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Cronos turns to loss while revenues almost triple, shares fall

Shares of Cronos Group Inc. CRON, -1.17% dropped 2.7% in the premarket trade Tuesday after the Toronto-based cannabis company reported…

Shares of Cronos Group Inc.

CRON, -1.17%

dropped 2.7% in the premarket trade Tuesday after the Toronto-based cannabis company reported the third quarter earnings in which it turned into a loss but revenue almost tripled. Net loss amounted to MUSD 7.04, or 4 cents per share, after a profit of $ 1.10 MUSD, or an ounce in the same period a year ago. The average loss estimate of the two analysts investigated by FactSet was for a percentage of 2 cents. Revenues increased by 186% to $ 3.76 million, as the number of cannabis sold increased increased by 21

3% to 514 kg, which increased by increased production capacity and increased volumes sold through domestic medical and international channels as well as initial deliveries to adult leisure facilities. The stock has risen 44.9% in the last three months through Monday, while ETFMG Alternative Harvest ETF

MJ, -1.97%

has risen 23.4% and S & P 500

SPX, -1.97%

has lost 3.4%.

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