Pot stock revenue grows as recreational cannabis starts to ship
Health & Biotech
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Canadian cannabis grower Cronos Group has followed fellow pot giant Aurora Cannabis in crediting legalisation of recreational marijuana for a jump in quarterly revenue.
The $US2 billion Toronto-listed Cronos tripled sales to $C3.8 million and sold 514 kilograms of pot during the quarter — a 213 per cent increase.
“Recreational cannabis was a major part of revenue for the quarter,” boss Michael Gorenstein said.
Yesterday Aurora boss Terry Booth said the start of “adult consumer use sales in Canada has been very successful for Aurora”.
Still, Cronos’s third-quarter losses widened and shares were down as much as 5 per cent in early trading.
Here are the key numbers:
“The recent legalisation of cannabis sales for adult recreational use in Canada was a watershed moment for our industry and our Company,” CEO Mike Gorenstein said in a press release.
“As excited as we are about this milestone and our participation in this new market, it’s truly just the beginning. Cronos Group is building an innovative global cannabinoid company.
“The opportunities for our company extend across the globe as regulations evolve and markets open.”
In Australia sthere are about 25 or so ASX-listed pot stocvks.
Yesterday Althea (ASX:AGH) scored an export licence from the government’s Office of Drug Control, while AusCann (ASX:AC8) started making cannabis capsules for the treatment of chronic pain.