Cronos Group Reports 2025 Second Quarter Results
Net revenue in Q2 2025 increased by 21% year-over-year
PEACE NATURALS® retained its position as the number one cannabis brand in Israel1
Highest-ever international and Israel revenue, fueled by strong global demand
Industry-leading balance sheet with $834 million in total cash and cash equivalents and short-term investments
TORONTO, Aug. 07, 2025 (GLOBE NEWSWIRE) -- Cronos Group Inc. (NASDAQ:CRON) (TSX:CRON) ("Cronos" or the "Company"), today announced its 2025 second quarter business results.
"Cronos delivered another quarter of strong performance, highlighted by record sales from Cronos Israel and continued momentum in international markets. Our strength abroad has been instrumental in driving meaningful margin improvement, underscoring the benefits of our global strategy. Our results in Israel reflect the strong demand for high-quality medical cannabis and the operational excellence of our team on the ground. Achieving a record quarter there is a testament to our ability to scale efficiently while meeting the needs of patients," said Mike Gorenstein, Chairman, President and CEO of Cronos.
"In Canada, despite near-term flower supply constraints, our long-term fundamentals remain robust, supported by strategic investments and our consistent commitment to innovation. Our Lord Jones® and Spinach® brands are still delivering, and with our flower capacity expansion, leadership in edibles, a strong position in Israel's medical market with our PEACE NATURALS® brand and a growing international footprint, we are well-positioned for accelerated growth in the second half of 2025. Our debt-free balance sheet and $834 million in cash and cash equivalents and short-term investments provide superior flexibility to execute our strategy, expand globally, and deliver value to shareholders."
___________________________________________1 Market share and ranking information from pharmacy data collected by Cronos - Q2 2025.
Consolidated Financial ResultsOn June 20, 2024 the Company made an additional investment (the "Cronos GrowCo Transaction") in Cronos Growing Company Inc. ("Cronos GrowCo") to fund the expansion of cultivation operations. Cronos also obtained majority control of the board of directors of Cronos GrowCo and began consolidating Cronos GrowCo's results as of July 1, 2024. Prior to that date, the Company's investment in Cronos GrowCo consisted of an investment accounted for under the equity method and loans receivable from Cronos GrowCo.
The tables below set forth our condensed consolidated results of operations, expressed in thousands of U.S. dollars for the periods presented. Our condensed consolidated financial results for these periods are not necessarily indicative of the consolidated financial results that we will achieve in future periods.
(in thousands of USD)
Three months ended June 30,
Change
Six months ended June 30,
Change
2025
2024
$
%
2025
2024
$
%
Cronos net revenue, excluding Cronos GrowCo net revenue(i)
$
31,244
$
27,762
$
3,482
13
%
$
60,621
$
53,050
$
7,571
14
%
Cronos GrowCo net revenue(ii)
2,211
—
2,211
N/A
5,096
—
5,096
N/A
Net revenue
$
33,455
$
27,762
$
5,693
21
%
$
65,717
$
53,050
$
12,667
24
%
Cost of sales
18,865
21,070
(2,205
)
(10
)%
37,393
41,875
(4,482
)
(11
)%
Inventory write-down
86
395
(309
)
(78
)%
86
395
(309
)
(78
)%
Gross profit
$
14,504
$
6,297
$
8,207
130
%
$
28,238
$
10,780
$
17,458
162
%
Gross margin(iii)
43
%
23
%
N/A
20
pp
43
%
20
%
N/A
23
pp
Inventory step-up recorded to cost of sales
—
—
—
N/A
517
—
517
N/A
Adjusted Gross Profit(iv)
$
14,504
$
6,297
$
8,207
130
%
$
28,755
$
10,780
$
17,975
167
%
Adjusted Gross Margin(v)
43
%
23
%
N/A
20
pp
44
%
20
%
N/A
24
pp
Net loss
$
(38,482
)
$
(8,759
)
$
(29,723
)
(339
)%
$
(30,759
)
$
(11,243
)
$
(19,516
)
(174
)%
Adjusted EBITDA(iv)
$
1,688
$
(11,051
)
$
12,739
N/M
$
3,977
$
(21,720
)
$
25,697
N/M
Other Data
Cash and cash equivalents(vi)
$
794,416
$
848,189
$
(53,773
)
(6
)%
Short-term investments(vi)
40,000
—
40,000
N/A
Capital expenditures(vii)
3,838
916
2,922
319
%
19,194
2,910
16,284
560
%
(i)
Cronos net revenue, excluding Cronos GrowCo net revenue is Net revenue less Cronos GrowCo net revenue and is after intercompany eliminations.
