By Robb M. Stewart
Cronos Group swung to a profit in the last quarter on the back of record revenue as cannabis company saw increased flower and extract sales in Canada and growth in international markets.
Cronos recorded a third-quarter profit of $7.3 million, or 2 cents a share, against a year-earlier loss of $1.6 million.
Revenue for the Toronto-based company, whose brand portfolio includes Spinach, Peace Naturals and Lord Jones's, increased 38% for the three months to $34.3 million.
In addition to increased sale in its home market, Cronos said it saw higher cannabis flower sales in Israel during the quarter and sales to Australia, Germany and the U.K.
Chairman, President and Chief Executive Mike Gorenstein said international demand continues to rise, particularly in markets such as Germany, the U.K., and Australia.