the use of medical cannabis in Australia\ncreates exemptions to existing narcotic control laws which permit patients to\naccess cannabis through a prescribed process under the supervision of a\ntreating physician, known as the \"Special Access Scheme\".\n\nIn order to cultivate, produce and manufacture medicinal cannabis and\nmedicinal cannabis-related products in Australia, a license granted by the\nAustralian federal government is required. There are three categories of\nlicenses relating to the cultivation and manufacture of cannabis-derived\nmedications\u2014cultivation, production and manufacturing. Cultivation and\nproduction permits regulate matters such as the types of cannabis plants that\ncan be cultivated and the quantities of cannabis and cannabis resin that can\nbe produced. Manufacturing permits regulate the types and quantities of drugs\nthat can be manufactured. The ODC grants such licenses to applications after\nan application and review process. The ODC also grants specific cannabis\nresearch licenses for research activities relating to cannabis.\n\nIn order to export cannabis from Canada to Australia for sale through licensed\nchannels, an applicant is required to obtain permits in both Canada and\nAustralia. In Australia, the ODC issues import licenses to an applicant which\nis capable of receiving and storing narcotics and issues import permits that\nauthorize the import of specific shipments of cannabis or cannabis derived\nmedication into Australia. In Canada, Health Canada issues export licenses\nunder the ACMPR. Assuming an applicant has obtained the necessary Australian\nimport license and permit, and is otherwise in compliance with applicable laws\n(including export laws of its local jurisdiction), it may import its products\ninto Australia for sale.\n\n**_Cronos Australia Licenses_ **\n\nCronos Australia was granted a medicinal cannabis cultivation license under\nSection 8F and a cannabis research license under Section 9J of the  _Narcotic\nDrugs Act 1976_ by the ODC (the \"  **Cronos Australia Licenses** \"). Cronos\nAustralia is awaiting the grant of the cannabis manufacturing license for the\nmanufacturing and processing of cannabis-related products (e.g., cannabis\nresin and cannabis oil) and an import license from the ODC. The manufacturing\nand import licenses have been applied for and are awaiting approval from the\nODC. The ODC has not provided a timeline for its review and approval process.\n\nThe medicinal cannabis cultivation license has an effective term from January\n31, 2018 to January 30, 2019 and authorizes Cronos Australia to cultivate\ncannabis plants, to produce cannabis and cannabis resin and to package,\ntransport, store, possess, test and control cannabis plants, cannabis and\ncannabis resin.\n\nThe medicinal cannabis research license has an effective term from January 31,\n2018 to January 30, 2019 and authorizes Cronos Australia to undertake, for the\npurposes of research, cultivation of cannabis plants, production of cannabis\nor cannabis resin and the packaging, transport, storage, possession and\ncontrol of cannabis plants, cannabis and cannabis resin.\n\nUnder the  _Narcotic Drugs Act 1967_ and the  _Narcotic Drugs Regulation 2016_\n, a medicinal cannabis cultivation and cannabis research license holder is\nrequired to comply with several conditions and requirements under the act and\nthe regulations, including:\n\n\u2022\n\n     Security: license holders are required to demonstrate experience and capabilities to ensure employee and community safety during the production of medicinal cannabis. This includes the physical security of the premises and facilities. License holders must provide a detailed security plan highlighting a sophisticated infrastructure to ensure compliance with state and federal security requirements. The license holder must also provide detailed evidence of established \n\n25\n\n* * *\n\nTable of Contents\n\nrelationships and engagement with any third-party providers, including but not\nlimited to security monitoring stations, waste management services, and\ntransportation/distribution services.\n\n\u2022\n\n     Personnel: license holders are required to detail their process for identifying and maintaining suitable staff for the period of their license, to mitigate potential risks and to ensure compliance at all times under the  _Narcotic Drugs Act 1976_ . This includes establishing a proven staffing policy with specific requirements for new employees and continuous checks of existing employees.    \n  \n\n\u2022\n\n     Record-keeping: license holders are required to provide detailed processes and solutions for maintaining pertinent records for the reconciliation and oversight of all activities, produced batches, and cannabis sales. The license holder is required to demonstrate a thorough understanding of operational workflow with controlled substances, provide insight into the stages at which records are taken and the systems through which those records are taken and maintained.    \n  \n\n\u2022\n\n     Quality assurance: license holders are required to demonstrate their commitment to quality control and quality assurance for the products being produced by providing detailed plans and standard operating procedures for facility design, workflow, sanitation, and control check-points. The license holder is also required to show established agreements with testing facilities, as well as detailed descriptions of the types of product testing being performed.    \n  \n\n\u2022\n\n     Corporate control: individuals who will have control over the organization, including but not limited to directors, officers and majority shareholders, must complete national criminal record checks. The individual must show evidence of the contractual obligation to one another and to the organization. These individuals are required to complete ongoing record checks at regular intervals, and any changes to the structure must be submitted and approved by the ODC. Those issued a license have demonstrated that key stakeholders meet the strict requirements set forth by the ODC.    \n  \n\n\u2022\n\n     Commitment to on-going research (in relation to the cannabis research license): license holders are required to provide a full and complete research proposal before they can be issued a cannabis research license. The research proposal is reviewed in its entirety, and identifies the third-parties and committees who will be involved in the research, and analyses of the results, to be undertaken at the premises. The ODC and delegates review these research proposals for efficacy and ensure that the research aligns with the objectives of advancing the Australian medicinal cannabis industry. \n\n**Licenses and Regulatory Framework in Israel**\n\nIn March 2017, the Israeli Health Ministry announced a new cannabis licensing\nregime, under which new market entrants were encouraged to apply for various\nlicenses which were no longer vertically integrated. Previously, in June 2016,\nalongside the growing use and demand for medical cannabis, the Israeli\ngovernment published Resolution No. 1587, which established a new regulatory\nframework for the \"medicalization\" of cannabis. The competent regulatory\nauthority in Israel is the Medical Cannabis Unit of the Israeli Ministry of\nHealth (the \"  **Yakar** \").\n\nSince March 2017, the Yakar has issued a number of provisional cultivation\nlicenses to applicants to develop production facilities. Final approvals for\nall stages of the cultivation, production, marketing and distribution of\ncannabis products are subject to compliance with all regulatory requirements.\nThis process involves agricultural, security and production protocols and\nstandards. Once applicants have completed construction of their production\nfacilities and meet all required agricultural and security rules the Yakar\nwill grant approval to commence and conduct actual cannabis operations.\n\nIn addition to servicing the domestic market, the Yakar has stated its\nintention to make Israeli cannabis products available for export. Regulations\nrelated to this particular issue are under\n\n26\n\n* * *\n\nTable of Contents\n\nconsideration. Under the proposed regulations those who receive a permit to\ngrow cannabis would be permitted to export cannabis products to countries that\npermit the use of medical cannabis.\n\nIn February 2018, Israeli Prime Minister Benjamin Netanyahu suspended the\nprogress of reforms to allow the export of medical cannabis (the \"  **Export\nAmendment** \") pending reviews by the Ministry of Health and the Chairman of\nthe National Economic Council (the \"  **NEC** \"). The NEC Chairman was\ninstructed to conduct an economic feasibility report, while the Ministry of\nHealth was to prepare an independent review to assess the risk of diversion of\ncannabis exports to recreational markets.\n\nOn March 7, 2018, a bill to decriminalize the recreational use of cannabis\n(the \"  **Recreational Bill** \"), imposing fines rather than criminal\npenalties for first- and second-time possession offenses, unanimously passed\nits first reading at the Israeli Parliament (the \"  **Knesset** \"). The\npreliminary reading of the Recreational Bill in early February 2018 included\nthe Export Amendment, which unanimously passed the preliminary reading along\nwith the remainder of the Recreational Bill. However, the Export Amendment\nwill need to be passed by the Knesset Labor, Welfare and Health Committee\nbefore it can continue to its first reading. Until exports are permitted under\napplicable Israeli law, products from Cronos Israel will be distributed\ndomestically in the local Israeli market.\n\nThe Company does not anticipate that these developments will affect the\nCompany's strategic objectives or anticipated timelines in relation to Cronos\nIsrael.\n\nCurrently in Israel, medical cannabis is provided to patients on a \"direct to\npatient\" distribution model, whereby patients purchase medical cannabis\ndirectly from authorized medical cannabis suppliers.\n\n**_Cronos Israel Licenses_ **\n\nIn early 2017, the Yakar granted Gan Shmuel preliminary licenses (\"  **Israel\nCodes** \") to establish four distinct cannabis commercial operations: (1)\npropagation and breeding, (2) commercial cannabis cultivation, (3) extraction,\nformulation and packaging and (4) patient care and distribution. These Israel\nCodes are preliminary licenses granted to successful applicants to construct\nfacilities for cannabis operations. Applicants at this stage are not yet\nofficially permitted to propagate, cultivate, process or distribute cannabis\nuntil the nursery, cultivation and manufacturing facilities are constructed\nand pass inspections by the Yakar, after which point, assuming the facilities\npass inspections, the Yakar will issue the final cannabis licenses for each\noperation.\n\nGan Shmuel is in the process of obtaining approval from the Yakar to transfer\nthe Israel Codes to Cronos Israel. After construction of the greenhouse (for\nnursery and cultivation operations) and the manufacturing facility is\ncompleted, (for extraction, production and packaging operations), the\nfacilities will be inspected by the Yakar against various requirements and\nprotocols set out in the directives promulgated under Resolution No. 1587\n(including security standards, quality standards of cultivation, manufacturing\nand storage / delivery). Assuming the facilities pass the inspection, Cronos\nIsrael expects to receive the final cannabis licenses for each of the\noperations from the Yakar.\n\n**Regulatory Framework in Germany for Imports**\n\nThe current regulatory regime in Germany permits the import of cannabis plants\nand plant parts for medicinal purposes under State control subject to the\nrequirements under the United Nations Single Convention on Narcotic Drugs of\n1961 (\"  **UN Single Convention** \"). Current German legislation does not set\nup quantitative restrictions on imports, but requires importers to be licensed\nunder the Federal Narcotics Act (  _Bet\u00e4ubungsmittelgesetz_ , \"  **BtMG** \").\nAny person wishing to cultivate, produce or trade in narcotic drugs, or\nwithout engaging in their trade, to import, export, supply, sell, otherwise\nplace them on the market, or acquire narcotic drugs, requires a license issued\nby the Federal Institute\n\n27\n\n* * *\n\nTable of Contents\n\nfor Drugs and Medical Devices (the \"  **BfArM** \"). Permissions under such a\nlicense may be restricted in relation to:\n\n(1)\n\n     the kind of narcotic drugs and of the trade in narcotic drugs;   \n  \n\n(2)\n\n     the annual quantity and the stock of narcotic drugs;   \n  \n\n(3)\n\n     the location of the sites; and   \n  \n\n(4)\n\n     the production process and the starting, intermediate and finished products involved, even if they are not narcotic drugs. \n\nIn addition to a narcotics import license, an importer, in each case, is\nrequired to submit an application for import authorization to the BfArM.\nApplications for import permits must include the specifics of the contemplated\nshipment. Import permits are issued on a shipment-specific basis and have a\nthree-month validity period. The import permit, once granted, will specify,\namong other details, for each shipment:\n\n(1)\n\n     the importer;   \n  \n\n(2)\n\n     the exporter;   \n  \n\n(3)\n\n     for every narcotic to be imported:   \n  \n\na.\n\n     the central pharmaceutical number (if available);   \n  \n\nb.\n\n     the number of package units;   \n  \n\nc.\n\n     the number of dosage units; and   \n  \n\nd.\n\n     the name of the narcotic and concentration of active substances. \n\nMedicinal cannabis imported under the UN Single Convention subject to a\nlicense under the BtMG is placed on the market for the final consumer by\npharmacists as individual preparation upon individual prescription. Typical\npreparations are for inhalation upon evaporation or as teas. Medical doctors\nmay issue prescriptions of dried cannabis flowers of up to 100,000 mg, or\n1,000 mg of cannabis extracts\u2014the latter on a THC content basis\u2014per patient\neach month.\n\nCannabis extracts stemming from production for medicinal purposes under the UN\nSingle Convention may be lawfully manufactured in or imported to Germany,\nsubject to a license under the BtMG. Prescriptions by medical doctors are\nlimited to 1,000 mg on a THC content basis per patient and month. Cannabis\noils for patient use may be prepared in pharmacies from oils delivered as\nstarting materials.\n\n**_Exports to Germany by Peace Naturals_ **\n\nPeace Naturals exports dried cannabis flower to Germany under Subdivision G of\nthe ACMPR and pursuant to export permits issued by Health Canada for each\nshipment. Health Canada requires Licensed Producers to submit copies of valid\nimport permits issued by a competent authority in the country of destination\nin each application for an export permit. Import permits for shipments are\napplied for and obtained by Pohl from the BfArM and once such import permits\nare received, Peace Naturals applies for and obtains export permits from\nHealth Canada prior to export to Germany.\n\n28\n\n* * *\n\nTable of Contents\n\n  \n**CONSOLIDATED CAPITALIZATION  \n**\n\nThere have been no material changes in the consolidated share and loan capital\nof the Company since September 30, 2017, the date of the Interim Financial\nStatements, with the exception of the 10,733,333 Common Shares issued pursuant\nto the November 2017 Bought Deal and January 2018 Bought Deal (together, the \"\n**Previous Bought Deals** \"). As at the date hereof, the Company has\n161,632,481 Common Shares issued and outstanding. Upon completion of the\nOffering, there will be an aggregate of  \u00b7  Common Shares issued and\noutstanding (  \u00b7  Common Shares outstanding if the Over-Allotment Option is\nexercised in full). See \"  _Prior Sales_ \".\n\nThe following table sets forth the Company's cash, total debt and\nshareholders' equity, in each case, as at September 30, 2017 on: (i) an actual\nbasis; (ii) on an as adjusted basis after giving effect to the Previous Bought\nDeals; and (iii) on an as adjusted basis after giving effect to both the\nPrevious Bought Deals and the Offering.\n\n|  |  |  |  |  |  |  |  |  |   \n---|---|---|---|---|---|---|---|---|---|---  \n  \n|  |  **As at September 30, 2017** |   \n  \n|  |  **Actual** |  |  **As adjusted after  \ngiving effect to the  \nPrevious Bought  \nDeals(1)(2) ** |  |  **As adjusted after  \ngiving effect to the  \nPrevious Bought  \nDeals and the  \nOffering(1)(2)(3) ** |   \nCash  |  |  $  |  16,534,420  |  |  $  |  75,989,420  |  |  $  |  \u00b7  |   \nTotal Debt(4)  |  |  |  5,890,584  |  |  |  5,890,584  |  |  |  5,890,584  |   \nShareholders' Equity  |  |  |  |  |  |  |  |  |  |   \nShare Capital  |  |  |  67,566,497  |  |  |  127,021,497  |  |  |  \u00b7  |   \nWarrants  |  |  |  3,364,271  |  |  |  3,364,271  |  |  |  3,364,271  |   \nContributed Surplus  |  |  |  1,638,202  |  |  |  1,638,202  |  |  |  1,638,202  |   \nAccumulated Deficit  |  |  |  (5,787,674  |  )  |  |  (5,787,674  |  )  |  |  (5,787,674  |  )   \nAccumulated Other Comprehensive Income  |  |  |  739,072  |  |  |  739,072  |  |  |  739,072  |   \n\u200b  |  \u200b  |  \u200b  |  \u200b  |  \u200b  |  \u200b  |  \u200b  |  \u200b  |  \u200b  |  \u200b  |  \u200b   \nShareholders' Equity  |  |  |  67,520,368  |  |  |  126,975,368  |  |  |  \u00b7  |   \n  \n* * *\n\nNotes:\n\n(1)\n\n     Not including the Common Shares issued pursuant to the exercise of stock options and purchase warrants since September 30, 2017. See \"  _Prior Sales_ \".   \n  \n\n(2)\n\n     After deducting the underwriters' fee of $1,034,999.91 for the November 2017 Bought Deal and $2,760,000.08 for the January 2018 Bought Deal, but before deducting the expenses related thereto and without giving effect to the use of the net proceeds thereof. See \"  _Use of Proceeds\u2014November 2017 Bought Deal_ \" and \"  _Use of Proceeds\u2014January 2018 Bought Deal_ \".   \n  \n\n(3)\n\n     Assuming the Over-Allotment Option is not exercised, and after deducting the Underwriters' Fee, but before deducting the expenses of the Offering.   \n  \n\n(4)\n\n     Total Debt is comprised of current indebtedness and the construction loan payable. See the Interim Financial Statements. \n\nThe above should be reviewed in conjunction with the Interim Financial\nStatements and Interim MD&A of the Company.\n\n29\n\n* * *\n\nTable of Contents\n\n  \n**USE OF PROCEEDS  \n**\n\n**Proceeds**\n\nThe net proceeds to the Company from the Offering are estimated to be $  \u00b7  ,\nafter deducting the payment of the Underwriters' Fee of $  \u00b7  , but before\ndeducting the expenses of the Offering. If the Over-Allotment Option is\nexercised in full, the net proceeds to the Company from the Offering are\nestimated to be $  \u00b7  , after deducting the Underwriters' Fee of $  \u00b7  , but\nbefore deducting the expenses of the Offering.\n\n**Principal Purposes**\n\nThe Company is conducting the Offering in order to take advantage of\ncontinuing favourable market conditions. The Company intends to use\n$15,000,000 for capital expenditures relating to international operations and\ncapacity expansion, and the remaining net proceeds of the Offering for general\nworking capital purposes, including working capital for the Company's\ninternational operations, and as capital on hand for potential new investment\nopportunities.\n\nThe Company's plans for capital expenditures for international expansion of\noperations and capacity currently comprise of Cronos Australia and Cronos\nIsrael.\n\n_Cronos Australia_\n\nThe Company expects to use $10,000,000 of the net proceeds of this Offering\nfor its proportionate share of capital expenditures relating to construction\nand operating expenses of Cronos Australia in connection with Phase I of\nCronos Australia. In Phase I, Cronos Australia is planning to construct a\n20,000 sq. ft. purpose built facility that is expected to produce up to 2,000\nkilograms of cannabis annually. With $10,000,000 of the net proceeds of this\nOffering, subject to construction cost overruns and construction delays due to\nunforeseen events which the Company is unable to anticipate at this point in\ntime, the Company anticipates that its proportionate share of the construction\ncosts of the facility in Phase I will be fully funded. The Company expects\nconstruction to commence in summer 2018 and for construction of the facility\nin Phase I to be completed in the first half of 2019.\n\n_Cronos Israel_\n\nThe Company expects to use $5,000,000 of the net proceeds of this Offering to\npurchase equipment for use in Cronos Israel's greenhouse and manufacturing\nfacility for Phase I of Cronos Israel. Cronos Israel is in the process of\nfinalizing design and construction plans and, based on the most recent designs\nand plans, the Company anticipates requiring the $5,000,000 to cover the costs\nof certain equipment required for the greenhouse and manufacturing facility,\nincluding HVAC, irrigation and fertigation systems. With $5,000,000 of the net\nproceeds of this Offering plus $10,000,000 of the net proceeds from the\nJanuary 2018 Bought Deal, subject to construction cost overruns and\nconstruction delays due to unforeseen events which the Company is unable to\nanticipate at this point in time, the Company anticipates that the\nconstruction and purchase of equipment for the greenhouse and manufacturing\nfacility for Cronos Israel Phase I will be fully funded. Cronos Israel has\ncommenced initial construction work and anticipates completing the\nconstruction of the Cronos Israel greenhouse and manufacturing facility in the\nfirst quarter of 2019.\n\n_New investment opportunities and general working capital_\n\nThe remaining net proceeds, including any net proceeds realized from the\nexercise of the Over-Allotment Option, will be used for general working\ncapital purposes, including general working capital for the Company's\ninternational operations. In addition to requiring funds for general working\ncapital purposes, the Company believes it prudent to have capital on hand for\nnew investment\n\n30\n\n* * *\n\nTable of Contents\n\nopportunities, which may include establishing new international distribution\nchannels in jurisdictions where there is a federal legal framework for medical\ncannabis, including the associated costs of compliance with applicable\nregulatory requirements, and strategic R&D projects and initiatives. While the\nCompany has not identified specific investments or projects it wishes to\nundertake, the Company believes it to be in its best interests to have access\nto capital for deployment as previously unknown opportunities arise. At the\npresent time there is insufficient information available to precisely\ndetermine what capital will be needed for new investment opportunities,\nhowever, where warranted by the opportunities available, the Company may\nallocate part of the net proceeds of the Offering to pursue such\nopportunities.\n\nAs the ACMPR permits Licensed Producers to export their intellectual property\nand genetics to other jurisdictions (subject to all applicable import and\nexport permits and requirements), the Company is focused on developing\ninternational alliances and expansion in order to establish new international\ndistribution channels. While the Company continues to evaluate potential new\ninternational distribution channels, the Company has not yet entered into\ndefinitive agreements in respect of any new international distributions\nchannels. There can be no assurances that any of the new international\ndistribution channels being evaluated by the Company will ultimately be\npursued and, if pursued, what the timing, regulatory costs for compliance\n(including costs relating to obtaining the applicable import and export\npermits from Health Canada) and other working capital requirements may be. The\nCompany may allocate part of the net proceeds of the Offering to pursue such\ninternational opportunities.\n\nAll of the Company's current international activities are only in\njurisdictions where a federal legal framework has been established for medical\ncannabis and such activities are in accordance with export permits issued to\nthe Company by Health Canada. The Company will consider future international\nmedical cannabis opportunities only to the extent that a federal legal\nframework develops for any such opportunities in the applicable jurisdiction.\nIt is a policy of the Company that the Company will not carry on any U.S.\ncannabis-related activities or make material investments, directly or\nindirectly, in any business that carries on, directly or indirectly, any U.S.\ncannabis-related activities or any cannabis activities in any other\njurisdiction where the sale of cannabis is federally unlawful.\n\nIn conjunction with the Company's operational activities both domestically and\ninternationally, the Company will also pursue R&D initiatives and the Company\nmay utilize part of the net proceeds from the Offering to pursue such\ninitiatives. While the Company regularly evaluates various R&D initiatives and\ncollaboration projects, the Company has not yet determined to pursue any\nparticular R&D initiative requiring the use of any of the remaining net\nproceeds of the Offering. As certain R&D initiatives may require an immediate\nupfront capital commitment or one or more additional immediate capital\ncommitments during the course of a particular R&D initiative, the Company\nbelieves it is important to have funds available to quickly and flexibly\npursue R&D initiatives. The Company expects to continue to evaluate potential\nR&D initiatives, including through continued discussions with outside research\norganizations and healthcare organizations, and to actively pursue other R&D\ninitiatives that present themselves or become available. However, there can be\nno assurance that any of the R&D initiatives currently being evaluated by the\nCompany or that may otherwise become available will ultimately be pursued and,\nif pursued, what the terms, capital requirements or timing of any such\ninitiatives would be.\n\n**_Additional Information_ **\n\nThe Company may reallocate the net proceeds of the Offering as market and\nregulatory indicators warrant in light of the anticipated legalization of a\nnational recreational cannabis market and the legalization of medical cannabis\nin jurisdictions outside of Canada.\n\n31\n\n* * *\n\nTable of Contents\n\nUntil applied, the net proceeds of the Offering will be held as cash balances\nin the Company's bank account or invested in certificates of deposit and other\ninstruments issued by banks or obligations of or guaranteed by the government\nof Canada or any province thereof.\n\nThe above-noted allocation represents the Company's intention with respect to\nits use of proceeds based on current knowledge, planning and expectations of\nmanagement of the Company. Actual expenditures may differ from the estimates\nset forth above. There may be circumstances where, for sound business reasons,\nthe Company reallocates the use of proceeds. See \"  _Risk Factors\u2014Risks\nrelating to our Common Shares and this Offering\u2014We have broad discretion in\nthe use of net proceeds from this Offering and may not use them effectively_\n\".\n\nDuring the fiscal year ended December 31, 2016 and the nine month period ended\nSeptember 30, 2017, the Company had negative cash flow from operating\nactivities. Although the Company anticipates that it will have positive cash\nflow from operating activities in future periods, the Company cannot guarantee\nthat it will have a cash flow positive status. To the extent that the Company\nhas negative cash flow in any future periods, certain of the proceeds from the\nOffering may be used to fund such negative cash flow from operating\nactivities. See \"  _Risk Factors\u2014Risks Related to the Industry and Our\nBusiness_ **\u2014** _We may not be able to secure adequate or reliable sources of\nfunding required to operate our business_ \".\n\n**January 2018 Bought Deal**\n\nBelow is a reconciliation of the manner in which the net proceeds from the\nJanuary 2018 Bought Deal were used by the Company compared to the disclosure\nin the Company's final short form prospectus dated January 18, 2018 (the \"\n**January 2018 Final Prospectus** \").\n\n|  |   \n---|---|---  \n**Disclosure in the January 2018 Final Prospectus** |  |  **Use of Proceeds**  \n$5,000,000 for R&D initiatives, including cannabinoid production research and clinical trials.  |  |  The Company applied approximately $500,000 of the net proceeds of the January 2018 Bought Deal to R&D initiatives, including cannabinoid production research.   \n  \n|  \n|  \nThe remaining approximately $4,500,000 allocated for R&D initiatives in the\nJanuary 2018 Final Prospectus has been set aside for ongoing research in\nproduct formulation, clinical trials, and cannabinoid production research and\nare expected to be applied in 2018.  \n  \n$30,000,000 for expanding production capacity, including: (i) the continued expansion of production capacity at Building 4 and the Greenhouse; and (ii) the construction of Cronos Israel's production facilities and general working capital for Cronos Israel operations.  |    \n|  \nThe Company applied approximately $13,400,000 of the net proceeds of the\nJanuary 2018 Bought Deal for expanding production capacity, including\n$12,300,000 on general construction costs and deposits on equipment for the\ncontinued construction of Building 4 and the Greenhouse, $1,000,000 on\nclearing the land, and deposits on the greenhouse and equipment relating to\nCronos Israel's production facilities and $100,000 on general working capital\nfor Cronos Israel operations.  \n  \n32\n\n* * *\n\nTable of Contents\n\n|  |   \n---|---|---  \n**Disclosure in the January 2018 Final Prospectus** |  |  **Use of Proceeds**  \n|  |  The remaining approximately $16,600,000 allocated for expanding production capacity in the January 2018 Final Prospectus has been set aside for the continued construction of Building 4 and the Greenhouse, and the ongoing construction costs for Cronos Israel.   \n  \nThe remaining net proceeds for general working capital purposes which may include establishing new international distribution channels in jurisdictions where there is a federal legal framework for medical cannabis and the associated costs of compliance with applicable regulatory requirements.  |    \n|  \nThe Company applied approximately $1,800,000 of the net proceeds of the\nJanuary 2018 Bought Deal to general working capital.  The remaining\napproximately $6,300,000 (which does not account for the Company's expenses in\nrelation to the January 2018 Bought Deal) has been set aside for continued\ngeneral working capital purposes.  \n  \n**November 2017 Bought Deal**\n\nBelow is a reconciliation of the manner in which the net proceeds from the\nNovember 2017 Bought Deal were used by the Company compared to the disclosure\nin the Company's final short form prospectus dated November 3, 2017 (the \"\n**November 2017 Final Prospectus** \").\n\n|  |   \n---|---|---  \n**Disclosure in the November 2017 Final Prospectus** |  |  **Use of Proceeds**  \n$7,000,000 for expanding production at Peace Naturals. This includes general construction costs, the contractor's management fees, labor costs, material (e.g. structural steel, roofing material, and paneling) and equipment (e.g. irrigation, generators) for the continued construction of Building 4 and the Greenhouse.  |  |  The Company applied approximately $10,100,000 of the net proceeds of the November 2017 Bought Deal plus an additional $600,000 from operations, for a total of $10,700,000 to general construction costs and deposits on equipment for the continued construction of Building 4 and the Greenhouse.  Such amount represents the $7,000,000 allocated for such use in the November 2017 Final Prospectus, plus an additional amount equal to approximately $3,100,000 from the net proceeds allocated to general working capital purposes in the November 2017 Final Prospectus (including approximately $2,115,000 of the net proceeds from the exercise of the November 2017 Bought Deal over-allotment option) and an additional $600,000 from operations.   \n  \n$3,000,000 for R&D initiatives, including product formulation and the purchase of associated production equipment.  |    \n|  \nThe Company applied approximately $500,000 for R&D initiatives associated with\nplant and process productivity.  \n  \n|  \n|  \nThe remaining approximately $2,500,000 allocated for R&D initiatives in the\nNovember 2017 Final Prospectus has been set aside for ongoing research in\nproduct formulation, clinical trials, and plant process productivity and are\nexpected to be applied in 2018.  \n  \n33\n\n* * *\n\nTable of Contents\n\n|  |   \n---|---|---  \n**Disclosure in the November 2017 Final Prospectus** |  |  **Use of Proceeds**  \n$3,000,000 for investment in the development of infrastructure for the anticipated distribution of cannabis pursuant to the Cannabis Act, including the development of branding and market positioning.  |  |  The Company applied approximately $1,000,000 in branding and new packaging, and consulting support for the development of infrastructure for distribution of cannabis pursuant to the Cannabis Act.   \n  \n|  \n|  \nThe remaining approximately $2,000,000, allocated for investment in the\ndevelopment of infrastructure for the anticipated distribution of cannabis\npursuant to the Cannabis Act has been set aside for costs associated with\nobtaining distribution licenses in various provinces, hiring additional sales\nstaff in connection with such anticipated expanded distribution and additional\nproduct offerings anticipated with recreational use in Canada (e.g., edibles).  \n  \nThe remaining net proceeds for general working capital purposes which may include establishing new international distribution channels in jurisdictions where there is a legal framework for medical cannabis and the associated costs of compliance with Health Canada and other regulatory requirements.  |    \n|  \nThe Company reallocated approximately $3,100,000 (which does not account for\nthe Company's expenses in relation to the November 2017 Bought Deal)\noriginally allocated for general working capital purposes in the November 2017\nFinal Prospectus (including approximately $2,115,000 of the net proceeds from\nthe exercise of the November 2017 Bought Deal over-allotment option), plus an\nadditional $600,000 from operations, for a total reallocated amount of\n$3,700,000 to general construction costs and deposits on equipment for the\ncontinued construction of Building 4 and the Greenhouse. As a result, no net\nproceeds from the November 2017 Bought Deal were allocated to general working\ncapital purposes.  \n  \n34\n\n* * *\n\nTable of Contents\n\n**September 2017 Private Placement**\n\nBelow is a reconciliation of the manner in which the net proceeds from the\nSeptember 2017 Private Placement were used by the Company compared to the\ndisclosure in the Company's news release dated September 18, 2017 (the \"\n**September 2017 News Release** \").\n\n|  |   \n---|---|---  \n**Disclosure in the September 2017 News Release** |  |  **Use of Proceeds**  \n$15,000,000 will be primary used for working capital and general corporate purposes and to fund the continued expansion of the Company's production capacity.  |  |  As previously disclosed in the Interim MD&A, the Company had applied approximately $6,075,000 of the $15,010,002 aggregate net proceeds of the September 2017 Private Placement as of the date of the Interim MD&A in the following manner: (i) $3,700,000 for construction and mechanical/engineering drawings for Building 4; (ii) $225,000 for renovations and improvements in Peace Naturals' production building Building 1; and (iii) $2,150,000 for production equipment deposits.   \n  \n|  \n|  \nSince the date of the Interim MD&A, the Company has applied the remaining\n$8,935,002 net proceeds of the September 2017 Private Placement to general\nconstruction costs relating to the construction of Building 4, as well as\nproduction equipment deposits, including HVAC systems, generators and\nfertigation systems.  \n  \n  \n**PLAN OF DISTRIBUTION  \n**\n\nPursuant to an agreement dated effective  \u00b7  , 2018 (the \"  **Underwriting\nAgreement** \") between the Company and the Underwriters, the Company has\nagreed to issue and sell and the Underwriters have agreed to purchase, as\nprincipals, on the Closing Date, or such other date as may be agreed upon by\nthe Company and the Underwriters, subject to the terms and conditions\ncontained therein,  \u00b7  Shares at the Offering Price, for aggregate gross\nconsideration of $  \u00b7  , payable in cash to the Company against delivery of\nthe Shares. The Underwriting Agreement provides that, in consideration of the\nservices of the Underwriters in connection with this Offering, the Company\nwill pay the Underwriters a fee equal to  \u00b7  % of the gross proceeds of the\nOffering, equal to $  \u00b7  per Share. All fees payable to the Underwriters will\nbe paid on account of services rendered in connection with the Offering and\nwill be paid from the gross proceeds of the Offering. The Company has also\nagreed in the Underwriting Agreement to reimburse the Underwriters an amount\nof up to $  \u00b7  in respect of fees and expenses of FINRA counsel to the\nUnderwriters.\n\nThe obligations of the Underwriters under the Underwriting Agreement are\nseveral (and not joint or joint and several), and may be terminated upon the\noccurrence of certain stated events. Such events include, but are not limited\nto, (a) a material adverse change, financial or otherwise, in the business,\noperations or condition (financial or otherwise) of the Company and its\nsubsidiaries (taken as a whole), which, in the reasonable opinion of an\nUnderwriter, would materially adversely affect the market price or market\nvalue of the Common Shares, and (b) any event, action, state, condition or\nfinancial occurrence, or any catastrophe, of national or international\nconsequence, any law or regulation, or any other occurrence of any nature\nwhatsoever, which in the reasonable opinion of an Underwriter, seriously\nadversely affects or involves, or will seriously adversely affect or involve,\nthe financial markets in Canada or the United States or the business,\noperations or affairs of the Company. If an Underwriter fails to purchase the\nShares which it has agreed to purchase, the remaining Underwriter(s)\n\n35\n\n* * *\n\nTable of Contents\n\nmay, but are not obligated to, purchase such Shares, provided that if the\nnumber of Shares that a defaulting Underwriter(s) agreed but failed to\npurchase is less than or equal to  **** **\u00b7** **%** of the aggregate number of\nShares agreed to be purchased by the Underwriters, then the other Underwriters\nare severally obligated to purchase the Shares which the defaulting\nUnderwriter or Underwriters failed to purchase, on a  _pro rata_ basis or as\nthey may otherwise agree between themselves. If the aggregate amount of Shares\nnot purchased is greater than  **** **\u00b7** **%** of the aggregate number of\nShares agreed to be purchased by the Underwriters, then each of the\nUnderwriters shall be relieved of its obligations to purchase its respective\npercentage of the Shares, subject to the terms and conditions of the\nUnderwriting Agreement. The Underwriters are, however, obligated to take up\nand pay for all of the Shares if any of the Shares are purchased under the\nUnderwriting Agreement.\n\nThe Company has granted to the Underwriters an Over-Allotment Option,\nexercisable, in whole or in part, from time to time, by the Lead Underwriter\non behalf of the Underwriters, until the day that is 30 days following the\nClosing Date, to purchase up to an additional  \u00b7  Over-Allotment Shares at the\nOffering Price to cover the Underwriters' over-allocation position, if any,\nand for market stabilization purposes. This Prospectus qualifies the grant of\nthe Over-Allotment Option and the distribution of the Over-Allotment Shares\nissuable upon exercise of the Over-Allotment Option. A purchaser who acquires\nOver-Allotment Shares forming part of the Underwriters' over-allocation\nposition acquires those Over-Allotment Shares under this Prospectus,\nregardless of whether the over-allocation position is ultimately filled\nthrough the exercise of the Over-Allotment Option or secondary market\npurchases.\n\nThe terms of the Offering, including the Offering Price, were determined by\nnegotiation between the Company and the Underwriters.\n\nThe Offering Price is payable in Canadian dollars only.  **The Underwriters\npropose to offer the Shares initially at the Offering Price. After the\nUnderwriters have made a reasonable effort to sell all of the Shares at the\nOffering Price, the Offering Price may be decreased and may be further changed\nfrom time to time to an amount not greater than the Offering Price, and the\ncompensation realized by the Underwriters will be decreased by the amount that\nthe aggregate price paid by purchasers for the Shares is less than the gross\nproceeds paid by the Underwriters to the Company.**\n\nThe Company has also agreed to use commercially reasonable efforts to cause\neach of the directors and executive officers of the Company to enter into lock\nup agreements in favour of the Underwriters evidencing their agreement not to,\nfor a period of 45 days following the Closing Date, directly or indirectly,\noffer, sell, contract to sell, grant an option to purchase, make any short\nsale or otherwise dispose of or transfer, or enter into any transaction or\narrangement that has the effect of transferring, in whole or in part, any of\nthe economic consequences of ownership of the Common Shares, or announce its\nintention to do any of the foregoing, whether now owned directly or\nindirectly, or under their control or direction, other than pursuant to the\nterms of the lock up agreements.\n\nThe Company has agreed with the Underwriters that, subject to certain\nexceptions, it will not, among other things, directly or indirectly, offer,\nsell or issue for sale or resale, as the case may be, or publicly announce the\nissue or sale or intended issue or sale of any Common Shares, or financial\ninstruments or securities convertible or exchangeable into Common Shares, or\npublicly announce its intention to do so or file a prospectus or registration\nstatement in respect thereof, for a period of 90 days after the Closing Date\nwithout the prior written consent of the Lead Underwriter and BMO Nesbitt\nBurns Inc., on behalf of the Underwriters, which consent shall not be\nunreasonably withheld, conditioned or delayed.\n\nPursuant to policy statements of certain securities regulators, the\nUnderwriters may not, throughout the period of distribution, bid for or\npurchase Common Shares. The foregoing restriction is subject to certain\nexceptions including: (i) a bid or purchase permitted under the Universal\nMarket Integrity Rules for Canadian Marketplaces administered by the\nInvestment Industry Regulatory\n\n36\n\n* * *\n\nTable of Contents\n\nOrganization of Canada relating to market stabilization and passive market\nmaking activities; (ii) a bid or purchase made for and on behalf of a customer\nwhere the order was not solicited during the period of the distribution; or\n(iii) transactions in compliance with U.S. federal securities laws. Under the\nfirst-mentioned exception, and in connection with this distribution, the\nUnderwriters may over  **-** allot or effect transactions that stabilize or\nmaintain the market price of the Common Shares at levels other than those\nwhich otherwise might prevail on the open market. If these activities are\ncommenced, they may be discontinued by the Underwriters at any time. The\nUnderwriters may carry out these transactions on the TSXV, on the NASDAQ, in\nthe over  **-** the-counter market or otherwise.\n\nSubscriptions will be received subject to rejection or allotment, in whole or\nin part, and the Underwriters reserve the right to close the subscription\nbooks at any time without notice. Closing of the Offering is expected to take\nplace on or about  \u00b7  , 2018, or such other date as may be agreed upon by the\nCompany and the Underwriters, and, for greater certainty, the Shares (other\nthan the Over-Allotment Shares) are to be taken up by the Underwriters, if at\nall, on or before a date not later than 42 days after the date of the receipt\nof the (final) short form prospectus.\n\nIt is anticipated that the Shares will be delivered under the book-based\nsystem through CDS or its nominee and deposited in electronic form. A\npurchaser of Shares will receive only a customer confirmation from the\nregistered dealer from or through which the Shares are purchased and who is a\nCDS depository service participant. CDS will record the CDS participants who\nhold Shares on behalf of owners who have purchased Shares in accordance with\nthe book-based system. No definitive certificates will be issued unless\nspecifically requested or required.\n\nNeither the Company nor the Underwriters will assume any liability for: (a)\nany aspect of the records relating to the beneficial ownership of the Shares\nheld by CDS or the payments relating thereto; (b) maintaining, supervising or\nreviewing any records relating to the Common Shares; or (c) any advice or\nrepresentation made by or with respect to CDS and those contained in this\nProspectus and relating to the rules governing CDS or any action to be taken\nby CDS or at the direction of its CDS participants. The rules governing CDS\nprovide that it acts as the agent and depository for the CDS participants. As\na result, CDS participants must look solely to CDS and persons, other than CDS\nparticipants, having an interest in the Shares must look solely to CDS\nparticipants for payments made by or on behalf of the Company to CDS in\nrespect of the Common Shares.\n\nIt is expected that delivery of the Shares will be made against payment\ntherefor on or about the Closing Date specified on the cover page of this\nProspectus, which will not be two business days following the date of the\nfinal Prospectus (this settlement cycle being referred to as \"  **T+2** \").\nUnder Rule 15c6-1 of the Exchange Act, trades in the secondary market are\ngenerally required to settle in two business days, unless the parties to any\nsuch trade expressly agree otherwise. Accordingly, purchasers who wish to\ntrade their Shares prior to the Closing Date will be required, by virtue of\nthe fact that the Shares will not settle in T+2, to specify an alternate\nsettlement cycle at the time of any such trade to prevent a failed settlement.\nPurchasers of Shares who wish to trade their Shares prior to the Closing Date\nshould consult their own advisors.\n\nThe Offering is being made in each of the provinces of Canada, excluding the\nprovince of Qu\u00e9bec, and the United States. The Shares will be offered in each\nof the relevant provinces of Canada and the United States through those\nUnderwriters or their affiliates who are registered to offer the Shares for\nsale in such provinces and the United States and such other registered dealers\nas may be designated by the Underwriters. Subject to applicable law, the\nUnderwriters may offer the Shares in such other jurisdictions outside of\nCanada and the United States as agreed between the Company and Underwriters.\n\nIn connection with the sale of the Shares, the Underwriters may receive\ncompensation from us or from purchasers of the Shares for whom they may act as\nagents in the form of concessions or\n\n37\n\n* * *\n\nTable of Contents\n\ncommissions. Underwriters, dealers and agents that participate in the\ndistribution of the Shares may be deemed to be underwriters and any\ncommissions received by them from us and any profit on the resale of Shares by\nthem may be deemed to be underwriting commissions under the U.S. Securities\nAct.\n\nPursuant to the terms of the Underwriting Agreement, the Company has agreed to\nindemnify the Underwriters and their directors, officers, employee, and agents\nagainst certain liability and expenses and to contribute to payments the\nUnderwriters may be required to make in respect thereof.\n\nThe Company has applied to list the Shares on the TSXV and the NASDAQ. Listing\nwill be subject to the Company fulfilling all of the listing requirements of\nthe TSXV and the NASDAQ.\n\n38\n\n* * *\n\nTable of Contents\n\n  \n**DESCRIPTION OF SECURITIES BEING DISTRIBUTED  \n**\n\n**Offering**\n\nThe Offering consists of Shares that are offered at the Offering Price of $  \u00b7\nper Share.\n\n**Authorized Share Capital**\n\nThe authorized capital of the Company consists of an unlimited number of\nCommon Shares and an unlimited number of special shares. As of the date of\nthis Prospectus, there are 161,632,481 Common Shares issued and outstanding,\nand no special shares issued and outstanding.