(ii)
Cronos GrowCo net revenue is Cronos GrowCo's net revenue after intercompany eliminations.
(iii)
Gross margin is defined as gross profit divided by net revenue.
(iv)
See "Non-GAAP Measures" for more information, including a reconciliation of adjusted earnings (loss) before interest, taxes, depreciation and amortization ("Adjusted EBITDA") to net income (loss) and a reconciliation of Adjusted Gross Profit to gross profit.
(v)
Adjusted Gross Margin is defined as Adjusted Gross Profit divided by net revenue.
(vi)
Dollar amounts are as of the last day of the period indicated.
(vii)
Capital expenditures represent component information of investing activities and is defined as the sum of purchase of property, plant and equipment, and purchase of intangible assets.
Second Quarter 2025
Net revenue of $33.5 million in Q2 2025 increased by $5.7 million from Q2 2024. The increase was primarily due to higher cannabis flower sales in Israel and other countries, which carry no excise taxes, the consolidation of Cronos GrowCo, and higher cannabis extract sales in the Canadian market. Cronos GrowCo contributed $2.2 million of cannabis flower sales in Q2 2025. No such sales were recognized for Q2 2024.
Gross profit and Adjusted Gross Profit of $14.5 million in Q2 2025 increased by $8.2 million from Q2 2024. The increase was primarily due to the consolidation of Cronos GrowCo, higher average sales prices driven primarily by a mix shift to Israel and other countries, higher sales volumes, and production efficiencies.
Net loss of $38.5 million in Q2 2025 increased by $29.7 million from Q2 2024. The increase was primarily due to an unrealized foreign exchange loss on our U.S. dollar-denominated cash and cash equivalents and short-term investments held in Canada, driven by the Canadian dollar strengthening against the U.S. dollar, partially offset by higher gross profit and lower operating expenses.
Adjusted EBITDA of $1.7 million in Q2 2025 improved by $12.7 million from Q2 2024. The improvement year-over-year was primarily driven by higher revenue, lower cost of sales due to the consolidation of Cronos GrowCo, as well as by lower operating expenses due to a decline in general and administrative costs.
Business UpdatesBrand and Product Portfolio
Spinach®2
The Spinach® brand ended Q2 2025 as the second most popular brand in Canada with 4.7% market share, and the third most popular flower brand in Canada, with 4.9% market share, despite ongoing flower supply constraints that have temporarily capped our growth potential. Our market share and popularity remaining strong in the face of limited availability attests to the exceptional popularity of Cronos' flower products. The team is strategically allocating inventory to ensure availability of top-selling products while preparing to unlock significant additional capacity in the fall of 2025 with the expansion of Cronos GrowCo.
In Q2 2025, Cronos' performance continued to demonstrate strong consumer demand and brand strength in the edibles category, with five Spinach® gummies ranking in the top 10 of all edible products in Canada. These industry-leading gummies maintained an impressive 19.9% market share in Q2 2025, which underscores Cronos' continued leadership in innovative, high-quality cannabis edibles and reinforces ongoing consumer loyalty to the Spinach® brand.
In Q2 2025, in the vape category, Cronos achieved the #4 position overall with 6.5% share, with the vape cartridges in the portfolio specifically ranking even higher at #2 with 8.4% share. In Q2 2025, the Spinach® Pink Lemonade 1.2g vape cartridge was the best-selling 1.2g vape cartridge in Canada.
___________________________________________2 Hifyre Retail Analytics - National Retail Dollar by Brand in Canada - Q2 2025.
