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.