\n\n**Common Shares**\n\nThe holders of the Common Shares are entitled to one vote per share at all\nmeetings of the shareholders of the Company either in person or by proxy. The\nholders of Common Shares are also entitled to dividends, if and when declared\nby the directors of the Company, and the distribution of the residual assets\nof the Company in the event of a liquidation, dissolution or winding up of the\nCompany.\n\nThe Common Shares rank equally as to all benefits which might accrue to the\nholders thereof, including the right to receive dividends, voting powers, and\nparticipation in assets and in all other respects, on liquidation, dissolution\nor winding-up of the Company, whether voluntary or involuntary, or any other\ndisposition of the assets of the Company among its shareholders for the\npurpose of winding up its affairs after the Company has paid out its\nliabilities. The Common Shares are not subject to call or assessment rights or\nany pre-emptive or conversion rights. There are no provisions for redemption,\npurchase for cancellation, surrender or purchase of funds.\n\n**Dividends**\n\nAs of the date of this Prospectus, Cronos has not declared dividends and has\nno current intention to declare dividends on its Common Shares in the\nforeseeable future. Any decision to pay dividends on its Common Shares in the\nfuture will be at the discretion of Cronos' Board of Directors and will depend\non, among other things, the Company's results of operations, current and\nanticipated cash requirements and surplus, financial condition, any future\ncontractual restrictions and financing agreement covenants, solvency tests\nimposed by corporate law and other factors that the Board of Directors may\ndeem relevant.\n\n39\n\n* * *\n\nTable of Contents\n\n  \n**PRIOR SALES  \n**\n\nThe following table sets forth the details regarding all issuances of Common\nShares, including issuances of all securities convertible or exchangeable into\nCommon Shares, during the 12-month period preceding the date of this\nProspectus.\n\n|  |  |  |  |  |  |  |  |   \n---|---|---|---|---|---|---|---|---|---  \n**Date** |  |  **Type of Security Issued** |  |  **Issuance/Exercise  \nPrice per Security ** |  |  **Number of  \nSecurities Issued ** |   \nMarch 24, 2017  |  |  Common Shares  |  |  $  |  1.15  |  (1)  |  |  171,695  |   \nApril 4, 2017  |  |  Common Shares  |  |  $  |  1.15  |  (1)  |  |  93,000  |   \nApril 4, 2017  |  |  Common Shares  |  |  $  |  1.23  |  (1)  |  |  30,416  |   \nApril 12, 2017  |  |  Common Shares  |  |  $  |  0.31  |  (1)  |  |  350,877  |   \nApril 12, 2017  |  |  Common Shares  |  |  $  |  0.08  |  (1)  |  |  744,198  |   \nApril 12, 2017  |  |  Options(2)  |  |  $  |  3.14  |  |  |  3,299,000  |   \nApril 28, 2017  |  |  Common Shares  |  |  $  |  1.15  |  (1)  |  |  35,043  |   \nMay 25, 2017  |  |  Common Shares  |  |  $  |  0.08  |  (1)  |  |  165,377  |   \nMay 31, 2017  |  |  Common Shares  |  |  $  |  0.31  |  (1)  |  |  192,982  |   \nJune 28, 2017  |  |  Common Shares  |  |  $  |  0.08  |  (1)  |  |  50,000  |   \nJuly 17, 2017  |  |  Common Shares  |  |  $  |  0.08  |  (1)  |  |  248,066  |   \nJuly 17, 2017  |  |  Common Shares  |  |  $  |  0.50  |  (1)  |  |  83,333  |   \nJuly 17, 2017  |  |  Common Shares  |  |  $  |  0.31  |  (1)  |  |  157,894  |   \nAugust 23, 2017  |  |  Options(2)  |  |  $  |  2.42  |  |  |  2,903,000  |   \nAugust 24, 2017  |  |  Common Shares  |  |  $  |  0.245  |  (1)  |  |  2,300,000  |   \nSeptember 6, 2017  |  |  Common Shares  |  |  $  |  0.245  |  (1)  |  |  48,720  |   \nSeptember 25, 2017  |  |  Common Shares(3)  |  |  $  |  2.25  |  |  |  6,671,112  |   \nSeptember 29, 2017  |  |  Common Shares  |  |  $  |  1.23  |  (1)  |  |  1,250  |   \nOctober 11, 2017  |  |  Common Shares  |  |  $  |  0.08  |  (1)  |  |  951,064  |   \nNovember 8, 2017  |  |  Common Shares(4)  |  |  $  |  3.15  |  |  |  5,476,190  |   \nNovember 9, 2017  |  |  Options(2)  |  |  $  |  3.32  |  |  |  200,000  |   \nNovember 30, 2017  |  |  Common Shares  |  |  $  |  0.08  |  (1)  |  |  133,022  |   \nDecember 28, 2017  |  |  Common Shares  |  |  $  |  1.15  |  (1)  |  |  92,500  |   \nDecember 29, 2017  |  |  Common Shares  |  |  $  |  0.08  |  (1)  |  |  55,126  |   \nJanuary 8, 2018  |  |  Common Shares  |  |  $  |  0.08  |  (1)  |  |  661,508  |   \nJanuary 11, 2018  |  |  Common Shares  |  |  $  |  0.08  |  (1)  |  |  441,006  |   \nJanuary 12, 2018  |  |  Common Shares  |  |  $  |  1.23  |  (1)  |  |  8,333  |   \nJanuary 18, 2018  |  |  Common Shares  |  |  $  |  2.42  |  (1)  |  |  1,041  |   \nJanuary 18, 2018  |  |  Common Shares  |  |  $  |  3.14  |  (1)  |  |  2,291  |   \nJanuary 18, 2018  |  |  Common Shares  |  |  $  |  0.08  |  (1)  |  |  1,302,736  |   \nJanuary 22, 2018  |  |  Common Shares  |  |  $  |  0.08  |  (1)  |  |  483,534  |   \nJanuary 24, 2018  |  |  Common Shares(5)  |  |  $  |  8.75  |  |  |  5,257,143  |   \nFebruary 6, 2018  |  |  Common Shares  |  |  $  |  1.23  |  (1)  |  |  12,500  |   \nFebruary 6, 2018  |  |  Common Shares  |  |  $  |  3.14  |  (1)  |  |  1,875  |   \nFebruary 6, 2018  |  |  Common Shares  |  |  $  |  2.42  |  (1)  |  |  2,083  |   \nFebruary 13, 2018  |  |  Common Shares  |  |  $  |  1.23  |  (1)  |  |  8,300  |   \nFebruary 14, 2018  |  |  Common Shares  |  |  $  |  0.245  |  (1)  |  |  2,128,112  |   \nFebruary 14, 2018  |  |  Common Shares  |  |  $  |  3.14  |  (1)  |  |  625  |   \nFebruary 14, 2018  |  |  Common Shares  |  |  $  |  2.42  |  (1)  |  |  208  |   \nMarch 14, 2018  |  |  Common Shares  |  |  $  |  3.14  |  (1)  |  |  2,000  |   \nMarch 14, 2018  |  |  Common Shares  |  |  $  |  2.42  |  (1)  |  |  3,000  |   \nMarch 14, 2018  |  |  Common Shares  |  |  $  |  0.245  |  (1)  |  |  824,812  |   \nMarch 14, 2018  |  |  Common Shares  |  |  $  |  0.31  |  (1)  |  |  766,086  |   \nMarch 16, 2018  |  |  Common Shares  |  |  $  |  0.245  |  (1)  |  |  354,685  |   \n  \n* * *\n\nNotes:\n\n(1)\n\n     This represents the exercise price of the stock options or purchase warrants, as applicable. \n\n40\n\n* * *\n\nTable of Contents\n\n(2)\n\n     Grant of stock options pursuant to the Company's stock option plan.   \n  \n\n(3)\n\n     Issued pursuant to the Company's September 2017 Private Placement.   \n  \n\n(4)\n\n     Issued pursuant to the Company's November 2017 Bought Deal.   \n  \n\n(5)\n\n     Issued pursuant to the Company's January 2018 Bought Deal. \n\n  \n**TRADING PRICE AND VOLUME  \n**\n\nThe outstanding Common Shares are traded on the TSXV and on the NASDAQ under\nthe trading symbol \"CRON\".\n\nThe following table sets forth the reported intraday high and low prices and\nmonthly trading volumes of the Common Shares on the TSXV for the 12-month\nperiod prior to the date of this Prospectus.\n\n|  |  |  |  |  |  |  |  |  |   \n---|---|---|---|---|---|---|---|---|---|---  \n**Period** |  |  **High  \nTrading Price  \n($) ** |  |  **Low  \nTrading Price  \n($) ** |  |  **Total Volume  \nfor Period ** |   \nMarch 1 to March 20, 2018  |  |  |  13.39  |  |  |  10.22  |  |  |  19,991,316  |   \nFebruary, 2018  |  |  |  11.79  |  |  |  5.96  |  |  |  29,666,046  |   \nJanuary, 2018  |  |  |  14.83  |  |  |  8.01  |  |  |  50,873,693  |   \nDecember, 2017  |  |  |  10.43  |  |  |  4.03  |  |  |  23,194,128  |   \nNovember, 2017  |  |  |  4.78  |  |  |  3.12  |  |  |  18,706,069  |   \nOctober, 2017  |  |  |  3.53  |  |  |  2.60  |  |  |  8,876,315  |   \nSeptember, 2017  |  |  |  2.72  |  |  |  2.20  |  |  |  4,279,996  |   \nAugust, 2017  |  |  |  2.47  |  |  |  2.01  |  |  |  2,805,334  |   \nJuly, 2017  |  |  |  2.42  |  |  |  1.70  |  |  |  3,897,077  |   \nJune, 2017  |  |  |  2.30  |  |  |  1.58  |  |  |  5,983,393  |   \nMay, 2017  |  |  |  2.87  |  |  |  2.15  |  |  |  6,169,779  |   \nApril, 2017  |  |  |  3.54  |  |  |  2.45  |  |  |  12,012,833  |   \nMarch, 2017  |  |  |  3.46  |  |  |  2.39  |  |  |  13,904,953  |   \n  \n* * *\n\n(Source: TMX Datalinx)\n\nThe following table sets forth the reported intraday high and low prices and\nmonthly trading volumes of the Common Shares on the NASDAQ for the period of\nFebruary 27, 2018, the first trading day of the Common Shares on the NASDAQ,\nto the date of this Prospectus.\n\n|  |  |  |  |  |  |  |  |  |   \n---|---|---|---|---|---|---|---|---|---|---  \n**Period** |  |  **High  \nTrading Price  \n(US$) ** |  |  **Low  \nTrading Price  \n(US$) ** |  |  **Total Volume  \nfor Period ** |   \nMarch 1 to March 20, 2018  |  |  |  10.38  |  |  |  7.82  |  |  |  9,263,637  |   \nFebruary 27 to February 28, 2018  |  |  |  9.17  |  |  |  7.17  |  |  |  2,132,235  |   \n  \n* * *\n\n(Source: Bloomberg)\n\nOn March 20, 2018, the last day of trading prior to the date of this\nProspectus, the closing price per Common Share on the TSXV and on the NASDAQ\nwas $10.66 and US$8.19, respectively.\n\n41\n\n* * *\n\nTable of Contents\n\n  \n**ELIGIBILITY FOR INVESTMENT  \n**\n\nIn the opinion of Blake, Cassels & Graydon LLP, counsel to the Company, and\nDentons Canada LLP, counsel to the Underwriters, the Shares, if issued on the\ndate hereof, would be qualified investments under the  _Income Tax Act_\n(Canada) and the regulations thereunder (the \"  **Tax Act** \") for a trust\ngoverned by a registered retirement savings plan (\"  **RRSP** \"), registered\nretirement income fund (\"  **RRIF** \"), deferred profit sharing plan,\nregistered education savings plan (\"  **RESP** \"), registered disability\nsavings plan (\"  **RDSP** \") or tax-free savings account (\"  **TFSA** ,\" and\ncollectively \"  **Registered Plans** \"), provided the Shares are listed on a\n\"designated stock exchange,\" as defined in the Tax Act (which currently\nincludes Tiers 1 and 2 of the TSXV and the NASDAQ).\n\nNotwithstanding the foregoing, if the Shares are a \"prohibited investment\" (as\ndefined in the Tax Act) for a particular RRSP, RESP, RDSP, RRIF or TFSA, the\nannuitant, holder or subscriber of the particular Registered Plan, as the case\nmay be, will be subject to a penalty tax as set out in the Tax Act. The Shares\nwill not be a \"prohibited investment\" for such a Registered Plan provided the\nannuitant of the RRSP or RRIF, or holder of the RDSP or TFSA, or the\nsubscriber of the RESP, as the case may be, deals at arm's length with the\nCompany for purposes of the Tax Act and does not have a \"significant\ninterest,\" within the meaning of subsection 207.01(4) of the Tax Act, in the\nCompany. In addition, the Shares will not be a prohibited investment if such\nsecurities are \"excluded property,\" for purposes of the prohibited investment\nrules, for an RRSP, RESP, RDSP, RRIF or TFSA. Annuitants, holders and\nsubscribers should consult their own tax advisors as to whether the Shares\nwill be a prohibited investment for such Registered Plans in their particular\ncircumstances.\n\n  \n**CERTAIN CANADIAN FEDERAL INCOME TAX CONSIDERATIONS  \n**\n\nIn the opinion of Blake, Cassels & Graydon LPP, Canadian counsel to the\nCompany, and Dentons Canada LLP, Canadian counsel to the Underwriters, the\nfollowing is a general summary, as of the date hereof, of the principal\nCanadian federal income tax considerations under the Tax Act generally\napplicable to a holder who acquires, as beneficial owner, Shares pursuant to\nthe Offering. This summary only applies to a holder who, for the purposes of\nthe Tax Act and at all relevant times: (i) deals at arm's length with the\nCompany and the Underwriters and is not affiliated with the Company or the\nUnderwriters and (ii) acquires and holds the Shares as capital property (a \"\n**Holder** \"). The Shares will generally be considered to be capital property\nto a Holder unless they are held in the course of carrying on a business or\nwere acquired in one or more transactions considered to be an adventure or\nconcern in the nature of trade.\n\nThis summary is based upon: (i) the current provisions of the Tax Act in force\nas of the date hereof; (ii) all specific proposals (the \"  **Tax Proposals**\n\") to amend the Tax Act that have been publicly announced by, or on behalf of,\nthe Minister of Finance (Canada) prior to the date hereof; (iii) the  _Canada-\nUnited States Tax Convention_ (1980), as amended (the \"  **Treaty** \"); and\n(iv) counsel's understanding of the current published administrative policies\nand assessing practices of the Canada Revenue Agency (the \"  **CRA** \") made\npublicly available prior to the date hereof. This summary assumes that all\nsuch Tax Proposals will be enacted in the form currently proposed but no\nassurance can be given that they will be enacted in the form proposed or at\nall. This summary does not otherwise take into account or anticipate any\nchanges in law, administrative policy or assessing practice, whether by\nlegislative, regulatory, administrative, governmental or judicial\ninterpretation, decision or action, nor does it take into account the tax laws\nof any province or territory of Canada or of any jurisdiction outside of\nCanada, which may differ from the Canadian federal income tax considerations\ndescribed herein.\n\nSubject to certain exceptions that are not discussed in this summary, for the\npurposes of the Tax Act, all amounts relating to the acquisition, holding or\ndisposition of Shares must be determined in\n\n42\n\n* * *\n\nTable of Contents\n\nCanadian dollars based on the rate of exchange quoted by the Bank of Canada on\nthe date such amount arose or such other rate of exchange as may be acceptable\nto the CRA.\n\n**This summary is not exhaustive of all possible Canadian federal income tax\nconsiderations of purchasing, holding or disposing of the Shares. Moreover,\nthis summary is of a general nature only and is not intended to be, nor should\nit be construed to be, legal or tax advice to any particular Holder and no\nrepresentation with respect to the income tax consequences to any particular\nHolder is made. This summary does not address the deductibility of interest on\nany funds borrowed by a Holder to purchase Shares. Accordingly, Holders are\nurged to consult their own tax advisors about the specific tax consequences to\nthem of acquiring, holding and disposing of Shares in their particular\ncircumstances.**\n\n**Holders Resident in Canada**\n\nThis portion of the summary applies to a Holder who, for purposes of the Tax\nAct and at all relevant times, is or is deemed to be a resident of Canada (a \"\n**Resident Holder** \"). This summary is not applicable to a Resident Holder:\n(i) that is a \"financial institution\" within the meaning of the Tax Act\n(including for the purposes of the mark-to-market rules in the Tax Act); (ii)\nthat is a \"specified financial institution\" within the meaning of the Tax Act;\n(iii) that reports its \"Canadian tax results\" within the meaning of the Tax\nAct in a currency other than the Canadian dollar; (iv) an interest in which is\na \"tax shelter investment\" within the meaning of the Tax Act; or (v) that\nenters into or has entered into, with respect to the Shares, a \"derivative\nforward agreement\" as that term is defined in the Tax Act. Such Resident\nHolders should consult their own tax advisors.\n\nA Resident Holder whose Shares might not otherwise qualify as capital property\nmay, in certain circumstances, be entitled to make the irrevocable election\nprovided by subsection 39(4) of the Tax Act to have its Shares and every other\n\"Canadian security\" (as defined in the Tax Act) owned by such Resident Holder\nin the taxation year of the election and in all subsequent taxation years\ndeemed to be capital property. Such Resident Holders should consult their own\ntax advisors as to whether an election under subsection 39(4) of the Tax Act\nis available and/or advisable in their particular circumstances.\n\n**_Dividends on Shares_ **\n\nA Resident Holder will be required to include in computing its income for a\ntaxation year any taxable dividend received or deemed to be received on the\nShares. In the case of a Resident Holder that is an individual (other than\ncertain trusts), such dividend will be subject to the gross-up and dividend\ntax credit rules normally applicable under the Tax Act to taxable dividends\nreceived from taxable Canadian corporations. Taxable dividends that are\ndesignated by the Company as \"eligible dividends\" will be subject to an\nenhanced gross-up and tax credit regime in accordance with the rules in the\nTax Act. There may be limitations on the ability of the Company to designate\ndividends as eligible dividends.\n\nIn the case of a Resident Holder that is a corporation, the amount of any such\ntaxable dividend that is included in its income for a taxation year will\ngenerally be deductible in computing its taxable income for that taxation\nyear. In certain circumstances, a taxable dividend received by a Resident\nHolder that is a corporation may be treated as proceeds of disposition or a\ncapital gain pursuant to the rules in subsection 55(2) of the Tax Act.\nCorporate Resident Holders should contact their own tax advisors with respect\nto the application of these rules in their particular circumstances.\n\n**_Dispositions of Shares_ **\n\nA Resident Holder who disposes of or is deemed for the purposes of the Tax Act\nto have disposed of a Share (other than to the Company unless purchased by the\nCompany in the open market in the manner in which shares are normally\npurchased by any member of the public in the open market) will\n\n43\n\n* * *\n\nTable of Contents\n\ngenerally realize a capital gain (or capital loss) in the taxation year of the\ndisposition equal to the amount by which the proceeds of disposition are\ngreater (or are less) than the total of: (i) the adjusted cost base as defined\nin the Tax Act to the Resident Holder of the Share immediately before the\ndisposition or deemed disposition, and (ii) any reasonable costs of\ndisposition. For purposes of determining the adjusted cost base to a Resident\nHolder of Shares acquired pursuant to this Offering, the cost of such Shares\nwill be averaged with the adjusted cost base of all other Common Shares (if\nany) held by the Resident Holder as capital property immediately before that\ntime.\n\nA Resident Holder will generally be required to include in computing its\nincome for the taxation year of disposition, one-half of the amount of any\ncapital gain (a \"  **taxable capital gain** \") realized in such year. Subject\nto and in accordance with the provisions of the Tax Act, a Resident Holder\nwill generally be required to deduct one-half of the amount of any capital\nloss (an \"  **allowable capital loss** \") realized in the taxation year of\ndisposition against taxable capital gains realized in the same taxation year.\nAllowable capital losses in excess of taxable capital gains for the taxation\nyear of disposition generally may be carried back and deducted in any of the\nthree preceding taxation years or carried forward and deducted in any\nsubsequent taxation year against net taxable capital gains realized in such\ntaxation years, to the extent and under the circumstances specified in the Tax\nAct.\n\nIf a Resident Holder is a corporation, any capital loss realized on a\ndisposition or deemed disposition of Shares may, in certain circumstances\nprescribed by the Tax Act, be reduced by the amount of any dividends which\nhave been received or which are deemed to have been received on such Shares.\nSimilar rules may apply where a Resident Holder that is a corporation is a\nmember of a partnership or a beneficiary of a trust that owns Shares directly\nor indirectly through a partnership or a trust. Resident Holders to whom these\nrules may be relevant should consult their own tax advisors.\n\n**_Other Taxes_ **\n\nA Resident Holder that is a \"private corporation\" or a \"subject corporation,\"\neach as defined in the Tax Act, will generally be liable to pay a refundable\ntax under Part IV of the Tax Act on dividends received on the Shares to the\nextent such dividends are deductible in computing the Resident Holder's\ntaxable income for the year.\n\nA Resident Holder that is throughout the relevant taxation year a \"Canadian-\ncontrolled private corporation\" (as defined in the Tax Act) may be liable to\npay an additional refundable tax on its \"aggregate investment income\" (as\ndefined in the Tax Act) for the year, including taxable capital gains realized\non the disposition of Shares.\n\nCapital gains realized and taxable dividends received by a Resident Holder who\nis an individual (other than certain trusts) may result in such Resident\nHolder being liable for alternative minimum tax under the Tax Act. Such\nResident Holders should consult their own tax advisors in this regard.\n\n**Holders Not Resident in Canada**\n\nThis portion of the summary applies to a Holder who, for purposes of the Tax\nAct and at all relevant times, (i) is not and is not deemed to be a resident\nof Canada, and (ii) and does not use or hold, and is not deemed to use or\nhold, Shares in the course of carrying on, or otherwise in connection with, a\nbusiness in Canada (a \"  **Non-Canadian Holder** \"). Special rules, which are\nnot discussed in this summary, apply to a Non-Canadian Holder that is an\ninsurer carrying on an insurance business in Canada and elsewhere. Such Non-\nCanadian Holders should consult their own tax advisors.\n\n**_Dividends on Shares_ **\n\nDividends paid or credited or deemed to be paid or credited to a Non-Canadian\nHolder on the Shares will be subject to Canadian withholding tax. The Tax Act\nimposes withholding tax at a rate of\n\n44\n\n* * *\n\nTable of Contents\n\n25% on the gross amount of the dividend, although such rate may be reduced by\nvirtue of an applicable tax treaty. For example, under the Treaty, where\ndividends on the Shares are considered to be paid to a Non-Canadian Holder\nthat is the beneficial owner of the dividends and is a U.S. resident for the\npurposes of, and is entitled to all of the benefits of, the Treaty (a \"\n**Qualifying Person** \"), the applicable rate of Canadian withholding tax is\ngenerally reduced to 15%. The Company will be required to withhold the\napplicable withholding tax from any dividend and remit it to the Canadian\ngovernment for the Non-Canadian Holder's account.\n\n**_Disposition of Shares_ **\n\nA Non-Canadian Holder will not be subject to Canadian federal income tax under\nthe Tax Act on a capital gain realized on a disposition or deemed disposition\nof a Share unless, at the time of disposition, such Share constitutes \"taxable\nCanadian property\" to the Non-Canadian Holder for the purposes of the Tax Act\nand the Non-Canadian Holder is not entitled to relief under an applicable\nincome tax convention between Canada and the country in which the Non-Canadian\nHolder is resident.\n\nIf a Share is listed on a designated stock exchange as defined in the Tax Act\n(which currently includes Tiers 1 and 2 of the TSXV and the NASDAQ) at the\ntime of disposition, such Share will generally not constitute \"taxable\nCanadian property\" to a Non-Canadian Holder unless, at that time or at any\nparticular time within the preceding 60 months,\n\n\u2022\n\n     25% or more of the issued shares of any class or series of the Company's shares were owned by one or any combination of (1) the Non-Canadian Holder, (2) persons with whom the Non-Canadian Holder did not deal at \"arm's length\"(within the meaning of the Tax Act), and (3) partnerships in which the Non-Canadian Holder or a person described in (2) holds a membership interest directly or indirectly through one or more partnerships, and    \n  \n\n\u2022\n\n     more than 50% of the fair market value of the Share was derived directly or indirectly from one or any combination of real or immovable property situated in Canada, \"Canadian resource properties\" (as defined in the Tax Act), \"timber resource properties\" (as defined in the Tax Act), and options in respect of, or interests in, or for civil law rights in, any such foregoing properties, whether or not such properties exist. \n\nIf a Share is taxable Canadian property to a Non-Canadian Holder that is a\nQualifying Person, any capital gain realized on a disposition or deemed\ndisposition of such share will nevertheless generally not be subject to\nCanadian federal income tax by virtue of the Treaty if the value of the Share\nat the time of the disposition or deemed disposition is not derived\nprincipally from \"real property situated in Canada\" for purposes of the\nTreaty.\n\n**A Non-Canadian Holder whose shares may constitute taxable Canadian property\nis urged to consult with the Non-Canadian Holder's own tax advisors** .\n\n45\n\n* * *\n\nTable of Contents\n\n  \n**CERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS FOR U.S. PERSONS  \n**\n\nThe following is a general summary of certain U.S. federal income tax\nconsequences of the acquisition, ownership and disposition of the Shares that\nare applicable to a U.S. Holder, as defined below, with respect to Shares that\na U.S. Holder acquires pursuant to this Offering. This discussion is based on\nthe U.S. Internal Revenue Code of 1986, as amended (the \"  **Code** \"),\nTreasury regulations promulgated under the Code (\"  **Treasury Regulations**\n\"), administrative pronouncements or practices, and judicial decisions, all as\nof the date hereof. Future legislative, judicial, or administrative\nmodifications, revocations, or interpretations, which may or may not be\nretroactive, may result in U.S. federal income tax consequences significantly\ndifferent from those discussed herein. This discussion is not binding on the\nU.S. Internal Revenue Service (the \"  **IRS** \"). No ruling has been or will\nbe sought or obtained from the IRS with respect to any of the U.S. federal tax\nconsequences discussed herein. There can be no assurance that the IRS will not\nchallenge any of the conclusions described herein or that a U.S. court will\nnot sustain such a challenge.\n\nThis summary does not address the U.S. federal income tax consequences to U.S.\nHolders subject to special rules, including U.S. Holders that (i) are banks,\nfinancial institutions, or insurance companies, (ii) are regulated investment\ncompanies or real estate investment trusts, (iii) are brokers, dealers, or\ntraders in securities or currencies, (iv) are tax-exempt organizations, (v)\nhold the Shares as part of hedges, straddles, constructive sales, conversion\ntransactions, or other integrated investments, (vi) acquire the Shares as\ncompensation for services or through the exercise or cancellation of employee\nstock options or warrants, (vii) have a functional currency other than the\nU.S. dollar, (viii) own or have owned directly, indirectly, or constructively\n10% or more of the voting power or value of the Company, or (ix) are subject\nto the alternative minimum tax. In addition, this discussion does not address\nany U.S. federal estate, gift, or other non-income tax, or any state, local,\nor non-U.S. tax consequences of the ownership and disposition of the Shares.\n\nAs used herein, \"  **U.S. Holder** \" means a beneficial owner of the Shares\nthat is (i) an individual who is a citizen or resident of the United States\nfor U.S. federal income tax purposes, (ii) a corporation (or other entity\ntaxable as a corporation for U.S. federal tax purposes) created or organized\nunder the laws of the United States or any political subdivision thereof,\nincluding the States and the District of Columbia, (iii) an estate the income\nof which is subject to U.S. federal income tax regardless of its source, or\n(iv) a trust that (a) is subject to the primary supervision of a court within\nthe United States and for which one or more U.S. persons have authority to\ncontrol all substantial decisions or (b) has a valid election in effect under\napplicable Treasury Regulations to be treated as a U.S. person.\n\nIf a pass-through entity, including a partnership or other entity taxable as a\npartnership for U.S. federal income tax purposes, holds the Shares, the U.S.\nfederal income tax treatment of an owner or partner generally will depend on\nthe status of such owner or partner and on the activities of the pass-through\nentity. A U.S. person that is an owner or partner of a pass-through entity\nholding the Shares is urged to consult its own tax advisor.\n\nThis summary assumes that the Shares are held as capital assets (generally,\nproperty held for investment), within the meaning of the Code, in the hands of\na U.S. Holder at all relevant times.\n\n**Ownership and Disposition of the Shares if the Company is a PFIC**\n\nBased on current business plans and financial expectations, the Company may be\na passive foreign investment company (\"  **PFIC** \") for the current taxable\nyear ending December 31, 2018 and may be a PFIC for the foreseeable future.\nAdditionally, the Company may have been a PFIC for the taxable year ending\nDecember 31, 2017. Although treatment of the Company as a PFIC potentially can\nimplicate certain adverse U.S. federal income tax rules, which are described\nbelow under \"\u2014  _Default PFIC Rules_ ,\" a U.S. Holder can generally mitigate\nthe adverse U.S. federal income tax consequences of holding stock in a PFIC by\nmaking a \"qualified electing fund\" election (a \"  **QEF Election** \") or a\nmark-to-market\n\n46\n\n* * *\n\nTable of Contents\n\nelection (a \"  **Mark-to-Market Election** \") in the first year of the U.S.\nHolder's holding period for the Shares in which the Company is a PFIC. As\ndiscussed below, as a result of a QEF Election, the U.S. Holder will not be\nsubject to most of the adverse rules and instead will be taxed currently on\nits proportionate share of the ordinary income and net capital gains of the\nCompany in any year in which the Company is a PFIC. As a result of a Mark-to-\nMarket Election, the U.S. Holder will similarly not be subject to most of the\nadverse rules and instead will be treated for U.S. federal income tax purposes\nas if such U.S. Holder sold its Shares at the end of each year, with any gain\nbeing taxed as ordinary income and any loss being allowed as deduction to the\nextent of any previous gain recognized pursuant to the Mark-to-Market Election\nfor which no such deduction has previously been taken. However, because the\nU.S. Holder will not be able to make a Mark-to-Market Election for a\nSubsidiary PFIC (as defined below) unless the stock of such Subsidiary PFIC is\n\"marketable stock\" (as defined below under \"\u2014  _Mark-to-Market Election_ ), in\norder to avoid fully the adverse U.S. federal income tax rules described under\n\"\u2014  _Default PFIC rules_ \", a U.S. Holder that makes a Mark-to-Market Election\nwould also need to make a QEF Election with respect to such Subsidiary PFIC.\n\nThe Company generally will be a PFIC if, for a taxable year, (a) 75% or more\nof the gross income of the Company is passive income (the \"  **income test**\n\") or (b) 50% or more of the value of the Company's assets either produce\npassive income or are held for the production of passive income, based on the\nquarterly average of the fair market value of such assets (the \"  **asset\ntest** \"). \"Gross income\" generally includes all sales revenues less the cost\nof goods sold. \"Passive income\" generally includes, for example, dividends,\ninterest, certain rents and royalties, certain gains from the sale of stock\nand securities, and certain gains from commodities transactions, but does not\ninclude active business gains arising from the sale of certain commodities.\n\nFor purposes of the PFIC income test and asset test described above, if the\nCompany owns, directly or indirectly, 25% or more of the total value of the\noutstanding shares of another corporation, the Company will be treated as if\nit (a) held a proportionate share of the assets of such other corporation and\n(b) received directly a proportionate share of the income of such other\ncorporation. In addition, for purposes of the PFIC income test and asset test\ndescribed above, and assuming certain other requirements are met, \"passive\nincome\" does not include certain interest, dividends, rents, or royalties that\nare received or accrued by the Company from certain \"related persons\" (as\ndefined in the Code), to the extent such items are properly allocable to the\nincome of such related person that is not passive income.\n\nUnder certain attribution rules, if the Company is a PFIC, U.S. Holders will\ngenerally be deemed to own their proportionate share of the Company's direct\nor indirect equity interest in any company that is also a PFIC (a \"\n**Subsidiary PFIC** \"). In order to avoid fully the adverse U.S. federal\nincome tax rules described under \"\u2014  _Default PFIC Rules_ ,\" U.S. Holders\ndesiring QEF Election treatment also must make a QEF Election for any\nSubsidiary PFIC. Additionally, a U.S. Holder may not make a Mark-to-Market\nElection with respect to the shares of any Subsidiary PFIC unless the stock of\nthe such Subsidiary PFIC is \"marketable stock\" (as defined below under \"\u2014\n_Mark-to-Market Election_ \"). Accordingly, if the Company is a PFIC, the only\nway to avoid the adverse consequences of PFIC treatment with respect to a\nSubsidiary PFIC is by making a QEF Election with respect to the Subsidiary\nPFIC. If a QEF Election is not made with respect to a Subsidiary PFIC, U.S.\nHolders could be subject to tax under the PFIC rules notwithstanding their QEF\nElection with respect to the Company and even if no distributions from the\nCompany are received and no sales, redemptions or other dispositions of the\nShares are made.\n\nIf the Company is a PFIC for any tax year during which a U.S. Holder owns the\nShares, and the U.S. Holder does not make a QEF Election, the U.S. federal\nincome tax consequences to such U.S. Holder of the acquisition, ownership, and\ndisposition of the Shares will be as described below under \"\u2014  _Default PFIC\nRules_ \" unless the U.S. Holder makes a Mark-to-Market Election with respect\nto the Shares as discussed below under \"\u2014  _Mark-to-Market Election_ .\" A U.S.\nHolder that does not make\n\n47\n\n* * *\n\nTable of Contents\n\neither a QEF Election or a Mark-to-Market Election will be referred to in this\nsummary as a \"  **Non-Electing U.S. Holder** .\"\n\n**_QEF Election_ **\n\nA U.S. Holder that makes a timely and effective QEF Election for the first\ntaxable year in which its holding period of its Shares begins generally will\nnot be subject to the unfavorable U.S. federal income tax rules of Section\n1291 of the Code discussed below under \"\u2014  _Default PFIC Rules_ \" with respect\nto its Shares. A U.S. Holder that makes a timely and effective QEF Election\nwill be subject to U.S. federal income tax on such U.S. Holder's pro rata\nshare of (a) the net capital gain of the Company, which will be taxed as long-\nterm capital gain to such U.S. Holder, and (b) the ordinary earnings of the\nCompany, which will be taxed as ordinary income to such U.S. Holder.\nGenerally, \"net capital gain\" is the excess of (a) net long-term capital gain\nover (b) net short-term capital loss, and \"ordinary earnings\" are the excess\nof (a) the \"earnings and profits\" of the Company for the taxable year over (b)\nits net capital gain for the taxable year. A U.S. Holder that makes a QEF\nElection will be subject to U.S. federal income tax on such amounts for each\ntax year in which the Company is a PFIC, regardless of whether such amounts\nare actually distributed to such U.S. Holder by the Company. If a U.S. Holder\nthat made a QEF Election has an income inclusion, such a U.S. Holder may,\nsubject to certain limitations, elect to defer payment of current U.S. federal\nincome tax on such amounts, subject to an interest charge. If such U.S. Holder\nis not a corporation, any such interest paid will be treated as \"personal\ninterest,\" which is not deductible.\n\nA U.S. Holder that makes a timely and effective QEF Election with respect to\nthe Company generally (a) may receive a tax-free distribution from the Company\nto the extent that such distribution represents \"earnings and profits\" of the\nCompany that were previously included in income by the U.S. Holder because of\nsuch QEF Election (\"  **previously taxed income** \") and (b) will adjust such\nU.S. Holder's tax basis in the Shares to reflect the amount included in income\nor allowed as a tax-free distribution because of such QEF Election. In\naddition, a U.S. Holder that makes a timely and effective QEF Election\ngenerally will recognize capital gain or loss on the sale or other taxable\ndisposition of the Shares.\n\nThe procedure for making a QEF Election, and the U.S. federal income tax\nconsequences of making a QEF Election, will depend on whether such QEF\nElection is timely. A QEF Election will be treated as \"timely\" if such QEF\nElection is made for the first year in the U.S. Holder's holding period for\nthe Shares in which the Company was a PFIC. A U.S. Holder may make a timely\nQEF Election by filing the appropriate QEF Election documents at the time such\nU.S. Holder files a U.S. federal income tax return for such year. If a U.S.\nHolder does not make a timely and effective QEF Election for the first year in\nthe U.S. Holder's holding period for the Shares, the U.S. Holder may still be\nable to make a timely and effective QEF Election in a subsequent year if such\nU.S. Holder also makes a \"purging\" election to recognize gain (which will be\ntaxed under the rules of Section 1291 of the Code discussed below) as if such\nShares were sold for their fair market value on the day the QEF Election is\neffective.\n\nA QEF Election will apply to the tax year for which such QEF Election is\ntimely made and to all subsequent tax years, unless such QEF Election is\ninvalidated or terminated or the IRS consents to revocation of such QEF\nElection. If a U.S. Holder makes a QEF Election and, in a subsequent tax year,\nthe Company ceases to be a PFIC, the QEF Election will remain in effect\n(although it will not be applicable) during those tax years in which the\nCompany is not a PFIC. Accordingly, if the Company becomes a PFIC in another\nsubsequent tax year, the QEF Election will be effective and the U.S. Holder\nwill be subject to the \"qualified electing fund\" (\"  **QEF** \") rules\ndescribed above during any subsequent tax year in which the Company qualifies\nas a PFIC.\n\n48\n\n* * *\n\nTable of Contents\n\nIf the Company determines that it is a PFIC, upon request of a U.S. Holder,\nthe Company intends to provide U.S. Holders with information necessary to make\na QEF Election with respect to the Company. If the Company invests in any\nSubsidiary PFIC, it cannot guarantee that it will be able to provide the\nShareholder with similar information with respect to such investment if it\ndoes not control the Subsidiary PFIC.\n\nA U.S. Holder makes a QEF Election by attaching a completed IRS Form 8621,\nincluding a PFIC Annual Information Statement, to a timely filed U.S. federal\nincome tax return. However, if the Company cannot provide the required\ninformation with regard to the Company or any of its Subsidiary PFICs, U.S.\nHolders will not be able to make a QEF Election for such entity and will\ncontinue to be subject to the rules discussed below that apply to Non-Electing\nU.S. Holders with respect to the taxation of gains and excess distributions.\n\n**_Mark-to-Market Election_ **\n\nAlternatively, a U.S. Holder may make a Mark-to-Market Election with respect\nto the Shares. A U.S. Holder may make a Mark-to-Market Election only if the\nShares are marketable stock. The Shares generally will be \"marketable stock\"\nif the Shares are regularly traded on (a) a national securities exchange that\nis registered with the SEC, (b) the national market system established\npursuant to section 11A of the Exchange Act, or (c) a foreign securities\nexchange that is regulated or supervised by a governmental authority of the\ncountry in which the market is located, provided that (i) such foreign\nexchange has trading volume, listing, financial disclosure, and meets other\nrequirements and the laws of the country in which such foreign exchange is\nlocated, together with the rules of such foreign exchange, ensure that such\nrequirements are actually enforced and (ii) the rules of such foreign exchange\neffectively promotes active trading of listed stocks. If such stock is traded\non such a qualified exchange or other market, such stock generally will be\n\"regularly traded\" for any calendar year during which such stock is traded,\nother than in de minimis quantities, on at least 15 days during each calendar\nquarter. The TSXV, on which the Shares are expected to trade (in addition to\non the NASDAQ), should be a qualified exchange for this purpose. Provided that\nthe Shares are \"regularly traded\" as described above, the Shares are expected\nto be marketable stock.\n\nA U.S. Holder that makes a Mark-to-Market Election with respect to its Shares\ngenerally will not be subject to the rules of Section 1291 of the Code\n(discussed below) with respect to such Shares. However, if a U.S. Holder does\nnot make a Mark-to-Market Election beginning in the first tax year of such\nU.S. Holder's holding period for Shares or such U.S. Holder has not made a\ntimely QEF Election, the rules of Section 1291 of the Code (discussed below)\nwill apply to certain dispositions of, and distributions on, the Shares.\n\nA U.S. Holder that makes a Mark-to-Market Election will include in ordinary\nincome, for each tax year in which the Company is a PFIC, an amount equal to\nthe excess, if any, of (a) the fair market value of the Shares, as of the\nclose of such tax year over (b) such U.S. Holder's tax basis in such Shares. A\nU.S. Holder that makes a Mark-to-Market Election will be allowed a deduction\nin an amount equal to the excess, if any, of (a) such U.S. Holder's adjusted\ntax basis in the Shares over (b) the fair market value of such Shares (but\nonly to the extent of the net amount of previously included income as a result\nof the Mark-to-Market Election for prior tax years).\n\nA U.S. Holder that makes a Mark-to-Market Election generally also will adjust\nsuch U.S. Holder's tax basis in the Shares to reflect the amount included in\ngross income or allowed as a deduction because of such Mark-to-Market\nElection. In addition, upon a sale or other taxable disposition of the Shares,\na U.S. Holder that makes a Mark-to-Market Election will recognize ordinary\nincome or ordinary loss (such ordinary loss not to exceed the excess, if any,\nof (a) the amount included in ordinary income because of such Mark-to-Market\nElection for prior tax years over (b) the amount allowed as a deduction\nbecause of such Mark-to-Market Election for prior tax years).\n\n49\n\n* * *\n\nTable of Contents\n\nA Mark-to-Market Election applies to the tax year in which such Mark-to-Market\nElection is made and to each subsequent tax year, unless the Shares cease to\nbe \"marketable stock\" or the IRS consents to revocation of such election.\nAdditionally, a U.S. Holder may not make a Mark-to-Market Election with\nrespect to the shares of any Subsidiary PFIC unless the stock of such\nSubsidiary PFIC is \"marketable stock.\" Each U.S. Holder is urged to consult\nits own tax advisor regarding the availability of, and procedure for making, a\nMark-to-Market Election.\n\n**_Default PFIC Rules_ **\n\nA Non-Electing U.S. Holder will be subject to the rules of Section 1291 of the\nCode (described below) with respect to (a) any gain recognized on the sale or\nother taxable disposition of the Shares and (b) any excess distribution\nreceived on the Shares. A distribution generally will be an \"excess\ndistribution\" to the extent that such distribution (together with all other\ndistributions received in the current tax year) exceeds 125% of the average\ndistributions received during the three preceding tax years (or during a U.S.\nHolder's holding period for the Shares before the taxable year, if shorter).\n\nUnder Section 1291 of the Code, any gain recognized on the sale or other\ntaxable disposition of the Shares (including an indirect disposition of the\nstock of any Subsidiary PFIC), and any \"excess distribution\" received on the\nShares, including any excess distribution received on stock of any Subsidiary\nPFIC, must be ratably allocated to each day in a Non-Electing U.S. Holder's\nholding period for the respective Shares. The amount of any such gain or\nexcess distribution allocated to the tax year of the disposition or excess\ndistribution and to years before the entity became a PFIC, if any, would be\ntaxed as ordinary income. The amounts allocated to any other tax year would be\nsubject to U.S. federal income tax at the highest tax rate applicable to\nordinary income in each such year, and an interest charge would be imposed on\nthe tax liability for each such year, calculated as if such tax liability had\nbeen due in each such year. A Non-Electing U.S. Holder that is not a\ncorporation must treat any such interest paid as \"personal interest,\" which is\nnot deductible.\n\nIf the Company is a PFIC for any tax year during which a Non-Electing U.S.\nHolder holds the Shares, the Company will continue to be treated as a PFIC\nwith respect to such Non-Electing U.S. Holder, regardless of whether the\nCompany ceases to be a PFIC in one or more subsequent tax years. A Non-\nElecting U.S. Holder may terminate this deemed PFIC status with respect to the\nShares by electing to recognize gain (which will be taxed under the rules of\nSection 1291 of the Code discussed above), but not loss, as if such Shares\nwere sold on the last day of the last taxable year of the Company for which\nthe Company was a PFIC.\n\nDividends received on the Shares generally will not be eligible for the\n\"dividends received deduction.\" In addition, if the Company is a PFIC or was a\nPFIC in the immediately preceding year, distributions on the Shares will not\nconstitute \"qualified dividend income\" eligible for the preferential tax rates\napplicable to long-term capital gains.\n\n**_Other PFIC Rules_ **\n\nCertain additional adverse rules will apply with respect to a U.S. Holder if\nthe Company is a PFIC, regardless of whether such U.S. Holder makes a QEF\nElection or a Mark-to-Market Election. For example, a U.S. Holder that uses\nthe Shares as security for a loan will, except as may be provided in Treasury\nRegulations, be treated as having made a taxable disposition of such Shares.\n\nSpecial rules also apply to the amount of foreign tax credit that a U.S.\nHolder may claim on a distribution from a PFIC. Subject to such special rules,\nforeign taxes paid with respect to any distribution in respect of stock in a\nPFIC are generally eligible for the foreign tax credit. The rules relating to\ndistributions by a PFIC and their eligibility for the foreign tax credit are\ncomplex, and a U.S. Holder is urged to consult with its own tax advisor\nregarding the availability of the foreign tax credit with respect to\ndistributions by a PFIC.\n\n50\n\n* * *\n\nTable of Contents\n\nIn addition, in any year in which the Company is classified as a PFIC, a U.S.\nHolder will be required to file an annual report with the IRS containing such\ninformation as Treasury Regulations and/or other IRS guidance may require.\nU.S. Holders are urged to consult their own tax advisors regarding the\nrequirements of filing such information returns under these rules.\n\nThe PFIC rules are complex, and each U.S. Holder is urged to consult its own\ntax advisor regarding the PFIC rules and how the PFIC rules may affect the\nU.S. federal income tax consequences of the ownership and disposition of the\nShares.\n\n**Ownership and Disposition of the Shares if the Company is Not a PFIC**\n\nThe discussion below would apply to a U.S. Holder if the Company is not a\nPFIC, or if the Company ceases to be a PFIC (and the U.S. Holder is not a Non-\nElecting U.S. Holder that would continue to be treated as holding stock of a\nPFIC as described under \"\u2014  _Default PFIC Rules_ \").\n\n**_Distributions on the Shares_ **\n\nSubject to the discussion above under the heading \"  _Ownership and\nDisposition of the Shares if the Company is a PFIC_ ,\" the gross amount of any\ndistribution paid by the Company will generally be subject to U.S. federal\nincome tax as foreign source dividend income to the extent paid out of the\nCompany's current or accumulated earnings and profits, as determined under\nU.S. federal income tax principles. Such amount will be includable in gross\nincome by a U.S. Holder as ordinary income on the date that such U.S. Holder\nactually or constructively receives the distribution in accordance with such\nU.S. Holder's regular method of accounting for U.S. federal income tax\npurposes. The amount of any distribution made by the Company in property other\nthan cash will be the fair market value (determined in U.S. dollars) of such\nproperty on the date of the distribution. Dividends paid by the Company will\nnot be eligible for the dividends received deduction allowed to corporations.