Cronos Group Inc. /zigman2/quotes/206842762/composite CRON -0.45% /zigman2/quotes/202715342/delayed CA:CRON +0.69% said Tuesday it had a profit of C$788.4 million ($595.2 million), or 53 cents a share, in the third quarter, after a loss of C$7.2 million, or 4 cents a share, in the year-earlier period. The profit was mostly due to a C$835 million gain on the revaluation of derivative liabilities. Revenue came to C$12.7 million, up from $3.8 million a year ago. The FactSet consensus was for a loss of 3 cents and revenue of C$13.7 million. The company sold 3.142 kilograms of cannabis in the Canadian adult-use market in the quarter, up from 514 kg sold in the year-earlier period. Revenue per gram sold fell to C$3.75 from C$6.44. Shares rose 2% in premarket trade, but are down 22% in 2019, while the ETFMG Alternative Harvest ETF /zigman2/quotes/204332491/composite MJ 0.00% has fallen 23% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.95% has gained 23%.
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Cronos kicks off cannabis earnings with revenue miss but stock gains