Lord Jones®4
In Q2 2025, Lord Jones® Chocolate Fusions™ had 10.2% market share and ended the second quarter as the third best-selling chocolate cannabis edible brand in Canada. Lord Jones® Chocolate Fusions™ edibles highlight the brand's commitment to innovation and craftsmanship, now offering four unique flavors: cookies and cream, dazzle-berry pop, salted caramel crunch and fudge brownie bite. In Q2, the brand continued to strengthen its premium positioning in extracts, with the launch of Lord Jones® Live Resin Caviar, with standout offerings like Gorilla Grape and Orange Velvet. These high-terpene, no-compromise extracts pair premium strains with state-of-the-art hardware, delivering a refined and flavorful experience.
The Lord Jones® brand is the category leader in the hash-infused pre-roll segment with an outstanding 28.5% market share. This #1 position highlights the brand's ability to create differentiated, high-quality products that resonate with discerning cannabis consumers.
PEACE NATURALS®3
In Israel, PEACE NATURALS® continues to be the top-performing brand with record revenue and sales volume in Q2 2025. The PEACE NATURALS® brand has thrived in Israel due to Cronos' advanced genetic breeding program, high-quality cultivation capabilities, and an industry-leading team in Israel. The PEACE NATURALS® and Lit™ brands both launched several new flower strains in Q2 2025 to meet the growing demand for Cronos Israel's cannabis products.
Internationally, PEACE NATURALS® continues to enter new markets and build on its momentum in established ones. In the second quarter, the PEACE NATURALS® brand was launched in the medical cannabis markets in Australia and Malta, as well as in Switzerland's medical market post quarter-end. The Company's medical brand has now expanded to seven global markets, including Canada, Israel, Germany, the United Kingdom ("UK"), Australia, Switzerland, and Malta.
Cronos GrowCo Expansion
The Cronos GrowCo expansion is now complete and we expect sales from the expansion in Fall 2025. The Company believes this additional supply will fuel growth internationally and within the domestic Canadian market.
Proposed Anti-Dumping Duty in Israel: Update
On July 3, 2025, the Israel Ministry of Justice announced that it had concluded that the Minister of Finance's veto of the proposed anti-dumping duty was valid. The Minister of Economy had sought to impose an anti-dumping duty of 165% on the Company's medical cannabis imports into Israel, which the Minister of Finance subsequently vetoed. This matter stems from an investigation launched in January 2024 into allegations of dumping of Canadian medical cannabis into Israel. The Company strongly refuted the allegations and is pleased with the decision to veto the proposed anti-dumping duty. Cronos will continue to advocate for a fair and equitable market structure that benefits Israel's medical cannabis patients.
Investments
In July Cronos invested in High Tide Inc. ("High Tide"), the operator of Canna Cabana, the largest cannabis retailer in Canada4. We invested C$25.2 million (approximately $18.5 million USD5) in High Tide through a five-year junior secured convertible loan. The loan has a face value of C$30.0 million (approximately $22.1 million USD), reflecting a 16% original issue discount. The loan bears interest at 4% of the face value of the loan per annum, paid in cash quarterly, and, other than the amounts attributed to the original issue discount, is convertible into High Tide common shares upon the mutual agreement of Cronos and High Tide. The conversion price is C$4.20 per common share. The loan may be repaid early with no penalty. Additionally, with this investment we received a five-year common share purchase warrant exercisable into up to 3,836,317 common shares of High Tide at an exercise price of C$3.91 per warrant share. This investment helps preserve competition in the cannabis market, ensuring Cronos' brands remain competitive across Canada. We remain fully dedicated to all our retail partners and will continue to operate with fairness, transparency and integrity.