\n\nTo the extent that a distribution exceeds the amount of the Company's current\nand accumulated earnings and profits, as determined under U.S. federal income\ntax principles, it will be treated first as a tax-free return of capital,\ncausing a reduction in a U.S. Holder's adjusted basis in the Shares held by\nsuch U.S. Holder (thereby increasing the amount of gain, or decreasing the\namount of loss, to be recognized by such U.S. Holder upon a subsequent\ndisposition of the Shares), with any amount that exceeds such U.S. Holder's\nadjusted basis being taxed as a capital gain recognized on a sale or exchange\n(as discussed below).\n\nSo long as the Shares are listed on the NASDAQ or the Company is eligible for\nbenefits under the Income Tax Convention between the U.S. and Canada,\ndividends a U.S. Holder receives from the Company will be \"qualified dividend\nincome\" if certain holding period and other requirements (including a\nrequirement that the Company is not a PFIC in the year of the dividend or the\nimmediately preceding year) are met. Qualified dividend income of an\nindividual or other non-corporate U.S. Holder will be subject to a maximum\nU.S. federal income tax rate of 20%. However, if the Company is a PFIC in the\nyear of the dividend or was a PFIC in the immediately preceding year,\ndistributions on the Shares will not constitute \"qualified dividend income\"\neligible for the preferential tax rates described above.\n\nSubject to certain limitations, any Canadian tax withheld with respect to\ndistributions made on the Shares will be treated as foreign taxes eligible for\ncredit against a U.S. Holder's U.S. federal income tax liability.\nAlternatively, a U.S. Holder may, subject to applicable limitations, elect to\ndeduct the otherwise creditable Canadian withholding taxes for U.S. federal\nincome tax purposes. The rules governing the foreign tax credit are complex\nand involve the application of rules that depend upon a U.S. Holder's\nparticular circumstances. Accordingly, a U.S. Holder is urged to consult its\ntax advisor regarding the availability of the foreign tax credit under its\nparticular circumstances.\n\n51\n\n* * *\n\nTable of Contents\n\n**_Sale, Exchange or Other Taxable Disposition of the Shares_ **\n\nSubject to the discussion above under the heading \"  _Ownership and\nDisposition of the Shares if the Company is a PFIC_ ,\" a U.S. Holder generally\nwill recognize gain or loss upon the taxable sale, exchange or other\ndisposition of the Shares in an amount equal to the difference between (i) the\nU.S. dollar value of the amount realized upon the sale, exchange or other\ntaxable disposition and (ii) such U.S. Holder's adjusted tax basis in the\nShares. Generally, such gain or loss will be capital gain or loss and will be\nlong-term capital gain or loss if, on the date of the sale, exchange or other\ntaxable disposition, such U.S. Holder has held the Shares for more than one\nyear. If such U.S. Holder is an individual or other non-corporate U.S. Holder,\nlong-term capital gains will be taxed at a maximum rate of 20%. The\ndeductibility of capital losses is subject to limitations under the Code. Gain\nor loss, if any, that a U.S. Holder realizes upon a sale, exchange or other\ntaxable disposition of the Shares will be treated as having a U.S. source for\nU.S. foreign tax credit limitation purposes.\n\nA redemption of Shares by the Company may be treated as either a sale or\nexchange of the Shares, taxable as described in the paragraph above, or as a\ndistribution on the Shares, taxable as described above under \"\u2014\n_Distributions on the Shares_ .\" A redemption not essentially equivalent to a\ndividend, a substantially disproportionate redemption, a redemption of all of\na shareholder's stock, or a partial liquidation will be taxed as a sale or\nexchange of the Shares. Any other redemption will be taxed as a distribution\non the Shares.\n\n**Receipt of Foreign Currency**\n\nThe U.S. dollar value of any cash distribution made in Canadian dollars to a\nU.S. Holder will be calculated by reference to the exchange rate prevailing on\nthe date of actual or constructive receipt of the distribution, regardless of\nwhether the Canadian dollars are converted into U.S. dollars at that time. For\nU.S. Holders following the accrual method of accounting, the amount realized\non a disposition of the Shares for an amount in Canadian dollars will be the\nU.S. dollar value of this amount on the date of disposition. On the settlement\ndate, such U.S. Holder will recognize U.S. source foreign currency gain or\nloss (taxable as ordinary income or loss) equal to the difference (if any)\nbetween the U.S. dollar value of the amount received based on the exchange\nrates in effect on the date of sale or other disposition and the settlement\ndate. However, in the case of Shares traded on an established securities\nmarket that are sold by a cash method U.S. Holder (or an accrual method U.S.\nHolder that so elects), the amount realized will be based on the spot rate in\neffect on the settlement date for the disposition, and no exchange gain or\nloss will be recognized at that time. A U.S. Holder will generally have a\nbasis in Canadian dollars equal to their U.S. dollar value on the date of\nreceipt of such distribution, on the date of disposition, or, in the case of\ncash method U.S. Holders (and accrual method U.S. Holders that so elects), on\nthe date of settlement. Any U.S. Holder that receives payment in Canadian\ndollars and converts or disposes of the Canadian dollars after the date of\nreceipt may have a foreign currency exchange gain or loss that would be\ntreated as ordinary income or loss and that generally will be U.S. source\nincome or loss for foreign tax credit purposes. U.S. Holders are urged to\nconsult their own U.S. tax advisors regarding the U.S. federal income tax\nconsequences of receiving, owning, and disposing of Canadian dollars.\n\n**Additional Tax on Net Investment Income**\n\nIf a non-corporate U.S. Holder's income exceeds certain thresholds, such U.S.\nHolder generally will be subject to an additional 3.8% tax on net investment\nincome, including dividends on, and capital gains from the sale or other\ntaxable disposition of, the Shares, subject to certain limitations and\nexceptions. Under applicable Treasury Regulations, excess distributions\ntreated as dividends, gains treated as excess distributions, and mark-to-\nmarket inclusions and deductions are all included in the calculation of net\ninvestment income.\n\n52\n\n* * *\n\nTable of Contents\n\nBoth QEF income inclusions and distributions of previously taxed income to\nU.S. Holders that have made a QEF Election generally are not taxed as\ndividends. Treasury Regulations provide, solely for purposes of the additional\ntax, that distributions of previously taxed income will be treated as\ndividends and included in net investment income subject to the additional 3.8%\ntax. Additionally, to determine the amount of any capital gain from the sale\nor other taxable disposition of the Shares that will be subject to the\nadditional tax on net investment income, a U.S. Holder who has made a QEF\nElection will be required to recalculate his or her basis in the Shares\nexcluding QEF basis adjustments. Alternatively, a U.S. Holder that has made a\nQEF Election may make an additional election with respect to the Company.\nUnder this election, a U.S. Holder would pay the additional 3.8% tax on QEF\nincome inclusions with respect to the Company and on gains calculated after\ngiving effect to related tax basis adjustments with respect to the Company.\nThis election must be made on the U.S. Holder's tax return for the first\ntaxable year beginning after December 31, 2013 during which such U.S. Holder\nhas a QEF income inclusion with respect to the Company and is subject to the\ntax on net investment income.\n\nU.S. Holders are urged to consult their own tax advisors regarding the\ncalculation of net investment income and the impact of any elections available\nunder Treasury Regulations.\n\n**Information Reporting and Backup Withholding**\n\nIn general, information reporting will apply to dividends paid to a U.S.\nHolder in respect of the Shares and the proceeds received by such U.S. Holder\nfrom the sale, exchange or other disposition of the Shares within the United\nStates unless such U.S. Holder is a corporation or other exempt recipient.\nBackup withholding may apply to such payments if a U.S. Holder fails to\nprovide a taxpayer identification number or certification of exempt status or\nfail to report dividend and interest income in full. Backup withholding is not\nan additional tax. Any amounts withheld under the backup withholding rules\nwill be allowed as a refund or credit against a U.S. Holder's U.S. federal\nincome tax liability, provided that the required information is timely\nfurnished to the IRS.\n\nU.S. return disclosure obligations (and related penalties for failure to\ndisclose) apply to U.S. individuals who hold certain \"specified foreign\nfinancial assets\" in excess of $50,000. The definition of \"specified foreign\nfinancial assets\" includes not only financial accounts maintained in foreign\nfinancial institutions, but also may include the Shares. A U.S. Holder is\nurged to consult its own tax advisor regarding the possible implications of\nthe U.S. return disclosure obligations.\n\n  \n**RISK FACTORS  \n**\n\n_An investment in our Common Shares involves a number of risks. In addition to\nthe other information contained in this Prospectus, or the documents\nincorporated by reference herein, prospective purchasers should give careful\nconsideration to the following risk factors. Any of the matters highlighted in\nthese risk factors could adversely affect our business and financial\ncondition, causing an investor to lose all, or part of, its, his or her\ninvestment. The risks and uncertainties described below are those we currently\nbelieve to be material, but they are not the only ones we face. If any of the\nfollowing risks, or any other risks and uncertainties that we have not yet\nidentified or that we currently consider not to be material, actually occur or\nbecome material risks, our business, prospects, financial condition, results\nof operations and cash flows and consequently the price of the Common Shares\ncould be materially and adversely affected._\n\n  \n**Risks Related to the Industry and Our Business  \n**\n\n**_We are reliant on our licenses for our ability to grow, store and sell\nmedical cannabis and other products derived therefrom and such licenses are\nsubject to ongoing compliance, reporting and renewal requirements._ **\n\nOur ability to grow, store and sell medical cannabis in Canada is dependent on\nour licenses from Health Canada, and in particular the Peace Naturals Licenses\nand the OGBC ACMPR License. Failure\n\n53\n\n* * *\n\nTable of Contents\n\nto comply with the requirements of the licenses or failure to maintain the\nlicenses would have a material adverse impact on our business, financial\ncondition and results of operations. The Peace Naturals ACMPR License was\nrenewed November 1, 2016 and expires November 1, 2019. The OGBC ACMPR License\nwas renewed on February 28, 2017 and expires February 28, 2020. The Peace\nNaturals Dealers License was issued on January 22, 2018 and expires December\n31, 2018. Although Peace Naturals and OGBC believe they will meet the\nrequirements of the ACMPR and NCR for extension of their licenses, there can\nbe no guarantee that Health Canada will extend or renew the licenses or, if\nthey are extended or renewed, that they will be extended or renewed on the\nsame or similar terms or that Health Canada will not revoke the licenses.\nShould we fail to comply with requirements of the licenses or should Health\nCanada not extend or renew the licenses, or should we renew the licenses on\ndifferent terms or not allow for anticipated capacity increases, or should we\nrevoke the licenses, our business, financial condition and results of the\noperations will be materially adversely affected.\n\nOur ability to cultivate medicinal cannabis and conduct research related to\ncannabis in Australia is dependent on our licenses from the ODC, and in\nparticular the Cronos Australia Licenses. Failure to comply with the\nrequirements of the licenses or failure to maintain the licenses would have a\nmaterial adverse impact on our business, financial condition and results of\noperations. The Cronos Australia Licenses were granted January 31, 2018 and\nexpire January 30, 2019. Although Cronos Australia believes it will meet the\nrequirements for extension of their licenses, there can be no guarantee that\nthe ODC will extend or renew the licenses or, if they are extended or renewed,\nthat they will be extended or renewed on the same or similar terms or that the\nODC will not revoke the licenses. Should we fail to comply with requirements\nof the licenses or should the ODC not extend or renew the licenses, or should\nwe renew the licenses on different terms or not allow for anticipated capacity\nincreases, or should we revoke the licenses, our business, financial condition\nand results of the operations will be materially adversely affected. In\naddition, our ability to manufacture and import cannabis in Australia is\ndependent on being granted additional licenses from the ODC authorizing such\nactivities; however, there is no assurance that we will be able to obtain such\nlicenses on commercially reasonable terms, if at all.\n\nOur ability to construct our cannabis facilities in Israel is dependent on Gan\nSchmuel's licenses from the Yakar, in particular the Codes. Failure of Gan\nSchmuel to comply with the requirements of the licenses or failure to maintain\nthe licenses would have a material adverse impact on our business, financial\ncondition and results of operations. There can be no assurance that the Yakar\nwill approve the transfer of the Codes to Cronos Israel on commercially\nreasonable terms, if at all. In addition, our ability to propagate, cultivate,\nprocess and distribute cannabis in Israel is dependent on being granted\nadditional licenses from the Yakar authorizing such activities once Cronos\nIsrael's facilities pass inspections; however, there is no assurance that we\nwill be able to obtain such licenses on commercially reasonable terms, if at\nall.\n\nAdditional government licenses are currently, and in the future, may be,\nrequired in connection with our operations, in addition to other unknown\npermits and approvals which may be required, including with respect to our\nCanadian and foreign operations. To the extent such permits and approvals are\nrequired and not obtained, we may be prevented from operating and/or expanding\nour business, which could have a material adverse effect on our business,\nfinancial condition and results of operations.\n\n**_We operate in a highly regulated sector and may not always succeed in\ncomplying fully with applicable regulatory requirements in all jurisdictions\nwhere we carry on business._ **\n\nOur business and activities are heavily regulated in all jurisdictions where\nwe carry on business. Our operations are subject to various laws, regulations\nand guidelines by governmental authorities (including, in Canada, Health\nCanada) relating to the manufacture, marketing, management, transportation,\nstorage, sale, pricing and disposal of medical marijuana and cannabis oil, and\nalso\n\n54\n\n* * *\n\nTable of Contents\n\nincluding laws and regulations relating to health and safety, insurance\ncoverage, the conduct of operations and the protection of the environment.\nLaws and regulations, applied generally, grant government agencies and self-\nregulatory bodies broad administrative discretion over our activities,\nincluding the power to limit or restrict business activities as well as impose\nadditional disclosure requirements on our products and services.\n\nAchievement of our business objectives is contingent, in part, upon compliance\nwith regulatory requirements enacted by these governmental authorities and\nobtaining all necessary regulatory approvals for the production, storage,\ntransportation, sale, import and export, as applicable, of our products. The\ncommercial medical cannabis industry is still a new industry and, in Canada in\nparticular the ACMPR is a new regime that has no close precedent in Canadian\nlaw. The effect of relevant governmental authorities' administration,\napplication and enforcement of their respective regulatory regimes and delays\nin obtaining, or failure to obtain, applicable regulatory approvals which may\nbe required may significantly delay or impact the development of markets,\nproducts and sales initiatives and could have a material adverse effect on our\nbusiness, financial condition and results of operations.\n\nWhile we endeavor to comply with all relevant laws, regulations and guidelines\nand, to our knowledge, we are in compliance or are in the process of being\nassessed for compliance with all such laws, regulations and guidelines, any\nfailure to comply with the regulatory requirements applicable to our\noperations may lead to possible sanctions including the revocation or\nimposition of additional conditions on licenses to operate our business; the\nsuspension or expulsion from a particular market or jurisdiction or of our key\npersonnel; the imposition of additional or more stringent inspection, testing\nand reporting requirements; and the imposition of fines and censures. In\naddition, changes in regulations, more vigorous enforcement thereof or other\nunanticipated events could require extensive changes to our operations,\nincrease compliance costs or give rise to material liabilities or a revocation\nof our licenses and other permits, which could have a material adverse effect\non our business, results of operations and financial condition. Furthermore,\ngovernmental authorities may change their administration, application or\nenforcement procedures at any time, which may adversely impact our ongoing\ncosts relating to regulatory compliance.\n\n**_Licensed Producers, including us, are constrained by law in our ability to\nmarket our products._ **\n\nThe development of our business and results of operations may be hindered by\napplicable restrictions on the sales and marketing activities imposed by\nHealth Canada. The regulatory environment in Canada limits our ability to\ncompete for market share in a manner similar to other industries. If we are\nunable to effectively market our products and compete for market share, or if\nthe costs of compliance with government legislation and regulation cannot be\nabsorbed through increased selling prices for our products, our sales and\nresults of operations could be adversely affected. See \"  _Regulatory\nFramework in Canada\u2014Recent Regulatory Developments\u2014Federal\nDevelopments\u2014Packaging and Labelling\"._\n\n**_The laws, regulations and guidelines generally applicable to the medical\ncannabis industry domestically are changing and may change in ways currently\nunforeseen by us._ **\n\nOur operations are subject to the ACMPR and various other laws, regulations\nand guidelines relating to the marketing, acquisition, manufacture,\npackaging/labelling, management, transportation, storage, sale and disposal of\nmedical cannabis but also including laws and regulations relating to health\nand safety, the conduct of operations and the protection of the environment.\nTo our knowledge, other than routine corrections that may be required by\nHealth Canada from time to time, we are currently in material compliance with\nall existing applicable laws, regulations and guidelines. If any changes to\nsuch laws, regulations and guidelines occur (and in Canada the laws and\nregulations are currently changing at a rapid pace), which are matters beyond\nour control, we may incur significant costs in complying\n\n55\n\n* * *\n\nTable of Contents\n\nwith such changes or we may be unable to comply therewith, which in turn may\nresult in a material adverse effect on our business, financial condition and\nresults of operations.\n\n**_Changes in the regulations governing medical cannabis outside of Canada may\nadversely impact our business._ **\n\nOur growth strategy with respect to international operations continues to\nevolve as regulations governing the medical cannabis industry in the foreign\njurisdictions in which we operate become more fully developed. Interpretation\nof these laws, rules and regulations and their application to our operations\nis ongoing. Although, to our knowledge, we are currently in material\ncompliance with all applicable laws, regulations and guidelines in such\ninternational jurisdictions, no assurance can be given that new laws,\nregulations and guidelines will not be enacted or that existing laws,\nregulations and guidelines will not be interpreted or applied in a manner\nwhich could limit or curtail our operations in such countries. Amendments to\ncurrent laws, regulations and guidelines, more stringent implementation or\nenforcement thereof or other unanticipated events, including changes in\npolitical regimes and attitudes toward cannabis, are beyond our control and\ncould require extensive changes to our international operations, which in turn\nmay result in a material adverse effect on our business, financial condition\nand results of operations.\n\nFurthermore, additional countries continue to pass laws that allow for the\nproduction and distribution of cannabis for medical purposes in some form or\nanother. We have some international strategic alliances in place, which may be\naffected if more countries legalize medical cannabis. Increased international\ncompetition and limitations placed on us by Canadian regulations might lower\nthe demand for our products on a global scale. We also face competition in\neach international jurisdiction that we have international strategic alliances\nwith from foreign companies that have more experience, more in-depth knowledge\nof local markets or applicable laws, regulations and guidelines or longer\noperating histories in such jurisdictions.\n\n**_There can be no assurance that the legalization of recreational cannabis by\nthe Government of Canada will occur and the legislative framework pertaining\nto the Canadian recreational cannabis market is uncertain._ **\n\nOn June 30, 2016, the Canadian Federal Government established the Task Force\nto seek input on the design of a new system to legalize, strictly regulate and\nrestrict access to cannabis. On December 13, 2016, the Task Force, which was\nestablished by the Canadian Federal Government to seek input on the design of\na new system to legalize, strictly regulate and restrict access to cannabis,\npublished its report outlining its recommendations. On April 13, 2017, the\nCanadian Federal Government released Bill C-45, which proposes the enactment\nof the Cannabis Act to regulate the production, distribution and sale of\ncannabis for medical and unqualified adult use. On November 27, 2017, the\nHouse of Commons passed Bill C-45, and on December 20, 2017, the Prime\nMinister communicated that the Canadian Federal Government intends to legalize\ncannabis in the summer of 2018, despite previous reports of a July 1, 2018\ndeadline. As of March 20, 2018, Bill C-45 is being studied by the Senate, who\nmust also pass Bill C-45 in order for it to become law.\n\nOn February 6, 2018, Public Safety Minister, Ralph Goodale, announced that,\nwhile Bill C-45 was still on schedule to receive royal asset in July 2018,\nimplementation of various aspects of the regime, including preparing markets\nfor retail sales, could take another eight to twelve weeks from such date. The\nimpact of such regulatory changes on Cronos' business is unknown, and the\nproposed regulatory changes may not be implemented at all. Several\nrecommendations from the Task Force reflected in the Cannabis Act including,\nbut not limited to, permitting home cultivation, potentially easing barriers\nto entry into the Canadian recreational cannabis market and restrictions on\nadvertising and branding, could materially and adversely affect our business,\nfinancial condition and results of operations. Their advice will be considered\nby the Government of Canada as a new framework for recreational cannabis\ncontinues to be developed and it is possible that such developments could\nsignificantly adversely affect our business, financial condition and results\nof operations.\n\n56\n\n* * *\n\nTable of Contents\n\nOn October 3, 2017, HESA proposed amendments to the Cannabis Act to provide,\namong other things, that edibles containing cannabis and cannabis concentrates\nwould be added to the classes of cannabis an authorized person may sell. In\naddition, HESA's proposed amendments provide that a framework for the sale of\nedibles and cannabis concentrates would be implemented within a year of the\nCannabis Act coming into force. HESA's proposed amendments were incorporated\ninto Bill C-45.\n\nThe proposed Cannabis Act is not yet in force, and the regulations to the\nCannabis Act have not yet been published, although Proposed Regulations were\npublished for public comment on November 21, 2017 and, on March 19, 2018,\nHealth Canada published a summary of the comments received on the Proposed\nRegulations as well as some proposed additions to the regulatory proposal. See\n\"  _Description of the Business\u2014Regulatory Framework in Canada\u2014Recent\nRegulatory Developments_ \". There can be no assurance that the legalization of\nrecreational cannabis by the Government of Canada will occur on the terms in\nthe proposed Cannabis Act or at all, and the legislative framework pertaining\nto the Canadian recreational cannabis market is uncertain.\n\nThe Governments of every Canadian province have, to varying degrees, announced\nproposed regulatory regimes for the distribution and sale of cannabis for\nrecreational purposes within those jurisdictions. See \"  _Description of the\nBusiness\u2014Regulatory Framework in Canada\u2014Recent Regulatory\nDevelopments\u2014Provincial and Territorial Developments_ \" for a description of\nthe potential regimes in most provinces.\n\nThere is no guarantee that provincial legislation regulating the distribution\nand sale of cannabis for recreational purposes will be enacted according to\nall the terms announced by such provinces, or at all, or that any such\nlegislation, if enacted, will create the growth opportunities that we\ncurrently anticipate. While the impact of any new legislative framework for\nthe regulation of the Canadian recreational cannabis market is uncertain, any\nof the foregoing could result in a material adverse effect on our business,\nfinancial condition and results of operation.\n\nOn February 27, 2018, the Federal Budget proposed to implement a new framework\nfor taxation of cannabis, the majority of which had been previously published\nfor consultation on November 10, 2017, with some modifications. The proposed\nrules would effectively place cannabis producers within the existing rules\nthat currently apply excise duties on tobacco, wine and spirits producers\nunder the  _Excise Act, 2001_ (Canada), with modifications as applicable.\nThese rules include a new tax licensing regime for cannabis producers,\nstamping and marking rules, ongoing reporting requirements, and applicable\nexcise duties payable by licensed cannabis producers on both recreational\ncannabis products, in addition to goods and services tax/harmonized sales tax.\nThe cannabis excise duty framework is proposed to generally come into force on\nthe date that legal cannabis for non-medical purposes becomes accessible for\nretail sale under the proposed Cannabis Act. The government has indicated that\nthe implementation date may be postponed to the autumn of 2018. The rates of\nthe excise duty for cannabis products delivered in each province and territory\nand relevant exemptions from the excise tax are still subject to some\nuncertainty, and will only become known with precision when the law and\nregulations come into force.\n\n**_Future clinical research studies on the effects of medical cannabis may\nlead to conclusions that dispute or conflict with our understanding and belief\nregarding the medical benefits, viability, safety, efficacy, dosing and social\nacceptance of cannabis._ **\n\nResearch in Canada, the United States and internationally regarding the\nmedical benefits, viability, safety, efficacy, dosing and social acceptance of\ncannabis or isolated cannabinoids (such as CBD and THC) remains in early\nstages. There have been relatively few clinical trials on the benefits of\ncannabis or isolated cannabinoids (such as CBD and THC). The statements made\nin this Prospectus, or the documents incorporated by reference herein,\nconcerning the potential medical benefits of cannabinoids are based on\npublished articles and reports. As a result, the statements made in this\nProspectus, or the\n\n57\n\n* * *\n\nTable of Contents\n\ndocuments incorporated by reference herein, are subject to the experimental\nparameters, qualifications and limitations in the studies that have been\ncompleted.\n\nAlthough we believe that the articles, reports and studies support our beliefs\nregarding the medical benefits, viability, safety, efficacy, dosing and social\nacceptance of cannabis as set out in this Prospectus, or the documents\nincorporated by reference herein, future research and clinical trials may\nprove such statements to be incorrect, or could raise concerns regarding, and\nperceptions relating to, cannabis. Given these risks, uncertainties and\nassumptions, undue reliance should not be placed on such articles and reports.\n\nFuture research studies and clinical trials may draw opposing conclusions to\nthose stated in this Prospectus, or the documents incorporated by reference\nherein, or reach negative conclusions regarding the medical benefits,\nviability, safety, efficacy, dosing, social acceptance or other facts and\nperceptions related to medical cannabis, which could have a material adverse\neffect on the demand for our products with the potential to lead to a material\nadverse effect on our business, financial condition and results of operations.\n\n**_Our expansion into jurisdictions outside of Canada is subject to risks._ **\n\nThere can be no assurance that any market for our products will develop in any\njurisdiction outside of Canada. We may face new or unexpected risks or\nsignificantly increase our exposure to one or more existing risk factors,\nincluding economic instability, changes in laws and regulations and the\neffects of competition. These factors may limit our capability to successfully\nexpand our operations into such jurisdictions and may have a material adverse\neffect on our business, financial condition and results of operations.\n\n**_We may not receive the interests in Cronos Israel and may not realize the\nexpected benefits of Cronos Israel._ **\n\nWe have entered into an agreement with Gan Shmuel whereby we will hold a 70%\ninterest in each of the nursery and cultivation operations and a 90% interest\nin each of the manufacturing and distribution operations of Cronos Israel.\nUpon the Yakar approving the transfer of the Codes to Cronos Israel, and\nsubject to the terms and conditions of the agreement with Gan Shmuel, we will\nreceive our interests in the Cronos Israel entities. There can be no assurance\nthat the Yakar will approve the transfer of the Codes to Cronos Israel, and\nwhether or not the Yakar approves the transfer of the Codes to Cronos Israel,\nthere can be no assurance that we will receive our interest in Cronos Israel\nupon the terms and conditions originally agreed upon or at all. As a result,\nwe may have limited control, if any, over Cronos Israel's operations, and we\nmay not generate revenue through Cronos Israel.\n\n**_Investments and joint ventures outside of Canada are subject to the risks\nnormally associated with any conduct of business in foreign countries\nincluding varying degrees of political, legal and economic risk._ **\n\nOur investments and joint ventures outside of Canada are subject to the risks\nnormally associated with any conduct of business in foreign and/or emerging\ncountries including political; civil disturbance risks; changes in laws or\npolicies of particular countries, including those relating to royalties,\nduties, imports, exports and currency; the cancellation or renegotiation of\ncontracts; the imposition of royalties, net profits payments, tax increases or\nother claims by government entities, including retroactive claims; a disregard\nfor due process and the rule of law by local courts; the risk of expropriation\nand nationalization; delays in obtaining or the inability to obtain necessary\ngovernmental permits or the reimbursement of refundable tax from fiscal\nauthorities.\n\nThreats or instability in a country caused by political events including\nelections, change in government, changes in personnel or legislative bodies,\nforeign relations or military control present serious political and social\nrisk and instability causing interruptions to the flow of business\nnegotiations and influencing relationships with government officials. Changes\nin policy or law may have a material adverse effect on our business, financial\nconditions and results of operations. The risks include increased \"unpaid\"\nstate participation, higher energy costs, higher taxation levels, and\npotential expropriation.\n\n58\n\n* * *\n\nTable of Contents\n\nOther risks include the potential for fraud and corruption by suppliers or\npersonnel or government officials which may implicate us, compliance with\napplicable anti-corruption laws, including the U.S.  _Foreign Corrupt\nPractices Act_ and the  _Corruption of Foreign Public Officials Act_ (Canada)\nby virtue of our operating in jurisdictions that may be vulnerable to the\npossibility of bribery, collusion, kickbacks, theft, improper commissions,\nfacilitation payments, conflicts of interest and related party transactions\nand our possible failure to identify, manage and mitigate instances of fraud,\ncorruption, or violations of our code of conduct and applicable regulatory\nrequirements.\n\nThere is also the risk of increased disclosure requirements; currency\nfluctuations; restrictions on the ability of local operating companies to hold\nCanadian dollars, U.S. dollars or other foreign currencies in offshore bank\naccounts; import and export regulations; limitations on the repatriation of\nearnings or on our ability to assist in minimizing our expatriate workforce's\nexposure to double taxation in both the home and host jurisdictions; and\nincreased financing costs.\n\nThese risks may limit or disrupt our operating joint ventures or projects,\nrestrict the movement of funds, cause us to have to expend more funds than\npreviously expected or required, or result in the deprivation of contract\nrights or the taking of property by nationalization or expropriation without\nfair compensation, and may materially adversely affect our financial position\nand/or results of operations. In addition, the enforcement by us of our legal\nrights in foreign countries, including rights to exploit our properties or\nutilize our permits and licenses and contractual rights may not be recognized\nby the court systems in such foreign countries or enforced in accordance with\nthe rule of law.\n\nWe may invest in companies, or engage in joint ventures, in countries with\ndeveloping economies. It is difficult to predict the future political, social\nand economic direction of the countries in which we operate, and the impact\ngovernment decisions may have on our business. Any political or economic\ninstability in the countries in which we operate could have a material and\nadverse effect on our business, financial condition and results of operations.\n\n**_If we choose to engage in research and development activities outside of\nCanada, controlled substance legislation may restrict or limit our ability to\nresearch, manufacture and develop a commercial market for our products._ **\n\nApproximately 250 substances, including cannabis, are listed in the Schedules\nannexed to the UN Single Convention, the Convention on Psychotropic Substances\n(Vienna, 1971) and the Convention against Illicit Traffic in Narcotic Drugs\nand Psychotropic Substances (introducing control on precursors) (Vienna,\n1988). The purpose of these listings is to control and limit the use of these\ndrugs according to a classification of their therapeutic value, risk of abuse\nand health dangers, and to minimize the diversion of precursor chemicals to\nillegal drug manufacturers. The 1961 UN Single Convention on Narcotic Drugs,\nas amended in 1972 classifies cannabis as Schedule I (\"substances with\naddictive properties, presenting a serious risk of abuse\") and as Schedule IV\n(\"the most dangerous substances, already listed in Schedule I, which are\nparticularly harmful and of extremely limited medical or therapeutic value\")\nnarcotic drug. The 1971 UN Convention on Psychotropic Substances classifies\ntetrahydrocannabinol\u2014the principal psychoactive cannabinoid of cannabis\u2014as a\nSchedule I psychotropic substance (substances presenting a high risk of abuse,\nposing a particularly, serious threat to public health which are of very\nlittle or no therapeutic value). Many countries are parties to these\nconventions, which govern international trade and domestic control of these\nsubstances, including cannabis. They may interpret and implement their\nobligations in a way that creates a legal obstacle to us obtaining\nmanufacturing and/or marketing approval for our products in those countries.\nThese countries may not be willing or able to amend or otherwise modify their\nlaws and regulations to permit our products to be manufactured and/or\nmarketed, or achieving such amendments to the laws and regulations may take a\nprolonged period of time.\n\n59\n\n* * *\n\nTable of Contents\n\n**_Our use of joint ventures may expose us to risks associated with jointly\nowned investments._ **\n\nWe currently operate parts of our business through joint ventures with other\ncompanies, and we may enter into additional joint ventures and strategic\nalliances in the future. Joint venture investments may involve risks not\notherwise present for investments made solely by us, including: (i) we may not\ncontrol the joint ventures; (ii) our joint venture partners may not agree to\ndistributions that we believe are appropriate; (iii) where we do not have\nsubstantial decision-making authority, we may experience impasses or disputes\nwith our joint venture partners on certain decisions, which could require us\nto expend additional resources to resolve such impasses or disputes, including\nlitigation or arbitration; (iv) our joint venture partners may become\ninsolvent or bankrupt, fail to fund their share of required capital\ncontributions or fail to fulfil their obligations as a joint venture partner;\n(v) our joint venture partners may have business or economic interests that\nare inconsistent with ours and may take actions contrary to our interests;\n(vi) we may suffer losses as a result of actions taken by our joint venture\npartners with respect to our joint venture investments; and (vii) it may be\ndifficult for us to exit a joint venture if an impasse arises or if we desire\nto sell our interest for any reason. Any of the foregoing risks could have a\nmaterial adverse effect on our business, financial condition and results of\noperations. In addition, we may, in certain circumstances, be liable for the\nactions of our joint venture partners.\n\n**_There can be no assurance that our current and future strategic alliances\nor expansions of scope of existing relationships will have a beneficial impact\non our business, financial condition and results of operations._ **\n\nWe currently have, and may in the future enter into, additional strategic\nalliances with third parties that we believe will complement or augment our\nexisting business. Our ability to complete strategic alliances is dependent\nupon, and may be limited by, the availability of suitable candidates and\ncapital. In addition, strategic alliances could present unforeseen integration\nobstacles or costs, may not enhance our business, and may involve risks that\ncould adversely affect us, including significant amounts of management time\nthat may be diverted from operations in order to pursue and complete such\ntransactions or maintain such strategic alliances. Future strategic alliances\ncould result in the incurrence of additional debt, costs and contingent\nliabilities, and there can be no assurance that future strategic alliances\nwill achieve, or that our existing strategic alliances will continue to\nachieve, the expected benefits to our business or that we will be able to\nconsummate future strategic alliances on satisfactory terms, or at all. Any of\nthe foregoing could have a material adverse effect on our business, financial\ncondition and results of operations.\n\n**_We and certain of our subsidiaries have limited operating history and\ntherefore we are subject to many of the risks common to early-stage\nenterprises._ **\n\nWe began carrying on business in 2013; Peace Naturals began operations in 2012\nand generated its first revenues in 2013; OGBC began operations in 2014 and\ngenerated its first revenue in 2017 (inter-company bulk transfer). In\naddition, our strategic joint ventures are not yet operational and may not\nbecome operational for some time, if at all. We are therefore subject to many\nof the risks common to early-stage enterprises, including under-\ncapitalization, cash shortages, limitations with respect to personnel,\nfinancial, and other resources and lack of revenues. There is no assurance\nthat we will be successful in achieving a return on shareholders' investment\nand the likelihood of success must be considered in light of the early stage\nof operations. See \"  _Description of the Business\u2014Business of the\nCompany\u2014Joint Ventures and International Activities_ .\"\n\n**_Our consolidated financial statements contain a going concern\nqualification._ **\n\nOur Annual Financial Statements contain a going concern qualification. We and\ncertain of our subsidiaries have limited operating history and a history of\nnegative cash flow from operating activities. Our ability to continue as a\ngoing concern is dependent upon our ability to raise additional capital, the\nability of our subsidiaries to successfully renew their licenses to produce\nand sell medical cannabis, our\n\n60\n\n* * *\n\nTable of Contents\n\nability to achieve sustainable revenues and profitable operations and, in the\nmeantime, our ability to obtain the necessary financing to meet our\nobligations and repay our liabilities when they become due. No assurances can\nbe given that we will be successful in achieving these goals. If we are unable\nto achieve these goals, our ability to carry out and implement our planned\nbusiness objectives and strategies will be significantly delayed, limited or\nmay not occur.\n\n**_Our existing two facilities in Canada are integral to our operations and\nany adverse changes or developments affecting either facility may impact our\nbusiness, financial condition and results of operations._ **\n\nOur activities and resources are focused on the Peace Naturals facility in\nStayner, Ontario, which includes three fully operational cultivation\nbuildings, and the OGBC facility in Armstrong, British Columbia, which\nincludes one operational cultivation building. The Peace Naturals Licenses and\nthe OGBC ACMPR License are specific to those facilities. Adverse changes or\ndevelopments affecting either facility, including but not limited to a breach\nof security or a force majeure event, could have a material and adverse effect\non our business, financial condition and prospects. Any breach of the security\nmeasures and other facility requirements, including any failure to comply with\nrecommendations or requirements arising from inspections by Health Canada,\ncould also have an impact on our ability to continue operating under our\nlicenses or the prospect of renewing our licenses or could result in a\nrevocation of our licenses.\n\nWe own both of our facilities and bear the responsibility for all of the costs\nof maintenance and upkeep. Our operations and financial performance may be\nadversely affected if either Peace Naturals or OGBC are unable to keep up with\nmaintenance requirements.\n\n**_We may not successfully execute our production capacity expansion\nstrategy._ **\n\nWe may not be successful in executing our strategy to expand production\ncapacity at our facilities and joint ventures. We may not complete the build-\nout of Building 4 or the Greenhouse in its currently proposed form, if at all,\nor in a timely fashion. We may also not be successful in expanding production\nat Cronos Israel's facilities or completing construction of Cronos Australia's\ninitial production campus. Construction delays or cost over-runs in respect of\nsuch build-outs, howsoever caused, could have a material adverse effect on our\nbusiness, financial condition and results of operations.\n\nIn addition, no assurance can be given that Health Canada will approve any\namendment to the Peace Naturals Licenses to increase production volumes or\npermit sales of cannabis-based medical products under such license. We may\nalso not be successful in obtaining the necessary approvals required to export\nor import our products to or from the jurisdictions in which we operate. If we\nare unable to secure necessary production licenses in respect of our\nfacilities and joint ventures, the expectations of management with respect to\nthe increased future cultivation and growing capacity may not be borne out,\nwhich could have a material adverse effect on our business, financial\ncondition and results of operations.\n\n**_The medical cannabis industry and markets are relatively new in Canada and\nin other jurisdictions, and this industry and market may not continue to exist\nor grow as anticipated or we may ultimately be unable to succeed in this\nindustry and market._ **\n\nWe are operating our business in a relatively new medical cannabis industry\nand market. In addition to being subject to general business risks, a business\ninvolving an agricultural product and a regulated consumer product, we need to\ncontinue to build brand awareness in this industry and market through\nsignificant investments in our strategy, our production capacity, quality\nassurance, and compliance with regulations. These activities may not promote\nour brand and products as effectively as intended, or at all. Competitive\nconditions, consumer tastes, patient requirements and spending patterns in\nthis new industry and market are relatively unknown and may have unique\ncircumstances that differ from existing industries and markets.\n\n61\n\n* * *\n\nTable of Contents\n\nAccordingly, there are no assurances that this industry and market will\ncontinue to exist or grow as currently estimated or anticipated, or function\nand evolve in a manner consistent with management's expectations and\nassumptions. Any event or circumstance that affects the medical cannabis\nindustry and market could have a material adverse effect on our business,\nfinancial condition and results of operations.\n\n**_We are dependent on our senior management._ **\n\nOur success is dependent upon the ability, expertise, judgment, discretion and\ngood faith of our senior management. While employment agreements are\ncustomarily used as a primary method of retaining the services of key\nemployees, these agreements cannot assure the continued services of our senior\nmanagement team. Qualified individuals are in high demand, and we may incur\nsignificant costs to attract and retain them. In addition, our lean management\nstructure may be strained as we pursue growth opportunities in the future. The\nloss of the services of a member of senior management, or an inability to\nattract other suitably qualified persons when needed, could have a material\nadverse effect on our ability to execute on our business plan and strategy,\nand we may be unable to find adequate replacements on a timely basis, or at\nall. We do not maintain key-person insurance on the lives of any of our\nofficers or employees.\n\n**_We may be subject to product liability claims._ **\n\nAs a manufacturer and distributor of products designed to be ingested by\nhumans, we face an inherent risk of exposure to product liability claims,\nregulatory action and litigation if our products are alleged to have caused\nsignificant loss or injury. In addition, the manufacture and sale of cannabis\nproducts involve the risk of injury to consumers due to tampering by\nunauthorized third parties or product contamination. Previously unknown\nadverse reactions resulting from human consumption of cannabis products alone\nor in combination with other medications or substances could occur. We may be\nsubject to various product liability claims, including, among others, that the\nproducts produced by Peace Naturals and OGBC caused injury or illness, include\ninadequate instructions for use or include inadequate warnings concerning\npossible side effects or interactions with other substances. A product\nliability claims or regulatory action against us could result in increased\ncosts, could adversely affect our reputation with our clients and consumers\ngenerally, and could have a material adverse effect on our business, financial\ncondition and results of operations.