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Cronos Group up 2% premarket on Q4 report

  • Cronos Group (NASDAQ:CRON) is up 2% premarket on light volume following the release of its Q4 and 2018 results. Highlights:
  • Wholly owned licensed cannabis producer Peace Naturals Project completed the first harvest in December in the newly completed Building 4 (286K sq. ft.).
  • An 850K sq. ft. facility to be built in Kingsville, Ontario.
  • 45K sq. ft. greenhouse in Israel will be completed next quarter. Manufacturing facility will be completed in H2.
  • Earlier this month, a $2.4B equity investment by Altria Group closed.
  • Q4 revenue: $5.6M (+250%); gross profit before fair value adjustments: $2.5M (+525%).
  • Q4 operating expenses: $12.4M (+328%).
  • 2018 revenue: $17.1M (+317%); net loss: ($19.1M); loss/share: ($0.11); cash flow ops: ($9.7M) (-76%).
  • Update: Shares are now down 3% premarket after Q4 revenue missed consensus of ~$9M.

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