Cronos Group Inc. (CRON), a leading cannabis company, saw its stock soar 5.41% in pre-market trading on Thursday, following the release of its fourth-quarter and full-year 2024 financial results.
The company reported strong revenue growth, with Q4 2024 net revenue increasing by 27% year-over-year to $30.3 million, driven by higher cannabis flower and extract sales in the Canadian market and overseas markets like Israel. For the full year 2024, net revenue surged 35% to $117.6 million, fueled by the same factors.
Cronos Group's flagship brand, Spinach®, solidified its position as the number one cannabis brand in Canada, while its PEACE NATURALS® brand emerged as the market leader in Israel. The company's strategic focus on innovation, product quality, and cost discipline enabled it to achieve robust gross margins of 36% in Q4 and 21% for the full year, significant improvements over the prior year.
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