\n\nThere can be no assurances that we will be able to obtain or maintain product\nliability insurance on acceptable terms or with adequate coverage against\npotential liabilities. Such insurance is expensive and may not be available in\nthe future on acceptable terms, or at all. The inability to obtain sufficient\ninsurance coverage on reasonable terms or to otherwise protect against\npotential product liability claims could prevent or inhibit the\ncommercialization of products.\n\n**_Our cannabis-based medical products may be subject to recalls._ **\n\nManufacturers and distributors of products are sometimes subject to the recall\nor return of their products for a variety of reasons, including product\ndefects, such as contamination, unintended harmful side effects or\ninteractions with other substances, packaging safety and inadequate or\ninaccurate labeling disclosure. If one or more of our products are recalled\ndue to an alleged product defect or for any other reason, we could be required\nto incur the unexpected expense of the recall and any legal proceedings that\nmight arise in connection with the recall. We may lose a significant amount of\nsales and may not be able to replace those sales at an acceptable margin, or\nat all. In addition, a product recall may require significant management\nattention. Although we have detailed procedures in place for testing finished\nproducts, there can be no assurance that any quality, potency or contamination\nproblems will be detected in time to avoid unforeseen product recalls,\nregulatory action or lawsuits. Additionally, if one or more of our products\nwere subject to recall, the image of that product and us\n\n62\n\n* * *\n\nTable of Contents\n\ncould be harmed. A recall for any of the foregoing reasons could lead to\ndecreased demand for products produced by us and could have a material adverse\neffect on our business, financial condition and results of operations.\nAdditionally, product recalls may lead to increased scrutiny of our operations\nby Health Canada or other regulatory agencies, requiring further management\nattention and potential legal fees and other expenses. Furthermore, any\nproduct recall affecting the medical cannabis industry more broadly could lead\nconsumers to lose confidence in the safety and security of the products sold\nby Licensed Producers generally, which could have a material adverse effect on\nour business, financial condition and results of operations.\n\n**_We may be unable to attract or retain skilled labor and personnel with\nexperience in the medical cannabis sector, and may be unable to attract,\ndevelop and retain additional employees required for our operations and future\ndevelopments._ **\n\nWe may be unable to attract or retain employees with sufficient experience in\nthe medical cannabis industry, and may prove unable to attract, develop, and\nretain additional employees required for our development and future success.\n\nOur success is currently largely dependent on the performance of our skilled\nemployees. Our future success depends on our continuing ability to attract,\ndevelop, motivate and retain highly qualified and skilled employees. Qualified\nindividuals are in high demand, and we may incur significant costs to attract\nand retain them.\n\nFurther, certain employees are subject to a security clearance by Health\nCanada. Under the ACMPR a security clearance cannot be valid for more than\nfive years and must be renewed before the expiry of a current security\nclearance. There is no assurance that any of our existing personnel who\npresently or may in the future require a security clearance will be able to\nobtain or renew such clearances or that new personnel who require a security\nclearance will be able to obtain one. A failure by an employee to maintain or\nrenew his or her security clearance would result in a material adverse effect\non our business, financial condition and results of operations. In addition,\nif an employee with security clearance leaves and we are unable to find a\nsuitable replacement that has a security clearance required by the ACMPR in a\ntimely manner, or at all, there could occur a material adverse effect on our\nbusiness, financial condition and results of operations.\n\n**_We, or the medical cannabis industry more generally, may receive\nunfavorable publicity or become subject to negative consumer perception._ **\n\nWe believe the medical cannabis industry is highly dependent upon consumer\nperception regarding the safety, efficacy and quality of the medical cannabis\nproduced. Consumer perception of our products can be significantly influenced\nby scientific research or findings, regulatory investigations, litigation,\nmedia attention and other publicity regarding the consumption of medical\ncannabis products. There can be no assurance that future scientific research,\nfindings, regulatory proceedings, litigation, media attention or other\nresearch findings or publicity will be favorable to the medical cannabis\nmarket or any particular product, or consistent with earlier publicity. Future\nresearch reports, findings, regulatory proceedings, litigation, media\nattention or other publicity that are perceived as less favorable than, or\nthat question, earlier research reports, findings or publicity could have a\nmaterial adverse effect on the demand for our business, financial condition\nand results of operations. Our dependence upon consumer perceptions means that\nadverse scientific research reports, findings, regulatory proceedings,\nlitigation, media attention or other publicity, whether or not accurate or\nwith merit, could have a material adverse effect on our business, financial\ncondition and results of operations, the demand for products, and our\nbusiness, results of operations, financial condition and cash flows. Further,\nadverse publicity reports or other media attention regarding the safety,\nefficacy and quality of medical cannabis in general, or our products\nspecifically, or associating the consumption of medical cannabis with illness\nor other negative effects or events, could have such a material adverse\neffect. Such adverse publicity\n\n63\n\n* * *\n\nTable of Contents\n\nreports or other media attention could arise even if the adverse effects\nassociated with such products resulted from consumers' failure to consume such\nproducts legally, appropriately or as directed.\n\nThe increased usage of social media and other web-based tools used to\ngenerate, publish and discuss user-generated content and to connect with other\nusers has made it increasingly easier for individuals and groups to\ncommunicate and share opinions and views in regards to our operations and our\nactivities, whether true or not, and the medical cannabis industry in general,\nwhether true or not. In addition, certain well-funded and significant\nbusinesses may have strong economic opposition to the medical cannabis\nindustry. Lobbying by such groups, and any resulting inroads they might make\nin halting or rolling back the medical cannabis movement, could affect how the\nmedical cannabis industry is perceived by others and could have a detrimental\nimpact on the market for our products and thus on our business, financial\ncondition and results of operations.\n\nAlthough we believe that we operate in a manner that is respectful to all\nstakeholders and that we take care in protecting our image and reputation, we\ndo not ultimately have direct control over how we or the medical cannabis\nindustry is perceived by others. Reputation loss may result in decreased\ninvestor confidence, increased challenges in developing and maintaining\ncommunity relations and an impediment to our overall ability to advance our\nbusiness strategy and realize on our growth prospects, thereby having a\nmaterial adverse impact on our business, financial condition and results of\noperations.\n\n**_We may not be able to successfully develop new products or find a market\nfor their sale._ **\n\nThe medical cannabis industry is in its early stages of development and it is\nlikely that we, and our competitors, will seek to introduce new products in\nthe future. In attempting to keep pace with any new market developments, we\nmay need to spend significant amounts of capital in order to successfully\ndevelop and generate revenues from new products we introduce. As well, we may\nbe required to obtain additional regulatory approvals from Health Canada and\nany other applicable regulatory authority, which may take significant amounts\nof time. We may not be successful in developing effective and safe new\nproducts, bringing such products to market in time to be effectively\ncommercialized, or obtaining any required regulatory approvals, which,\ntogether with any capital expenditures made in the course of such product\ndevelopment and regulatory approval processes, may have a material adverse\neffect on our business, financial condition and results of operations.\n\n**_The technologies, process and formulations we use may face competition or\nbecome obsolete._ **\n\nRapidly changing markets, technology, emerging industry standards and frequent\nintroduction of new products characterize our business. The introduction of\nnew products embodying new technologies, including new manufacturing processes\nor formulations, and the emergence of new industry standards may render our\nproducts obsolete, less competitive or less marketable. The process of\ndeveloping our products is complex and requires significant continuing costs,\ndevelopment efforts and third party commitments, including licencees,\nresearchers, collaborators and lenders. Our failure to develop new\ntechnologies and products and the obsolescence of existing technologies or\nprocesses could adversely affect our business, financial condition and results\nof operations. We may be unable to anticipate changes in our potential\ncustomer requirements that could make our existing technology, processes or\nformulations obsolete. Our success will depend in part, on our ability to\ncontinue to enhance our existing technologies, develop new technology that\naddresses the increasing sophistication and varied news of the market, and\nrespond to technological advances and emerging industry standards and\npractices on a timely and cost-effective basis. The development of our\nproprietary technology, processes and formulations entails significant\ntechnical and business risks. We may not be successful in using our new\ntechnologies or exploiting our niche markets effectively or adapting our\nbusiness to evolving customer or medical requirements or preference or\nemerging industry standards.\n\n64\n\n* * *\n\nTable of Contents\n\n**_Clinical trials of cannabis-based medical products and treatments are novel\nterrain with very limited or non-existing clinical trials history; we face a\nsignificant risk that any trials will not result in commercially viable\nproducts and treatments._ **\n\nClinical trials are expensive, time consuming and difficult to design and\nimplement. Regulatory authorities, may suspend, delay or terminate any\nclinical trials we commence at any time, may require us, for various reasons,\nto conduct additional clinical trials, or may require a particular clinical\ntrial to continue for a longer duration than originally planned, including,\namong others:\n\n\u2022\n\n     lack of effectiveness of any formulation or delivery system during clinical trials;    \n  \n\n\u2022\n\n     discovery of serious or unexpected toxicities or side effects experienced by trial participants or other safety issues;    \n  \n\n\u2022\n\n     slower than expected subject recruitment and enrollment rates in clinical trials;    \n  \n\n\u2022\n\n     delays or inability in manufacturing or in obtaining sufficient quantities of materials for use in clinical trials due to regulatory and manufacturing constraints;    \n  \n\n\u2022\n\n     delays in obtaining regulatory authorization to commence a trial, including licenses required for obtaining and using cannabis for research, either before or after a trial is commenced;    \n  \n\n\u2022\n\n     unfavorable results from ongoing pre-clinical studies and clinical trials;    \n  \n\n\u2022\n\n     patients or investigators failing to comply with study protocols;    \n  \n\n\u2022\n\n     patients failing to return for post-treatment follow-up at the expected rate;    \n  \n\n\u2022\n\n     sites participating in an ongoing clinical study withdraw, requiring us to engage new sites; and    \n  \n\n\u2022\n\n     third-party clinical investigators decline to participate in our clinical studies, do not perform the clinical studies on the anticipated schedule, or act in ways inconsistent with the established investigator agreement, clinical study protocol or good clinical practices. \n\nAny of the foregoing could have a material adverse effect on our business,\nresults of operations and financial condition.\n\n**_We may fail to retain existing patients as clients or acquire new patients\nas clients._ **\n\nOur success depends on our ability to attract and retain clients. There are\nmany factors which could affect our ability to attract and retain clients,\nincluding but not limited to our ability to continually produce desirable and\neffective product, the successful implementation of our client-acquisition\nplan and the continued growth in the aggregate number of patients selecting\nmedical cannabis as a treatment option. Moreover, even if we are successful at\nattracting a new client, there is no guarantee that such client will continue\nto purchase product from us. For example, while Peace Naturals has over 4,100\nregistered patients, the number of patients purchasing products from Peace\nNaturals may vary from time to time. Our failure to acquire and retain\npatients as clients would have a material adverse effect on our business,\nfinancial condition and results of operations.\n\n**_We may not be able to achieve or maintain profitability and may continue to\nincur losses in the future._ **\n\nWe have incurred losses in recent periods. We may not be able to achieve or\nmaintain profitability and may continue to incur significant losses in the\nfuture. In addition, we expect to continue to increase operating expenses as\nwe implement initiatives to continue to grow our business. If our revenues do\nnot increase to offset these expected increases in costs and operating\nexpenses, we will not be profitable. There is no assurance that future\nrevenues will be sufficient to generate the funds required to continue\noperations without external funding.\n\n65\n\n* * *\n\nTable of Contents\n\n**_We may not be able to secure adequate or reliable sources of funding\nrequired to operate our business._ **\n\nThere is no guarantee that we will be able to achieve our business objectives.\nOur continued development may require additional financing. The failure to\nraise such capital could result in the delay or indefinite postponement of our\ncurrent business objectives or us going out of business. There can be no\nassurance that additional capital or other types of financing will be\navailable if needed or that, if available, the terms of such financing will be\nfavorable to us. If additional funds are raised through issuances of equity or\nconvertible debt securities, existing shareholders could suffer significant\ndilution, and any new equity securities issued could have rights, preferences\nand privileges superior to those of holders of Common Shares. In addition,\nfrom time to time, we may enter into transactions to acquire assets or the\nshares of other corporations. These transactions may be financed wholly or\npartially with debt, which may temporarily increase our debt levels above\nindustry standards. Any debt financing secured in the future could involve\nrestrictive covenants relating to capital raising activities and other\nfinancial and operational matters, which may make it more difficult for us to\nobtain additional capital and to pursue business opportunities, including\npotential acquisitions or other strategic joint venture opportunities.\n\nWe had negative operating cash flow for the fiscal years ending December 31,\n2016, December 31, 2015, December 31, 2014 and December 31, 2013. If we\ncontinue to have negative cash flow into the future, additional financing\nproceeds may need to be allocated to funding this negative cash flow in\naddition to our operational expenses. We may require additional financing to\nfund our operations to the point where we are generating positive cash flows.\nContinued negative cash flow may restrict our ability to pursue our business\nobjectives.\n\n**_We must rely largely on our own market research to forecast sales and\nmarket demand which may not materialize._ **\n\nWe must rely largely on our own market research to forecast sales as detailed\nforecasts are not generally obtainable from other sources at this early stage\nof the medical cannabis industry domestically in Canada and in other\ninternational jurisdictions or recreational cannabis industry domestically in\nCanada. A failure in the demand for our products to materialize as a result of\ncompetition, technological change or other factors could have a material\nadverse effect on our business, financial condition and results of operations.\n\n**_We may experience breaches of security at our facilities or in respect of\nelectronic documents and data storage and may face risks related to breaches\nof applicable privacy laws._ **\n\nGiven the nature of our product and our lack of legal availability outside of\nchannels approved by the Government of Canada, as well as the concentration of\ninventory in our facilities, despite meeting or exceeding Health Canada's\nsecurity requirements, there remains a risk of shrinkage as well as theft. A\nsecurity breach at one of our facilities could expose us to additional\nliability and to potentially costly litigation, increase expenses relating to\nthe resolution and future prevention of these breaches and may deter potential\npatients from choosing our products.\n\nIn addition, we collect and store personal information about our patients and\nare responsible for protecting that information from privacy breaches. A\nprivacy breach may occur through procedural or process failure, information\ntechnology malfunction, or deliberate unauthorized intrusions. Theft of data\nfor competitive purposes, particularly patient lists and preferences, is an\nongoing risk whether perpetrated via employee collusion or negligence or\nthrough deliberate cyber-attack. Any such theft or privacy breach would have a\nmaterial adverse effect on our business, financial condition and results of\noperations.\n\nIn addition, there are a number of federal and provincial laws protecting the\nconfidentiality of certain patient health information, including patient\nrecords, and restricting the use and disclosure of\n\n66\n\n* * *\n\nTable of Contents\n\nthat protected information. The privacy rules under the  _Personal Information\nProtection and Electronics Documents Act_ (Canada) (\"  **PIPEDA** \") protect\nmedical records and other personal health information by limiting their use\nand disclosure of health information to the minimum level reasonably necessary\nto accomplish the intended purpose. If we were to be found to be in violation\nof the privacy or security rules under PIPEDA or other laws protecting the\nconfidentiality of patient health information, we could be subject to\nsanctions and civil or criminal penalties, which could increase our\nliabilities, harm our reputation and have a material adverse effect on our\nbusiness, results of operations and financial condition. International\njurisdictions in which we expand our operations also have similar privacy and\nsecurity laws to which we are subject, depending on the nature of our\noperations in such jurisdictions.\n\n**_If we are not able to comply with all safety, health and environmental\nregulations applicable to our operations and industry, we may be held liable\nfor any breaches thereof._ **\n\nOur operations are subject to environmental and safety laws and regulations\nconcerning, among other things, emissions and discharges to water, air and\nland, the handling and disposal of hazardous and non-hazardous materials and\nwastes, and employee health and safety. We will incur ongoing costs and\nobligations related to compliance with environmental and employee health and\nsafety matters. Failure to comply with environmental and employee health and\nsafety laws and regulations may result in additional costs for corrective\nmeasures, penalties or in restrictions on our manufacturing operations. In\naddition, changes in environmental, employee health and safety or other laws,\nmore vigorous enforcement thereof or other unanticipated events could require\nextensive changes to our operations or give rise to material liabilities,\nwhich could have a material adverse effect on our business, financial\ncondition and results of operations.\n\n**_We may become involved in regulatory or agency proceedings, investigations\nand audits._ **\n\nOur business requires compliance with many laws and regulations. Failure to\ncomply with these laws and regulations could subject us to regulatory or\nagency proceedings or investigations and could also lead to damage awards,\nfines and penalties. We may become involved in a number of government or\nagency proceedings, investigations and audits. The outcome of any regulatory\nor agency proceedings, investigations, audits, and other contingencies could\nharm our reputation, require us to take, or refrain from taking, actions that\ncould harm our operations or require us to pay substantial amounts of money,\nharming our financial condition. There can be no assurance that any pending or\nfuture regulatory or agency proceedings, investigations and audits will not\nresult in substantial costs or a diversion of management's attention and\nresources or have a material adverse impact on our business, financial\ncondition and results of operations.\n\n**_We are subject to litigation in the ordinary course of business._ **\n\nWe are subject to litigation from time to time in the ordinary course of\nbusiness some of which may adversely affect our business. Should any\nlitigation in which we become involved be determined against us, such a\ndecision could adversely affect our ability to continue operating, the market\nprice for the Common Shares and could require the use of significant\nresources. Even if we are involved in litigation and win, litigation can\nredirect significant resources. Litigation may also create a negative\nperception of our brand.\n\n**_We may not be able to successfully manage our growth._ **\n\nWe are currently in an early development stage and may be subject to growth-\nrelated risks, including capacity constraints and pressure on our internal\nsystems and controls, which may place significant strain on our operational\nand managerial resources. Our ability to manage growth effectively will\nrequire us to continue to implement and improve our operational and financial\nsystems and to expand, train and manage our employee base. There can be no\nassurances that we will be able to\n\n67\n\n* * *\n\nTable of Contents\n\nmanage growth successfully. Any inability to manage growth successfully could\nhave a material adverse effect on our business, financial condition and\nresults of operations.\n\n**_We may compete for market share with other companies, both domestically and\ninternationally, which may have longer operating histories and more financial\nresources, manufacturing and marketing experience than us._ **\n\nWe do, and expect to continue to face, intense competition from other\ncompanies, some of which can be expected to have longer operating histories\nand more financial resources, manufacturing and marketing experience than us.\nIn addition, there is potential that the medical cannabis industry will\nundergo consolidation, creating larger companies with financial resources,\nmanufacturing and marketing capabilities, and product offerings that are\ngreater than ours. As a result of this competition, we may be unable to\nmaintain our operations or develop them as currently proposed on terms we\nconsider acceptable, or at all. Increased competition by larger, better-\nfinanced competitors with geographic advantages could materially and adversely\naffect our business, financial condition and results of operations.\n\nOn a domestic front, the number of licenses granted and the number of Licensed\nProducers ultimately authorized by Health Canada could also have an impact on\nour operations. We expect to face additional competition from new market\nentrants that are granted licenses under the ACMPR or existing license holders\nwhich are not yet active in the industry. If a significant number of new\nlicenses are granted by Health Canada in the near term, we may experience\nincreased competition for market share and may experience downward price\npressure on our products as new entrants increase production. We also face\ncompetition from illegal dispensaries and the black market that are unlicensed\nand unregulated, and that are selling cannabis and cannabis products,\nincluding products with higher concentrations of active ingredients, and using\ndelivery methods, including edibles and extract vaporizers, that we are\nprohibited from offering to individuals as they are not currently permitted by\nthe ACMPR. Any inability or unwillingness of law enforcement authorities to\nenforce existing laws prohibiting the unlicensed cultivation and sale of\ncannabis and cannabis-based products could result in the perpetuation of the\nblack market for cannabis and/or have a material adverse effect on the\nperception of cannabis use. Any or all of these events could have a material\nadverse effect on our business, financial condition and results of operations.\n\nIf the number of users of cannabis for medical purposes in Canada increases,\nthe demand for products will increase and we expect that competition will\nbecome more intense, as current and future competitors begin to offer an\nincreasing number of diversified products. To remain competitive, we will\nrequire a continued high level of investment in R&D, sales and patient\nsupport. We may not have sufficient resources to maintain R&D, sales and\npatient support efforts on a competitive basis which could have a material\nadverse effect on our business, financial condition and results of operations.\n\nFurthermore, several recommendations of the Task Force including, but not\nlimited to, permitting home cultivation and potentially easing barriers to\nentry into a Canadian recreational cannabis market, could materially and\nadversely affect our business, financial condition and results of operations.\nThere is potential that we will face intense competition from other companies,\nsome of which can be expected to have longer operating histories and more\nfinancial resources, manufacturing and marketing experience than us. Increased\ncompetition by larger and better financed competitors could materially and\nadversely affect our business, financial condition and results of operations.\n\n**_Third parties with whom we do business may perceive themselves as being\nexposed to reputational risk as a result of their relationship with us and\nmay, as a result, refuse to do business with us._ **\n\nThe parties with which we do business may perceive that they are exposed to\nreputational risk as a result of our medical cannabis business activities.\nFailure to establish or maintain business relationships could have a material\nadverse effect on our business, financial condition and results of operations.\nAny\n\n68\n\n* * *\n\nTable of Contents\n\nthird-party service provider could suspend or withdraw its services to us if\nit perceives that the potential risks exceed the potential benefits to such\nservices. For example, we face challenges making U.S. dollar wire transfers.\nWhile we have other banking relationships and believe that the services can be\nprocured from other institutions, we may in the future have difficulty\nmaintaining existing, or securing new, bank accounts or clearing services.\n\n**_Our cannabis cultivation operations are subject to risks inherent in an\nagricultural business._ **\n\nOur business involves the growing of medical cannabis, an agricultural\nproduct. As such, the business is subject to the risks inherent in the\nagricultural business, such as insects, plant diseases and similar\nagricultural risks that may create crop failures and supply interruptions for\nour customers. Although Peace Naturals and OGBC grow products indoors under\nclimate controlled conditions and carefully monitor the growing conditions\nwith trained personnel, there can be no assurance that natural elements will\nnot have a material adverse effect on the production of our products.\n\n**_Our cannabis cultivation operations are vulnerable to rising energy costs\nand dependent upon key inputs._ **\n\nPeace Naturals' and OGBC's medical cannabis cultivation operations consume\nconsiderable energy, making us vulnerable to rising energy costs. Rising or\nvolatile energy costs may have a material adverse effect our business,\nfinancial condition and results of operations.\n\nIn addition, our business is dependent on a number of key inputs and their\nrelated costs including raw materials and supplies related to our growing\noperations, as well as electricity, water and other utilities. Any significant\ninterruption or negative change in the availability or economics of the supply\nchain for key inputs could materially impact our financial condition and\nresults of operations. Any inability to secure required supplies and services\nor to do so on appropriate terms could have a materially adverse impact on our\nbusiness, financial condition and results of operations.\n\n**_We are vulnerable to third party transportation risks._ **\n\nDue to our direct to client shipping model, we depend on fast and efficient\ncourier services to distribute our product. Any prolonged disruption of this\ncourier service may have a material adverse effect on our business, financial\ncondition and results of operations. Rising costs associated with the courier\nservices used by us to ship our products may also have a material adverse\neffect on our business, financial condition and results of operations.\n\nDue to the nature of our products, security of the product during\ntransportation to and from our facilities is of the utmost concern. A breach\nof security during transport or delivery could have a material adverse effect\non our business, financial condition and results of operations. Any breach of\nthe security measures during transport or delivery, including any failure to\ncomply with recommendations or requirements of Health Canada, could also have\nan impact on our ability to continue operating under our licenses or the\nprospect of renewing our licenses.\n\n**_We may become subject to liability arising from any fraudulent or illegal\nactivity by our employees, contractors and consultants._ **\n\nWe are exposed to the risk that our employees, independent contractors and\nconsultants may engage in fraudulent or other illegal activity. Misconduct by\nthese parties could include intentional, reckless and/or negligent conduct or\ndisclosure of unauthorized activities to us that violates: (i) government\nregulations; (ii) manufacturing standards; (iii) federal and provincial\nhealthcare fraud and abuse laws and regulations; or (iv) laws that require the\ntrue, complete and accurate reporting of financial information or data. It is\nnot always possible for us to identify and deter misconduct by our employees\nand other third parties, and the precautions taken by us to detect and prevent\nthis activity may not be effective in controlling unknown or unmanaged risks\nor losses or in protecting us from\n\n69\n\n* * *\n\nTable of Contents\n\ngovernmental investigations or other actions or lawsuits stemming from a\nfailure to be in compliance with such laws or regulations. If any such actions\nare instituted against us, and we are not successful in defending our self or\nasserting our rights, those actions could have a significant impact on our\nbusiness, including the imposition of civil, criminal and administrative\npenalties, damages, monetary fines, contractual damages, reputational harm,\ndiminished profits and future earnings, and curtailment of our operations, any\nof which could have a material adverse effect on our business, financial\ncondition and results of operations.\n\n**_We will seek to maintain adequate insurance coverage in respect of the\nrisks faced by us, however, insurance premiums for such insurance may not\ncontinue to be commercially justifiable and there may be coverage limitations\nand other exclusions which may not be sufficient to cover potential\nliabilities faced by us._ **\n\nWe have insurance to protect our assets, operations and employees. While we\nbelieve our insurance coverage addresses all material risks to which we are\nexposed and is adequate and customary in our current state of operations, such\ninsurance is subject to coverage limits and exclusions and may not be\navailable for the risks and hazards to which we are exposed. In addition, no\nassurance can be given that such insurance will be adequate to cover our\nliabilities or will be generally available in the future or, if available,\nthat premiums will be commercially justifiable. If we were to incur\nsubstantial liability and such damages were not covered by insurance or were\nin excess of policy limits, or if we were to incur such liability at a time\nwhen we are not able to obtain liability insurance, there could be a material\nadversely effect on our business, financial condition and results of\noperations.\n\n**_Our Loan imposes limitations on the type of transactions or financial\narrangements in which we may engage._ **\n\nWe executed a commitment letter with Romspen for the provision of a\n$40,000,000 senior secured debt facility, announced on August 23, 2017 (the \"\n**Loan** \"). The Loan is secured by all or substantially all of our assets and\ncontains certain restrictive covenants including, subject to certain\nexceptions, restrictions on our subsidiaries' ability to incur indebtedness,\ngrant liens, make corporate changes, dispose of assets, and our and our\nsubsidiaries' ability to pay dividends. Events beyond our control, including\nchanges in general economic and business conditions, may affect our ability to\nobserve or satisfy these covenants, which could result in a default under the\nLoan. If an event of default under the Loan occurs, the lender could elect to\ndeclare all principal amounts outstanding under the Loan at such time,\ntogether with accrued interest, to be immediately due. In such an event, we\nmay not have sufficient funds to repay amounts owing under the Loan. The Loan\nis also secured by mortgages over each of the properties owned by Peace\nNaturals and OGBC, all of our personal property and the personal property of\nPeace Naturals, OGBC and Hortican Inc. (\"  **Hortican** \"), Peace Naturals'\nand OGBC's interests in their respective ACMPR Licenses, as well as our shares\nin Hortican and the shares of Hortican in Peace Naturals and OGBC. In an event\nof default, we could lose those assets.\n\n**_We are subject to certain restrictions of the TSXV which may constrain our\nability to expand our business internationally._ **\n\nThe TSXV required, as a condition to listing, that we deliver an undertaking\n(the \"  **Undertaking** \") confirming that, while listed on the TSXV, we will\nonly conduct the business of production, acquisition, sale and distribution of\nmedical cannabis in Canada as permitted under our licenses with Health Canada.\nThis undertaking could have an adverse effect on our ability to export\ncannabis from Canada and on our ability to expand our business into other\nareas including the provision of non-medical cannabis in the event that the\nlaws were to change to permit such sales and we are still listed on the TSXV\nand still subject to the Undertaking at the time. The Undertaking may prevent\nus from expanding into new areas of business when our competitors have no such\nrestrictions. All such restrictions could materially and adversely affect our\ngrowth, business, financial condition and results of operations.\n\n70\n\n* * *\n\nTable of Contents\n\n**_We may be subject to risks related to the protection and enforcement of our\nintellectual property rights, and may become subject to allegations that we\nare in violation of intellectual property rights of third parties._ **\n\nThe ownership and protection of our intellectual property rights is a\nsignificant aspect of our future success. Currently we rely on trade secrets,\ntechnical know-how and proprietary information that are not protected by\npatents to maintain our competitive position. We try to protect our\nintellectual property by seeking and obtaining registered protection where\npossible, developing and implementing standard operating procedures to protect\ntrade secrets, technical know-how and proprietary information and entering\ninto agreements with parties that have access to our inventions, trade\nsecrets, technical know-how and proprietary information, such as our partners,\ncollaborators, employees and consultants, to protect confidentiality and\nownership. We also seek to preserve the integrity and confidentiality of our\ninventions, trade secrets, trademarks technical know-how and proprietary\ninformation by maintaining physical security of our premises and physical and\nelectronic security of our information technology systems.\n\nIt is possible that we will fail to identify inventions, trade secrets,\ntechnical know-how, trademarks and proprietary information, will fail to\nprotect such inventions and information, will inadvertently disclose such\nintellectual property or will fail to register rights in relation to such\nintellectual property.\n\nIn relation to our agreements with parties that have access to our\nintellectual property, any of these parties may breach these agreements and we\nmay not have adequate remedies for any specific breach. In relation to our\nsecurity measures, such security measures may be breached, and we may not have\nadequate remedies for any such breach. In addition, our intellectual property\nwhich has not yet been applied for or registered may otherwise become known to\nor be independently developed by competitors, or may already be the subject of\napplications for intellectual property registrations filed by our competitors,\nwhich may have a material adverse effect on our business, financial condition\nand results of operations.\n\nWe cannot provide any assurances that our inventions, trade secrets,\ntrademarks, technical know-how and other proprietary information will not be\ndisclosed in violation of agreements or that competitors will not otherwise\ngain access to our intellectual property or independently develop and file\napplications for intellectual property rights that adversely impact our\nintellectual property rights. Unauthorized parties may attempt to replicate or\notherwise obtain and use our inventions, trade secrets, trademarks, technical\nknow-how and proprietary information. Policing the unauthorized use of our\ncurrent or future intellectual property rights could be difficult, expensive,\ntime-consuming and unpredictable, as may be enforcing these rights against\nunauthorized use by others. Identifying unauthorized use of intellectual\nproperty rights is difficult as we may be unable to effectively monitor and\nevaluate the products being distributed by our competitors, including parties\nsuch as unlicensed dispensaries, and the processes used to produce such\nproducts. Additionally, if the steps taken to identify and protect our\nintellectual property rights are deemed inadequate, we may have insufficient\nrecourse against third parties for enforcement of our intellectual property\nrights.\n\n71\n\n* * *\n\nTable of Contents\n\nFurthermore, the laws and positions of intellectual property offices\nadministering such laws regarding intellectual property rights relating to\ncannabis and cannabis-related products are constantly evolving and there is\nuncertainty regarding which countries' laws prohibit the filing, prosecution\nand issuance of applications for intellectual property registrations in\nrelation to cannabis and cannabis-related products and which countries' laws\nprohibit the enforcement of rights under intellectual property registrations\nin relation to cannabis and cannabis-related products.\n\nIn addition, we have sought trademark protection in many countries, including\nCanada and others. Our ability to obtain registered trademark protection for\ncannabis-related goods and services, in particular for cannabis itself, may be\nlimited in certain countries outside of Canada, including the United states,\nwhere registered federal trademark protections is currently unavailable for\ntrademarks covering the sale of cannabis products (a controlled substance);\nand including the European Union, where laws on the legality of cannabis use\nare not uniform, and trademarks cannot be obtained for products that are\n\"contrary to public policy or accepted principles of morality\". Accordingly,\nour ability to obtain intellectual property rights or enforce intellectual\nproperty rights against third party uses of similar trademarks may be limited\nin certain countries.\n\nMoreover, in any infringement proceeding, some or all of our current or future\ntrademarks, patents or other intellectual property rights or other proprietary\nknow-how, or arrangements or agreements seeking to protect the same for our\nbenefit, may be found invalid, unenforceable, anti-competitive or not\ninfringed. An adverse result in any litigation or defense proceedings could\nput one or more of our current or future trademarks, patents or other\nintellectual property rights at risk of being invalidated or interpreted\nnarrowly and could put existing intellectual property applications at risk of\nnot being issued. Any or all of these events could materially and adversely\naffect our business, financial condition and results of operations.\n\nWe cannot offer any assurances about which, if any, patent applications will\nissue, the breadth of any such patent or whether any issued patents will be\nfound invalid or unenforceable or which of our products or processes will be\nfound to infringe upon the patents or other proprietary rights of third\nparties. Any successful opposition to future issued patents could deprive us\nof rights necessary for the successful commercialization of any new products\nor processes that we may develop.\n\nAlso, there is no guarantee that any patent or other intellectual property\napplications that we file will result in registration or any enforceable\nintellectual property rights. Further, there is no assurance that we will find\nall potentially relevant prior art relating to any patent applications that we\nfile, which may prevent a patent from issuing from a patent application or\ninvalidate any patent that issues from such application. Even if patents do\nsuccessfully issue, and cover our products and processes, third parties may\nchallenge their validity, enforceability, or scope, which may result in such\npatents being narrowed, found unenforceable or invalidated. Furthermore, even\nif they are unchallenged, any patent applications and future patents may not\nadequately protect our intellectual property, provide exclusivity for our\nproducts or processes, or prevent others from designing around any issued\npatent claims. Any of these outcomes could impair our ability to prevent\ncompetition from third parties, which may have an adverse impact on our\nbusiness.\n\nIn addition, other parties may claim that our products infringe on their\nproprietary and patent protected rights. There may be third party patents or\npatent applications with claims to products or processes related to the\nmanufacture, use or sale of or products and processes. There may be currently\npending patent applications, some of which may still be confidential, that may\nlater result in issued patents that our products or processes may infringe. In\naddition, third parties may obtain patents in the future and claim that use of\nour inventions, trade secrets, technical know-how and proprietary information,\nor the manufacture, use or sale of our products infringes upon those patents.\nThird parties may also claim that our use of our trademarks infringes upon\ntheir trademark rights. Parties making claims against us may obtain injunctive\nor other equitable relief, which may have an adverse impact on\n\n72\n\n* * *\n\nTable of Contents\n\nour business. Such claims, whether or not meritorious, may result in the\nexpenditure of significant financial and managerial resources, legal fees,\nresult in injunctions, temporary restraining orders and/or require the payment\nof damages. In addition, we may need to obtain licenses from third parties who\nallege that we have infringed on their lawful rights. However, such licenses\nmay not be available on terms acceptable to us or at all. In addition, we may\nnot be able to obtain or utilize on terms that are favorable to us, or at all,\nlicenses or other rights with respect to intellectual property that we do not\nown.\n\nGermplasm, including seeds, clones and cuttings, is the genetic material used\nin new cannabis varieties and hybrids. We use advanced breeding technologies\nto produce cannabis germplasm (hybrids and varieties) with superior\nperformance. We rely on parental varieties for the success of our breeding\nprogram. While we believe that the parental germplasm is proprietary to us, we\nmay need to obtain licenses from third parties who allege that we have\nappropriated their germplasm or their rights to such germplasm. We seek to\nprotect our parental germplasm as appropriate, relying on intellectual\nproperty rights, including rights related to inventions (patents and plant\nbreeders' rights), trade secrets, technical know-how, trademarks and\nproprietary information. There is a risk that we will fail to protect such\ngermplasm or that we will fail to register rights in relation to such\ngermplasm.\n\nWe also seek to protect our parental germplasm, hybrids and varieties from\npests and diseases and enhance plant productivity and fertility, and we\nresearch products to protect against crop pests and fungus. There are a number\nof reasons why new product concepts in these areas may be abandoned, including\ngreater than anticipated development costs, technical difficulties, regulatory\nobstacles, competition, inability to prove the original concept, lack of\ndemand and the need to divert focus, from time to time, to other initiatives\nwith perceived opportunities for better returns. The processes of breeding,\ndevelopment and trait integration are lengthy, and the germplasm we test may\nnot be selected for commercialization. The length of time and the risk\nassociated with breeding may affect our business. Our sales depend on our\ngermplasm. Commercial success frequently depends on being the first company to\nthe market, and many of our competitors are also making considerable\ninvestments in similar new and improved cannabis germplasm products.\nConsequently, there is no assurance that we will develop and deliver new\ncannabis germplasm products to the markets we serve on a timely basis.\n\nFinally, we seek to protect our germplasm, hybrids and varieties from\naccidental release, theft, misappropriation and sabotage by maintaining\nphysical security of our premises. However, such security measures may be\nbreached, and we may not have adequate remedies in the case of any such\nbreach.\n\n**_Conflicts of interest may arise between us and our directors and officers._\n**\n\nWe may be subject to various potential conflicts of interest because of the\nfact that some of our directors and officers may be engaged in a range of\nbusiness activities. In addition, our executive officers and directors may\ndevote time to their outside business interests, so long as such activities do\nnot materially or adversely interfere with their duties to us. In some cases,\nour directors and executive officers may have fiduciary obligations associated\nwith these business interests that interfere with their ability to devote time\nto our business and affairs and that could adversely affect our operations.\nThese business interests could require significant time and attention of our\ndirectors and executive officers.\n\nIn addition, we may also become involved in other transactions which conflict\nwith the interests of our directors and officers who may from time to time\ndeal with persons, firms, institutions or corporations with which we may be\ndealing, or which may be seeking investments similar to those desired by us.