Canadian hashish producer Cronos Group reported improved revenue for its newest quarter but in addition a backside line that continues to be within the crimson.

The Toronto-based firm reported a web loss of $68 million for the third quarter ended Sept. 30, in contrast with a $107 million loss within the earlier three-month interval.

Cronos’ revenue was $11.4 million, about 15% higher than the second quarter’s $9.9 million.

The firm has struggled to acquire a foothold within the profitable Canadian leisure market:

  • Sales of hashish extracts declined to $1.5 million within the quarter, decrease than the earlier quarter’s $2 million.
  • Cannabis flower gross sales rose however remained behind opponents.
  • Sales of flower elevated to $8 million, up from $5.6 million within the earlier quarter.

By geographic area, Cronos reported revenue of:

  • $1.6 million within the United States.
  • $9.7 million in the remainder of the world.

Cronos ceased reporting its revenue in Canada, regardless that many of the firm’s gross sales have come from the Canadian market.

The firm mentioned it acquired approval to promote sure pre-rolls and oil merchandise in Israel’s medical market.

In September, skilled client packaged items government Kurt Schmidt took the reins at Cronos, changing Mike Gorenstein.

Cronos had $1.1 billion in money as of Sept. 30.

Cronos trades as CRON on the Toronto Stock Exchange and the Nasdaq.



Source link