Cronos Group Inc. (CRON), a leading global cannabinoid company, reported strong financial results for the fourth quarter and full year 2024, driven by robust performance from its flagship cannabis brands Spinach® and PEACE NATURALS®.

For the fourth quarter of 2024, Cronos Group achieved net revenue of $30.3 million, representing a 27% year-over-year increase. This growth was fueled by higher cannabis flower and extract sales in the Canadian market and overseas markets like Israel. The company's net revenue for the full year 2024 surged 35% to $117.6 million, reflecting the same underlying factors.

Notably, Cronos Group's Spinach® brand 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 disciplined cost management enabled it to achieve robust gross margins of 36% in Q4 and 21% for the full year, marking significant improvements over the prior year.

Mike Gorenstein, Chairman, President and CEO of Cronos Group, stated, "We set ambitious goals to deliver robust growth, improve margins, and achieve operational excellence. Today, I am proud to say that Cronos has not only met but exceeded these objectives, as evidenced by our strong 2024 results. Our unwavering commitment to innovation, quality, and disciplined cost management has solidified our leadership in the global cannabis industry."

Furthermore, Cronos Group reported an industry-leading balance sheet with $859 million in cash and cash equivalents, positioning the company for future growth opportunities and long-term value creation for shareholders.