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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How a Colorado operator stumbled onto ‘blueprint for laundering marijuana’

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1 day ago

March 31, 2025

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Justin Trouard thought he was doing a favor when he agreed in January to look at the books of a struggling, licensed Colorado marijuana cultivation company to see if he could help turn the business around.

Instead, the CEO of licensed outdoor cultivator Mammoth Farms stumbled onto “the blueprint for how to launder marijuana” in and out of the state’s regulated industry, he told MJBizDaily.

While examining the cultivator’s track-and-trace records in Metrc, a widely used software program that’s Colorado’s mandated seed-to-sale compliance tool, Trouard noticed some suspicious activity.

In one column, the company reported purchasing 25 pounds of cannabis flower from an unidentified cultivator for $16,250. That’s a normal transaction at Colorado’s average market prices in 2025. In another column in

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Humboldt County extends deadline to pay marijuana cultivation taxes

Published

4 days ago

March 28, 2025

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Humboldt County supervisors have extended the deadline for hundreds of marijuana farmers to pay off cultivation taxes enacted years ago.

County growers faced a March 31 deadline to eliminate all tax debts related to Measure S, a ballot referendum approved by voters in 2016, more than a year before the launch of adult-use sales.

Supervisors pushed the looming deadline to April 4 for 210 license holders to make their first payments or face suspension, according to the Standard Times of Eureka.

For the hundreds more who have made some payment, their deadline was extended to Dec. 31, 2025.

No more relief

The county supervisors indicated at their March 25 meeting this will be the final extension, the newspaper reported.

Despite the extensions, hundreds

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The road ahead for cannabis lending in 2025

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5 days ago

March 27, 2025

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(This is a contributed guest column. To be considered as an MJBizDaily guest columnist, please submit your request here.)

Stacy Litke (Courtesy photo)

As cannabis banking becomes increasingly competitive – particularly in states with mature markets – financial institutions are being pushed to rethink their strategies.

While cannabis accounts offer the ability to add core deposits, the real opportunity is in lending.

For banks and credit unions willing to embrace the risks of this high-growth industry, the rewards can be substantial for lenders and borrowers alike.

The cannabis sector requires tens of billions of dollars annually just to sustain operations; even greater capital is needed to fuel growth.

According to an October 2024 report from Oregon-headquartered Whitney Economics, “The U.S. cannabis industry will need between

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