___________________________________________3 Market share and ranking information from pharmacy data collected by Cronos - Q2 2025.4 Market share and ranking information from Hifyre Retail Analytics - National Retail Dollar by Brand in Canada - Q2 2025.5 Converted from CAD to USD using the June 30, 2025 Bloomberg exchange rate of C$1.00 to $0.735
Appointments
Cronos appointed Lloyd Wilson, Vice President, Controller, as the Company's principal accounting officer, effective as of August 7, 2025. Lloyd is a seasoned financial leader and licensed Chartered Public Accountant with over 20 years of experience in financial reporting, internal audit, plant controllership, and operational finance. With a strong background in consumer-packaged goods and previous experience as a plant controller, Lloyd most recently served as a Corporate Controller, where he oversaw financial reporting, internal controls, and policy implementation.
Conference CallThe Company will host a conference call and live audio webcast on Thursday, August 7, 2025, at 8:30 a.m. ET to discuss 2025 second quarter business results. An audio replay of the call will be archived on the Company's website for replay. Instructions for the live audio webcast are provided on the Company's website at https://ir.thecronosgroup.com/events-presentations.
About Cronos
Cronos is an innovative global cannabinoid company committed to building disruptive intellectual property by advancing cannabis research, technology and product development. With a passion to responsibly elevate the consumer experience, Cronos is building an iconic brand portfolio. Cronos' diverse international brand portfolio includes Spinach®, PEACE NATURALS® and Lord Jones®. For more information about Cronos and its brands, please visit: thecronosgroup.com.
Forward-Looking Statements
This press release contains information that may constitute forward-looking information and forward-looking statements within the meaning of applicable U.S. and Canadian securities laws and court decisions (collectively, "Forward-Looking Statements"), which are based upon our current internal expectations, estimates, projections, assumptions and beliefs. All information that is not clearly historical in nature may constitute Forward-Looking Statements. In some cases, Forward-Looking Statements can be identified by the use of forward-looking terminology, such as "expect," "likely," "may," "will," "should," "intend," "anticipate," "potential," "proposed," "estimate" and other similar words, expressions and phrases, including negative and grammatical variations thereof, or statements that certain events or conditions "may" or "will" happen, or by discussion of strategy. Forward-Looking Statements include estimates, plans, expectations, opinions, forecasts, projections, targets, guidance or other statements that are not statements of historical fact.
Forward-Looking Statements include, but are not limited to, statements with respect to:
the ongoing impact of the public investigation into Canadian licensed producers of alleged dumping of medical cannabis imports from Canada into Israel by the Trade Levies Commissioner of the Israel Ministry of Economy and Industry (the "Anti-Dumping Investigation") and the proposed anti-dumping duty to which the Company's imports would be subject;
expectations related to the conflict involving Israel, Hamas, Hezbollah, Houthis, Iran, Iran's proxies and other stakeholders in the region (the "Middle East Conflict") and its impact on our operations in Israel, the supply of product in the market and the demand for product by medical patients in Israel, as well as any regional or global escalations and their impact to global commerce and stability;
expectations related to the German, Australian, UK, Swiss, and Malta markets and our ability to successfully distribute the PEACE NATURALS® brand in our overseas markets;
expectations related to our announcement of cost-cutting measures, including our decision to wind down operations at our Winnipeg, Manitoba facility and list the facility for sale, the expected costs and benefits from the wind-down of production activities at the facility, as well as changes in strategy, metrics, investments, costs, operating expenses, employee turnover and other changes with respect thereto;
expectations related to the impact of our decision to exit our U.S. hemp-derived cannabinoid product operations and any future plans to re-enter the U.S. market;
the ongoing impact of our announced realignment (inclusive of any revisions thereto, the "Realignment") and any progress, challenges and effects related thereto as well as changes in strategy, metrics, investments, reporting structure, costs, operating expenses, employee turnover and other changes with respect thereto;
