Cronos Group Reports First Quarter 2025

LOS ANGELES- Cronos Group Inc. reported its financial results for the first quarter ended March 31, 2025, indicating a net revenue of $32.3 million, a 28% increase compared to the same period in 2024. The growth was primarily driven by higher cannabis flower sales in international markets, notably Israel, and increased cannabis extract sales in Canada.

The company’s gross profit for the quarter was $13.7 million, representing a 206% increase from the prior year. This improvement is attributed to higher sales volumes, increased average sales prices, lower direct costs, and production efficiencies. Adjusted gross profit reached $14.3 million, up from $4.5 million in Q1 2024.

Net income for the quarter was $7.7 million, compared to a net loss of $2.5 million in the first quarter of 2024. Adjusted EBITDA turned positive at $2.3 million, reflecting a $13.0 million improvement year-over-year.

Cronos’ brand portfolio continues to perform in key markets. In Canada, the Spinach® brand maintained strong positions across several categories, including edibles and vapes. In Israel, the PEACE NATURALS® brand retained its position as the leading cannabis brand, posting record net revenue for the quarter.

The company also announced a $50 million share repurchase program, authorized by its Board of Directors, set to commence on May 14, 2025.

Cronos GrowCo, a subsidiary of Cronos Group, contributed $2.9 million in cannabis flower sales during the quarter. The expansion of Cronos GrowCo’s cultivation facilities is on track for completion in the second quarter of 2025, with initial sales expected in the second half of the year.