Cronos Q1 Earnings Impacted By COVID-19 Related Restrictions

Cronos Group Inc CRON reported a Q1 adjusted EBITDA loss of $37.07 million, marginally up from $37.05 million reported a year ago.
This slight increase in losses was primarily driven by the rise in sales and marketing costs due to brand development in the U.S. segment and an increase in R&D costs.
Sales increased 50% Y/Y to $12.6 million, primarily driven by growth in the adult-use Canadian cannabis market, sales in the Israeli medical cannabis market, and increased sales in the U.S. segment driven by new U.S. hemp-derived CBD products introductions.
It was partially offset by strategic price reductions on various adult-use cannabis products in Canada in the second half of 2020.
Gross loss narrowed from $6.5 million inQ1 2020 to $2.9 million, also operating loss lowered to $43.5 million from $45 million a year ago.
Price Action: CRON shares are up 3.02% at $7.85 on the last check Friday.

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The Benzinga Cannabis Capital Conference is coming to Florida