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Cannabis Producer Cronos Group Drops After Posting Wider Loss

Credit: Wochit
Published on May 9, 2019 - Duration: 00:40s

Cannabis Producer Cronos Group Drops After Posting Wider Loss

Cronos group reported first-quarter results Thursday morning that missed sales expectations and showed its loss widened from a year ago.

The cannabis producer reported sales of 6.5 million Canadian dollars, falling short of the 7 million Canadian dollars that analysts surveyed by Bloomberg were expecting.

Its loss widened to 9 million Canadian dollars from 1.5 million Canadian dollars in the first quarter of last year.

Cronos group also announced the completion of several corporate transactions.

These included the completion of a 2.4 billion Canadian dollar investment by the tobacco producer Altria.

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