our expectations as to the use and expansion of our facility in Stayner, Ontario (the "Peace Naturals Campus");
our ability to acquire raw materials from suppliers, including Cronos GrowCo, and the costs and timing associated therewith;
expectations regarding the potential success of, and the costs and benefits associated with, our joint ventures, strategic alliances and equity investments;
expectations related to the transaction by which we obtained majority control of the board of directors of Cronos GrowCo, which qualified as a business combination under Accounting Standards Codification 805, and the expansion of Cronos GrowCo's purpose-built cultivation and processing facilities;
our ability or plans to identify, develop, commercialize or expand our technology and research and development initiatives in cannabinoids, or the success thereof;
expectations regarding revenues, expenses, gross margins and capital expenditures;
expectations regarding our future production and manufacturing strategy and operations, the costs and timing associated therewith and the receipt of applicable production and sale licenses;
the ongoing impact of the legalization of additional cannabis product types and forms for adult-use in Canada, including federal, provincial, territorial and municipal regulations pertaining thereto, the related timing and impact thereof and our intentions to participate in such markets;
the legalization of the use of cannabis for medical or adult-use in jurisdictions outside of Canada, including the U.S. and Germany, the related timing and impact thereof and our intentions to participate in such markets, if and when such use is legalized;
the grant, renewal, withdrawal, suspension, delay and impact of any license or supplemental license to conduct activities with cannabis or any amendments thereof;
our ability to successfully create and launch brands and cannabis products;
expectations related to the differentiation of our products, including through the utilization of rare cannabinoids;
the benefits, viability, safety, efficacy, dosing and social acceptance of cannabis, including CBD and other cannabinoids;
laws and regulations and any amendments thereto applicable to our business and the impact thereof, including uncertainty regarding the application of U.S. state and federal law to cannabis and U.S. hemp (including CBD and other U.S. hemp-derived cannabinoids) products and the scope of any regulations by the U.S. Food and Drug Administration, the U.S. Drug Enforcement Administration, the U.S. Federal Trade Commission, the U.S. Patent and Trademark Office and any state equivalent regulatory agencies over cannabis and U.S. hemp (including CBD and other U.S. hemp-derived cannabinoids) products, including the possibility marijuana is moved from Schedule I to Schedule III under the U.S. Controlled Substances Act;
the anticipated benefits and impact of Altria Group, Inc.'s investment in the Company (the "Altria Investment"), pursuant to a subscription agreement dated December 7, 2018;
expectations regarding the implementation and effectiveness of key personnel changes;
expectations regarding business combinations and dispositions and the anticipated benefits therefrom;
expectations of the amount or frequency of impairment losses, including as a result of the write-down of intangible assets, including goodwill;
the impact of the ongoing military conflict between Russia and Ukraine (and resulting sanctions) on our business, financial condition and results of operations or cash flows;
our compliance with the terms of the settlement (the "Settlement Order") with the U.S. Securities and Exchange Commission (the "SEC") and the settlement agreement with the Ontario Securities Commission (the "OSC"); and
the impact of the loss of our ability to rely on private offering exemptions under Regulation D of the Securities Act of 1933, as amended, and the loss of our status as a well-known seasoned issuer, each as a result of the Settlement Order.
Certain of the Forward-Looking Statements contained herein concerning the industries in which we conduct our business are based on estimates prepared by us using data from publicly available governmental sources, market research, industry analysis and on assumptions based on data and knowledge of these industries, which we believe to be reasonable. However, although generally indicative of relative market positions, market shares and performance characteristics, such data is inherently imprecise. The industries in which we conduct our business involve risks and uncertainties that are subject to change based on various factors, which are described further below.
