(MENAFN- Investor Ideas) Investorideas , a go-to platform for big investing ideas, reports on trading for Cronos Group Inc. (NASDAQ: CRON ) (TSX: CRON ), an innovative global cannabinoid company committed to building disruptive intellectual property by advancing cannabis research, technology and product development.
Cronos Group Inc is trading up on news today, currently trading at $3.9700, up 0.4000, gaining 11.2045% on the TSX, with a high of $3.98. The stock is trading at $2.9050, gaining 12.60% on the NASDAQ.
Cronos announced today its 2024 first quarter business results.
"Cronos achieved its highest quarterly net revenue from continuing operations on record at $25.3 million, up 30% year-over-year. The top line was propelled by 31% growth year-over-year in Canada, and 27% growth year-over-year in Israel. Cronos' strong first quarter results are a testament to our global team's commitment to excellence, innovation and their ability to adapt to changing market conditions," said Mike Gorenstein, Chairman, President and CEO, Cronos.
"We continue to bring new innovations to Canada across our Spinach® and Lord Jones® brands, which are helping to drive market share gains," continued Mr. Gorenstein. "Spinach® is the number two overall brand in Canada, driven by top three positions in the edibles, vape, and flower categories. Innovations under the Spinach® brand include the SOURZ by Spinach® Fully Blasted edibles and new flavor-forward vapes. Under Lord Jones®, although these are early days, sales across the vape, edible and pre-roll categories are gaining momentum and we are very excited to see the growth in this brand since we re-introduced it to the THC category in Canada. In Israel, following a challenging fourth quarter, our team there responded with incredible resilience, driving a substantial sequential improvement in performance. We continue to focus on bringing our leading cannabis genetics to Israel, with top-performing flower products such as Wedding Cake and GMO, under the PEACE NATURALS® brand, winning with consumers. We remain steadfastly focused on building the world's best borderless products to take advantage of any new markets that open."
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