Despite operational challenges, including a strategic exit from U.S. hemp-derived CBD operations and geopolitical unrest affecting its Israeli market, Cronos reported a gross profit of $4.0 million in Q3 2023, a 26% increase from the same period last year.
Mike Gorenstein, the company's chairman, president and CEO referred to their Q3 2023 financial metrics as “one of the best quarters in Cronos history.”
Q3 2023 Financial Highlights
- The company reported a net revenue of $24.8 million in Q3 2023, increased by $4.4 million from Q3 2022.
- Net loss of $1.59 million in Q3 2023 …