Cronos Group issued its financial results for the first quarter of the year, which ended March 31, 2018.
As quoted in the press release:
“We are pleased that the strategic initiatives launched in 2017 are coming to fruition,” said Mike Gorenstein, CEO of Cronos Group. “2017 was a building block year which set the groundwork and foundation for the results achieved in the first quarter. Cronos is focused on continuing to increase capacity in order to serve existing distribution and newly established markets, developing intellectual property and launching recreational brands.”
First Quarter 2018 Highlights
- Sales were $2.9 million for the first quarter of 2018 as compared to $0.5 million for the first quarter of 2017, representing an increase of $2.4 million, or 473 [percent]. Compared to the fourth quarter of 2017, sales increased by $1.3 million, or 83 [percent], for the first quarter of 2018.
- Since November 2017 when Health Canada approved the Company’s new extraction laboratory, Cronos Group has ramped-up production of strain-specific cannabis oils that have been received favorably by customers. In Q1 2018, cannabis oil sales represented 29 [percent] of domestic medical patient revenue. The Company expects oil sales to continue to become a larger part of sales over time.