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Shares of Cronos Group Inc.
CRON, -1.17%
The Toronto-based cannabis company reported a third-quarter loss, but revenues nearly tripled. The net loss was C $ 7.04 million, or 4 cents per share, after a profit of C $ 1.10 million, or one cent per share, in the same period of the previous year. The estimate of the average loss of the two analysts surveyed by FactSet corresponded to a loss per share of 2 cents. Revenues increased 186% to C $ 3.76 million, with kilograms of cannabis sold up 213% to 514 kg, driven by increased production capacity and increased volumes sold through national and international medical channels as well as initial deliveries to the adult leisure market. Shares rose 44.9% in the last three months to Monday, while the ETFMG Alternative Harvest ETF
MJ -1.97%
climbed 23.4% and the S & P 500
SPX, -1.97%
lost 3.4%.
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