Cannabis producer Cronos Group ends year with $168.7 million loss

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2 years ago

February 28, 2023

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Canadian cannabis producer Cronos Group lost $78.9 million in its fourth quarter ended Dec. 31, bringing the company’s net loss for the year to $168.7 million.

The Toronto-based company on Tuesday reported that its net revenue grew 23% year-over-year to $91.9 million in 2022.

Cronos’ revenue in the United States fell 48% in the same time period, to $5.2 million in 2022.

That was offset by sales growth in Canada and Israel.

The company’s net revenue in Canada grew 12% in 2022 over 2021 to $56.2 million.

In Israel, net revenue increased 128% over 2021 to $30.5 million in 2022.

Cronos said net revenue increased primarily because of higher cannabis extract sales in the Canadian adult-use market and higher flower sales in the Israeli medical marijuana market.

In the October-December quarter, Cronos saw its consolidated net revenue fall to $22.9 million, down 11% over the

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California’s capital city OKs marijuana consumption lounge licenses

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2 days ago

November 20, 2024

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The Sacramento City Council approved a measure that paves a path for California’s capital to issue consumption lounge licenses sometime in 2025.

The ordinance was approved 5-4 on Tuesday, despite opposition from certain Council members, the American Heart Association and American Cancer Society, according to The Sacramento Bee.

The organizations highlighted the effects of secondhand smoke on employees, customers and neighbors.

Similar concerns about smoke ventilation has led to lengthy delays in other markets, including Nevada, where regulators ultimately eased ventilation standards so operators could comply with the new rules without installing costly system overhauls.

Sacramento officials expect to issue permits in the first half of next year after the Council considers cannabis land-use and zoning amendments, the Bee reported.

When those

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Missouri’s double-tax practice on marijuana is unconstitutional, court rules

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4 days ago

November 18, 2024

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Local governments in Missouri can add a 3% local tax on marijuana products to state sales tariffs, but the law forbids cities and counties to “stack” local levies on top of one another.

That’s the “unambiguous” language in the state constitution, according to a Missouri Court of Appeals decision that’s set to cut retail taxes on marijuana products in St. Louis County.

Ninety of the state’s 114 counties imposed a 3% local cannabis tax on top of the state’s 14.98% sales tax, the Missouri Independent reported.

But 74 of those counties also include a city or town that’s imposed its own 3% on top of the county lax.

That’s the practice that the appeals court says is unconstitutional.

The challenge was centered

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Feds again delay requirement for hemp to be tested at DEA-licensed labs

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1 week ago

November 15, 2024

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The U.S. Department of Agriculture has again extended a deadline for federally approved hemp to be tested at Drug Enforcement Administration-licensed labs.

Now, hemp produced under the USDA’s Domestic Hemp Production Program can have products tested at labs that aren’t certified by the DEA through the end of 2025, according to a Thursday news release.

The USDA delayed the requirement last year, pushing a planned Dec. 31, 2023, deadline to the end of 2024.

Testing laboratories apparently are having difficulty meeting DEA requirements or receiving certification from the agency, according to feedback the USDA has received from state and tribal governments as well as labs themselves.

The USDA noted in its release there have been “setbacks” and “delays” for labs attempting to

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