Cronos Group posts a second-quarter net loss regardless of soaring income due to mounting fees – Cannabis News | Way of life Recommendations | Professional Opinions

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TORONTO — Cronos Group Inc. reported a net loss for the second quarter of 2019 regardless of practically tripling its income from the identical time final year.

The company’s adjusted earnings ahead of interest, taxes, depreciation and amortization (EBITDA) for the quarter ended June 30 amounted to a loss of $17.eight million, or 22 cents per share, compared to $two.four million, or zero cents per share, in the second quarter of 2018.

Net revenue soared to $10.24 million, compared to $three.39 million a year ago, ahead of marijuana was legalized.

Analysts anticipated income of $7.39 million and a loss of 3 cents per share for Cronos Group, according to financial markets information firm Refinitiv.

The pot producer says larger processing fees, sales and advertising and marketing costs and improved analysis and improvement spending ate into income.

Marlboro maker Altria Group Inc. holds a 45 per cent stake in the Canadian cannabis producer ( Cronos that it acquired for $two.four billion.

Beneath that agreement, Altria can also invest up to a additional $1.four billion inside 4 years that would raise its ownership stake in the Toronto-primarily based pot producer to 55 per cent.

Corporations in this story: (TSX:CRON)

The Canadian Press

Featured Image: THE CANADIAN PRESS/HO

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