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May 7, 2021, 7:49 a.m. EDT

Cronos shares slide premarket after earnings fall short of estimates

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By Ciara Linnane

Cronos Group Inc.'s U.S.-listed shares slid 4.2% in premarket trading Friday, after the Canadian cannabis company posted weaker-than-expected earnings for the first quarter. Cronos said it had a net loss of C$161.6 million ($132.7 million), or 44 cents a share, in the quarter, after income of C$75.7 million, or 20 cents a share, in the year-earlier period. Revenue net of excise taxes came to C$12.6 million, up from C$8.43 million a year ago. The FactSet consensus was for a loss of 11 cents a share and revenue of C$20.2 million. Chief Executive Kurt Schmidt said earnings were in Canada were impacted by "market dynamics due to the COVID-19 pandemic and ensuing stay-at-home orders and various other restrictions." The company's adult-use brand named Spinach will launch edibles in the coming weeks, a new category for the Canadian market. Shares have gained 10% in the year to date, while the Cannabis ETF /zigman2/quotes/213173823/composite THCX +0.08% has gained 36% and the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.08% has gained 11.9%.

US : U.S.: NYSE Arca
$ 12.98
+0.01 +0.08%
Volume: 52,819
Sept. 21, 2021 4:10p
-3.54 -0.08%
Volume: 1.91B
Sept. 21, 2021 5:12p

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