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Shares of Cronos Group Inc.
CRON, -1.17%
sank 2.7% in premarket trade Tuesday, after the Toronto-based cannabis company reported third-quarter results in which it swung to a loss but revenue nearly tripled. The net loss was C$7.04 million, or 4 cents a share, after a profit of C$1.10 million, or a penny a share, in the same period a year ago. The average loss estimate of the two badysts surveyed by FactSet was for a per-share loss of 2 cents. Revenue rose 186% to C$3.76 million, as kilograms of cannabis sold increased 213% to 514 kilograms, boosted by increased production capacity and increased volumes sold through domestic medical and international channels, as well as initial shipments into the adult-use recreational market. The stock has run up 44.9% over the past three months through Monday, while the ETFMG Alternative Harvest ETF
MJ, -1.97%
has climbed 23.4% and the S&P 500
SPX, -1.97%
has lost 3.4%.
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