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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Eaze winding down cannabis delivery operations as new owners ponder future

Published

15 hours ago

October 7, 2024

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The CEO of California’s largest cannabis delivery service, Eaze Technologies, said its parent company is winding down operations and new ownership will determine if the business continues.

“Stache LLC will be winding down operations, with the full closure expected to take place on or around December 31, 2024,” Eaze CEO Cory Azzalino told employees last week in an internal memo he posted on his LinkedIn feed Sunday.

Eaze will provide employees an update on or before Nov. 15, he added.

The California-based marijuana delivery company came under new ownership in August after a public auction of its corporate assets.

A bundle of Eaze assets was purchased for $56 million by a firm owned by Netscape co-founder James Henry Clark.

The acquisition by Clark,

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Marijuana Business Daily

Ohio recreational marijuana sales near $90 million in 7 weeks

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4 days ago

October 4, 2024

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Barely seven weeks since the launch of Ohio’s recreational marijuana market, sales have reached almost $90 million.

Between Aug. 6 – when adult-use sales began in Ohio – and Sept. 28, sales totaled $87.1 million, according to the latest report from the state’s Division of Cannabis Control.

The report also found that recreational retailers sold 10,213 pounds of recreational flower and 1,361,146 units of manufactured products.

The price per gram of recreational flower has fallen steadily from a high of $9.42 in mid-August to a low of $8.23 per gram the week ending Sept. 28.

Likewise, the average price of recreational manufactured products also has fallen steadily, from a high of $31.65 in mid-August to a low of $30.04.

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Marijuana delivery company Eaze has new owner after assets auctioned

Published

7 days ago

October 1, 2024

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California-based marijuana delivery company Eaze Technologies has a new owner after a public auction of corporate assets.

The bundle of Eaze assets were purchased for $56 million in August via a telephone auction by a firm owned by Netscape co-founder James Henry Clark, according to Green Market Report.

Though Clark now has ownership of Eaze, the company’s future is up in the air.

“The new ownership group is evaluating the status of each state’s operations and expects to make a decision prior to year end about what will continue to operate or be closed down,” Eaze CEO Cory Azzalino told Green Market Report via email.

Clark’s FoundersJT acquired the following assets from San Francisco-based Eaze:

Accounts. Chattel paper, which denotes a

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