Cronos Group Reports $8.7 Million in Operating Expense Savings for FY2024

LOS ANGELES- Cronos Group Inc. has announced operating expense savings of $8.7 million for the fiscal year 2024, aligning with its previously stated target range of $5 million to $10 million. These savings were primarily achieved through reductions in general and administrative costs, research and development expenditures, and sales and marketing expenses.

In its fourth-quarter 2024 financial results, Cronos reported net revenue of $30.3 million, marking a 27% increase compared to the same period in the previous year. The company’s Spinach® brand concluded 2024 as the leading cannabis brand in Canada, while PEACE NATURALS® held the top position in Israel. As of December 31, 2024, Cronos maintained a strong balance sheet with $859 million in cash and cash equivalents.

Chairman, President, and CEO Mike Gorenstein attributed the company’s performance to a focus on innovation, quality, and disciplined cost management. He emphasized that these efforts have reinforced Cronos’s leadership in the global cannabis industry.