\nThe interests of these persons could conflict with our interests. In addition,\nfrom time to time, these persons may be competing with us for available\ninvestment opportunities. Conflicts of interest, if any, will be subject to\nthe procedures and remedies provided under applicable laws. In particular, in\nthe event that such a conflict of interest arises at a meeting of our\ndirectors, a director who has such a conflict will abstain from voting for or\nagainst the approval of such participation or\n\n73\n\n* * *\n\nTable of Contents\n\nsuch terms. In accordance with applicable laws, our directors are required to\nact honestly, in good faith and in our best interests.\n\n**_Tax and accounting requirements may change in ways that are unforeseen to\nus and we may face difficulty or be unable to implement and/or comply with any\nsuch changes._ **\n\nWe are subject to numerous tax and accounting requirements, and changes in\nexisting accounting or taxation rules or practices, or varying interpretations\nof current rules or practices, could have a significant adverse effect on our\nfinancial results, the manner in which we conduct our business or the\nmarketability of any of our products. In the future, the geographic scope of\nour business may expand, and such expansion will require us to comply with the\ntax laws and regulations of multiple jurisdictions. Requirements as to\ntaxation vary substantially among jurisdictions. Complying with the tax laws\nof these jurisdictions can be time consuming and expensive and could\npotentially subject us to penalties and fees in the future if we were to\ninadvertently fail to comply. In the event that we were to inadvertently fail\nto comply with applicable tax laws, this could have a material adverse effect\non our business, financial condition and results of operations.\n\n**_Our financial performance is subject to risks of foreign exchange rate\nfluctuation which could result in foreign exchange losses._ **\n\nWe may be exposed to fluctuations of the Canadian dollar against certain other\ncurrencies because we publish our financial statements in Canadian dollars,\nwhile a portion of our assets, liabilities, revenues and costs are or will be\ndenominated in other currencies. Exchange rates for currencies of the\ncountries in which we operate may fluctuate in relation to the Canadian\ndollar, and such fluctuations may have a material adverse effect on our\nearnings or assets when translating foreign currency into Canadian dollars.\n\n**_The inability for counterparties and customers to meet their financial\nobligations to us may result in financial losses._ **\n\nCredit risk is the risk that the counterparty to a financial instrument fails\nto meet its contractual obligations, resulting in a financial loss to us.\nThere are no assurances that our counterparties or customers will meet their\ncontractual obligations to us.\n\n**_Natural disasters, unusual weather, pandemic outbreaks, boycotts and geo-\npolitical events or acts of terrorism could adversely affect our operations\nand financial results._ **\n\nThe occurrence of one or more natural disasters, such as hurricanes, floods\nand earthquakes, unusually adverse weather, pandemic outbreaks, boycotts and\ngeo-political events, such as civil unrest in countries in which our\noperations are located and acts of terrorism, or similar disruptions could\nadversely affect our business, financial condition and results of operations.\nThese events could result in physical damage to one or more of our properties,\nincreases in fuel or other energy prices, the temporary or permanent closure\nof one or more of our facilities, the temporary lack of an adequate workforce\nin a market, the temporary or long-term disruption in the supply of products\nfrom suppliers, the temporary disruption in the transport of goods, delay in\nthe delivery of goods to our facilities, and disruption to our information\nsystems. These factors could otherwise disrupt our operations and could have\nan adverse effect on our business, financial condition and results of\noperations.\n\n74\n\n* * *\n\nTable of Contents\n\n  \n**Risks relating to our Common Shares and this Offering  \n**\n\n**_The market price for the Common Shares may be volatile and subject to\nfluctuation in response to numerous factors, many of which are beyond our\ncontrol, including the following:_ **\n\nThe market price for the Common Shares may be volatile and subject to wide\nfluctuations in response to many factors, including:\n\n\u2022\n\n     actual or anticipated fluctuations in our results of operations;    \n  \n\n\u2022\n\n     changes in estimates of our future results of operations by us or securities research analysts;    \n  \n\n\u2022\n\n     changes in the economic performance or market valuations of other companies that investors deem comparable to us;    \n  \n\n\u2022\n\n     addition or departure of our executive officers and other key personnel;    \n  \n\n\u2022\n\n     release or other transfer restrictions on outstanding Common Shares;    \n  \n\n\u2022\n\n     sales or perceived sales of additional Common Shares;    \n  \n\n\u2022\n\n     significant acquisitions or business combinations, strategic partnerships, joint ventures or capital commitments by or involving us or our competitors;    \n  \n\n\u2022\n\n     news reports relating to trends, concerns or competitive developments, regulatory changes and other related issues in our industry or target markets;    \n  \n\n\u2022\n\n     investors' general perception of us and the public's reaction to our press releases, our other public announcements and our filings with the SEC and Canadian securities regulators; and    \n  \n\n\u2022\n\n     the market's reaction to our reduced disclosure as a result of being an emerging growth company under the Jumpstart Our Business Startups (JOBS) Act. \n\nFinancial markets continue to experience significant price and volume\nfluctuations that have particularly affected the market prices of equity\nsecurities of companies and that have, in many cases, been unrelated to the\noperating performance, underlying asset values or prospects of such companies.\nAccordingly, the market price of the Common Shares may decline even if our\nresults of operations, underlying asset values or prospects have not changed.\nAdditionally, these factors, as well as other related factors, may cause\ndecreases in asset values that are deemed to be other than temporary, which\nmay result in impairment losses. As well, certain institutional investors may\nbase their investment decisions on consideration of our environmental,\ngovernance, diversity and social practices and performance against such\ninstitutions' respective investment guidelines and criteria, and failure to\nmeet such criteria may result in limited or no investment in the Common Shares\nby those institutions, which could adversely affect the trading price of the\nCommon Shares. There can be no assurance that continuing fluctuations in price\nand volume will not occur. If such increased levels of volatility and market\nturmoil continue, our business and financial condition could be adversely\nimpacted and the trading price of the Common Shares may be adversely affected.\n\nThe recent listing of our Common Shares on the NASDAQ in addition to the TSXV\nmay increase the trading price volatility on the TSXV and also result in\nvolatility of the trading price on the NASDAQ because trading will be split\nbetween the two markets, resulting in less liquidity on both exchanges. In\naddition, different liquidity levels, volume of trading, currencies and market\nconditions on the TSXV and the NASDAQ may result in different prevailing\ntrading prices.\n\nSecurities class action litigation often has been brought against companies\nfollowing periods of volatility in the market price of their securities. We\nmay in the future be the target of similar litigation. Securities litigation\ncould result in substantial costs and damages and divert management's\nattention\n\n75\n\n* * *\n\nTable of Contents\n\nand resources, which could adversely affect our business. Any adverse\ndetermination in litigation against us could also subject us to significant\nliabilities.\n\n**_We have broad discretion in the use of net proceeds from this Offering and\nmay not use them effectively._ **\n\nAs described under the heading \"  _Use of Proceeds,_ \" we intend to use\n$15,000,000 of the net proceeds of the Offering for capital expenditures\nrelating to international operations and capacity expansion, and the remaining\nnet proceeds of the Offering, including any net proceeds realized from the\nexercise of the Over-Allotment Option, for general working capital purposes,\nincluding working capital for the Company's international operations, and as\ncapital on hand for potential new investment opportunities. Although we\ncurrently intend to use the net proceeds from this Offering in such a manner,\nmanagement will have broad discretion in the application of the net proceeds\nand may elect to allocate proceeds differently from that described under the\nheading \"  _Use of Proceeds_ . Our shareholders may not agree with the manner\nin which management chooses to allocate and spend the net proceeds. Our\nfailure to apply these funds effectively could have a material adverse effect\non our business and financial conditions and may require us to raise\nadditional capital.\n\n**_We are eligible to be treated as an \"emerging growth company,\" as defined\nin the JOBS Act, and we cannot be certain if the reduced disclosure\nrequirements applicable to emerging growth companies will make our Common\nShares less attractive to investors._ **\n\nWe are an \"emerging growth company,\" as defined in the JOBS Act. For as long\nas we continue to be an emerging growth company, we may take advantage of\nexemptions from various reporting requirements that are applicable to other\npublic companies that are not emerging growth companies, including, but not\nlimited to, not being required to comply with the auditor attestation\nrequirements of Section 404 of the United States Sarbanes-Oxley Act of 2002,\nor the Sarbanes-Oxley Act.\n\nWe could be an emerging growth company for up to five years, although\ncircumstances could cause us to lose that status earlier, including if the\nmarket value of the Common Shares held by non-affiliates exceeds US$700\nmillion as of any June 30 before that time or if we have total annual gross\nrevenue of US$1.0 billion or more during any fiscal year before that time, in\nwhich cases we would no longer be an emerging growth company as of the\nfollowing December 31 or, if we issue more than US$1.0 billion in non-\nconvertible debt during any three-year period before that time, we would cease\nto be an emerging growth company immediately. Even after we no longer qualify\nas an emerging growth company, we may still qualify as a \"smaller reporting\ncompany\" which would allow us to take advantage of many of the same exemptions\nfrom disclosure requirements, including not being required to comply with the\nauditor attestation requirements of Section 404 of the Sarbanes-Oxley Act. We\ncannot predict if investors will find the Common Shares less attractive\nbecause we may rely on these exemptions. If some investors find the Common\nShares less attractive as a result, there may be a less active trading market\nfor the Common Shares and the trading price of the Common Shares may be more\nvolatile.\n\n**_We expect to incur increased costs as a result of being a public company in\nthe United States, and our management will be required to devote substantial\ntime to United States public company compliance programs._ **\n\nAs a public company in the United States, we expect to incur significant\nadditional legal, insurance, accounting and other expenses. In addition, our\nadministrative staff will be required to perform additional tasks. For\nexample, as result of becoming a public company in the United States, we are\nin the process of adopting additional internal controls and disclosure\ncontrols and procedures, have retained a United States transfer agent, adopted\na United States compliant insider trading policy and other corporate\ngovernance programs and charters and bear all of the internal and external\ncosts of preparing and distributing periodic public reports in compliance with\nour obligations under\n\n76\n\n* * *\n\nTable of Contents\n\nU.S. securities laws. We intend to invest resources to comply with evolving\nUnited States laws, regulations and standards, and this investment will result\nin increased general and administrative expenses. Our management team may not\nsuccessfully or efficiently manage our transition to being a United States\npublic company subject to significant regulatory oversight and reporting\nobligations under U.S. securities laws. In particular, these new obligations\nwill require substantial attention from our senior management and could divert\ntheir attention away from the day-to-day management of our business. If our\nefforts to comply with new United States laws, regulations and standards\ndiffer from the activities intended by regulatory or governing bodies due to\nambiguities related to practice, regulatory authorities or third-parties may\ninitiate legal proceedings against us and our business may be harmed. In\nconnection with becoming a public company in the United States, we have\nincreased our directors' and officers' insurance coverage, which will increase\nour insurance cost. In the future, it will be more expensive for us to obtain\ndirector and officer liability insurance, and we may be required to accept\nreduced coverage or incur substantially higher costs to obtain coverage. These\nfactors could also make it more difficult for us to attract and retain\nqualified members to our Board of Directors in the future, particularly to\nserve on our audit committee, and qualified executive officers.\n\nIn addition, in order to comply with the requirements of being a United States\npublic company, we may need to undertake various actions, including relating\nto implementing new internal controls and procedures and hiring new accounting\nor internal audit staff. The Sarbanes-Oxley Act requires that we maintain\neffective disclosure controls and procedures and internal control over\nfinancial reporting. We are continuing to develop and refine our disclosure\ncontrols and other procedures that are designed to ensure that information\nrequired to be disclosed by us in the reports that we file with the SEC is\nrecorded, processed, summarized and reported within the time periods specified\nin the SEC's rules and forms, and that information required to be disclosed in\nreports under the Exchange Act, is accumulated and communicated to our\nprincipal executive and financial officers. Any failure to develop or maintain\neffective controls could adversely affect the results of periodic management\nevaluations. In the event that we are not able to demonstrate compliance with\nthe Sarbanes-Oxley Act, that our internal control over financial reporting is\nperceived as inadequate, or that we are unable to produce timely or accurate\nfinancial statements, investors may lose confidence in our results of\noperations and the trading price of our Common Shares could decline. In\naddition, if we are unable to continue to meet these requirements, we may not\nbe able to remain listed on the NASDAQ.\n\nWe are not currently required to comply with the SEC's rules that implement\nSection 404 of the Sarbanes-Oxley Act, and are therefore not yet required to\nmake a formal assessment of the effectiveness of our internal control over\nfinancial reporting under United States rules. We are required to comply with\ncertain of the SEC's rules implementing the Sarbanes-Oxley Act, which require\nmanagement to certify financial and other information in our annual reports\nand provide an annual management report on the effectiveness of our internal\ncontrol over financial reporting commencing with our second annual report\nfiled with the SEC. This assessment will need to include the disclosure of any\nmaterial weaknesses in our internal control over financial reporting\nidentified by our management or our independent registered public accounting\nfirm. We have commenced the costly and challenging process of implementing the\nsystem and processing documentation needed to comply with such requirements.\nWe may not be able to complete our evaluation, testing and any required\nremediation in a timely fashion.\n\nOur independent registered public accounting firm will not be required to\nformally attest to the effectiveness of our internal control over financial\nreporting until the later of our second annual report or the first annual\nreport required to be filed with the SEC following the date we are no longer\nan \"emerging growth company\" as defined in the JOBS Act. We cannot assure you\nthat there will not be material weaknesses or significant deficiencies in our\ninternal controls in the future.\n\n77\n\n* * *\n\nTable of Contents\n\n**_As a foreign private issuer, we are subject to different U.S. securities\nlaws and rules than a domestic U.S. issuer, which may limit the information\npublicly available to our shareholders._ **\n\nWe are a \"foreign private issuer,\" as such term is defined in Rule 405 under\nthe U.S. Securities Act, and are not subject to the same requirements that are\nimposed upon U.S. domestic issuers by the SEC. Under the Exchange Act, we will\nbe subject to reporting obligations that, in certain respects, are less\ndetailed and less frequent than those of U.S. domestic reporting companies. As\na result, we will not file the same reports that a U.S. domestic issuer would\nfile with the SEC, although we will be required to file or furnish to the SEC\nthe continuous disclosure documents that we are required to file in Canada\nunder Canadian securities laws. In addition, our officers, directors, and\nprincipal shareholders are exempt from the reporting and \"short swing\" profit\nrecovery provisions of Section 16 of the Exchange Act. Therefore, our\nshareholders may not know on as timely a basis when our officers, directors\nand principal shareholders purchase or sell shares, as the reporting deadlines\nunder the corresponding Canadian insider reporting requirements are longer.\n\nAs a foreign private issuer, we will be exempt from the rules and regulations\nunder the Exchange Act related to the furnishing and content of proxy\nstatements. We will also be exempt from Regulation FD, which prohibits issuers\nfrom making selective disclosures of material non-public information. While we\nwill comply with the corresponding requirements relating to proxy statements\nand disclosure of material non-public information under Canadian securities\nlaws, these requirements differ from those under the Exchange Act and\nRegulation FD and shareholders should not expect to receive the same\ninformation at the same time as such information is provided by U.S. domestic\ncompanies. In addition, we will have four months after the end of each fiscal\nyear to file our annual report with the SEC and will not be required under the\nExchange Act to file quarterly reports with the SEC as promptly as U.S.\ndomestic companies whose securities are registered under the Exchange Act.\n\nIn addition, as a foreign private issuer, we have the option to follow certain\nCanadian corporate governance practices, except to the extent that such laws\nwould be contrary to U.S. securities laws, and provided that we disclose the\nrequirements we are not following and describe the Canadian practices we\nfollow instead. We may in the future elect to follow home country practices in\nCanada with regard to certain corporate governance matters. As a result, our\nshareholders may not have the same protections afforded to shareholders of\nU.S. domestic companies that are subject to all corporate governance\nrequirements.\n\n**_We may lose foreign private issuer status in the future, which could result\nin significant additional costs and expenses to us._ **\n\nWe may in the future lose our foreign private issuer status if a majority of\nour shares are held in the United States and we fail to meet the additional\nrequirements necessary to avoid loss of foreign private issuer status, such as\nif: (1) a majority of our directors or executive officers are U.S. citizens or\nresidents; (2) a majority of our assets are located in the United States; or\n(3) our business is administered principally in the United States. Although we\nhave elected to comply with certain U.S. regulatory provisions, our loss of\nforeign private issuer status would make such provisions mandatory. The\nregulatory and compliance costs to us under U.S. securities laws as a U.S.\ndomestic issuer will be significantly more than the costs incurred as a\nCanadian foreign private issuer. If we are not a foreign private issuer, we\nwould not be eligible to use foreign issuer forms and would be required to\nfile periodic and current reports and registration statements on U.S. domestic\nissuer forms with the SEC, which are generally more detailed and extensive\nthan the forms available to a foreign private issuer. In addition, we may lose\nour ability to rely upon exemptions from certain corporate governance\nrequirements on the NASDAQ that are available to foreign private issuers.\n\n78\n\n* * *\n\nTable of Contents\n\n**_We may require additional capital in the future and we cannot give any\nassurance that such capital will be available at all or available on terms\nacceptable to us and, if it is available, additional capital raised by us may\ndilute holders of Common Shares._ **\n\nWe may need to raise additional funds through public or private debt or equity\nfinancings in order to:\n\n\u2022\n\n     fund ongoing operations;    \n  \n\n\u2022\n\n     take advantage of opportunities, including more rapid expansion of our business or the acquisition of complementary products, technologies or businesses;    \n  \n\n\u2022\n\n     develop new products; or    \n  \n\n\u2022\n\n     respond to competitive pressures. \n\nHolders of Common Shares will have no pre-emptive rights in connection with\nsuch further issues. The Board of Directors has the discretion to determine if\nan issuance of Common Shares is warranted, the price at which such issuance is\neffected and the other terms of issue of Common Shares. Any additional capital\nraised through the sale of equity will dilute the percentage ownership of\nholders of our Common Shares. Capital raised through debt financing would\nrequire us to make periodic interest payments and may impose restrictive\ncovenants on the conduct of our business.\n\n**_A substantial number of Common Shares are owned by a limited number of\nexisting shareholders._ **\n\nOur management, directors and employees own a substantial number of the\noutstanding Common Shares (on a fully diluted basis). As such, our management,\ndirectors and employees, as a group, each are in a position to exercise\nsignificant influence over matters requiring shareholder approval, including\nthe election of directors and the determination of significant corporate\nactions. In addition, these shareholders could delay or prevent a change in\ncontrol that could otherwise be beneficial to holders of Common Shares.\n\n**_It is not anticipated that any dividend will be paid to holders of Common\nShares for the foreseeable future._ **\n\nNo dividends on the Common Shares have been paid to date. We currently intend\nto retain future earnings, if any, for future operation, expansion and debt\nrepayment. Any decision to declare and pay dividends in the future will be\nmade at the discretion of our Board of Directors and will depend on, among\nother things, financial results, cash requirements, contractual restrictions\nand other factors that our Board of Directors may deem relevant. As a result,\ninvestors may not receive any return on an investment in the Common Shares\nunless they sell their shares for a price greater than that which such\ninvestors paid for them.\n\n**_Investors in the United States may have difficulty bringing actions and\nenforcing judgments against us and others based on securities law civil\nliability provisions._ **\n\nWe are incorporated under the laws of the Province of Ontario and our head\noffice is located in the Province of Ontario. Some of our directors and\nofficers and some of the experts named in this Prospectus and the documents\nincorporated by reference herein and therein are residents of Canada or\notherwise reside outside of the United States, and a substantial portion of\ntheir assets and our assets are located outside the United States.\nConsequently, it may be difficult for investors in the United States to bring\nan action against such directors, officers or experts or to enforce against\nthose persons or us a judgment obtained in a United States court predicated\nupon the civil liability provisions of U.S. federal securities laws or other\nlaws of the United States. See \"  _Enforceability of Civil Liabilities_ \".\n\n79\n\n* * *\n\nTable of Contents\n\n**_If we are a passive foreign investment company for U.S. federal income tax\npurposes in any year, certain adverse tax rules could apply to U.S. Holders of\nShares._ **\n\nBased on current business plans and financial expectations, the Company may be\na passive foreign investment company (\"  **PFIC** \") for the current taxable\nyear ending December 31, 2018 and may be a PFIC for the foreseeable future.\n\nThe Company will be classified as a PFIC for any taxable year for U.S. federal\nincome tax purposes if for a taxable year, (a) 75% or more of the gross income\nof the Company is passive income or (b) 50% or more of the value of the\nCompany's assets either produce passive income or are held for the production\nof passive income, based on the quarterly average of the fair market value of\nsuch assets.\n\nPFIC status is determined annually and depends upon the composition of a\ncompany's income and assets and the market value of its stock from time to\ntime. Therefore, there can be no assurance as to our PFIC status for future\ntaxable years. The value of our assets will be based, in part, on the then\nmarket value of Shares, which is subject to change.\n\nIf we are a PFIC for any taxable year during which a U.S. Holder (as defined\nunder \"  _Certain U.S. Federal Income Tax Consequences_ \" in this Prospectus)\nholds Shares, such U.S. Holders could be subject to adverse U.S. federal\nincome tax consequences (whether or not we continue to be a PFIC). For\nexample, U.S. Holders may become subject to increased tax liabilities under\nU.S. federal income tax laws and regulations, and will become subject to\nburdensome reporting requirements. If we are a PFIC during a taxable year in\nwhich a U.S. Holder holds Shares, such U.S. Holder may be able to make a\n\"qualified electing fund\" election (a \"  **QEF Election** \") or,\nalternatively, a \"mark-to-market\" election that could mitigate the adverse\nU.S. federal income tax consequences that would otherwise apply to such U.S.\nHolder. Upon request of a U.S. Holder, we intend to provide the information\nnecessary for a U.S. Holder to make applicable QEF Elections. In addition,\nunder certain attribution rules, if the Company is a PFIC, U.S. Holders will\ngenerally be deemed to own their proportionate share of the Company's direct\nor indirect equity interest in any company that is also a PFIC (a \"\n**Subsidiary PFIC** \"). U.S. Holders may need to make one or more elections\nwith respect to any Subsidiary PFIC in order to mitigate the adverse U.S.\nfederal income tax consequences. See \"  _Certain U.S. Federal Income Tax\nConsequences\u2014Ownership and Disposition of the Shares if the Company is a PFIC_\n\" for additional information.\n\nU.S. Holders are urged to consult their own tax advisers as to whether we may\nbe treated as a PFIC and the tax consequences thereof.\n\n**_If securities or industry analysts do not publish research, or publish\ninaccurate or unfavorable research about our business, our share price and\ntrading volume could decline._ **\n\nThe trading market for our Common Shares depends, in part, on the research and\nreports that securities or industry analysts publish about us or our business.\nIf one or more of the analysts who cover us downgrade our Common Shares or\npublish inaccurate or unfavorable research about our business, the trading\nprice of the Common Shares would likely decline. In addition, if our results\nof operations fail to meet the forecast of analysts, the trading price of the\nCommon Shares would likely decline. If one or more of these analysts cease\ncoverage of us or fail to publish reports on us regularly, demand for our\nCommon Shares could decrease, which might cause our trading price and trading\nvolume to decline.\n\n80\n\n* * *\n\nTable of Contents\n\n  \n**DOCUMENTS FILED AS PART OF THE REGISTRATION STATEMENT  \n**\n\nThe following documents have been or will be filed with the SEC as part of the\nregistration statement of which this Prospectus is a part insofar as required\nby the SEC's Form F-10:\n\n\u2022\n\n     the Underwriting Agreement;    \n  \n\n\u2022\n\n     the documents listed under \"  _Documents Incorporated by Reference_ \" in this Prospectus;    \n  \n\n\u2022\n\n     the consent of the auditor, MNP LLP;    \n  \n\n\u2022\n\n     the consent of the Company's Canadian counsel, Blake, Cassels & Graydon LLP;    \n  \n\n\u2022\n\n     the consent of the Underwriters' Canadian counsel, Dentons Canada LLP;    \n  \n\n\u2022\n\n     powers of attorney from the Company's directors and officers. \n\n  \n**LEGAL MATTERS  \n**\n\nCertain legal matters in connection with this Offering will be passed upon on\nbehalf of the Company by Blake, Cassels & Graydon LLP, with respect to\nCanadian law, and Paul, Weiss, Rifkind, Wharton & Garrison LLP, with respect\nto United States law. Certain legal matters in connection with this Offering\nwill be passed upon on behalf of the Underwriters by Dentons Canada LLP, with\nrespect to Canadian law. The Underwriters have been represented by Shearman &\nSterling LLP with respect to matters of United States law. As at the date\nhereof, the partners and associates of Blake, Cassels & Graydon LLP and\nDentons Canada LLP, each as a group, beneficially own, directly and\nindirectly, in the aggregate, less than one percent of the Common Shares.\n\n  \n**AUDITOR, TRANSFER AGENT AND REGISTRAR  \n**\n\nMNP LLP is the independent auditor of the Company and is independent within\nthe meaning of the Rules of Professional Conduct of the Chartered Professional\nAccountants of Ontario and within the meaning of the Exchange Act and the\napplicable rules and regulations adopted by the SEC and the Public Company\nAccounting Oversight Board (U.S.). The consolidated financial statements of\nthe Company as at December 31, 2016 and 2015, and for each of the two years in\nthe period ended December 31, 2016, incorporated by reference in this\nProspectus have been audited by MNP LLP and have been so incorporated in\nreliance upon the report of MNP LLP given their authority as experts in\naccounting and auditing.\n\nThe registrar and transfer agent for the Common Shares is TSX Trust Company at\nits offices in Toronto, Ontario and Continental Stock Transfer & Trust Company\nat its offices in New York, New York.\n\n  \n**AGENT FOR SERVICE OF PROCESS  \n**\n\nEach of Michael Gorenstein, the Chairman, Chief Executive Officer, President\nand a director of the Company, and Jason Adler, a director of the Company,\nresides outside of Canada and has appointed Cronos Group Inc., 720 King Street\nWest, Toronto, Ontario, M5V 2T3, Canada, as his agent for service of process.\nPurchasers are advised that it may not be possible for investors to enforce\njudgments obtained in Canada against any person or company that is\nincorporated, continued or otherwise organized under the laws of a foreign\njurisdiction or resides outside of Canada, even if the party has appointed an\nagent for service of process.\n\n81\n\n* * *\n\nTable of Contents\n\n  \n**PROMOTERS  \n**\n\nAlan Friedman, a director of the Company, is a promoter of the Company. As of\nthe date of this Prospectus, Mr. Friedman beneficially owns, controls, or\ndirects, directly or indirectly, 294,878 Common Shares, representing\napproximately 0.18% of the issued and outstanding Common Shares. Mr. Friedman\nalso holds 83,000 options to purchase Common Shares. Mr. Friedman has served\nas a director of the Company since August 21, 2012.\n\n82\n\n* * *\n\n  \n**PART II  \n  \nINFORMATION NOT REQUIRED TO BE DELIVERED  \nTO OFFEREES OR PURCHASERS  \n**\n\n**Indemnification of Directors and Officers**\n\nUnder the  _Business Corporations Act_ (Ontario), the Registrant may indemnify\na director or officer of the Registrant, a former director or officer of the\nRegistrant or another individual who acts or acted at the Registrant's request\nas a director or officer, or an individual acting in a similar capacity, of\nanother entity (each of the foregoing, an \"individual\"), against all costs,\ncharges and expenses, including an amount paid to settle an action or satisfy\na judgment, reasonably incurred by the individual in respect of any civil,\ncriminal, administrative, investigative or other proceeding in which the\nindividual is involved because of that association with the Registrant or\nother entity, on the condition that (i) such individual acted honestly and in\ngood faith with a view to the best interests of the Registrant or, as the case\nmay be, to the best interests of the other entity for which the individual\nacted as a director or officer or in a similar capacity at the Registrant's\nrequest; and (ii) if the matter is a criminal or administrative action or\nproceeding that is enforced by a monetary penalty, the Registrant shall not\nindemnify the individual unless the individual had reasonable grounds for\nbelieving that his or her conduct was lawful.\n\nFurther, the Registrant may, with the approval of a court, indemnify an\nindividual in respect of an action by or on behalf of the Registrant or other\nentity to obtain a judgment in its favor, to which the individual is made a\nparty because of the individual's association with the Registrant or other\nentity as a director or officer, a former director or officer, an individual\nwho acts or acted at the Registrant's request as a director or officer, or an\nindividual acting in a similar capacity, against all costs, charges and\nexpenses reasonably incurred by the individual in connection with such action,\nif the individual fulfills the conditions in (i) and (ii) above. Such\nindividuals are entitled to indemnification from the Registrant in respect of\nall costs, charges and expenses reasonably incurred by the individual in\nconnection with the defense of any civil, criminal, administrative,\ninvestigative or other proceeding to which the individual is subject because\nof the individual's association with the Registrant or other entity as\ndescribed above, provided the individual seeking an indemnity: (A) was not\njudged by a court or other competent authority to have committed any fault or\nomitted to do anything that the individual ought to have done; and (B)\nfulfills the conditions in (i) and (ii) above.\n\nThe by-laws of the Registrant provide that, subject to the  _Business\nCorporations Act_ (Ontario), the Registrant shall from time to time indemnify\nand save harmless every director or officer of the Registrant, every former\ndirector or officer of the Registrant, every individual who acts or has acted\nat the Registrant's request as a director or officer of a body corporate of\nwhich the Registrant is or was a shareholder or creditor, and that\nindividual's heirs, executors, administrators and other legal personal\nrepresentatives (each an \"Indemnified Person\") from and against (a) any and\nall liability, costs, charges and expenses, including an amount paid to settle\nan action or satisfy a judgment which is reasonably incurred by such\nIndemnified Person in respect of any civil, criminal, action, suit or\nadministrative proceeding that is proposed or commenced against such\nIndemnified Person for or in respect of the execution of the duties of such\nIndemnified Person's office or by reason of such Indemnified Person being or\nhaving been a director or officer of the Registrant or such body corporate;\nand (b) all other costs, charges and expenses that such individual sustains or\nincurs in respect of the affairs of the Registrant.\n\nThe Registrant maintains directors' and officers' liability insurance which\ninsures directors and officers for losses as a result of claims against the\ndirectors and officers of the Registrant in their capacity as directors and\nofficers and also reimburses the Registrant for payments made pursuant to the\nindemnity provisions under the by-laws of the Registrant and the  _Business\nCorporations Act_ (Ontario).\n\n* * * \n\nII-1\n\n* * *\n\n**Insofar as indemnification for liabilities arising under the Securities Act\nof 1933, as amended, may be permitted to directors, officers or persons\ncontrolling the Registrant pursuant to the foregoing provisions, the\nRegistrant has been informed that in the opinion of the U.S. Securities and\nExchange Commission such indemnification is against public policy as expressed\nin the Securities Act of 1933, as amended, and is therefore unenforceable.**\n\nThe exhibits listed in the exhibit index, appearing elsewhere in this\nRegistration Statement, have been filed as part of this Registration\nStatement.\n\nII-2\n\n* * *\n\n  \n**PART III  \n  \nUNDERTAKING AND CONSENT TO SERVICE OF PROCESS  \n**\n\n**Item 1. Undertaking  \n**\n\nThe Registrant undertakes to make available, in person or by telephone,\nrepresentatives to respond to inquiries made by the Commission staff, and to\nfurnish promptly, when requested to do so by the Commission staff, information\nrelating to the securities registered pursuant to Form F-10 or to transactions\nin said securities.\n\n**Item 2. Consent to Service of Process  \n**\n\nA written Appointment of Agent for Service of Process and Undertaking on Form\nF-X for the Registrant and its agent for service of process is being filed\nconcurrently herewith.\n\nAny change to the name or address of the agent for service of process of the\nRegistrant shall be communicated promptly to the Commission by amendment to\nForm F-X referencing the file number of this Registration Statement on Form\nF-10.\n\nIII-1\n\n* * *\n\n  \n**EXHIBIT INDEX  \n**\n\n|  |   \n---|---|---  \n**Exhibit  \nNumber ** |  |  **Description**  \n3.1  |  *  |  Underwriting Agreement.   \n|  |   \n4.1  |  |  [ Annual information form of the Registrant dated October 25, 2017 for the fiscal year ended December 31, 2016 (incorporated by reference from Exhibit No. 99.1 to the Registrant's Form 40-F, filed with the Commission on February 22, 2018). ](http://www.sec.gov/Archives/edgar/data/1656472/000104746918000939/a2234513zex-99_1.htm)  \n|  |   \n4.2  |  |  [ Audited consolidated financial statements of the Registrant, as at and for the years ended December 31, 2016 and December 31, 2015 and related notes thereto, together with the independent auditors' report thereon (incorporated by reference from Exhibit No. 99.3 to the Registrant's Form 40-F, filed with the Commission on February 22, 2018). ](http://www.sec.gov/Archives/edgar/data/1656472/000104746918000939/a2234513zex-99_3.htm)  \n|  |   \n4.3  |  |  [ Management's discussion and analysis for the year ended December 31, 2016 (incorporated by reference from Exhibit No. 99.4 to the Registrant's Form 40-F, filed with the Commission on February 22, 2018). ](http://www.sec.gov/Archives/edgar/data/1656472/000104746918000939/a2234513zex-99_4.htm)  \n|  |   \n4.4  |  |  [ Unaudited interim condensed financial statements of the Registrant as at September 30, 2017 and for the three and nine month periods ended September 30, 2017 and September 30, 2016, and related notes thereto (except for page 1 of such financial statements containing a notice that the Registrant's auditor has not reviewed such financial statements) (incorporated by reference from Exhibit No. 99.9 to the Registrant's Form 40-F, filed with the Commission on February 22, 2018). ](http://www.sec.gov/Archives/edgar/data/1656472/000104746918000939/a2234513zex-99_9.htm)  \n|  |   \n4.5  |  |  [ Management's discussion and analysis for the three and nine month periods ended September 30, 2017 and 2016 (incorporated by reference from Exhibit No. 99.10 to the Registrant's Form 40-F, filed with the Commission on February 22, 2018). ](http://www.sec.gov/Archives/edgar/data/1656472/000104746918000939/a2234513zex-99_10.htm)  \n|  |   \n4.6  |  |  [ Management information circular of the Registrant dated May 20, 2016 prepared in connection with the annual and special meeting of shareholders of the Registrant held on June 28, 2016\\. ](a2234990zex-4_6.htm)  \n|  |   \n4.7  |  |  [ Management information circular of the Registrant dated January 23, 2017 prepared in connection with the special meeting of shareholders of the Registrant held on February 24, 2017 (incorporated by reference from Exhibit No. 99.12 to the Registrant's Form 40-F, filed with the Commission on February 22, 2018). ](http://www.sec.gov/Archives/edgar/data/1656472/000104746918000939/a2234513zex-99_12.htm)  \n|  |   \n4.8  |  |  [ Management information circular of the Registrant dated May 26, 2017 prepared in connection with the annual and special meeting of shareholders of the Registrant held on June 28, 2017 (incorporated by reference from Exhibit No. 99.11 to the Registrant's Form 40-F, filed with the Commission on February 22, 2018). ](http://www.sec.gov/Archives/edgar/data/1656472/000104746918000939/a2234513zex-99_11.htm)  \n|  |   \n4.9  |  |  [ Material change report dated January 8, 2018 (incorporated by reference from Exhibit No. 99.21 to the Registrant's Form 40-F, filed with the Commission on February 22, 2018). ](http://www.sec.gov/Archives/edgar/data/1656472/000104746918000939/a2234513zex-99_21.htm)  \n|  |   \n4.10  |  |  [ Material change report dated November 10, 2017 (incorporated by reference from Exhibit No. 99.20 to the Registrant's Form 40-F, filed with the Commission on February 22, 2018). ](http://www.sec.gov/Archives/edgar/data/1656472/000104746918000939/a2234513zex-99_20.htm)  \n|  |   \n4.11  |  |  [ Material change report dated October 23, 2017 (incorporated by reference from Exhibit No. 99.18 to the Registrant's Form 40-F, filed with the Commission on February 22, 2018). ](http://www.sec.gov/Archives/edgar/data/1656472/000104746918000939/a2234513zex-99_18.htm)  \n|  |   \n4.12  |  |  [ Material change report dated October 23, 2017 (incorporated by reference from Exhibit No. 99.19 to the Registrant's Form 40-F, filed with the Commission on February 22, 2018). ](http://www.sec.gov/Archives/edgar/data/1656472/000104746918000939/a2234513zex-99_19.htm)  \n|  |   \n4.13  |  |  [ Material change report dated September 29, 2017 (incorporated by reference from Exhibit No. 99.17 to the Registrant's Form 40-F, filed with the Commission on February 22, 2018). ](http://www.sec.gov/Archives/edgar/data/1656472/000104746918000939/a2234513zex-99_17.htm)  \n  \nIII-2\n\n* * *\n\n|  |   \n---|---|---  \n**Exhibit  \nNumber ** |  |  **Description**  \n4.14  |  |  [ Material change report dated September 1, 2017 (incorporated by reference from Exhibit No. 99.16 to the Registrant's Form 40-F, filed with the Commission on February 22, 2018). ](http://www.sec.gov/Archives/edgar/data/1656472/000104746918000939/a2234513zex-99_16.htm)  \n|  |   \n4.15  |  |  [ Material change report dated March 17, 2017 (incorporated by reference from Exhibit No. 99.15 to the Registrant's Form 40-F, filed with the Commission on February 22, 2018). ](http://www.sec.gov/Archives/edgar/data/1656472/000104746918000939/a2234513zex-99_15.htm)  \n|  |   \n4.16  |  |  [ Material change report dated February 27, 2017 (incorporated by reference from Exhibit No. 99.14 to the Registrant's Form 40-F, filed with the Commission on February 22, 2018). ](http://www.sec.gov/Archives/edgar/data/1656472/000104746918000939/a2234513zex-99_14.htm)  \n|  |   \n4.17  |  |  [ Material change report dated February 17, 2017 (incorporated by reference from Exhibit No. 99.13 to the Registrant's Form 40-F, filed with the Commission on February 22, 2018). ](http://www.sec.gov/Archives/edgar/data/1656472/000104746918000939/a2234513zex-99_13.htm)  \n|  |   \n5.1  |  |  [ Consent of MNP LLP. ](a2234990zex-5_1.htm)  \n|  |   \n5.2  |  *  |  Consent of Blake, Cassels & Graydon LLP.   \n|  |   \n5.3  |  *  |  Consent of Dentons Canada LLP.   \n|  |   \n6.1  |  |  Powers of Attorney (included on the signature page of this Registration Statement).   \n  \n* * *\n\n* \n     To be filed by amendment. \n\nIII-3\n\n* * *\n\n  \n**SIGNATURES  \n**\n\nPursuant to the requirements of the Securities Act of 1933, as amended, the\nregistrant certifies that it has reasonable grounds to believe that it meets\nall of the requirements for filing on Form F-10 and has duly caused this\nRegistration Statement to be signed on its behalf by the undersigned,\nthereunto duly authorized, in the City of Toronto, Ontario, on March 21, 2018.\n\n|  |  |  |  |  |   \n---|---|---|---|---|---|---  \n|  |  **CRONOS GROUP INC.**  \n  \n|  \n|  \nBy:  |    \n|  \n/s/ MICHAEL GORENSTEIN  \n\n* * *  \n  \n|  |  |  |  Name:  |  |  Michael Gorenstein   \n|  |  |  |  Title:  |  |  _President and Chief Executive Officer_  \n  \nIII-4\n\n* * *\n\n  \n**POWER OF ATTORNEY  \n**\n\nKNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below\nconstitutes and appoints Michael Gorenstein, Xiuming Shum and William Hilson,\nor any of them, his or her true and lawful attorneys-in-fact and agents, each\nof whom may act alone, with full powers of substitution and resubstitution,\nfor him or her and in his or her name, place and stead, in any and all\ncapacities, to sign any or all amendments to this Registration Statement,\nincluding post-effective amendments, and any and all additional registration\nstatements (including amendments and post-effective amendments thereto) in\nconnection with any increase in the amount of securities registered with the\nSecurities and Exchange Commission, and to file the same, with all exhibits\nthereto, and other documents and in connection therewith, with the Securities\nand Exchange Commission, granting unto said attorneys-in-fact and agents, and\neach of them full power and authority to do and perform each and every act and\nthing requisite and necessary to be done in and about the premises, as fully\nto all intents and purposes as he or she might or could do in person, and\nhereby ratifies and confirms all his or her said attorneys-in-fact and agents\nor any of them or his or her substitute or substitutes may lawfully do or\ncause to be done by virtue hereof.\n\nThis Power of Attorney may be executed in multiple counterparts, each of which\nshall be deemed an original, but which taken together shall constitute one\ninstrument.\n\nPursuant to the requirements of the Securities Act of 1933, this Registration\nStatement has been signed below by the following persons in the capacities\nindicated and on the dates indicated.\n\n|  |  |  |   \n---|---|---|---|---  \n**Signature** |  |  **Capacity** |  |  **Date**  \n  \n|  \n|  \n|  \n|  \n  \n/s/ MICHAEL GORENSTEIN  \n\n* * *\n\nMichael Gorenstein  |  |  Chairman, President and Chief Executive Officer (Principal Executive Officer)  |  |  March 21, 2018   \n  \n/s/ WILLIAM HILSON  \n\n* * *\n\nWilliam Hilson  |    \n|  \nChief Financial Officer (Principal Financial and Accounting Officer)  |    \n|  \nMarch 21, 2018  \n  \n/s/ JASON ADLER  \n\n* * *\n\nJason Adler  |    \n|  \nDirector  |    \n|  \nMarch 21, 2018  \n  \n/s/ ALAN FRIEDMAN  \n\n* * *\n\nAlan Friedman  |    \n|  \nDirector  |    \n|  \nMarch 21, 2018  \n  \n/s/ MICHAEL KRESTELL  \n\n* * *\n\nMichael Krestell  |    \n|  \nDirector  |    \n|  \nMarch 21, 2018  \n  \n/s/ JIM RUDYK  \n\n* * *\n\nJim Rudyk  |    \n|  \nDirector  |    \n|  \nMarch 21, 2018  \n  \nIII-5\n\n* * *\n\n  \n**AUTHORIZED REPRESENTATIVE  \n**\n\nPursuant to the requirements of Section 6(a) of the Securities Act of 1933, as\namended, the undersigned has signed this Registration Statement, in the\ncapacity of the duly authorized representative of the Registrant in the United\nStates, on March 21, 2018.\n\n|  |  |  |  |  |   \n---|---|---|---|---|---|---  \n|  |  **PUGLISI & ASSOCIATES **  \n  \n|  \n|  \nBy:  |    \n|  \n/s/ DONALD J. PUGLISI  \n\n* * *  \n  \n|  |  |  |  Name:  |  |  Donald J. Puglisi   \n|  |  |  |  Title:  |  |  _Managing Director_  \n  \nIII-6\n\n* * *\n\n  \n\n",
                "url": "https://www.sec.gov/Archives/edgar/data/1656472/000104746918001967/a2234990zf-10.htm"
            },
            "reason": "This is a filing with the U.S. Securities and Exchange Commission (SEC) by The Cronos Group. SEC filings are highly reliable sources of information.",
            "reliability_score": 1.0,