The Forward-Looking Statements contained herein are based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including: (i) our ability to effectively navigate developments related to the Anti-Dumping Investigation and the proposed anti-dumping duty to which the Company's imports would be subject and its impact on our operations in Israel; (ii) our ability to effectively navigate developments related to the Middle East Conflict and its impact on our employees and operations in Israel, the supply of product in the market and demand for product by medical patients in Israel; (iii) our ability to efficiently and effectively distribute our PEACE NATURALS® brand in our overseas markets; (iv) our ability to realize the expected cost-savings and other benefits related to the wind-down of our operations at our Winnipeg, Manitoba facility; (v) expectations related to the impact of our decision to exit our U.S. hemp-derived cannabinoid product operations; (vi) our ability to realize the expected cost-savings, efficiencies and other benefits of our Realignment and other announced cost-cutting measures and employee turnover related thereto; (vii) our ability to efficiently and effectively manage our operations at our Peace Naturals Campus; (viii) our ability to efficiently and effectively acquire raw materials on a timely and cost-effective basis from third parties or Cronos GrowCo; (ix) our ability to realize the expected benefits related to the expansion of Cronos GrowCo's purpose-built cannabis facility and the ability of Cronos GrowCo to repay the credit facility provided by Cronos; (x) our ability to realize anticipated benefits, synergies or generate revenue, profits or value from our business combinations and strategic investments; (xi) the production and manufacturing capabilities and output from our facilities and our joint ventures, strategic alliances and equity investments; (xii) government regulation of our activities and products including, but not limited to, the areas of cannabis taxation and environmental protection; (xiii) the timely receipt of any required regulatory authorizations, approvals, consents, permits and/or licenses; (xiv) consumer interest in our products; (xv) our ability to differentiate our products, including through the utilization of rare cannabinoids; (xvi) competition; (xvii) anticipated and unanticipated costs; (xviii) our ability to generate cash flow from operations; (xix) our ability to conduct operations in a safe, efficient and effective manner; (xx) our ability to hire and retain qualified staff and acquire equipment and services in a timely and cost-efficient manner; (xxi) our ability to complete planned dispositions, and, if completed, obtain our anticipated sales price; (xxii) general economic, financial market, regulatory and political conditions in which we operate; (xxiii) management's perceptions of historical trends, current conditions and expected future developments; and (xxiv) other considerations that management believes to be appropriate in the circumstances. While our management considers these assumptions to be reasonable based on information currently available to management, there is no assurance that such expectations will prove to be correct.
By their nature, Forward-Looking Statements are subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct, and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the Forward-Looking Statements in this press release and other reports we file with, or furnish to, the SEC and other regulatory agencies and made by our directors, officers, other employees and other persons authorized to speak on our behalf. Such factors include, without limitation, negative impacts on our business and operations in Israel due to the Anti-Dumping Investigation, including that we may not be able to produce, import or sell our products in Israel as a result thereof; negative impacts on our employees, business and operations in Israel due to the Middle East Conflict, including that we may not be able to produce, import or sell our products or protect our people or facilities in Israel during the Middle East Conflict, the supply of product in the market and the demand for product by medical patients in Israel; that we may not be able to successfully continue to distribute our products in Germany, Australia, the UK, Switzerland and Malta or generate material revenue from sales in those markets; that we may not be able to achieve the anticipated benefits of the wind-down of our operations at our Winnipeg, Manitoba facility; that we may be unable to further streamline our operations and reduce expenses; that we may not be able to effectively and efficiently re-enter the U.S. market in the future; that we may not be able to access raw materials on a timely and cost-effective basis from third-parties or Cronos GrowCo; that the expected benefits of the expansion of Cronos GrowCo's purpose-built cannabis facility may not be fully realized within a reasonable time or at all or that Cronos GrowCo may not be able to repay its borrowings under the credit facility provided by Cronos; the military conflict between Russia and Ukraine may disrupt our operations and those of our suppliers and distribution channels and negatively impact the demand for and use of our products; the risk that cost savings and any other synergies from the Altria Investment may not be fully realized or may take longer to realize than expected; failure to execute key personnel changes; that our Realignment and our further leveraging of our strategic partnerships will not result in the expected cost-savings, efficiencies and other benefits or will result in greater than anticipated turnover in personnel; that we may not be able to efficiently and effectively manage our operations, and any changes thereto, at our Peace Naturals Campus; lower levels of revenues; the lack of consumer demand for our products; our inability to manage disruptions in credit markets; unanticipated future levels of capital, environmental or maintenance expenditures, general and administrative and other expenses; failure to realize expected growth opportunities; the lack of cash flow necessary to execute our business plan (either within the expected timeframe or at all); difficulty raising capital; the potential adverse effects of judicial, regulatory or other proceedings, or threatened litigation or proceedings, on our business, financial condition, results of operations and cash flows; volatility in and/or degradation of general economic, market, industry or business conditions; compliance with applicable environmental, economic, health and safety, energy and other policies and regulations and in particular health concerns with respect to vaping and the use of cannabis and U.S. hemp products in vaping devices; the unexpected effects of actions of third parties such as competitors, activist investors or federal (including U.S. federal), state, provincial, territorial or local regulatory authorities or self-regulatory organizations; adverse changes in regulatory requirements in relation to our business and products; our failure to improve our internal control environment and our systems, processes and procedures; and the factors discussed under Part I, Item 1A "Risk Factors" of the Annual Report on Form 10-K for the year ended December 31, 2024 and under Part II, Item 1A "Risk Factors" in our Quarterly Reports. Readers are cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on Forward-Looking Statements.
