Cronos boosts quarterly marijuana revenue, reports operational loss

Toronto-based Canadian cannabis company Cronos Group on Thursday reported second-quarter revenue of 10.24 million Canadian dollars ($7.7 million), triple the CA$3.4 million the firm declared in the same period last year.

Net revenue for the first half of the year totaled CA$16.7 million – more than double the CA$6.34 million Cronos reported in the same period in 2018.

Net income, boosted significantly by nonoperational items, totaled $250.9 million for the second quarter, ending June 30, compared with CA$723,000 in 2018.

The rise came from gains on “revaluation of derivative liabilities.”

Cronos reported an operational loss of CA$20.35 million for the quarter versus an operating profit of CA$490,000 for the same quarter in 2018.

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

More details on the results can be found in this financial release.

Cronos also made comments on its ongoing focus on the U.S. hemp industry.

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