            "search_query": "company 'The Cronos Group' supply chain human rights",
            "summary": "SEC filing by The Cronos Group.",
            "url": "https://www.sec.gov/Archives/edgar/data/1656472/000104746918001967/a2234990zf-10.htm"
        },
        {
            "content": {
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                    "source": "https://www.newswire.ca/news-releases/cronos-group-inc-announces-c2-4-billion-strategic-investment-from-altria-group-inc-702151761.html"
                },
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                "url": "https://www.newswire.ca/news-releases/cronos-group-inc-announces-c2-4-billion-strategic-investment-from-altria-group-inc-702151761.html"
            },
            "reason": "This is a news release from The Cronos Group, distributed via Newswire.ca. News releases are generally reliable for factual announcements, though they may present information in a favorable light.",
            "reliability_score": 0.9,
            "search_query": "company 'The Cronos Group' supply chain human rights",
            "summary": "News release announcing a strategic investment in The Cronos Group.",
            "url": "https://www.newswire.ca/news-releases/cronos-group-inc-announces-c2-4-billion-strategic-investment-from-altria-group-inc-702151761.html"
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        {
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                    "origin": "public",
                    "resource_location": "web",
                    "resource_type": "webpage",
                    "source": "https://www.sec.gov/Archives/edgar/data/1656472/000165647220000011/cronosdraftfy20193220filin.htm"
                },
                "page_content": "U.S. Securities and Exchange Commission\n\n#  Your Request Originates from an Undeclared Automated Tool\n\nTo allow for equitable access to all users, SEC reserves the right to limit\nrequests originating from undeclared automated tools. Your request has been\nidentified as part of a network of automated tools outside of the acceptable\npolicy and will be managed until action is taken to declare your traffic.\n\nPlease declare your traffic by updating your user agent to include company\nspecific information.\n\nFor best practices on efficiently downloading information from SEC.gov,\nincluding the latest EDGAR filings, visit [ sec.gov/developer\n](https://www.sec.gov/developer) . You can also [ sign up for email updates\n](https://public.govdelivery.com/accounts/USSEC/subscriber/new?topic_id=USSEC_260)\non the SEC open data program, including best practices that make it more\nefficient to download data, and SEC.gov enhancements that may impact scripted\ndownloading processes. For more information, contact [ opendata@sec.gov\n](mailto:opendata@sec.gov) .\n\nFor more information, please see the SEC\u00e2\u0080\u0099s  Web Site Privacy and Security\nPolicy  . Thank you for your interest in the U.S. Securities and Exchange\nCommission.\n\nReference ID: 0.c961602.1744264235.5571410\n\n##  More Information\n\n###  Internet Security Policy\n\nBy using this site, you are agreeing to security monitoring and auditing. For\nsecurity purposes, and to ensure that the public service remains available to\nusers, this government computer system employs programs to monitor network\ntraffic to identify unauthorized attempts to upload or change information or\nto otherwise cause damage, including attempts to deny service to users.\n\nUnauthorized attempts to upload information and/or change information on any\nportion of this site are strictly prohibited and are subject to prosecution\nunder the Computer Fraud and Abuse Act of 1986 and the National Information\nInfrastructure Protection Act of 1996 (see Title 18 U.S.C. \u00c2\u00a7\u00c2\u00a7 1001 and\n1030).\n\nTo ensure our website performs well for all users, the SEC monitors the\nfrequency of requests for SEC.gov content to ensure automated searches do not\nimpact the ability of others to access SEC.gov content. We reserve the right\nto block IP addresses that submit excessive requests. Current guidelines limit\nusers to a total of no more than 10 requests per second, regardless of the\nnumber of machines used to submit requests.\n\nIf a user or application submits more than 10 requests per second, further\nrequests from the IP address(es) may be limited for a brief period. Once the\nrate of requests has dropped below the threshold for 10 minutes, the user may\nresume accessing content on SEC.gov. This SEC practice is designed to limit\nexcessive automated searches on SEC.gov and is not intended or expected to\nimpact individuals browsing the SEC.gov website.\n\nNote that this policy may change as the SEC manages SEC.gov to ensure that the\nwebsite performs efficiently and remains available to all users.\n\n  \n\n**Note:** We do not offer technical support for developing or debugging\nscripted downloading processes.\n\n",
                "url": "https://www.sec.gov/Archives/edgar/data/1656472/000165647220000011/cronosdraftfy20193220filin.htm"
            },
            "reason": "This is another SEC filing by The Cronos Group. SEC filings are considered extremely reliable.",
            "reliability_score": 1.0,
            "search_query": "company 'The Cronos Group' supply chain human rights",
            "summary": "Another SEC filing by The Cronos Group.",
            "url": "https://www.sec.gov/Archives/edgar/data/1656472/000165647220000011/cronosdraftfy20193220filin.htm"
        },
        {
            "content": {
                "metadata": {
                    "ext_id": "316a530f-1a87-46f1-8d25-81b873efd8f8",
                    "origin": "public",
                    "resource_location": "web",
                    "resource_type": "webpage",
                    "source": "https://www.aikido.dev/blog/aikido-strengthens-cronos-group-security-posture"
                },
                "page_content": "Menu\n\n[ ](/)\n\n[ Login ](https://app.aikido.dev/login) [ Start Free\n](https://app.aikido.dev/login)\n\n[ Blog  ](/blog)\n\n/\n\nCronos Group chooses Aikido Security to strengthen security posture for its\ncompanies and customers\n\n#  Cronos Group chooses Aikido Security to strengthen security posture for its\ncompanies and customers\n\nBy\n\nRoeland Delrue\n\n4  min read\n\nNews\n\nAn IT match made in\u00e2\u0080\u00a6 Belgium! Aikido Security, a SaaS startup from Ghent,\nwill provide application security to The Cronos Group, an e-business\nintegrator headquartered in Kontich, with over 5,000 clients across their 570+\ncompanies in the Benelux region. This strategic partnership is set to fortify\nThe Cronos Group\u00e2\u0080\u0099s security posture and Aikido Security\u00e2\u0080\u0099s influence in the\ncybersecurity industry.\n\nCronos Group and Aikido Security partnership\n\n##  Stronger security posture with Aikido\n\nThe Cronos Group is now a new Aikido client. In this context, The Cronos Group\nis in the process of implementing Aikido\u00e2\u0080\u0099s security solutions across many of\nits software development companies. Why is this useful for The Cronos Group?\nNot only does it help establish a stronger security posture for each company\nin its network, but it also creates another great advantage. Aikido pulls it\nall together for Cronos, which will gain a more insightful and standardized\nglobal overview of the security posture of these companies than ever before.\n\nBeyond that, Aikido entrusts The Cronos Group to become a true partner as\nwell. In this context, Cronos will be able to provide Aikido to its customers\nso they, too, have the opportunity to benefit from Aikido\u00e2\u0080\u0099s services. On top\nof that, Cronos and Aikido actively work together to further improve the\nproduct features.\n\nAikido\u00e2\u0080\u0099s unique set of security tools and ability to reduce false positives\nwill deliver efficiency to the development teams in The Cronos Group\u00e2\u0080\u0099s\nnetwork of companies and customers. This means less disruption from\nunnecessary alerts leading to more focus on writing code. The Cronos Group\naims to help companies find creative, high-quality, and profitable ways to\nmake the most of potential new technologies. Therefore, this partnership\naligns perfectly with its mission.\n\nAikido pulls it all together in a dedicated \u00e2\u0080\u009cSecurity Partner Portal\u00e2\u0080\u009d.\nThrough this partner portal, The Cronos Group is able to gain a more\ninsightful and standardized global overview of the security posture of their\ncompanies than ever before.\n\nAn example product visual of Aikido\u00e2\u0080\u0099s Partner Portal\n\n##  The Cronos Group and Aikido comment on their partnership\n\nThe Cronos Group can\u00e2\u0080\u0099t wait to get started with Aikido.\n\n> The Cronos Group has always been supporting innovation and entrepreneurship,\n> including cyber security. We\u00e2\u0080\u0099re always on the lookout for partners to\n> strengthen our alliances. Through Aikido, we want to enable our developers\n> and clients to build in security from the first line of code. By combining\n> automation with intelligence, they can focus on the business value while\n> safeguarding their own scarce time and keeping the exposure to a minimum.  \n>  Jonas Buyle, Cronos Security\n\nMeanwhile, what benefits does this new partnership bring to Aikido? \"We're\nthrilled to welcome The Cronos Group to the Aikido Security family,\u00e2\u0080\u009d\nexplains Aikido cofounder and CEO, Willem Delbare. \u00e2\u0080\u009cAs both a customer and a\nreseller, The Cronos Group represents a key partnership in our mission to make\nmanaging your security posture simple. Our collaboration promises to provide\nunparalleled insights into the security posture of the portfolio of companies\nwithin The Cronos Group. Together, we aspire to elevate the standards of\napplication security across the board.\"\n\n##  About Aikido Security\n\n[ Aikido Security ](https://www.aikido.dev/) is a developer-first software\nsecurity platform. We scan your source code & cloud to show you which\nvulnerabilities are actually important to solve. Triaging is sped up by\nmassively reducing false positives and making CVEs human-readable. Aikido\nmakes it simple to strengthen your security posture to keep your product\nsecure. And, it gives you back time to do what you do best: writing code.\n\n##  About The Cronos Group\n\n[ The Cronos Group ](https://cronos-groep.be/en/) is an e-business integrator\ndelivering high-quality ICT solutions to enterprises and government entities\nin the Benelux region. The Cronos Group was founded by and for ICT\ntechnologists with the goal of helping them grow their careers and\nentrepreneurship. This mission expanded to include creative professionals in\norder to jointly design and implement creative and technologically leading\nsolutions for its customers. Since its inception in 1991, The Cronos Group\nexpanded from a one-person operation to a group of companies employing over\n9000 professionals across 570+ companies.  \n\nWritten by  Roeland Delrue\n\n[ ](https://www.linkedin.com/in/roelanddelrue/)\n\nCo-founder / COO & CRO\n\nShare:\n\nhttps://www.aikido.dev/blog/aikido-strengthens-cronos-group-security-posture\n\nTable of contents:\n\nText Link\n\nShare:\n\nUse keyboard\n\nto navigate through articles\n\n[ ](/blog/hide-and-fail-obfuscated-malware-and-npm-shenanigan)\n\nBy\n\nCharlie Eriksen\n\n## [ Hide and Fail: Obfuscated Malware, Empty Payloads, and npm Shenanigans\n](/blog/hide-and-fail-obfuscated-malware-and-npm-shenanigan)\n\nApril 3, 2025\n\n[ Read more  ](/blog/hide-and-fail-obfuscated-malware-and-npm-shenanigan)\n\n[ ](/blog/launching-aikido-malware---open-source-threat-feed)\n\nBy\n\nMadeline Lawrence\n\n## [ Launching Aikido Malware \u00e2\u0080\u0093 Open Source Threat Feed  ](/blog/launching-\naikido-malware---open-source-threat-feed)\n\nNews\n\nMarch 31, 2025\n\n[ Read more  ](/blog/launching-aikido-malware---open-source-threat-feed)\n\n[ ](/blog/malware-hiding-in-plain-sight-spying-on-north-korean-hackers)\n\nBy\n\nCharlie Eriksen\n\n## [ Malware hiding in plain sight: Spying on North Korean Hackers\n](/blog/malware-hiding-in-plain-sight-spying-on-north-korean-hackers)\n\nMarch 31, 2025\n\n[ Read more  ](/blog/malware-hiding-in-plain-sight-spying-on-north-korean-\nhackers)\n\n[ ](/blog/get-the-tl-dr-tj-actions-changed-files-supply-chain-attack)\n\nBy\n\nMadeline Lawrence\n\n## [ Get the TL;DR: tj-actions/changed-files Supply Chain Attack  ](/blog/get-\nthe-tl-dr-tj-actions-changed-files-supply-chain-attack)\n\nNews\n\nMarch 16, 2025\n\n[ Read more  ](/blog/get-the-tl-dr-tj-actions-changed-files-supply-chain-\nattack)\n\n[ ](/blog/a-no-bs-docker-security-checklist-for-the-vulnerability-minded-\ndeveloper)\n\nBy\n\nMackenzie Jackson\n\n## [ A no-BS Docker security checklist for the vulnerability-minded developer\n](/blog/a-no-bs-docker-security-checklist-for-the-vulnerability-minded-\ndeveloper)\n\nGuides\n\nMarch 6, 2025\n\n[ Read more  ](/blog/a-no-bs-docker-security-checklist-for-the-vulnerability-\nminded-developer)\n\n[ ](/blog/sensing-and-blocking-javascript-sql-injection-attacks-aikido-\nfirewall)\n\nBy\n\nMackenzie Jackson\n\n## [ Sensing and blocking JavaScript SQL injection attacks  ](/blog/sensing-\nand-blocking-javascript-sql-injection-attacks-aikido-firewall)\n\nGuides\n\nMarch 4, 2025\n\n[ Read more  ](/blog/sensing-and-blocking-javascript-sql-injection-attacks-\naikido-firewall)\n\n[ ](/blog/prisma-and-postgresql-vulnerable-to-nosql-injection)\n\nBy\n\nFloris Van den Abeele\n\n## [ Prisma and PostgreSQL vulnerable to NoSQL injection? A surprising\nsecurity risk explained  ](/blog/prisma-and-postgresql-vulnerable-to-nosql-\ninjection)\n\nEngineering\n\nFebruary 14, 2025\n\n[ Read more  ](/blog/prisma-and-postgresql-vulnerable-to-nosql-injection)\n\n[ ](/blog/launching-opengrep-why-we-forked-semgrep)\n\nBy\n\nWillem Delbare\n\n## [ Launching Opengrep | Why we forked Semgrep  ](/blog/launching-opengrep-why-we-forked-semgrep)\n\nNews\n\nJanuary 24, 2025\n\n[ Read more  ](/blog/launching-opengrep-why-we-forked-semgrep)\n\n[ ](/blog/your-client-requires-nis2-vulnerability-patching-now-what)\n\nBy\n\nThomas Segura\n\n## [ Your Client Requires NIS2 Vulnerability Patching. Now What?\n](/blog/your-client-requires-nis2-vulnerability-patching-now-what)\n\nJanuary 14, 2025\n\n[ Read more  ](/blog/your-client-requires-nis2-vulnerability-patching-now-\nwhat)\n\n[ ](/blog/top-10-ai-powered-sast-tools-in-2025)\n\nBy\n\nMackenzie Jackson\n\n## [ Top 10 AI-powered SAST tools in 2025  ](/blog/top-10-ai-powered-sast-\ntools-in-2025)\n\nGuides\n\nJanuary 10, 2025\n\n[ Read more  ](/blog/top-10-ai-powered-sast-tools-in-2025)\n\n[ ](/blog/snyk-vs-aikido-security-g2-reviews-snyk-alternative)\n\nBy\n\nMadeline Lawrence\n\n## [ Snyk vs Aikido Security | G2 Reviews Snyk Alternative  ](/blog/snyk-vs-aikido-security-g2-reviews-snyk-alternative)\n\nGuides\n\nJanuary 10, 2025\n\n[ Read more  ](/blog/snyk-vs-aikido-security-g2-reviews-snyk-alternative)\n\n[ ](/blog/top-10-software-composition-analysis-sca-tools-in-2025)\n\nBy\n\nMackenzie Jackson\n\n## [ Top 10 Software Composition Analysis (SCA) tools in 2025\n](/blog/top-10-software-composition-analysis-sca-tools-in-2025)\n\nGuides\n\nJanuary 9, 2025\n\n[ Read more  ](/blog/top-10-software-composition-analysis-sca-tools-in-2025)\n\n[ ](/blog/3-key-steps-to-strengthen-compliance-and-risk-management)\n\nBy\n\nMichiel Denis\n\n## [ 3 Key Steps to Strengthen Compliance and Risk Management  ](/blog/3-key-\nsteps-to-strengthen-compliance-and-risk-management)\n\nDecember 27, 2024\n\n[ Read more  ](/blog/3-key-steps-to-strengthen-compliance-and-risk-management)\n\n[ ](/blog/the-start-ups-open-source-guide-to-application-security)\n\nBy\n\nMackenzie Jackson\n\n## [ The Startup's Open-Source Guide to Application Security  ](/blog/the-\nstart-ups-open-source-guide-to-application-security)\n\nGuides\n\nDecember 23, 2024\n\n[ Read more  ](/blog/the-start-ups-open-source-guide-to-application-security)\n\n[ ](/blog/launching-aikido-for-cursor-ai)\n\nBy\n\nMadeline Lawrence\n\n## [ Launching Aikido for Cursor AI  ](/blog/launching-aikido-for-cursor-ai)\n\nEngineering\n\nDecember 13, 2024\n\n[ Read more  ](/blog/launching-aikido-for-cursor-ai)\n\n[ ](/blog/meet-intel-aikidos-open-source-threat-feed-powered-by-llms)\n\nBy\n\nMackenzie Jackson\n\n## [ Meet Intel: Aikido\u00e2\u0080\u0099s Open Source threat feed powered by LLMs.\n](/blog/meet-intel-aikidos-open-source-threat-feed-powered-by-llms)\n\nEngineering\n\nDecember 13, 2024\n\n[ Read more  ](/blog/meet-intel-aikidos-open-source-threat-feed-powered-by-\nllms)\n\n[ ](/blog/aikido-joins-the-aws-partner-network)\n\nBy\n\nJohan De Keulenaer\n\n## [ Aikido joins the AWS Partner Network  ](/blog/aikido-joins-the-aws-\npartner-network)\n\nNews\n\nNovember 26, 2024\n\n[ Read more  ](/blog/aikido-joins-the-aws-partner-network)\n\n[ ](/blog/command-injection-in-2024-unpacked)\n\nBy\n\nMackenzie Jackson\n\n## [ Command injection in 2024 unpacked  ](/blog/command-injection-\nin-2024-unpacked)\n\nEngineering\n\nNovember 24, 2024\n\n[ Read more  ](/blog/command-injection-in-2024-unpacked)\n\n[ ](/blog/path-traversal-in-2024-the-year-unpacked)\n\nBy\n\nMackenzie Jackson\n\n## [ Path Traversal in 2024 - The year unpacked  ](/blog/path-traversal-\nin-2024-the-year-unpacked)\n\nEngineering\n\nNovember 23, 2024\n\n[ Read more  ](/blog/path-traversal-in-2024-the-year-unpacked)\n\n[ ](/blog/balancing-security-when-to-leverage-open-source-tools-vs-commercial-\nsolutions)\n\nBy\n\nMackenzie Jackson\n\n## [ Balancing Security: When to Leverage Open-Source Tools vs. Commercial\nTools  ](/blog/balancing-security-when-to-leverage-open-source-tools-vs-\ncommercial-solutions)\n\nGuides\n\nNovember 15, 2024\n\n[ Read more  ](/blog/balancing-security-when-to-leverage-open-source-tools-vs-\ncommercial-solutions)\n\n[ ](/blog/the-state-of-sql-injections)\n\nBy\n\nMackenzie Jackson\n\n## [ The State of SQL Injection  ](/blog/the-state-of-sql-injections)\n\nGuides\n\nNovember 8, 2024\n\n[ Read more  ](/blog/the-state-of-sql-injections)\n\n[ ](/blog/vismas-security-boost-with-aikido-a-conversation-with-nikolai-\nbrogaard)\n\nBy\n\nMichiel Denis\n\n## [ Visma\u00e2\u0080\u0099s Security Boost with Aikido: A Conversation with Nikolai\nBrogaard  ](/blog/vismas-security-boost-with-aikido-a-conversation-with-\nnikolai-brogaard)\n\nNews\n\nNovember 6, 2024\n\n[ Read more  ](/blog/vismas-security-boost-with-aikido-a-conversation-with-\nnikolai-brogaard)\n\n[ ](/blog/security-in-fintech)\n\nBy\n\nMichiel Denis\n\n## [ Security in FinTech: Q&A with Dan Kindler, co-founder & CTO of Bound\n](/blog/security-in-fintech)\n\nNews\n\nOctober 10, 2024\n\n[ Read more  ](/blog/security-in-fintech)\n\n[ ](/blog/top-7-aspm-tools)\n\nBy\n\nFelix Garriau\n\n## [ Top 7 ASPM Tools in 2025  ](/blog/top-7-aspm-tools)\n\nGuides\n\nOctober 1, 2024\n\n[ Read more  ](/blog/top-7-aspm-tools)\n\n[ ](/blog/sprinto-partnership)\n\nBy\n\nMadeline Lawrence\n\n## [ Automate compliance with SprintoGRC x Aikido  ](/blog/sprinto-\npartnership)\n\nNews\n\nSeptember 11, 2024\n\n[ Read more  ](/blog/sprinto-partnership)\n\n[ ](/blog/how-to-generate-an-sbom-for-an-audit)\n\nBy\n\nFelix Garriau\n\n## [ How to Create an SBOM for Software Audits  ](/blog/how-to-generate-an-\nsbom-for-an-audit)\n\nGuides\n\nSeptember 9, 2024\n\n[ Read more  ](/blog/how-to-generate-an-sbom-for-an-audit)\n\n[ ](/blog/sast-vs-dast-what-you-need-to-now)\n\nBy\n\nMadeline Lawrence\n\n## [ SAST vs DAST: What you need to know.  ](/blog/sast-vs-dast-what-you-need-\nto-now)\n\nGuides\n\nSeptember 2, 2024\n\n[ Read more  ](/blog/sast-vs-dast-what-you-need-to-now)\n\n[ ](/blog/best-sbom-generation-tools)\n\nBy\n\nFelix Garriau\n\n## [ Best SBOM Tools for Developers: Our 2025 Picks  ](/blog/best-sbom-\ngeneration-tools)\n\nGuides\n\nAugust 7, 2024\n\n[ Read more  ](/blog/best-sbom-generation-tools)\n\n[ ](/blog/5-snyk-alternatives-and-why-they-are-better)\n\nBy\n\nLieven Oosterlinck\n\n## [ 5 Snyk Alternatives and Why They Are Better  ](/blog/5-snyk-alternatives-\nand-why-they-are-better)\n\nNews\n\nAugust 5, 2024\n\n[ Read more  ](/blog/5-snyk-alternatives-and-why-they-are-better)\n\n[ ](/blog/why-were-stoked-to-partner-with-laravel)\n\nBy\n\nMadeline Lawrence\n\n## [ Why we\u00e2\u0080\u0099re stoked to partner with Laravel  ](/blog/why-were-stoked-to-\npartner-with-laravel)\n\nNews\n\nJuly 8, 2024\n\n[ Read more  ](/blog/why-were-stoked-to-partner-with-laravel)\n\n[ ](/blog/110000-sites-affected-by-the-polyfill-supply-chain-attack)\n\nBy\n\nFelix Garriau\n\n## [ 110,000 sites affected by the Polyfill supply chain attack\n](/blog/110000-sites-affected-by-the-polyfill-supply-chain-attack)\n\nNews\n\nJune 27, 2024\n\n[ Read more  ](/blog/110000-sites-affected-by-the-polyfill-supply-chain-\nattack)\n\n[ ](/blog/cybersecurity-essentials-for-legaltech-companies)\n\nBy\n\nFelix Garriau\n\n## [ Cybersecurity Essentials for LegalTech Companies  ](/blog/cybersecurity-\nessentials-for-legaltech-companies)\n\nNews\n\nJune 25, 2024\n\n[ Read more  ](/blog/cybersecurity-essentials-for-legaltech-companies)\n\n[ ](/blog/drata-aikido-integration-automates-vulnerability-management)\n\nBy\n\nRoeland Delrue\n\n## [ Drata Integration - How to Automate Technical Vulnerability Management\n](/blog/drata-aikido-integration-automates-vulnerability-management)\n\nGuides\n\nJune 18, 2024\n\n[ Read more  ](/blog/drata-aikido-integration-automates-vulnerability-\nmanagement)\n\n[ ](/blog/diy-guide-build-vs-buy-your-oss-code-scanning-and-app-security-\ntoolkit)\n\nBy\n\nJoel Hans\n\n## [ DIY guide: \u00e2\u0080\u0098Build vs buy\u00e2\u0080\u0099 your OSS code scanning and app security\ntoolkit  ](/blog/diy-guide-build-vs-buy-your-oss-code-scanning-and-app-\nsecurity-toolkit)\n\nGuides\n\nJune 11, 2024\n\n[ Read more  ](/blog/diy-guide-build-vs-buy-your-oss-code-scanning-and-app-\nsecurity-toolkit)\n\n[ ](/blog/soc-2-certification-tips)\n\nBy\n\nRoeland Delrue\n\n## [ SOC 2 certification: 5 things we learned  ](/blog/soc-2-certification-\ntips)\n\nGuides\n\nJune 4, 2024\n\n[ Read more  ](/blog/soc-2-certification-tips)\n\n[ ](/blog/app-security-problems-top-10)\n\nBy\n\nJoel Hans\n\n## [ Top 10 app security problems and how to protect yourself  ](/blog/app-\nsecurity-problems-top-10)\n\nGuides\n\nMay 28, 2024\n\n[ Read more  ](/blog/app-security-problems-top-10)\n\n[ ](/blog/we-just-raised-our-17-million-series-a)\n\nBy\n\nMadeline Lawrence\n\n## [ We just raised our $17 million Series A  ](/blog/we-just-raised-\nour-17-million-series-a)\n\nNews\n\nMay 2, 2024\n\n[ Read more  ](/blog/we-just-raised-our-17-million-series-a)\n\n[ ](/blog/best-rasp-tools)\n\nBy\n\n## [ Best RASP Tools for Developers in 2025  ](/blog/best-rasp-tools)\n\nApril 10, 2024\n\n[ Read more  ](/blog/best-rasp-tools)\n\n[ ](/blog/webhook-security-checklist)\n\nBy\n\nWillem Delbare\n\n## [ Webhook security checklist: How to build secure webhooks\n](/blog/webhook-security-checklist)\n\nGuides\n\nApril 4, 2024\n\n[ Read more  ](/blog/webhook-security-checklist)\n\n[ ](/blog/the-cure-for-security-alert-fatigue-syndrome)\n\nBy\n\nWillem Delbare\n\n## [ The Cure For Security Alert Fatigue Syndrome  ](/blog/the-cure-for-\nsecurity-alert-fatigue-syndrome)\n\nEngineering\n\nFebruary 21, 2024\n\n[ Read more  ](/blog/the-cure-for-security-alert-fatigue-syndrome)\n\n[ ](/blog/nis2-who-is-affected)\n\nBy\n\nRoeland Delrue\n\n## [ NIS2: Who is affected?  ](/blog/nis2-who-is-affected)\n\nGuides\n\nJanuary 16, 2024\n\n[ Read more  ](/blog/nis2-who-is-affected)\n\n[ ](/blog/iso-27001-certification-top-tips)\n\nBy\n\nRoeland Delrue\n\n## [ ISO 27001 certification: 8 things we learned\n](/blog/iso-27001-certification-top-tips)\n\nGuides\n\nDecember 5, 2023\n\n[ Read more  ](/blog/iso-27001-certification-top-tips)\n\n[ ](/blog/loctax-eliminates-false-positives)\n\nBy\n\nBart Jonckheere\n\n## [ How Loctax uses Aikido Security to get rid of irrelevant security alerts\n& false positives  ](/blog/loctax-eliminates-false-positives)\n\nNews\n\nNovember 22, 2023\n\n[ Read more  ](/blog/loctax-eliminates-false-positives)\n\n[ ](/blog/aikido-security-raises-eur5m-to-offer-a-seamless-security-solution-\nto-growing-saas-businesses)\n\nBy\n\nFelix Garriau\n\n## [ Aikido Security raises \u00e2\u0082\u00ac5m to offer a seamless security solution to\ngrowing SaaS businesses  ](/blog/aikido-security-raises-eur5m-to-offer-a-\nseamless-security-solution-to-growing-saas-businesses)\n\nNews\n\nNovember 9, 2023\n\n[ Read more  ](/blog/aikido-security-raises-eur5m-to-offer-a-seamless-\nsecurity-solution-to-growing-saas-businesses)\n\n[ ](/blog/aikido-security-achieves-iso-270012022-compliance)\n\nBy\n\nRoeland Delrue\n\n## [ Aikido Security achieves ISO 27001:2022 compliance  ](/blog/aikido-\nsecurity-achieves-iso-270012022-compliance)\n\nNews\n\nNovember 8, 2023\n\n[ Read more  ](/blog/aikido-security-achieves-iso-270012022-compliance)\n\n[ ](/blog/aikido-improves-startup-security-posture-storychief)\n\nBy\n\nFelix Garriau\n\n## [ How StoryChief\u00e2\u0080\u0099s CTO uses Aikido Security to sleep better at night\n](/blog/aikido-improves-startup-security-posture-storychief)\n\nNews\n\nOctober 24, 2023\n\n[ Read more  ](/blog/aikido-improves-startup-security-posture-storychief)\n\n[ ](/blog/what-is-a-cve)\n\nBy\n\nWillem Delbare\n\n## [ What is a CVE?  ](/blog/what-is-a-cve)\n\nGuides\n\nOctober 17, 2023\n\n[ Read more  ](/blog/what-is-a-cve)\n\n[ ](/blog/best-end-of-life-detection-tools)\n\nBy\n\nFelix Garriau\n\n## [ Best Tools for End-of-Life Detection: 2025 Rankings  ](/blog/best-end-of-\nlife-detection-tools)\n\nGuides\n\nOctober 4, 2023\n\n[ Read more  ](/blog/best-end-of-life-detection-tools)\n\n[ ](/blog/web-application-security-vulnerabilities)\n\nBy\n\nWillem Delbare\n\n## [ Top 3 web application security vulnerabilities in 2024  ](/blog/web-\napplication-security-vulnerabilities)\n\nEngineering\n\nSeptember 27, 2023\n\n[ Read more  ](/blog/web-application-security-vulnerabilities)\n\n[ ](/blog/new-aikido-security-features-august-2023)\n\nBy\n\nFelix Garriau\n\n## [ New Aikido Security Features: August 2023  ](/blog/new-aikido-security-\nfeatures-august-2023)\n\nNews\n\nAugust 22, 2023\n\n[ Read more  ](/blog/new-aikido-security-features-august-2023)\n\n[ ](/blog/saas-cto-security-checklist)\n\nBy\n\nFelix Garriau\n\n## [ Aikido\u00e2\u0080\u0099s 2025 SaaS CTO Security Checklist  ](/blog/saas-cto-security-\nchecklist)\n\nNews\n\nAugust 10, 2023\n\n[ Read more  ](/blog/saas-cto-security-checklist)\n\n[ ](/blog/saas-cto-security-checklist-old)\n\nBy\n\nFelix Garriau\n\n## [ Aikido\u00e2\u0080\u0099s 2024 SaaS CTO Security Checklist  ](/blog/saas-cto-security-\nchecklist-old)\n\nNews\n\nAugust 10, 2023\n\n[ Read more  ](/blog/saas-cto-security-checklist-old)\n\n[ ](/blog/cloud-code-security-cto-consultation)\n\nBy\n\nFelix Garriau\n\n## [ 15 Top Cloud and Code Security Challenges Revealed by CTOs\n](/blog/cloud-code-security-cto-consultation)\n\nEngineering\n\nJuly 25, 2023\n\n[ Read more  ](/blog/cloud-code-security-cto-consultation)\n\n[ ](/blog/what-is-owasp-top-10)\n\nBy\n\nWillem Delbare\n\n## [ What is OWASP Top 10?  ](/blog/what-is-owasp-top-10)\n\nGuides\n\nJuly 12, 2023\n\n[ Read more  ](/blog/what-is-owasp-top-10)\n\n[ ](/blog/build-secure-admin-panel)\n\nBy\n\nWillem Delbare\n\n## [ How to build a secure admin panel for your SaaS app  ](/blog/build-\nsecure-admin-panel)\n\nGuides\n\nJuly 11, 2023\n\n[ Read more  ](/blog/build-secure-admin-panel)\n\n[ ](/blog/iso-270012022-preparation)\n\nBy\n\nRoeland Delrue\n\n## [ How to prepare yourself for ISO 27001:2022\n](/blog/iso-270012022-preparation)\n\nGuides\n\nJuly 5, 2023\n\n[ Read more  ](/blog/iso-270012022-preparation)\n\n[ ](/blog/prevent-fallout-when-cicd-platform-hacked)\n\nBy\n\nWillem Delbare\n\n## [ Preventing fallout from your CI/CD platform being hacked\n](/blog/prevent-fallout-when-cicd-platform-hacked)\n\nGuides\n\nJune 19, 2023\n\n[ Read more  ](/blog/prevent-fallout-when-cicd-platform-hacked)\n\n[ ](/blog/security-assessment-report-closes-deals-faster)\n\nBy\n\nFelix Garriau\n\n## [ How to Close Deals Faster with a Security Assessment Report\n](/blog/security-assessment-report-closes-deals-faster)\n\nNews\n\nJune 12, 2023\n\n[ Read more  ](/blog/security-assessment-report-closes-deals-faster)\n\n[ ](/blog/a-guide-to-automating-technical-vulnerability-management-for-soc-2)\n\nBy\n\nWillem Delbare\n\n## [ Automate Technical Vulnerability Management [SOC 2]  ](/blog/a-guide-to-\nautomating-technical-vulnerability-management-for-soc-2)\n\nGuides\n\nJune 5, 2023\n\n[ Read more  ](/blog/a-guide-to-automating-technical-vulnerability-management-\nfor-soc-2)\n\n[ ](/blog/prevent-prototype-pollution)\n\nBy\n\nWillem Delbare\n\n## [ Preventing prototype pollution in your repository  ](/blog/prevent-\nprototype-pollution)\n\nGuides\n\nJune 1, 2023\n\n[ Read more  ](/blog/prevent-prototype-pollution)\n\n[ ](/blog/how-does-a-saas-startup-cto-balance-development-speed-and-security)\n\nBy\n\nWillem Delbare\n\n## [ How does a SaaS startup CTO balance development speed and security?\n](/blog/how-does-a-saas-startup-cto-balance-development-speed-and-security)\n\nGuides\n\nMay 16, 2023\n\n[ Read more  ](/blog/how-does-a-saas-startup-cto-balance-development-speed-\nand-security)\n\n[ ](/blog/how-a-startups-cloud-got-taken-over-by-a-simple-form-that-sends-an-\nemail)\n\nBy\n\nWillem Delbare\n\n## [ How a startup\u00e2\u0080\u0099s cloud got taken over by a simple form that sends emails\n](/blog/how-a-startups-cloud-got-taken-over-by-a-simple-form-that-sends-an-\nemail)\n\nEngineering\n\nApril 10, 2023\n\n[ Read more  ](/blog/how-a-startups-cloud-got-taken-over-by-a-simple-form-\nthat-sends-an-email)\n\n[ ](/blog/aikido-security-raises-eur2-million-pre-seed-round-to-build-a-\ndeveloper-first-software-security-platform)\n\nBy\n\nFelix Garriau\n\n## [ Aikido Security raises \u00e2\u0082\u00ac2 million pre-seed round to build a developer-\nfirst software security platform  ](/blog/aikido-security-raises-eur2-million-\npre-seed-round-to-build-a-developer-first-software-security-platform)\n\nNews\n\nJanuary 19, 2023\n\n[ Read more  ](/blog/aikido-security-raises-eur2-million-pre-seed-round-to-\nbuild-a-developer-first-software-security-platform)\n\n[ ](/blog/hide-and-fail-obfuscated-malware-and-npm-shenanigan)\n\nBy\n\nCharlie Eriksen\n\n### [ Hide and Fail: Obfuscated Malware, Empty Payloads, and npm Shenanigans\n](/blog/hide-and-fail-obfuscated-malware-and-npm-shenanigan)\n\nMarch 31, 2025\n\n[ ](/blog/launching-aikido-malware---open-source-threat-feed)\n\nBy\n\nMadeline Lawrence\n\n### [ Launching Aikido Malware \u00e2\u0080\u0093 Open Source Threat Feed  ](/blog/launching-\naikido-malware---open-source-threat-feed)\n\nNews\n\nMarch 18, 2025\n\n[ ](/blog/get-the-tl-dr-tj-actions-changed-files-supply-chain-attack)\n\nBy\n\nMadeline Lawrence\n\n### [ Get the TL;DR: tj-actions/changed-files Supply Chain Attack\n](/blog/get-the-tl-dr-tj-actions-changed-files-supply-chain-attack)\n\nNews\n\nMarch 18, 2025\n\n##  Get secure in 32 seconds\n\nConnect your GitHub, GitLab, Bitbucket or Azure DevOps account to start\nscanning your repos for free.\n\n[ Start for Free ](https://app.aikido.dev/login)\n\nYour data won't be shared \u00c2\u00b7 Read-only access\n\n[ ](/)\n\nCompany\n\n[ Product ](/product) [ Pricing ](/pricing) [ About ](/about) [ Careers\n](/careers) [ Contact ](/contact) [ Partner with us ](/partner)\n\nResources\n\n[ Docs ](https://help.aikido.dev/doc/overview-aikido-docs/docCpLHBMatZ) [\nPublic API Docs ](https://apidocs.aikido.dev/) [ Vulnerability 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You\u00e2\u0080\u0099ve been subscribed.\n\nTeam Aikido\n\nNot quite there yet.\n\n\u00c2\u00a9 2025 Aikido Security BV | BE0792914919   \n\u00f0\u009f\u0087\u00aa\u00f0\u009f\u0087\u00ba Registered address: Coupure Rechts 88, 9000, Ghent, Belgium  \n\u00f0\u009f\u0087\u00aa\u00f0\u009f\u0087\u00ba Office address: Gebroeders van Eyckstraat 2, 9000, Ghent, Belgium  \n\u00f0\u009f\u0087\u00ba\u00f0\u009f\u0087\u00b8 Office address: 95 Third St, 2nd Fl, San Francisco, CA 94103, US\n\n[ SOC 2  Compliant  ISO 27001  Compliant  ](/trust-center)\n\n",
                "url": "https://www.aikido.dev/blog/aikido-strengthens-cronos-group-security-posture"
            },
            "reason": "This blog post discusses Aikido's work with Cronos Group to strengthen their security posture. While it mentions the company explicitly, the reliability is moderate as it's a vendor blog.",
            "reliability_score": 0.7,
            "search_query": "company 'The Cronos Group' supply chain human rights",
            "summary": "Aikido strengthens Cronos Group's security posture.",
            "url": "https://www.aikido.dev/blog/aikido-strengthens-cronos-group-security-posture"
        },
        {
            "content": {
                "metadata": {
                    "ext_id": "ba1de4eb-04fa-4428-acaa-b44d0d91adde",
                    "origin": "public",
                    "resource_location": "web",
                    "resource_type": "webpage",
                    "source": "https://mjbizdaily.com/cannabis-producer-cronos-group-ends-year-with-168-7-million-loss/"
                },
                "page_content": "Enable JavaScript and cookies to continue\n\n",
                "url": "https://mjbizdaily.com/cannabis-producer-cronos-group-ends-year-with-168-7-million-loss/"
            },
            "reason": "MJBizDaily is a reputable source for cannabis industry news. The article explicitly mentions Cronos Group and reports on their financial performance, making it mostly reliable.",
            "reliability_score": 0.8,
            "search_query": "company 'The Cronos Group' supply chain human rights",
            "summary": "Article reporting on Cronos Group's financial losses.",
            "url": "https://mjbizdaily.com/cannabis-producer-cronos-group-ends-year-with-168-7-million-loss/"
        },
        {
            "content": {
                "metadata": {
                    "ext_id": "6bfc6093-88ad-42c8-9e39-147123779825",
                    "origin": "public",
                    "resource_location": "web",
                    "resource_type": "webpage",
                    "source": "https://www.ai-cio.com/news/norwegian-sovereign-wealth-fund-adds-9-firms-to-exclusion-list/"
                },
                "page_content": "[ Home  ](https://www.ai-cio.com \"Go to Chief Investment Officer.\") > [ News\n](https://www.ai-cio.com/category/news-list/?post_type=news \"Go to the News\ncategory archives.\") > [ Newsmakers  ](https://www.ai-cio.com/category/news-\nlist/newsmakers/?post_type=news \"Go to the Newsmakers category archives.\") >\nNorwegian Sovereign Wealth Fund Adds 9 Firms to Exclusion List\n\n  \n  \nNorges Bank, Norway\u2019s central bank and manager of its $1.2 trillion Government\nPension Fund Global, has added nine companies to its exclusion list for\nreasons including producing tobacco products and cannabis for recreational use\nand contributing to severe environmental damage, according to a press release.\n\nThe pension fund\u2019s Council on Ethics regularly monitors the portfolio with an\neye toward identifying companies that fall under its guidelines for\nobservation and exclusion. Based on recommendations from the council, the\nrelease says, Norges Bank is excluding from the fund Aurora Cannabis Inc.,\nCanopy Growth Corp., Cronos Group Inc. and Tilray Brands Inc., due to their\ninvolvement in the production of cannabis for recreational use.\n\n[ **_Want the latest institutional investment industry news and insights? Sign\nup for CIO newsletters._ ** \uf061  ](https://www.ai-\ncio.com/registration/?pk=CIOTEXT2024B)\n\nDenmark\u2019s Scandinavian Tobacco Group, Egypt-based Eastern CO SAE and\nIndonesia\u2019s Hanjaya Mandala Sampoerna were all put on the exclusion list due\nto their involvement in the production of tobacco or tobacco products.\n\nThe council also recommended the exclusion of Indian state-owned hydropower\ncompany NHPC Ltd. and Korean zinc smelter Young Poong Corp \u201cdue to\nunacceptable risk that the companies contribute to severe environmental\ndamage.\u201d\n\nAccording to the exclusion recommendation by the council, Young Poong \u201chas\nbeen accused of causing serious pollution as well as harm to both the\nenvironment and human health for many years.\u201d The recommendation says studies\nshow that the smelter can be linked to \u201cserious persistent and ongoing\npollution,\u201d including the emission of heavy metals such as cadmium, zinc,\nlead, arsenic and sulphur dioxide into the air.\n\nAn NHPC dam project in India will inundate a nearly 12-square-mile area that\nmainly consists of forest areas in a very biodiversity-rich area, and where\nspecies new to science have recently been found in forests to the west of the\nproject, according to the council.\n\n\u201cThis will result in destructive environmental impacts, including for the\nendangered Ganges River Dolphin, and also represents a safety hazard for\npeople along the river,\u201d the exclusion recommendation says.\n\nRelated Stories:\n\n[ Norway\u2019s Sovereign Wealth Fund to Exclude Chinese Firm Over Human Rights\nAbuses ](https://www.ai-cio.com/news/norways-sovereign-wealth-fund-to-exclude-\nchinese-firm-over-human-rights-abuses/)\n\n[ Norway\u2019s Pension Giant Revokes Walmart, Rio Tinto Exclusions\n](https://www.ai-cio.com/news/norways-pension-giant-revokes-walmart-rio-tinto-\nexclusions/)\n\n[ Norway Pension Fund Removes Petrobras from Watch List ](https://www.ai-\ncio.com/news/norway-pension-fund-removes-petrobras-watch-list/)\n\nTags: [ Aurora Cannabis ](https://www.ai-cio.com/tag/aurora-cannabis/) , [\nCannabis ](https://www.ai-cio.com/tag/cannabis/) , [ Canopy Growth\n](https://www.ai-cio.com/tag/canopy-growth/) , [ Cronos Group\n](https://www.ai-cio.com/tag/cronos-group/) , [ Eastern CO SAE\n](https://www.ai-cio.com/tag/eastern-co-sae/) , [ Exclusion List\n](https://www.ai-cio.com/tag/exclusion-list/) , [ Government Pension Fund\nGlobal ](https://www.ai-cio.com/tag/government-pension-fund-global/) , [\nHanjaya Mandala Sampoerna ](https://www.ai-cio.com/tag/hanjaya-mandala-\nsampoerna/) , [ Norges Bank ](https://www.ai-cio.com/tag/norges-bank/) , [\nNorway ](https://www.ai-cio.com/tag/norway/) , [ Scandinavian Tobacco Group\n](https://www.ai-cio.com/tag/scandinavian-tobacco-group/) , [ Tilray Brands\n](https://www.ai-cio.com/tag/tilray-brands/) , [ Tobacco ](https://www.ai-\ncio.com/tag/tobacco/)\n\n\u00ab [ OMERS Infrastructure to Explore Sustainability Investment Opportunities\n](https://www.ai-cio.com/news/omers-infrastructure-to-explore-sustainability-\ninvestment-opportunities/)\n\n__\n\n#####  Chief Investment Officer\n\n  * [ All News ](https://www.ai-cio.com/news-archive/)\n  * [ Surveys ](https://www.ai-cio.com/surveys/)\n  * [ All Lists ](https://www.ai-cio.com/lists/)\n  * [ Events ](https://www.ai-cio.com/events/)\n  * [ Multimedia ](https://www.ai-cio.com/videos/)\n  * [ Thought Leadership ](https://www.ai-cio.com/thought-leadership/)\n  * [ CIO Alert Archive ](https://www.ai-cio.com/alerts/)\n\n#####  About CIO\n\n  * [ About Us ](https://www.ai-cio.com/about-us/)\n  * [ Advisory Board ](https://www.ai-cio.com/advisory-board/)\n  * [ Advertise ](https://www.ai-cio.com/advertise/)\n  * [ Privacy Policy ](https://www.issgovernance.com/privacy-legal/)\n\n",
                "url": "https://www.ai-cio.com/news/norwegian-sovereign-wealth-fund-adds-9-firms-to-exclusion-list/"
            },
            "reason": "This article from AI-CIO discusses the Norwegian Sovereign Wealth Fund's exclusion list, which includes Cronos Group. AI-CIO is a reputable source for investment news, making the information mostly reliable.",
            "reliability_score": 0.9,
            "search_query": "company 'The Cronos Group' supply chain human rights",
            "summary": "Article discussing the Norwegian Sovereign Wealth Fund's exclusion list, including Cronos Group.",
            "url": "https://www.ai-cio.com/news/norwegian-sovereign-wealth-fund-adds-9-firms-to-exclusion-list/"
        },
        {
            "content": {
                "metadata": {
                    "ext_id": "8ad6472b-4baa-491b-9396-945a424edccf",
                    "origin": "public",
                    "resource_location": "web",
                    "resource_type": "webpage",
                    "source": "https://www.stocktitan.net/news/CRON/cronos-group-reports-2024-fourth-quarter-and-full-year-ft1pmfo4ixz2.html"
                },
                "page_content": "  1. [ Home  ](/)\n  2. [ News  ](/news/live.html)\n  3. [ CRON  ](/news/CRON/)\n  4. Cronos Group Reports 2024 Fourth Quarter and Full-Year Results \n\n#####  [ Trending News __ ](/news/trending.html)\n\n[ ](/news/SUNE/ \" SUNE Stock News\")\n\n[ SUNE ](/news/SUNE/)\n\n[ SUNation Energy Strengthens Financial Position Via Recently Compl...\n](/news/SUNE/su-nation-energy-strengthens-financial-position-via-\nrecently-7mvejuw2nwy9.html)\n\n[ ](/news/RSLS/ \" RSLS Stock News\")\n\n[ RSLS ](/news/RSLS/)\n\n[ ReShape Lifesciences\u00ae Partners with Motion Informatics to Bring A...\n](/news/RSLS/re-shape-lifesciences-partners-with-motion-informatics-to-bring-\nai-asvw91hqd7id.html)\n\n[ ](/news/MSFT/ \" MSFT Stock News\")\n\n[ MSFT ](/news/MSFT/)\n\n[ Microsoft announces quarterly earnings release date ](/news/MSFT/microsoft-\nannounces-quarterly-earnings-release-pyzdaj4mc5mj.html)\n\n[ ](/news/STZ/ \" STZ Stock News\")\n\n[ STZ ](/news/STZ/)\n\n[ Constellation Brands Repositions Wine and Spirits Business to a P...\n](/news/STZ/constellation-brands-repositions-wine-and-spirits-business-\nto-a-5d8v095ydq9h.html)\n\n[ ](/news/AGNC/ \" AGNC Stock News\")\n\n[ AGNC ](/news/AGNC/)\n\n[ AGNC Investment Corp. Declares Monthly Common Stock Dividend of $...\n](/news/AGNC/agnc-investment-corp-declares-monthly-common-stock-dividend-\nof-0-12-xxg96auebidq.html)\n\n[ ](/news/CLSK/ \" CLSK Stock News\")\n\n[ CLSK ](/news/CLSK/)\n\n[ CleanSpark to Participate in Jones Healthcare and Technology Inno...\n](/news/CLSK/clean-spark-to-participate-in-jones-healthcare-and-technology-\nsy2fwxz4zbfy.html)\n\n[ ](/news/SUNE/ \" SUNE Stock News\")\n\n[ SUNE ](/news/SUNE/)\n\n[ SUNation Energy Strengthens Financial Position Via Recently Compl...\n](/news/SUNE/su-nation-energy-strengthens-financial-position-via-\nrecently-7mvejuw2nwy9.html)\n\n[ ](/news/RSLS/ \"ReShape Lifesciences Inc. RSLS Stock News\")\n\n[ RSLS ](/news/RSLS/)\n\n[ ReShape Lifesciences\u00ae Partners with Motion Informatics to Bring A...\n](/news/RSLS/re-shape-lifesciences-partners-with-motion-informatics-to-bring-\nai-asvw91hqd7id.html)\n\n[ ](/news/MSFT/ \"Microsoft Corporation MSFT Stock News\")\n\n[ MSFT ](/news/MSFT/)\n\n[ Microsoft announces quarterly earnings release date ](/news/MSFT/microsoft-\nannounces-quarterly-earnings-release-pyzdaj4mc5mj.html)\n\n[ ](/news/STZ/ \"Constellation Brands Inc STZ Stock News\")\n\n[ STZ ](/news/STZ/)\n\n[ Constellation Brands Repositions Wine and Spirits Business to a P...\n](/news/STZ/constellation-brands-repositions-wine-and-spirits-business-\nto-a-5d8v095ydq9h.html)\n\n[ ](/news/AGNC/ \"AGNC Investment Corp AGNC Stock News\")\n\n[ AGNC ](/news/AGNC/)\n\n[ AGNC Investment Corp. Declares Monthly Common Stock Dividend of $...\n](/news/AGNC/agnc-investment-corp-declares-monthly-common-stock-dividend-\nof-0-12-xxg96auebidq.html)\n\n[ ](/news/CLSK/ \"Cleanspark Inc CLSK Stock News\")\n\n[ CLSK ](/news/CLSK/)\n\n[ CleanSpark to Participate in Jones Healthcare and Technology Inno...\n](/news/CLSK/clean-spark-to-participate-in-jones-healthcare-and-technology-\nsy2fwxz4zbfy.html)\n\n#  Cronos Group Reports 2024 Fourth Quarter and Full-Year Results\n\nRhea-AI Impact\n\n(Low)\n\nRhea-AI Sentiment\n\n(Neutral)\n\nTags\n\nRhea-AI Summary\n\n__\n\n  * English \n  * French \n  * German \n  * Italian \n  * Korean \n  * Spanish \n\n**Cronos Group (NASDAQ: CRON)** reported strong financial results for Q4 and\nfull-year 2024, with Q4 net revenue increasing 27% year-over-year to $30.3\nmillion and full-year revenue up 35% to $117.6 million.\n\nKey highlights include:\n\n  * **Spinach\u00ae** ended 2024 as the #1 cannabis brand in Canada, with 5.7% market share in flower category \n  * **PEACE NATURALS\u00ae** achieved #1 position in Israel with 24% market share \n  * Company maintains strong balance sheet with $859 million in cash \n  * Q4 2024 gross profit increased to $10.8 million, up from $1.9 million in Q4 2023 \n  * Adjusted EBITDA improved to $(7.2) million in Q4 2024, a $7.6 million improvement year-over-year \n\nThe company expanded operations through Cronos GrowCo investment, enhanced\ncultivation capabilities, and strengthened international presence in Germany\nand UK markets.\n\n**Cronos Group (NASDAQ: CRON)** ha riportato risultati finanziari solidi per\nil quarto trimestre e l'intero anno 2024, con un aumento del 27% anno su anno\ndei ricavi netti del Q4, che hanno raggiunto i 30,3 milioni di dollari, e un\nincremento del 35% dei ricavi annuali, arrivando a 117,6 milioni di dollari.\n\nI punti salienti includono:\n\n  * **Spinach\u00ae** ha concluso il 2024 come il marchio di cannabis numero 1 in Canada, con una quota di mercato del 5,7% nella categoria dei fiori \n  * **PEACE NATURALS\u00ae** ha raggiunto la posizione numero 1 in Israele con una quota di mercato del 24% \n  * L'azienda mantiene un bilancio solido con 859 milioni di dollari in contante \n  * Il profitto lordo del Q4 2024 \u00e8 aumentato a 10,8 milioni di dollari, rispetto a 1,9 milioni di dollari nel Q4 2023 \n  * L'EBITDA rettificato \u00e8 migliorato a $(7,2) milioni nel Q4 2024, con un miglioramento di 7,6 milioni di dollari rispetto all'anno precedente \n\nL'azienda ha ampliato le operazioni attraverso l'investimento in Cronos\nGrowCo, migliorando le capacit\u00e0 di coltivazione e rafforzando la presenza\ninternazionale nei mercati di Germania e Regno Unito.\n\n**Cronos Group (NASDAQ: CRON)** report\u00f3 resultados financieros s\u00f3lidos para el\ncuarto trimestre y el a\u00f1o completo 2024, con un aumento del 27% interanual en\nlos ingresos netos del Q4, alcanzando los 30,3 millones de d\u00f3lares, y un\nincremento del 35% en los ingresos anuales, llegando a 117,6 millones de\nd\u00f3lares.\n\nLos aspectos m\u00e1s destacados incluyen:\n\n  * **Spinach\u00ae** termin\u00f3 2024 como la marca de cannabis n\u00famero 1 en Canad\u00e1, con una cuota de mercado del 5,7% en la categor\u00eda de flores \n  * **PEACE NATURALS\u00ae** logr\u00f3 la posici\u00f3n n\u00famero 1 en Israel con una cuota de mercado del 24% \n  * La empresa mantiene un s\u00f3lido balance con 859 millones de d\u00f3lares en efectivo \n  * El beneficio bruto del Q4 2024 aument\u00f3 a 10,8 millones de d\u00f3lares, frente a 1,9 millones de d\u00f3lares en el Q4 2023 \n  * El EBITDA ajustado mejor\u00f3 a $(7,2) millones en el Q4 2024, una mejora de 7,6 millones de d\u00f3lares interanual \n\nLa empresa ampli\u00f3 sus operaciones a trav\u00e9s de la inversi\u00f3n en Cronos GrowCo,\nmejorando las capacidades de cultivo y fortaleciendo la presencia\ninternacional en los mercados de Alemania y Reino Unido.\n\n**\ud06c\ub85c\ub178\uc2a4 \uadf8\ub8f9 (NASDAQ: CRON)** \uc740 2024\ub144 4\ubd84\uae30 \ubc0f \uc5f0\uac04 \uac15\ub825\ud55c \uc7ac\ubb34 \uc2e4\uc801\uc744 \ubcf4\uace0\ud588\uc73c\uba70, 4\ubd84\uae30 \uc21c\uc218\uc775\uc774 \uc804\ub144 \ub300\ube44\n27% \uc99d\uac00\ud558\uc5ec 3,030\ub9cc \ub2ec\ub7ec\uc5d0 \ub2ec\ud558\uace0, \uc5f0\uac04 \uc218\uc775\uc740 35% \uc99d\uac00\ud558\uc5ec 1\uc5b5 1,760\ub9cc \ub2ec\ub7ec\uc5d0 \uc774\ub974\ub800\uc2b5\ub2c8\ub2e4.\n\n\uc8fc\uc694 \ud558\uc774\ub77c\uc774\ud2b8\ub294 \ub2e4\uc74c\uacfc \uac19\uc2b5\ub2c8\ub2e4:\n\n  * **\uc2a4\ud53c\ub098\uce58(Spinach\u00ae)** \ub294 \uce90\ub098\ub2e4\uc5d0\uc11c \uaf43 \ubd80\ubb38\uc5d0\uc11c 5.7%\uc758 \uc2dc\uc7a5 \uc810\uc720\uc728\uc744 \uae30\ub85d\ud558\uba70 2024\ub144\uc744 1\uc704 \ub300\ub9c8\ucd08 \ube0c\ub79c\ub4dc\ub85c \ub9c8\uac10\ud588\uc2b5\ub2c8\ub2e4. \n  * **\ud53c\uc2a4 \ub0b4\ucd94\ub7f4\uc2a4(PEACE NATURALS\u00ae)** \ub294 \uc774\uc2a4\ub77c\uc5d8\uc5d0\uc11c 24%\uc758 \uc2dc\uc7a5 \uc810\uc720\uc728\ub85c 1\uc704 \uc790\ub9ac\ub97c \ucc28\uc9c0\ud588\uc2b5\ub2c8\ub2e4. \n  * \ud68c\uc0ac\ub294 8\uc5b5 5,900\ub9cc \ub2ec\ub7ec\uc758 \ud604\uae08\uc744 \ubcf4\uc720\ud558\uba70 \uac15\ub825\ud55c \uc7ac\ubb34 \uad6c\uc870\ub97c \uc720\uc9c0\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4. \n  * 2024\ub144 4\ubd84\uae30 \ucd1d \uc774\uc775\uc740 1,080\ub9cc \ub2ec\ub7ec\ub85c \uc99d\uac00\ud588\uc73c\uba70, \uc774\ub294 2023\ub144 4\ubd84\uae30 190\ub9cc \ub2ec\ub7ec\uc5d0\uc11c \uc99d\uac00\ud55c \uc218\uce58\uc785\ub2c8\ub2e4. \n  * \uc870\uc815\ub41c EBITDA\ub294 2024\ub144 4\ubd84\uae30\uc5d0 $(720\ub9cc) \ub2ec\ub7ec\ub85c \uac1c\uc120\ub418\uc5b4 \uc804\ub144 \ub300\ube44 760\ub9cc \ub2ec\ub7ec\uc758 \uac1c\uc120\uc744 \ubcf4\uc600\uc2b5\ub2c8\ub2e4. \n\n\ud68c\uc0ac\ub294 \ud06c\ub85c\ub178\uc2a4 \uadf8\ub85c\uc6b0\ucf54(Cronos GrowCo) \ud22c\uc790\ub97c \ud1b5\ud574 \uc6b4\uc601\uc744 \ud655\uc7a5\ud558\uace0, \uc7ac\ubc30 \ub2a5\ub825\uc744 \uac15\ud654\ud558\uba70, \ub3c5\uc77c \ubc0f \uc601\uad6d \uc2dc\uc7a5\uc5d0\uc11c \uad6d\uc81c\uc801\n\uc785\uc9c0\ub97c \uac15\ud654\ud588\uc2b5\ub2c8\ub2e4.