Forward-Looking Statements are provided for the purposes of assisting the reader in understanding our financial performance, financial position and cash flows as of and for periods ended on certain dates and to present information about management's current expectations and plans relating to the future, and the reader is cautioned not to place undue reliance on these Forward-Looking Statements because of their inherent uncertainty and to appreciate the limited purposes for which they are being used by management. While we believe that the assumptions and expectations reflected in the Forward-Looking Statements are reasonable based on information currently available to management, there is no assurance that such assumptions and expectations will prove to have been correct. Forward-Looking Statements are made as of the date they are made and are based on the beliefs, estimates, expectations and opinions of management on that date. We undertake no obligation to update or revise any Forward-Looking Statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such Forward-Looking Statements. The Forward-Looking Statements contained in this press release and other reports we file with, or furnish to, the SEC and other regulatory agencies and made by our directors, officers, other employees and other persons authorized to speak on our behalf are expressly qualified in their entirety by these cautionary statements.
As used in this press release, "CBD" means cannabidiol and "U.S. hemp" has the meaning given to the term "hemp" in the U.S. Agricultural Improvement Act of 2018, including hemp-derived CBD.
Cronos Group Inc.
Condensed Consolidated Balance Sheets
(In thousands of U.S. dollars, except share amounts, unaudited)
As of June 30, 2025
As of December 31, 2024
Assets
Current assets
Cash and cash equivalents
$
794,416
$
858,805
Short-term investments
40,000
—
Accounts receivable, net
26,619
15,462
Interest receivable
3,228
8,690
Other receivables
9,529
5,000
Current portion of loans receivable, net
—
618
Inventory, net
42,142
33,149
Prepaids and other current assets
5,191
6,277
Held-for-sale assets
6,022
8,112
Total current assets
927,147
936,113
Other investments
2,251
2,813
Non-current portion of loans receivable, net
13,767
15,526
Property, plant and equipment, net
150,243
133,189
Right-of-use assets
1,677
1,390
Goodwill
66,918
63,453
Intangible assets, net
10,565
11,257
Deferred tax assets
2,659
2,571
Total assets
$
1,175,227
$
1,166,312
Liabilities
Current liabilities
Accounts payable
$
12,136
$
16,973
Income taxes payable
14
9
Accrued liabilities
24,637
31,653
Current portion of lease obligation
822
1,025
Derivative liabilities
3
40
Total current liabilities
37,612
49,700
Non-current portion due to non-controlling interests
680
1,073
Non-current portion of lease obligation
1,189
993
Deferred tax liabilities
5,540
3,564
Total liabilities
45,021
55,330
Shareholders' equity
Share capital and additional paid-in capital
666,614
669,879
Retained earnings
424,080
457,709
Accumulated other comprehensive loss
(8,404
)
(63,525
)
Total equity attributable to shareholders of Cronos Group
1,082,290
1,064,063
Non-controlling interests
47,916
46,919
Total shareholders' equity
1,130,206
1,110,982
Total liabilities and shareholders' equity
$
1,175,227
$
1,166,312
Cronos Group Inc.
Condensed Consolidated Statements of Net Loss and Comprehensive Income (Loss)
Three months ended June 30,
Six months ended June 30,
(In thousands of U.S. dollars, except share and per share amounts, unaudited)
2025
2024
2025
