In the first quarter of 2019, Cronos Group (NASDAQ: CRON) more-than-doubled its revenues to C$6.5 million, primarily driven by the launch of the adult-use market in Canada, as well as the increased sales in CBD oil. The top line missed the analysts’ estimate by a narrow margin.
However, the company surprised Wall Street by reporting a profit of C$0.48 per share in the first quarter, despite the higher expenses related to research and development activities. Wall Street was expecting the company to report a slight loss.
The Toronto-based marijuana firm said 1,111 kilograms were sold in first quarter 2019, representing a 122% increase year-over-year.
CEO Mike Gorenstein said, “Vaporizers have become one of the most popular forms of cannabis consumption, and we see a clear opportunity for Cronos Group to bring the next-generation of vaporizer products designed specifically for cannabinoids.”
CRON shares were slightly down, post the earnings results. Cronos is one of the pot stocks that has been extremely rewarding to its loyal investors. The stock has given a staggering 182% returns in the trailing 52 weeks, even though it has seen a fair share of fluctuations. Since the beginning of this year, the stock has climbed 40%.
With a 1.8 billion investment, cigarette maker Altria Group (NYSE: MO) currently holds a 45% stake in Cronos, with additional warrants to increase holding to up to 55%. Many market watchers predict Altria’s gradual acquisition of the entire company, for both the companies to build a powerful and diversified portfolio.
Earlier this week, Medical marijuana company GW Pharmaceuticals (NASDAQ: GWPH) surpassed market expectations on revenue and earnings for the first quarter of 2019, sending its shares climbing over 6%.
Tilray (NASDAQ: TLRY) is slated to report quarterly results on May 14.
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