\n\n**Cronos Group (NASDAQ: CRON)** a annonc\u00e9 des r\u00e9sultats financiers solides\npour le quatri\u00e8me trimestre et l'ann\u00e9e enti\u00e8re 2024, avec une augmentation de\n27 % des revenus nets du Q4 par rapport \u00e0 l'ann\u00e9e pr\u00e9c\u00e9dente, atteignant 30,3\nmillions de dollars, et une augmentation de 35 % des revenus annuels,\natteignant 117,6 millions de dollars.\n\nLes points forts incluent :\n\n  * **Spinach\u00ae** a termin\u00e9 2024 en tant que marque de cannabis num\u00e9ro 1 au Canada, avec une part de march\u00e9 de 5,7 % dans la cat\u00e9gorie des fleurs \n  * **PEACE NATURALS\u00ae** a atteint la premi\u00e8re position en Isra\u00ebl avec une part de march\u00e9 de 24 % \n  * L'entreprise maintient un bilan solide avec 859 millions de dollars en liquidit\u00e9s \n  * Le b\u00e9n\u00e9fice brut du Q4 2024 a augment\u00e9 \u00e0 10,8 millions de dollars, contre 1,9 million de dollars au Q4 2023 \n  * Le EBITDA ajust\u00e9 s'est am\u00e9lior\u00e9 \u00e0 $(7,2) millions au Q4 2024, soit une am\u00e9lioration de 7,6 millions de dollars par rapport \u00e0 l'ann\u00e9e pr\u00e9c\u00e9dente \n\nL'entreprise a \u00e9largi ses op\u00e9rations gr\u00e2ce \u00e0 l'investissement dans Cronos\nGrowCo, am\u00e9liorant les capacit\u00e9s de culture et renfor\u00e7ant sa pr\u00e9sence\ninternationale sur les march\u00e9s allemand et britannique.\n\n**Cronos Group (NASDAQ: CRON)** hat starke finanzielle Ergebnisse f\u00fcr das\nvierte Quartal und das gesamte Jahr 2024 gemeldet, mit einem Anstieg des\nNettoumsatzes im Q4 um 27% im Vergleich zum Vorjahr auf 30,3 Millionen Dollar\nund einem Anstieg des Jahresumsatzes um 35% auf 117,6 Millionen Dollar.\n\nWichtige Highlights sind:\n\n  * **Spinach\u00ae** beendete 2024 als die Nummer 1 Marke f\u00fcr Cannabis in Kanada mit einem Marktanteil von 5,7% in der Blumen-Kategorie \n  * **PEACE NATURALS\u00ae** erreichte die Nummer 1 Position in Israel mit einem Marktanteil von 24% \n  * Das Unternehmen h\u00e4lt eine starke Bilanz mit 859 Millionen Dollar in bar \n  * Der Bruttogewinn im Q4 2024 stieg auf 10,8 Millionen Dollar, im Vergleich zu 1,9 Millionen Dollar im Q4 2023 \n  * Das bereinigte EBITDA verbesserte sich im Q4 2024 auf $(7,2) Millionen, was eine Verbesserung von 7,6 Millionen Dollar im Jahresvergleich darstellt \n\nDas Unternehmen erweiterte seine Aktivit\u00e4ten durch Investitionen in Cronos\nGrowCo, verbesserte die Anbaukapazit\u00e4ten und st\u00e4rkte die internationale\nPr\u00e4senz auf den M\u00e4rkten in Deutschland und Gro\u00dfbritannien.\n\nPositive\n\n  * Net revenue grew 35% YoY to $117.6M in 2024 \n  * Achieved #1 market position in both Canada (Spinach) and Israel (PEACE NATURALS) \n  * Strong balance sheet with $859M cash \n  * Gross profit increased significantly to $10.8M in Q4 2024 \n  * SOURZ by Spinach captured 23% market share in edibles \n  * Successful expansion into UK and German markets \n\nNegative\n\n  * Still operating at negative Adjusted EBITDA of $(7.2M) in Q4 2024 \n  * Peace Naturals Campus sale-leaseback agreement terminated in Q2 2024 \n\n##  Insights\n\n##\n\nCronos Group's Q4 and full-year 2024 results demonstrate substantial\noperational momentum, with **net revenue growing 27% year-over-year** to\n$30.3 million  in Q4 and **35% year-over-year** to  $117.6 million  for the\nfull year. This growth trajectory significantly outpaces many cannabis sector\npeers and reflects successful execution across multiple markets.\n\nThe company's gross profit showed even more dramatic improvement, increasing\nby  $8.9 million  to  $10.8 million  in Q4 (representing a  35.6%  gross\nmargin) and by  $13.3 million  to  $25.2 million  for the full year. This\nmargin expansion stems from both higher sales volumes and meaningful\nproduction cost improvements, suggesting operational efficiencies are taking\nhold.\n\nWhile Adjusted EBITDA remains negative at  $(7.2) million  for Q4 and  $(34.9)\nmillion  for the full year, the  $26.6 million  year-over-year improvement\nindicates Cronos is making substantial progress toward profitability. The\n$8.7 million  in operating expense savings achieved in 2024 demonstrates\ndisciplined cost management without sacrificing growth.\n\nStrategically, Cronos has established enviable brand leadership positions.\nSpinach\u00ae has captured the #1 position in Canada's highly fragmented cannabis\nmarket, with particular strength in the high-margin edibles category where\nSOURZ by Spinach\u00ae commands  23%  market share in gummies. Similarly, PEACE\nNATURALS\u00ae has secured  24%  market share in Israel's flower segment, providing\ngeographic diversification.\n\nThe company's  $859 million  cash position represents approximately  119%  of\nits current market capitalization, providing exceptional financial flexibility\nin an industry where many competitors face liquidity constraints. This war\nchest enables Cronos to invest in capacity expansion through Cronos GrowCo\nwhile simultaneously pursuing international opportunities in Germany and the\nUK.\n\nThe vertical integration strategy, including bringing vape production in-house\nand expanding cultivation capacity, should drive further margin improvements\nwhile ensuring consistent supply of proprietary genetics. The decision to\nretain and expand the Peace Naturals Campus rather than pursue the previously\nannounced sale-leaseback signals confidence in the company's operational\nstrategy and long-term market position.\n\n##\n\nCronos Group's 2024 results reveal a company successfully executing a multi-\nfaceted brand and product strategy that's gaining significant traction across\nkey markets. The achievement of market leadership positions for both Spinach\u00ae\nin Canada and PEACE NATURALS\u00ae in Israel isn't merely symbolic \u2013 it represents\nthe culmination of strategic initiatives in product development, genetics\nbreeding, and category diversification.\n\nIn the high-margin edibles segment, Cronos has established remarkable\ndominance with SOURZ by Spinach\u00ae capturing  23%  of the Canadian gummies\nmarket. This level of market penetration is exceptional in the fragmented\ncannabis consumer packaged goods space, where the top 5-7 brands typically\ncommand only  60-70%  of any category. The expansion into 10mg single-piece\nformats with the Fully Blasted line demonstrates responsive innovation to\nconsumer preferences for higher potency options.\n\nThe company's proprietary genetics breeding program represents a significant\ncompetitive moat. Unlike many cannabis companies that source generic strains,\nCronos's investment in proprietary cultivars enables them to create truly\ndifferentiated products with consistent cannabinoid and terpene profiles that\nconsumers recognize and seek out. This genetics advantage extends across\nborders, with strains like GMO and Wedding Cake showing strong demand in both\nGermany and the UK.\n\nThe strategic focus on the infused pre-roll category is particularly\nnoteworthy. This segment is growing at approximately  25-30%  annually in\nmature markets, offering higher margins than conventional pre-rolls while\nattracting both experienced consumers and category entrants. The Lord Jones\u00ae\nIce Water Hash Fusions achieving the #1 position in the hash pre-roll category\ndemonstrates Cronos's ability to create premium differentiated offerings that\ncommand price premiums.\n\nCronos's international strategy reveals a sophisticated market entry approach.\nRather than rushing into multiple markets simultaneously, the company has\nmethodically built dominant positions in Israel (  24%  flower market share)\nwhile carefully expanding into Germany and the UK with targeted offerings that\nleverage their genetics advantage. This measured approach contrasts favorably\nwith competitors who expanded too rapidly and subsequently retreated from\ninternational markets.\n\nThe vertical integration strategy through Cronos GrowCo and bringing vape\nproduction in-house represents a balanced approach to the supply chain. Rather\nthan fully vertically integrating all operations (which has proven problematic\nfor many cannabis companies), Cronos maintains flexibility while securing\ncontrol over critical inputs and manufacturing processes that directly impact\nproduct quality and margins.\n\n* [ ](https://twitter.com/intent/tweet?text=%24CRON%20Cronos%20Group%20Reports%202024%20Fourth%20Quarter%20and%20Full-Year%20Results%0Ahttps%3A%2F%2Fwww.stocktitan.net%2Fnews%2FCRON%2Fcronos-group-reports-2024-fourth-quarter-and-full-year-ft1pmfo4ixz2.html \"Share on X\")\n* [ ](https://reddit.com/submit?url=https%3A%2F%2Fwww.stocktitan.net%2Fnews%2FCRON%2Fcronos-group-reports-2024-fourth-quarter-and-full-year-ft1pmfo4ixz2.html&title=Cronos%20Group%20Reports%202024%20Fourth%20Quarter%20and%20Full-Year%20Results \"Share on Reddit\")\n* [ ](https://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Fwww.stocktitan.net%2Fnews%2FCRON%2Fcronos-group-reports-2024-fourth-quarter-and-full-year-ft1pmfo4ixz2.html&quote=%24CRON%20%7C%20Cronos%20Group%20Reports%202024%20Fourth%20Quarter%20and%20Full-Year%20Results \"Share on Facebook\")\n* 02/27/2025 - 07:30 AM \n\n_Net revenue in Q4 2024 increased by 27%  year-over-year to  $30.3 million  ;\nNet revenue in FY 2024 increased by  35%  year-over-year to  $117.6 million  _\n\n_Spinach_ _\u00ae_ _Ends 2024 as the Number One Cannabis Brand in Canada_ _1_\n\n_PEACE NATURALS_ _\u00ae_ _Ends 2024 as the Number One Cannabis Brand in Israel_\n_2_\n\n_Industry leading balance sheet with_ _ $859  _ _million in cash_ _and cash\nequivalents_\n\nTORONTO, Feb. 27, 2025 (GLOBE NEWSWIRE) -- Cronos Group Inc. (NASDAQ: CRON)\n(TSX: CRON) (\u201cCronos\u201d or the \u201cCompany\u201d), today announced its 2024 fourth\nquarter and full-year business results.\n\n\"We set ambitious goals to deliver robust growth, improve margins, and achieve\noperational excellence. Today, I am proud to say that Cronos has not only met\nbut exceeded these objectives, as evidenced by our strong 2024 results. Our\nunwavering commitment to innovation, quality, and disciplined cost management\nhas solidified our leadership in the global cannabis industry,\" said Mike\nGorenstein, Chairman, President and CEO of Cronos.\n\n\"From Spinach  _\u00ae_ becoming the number one cannabis brand in Canada and PEACE\nNATURALS  _\u00ae_ achieving a number one position in Israel, to our groundbreaking\nadvancements in cannabis genetics, to international expansion, Cronos is well-\npositioned to capitalize on future opportunities and drive long-term value for\nour shareholders. As we look ahead to 2025, we remain focused on sustaining\nthis momentum, strengthening our market leadership, and delivering innovative\nproducts that resonate with consumers worldwide,\" continued Mr. Gorenstein.\n\"Our strategic investments, such as Cronos GrowCo, have enhanced our\ncultivation capabilities, ensuring a consistent supply of high-quality\ncannabis at scale with an improved gross margin profile, while our R&D\nbreakthroughs have set new industry standards. Internationally, we\u2019ve made\nsignificant strides, with PEACE NATURALS  _\u00ae_ leading in Israel and gaining\ntraction in Germany and the UK. Combined with a robust balance sheet and a\nportfolio of best-selling, borderless brands, Cronos is not just leading\ntoday, we\u2019re building the foundation for long-term excellence in the global\ncannabis industry. Looking to 2025, we're excited about the opportunities\nahead as we continue to innovate, expand, and deliver for our consumers and\nshareholders.\"  \n\n**_Consolidated Financial Results_ **\n\nOn June 20, 2024 the Company made an additional investment in Cronos Growing\nCompany (\"Cronos GrowCo\") to fund the expansion of cultivation operations.\nCronos also obtained majority control of the board of directors of Cronos\nGrowCo and began consolidating Cronos GrowCo's results from July 1, 2024.\nPrior to this date, the Company's investment in Cronos GrowCo consisted of an\ninvestment accounted for under the equity method and loans receivable from\nCronos GrowCo.\n\nIn the second quarter of 2023, the Company exited its United States (\"U.S.\")\nhemp-derived CBD operations. The exit of the U.S. operations represented a\nstrategic shift, and as such, qualifies for reporting as discontinued\noperations in our condensed consolidated statements of net income (loss) and\ncomprehensive income (loss). Prior period amounts have been reclassified to\nreflect the discontinued operations classification of the U.S. operations.\n\nThe tables below set forth our condensed consolidated results of continuing\noperations, expressed in thousands of U.S. dollars for the periods presented.\nOur condensed consolidated financial results for these periods are not\nnecessarily indicative of the consolidated financial results that we will\nachieve in future periods.\n\n_(in thousands of USD)_ |  |  **Three Months Ended December 31,** |  |  **Change** |  |  **Year ended December 31,** |  |  **Change**  \n---|---|---|---|---|---|---|---|---  \n|  |  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%**  \nCronos net revenue, excluding Cronos GrowCo net revenue  (i)  |  |  $  |  28,195  |  |  |  $  |  23,915  |  |  |  $  |  4,280  |  |  |  18  |  %  |  |  $  |  111,241  |  |  |  $  |  87,241  |  |  |  $  |  24,000  |  |  |  28  |  %   \nCronos GrowCo net revenue  (ii)  |  |  |  2,106  |  |  |  |  \u2014  |  |  |  |  2,106  |  |  |  N/A  |  |  |  |  6,374  |  |  |  |  \u2014  |  |  |  |  6,374  |  |  |  N/A  |   \nNet Revenue  |  |  $  |  30,301  |  |  |  $  |  23,915  |  |  |  $  |  6,386  |  |  |  27  |  %  |  |  $  |  117,615  |  |  |  $  |  87,241  |  |  |  $  |  30,374  |  |  |  35  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nCost of sales  |  |  |  19,494  |  |  |  |  21,913  |  |  |  |  (2,419  |  )  |  |  (11  |  )%  |  |  |  91,710  |  |  |  |  74,527  |  |  |  |  17,183  |  |  |  23  |  %   \nInventory write-down  |  |  |  \u2014  |  |  |  |  89  |  |  |  |  (89  |  )  |  |  N/A  |  |  |  |  707  |  |  |  |  805  |  |  |  |  (98  |  )  |  |  (12  |  )%   \nGross profit  |  |  $  |  10,807  |  |  |  $  |  1,913  |  |  |  $  |  8,894  |  |  |  465  |  %  |  |  $  |  25,198  |  |  |  $  |  11,909  |  |  |  $  |  13,289  |  |  |  112  |  %   \nGross margin  (  ii  i)  |  |  |  36  |  %  |  |  |  8  |  %  |  |  |  N/A  |  |  |  28  |  pp  |  |  |  21  |  %  |  |  |  14  |  %  |  |  |  N/A  |  |  |  7  |  pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nInventory step-up recorded to cost of sales  |  |  |  (1,832  |  )  |  |  |  \u2014  |  |  |  |  (1,832  |  )  |  |  N/A  |  |  |  |  5,284  |  |  |  |  \u2014  |  |  |  |  5,284  |  |  |  N/A  |   \nAdjusted Gross Profit  (iv)  |  |  $  |  8,975  |  |  |  $  |  1,913  |  |  |  $  |  7,062  |  |  |  369  |  %  |  |  $  |  30,482  |  |  |  $  |  11,909  |  |  |  $  |  18,573  |  |  |  156  |  %   \nAdjusted Gross Margin  (v)  |  |  |  30  |  %  |  |  |  8  |  %  |  |  |  N/A  |  |  |  22  |  pp  |  |  |  26  |  %  |  |  |  14  |  %  |  |  |  N/A  |  |  |  12  |  pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nNet income (loss)  |  |  $  |  43,941  |  |  |  $  |  (45,151  |  )  |  |  $  |  89,092  |  |  |  197  |  %  |  |  $  |  40,022  |  |  |  $  |  (70,439  |  )  |  |  $  |  110,461  |  |  |  N/M  |   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nAdjusted EBITDA  (  iv  )  |  |  $  |  (7,203  |  )  |  |  $  |  (14,790  |  )  |  |  $  |  7,587  |  |  |  51  |  %  |  |  $  |  (34,942  |  )  |  |  $  |  (61,564  |  )  |  |  $  |  26,622  |  |  |  43  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \n**Other Data** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nCash and cash equivalents  (  vi  )  |  |  $  |  858,805  |  |  |  $  |  669,291  |  |  |  $  |  189,514  |  |  |  28  |  %  |  |  |  |  |  |  |  |   \nShort-term investments  (  vi  )  |  |  |  \u2014  |  |  |  |  192,237  |  |  |  |  (192,237  |  )  |  |  (100  |  )%  |  |  |  |  |  |  |  |   \nCapital expenditures  (v  ii  )  |  |  |  3,708  |  |  |  |  1,792  |  |  |  |  1,916  |  |  |  107  |  %  |  |  |  13,154  |  |  |  |  3,423  |  |  |  |  9,731  |  |  |  284  |  %   \n  \n_(i)_ _Cronos net revenue, excluding Cronos GrowCo net revenue is net revenue\nless Cronos GrowCo net revenue and is after intercompany eliminations._  \n_(ii)_ _Cronos GrowCo net revenue is Cronos GrowCo's net revenue after\nintercompany eliminations._  \n_(iii)_ _Gross margin is defined as gross profit divided by net revenue._  \n_(iv)_ _See \"Non-GAAP Measures\" for more information, including a\nreconciliation of adjusted earnings (loss) before interest, taxes,\ndepreciation and amortization (\"Adjusted EBITDA\") to net income (loss) and a\nreconciliation of Adjusted Gross Profit to gross profit._  \n_(v)_ _Adjusted Gross Margin is defined as Adjusted Gross Profit divided by\nnet revenue. See \u201cNon-GAAP Measures\u201d for more information._  \n_(vi)_ _Dollar amounts are as of the last day of the period indicated._  \n_(vii)_ _Capital expenditures represent component information of investing\nactivities and is defined as the sum of purchase of property, plant and\nequipment, and purchase of intangible assets._\n\n**Fourth Quarter** **2024**\n\n  * Net revenue of  $30.3 million  in Q4 2024 increased by  $6.4 million  from Q4 2023. The increase year-over-year was primarily driven by higher cannabis flower and extract sales in the Canadian market and higher cannabis flower sales in Israel and other countries. Cronos GrowCo contributed  $2.1 million  of cannabis flower sales in Q4 2024. No such sales were recognized in Q4 2023. \n  * Gross profit of  $10.8 million  in Q4 2024 increased by  $8.9 million  from Q4 2023. The increase year-over-year was primarily due to higher cannabis flower and extract sales in the Canadian market, higher cannabis flower sales in Israel and other countries, and production cost improvements. Gross profit was positively impacted by  $1.8 million  in the quarter in connection with the finalization of the purchase accounting for the Cronos GrowCo Transaction, which resulted in a reduction of the fair value of inventory acquired from Cronos GrowCo and the corresponding inventory step-up previously recorded into cost of sales in Q3 2024. No such impact was recognized for 2023. \n  * Adjusted gross profit of  $9.0 million  in Q4 2024 improved by  $7.1 million  from Q4 2023. The improvement year-over-year was primarily driven by higher cannabis flower and extract sales in the Canadian market, higher cannabis flower sales in Israel, and production cost improvements. \n  * Adjusted EBITDA of  $(7.2) million  in Q4 2024 improved by  $7.6 million  from Q4 2023. The improvement year-over-year was primarily driven by higher adjusted gross profit. \n\n**Full-Year** **2024**\n\n  * Net revenue of  $117.6 million  in full-year 2024 increased by  $30.4 million  from full-year 2023. The increase year-over-year was primarily due to higher cannabis flower and extract sales in the Canadian market and higher cannabis flower sales in Israel and other countries. Cronos GrowCo contributed  $6.4 million  of cannabis flower sales in the year ended December 31, 2024. No such sales were recognized for the year ended December 31, 2023. \n  * Gross profit of  $25.2 million  in full-year 2024 increased by  $13.3 million  from full-year 2023. The increase year-over-year was primarily due to higher cannabis flower and extract sales in the Canadian market, higher cannabis flower sales in Israel and other countries, and production cost improvements. This increase was partially offset by the impact on cost of sales from the inventory step-up from the Cronos GrowCo Transaction. For 2024, gross profit was reduced  $5.3 million  as a result of the impact of the inventory step-up from the Cronos GrowCo Transaction that was recorded into cost of sales since July 1, 2024. No such costs were recognized for 2023. \n  * Adjusted gross profit of  $30.5 million  in full-year 2024 increased by  $18.6 million  from full-year 2023. The increase year-over-year was primarily due to higher cannabis flower and extract sales in the Canadian market, higher cannabis flower sales in Israel and other countries, and production cost improvements. \n  * Adjusted EBITDA of  $(34.9) million  in full-year 2024 improved by  $26.6 million  from full-year 2023. The improvement year-over-year was primarily driven by higher adjusted gross profit and lower sales and marketing, research and development, and general administrative expenses. \n\n**_Business Updates_ **\n\n**Brand and Product Portfolio**\n\n__Spinach_ _ \u00ae  3  \nIn 2024, the SOURZ by Spinach  \u00ae  brand expanded its edible lineup with\nseveral innovative launches. Our industry-leading SOURZ by Spinach  \u00ae\nproducts are the best-selling gummies in the Canadian market and have captured\nan impressive  23%  market share in Q4 2024, with five of the top ten best-\nselling edibles in Canada coming from the SOURZ lineup. A key addition to our\ngummy portfolio has been the 1-piece, 10mg THC Fully Blasted SOURZ by Spinach\n\u00ae  product, which launched in 2024. In Q4 2024 we launched two new Fully\nBlasted flavors, Peach Orange and Strawberry Mango. We also launched a new CBD\nmulti-pack, SOURZ by Spinach  \u00ae  CBD Berry Variety Pack.\n\nIn 2024 our proprietary genetics breeding program continued to provide our\nportfolio with winning cultivars that allow us to launch differentiated\nproducts across markets and maintain a number one position in the flower\ncategory. In 2024, we introduced Spinach Grindz\u2122, a milled flower offering\nutilizing our Citrus Crush and Cookie Dough strains, designed for convenient\nuse in joints or vaporizers. In Q4 2024, the Spinach  \u00ae  brand maintained its\nposition as the number one flower brand in Canada, with  5.7%  market share.\n\nIn 2024, we introduced two new Spinach  \u00ae  all-in-one vapes, Pineapple\nParadise and Blueberry Dynamite that are performing well and helping to drive\nmarket share gains. The brand's 0.5g all-in-one Spinach HITZ\u2122 vapes introduced\nnew Pink Lemonade and Rocket Icicle flavors, alongside line extensions in\nSpinach  \u00ae  1.2g vapes. Spinach  \u00ae  vapes were the number four vape brand in\nQ4 2024, holding  5.9%  market share. Vape production was brought in-house in\nthe second half of 2024 in an effort to streamline manufacturing and enhance\nproduction efficiency in this category.\n\nIn 2024, we launched Spinach  \u00ae  Fully Charged pre-rolls and infused pre-rolls\nas well as the Spinach  \u00ae  Fully Charged Party Pack and the Spinach  \u00ae  Fully\nCharged Tropical Pack. These launches were the culmination of our product\ndevelopment efforts and portfolio refresh. The infused pre-roll category is\ncontinuing to grow, and we expect this category to be key to future growth for\nboth Cronos and the industry, which is why we are committed to the evolution\nand innovation of our pre-roll portfolio. In Q4 2024, Spinach  \u00ae  was ranked\nseventh in the pre-roll category with  2.5%  market share.\n\n__Lord Jones_ _ __\u00ae_ _ __3_ _  \nIn Q4 2024, Lord Jones  \u00ae  Chocolates Fusions\u2122 had  9.6%  market share and\nended the year as the third best-selling chocolate brand in Canada. In January\n2025, the brand launched a Lord Jones  \u00ae  Chocolate Fusions\u2122 fudge brownie\nflavor, which features a 1:1:1 ratio of CBN, CBD and THC. Lord Jones  \u00ae\nChocolate Fusions\u2122 edibles highlight the brand\u2019s commitment to innovation and\ncraftsmanship, offering four flavors: cookies and cream, dazzle-berry pop,\nsalted caramel crunch and fudge brownie.\n\nIn 2024, we also launched Lord Jones  \u00ae  live resin vapes featuring\nmeticulously curated cultivars, delivering a rich, full-spectrum experience\nthat combines pure live resin with sleek, high-quality hardware. In the second\nhalf of 2023, we launched Ice Water Hash Fusions pre-rolls, which feature\nflower and terpene-rich ice water hash and are fitted with a branded ceramic\ntip. The Ice Water Hash Fusions pre-rolls continued performing throughout\n2024, rising to the number one position in the hash pre-roll category.\nTogether, these launches underscore the brand\u2019s dedication to excellence and\nits focus on creating exceptional, high-quality cannabis-infused products.\n\n__PEACE NATURALS_ _ __\u00ae_ _ __2_ _  \nIn 2024, Cronos Israel revamped and repositioned its flower portfolio,\noptimizing pricing, potency and bringing new, exciting strains to market to\nmeet patient needs. The PEACE NATURALS  \u00ae  brand launched new strains\nincluding GG4, Key Limez Punch, Pink Sherb, Tangie Kush, Citra Diesel, Tahoe\nOG Kush and GMO Lite, providing consumers with additional variety and choice.\nIn Q4 2024, PEACE NATURALS  \u00ae  was the number one flower brand in Israel with\n24%  market share and PEACE NATURALS  \u00ae  cannabis oils are the fourth most\npopular brand in Israel with  9%  market share.\n\nIn 2024, Cronos expanded into the United Kingdom (the \"UK\") by shipping its\nfirst batch of PEACE NATURALS  \u00ae  medical cannabis flower to this emerging\nmarket, through a partnership with a third-party distributor of prescribed\ncannabis products.\n\nThroughout 2024, the Company continued its sales to the German market through\nthe PEACE NATURALS  \u00ae  brand. Cronos sells the PEACE NATURALS  \u00ae  brand\nthrough its distribution partner, Cansativa GmbH (\"Cansativa\"), one of the\nleading distributors of medical cannabis in Germany and supplies flower for\nits private-label brand. Cronos has seen strong demand for its proprietary\ngenetics, such as GMO and Wedding Cake, in both Germany and the UK under the\nPEACE NATURALS  \u00ae  brand.\n\n**Global Supply Chain and Operations**\n\nThe expansion efforts at Cronos GrowCo's facility are well underway. In Q4\n2024, Health Canada approved amendments to the site's perimeter. Cronos GrowCo\nexpects to finish construction of the expanded cultivation and processing\nfacilities in Q2 2025, with first harvests and sales from the area commencing\nin the second half of 2025. Prior to the commencement of sales from the\nexpanded facility, Cronos has the option to purchase up to  80%  of Cronos\nGrowCo's total production. Once sales from the expanded area begin, Cronos\nwill have the option to purchase up to  70%  of the total production from the\nexpanded facility. The expansion of Cronos GrowCo positions the Company to\ncapitalize on domestic demand and meet international growth opportunities in\nthe global cannabis market.\n\nOn November 26, 2023, the Company announced that Peace Naturals Project Inc.\nhad entered into an agreement to sell and lease back its facility in Stayner,\nOntario (the \"Peace Naturals Campus\"). However, the agreement was terminated\nin the Q2 of 2024 pursuant to its terms, and the Company has decided to\ncontinue and expand its operations at the site.\n\nAs part of the expanding operations at the Peace Naturals Campus, in the\nsecond-half of 2024, the Company invested in machinery, automation and process\nimprovement to drive cost efficiency within the facility. This also included\ninvestment in warehousing and vault expansion as well as R&D equipment and\nlaboratory enhancements.\n\n**_Guidance_ **\n\nThe Company achieved  $8.7 million  in operating expense savings in 2024 on a\nstandalone basis, meeting its previously announced operating expense savings\ntarget of  $5 t  o  $10 million  . The savings were primarily driven by lower\nexpenses in general and administrative, research and development and sales and\nmarketing. The operating expense savings exclude the impact of the\nconsolidation of Cronos GrowCo's results into the Company's financial\nstatements.\n\n**_Conference Call_ **\n\nThe Company will host a conference call and live audio webcast on Thursday,\nFebruary 27, 2025, at 8:30 a.m. ET to discuss 2024 Fourth Quarter and Full-\nYear business results. An audio replay of the call will be archived on the\nCompany\u2019s website for replay. Instructions for the live audio webcast are\nprovided on the Company's website at: _https://ir.thecronosgroup.com/events-\npresentations._  \n\n**About Cronos**\n\nCronos is an innovative global cannabinoid company committed to building\ndisruptive intellectual property by advancing cannabis research, technology\nand product development. With a passion to responsibly elevate the consumer\nexperience, Cronos is building an iconic brand portfolio. Cronos\u2019 diverse\ninternational brand portfolio includes Spinach  \u00ae  , PEACE NATURALS  \u00ae  and\nLord Jones  \u00ae  . For more information about Cronos and its brands, please\nvisit: thecronosgroup.com.\n\n**Forward-Looking Statements**\n\nThis press release contains information that constitutes forward-looking\ninformation and forward-looking statements within the meaning of applicable\nsecurities laws and court decisions (collectively, \u201cForward-Looking\nStatements\u201d), which are based upon our current internal expectations,\nestimates, projections, assumptions and beliefs. All information that is not\nclearly historical in nature may constitute Forward-Looking Statements. In\nsome cases, Forward-Looking Statements can be identified by the use of\nforward-looking terminology such as \u201cexpect\u201d, \u201clikely\u201d, \u201cmay\u201d, \u201cwill\u201d,\n\u201cshould\u201d, \u201cintend\u201d, \u201canticipate\u201d, \u201cpotential\u201d, \u201cproposed\u201d, \u201cestimate\u201d and\nother similar words, expressions and phrases, including negative and\ngrammatical variations thereof, or statements that certain events or\nconditions \u201cmay\u201d or \u201cwill\u201d happen, or by discussion of strategy. Forward-\nLooking Statements include estimates, plans, expectations, opinions,\nforecasts, projections, targets, guidance or other statements that are not\nstatements of historical fact.\n\nForward-Looking Statements include, but are not limited to, statements with\nrespect to:\n\n  * the ongoing impact of the public investigation into Canadian licensed producers of alleged dumping of medical cannabis imports from Canada into Israel by the Trade Levies Commissioner of the Israel Ministry of Economy and Industry (the \u201cAnti-Dumping Investigation\u201d) and the proposed anti-dumping duty to which the Company\u2019s imports would be subject; \n  * expectations related to the conflict involving Israel, Hamas, Hezbollah, Houthis, Iran, Iran\u2019s proxies and other stakeholders in the region (the \u201cMiddle East Conflict\u201d) and its impact on our operations in Israel, the supply of product in the market and the demand for product by medical patients in Israel, as well as any regional or global escalations and their impact to global commerce and stability; \n  * expectations related to the German, Australian and UK markets, including our strategic partnerships with Cansativa, Vitura Health Limited (\u201cVitura\u201d), and other distributors, respectively, and our ability to successfully distribute the PEACE NATURALS  \u00ae  brand in Germany and the UK; \n  * expectations related to our announcement of cost-cutting measures, including our decision to wind-down operations at our Winnipeg, Manitoba facility and list the facility for sale, the expected costs and benefits from the wind-down of production activities at the facility, challenges and effects related thereto as well as changes in strategy, metrics, investments, costs, operating expenses, employee turnover and other changes with respect thereto; \n  * expectations related to the impact of our decision to exit our U.S. hemp-derived cannabinoid product operations; \n  * the ongoing impact of our announced realignment (the \u201cRealignment\u201d) and any progress, challenges and effects related thereto as well as changes in strategy, metrics, investments, reporting structure, costs, operating expenses, employee turnover and other changes with respect thereto; \n  * our expectations as to the use of the Peace Naturals Campus; \n  * our ability to acquire raw materials from suppliers, including Cronos GrowCo, and the costs and timing associated therewith; \n  * expectations regarding the potential success of, and the costs and benefits associated with, our joint ventures, strategic alliances and equity investments; \n  * expectations related to the transaction by which we obtained majority control of the board of directors of Cronos GrowCo, which qualified as a business combination under Accounting Standards Codification 805, and the expansion of Cronos GrowCo\u2019s purpose-built cultivation and processing facilities; \n  * our ability or plans to identify, develop, commercialize or expand our technology and R&D initiatives in cannabinoids, or the success thereof; \n  * expectations regarding revenues, expenses, gross margins and capital expenditures; \n  * expectations regarding our future production and manufacturing strategy and operations, the costs and timing associated therewith and the receipt of applicable production and sale licenses; \n  * the ongoing impact of the legalization of additional cannabis product types and forms for adult-use in Canada, including federal, provincial, territorial and municipal regulations pertaining thereto, the related timing and impact thereof and our intentions to participate in such markets; \n  * the legalization of the use of cannabis for medical or adult-use in jurisdictions outside of Canada, including the United States and Germany, the related timing and impact thereof and our intentions to participate in such markets, if and when such use is legalized; \n  * the grant, renewal, withdrawal, suspension, delay and impact of any license or supplemental license to conduct activities with cannabis or any amendments thereof; \n  * our ability to successfully create and launch brands and cannabis products; \n  * expectations related to the differentiation of our products, including through the utilization of rare cannabinoids; \n  * the benefits, viability, safety, efficacy, dosing and social acceptance of cannabis, including CBD and other cannabinoids; \n  * laws and regulations and any amendments thereto applicable to our business and the impact thereof, including uncertainty regarding the application of U.S. state and federal law to cannabis and U.S. hemp (including CBD and other U.S. hemp-derived cannabinoids) products and the scope of any regulations by the U.S. Food and Drug Administration, the U.S. Drug Enforcement Administration, the U.S. Federal Trade Commission, the U.S. Patent and Trademark Office and any state equivalent regulatory agencies over cannabis and U.S. hemp (including CBD and other U.S. hemp-derived cannabinoids) products, including the possibility marijuana is moved from Schedule I to Schedule III under the U.S. Controlled Substances Act; \n  * the anticipated benefits and impact of Altria Group Inc.\u2019s investment in the Company (the \u201cAltria Investment\u201d), pursuant to a subscription agreement dated December 7, 2018; \n  * uncertainties as to our ability to exercise our option (the \u201cPharmaCann Option\u201d) in PharmaCann Inc. (\u201cPharmaCann\u201d), in the near term or the future, in full or in part, including the uncertainties as to the status and future development of federal legalization of cannabis in the U.S. and our ability to realize the anticipated benefits of the transaction with PharmaCann; \n  * expectations regarding the implementation and effectiveness of key personnel changes; \n  * expectations regarding business combinations and dispositions and the anticipated benefits therefrom; \n  * expectations of the amount or frequency of impairment losses, including as a result of the write-down of intangible assets, including goodwill; \n  * the impact of the ongoing military conflict between Russia and Ukraine (and resulting sanctions) on our business, financial condition and results of operations or cash flows; \n  * our compliance with the terms of the settlement (the \u201cSettlement Order\u201d) with the SEC and the settlement agreement with the Ontario Securities Commission (the \u201cSettlement Agreement\u201d); and \n  * the impact of the loss of our ability to rely on private offering exemptions under Regulation D of the Securities Act of 1933, as amended, and the loss of our status as a well-known seasoned issuer, each as a result of the Settlement Order. \n\nCertain of the Forward-Looking Statements contained herein concerning the\nindustries in which we conduct our business are based on estimates prepared by\nus using data from publicly available governmental sources, market research,\nindustry analysis and on assumptions based on data and knowledge of these\nindustries, which we believe to be reasonable. However, although generally\nindicative of relative market positions, market shares and performance\ncharacteristics, such data is inherently imprecise. The industries in which we\nconduct our business involve risks and uncertainties that are subject to\nchange based on various factors, which are described further below.\n\nThe Forward-Looking Statements contained herein are based upon certain\nmaterial assumptions that were applied in drawing a conclusion or making a\nforecast or projection, including: (i) our ability to effectively navigate\ndevelopments related to the Anti-Dumping Investigation and the proposed anti-\ndumping duty to which the Company\u2019s imports would be subject and its impact on\nour operations in Israel; (ii) our ability to effectively navigate\ndevelopments related to the Middle East Conflict and its impact on our\nemployees and operations in Israel, the supply of product in the market and\ndemand for product by medical patients in Israel; (iii) our ability to\nefficiently and effectively distribute our PEACE NATURALS  \u00ae  brand in Germany\nwith our strategic partner Cansativa and in the UK with our strategic\ndistribution partner and our ability to efficiently and effectively distribute\nproducts in Australia with our strategic partner Vitura; (iv) our ability to\nrealize the expected cost-savings and other benefits related to the wind-down\nof our operations at our Winnipeg, Manitoba facility; (v) expectations related\nto the impact of our decision to exit our U.S. hemp-derived cannabinoid\nproduct operations; (vi) our ability to realize the expected cost-savings,\nefficiencies and other benefits of our Realignment and other announced cost-\ncutting measures and employee turnover related thereto; (vii) our ability to\nefficiently and effectively manage our operations at our Peace Naturals\nCampus; (viii) our ability efficiently and effectively acquire raw materials\non a timely and cost-effective basis from third parties or Cronos GrowCo; (ix)\nthe timely completion of the expansion of Cronos GrowCo\u2019s purpose-built\ncannabis facility and the ability of Cronos GrowCo to repay the credit\nfacility provided by Cronos; (x) our ability to realize anticipated benefits,\nsynergies or generate revenue, profits or value from our business combinations\nand strategic investments; (xi) the production and manufacturing capabilities\nand output from our facilities and our joint ventures, strategic alliances and\nequity investments; (xii) government regulation of our activities and products\nincluding, but not limited to, the areas of cannabis taxation and\nenvironmental protection; (xiii) the timely receipt of any required regulatory\nauthorizations, approvals, consents, permits and/or licenses; (xiv) consumer\ninterest in our products; (xv) our ability to differentiate our products,\nincluding through the utilization of rare cannabinoids; (xvi) competition;\n(xvii) anticipated and unanticipated costs; (xviii) our ability to generate\ncash flow from operations; (xix) our ability to conduct operations in a safe,\nefficient and effective manner; (xx) our ability to hire and retain qualified\nstaff, and acquire equipment and services in a timely and cost-efficient\nmanner; (xxi) our ability to exercise the PharmaCann Option and realize the\nanticipated benefits of the transaction with PharmaCann; (xxii) our ability to\ncomplete planned dispositions, and, if completed, obtain our anticipated sales\nprice; (xxiii) general economic, financial market, regulatory and political\nconditions in which we operate; (xxiv) management\u2019s perceptions of historical\ntrends, current conditions and expected future developments; and (xxv) other\nconsiderations that management believes to be appropriate in the\ncircumstances. While our management considers these assumptions to be\nreasonable based on information currently available to management, there is no\nassurance that such expectations will prove to be correct.\n\nBy their nature, Forward-Looking Statements are subject to inherent risks and\nuncertainties that may be general or specific and which give rise to the\npossibility that expectations, forecasts, predictions, projections or\nconclusions will not prove to be accurate, that assumptions may not be correct\nand that objectives, strategic goals and priorities will not be achieved. A\nvariety of factors, including known and unknown risks, many of which are\nbeyond our control, could cause actual results to differ materially from the\nForward-Looking Statements in this press release and other reports we file\nwith, or furnish to, the SEC and other regulatory agencies and made by our\ndirectors, officers, other employees and other persons authorized to speak on\nour behalf. Such factors include, without limitation, negative impacts on our\nbusiness and operations in Israel due to the Anti-Dumping Investigation,\nincluding that we may not be able to produce, import or sell our products in\nIsrael as a result thereof; negative impacts on our employees, business and\noperations in Israel due to the Middle East Conflict, including that we may\nnot be able to produce, import or sell our products or protect our people or\nfacilities in Israel during the Middle East Conflict; the supply of product in\nthe market and the demand for product by medical patients in Israel; that we\nmay not be able to successfully continue to distribute our products in\nGermany, Australia and the UK or generate material revenue from sales in those\nmarkets; that we may not be able to achieve the anticipated benefits of the\nwind-down of our operations at our Winnipeg, Manitoba facility; that we may be\nunable to further streamline our operations and reduce expenses; that we may\nnot be able to effectively and efficiently re-enter the U.S. market in the\nfuture; that we may not be able to access raw materials on a timely and cost-\neffective basis from third-parties or Cronos GrowCo; that Cronos GrowCo may\nnot be able to complete the expansion of its purpose-built cannabis facility\nwithin a reasonable time or repay its borrowings under the credit facility\nprovided by Cronos; that the military conflict between Russia and Ukraine may\ndisrupt our operations and those of our suppliers and distribution channels\nand negatively impact the demand for and use of our products; the risk that\ncost savings and any other synergies from the Altria Investment may not be\nfully realized or may take longer to realize than expected; failure to execute\nkey personnel changes; that our Realignment and our further leveraging of our\nstrategic partnerships will not result in the expected cost-savings,\nefficiencies and other benefits or will result in greater than anticipated\nturnover in personnel; that we may not be able to efficiently and effectively\nmanage our operations, and any changes thereto, at our Peace Naturals Campus;\nlower levels of revenues; the lack of consumer demand for our products; our\ninability to manage disruptions in credit markets; unanticipated future levels\nof capital, environmental or maintenance expenditures, general and\nadministrative and other expenses; failure to realize expected growth\nopportunities; the lack of cash flow necessary to execute our business plan\n(either within the expected timeframe or at all); difficulty raising capital;\nthe potential adverse effects of judicial, regulatory or other proceedings, or\nthreatened litigation or proceedings, on our business, financial condition,\nresults of operations and cash flows; volatility in and/or degradation of\ngeneral economic, market, industry or business conditions; compliance with\napplicable environmental, economic, health and safety, energy and other\npolicies and regulations and in particular health concerns with respect to\nvaping and the use of cannabis and U.S. hemp products in vaping devices; the\nunexpected effects of actions of third parties such as competitors, activist\ninvestors or federal (including U.S. federal), state, provincial, territorial\nor local regulatory authorities or self-regulatory organizations; adverse\nchanges in regulatory requirements in relation to our business and products;\nlegal or regulatory obstacles that could prevent us from being able to\nexercise the PharmaCann Option and thereby realize the anticipated benefits of\nthe transaction with PharmaCann; dilution of our fully-diluted ownership of\nPharmaCann and the loss of our rights as a result of that dilution; our\nfailure to improve our internal control environment and our systems, processes\nand procedures; and the factors discussed under Part I, Item 1A \u201c _Risk\nFactors_ \u201d in our Annual Report on Form 10-K for the year ended December 31,\n2024. Readers are cautioned to consider these and other factors, uncertainties\nand potential events carefully and not to put undue reliance on Forward-\nLooking Statements.\n\nForward-Looking Statements are provided for the purposes of assisting the\nreader in understanding our financial performance, financial position and cash\nflows as of and for periods ended on certain dates and to present information\nabout management\u2019s current expectations and plans relating to the future, and\nthe reader is cautioned not to place undue reliance on these Forward-Looking\nStatements because of their inherent uncertainty and to appreciate the limited\npurposes for which they are being used by management. While we believe that\nthe assumptions and expectations reflected in the Forward-Looking Statements\nare reasonable based on information currently available to management, there\nis no assurance that such assumptions and expectations will prove to have been\ncorrect. Forward-Looking Statements are made as of the date they are made and\nare based on the beliefs, estimates, expectations and opinions of management\non that date. We undertake no obligation to update or revise any Forward-\nLooking Statements, whether as a result of new information, estimates or\nopinions, future events or results or otherwise or to explain any material\ndifference between subsequent actual events and such Forward-Looking\nStatements. The Forward-Looking Statements contained in this press release and\nother reports we file with, or furnish to, the SEC and other regulatory\nagencies and made by our directors, officers, other employees and other\npersons authorized to speak on our behalf are expressly qualified in their\nentirety by these cautionary statements.\n\n____________________________________________  \n1  Hifyre Retail Analytics - National Retail Dollar by Brand in Canada -\nDecember 2024.  \n2  Market share and ranking information from pharmacy data collected by Cronos\n- December 2024.  \n3  All market share and ranking information from Hifyre Retail Analytics -\nNational Retail Dollar by Brand in Canada - December 2024, unless otherwise\nspecified.  \n  \n---  \n**Cronos Group Inc.**  \n**Consolidated Balance Sheets**  \n_(In thousands of U.S. dollars)_  \n|  **As of December 31,**  \n|  |  **2024** |  |  |  |  **2023** |   \n**Assets** |  |  |   \nCurrent assets  |  |  |   \nCash and cash equivalents  |  $  |  858,805  |  |  |  $  |  669,291  |   \nShort-term investments  |  |  \u2014  |  |  |  |  192,237  |   \nAccounts receivable, net  |  |  15,462  |  |  |  |  13,984  |   \nInterest receivable  |  |  8,690  |  |  |  |  10,012  |   \nOther receivables  |  |  5,000  |  |  |  |  6,341  |   \nCurrent portion of loans receivable, net  |  |  618  |  |  |  |  5,541  |   \nInventory, net  |  |  33,149  |  |  |  |  30,495  |   \nPrepaids and other current assets  |  |  6,277  |  |  |  |  5,405  |   \nHeld-for-sale assets  |  |  8,112  |  |  |  |  \u2014  |   \nTotal current assets  |  |  936,113  |  |  |  |  933,306  |   \nEquity method investments, net  |  |  \u2014  |  |  |  |  19,488  |   \nOther investments  |  |  2,813  |  |  |  |  35,251  |   \nNon-current portion of loans receivable, net  |  |  15,526  |  |  |  |  69,036  |   \nProperty, plant and equipment, net  |  |  133,189  |  |  |  |  59,468  |   \nRight-of-use assets  |  |  1,390  |  |  |  |  1,356  |   \nGoodwill  |  |  63,453  |  |  |  |  1,057  |   \nIntangible assets, net  |  |  11,257  |  |  |  |  21,078  |   \nDeferred tax assets  |  |  2,571  |  |  |  |  226  |   \n**Total assets** |  $  |  1,166,312  |  |  |  $  |  1,140,266  |   \n**Liabilities** |  |  |   \nCurrent liabilities  |  |  |   \nAccounts payable  |  $  |  16,973  |  |  |  $  |  12,130  |   \nIncome taxes payable  |  |  9  |  |  |  |  64  |   \nAccrued liabilities  |  |  31,653  |  |  |  |  27,736  |   \nCurrent portion of lease obligation  |  |  1,025  |  |  |  |  994  |   \nDerivative liabilities  |  |  40  |  |  |  |  102  |   \nCurrent portion due to non-controlling interests  |  |  \u2014  |  |  |  |  373  |   \nTotal current liabilities  |  |  49,700  |  |  |  |  41,399  |   \nNon-current portion due to non-controlling interests  |  |  1,073  |  |  |  |  1,003  |   \nNon-current portion of lease obligation  |  |  993  |  |  |  |  1,559  |   \nDeferred tax liabilities  |  |  3,564  |  |  |  |  181  |   \n**Total liabilities** |  |  55,330  |  |  |  |  44,142  |   \n**Shareholders\u2019 equity** |  |  |   \nShare capital and additional paid-in capital  |  |  669,879  |  |  |  |  662,174  |   \nRetained earnings  |  |  457,709  |  |  |  |  416,719  |   \nAccumulated other comprehensive income (loss)  |  |  (63,525  |  )  |  |  |  20,678  |   \nTotal equity attributable to shareholders of Cronos Group  |  |  1,064,063  |  |  |  |  1,099,571  |   \nNon-controlling interests  |  |  46,919  |  |  |  |  (3,447  |  )   \n**Total shareholders\u2019 equity** |  |  1,110,982  |  |  |  |  1,096,124  |   \n**Total liabilities and shareholders\u2019 equity** |  $  |  1,166,312  |  |  |  $  |  1,140,266  |   \n  \n  \n\n**Cronos Group Inc.**  \n**Consolidated Statements of Net Income (Loss) and Comprehensive Income\n(Loss)**  \n_(In thousands of U.S. dollars, except share and per share amounts)_  \n---  \n|  **Year ended December 31,**  \n|  |  **2024** |  |  |  |  **2023** |  |  |  |  **2022** |   \n**Net revenue, before excise taxes** |  $  |  161,821  |  |  |  $  |  120,270  |  |  |  $  |  109,301  |   \nExcise taxes  |  |  (44,206  |  )  |  |  |  (33,029  |  )  |  |  |  (22,552  |  )   \n**Net revenue** |  |  117,615  |  |  |  |  87,241  |  |  |  |  86,749  |   \nCost of sales  |  |  91,710  |  |  |  |  74,527  |  |  |  |  71,313  |   \nInventory write-down  |  |  707  |  |  |  |  805  |  |  |  |  \u2014  |   \n**Gross profit** |  |  25,198  |  |  |  |  11,909  |  |  |  |  15,436  |   \n**Operating expenses** |  |  |  |  |   \nSales and marketing  |  |  21,603  |  |  |  |  22,701  |  |  |  |  18,046  |   \nResearch and development  |  |  4,229  |  |  |  |  5,843  |  |  |  |  13,131  |   \nGeneral and administrative  |  |  46,514  |  |  |  |  49,475  |  |  |  |  67,674  |   \nRestructuring costs  |  |  630  |  |  |  |  1,524  |  |  |  |  3,545  |   \nShare-based compensation  |  |  8,700  |  |  |  |  8,756  |  |  |  |  15,008  |   \nDepreciation and amortization  |  |  3,701  |  |  |  |  5,044  |  |  |  |  5,967  |   \nImpairment loss on long-lived assets  |  |  16,350  |  |  |  |  3,366  |  |  |  |  3,493  |   \nTotal operating expenses  |  |  101,727  |  |  |  |  96,709  |  |  |  |  126,864  |   \nOperating loss  |  |  (76,529  |  )  |  |  |  (84,800  |  )  |  |  |  (111,428  |  )   \n**Other income (expense)** |  |  |  |  |   \nInterest income, net  |  |  52,019  |  |  |  |  51,235  |  |  |  |  22,514  |   \nGain (loss) on revaluation of derivative liabilities  |  |  49  |  |  |  |  (85  |  )  |  |  |  14,060  |   \nShare of income from equity method investments  |  |  2,365  |  |  |  |  1,583  |  |  |  |  3,114  |   \nGain on revaluation of loan receivable  |  |  11,804  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nGain on revaluation of equity method investment  |  |  32,469  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nGain (loss) on revaluation of financial instruments  |  |  (6,248  |  )  |  |  |  (12,042  |  )  |  |  |  14,739  |   \nImpairment loss on other investments  |  |  (25,650  |  )  |  |  |  (23,350  |  )  |  |  |  (61,392  |  )   \nForeign currency transaction gain (loss)  |  |  57,859  |  |  |  |  (7,324  |  )  |  |  |  (2,286  |  )   \nLoss on held-for-sale assets  |  |  (11,202  |  )  |  |  |  \u2014  |  |  |  |  \u2014  |   \nOther, net  |  |  (350  |  )  |  |  |  1,114  |  |  |  |  (324  |  )   \nTotal other income (expense)  |  |  113,115  |  |  |  |  11,131  |  |  |  |  (9,575  |  )   \nIncome (loss) before income taxes  |  |  36,586  |  |  |  |  (73,669  |  )  |  |  |  (121,003  |  )   \nIncome tax expense (benefit)  |  |  (3,436  |  )  |  |  |  (3,230  |  )  |  |  |  34,175  |   \nIncome (loss) from continuing operations  |  |  40,022  |  |  |  |  (70,439  |  )  |  |  |  (155,178  |  )   \nLoss from discontinued operations  |  |  \u2014  |  |  |  |  (4,114  |  )  |  |  |  (13,556  |  )   \nNet income (loss)  |  |  40,022  |  |  |  |  (74,553  |  )  |  |  |  (168,734  |  )   \nNet income (loss) attributable to non-controlling interest  |  |  (1,058  |  )  |  |  |  (590  |  )  |  |  |  \u2014  |   \nNet income (loss) attributable to Cronos Group  |  $  |  41,080  |  |  |  $  |  (73,963  |  )  |  |  $  |  (168,734  |  )   \n|  |  |  |  |   \n**Comprehensive income (loss)** |  |  |  |  |   \nNet income (loss)  |  $  |  40,022  |  |  |  $  |  (74,553  |  )  |  |  $  |  (168,734  |  )   \nOther comprehensive income (loss)  |  |  |  |  |   \nForeign exchange gain (loss) on translation  |  |  (86,321  |  )  |  |  |  21,539  |  |  |  |  (50,616  |  )   \nComprehensive income (loss)  |  |  (46,299  |  )  |  |  |  (53,014  |  )  |  |  |  (219,350  |  )   \nComprehensive income (loss) attributable to non-controlling interest  |  |  (3,176  |  )  |  |  |  (526  |  )  |  |  |  46  |   \n**Comprehensive income (loss) attributable to Cronos Group** |  $  |  (43,123  |  )  |  |  $  |  (52,488  |  )  |  |  $  |  (219,396  |  )   \n|  |  |  |  |   \n**Net income (loss) per share** |  |  |  |  |   \nBasic - continuing operations  |  $  |  0.11  |  |  |  $  |  (0.18  |  )  |  |  $  |  (0.41  |  )   \nBasic - discontinued operations  |  $  |  \u2014  |  |  |  $  |  (0.01  |  )  |  |  $  |  (0.04  |  )   \nBasic net income (loss) per share attributable to Cronos Group  |  $  |  0.11  |  |  |  $  |  (0.19  |  )  |  |  $  |  (0.45  |  )   \n|  |  |  |  |   \nDiluted - continuing operations  |  $  |  0.11  |  |  |  $  |  (0.18  |  )  |  |  $  |  (0.41  |  )   \nDiluted - discontinued operations  |  $  |  \u2014  |  |  |  $  |  (0.01  |  )  |  |  $  |  (0.04  |  )   \nDiluted net income (loss) per share attributable to Cronos Group  |  $  |  0.11  |  |  |  $  |  (0.19  |  )  |  |  $  |  (0.45  |  )   \n**Weighted average number of outstanding shares** |  |  |  |  |   \nBasic  |  |  382,058,056  |  |  |  |  380,964,739  |  |  |  |  376,961,797  |   \nDiluted  |  |  385,557,002  |  |  |  |  380,964,739  |  |  |  |  376,961,797  |   \n  \n  \n\n|  **Three months ended December 31,**  \n---|---  \n|  |  **2024** |  |  |  |  **2023** |   \n**Net revenue, before excise taxes** |  $  |  41,182  |  |  |  $  |  34,006  |   \nExcise taxes  |  |  (10,881  |  )  |  |  |  (10,091  |  )   \n**Net revenue** |  |  30,301  |  |  |  |  23,915  |   \nCost of sales  |  |  19,494  |  |  |  |  21,913  |   \nInventory write-down  |  |  \u2014  |  |  |  |  89  |   \n**Gross profit** |  |  10,807  |  |  |  |  1,913  |   \n**Operating expenses** |  |  |   \nSales and marketing  |  |  6,413  |  |  |  |  6,367  |   \nResearch and development  |  |  1,028  |  |  |  |  1,451  |   \nGeneral and administrative  |  |  12,080  |  |  |  |  9,802  |   \nRestructuring costs  |  |  \u2014  |  |  |  |  101  |   \nShare-based compensation  |  |  2,187  |  |  |  |  1,933  |   \nDepreciation and amortization  |  |  464  |  |  |  |  529  |   \nImpairment loss on long-lived assets  |  |  \u2014  |  |  |  |  3,366  |   \nTotal operating expenses  |  |  22,172  |  |  |  |  23,549  |   \nOperating loss  |  |  (11,365  |  )  |  |  |  (21,636  |  )   \n**Other income (expense)** |  |  |   \nInterest income, net  |  |  11,863  |  |  |  |  14,214  |   \nGain (loss) on revaluation of derivative liabilities  |  |  142  |  |  |  |  (71  |  )   \nShare of income from equity method investments  |  |  \u2014  |  |  |  |  752  |   \nGain (loss) on revaluation of financial instruments  |  |  302  |  |  |  |  (4,186  |  )   \nImpairment loss on other investments  |  |  \u2014  |  |  |  |  (23,350  |  )   \nForeign currency transaction gain (loss)  |  |  45,489  |  |  |  |  (11,323  |  )   \nLoss on held-for-sale assets  |  |  (780  |  )  |  |  |  \u2014  |   \nOther, net  |  |  294  |  |  |  |  89  |   \nTotal other income (expense)  |  |  57,310  |  |  |  |  (23,875  |  )   \nIncome (loss) before income taxes  |  |  45,945  |  |  |  |  (45,511  |  )   \nIncome tax expense (benefit)  |  |  2,004  |  |  |  |  (360  |  )   \nIncome (loss) from continuing operations  |  |  43,941  |  |  |  |  (45,151  |  )   \nLoss from discontinued operations  |  |  \u2014  |  |  |  |  124  |   \nNet income (loss)  |  |  43,941  |  |  |  |  (45,027  |  )   \nNet loss attributable to non-controlling interest  |  |  212  |  |  |  |  (237  |  )   \nNet income (loss) attributable to Cronos Group  |  $  |  43,729  |  |  |  $  |  (44,790  |  )   \n**Comprehensive loss** |  |  |   \nNet income (loss)  |  $  |  43,941  |  |  |  $  |  (45,027  |  )   \nOther comprehensive income (loss)  |  |  |   \nForeign exchange gain (loss) on translation  |  |  (66,208  |  )  |  |  |  22,635  |   \nComprehensive loss  |  |  (22,267  |  )  |  |  |  (22,392  |  )   \nComprehensive loss attributable to non-controlling interest  |  |  (2,832  |  )  |  |  |  (390  |  )   \n**Comprehensive loss attributable to Cronos Group** |  $  |  (19,435  |  )  |  |  $  |  (22,002  |  )   \n|  |  |   \n**Net income (loss) per share** |  |  |   \nBasic - continuing operations  |  $  |  0.11  |  |  |  $  |  (0.12  |  )   \nBasic - discontinued operations  |  $  |  \u2014  |  |  |  $  |  \u2014  |   \nBasic net income (loss) per share attributable to Cronos Group  |  $  |  0.11  |  |  |  $  |  (0.12  |  )   \n|  |  |   \nDiluted - continuing operations  |  $  |  0.11  |  |  |  $  |  (0.12  |  )   \nDiluted - discontinued operations  |  $  |  \u2014  |  |  |  $  |  \u2014  |   \nDiluted net income (loss) per share attributable to Cronos Group  |  $  |  0.11  |  |  |  $  |  (0.12  |  )   \n**Weighted average number of outstanding shares** |  |  |   \nBasic  |  |  382,340,893  |  |  |  |  381,155,824  |   \nDiluted  |  |  386,525,110  |  |  |  |  381,155,824  |   \n  \n  \n\n**Cronos Group Inc.**  \n**Consolidated Statements of Cash Flows**  \n_(In thousands of U.S. dollars)_  \n---  \n|  **Year ended December 31,**  \n|  |  **2024** |  |  |  |  **2023** |  |  |  |  **2022** |   \n**Operating activities** |  |  |  |  |   \nNet income (loss)  |  $  |  40,022  |  |  |  $  |  (74,553  |  )  |  |  $  |  (168,734  |  )   \nAdjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:  |  |  |  |  |   \nShare-based compensation  |  |  8,700  |  |  |  |  8,769  |  |  |  |  15,115  |   \nDepreciation and amortization  |  |  9,336  |  |  |  |  8,110  |  |  |  |  13,122  |   \nImpairment loss on long-lived assets  |  |  16,350  |  |  |  |  3,571  |  |  |  |  3,493  |   \nImpairment loss on other investments  |  |  25,650  |  |  |  |  23,350  |  |  |  |  61,392  |   \nLoss (income) from investments  |  |  3,841  |  |  |  |  10,513  |  |  |  |  (17,853  |  )   \nLoss (gain) on revaluation of derivative liabilities  |  |  (49  |  )  |  |  |  85  |  |  |  |  (14,060  |  )   \nChanges in expected credit losses on long-term financial assets  |  |  1,032  |  |  |  |  (1,528  |  )  |  |  |  (662  |  )   \nRevaluation of equity method investment  |  |  (32,469  |  )  |  |  |  \u2014  |  |  |  |  \u2014  |   \nRevaluation of loan receivable  |  |  (11,804  |  )  |  |  |  \u2014  |  |  |  |  \u2014  |   \nLoss on held-for-sale assets  |  |  11,202  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nInventory step-up recorded to cost of sales  |  |  5,284  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nForeign currency transaction (gain) loss  |  |  (57,859  |  )  |  |  |  7,324  |  |  |  |  2,286  |   \nOther non-cash operating activities, net  |  |  (82  |  )  |  |  |  (2,008  |  )  |  |  |  1,294  |   \nChanges in operating assets and liabilities:  |  |  |  |  |   \nAccounts receivable, net  |  |  (917  |  )  |  |  |  9,206  |  |  |  |  (2,711  |  )   \nInterest receivable  |  |  (3,656  |  )  |  |  |  (14,344  |  )  |  |  |  (6,985  |  )   \nOther receivables  |  |  2,059  |  |  |  |  (1,449  |  )  |  |  |  1,148  |   \nPrepaids and other current assets  |  |  (512  |  )  |  |  |  1,437  |  |  |  |  996  |   \nInventory, net  |  |  7,417  |  |  |  |  7,399  |  |  |  |  (7,217  |  )   \nAccounts payable  |  |  (7,449  |  )  |  |  |  (773  |  )  |  |  |  (863  |  )   \nIncome taxes payable  |  |  (93  |  )  |  |  |  (33,104  |  )  |  |  |  34,212  |   \nAccrued liabilities  |  |  2,840  |  |  |  |  5,160  |  |  |  |  (2,921  |  )   \nNet cash provided by (used in) operating activities  |  |  18,843  |  |  |  |  (42,835  |  )  |  |  |  (88,948  |  )   \n|  |  |  |  |   \n**Investing activities** |  |  |  |  |   \nProceeds from short-term investments  |  |  185,817  |  |  |  |  532,838  |  |  |  |  268,870  |   \nPurchase of short-term investments  |  |  \u2014  |  |  |  |  (608,247  |  )  |  |  |  (271,378  |  )   \nCash acquired in business combination  |  |  5,993  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nDividends received from equity method investee  |  |  \u2014  |  |  |  |  1,297  |  |  |  |  \u2014  |   \nDividend proceeds  |  |  \u2014  |  |  |  |  345  |  |  |  |  384  |   \nAdvances on loans receivable  |  |  (8,759  |  )  |  |  |  \u2014  |  |  |  |  \u2014  |   \nRepayments on loans receivable  |  |  5,252  |  |  |  |  16,831  |  |  |  |  5,246  |   \nPurchase of property, plant and equipment, net of disposals  |  |  (12,411  |  )  |  |  |  (2,505  |  )  |  |  |  (3,451  |  )   \nPurchase of intangible assets, net of disposals  |  |  (743  |  )  |  |  |  (918  |  )  |  |  |  (1,581  |  )   \nOther investing activities  |  |  \u2014  |  |  |  |  860  |  |  |  |  68  |   \nNet cash provided by (used in) investing activities  |  |  175,149  |  |  |  |  (59,499  |  )  |  |  |  (1,842  |  )   \n|  **Year ended December 31,**  \n|  |  **2024** |  |  |  |  **2023** |  |  |  |  **2022** |   \n**Financing activities** |  |  |  |  |   \nWithholding taxes paid on equity awards  |  |  (1,231  |  )  |  |  |  (1,030  |  )  |  |  |  (2,829  |  )   \nOther financing activities, net  |  |  \u2014  |  |  |  |  \u2014  |  |  |  |  (68  |  )   \nNet cash used in financing activities  |  |  (1,231  |  )  |  |  |  (1,030  |  )  |  |  |  (2,897  |  )   \nEffect of foreign currency translation on cash and cash equivalents  |  |  (3,247  |  )  |  |  |  8,011  |  |  |  |  (28,642  |  )   \nNet change in cash and cash equivalents  |  |  189,514  |  |  |  |  (95,353  |  )  |  |  |  (122,329  |  )   \nCash and cash equivalents, beginning of period  |  |  669,291  |  |  |  |  764,644  |  |  |  |  886,973  |   \nCash and cash equivalents, end of period  |  $  |  858,805  |  |  |  $  |  669,291  |  |  |  $  |  764,644  |   \n|  |  |  |  |   \n**Supplementary cash flow information:** |  |  |  |  |   \nInterest paid  |  |  \u2014  |  |  |  |  \u2014  |  |  |  |  \u2014  |   \nInterest received  |  |  48,399  |  |  |  |  36,501  |  |  |  |  15,548  |   \nTaxes paid  |  |  647  |  |  |  |  33,013  |  |  |  |  177  |   \n|  |  |  |  |  |  |  |  |  |  |   \n  \n**Non-GAAP Measures**\n\nCronos reports its financial results in accordance with Generally Accepted\nAccounting Principles in the United States (\u201cU.S. GAAP\u201d). This press release\nrefers to measures not recognized under U.S. GAAP (\u201cnon-GAAP measures\u201d). These\nnon-GAAP measures do not have a standardized meaning prescribed by U.S. GAAP\nand are therefore unlikely to be comparable to similar measures presented by\nother companies. Rather, these non-GAAP measures are provided as a supplement\nto corresponding U.S. GAAP measures to provide additional information\nregarding the results of operations from management\u2019s perspective.\nAccordingly, non-GAAP measures should not be considered a substitute for, or\nsuperior to, the financial information prepared and presented in accordance\nwith U.S. GAAP. All non-GAAP measures presented in this press release are\nreconciled to their closest reported U.S. GAAP measure. Reconciliations of\nhistorical adjusted financial measures to corresponding U.S. GAAP measures are\nprovided below.\n\n_Adjusted EBITDA_\n\nManagement reviews Adjusted EBITDA, a non-GAAP measure, which excludes non-\ncash items and items that do not reflect management\u2019s assessment of ongoing\nbusiness performance. Management defines Adjusted EBITDA as net income (loss)\nbefore interest, tax expense (benefit), depreciation and amortization adjusted\nfor: share of (income) loss from equity method investments; impairment loss on\ngoodwill and intangible assets; impairment loss on long-lived assets; (gain)\nloss on revaluation of derivative liabilities; (gain) loss on revaluation of\nfinancial instruments; gain on revaluation of loan receivable; gain on\nrevaluation of equity method investment; transaction costs related to\nstrategic projects; loss on held-for-sale assets; impairment loss on other\ninvestments; foreign currency transaction loss; other, net; loss from\ndiscontinued operations; restructuring costs; inventory write-downs resulting\nfrom restructuring actions; share-based compensation; costs related to the\nAnti-Dumping Investigation; purchase accounting adjustment-related inventory\nstep-up adjustments recorded through cost of sales; and financial statement\nreview costs and reserves related to the restatements of our 2019 and 2021\ninterim financial statements (the \u201cRestatements\u201d), including the costs related\nto the settlement of the SEC\u2019s and the OSC\u2019s investigations of the\nRestatements and legal costs of defending shareholder class action complaints\nbrought against us as a result of the 2019 restatement (see Note 12(b)\n\u201cContingencies,\u201d to the consolidated financial statements under Item 8 of the\nCompany's Annual Report on Form 10-K for the year ended December 31, 2024 for\na discussion of the shareholder class action complaints relating to the\nrestatement of the 2019 interim financial statements and the settlement of the\nSEC\u2019s and the OSC\u2019s investigations of the Restatements). Results are reported\nas total consolidated results, reflecting our reporting structure of one\nreportable segment.\n\nManagement believes that Adjusted EBITDA provides the most useful insight into\nunderlying business trends and results and provides a more meaningful\ncomparison of period-over-period results. Management uses Adjusted EBITDA for\nplanning, forecasting and evaluating business and financial performance,\nincluding allocating resources and evaluating results relative to employee\ncompensation targets.  \n\nAdjusted EBITDA is reconciled to net income (loss) as follows:\n\n_(in thousands of U.S. dollars)_ |  **For the year ended December 31, 2024**  \n---|---  \n|  **Continuing  \nOperations ** |  |  **Discontinued  \nOperations ** |  |  **Total**  \nNet income  |  $  |  40,022  |  |  |  $  |  \u2014  |  |  $  |  40,022  |   \nInterest income, net  |  |  (52,019  |  )  |  |  |  \u2014  |  |  |  (52,019  |  )   \nIncome tax expense (benefit)  |  |  (3,436  |  )  |  |  |  \u2014  |  |  |  (3,436  |  )   \nDepreciation and amortization  |  |  9,336  |  |  |  |  \u2014  |  |  |  9,336  |   \nEBITDA  |  |  (6,097  |  )  |  |  |  \u2014  |  |  |  (6,097  |  )   \nShare of income from equity method investments  |  |  (2,365  |  )  |  |  |  \u2014  |  |  |  (2,365  |  )   \nImpairment loss on long-lived assets  (i)  |  |  16,350  |  |  |  |  \u2014  |  |  |  16,350  |   \nRevaluation gain on loan receivable  (ii)  |  |  (11,804  |  )  |  |  |  \u2014  |  |  |  (11,804  |  )   \nGain on revaluation of equity method investment  (iii)  |  |  (32,469  |  )  |  |  |  \u2014  |  |  |  (32,469  |  )   \nGain on revaluation of derivative liabilities  (iv)  |  |  (49  |  )  |  |  |  \u2014  |  |  |  (49  |  )   \nLoss on revaluation of financial instruments  (v)  |  |  6,248  |  |  |  |  \u2014  |  |  |  6,248  |   \nImpairment loss on other investments  (vi)  |  |  25,650  |  |  |  |  \u2014  |  |  |  25,650  |   \nForeign currency transaction gain  |  |  (57,859  |  )  |  |  |  \u2014  |  |  |  (57,859  |  )   \nTransaction costs  (vii)  |  |  701  |  |  |  |  \u2014  |  |  |  701  |   \nLoss on held-for-sale assets  (viii)  |  |  11,202  |  |  |  |  \u2014  |  |  |  11,202  |   \nOther, net  (ix)  |  |  350  |  |  |  |  \u2014  |  |  |  350  |   \nRestructuring costs  (x)  |  |  630  |  |  |  |  \u2014  |  |  |  630  |   \nShare-based compensation  (xi)  |  |  8,700  |  |  |  |  \u2014  |  |  |  8,700  |   \nFinancial statement review costs  (xii)  |  |  (1  |  )  |  |  |  \u2014  |  |  |  (1  |  )   \nInventory step-up recorded to cost of sales  (xiv)  |  |  5,284  |  |  |  |  \u2014  |  |  |  5,284  |   \nIsrael Ministry of Economy and Industry dumping inquiry  (xv)  |  |  587  |  |  |  |  \u2014  |  |  |  587  |   \nAdjusted EBITDA  |  $  |  (34,942  |  )  |  |  $  |  \u2014  |  |  $  |  (34,942  |  )   \n  \n  \n\n_(in thousands of U.S. dollars)_ |  **For the year ended December 31, 2023**  \n---|---  \n|  **Continuing  \nOperations ** |  |  **Discontinued  \nOperations ** |  |  **Total**  \nNet loss  |  $  |  (70,439  |  )  |  |  $  |  (4,114  |  )  |  |  $  |  (74,553  |  )   \nInterest income, net  |  |  (51,235  |  )  |  |  |  (10  |  )  |  |  |  (51,245  |  )   \nIncome tax expense (benefit)  |  |  (3,230  |  )  |  |  |  \u2014  |  |  |  |  (3,230  |  )   \nDepreciation and amortization  |  |  7,866  |  |  |  |  244  |  |  |  |  8,110  |   \nEBITDA  |  |  (117,038  |  )  |  |  |  (3,880  |  )  |  |  |  (120,918  |  )   \nShare of income from equity method investments  |  |  (1,583  |  )  |  |  |  \u2014  |  |  |  |  (1,583  |  )   \nImpairment loss on long-lived assets  (i)  |  |  3,366  |  |  |  |  205  |  |  |  |  3,571  |   \nLoss on revaluation of derivative liabilities  (iv)  |  |  85  |  |  |  |  \u2014  |  |  |  |  85  |   \nLoss on revaluation of financial instruments  (v)  |  |  12,042  |  |  |  |  \u2014  |  |  |  |  12,042  |   \nImpairment loss on other investments  (vi)  |  |  23,350  |  |  |  |  \u2014  |  |  |  |  23,350  |   \nForeign currency transaction loss  |  |  7,324  |  |  |  |  \u2014  |  |  |  |  7,324  |   \nOther, net  (ix)  |  |  (1,114  |  )  |  |  |  118  |  |  |  |  (996  |  )   \nRestructuring costs  (x)  |  |  1,524  |  |  |  |  523  |  |  |  |  2,047  |   \nShare-based compensation  (xi)  |  |  8,756  |  |  |  |  13  |  |  |  |  8,769  |   \nFinancial statement review costs  (xii)  |  |  919  |  |  |  |  \u2014  |  |  |  |  919  |   \nInventory write-down  (xiii)  |  |  805  |  |  |  |  839  |  |  |  |  1,644  |   \nAdjusted EBITDA  |  $  |  (61,564  |  )  |  |  $  |  (2,182  |  )  |  |  $  |  (63,746  |  )   \n  \n  \n\n_(in thousands of U.S. dollars)_ |  **Three months ended December 31, 2024**  \n---|---  \n|  **Continuing  \nOperations ** |  |  **Discontinued  \nOperations ** |  |  **Total**  \nNet income  |  $  |  43,941  |  |  |  $  |  \u2014  |  |  $  |  43,941  |   \nInterest income, net  |  |  (11,863  |  )  |  |  |  \u2014  |  |  |  (11,863  |  )   \nIncome tax expense (benefit)  |  |  2,004  |  |  |  |  \u2014  |  |  |  2,004  |   \nDepreciation and amortization  |  |  2,525  |  |  |  |  \u2014  |  |  |  2,525  |   \nEBITDA  |  |  36,607  |  |  |  |  \u2014  |  |  |  36,607  |   \nGain on revaluation of derivative liabilities  (i  v  )  |  |  (142  |  )  |  |  |  \u2014  |  |  |  (142  |  )   \nGain on revaluation of financial instruments  (  v  )  |  |  (302  |  )  |  |  |  \u2014  |  |  |  (302  |  )   \nForeign currency transaction gain  |  |  (45,489  |  )  |  |  |  \u2014  |  |  |  (45,489  |  )   \nTransaction costs  (vii)  |  |  171  |  |  |  |  \u2014  |  |  |  171  |   \nLoss on held-for-sale assets  (  v  iii)  |  |  780  |  |  |  |  \u2014  |  |  |  780  |   \nOther, net  (  ix  )  |  |  (294  |  )  |  |  |  \u2014  |  |  |  (294  |  )   \nShare-based compensation  (  xi  )  |  |  2,187  |  |  |  |  \u2014  |  |  |  2,187  |   \nFinancial statement review costs  (  xii  )  |  |  524  |  |  |  |  \u2014  |  |  |  524  |   \nInventory step-up recorded to cost of sales  (xi  v)  |  |  (1,832  |  )  |  |  |  \u2014  |  |  |  (1,832  |  )   \nIsrael Ministry of Economy and Industry dumping inquiry  (xv)  |  |  587  |  |  |  |  \u2014  |  |  |  587  |   \nAdjusted EBITDA  |  $  |  (7,203  |  )  |  |  $  |  \u2014  |  |  $  |  (7,203  |  )   \n  \n  \n\n_(in thousands of U.S. dollars)_ |  **Three months ended December 31, 2023**  \n---|---  \n|  **Continuing  \nOperations ** |  |  **Discontinued  \nOperations ** |  |  **Total**  \nNet loss  |  $  |  (45,151  |  )  |  |  $  |  124  |  |  |  $  |  (45,027  |  )   \nInterest income, net  |  |  (14,214  |  )  |  |  |  (1  |  )  |  |  |  (14,215  |  )   \nIncome tax expense (benefit)  |  |  (360  |  )  |  |  |  \u2014  |  |  |  |  (360  |  )   \nDepreciation and amortization  |  |  1,177  |  |  |  |  \u2014  |  |  |  |  1,177  |   \nEBITDA  |  |  (58,548  |  )  |  |  |  123  |  |  |  |  (58,425  |  )   \nShare of income from equity method investments  |  |  (752  |  )  |  |  |  \u2014  |  |  |  |  (752  |  )   \nImpairment loss on long-lived assets  (i  )  |  |  3,366  |  |  |  |  \u2014  |  |  |  |  3,366  |   \nLoss on revaluation of derivative liabilities  (i  v  )  |  |  71  |  |  |  |  \u2014  |  |  |  |  71  |   \nLoss on revaluation of financial instruments  (  v  )  |  |  4,186  |  |  |  |  \u2014  |  |  |  |  4,186  |   \nImpairment loss on other investments  (vi  )  |  |  23,350  |  |  |  |  \u2014  |  |  |  |  23,350  |   \nForeign currency transaction loss  |  |  11,323  |  |  |  |  \u2014  |  |  |  |  11,323  |   \nOther, net  (i  x  )  |  |  (89  |  )  |  |  |  (14  |  )  |  |  |  (103  |  )   \nRestructuring costs  (  x)  |  |  101  |  |  |  |  (39  |  )  |  |  |  62  |   \nShare-based compensation  (  xi  )  |  |  1,933  |  |  |  |  (4  |  )  |  |  |  1,929  |   \nFinancial statement review costs  (  xii  )  |  |  180  |  |  |  |  \u2014  |  |  |  |  180  |   \nInventory write-down  (  xiii  )  |  |  89  |  |  |  |  \u2014  |  |  |  |  89  |   \nAdjusted EBITDA  |  $  |  (14,790  |  )  |  |  $  |  66  |  |  |  $  |  (14,724  |  )   \n  \n(i)  For the year ended December 31, 2024, impairment loss on long-lived\nassets included  $14,258  related to the write-down of our Ginkgo Exclusive\nLicenses and  $1,631  related to the cessation of operations of Thanos\nHoldings Ltd., known as Cronos Fermentation (\u201cCronos Fermentation\u201d). For the\nyear ended December 31, 2023, impairment loss on long-lived assets related to\ncertain leased properties associated with the Company\u2019s former U.S. operations\nand impairment of the Company's CBCVA exclusive license under the\ncollaboration and license agreement between Ginkgo and the Company.  \n(ii)  For the year ended December 31, 2024, a revaluation gain on loan\nreceivable was recognized as a result of the Cronos GrowCo Transaction on July\n1, 2024.  \n(iii)  For the year ended December 31, 2024, a gain on revaluation of equity\nmethod investment was recognized as a result of the Cronos GrowCo Transaction\non July 1, 2024.  \n(iv)  For the three months and years ended December 31, 2024 and 2023, the\n(gain) loss on revaluation of derivative liabilities represented the fair\nvalue changes on the derivative liabilities.  \n(v)  For the three months and years ended December 31, 2024 and 2023, (gain)\nloss on revaluation of financial instruments related primarily to our\nunrealized holding (gain) or loss (as applicable) on our mark-to-market\ninvestment in Vitura as well as revaluations of financial liabilities\nresulting from deferred share units granted to directors.  \n(vi)  For the years ended December 31, 2024 and 2023 and the three months\nended December 31, 2023, impairment loss on other investments related to the\nPharmaCann Option for the difference between its fair value and carrying\namount.  \n(vii)  For the year and three months ended December 31, 2024, transaction\ncosts represented legal, financial and other advisory fees and expenses\nincurred in connection with the Cronos GrowCo Transaction. These costs are\nincluded in general and administrative expenses on the consolidated statements\nof net income (loss) and comprehensive income (loss).  \n(viii)  For the year ended December 31, 2024, a loss on held-for-sale assets\nwas recognized as a result of the change in the Company\u2019s sales strategy for\nthe Cronos Fermentation assets to market the assets to a broader buyer pool.\nFor the quarter ended December 31, 2024, a loss on held-for-sale assets was\nrecognized to adjust the net book value of Cronos Fermentation to fair value.  \n(ix)  For the three months and years ended December 31, 2024 and 2023, other,\nnet primarily related to (gain) loss on disposal of assets.  \n(x)  For the year ended December 31, 2024, restructuring costs from continuing\noperations related to shutdown costs at the Cronos Fermentation Facility, as\nwell as employee-related severance costs associated with the Realignment. For\nthe year and three months ended December 31, 2023, restructuring costs related\nto the employee-related severance costs and other restructuring costs\nassociated with the Realignment.  \n(xi)  For the three months and years ended December 31, 2024 and 2023, share-\nbased compensation related to the vesting expenses of share-based compensation\nawarded to employees under our share-based award plans.  \n(xii)  For the three months and years ended December 31, 2024 and 2023,\nfinancial statement review costs included costs related to the Restatements,\ncosts related to the Company\u2019s responses to requests for information from\nvarious regulatory authorities relating to the Restatements, the costs related\nto the Settlement Order and Settlement Agreement and legal costs defending\nshareholder class action complaints brought against the Company as a result of\nthe 2019 restatement, as well as related insurance reimbursements.  \n(xiii)  For the three months and year ended December 31, 2023, inventory\nwrite-downs from discontinued operations relate to product destruction and\nobsolescence associated with the exit of our U.S. operations and inventory\nwrite-downs from continuing operations relate to product destruction and\nobsolescence associated with the planned exit of Cronos Fermentation.  \n(xiv)  For the three months and year ended December 31, 2024, inventory step-\nup recorded to cost of sales represented the portion of the inventory step-up\nfrom the Cronos GrowCo Transaction that was recorded through the consolidated\nstatements of income (loss) and comprehensive income (loss).  \n(xv)  For the three months and year ended December 31, 2024, Israel Ministry\nof Economy and Industry dumping inquiry expense included expenditures relating\nto the regulatory inquiry about alleged dumping of medical cannabis products\nin Israel and related litigation and external relations expenses.\n\n**_Adjusted Gross Profit and Adjusted Gross Margin_ **\n\nTo supplement the consolidated financial statements presented in accordance\nwith U.S. GAAP, we have presented Adjusted Gross Profit and Adjusted Gross\nMargin, non-GAAP measures that exclude the impacts of inventory-related\npurchase accounting adjustments from the calculations of gross profit and\ngross margin, which resulted from the Cronos GrowCo Transaction. Results are\nreported as total consolidated results, reflecting our reporting structure of\none reportable segment.\n\nManagement believes that Adjusted Gross Profit and Adjusted Gross Margin\nprovide useful insight into underlying business trends to facilitate\ncomparisons of period-over-period results by removing the impacts of\ninventory-related purchase accounting adjustments resulting from the Cronos\nGrowCo Transaction, which reflect a one-time event and do not reflect\nmanagement\u2019s assessment of ongoing business performance.\n\n_(in thousands of U.S. dollars)_ |  **Three months ended  \nDecember 31, ** |  |  **Change** |  |  **Year ended  \nDecember 31, ** |  |  **Change**  \n---|---|---|---|---|---|---|---  \n|  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%**  \nNet revenue  |  $  |  30,301  |  |  |  $  |  23,915  |  |  |  $  |  6,386  |  |  |  27  |  %  |  |  $  |  117,615  |  |  |  $  |  87,241  |  |  |  $  |  30,374  |  |  35  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nGross profit  |  $  |  10,807  |  |  |  $  |  1,913  |  |  |  $  |  8,894  |  |  |  465  |  %  |  |  $  |  25,198  |  |  |  $  |  11,909  |  |  |  $  |  13,289  |  |  112  |  %   \nInventory step-up recorded to cost of sales  |  |  (1,832  |  )  |  |  |  \u2014  |  |  |  |  (1,832  |  )  |  |  N/M  |  |  |  |  5,284  |  |  |  |  \u2014  |  |  |  |  5,284  |  |  N/M  |   \nAdjusted Gross Profit  |  $  |  8,975  |  |  |  $  |  1,913  |  |  |  $  |  7,062  |  |  |  369  |  %  |  |  $  |  30,482  |  |  |  $  |  11,909  |  |  |  $  |  18,573  |  |  156  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nGross margin  (i)  |  |  36  |  %  |  |  |  8  |  %  |  |  |  N/A  |  |  |  28  |  pp  |  |  |  21  |  %  |  |  |  14  |  %  |  |  N/A  |  |  7  |  pp   \nAdjusted Gross Margin  (ii)  |  |  30  |  %  |  |  |  8  |  %  |  |  |  N/A  |  |  |  22  |  pp  |  |  |  26  |  %  |  |  |  14  |  %  |  |  N/A  |  |  12  |  pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \n  \n(i)  Gross margin is defined as gross profit divided by net revenue.  \n(ii)  Adjusted Gross Margin is defined as Adjusted Gross Profit divided by net\nrevenue.\n\n_Constant Currency_\n\nTo supplement the consolidated financial statements presented in accordance\nwith U.S. GAAP, we have presented constant currency adjusted financial\nmeasures for net revenues, gross profit, gross profit margin, operating\nexpenses, net income (loss) and Adjusted EBITDA for 2024, as well as cash and\ncash equivalents and short-term investment balances as of December 31, 2024\ncompared to December 31, 2023, which are considered non-GAAP financial\nmeasures. We present constant currency information to provide a framework for\nassessing how our underlying operations performed excluding the effect of\nforeign currency rate fluctuations. To present this information, current and\nprior period income statement results in currencies other than U.S. dollars\nare converted into U.S. dollars using the average exchange rates from the\ncomparative period in 2023 rather than the actual average exchange rates in\neffect during 2024; constant currency current period balance sheet information\nis translated at the prior year-end spot rate rather than the current year-end\nspot rate. All growth comparisons relate to the corresponding period in 2023.\nWe have provided this non-GAAP financial information to aid investors in\nbetter understanding the performance of our business. The non-GAAP financial\nmeasures presented in this press release should not be considered as a\nsubstitute for, or superior to, the measures of financial performance prepared\nin accordance with U.S. GAAP.\n\nThe table below sets forth certain measures of consolidated results from\ncontinuing operations on an as-reported and constant currency basis for 2024\ncompared to 2023, as well as cash and cash equivalents and short-term\ninvestments as of December 31, 2024, compared to December 31, 2023, on an as-\nreported and constant currency basis (in thousands):\n\n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n---|---|---|---  \n|  **Three months ended December 31,** |  |  **As Reported  \nChange ** |  |  **Three months ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  **$** |  |  **%**  \nNet revenue  |  $  |  30,301  |  |  |  $  |  23,915  |  |  |  $  |  6,386  |  |  |  27  |  %  |  |  $  |  30,527  |  |  |  $  |  6,612  |  |  |  28  |  %   \nGross profit  |  |  10,807  |  |  |  |  1,913  |  |  |  |  8,894  |  |  |  465  |  %  |  |  |  10,914  |  |  |  |  9,001  |  |  |  471  |  %   \nGross margin  |  |  36  |  %  |  |  |  8  |  %  |  |  |  N/A  |  |  |  28  |  pp  |  |  |  36  |  %  |  |  |  N/A  |  |  |  28  |  pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \nOperating expenses  |  |  22,172  |  |  |  |  23,549  |  |  |  |  (1,377  |  )  |  |  (6  |  )%  |  |  |  22,557  |  |  |  |  (992  |  )  |  |  (4  |  )%   \nNet income (loss) from continuing operations  |  |  43,941  |  |  |  |  (45,151  |  )  |  |  |  89,092  |  |  |  N/M  |  |  |  |  44,431  |  |  |  |  89,582  |  |  |  N/M  |   \nAdjusted EBITDA  |  |  (7,203  |  )  |  |  |  (14,790  |  )  |  |  |  7,587  |  |  |  51  |  %  |  |  |  (7,869  |  )  |  |  |  6,921  |  |  |  47  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n|  **Year ended  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **Year ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  **$** |  |  **%**  \nNet revenue  |  $  |  117,615  |  |  |  $  |  87,241  |  |  |  $  |  30,374  |  |  |  35  |  %  |  |  $  |  118,983  |  |  |  $  |  31,742  |  |  |  36  |  %   \nGross profit  |  |  25,198  |  |  |  |  11,909  |  |  |  |  13,289  |  |  |  112  |  %  |  |  |  25,505  |  |  |  |  13,596  |  |  |  114  |  %   \nGross margin  |  |  21  |  %  |  |  |  14  |  %  |  |  |  N/A  |  |  |  7  |  pp  |  |  |  21  |  %  |  |  |  N/A  |  |  |  7  |  pp   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \nOperating expenses  |  |  101,727  |  |  |  |  96,709  |  |  |  |  5,018  |  |  |  5  |  %  |  |  |  102,972  |  |  |  |  6,263  |  |  |  6  |  %   \nNet income (loss) from continuing operations  |  |  40,022  |  |  |  |  (70,439  |  )  |  |  |  110,461  |  |  |  N/M  |  |  |  |  42,007  |  |  |  |  112,446  |  |  |  N/M  |   \nAdjusted EBITDA  |  |  (34,942  |  )  |  |  |  (61,564  |  )  |  |  |  26,622  |  |  |  43  |  %  |  |  |  (35,891  |  )  |  |  |  25,673  |  |  |  42  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \n|  **As of  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **As of December 31,** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  |  **2023** |  |  |  **$** |  |  **%** |  |  |  **2024** |  |  |  **$** |  |  **%**  \nCash and cash equivalents  |  $  |  858,805  |  |  |  $  |  669,291  |  |  |  $  |  189,514  |  |  |  28  |  %  |  |  $  |  869,761  |  |  |  $  |  200,470  |  |  |  30  |  %   \nShort-term investments  |  |  \u2014  |  |  |  |  192,237  |  |  |  |  (192,237  |  )  |  |  (100  |  )%  |  |  |  \u2014  |  |  |  |  (192,237  |  )  |  |  (100  |  )%   \nTotal cash and cash equivalents and short-term investments  |  $  |  858,805  |  |  |  $  |  861,528  |  |  |  $  |  (2,723  |  )  |  |  \u2014  |  %  |  |  $  |  869,761  |  |  |  $  |  8,233  |  |  |  1  |  %   \n  \n_  \nNet revenue _\n\n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n---|---|---|---  \n|  **Three months ended  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **Three months ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  **2023** |  |  **$** |  |  **%** |  |  |  **2024** |  |  **$** |  |  **%**  \nCannabis flower  |  $  |  23,398  |  |  $  |  17,515  |  |  $  |  5,883  |  |  |  34  |  %  |  |  $  |  23,491  |  |  $  |  5,976  |  |  |  34  |  %   \nCannabis extracts  |  |  6,588  |  |  |  6,074  |  |  |  514  |  |  |  8  |  %  |  |  |  6,729  |  |  |  655  |  |  |  11  |  %   \nOther  |  |  315  |  |  |  326  |  |  |  (11  |  )  |  |  (3  |  )%  |  |  |  307  |  |  |  (19  |  )  |  |  (6  |  )%   \nNet revenue  |  $  |  30,301  |  |  $  |  23,915  |  |  $  |  6,386  |  |  |  27  |  %  |  |  $  |  30,527  |  |  $  |  6,612  |  |  |  28  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n|  **Year ended  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **Year ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  **2023** |  |  **$** |  |  **%** |  |  |  **2024** |  |  **$** |  |  **%**  \nCannabis flower  |  $  |  87,912  |  |  $  |  62,070  |  |  $  |  25,842  |  |  |  42  |  %  |  |  $  |  88,904  |  |  $  |  26,834  |  |  |  43  |  %   \nCannabis extracts  |  |  29,168  |  |  |  24,569  |  |  |  4,599  |  |  |  19  |  %  |  |  |  29,552  |  |  |  4,983  |  |  |  20  |  %   \nOther  |  |  535  |  |  |  602  |  |  |  (67  |  )  |  |  (11  |  )%  |  |  |  527  |  |  |  (75  |  )  |  |  (12  |  )%   \nNet revenue  |  $  |  117,615  |  |  $  |  87,241  |  |  $  |  30,374  |  |  |  35  |  %  |  |  $  |  118,983  |  |  $  |  31,742  |  |  |  36  |  %   \n  \n  \n\n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n---|---|---|---  \n|  **Three months ended  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **Three months ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  **2023** |  |  **$** |  |  **%** |  |  |  **2024** |  |  **$** |  |  **%**  \nCanada  |  $  |  19,656  |  |  $  |  17,935  |  |  $  |  1,721  |  |  10  |  %  |  |  $  |  20,156  |  |  $  |  2,221  |  |  12  |  %   \nIsrael  |  |  7,803  |  |  |  4,974  |  |  |  2,829  |  |  57  |  %  |  |  |  7,546  |  |  |  2,572  |  |  52  |  %   \nOther countries  |  |  2,842  |  |  |  1,006  |  |  |  1,836  |  |  183  |  %  |  |  |  2,825  |  |  |  1,819  |  |  181  |  %   \nNet revenue  |  $  |  30,301  |  |  $  |  23,915  |  |  $  |  6,386  |  |  27  |  %  |  |  $  |  30,527  |  |  $  |  6,612  |  |  28  |  %   \n|  |  |  |  |  |  |  |  |  |  |  |  |   \n|  **As Reported** |  |  **As Adjusted for Constant Currency**  \n|  **Year ended  \nDecember 31, ** |  |  **As Reported  \nChange ** |  |  **Year ended  \nDecember 31, ** |  |  **Constant Currency  \nChange **  \n|  |  **2024** |  |  |  **2023** |  |  **$** |  |  **%** |  |  |  **2024** |  |  **$** |  |  **%**  \nCanada  |  $  |  82,437  |  |  $  |  64,702  |  |  $  |  17,735  |  |  27  |  %  |  |  $  |  83,709  |  |  $  |  19,007  |  |  29  |  %   \nIsrael  |  |  28,368  |  |  |  21,134  |  |  |  7,234  |  |  34  |  %  |  |  |  28,454  |  |  |  7,320  |  |  35  |  %   \nOther countries  |  |  6,810  |  |  |  1,405  |  |  |  5,405  |  |  385  |  %  |  |  |  6,820  |  |  |  5,415  |  |  385  |  %   \nNet revenue  |  $  |  117,615  |  |  $  |  87,241  |  |  $  |  30,374  |  |  35  |  %  |  |  $  |  118,983  |  |  $  |  31,742  |  |  36  |  %   \n  \n  \nFor 2024, net revenue on a constant currency basis was  $119.0 million  ,\nrepresenting a  36%  increase from 2023. Net revenue increased on a constant\ncurrency basis primarily due to higher cannabis flower and extract sales in\nthe Canadian market and higher cannabis flower sales in Israel and other\ncountries. The Cronos GrowCo Transaction contributed  $6.5 million  of\ncannabis flower sales in the year ended December 31, 2024 on a constant\ncurrency basis. No such sales were recognized for the year ended December 31,\n2023.\n\n_Gross profit_\n\nFor 2024, gross profit on a constant currency basis was  $25.5 million  ,\nrepresenting a  114%  increase from 2023. Gross profit increased on a constant\ncurrency basis primarily due to higher cannabis flower and extract sales in\nthe Canadian market, higher cannabis flower sales in Israel and other\ncountries, and production cost improvements, partially offset by the impact on\ncost of sales from the inventory step-up from the Cronos GrowCo Transaction.\nFor 2024, gross profit on a constant currency basis was reduced  $5.1 million\nas a result of the impact of the inventory step-up from the Cronos GrowCo\nTransaction that was recorded into cost of sales. No such costs were\nrecognized for 2023.\n\n_Operating expenses_\n\nFor 2024, operating expenses on a constant currency basis were  $103.0 million\n, representing a  6%  increase from 2023. Operating expenses increased on a\nconstant currency basis primarily due to the impairment of the Ginkgo\nExclusive Licenses, partially offset by lower salaries and benefits,\nprofessional fees and restructuring costs.\n\n_Net income (loss) from continuing operations_\n\nFor 2024, net income (loss) from continuing operations on a constant currency\nbasis was  $42.0 million  , compared to a loss of  $70.4 million  for 2023.\n\n_Adjusted EBITDA_\n\nFor 2024, Adjusted EBITDA on a constant currency basis was  $(35.9) million  ,\nrepresenting a  42%  improvement from 2023. Adjusted EBITDA improved on a\nconstant currency basis primarily due to higher cannabis flower and extract\nsales in the Canadian market, higher cannabis flower sales in Israel and other\ncountries, production cost improvements, and decreases in general and\nadministrative, sales and marketing and research and development expenses.\n\n_Cash and cash equivalents & short-term investments _\n\nCash and cash equivalents and short-term investments on a constant currency\nbasis increased  1%  to  $869.8 million  as of December 31, 2024 from  $861.5\nmillion  as of December 31, 2023. The increase in cash and cash equivalents\nand short-term investments is primarily due to cash flows provided by\noperating activities in 2024.\n\n**Foreign currency exchange rates**\n\nAll currency amounts in this press release are stated in U.S. dollars, which\nis our reporting currency, unless otherwise noted. All references to \u201cdollars\u201d\nor \u201c$\u201d are to U.S. dollars. The assets and liabilities of our foreign\noperations are translated into dollars at the exchange rate in effect as of\nDecember 31, 2024 and December 31, 2023, as reported on Bloomberg.\nTransactions affecting the shareholders\u2019 equity (deficit) are translated at\nhistorical foreign exchange rates. The consolidated statements of net income\n(loss) and comprehensive income (loss) and consolidated statements of cash\nflows of our foreign operations are translated into dollars by applying the\naverage foreign exchange rate in effect for the years ended December 31, 2024,\nDecember 31, 2023, and December 31, 2022, as reported on Bloomberg.\n\nThe exchange rates used to translate from Canadian dollars (\u201cC$\u201d) to dollars\nare shown below:\n\n_(Exchange rates are shown as C$ per $)_ |  **Year ended December 31,**  \n---|---  \n|  **2024** |  |  **2023** |  |  **2022**  \nAverage rate  |  1.3700  |  |  1.3494  |  |  1.3017   \nSpot rate  |  1.4351  |  |  1.3243  |  |  1.3554   \n|  |  |  |  |   \n  \nThe exchange rates used to translate from New Israeli Shekels (\u201cILS\u201d) to\ndollars are shown below:\n\n_(Exchange rates are shown as ILS per $)_ |  **Year ended December 31,**  \n---|---  \n|  **2024** |  |  **2023** |  |  **2022**  \nAverage rate  |  3.6997  |  |  3.6819  |  |  3.3566   \nSpot rate  |  3.6526  |  |  3.6163  |  |  3.5178   \n|  |  |  |  |   \n  \n**For further information, please contact:**  \nAnna Shlimak  \nInvestor Relations  \nTel: (416) 504-0004  \ninvestor.relations@thecronosgroup.com\n\n[ ](https://www.stocktitan.net/news/CRON/ \"Cronos Group CRON Stock News\")\n\nCronos Group\n\n###  NASDAQ: [ CRON ](/news/CRON/)\n\n###  CRON Rankings\n\n[ **N/A** Ranked by Market Cap  ](/rankings/companies-market-cap/link-\nsymbol?s=CRON)\n\n[ **N/A** Ranked by Dividends  ](/rankings/companies-dividends/link-\nsymbol?s=CRON)\n\n###  CRON Latest News\n\nMar 19, 2025\n\n[ Cronos Appoints Anna Shlimak as Chief Financial Officer ](/news/CRON/cronos-\nappoints-anna-shlimak-as-chief-financial-8vgelca718es.html)\n\nMar 10, 2025\n\n[ Cronos Group Inc. to Speak at the 37th Annual Roth Conference\n](/news/CRON/cronos-group-inc-to-speak-at-the-37th-annual-roth-\nxcxhnyellcyc.html)\n\nFeb 24, 2025\n\n[ Cronos Group Inc. to Hold 2024 Fourth Quarter and Full-Year Earnings\nConference Call on February 27, 2025 ](/news/CRON/cronos-group-inc-to-\nhold-2024-fourth-quarter-and-full-year-earnings-aqypuxwlsr4i.html)\n\nNov 12, 2024\n\n[ Cronos Group Reports 2024 Third Quarter Results ](/news/CRON/cronos-group-\nreports-2024-third-quarter-m7eusx8000jz.html)\n\nOct 29, 2024\n\n[ Cronos Group Inc. to Hold 2024 Third Quarter Earnings Conference Call on\nNovember 12, 2024 ](/news/CRON/cronos-group-inc-to-hold-2024-third-quarter-\nearnings-conference-call-8bk9kcf23ju1.html)\n\n###  CRON Stock Data  __\n\n619.70M\n\n197.70M\n\n46.39%\n\n14.32%\n\n1.19%\n\nDrug Manufacturers - Specialty & Generic\n\nMedicinal Chemicals & Botanical Products\n\n[ Link ](https://www.thecronosgroup.com)\n\nCanada\n\nSTAYNER\n\nExplore\n\n  * [ About ](/about)\n  * [ Rhea-AI ](/rhea-ai.html)\n  * [ Sitemap ](/sitemap/news)\n\nLegal\n\n  * [ Terms of Use ](/terms-of-use)\n  * [ Cookie Notice ](/cookies)\n  * [ Privacy Policy ](/privacy)\n\nLinks\n\n  * [ RSS feed ](https://www.stocktitan.net/rss)\n  * [ Discord Server ](https://discord.gg/jCSBfhvt)\n  * [ Facebook ](https://www.facebook.com/stocktitan.net)\n  * [ Reddit ](https://www.reddit.com/r/StockTitan/)\n\n\u00a9 2020-2025 StockTitan.net\n\nLogin\n\nPlease enter your login and password\n\nWrong username or password.\n\nDon't have an account?  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                    "document": "Gross profit  |  |  $  |  3,611  |  |  |  $  |  3,970  |  |  |  $  |  (359  |  )  |  |  (9  |  )%  |  |  $  |  14,391  |  |  |  $  |  9,996  |  |  |  $  |  4,395  |  |  |  44  |  %    Gross margin  (iii)  |  |  |  11  |  %  |  |  |  16  |  %  |  |  N/A  |  |  (5) pp  |  |  |  16  |  %  |  |  |  16  |  %  |  |  N/A  |  |  \u2014pp    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |",
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}