Tearsheet

Cronos (CRON)

Market Price (12/12/2025): $3.3 | Market Cap: $1.3 Bil
Sector: Health Care | Industry: Pharmaceuticals

Cronos (CRON)

Market Price (12/12/2025): $3.3
Market Cap: $1.3 Bil
Sector: Health Care
Industry: Pharmaceuticals

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -77%	Trading close to highs Dist 52W High is -4.0%	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -24 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -18%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16%	Weak multi-year price returns 2Y Excs Rtn is -13%, 3Y Excs Rtn is -81%	Expensive valuation multiples P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 49x, P/EPrice/Earnings or Price/(Net Income) is 30x
2	Low stock price volatility Vol 12M is 44%		Not cash flow generative FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -4.3%
3	Megatrend and thematic drivers Megatrends include Cannabis & Psychedelics. Themes include Medical Cannabis, Recreational Cannabis, and CBD & Wellness Products.

0	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -77%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16%
2	Low stock price volatility Vol 12M is 44%
3	Megatrend and thematic drivers Megatrends include Cannabis & Psychedelics. Themes include Medical Cannabis, Recreational Cannabis, and CBD & Wellness Products.
4	Trading close to highs Dist 52W High is -4.0%
5	Weak multi-year price returns 2Y Excs Rtn is -13%, 3Y Excs Rtn is -81%
6	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -24 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -18%
7	Expensive valuation multiples P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 49x, P/EPrice/Earnings or Price/(Net Income) is 30x
8	Not cash flow generative FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -4.3%

Valuation, Metrics & Events

	12/12/25	2024	2023	2022	2021
Share Price CYE	$3.30	$2.02	$2.09	$2.54	$3.92
Market Cap CYE ($ Bil)	1.3	0.8	0.8	1.0	1.5
Total Debt ($ Bil)	0.0	0.0	0.0	0.0	0.0
Total Cash ($ Bil)	0.8	0.9	0.9	0.9	1.0
Enterprise Value ($ Bil)	0.4	0.8	0.8	1.0	1.5
Valuation Ratios
P/S TTM	9.3	6.6	9.1	11.0	22.5
P/EBIT TTM	-50.4	-13.0	-10.0	-9.2	-8.8
P/E TTM	34.2	18.8	-10.8	-5.7	-3.7
Sector Ratios
P/S TTM (Sector)	4.1	3.5	3.9	4.5	7.1
P/EBIT TTM (Sector)	-1.6	-1.3	-1.6	-1.3	-2.9
P/E TTM (Sector)	-1.8	-1.5	-1.5	-1.3	-2.8

	12/12/25	2024	2023
Share Price CYE	$3.30	$2.02	$2.09
Market Cap CYE ($ Bil)	1.3	0.8	0.8
Total Debt ($ Bil)	0.0	0.0	0.0
Total Cash ($ Bil)	0.8	0.9	0.9
Enterprise Value ($ Bil)	0.4	0.8	0.8
Valuation Ratios
P/S TTM	9.3	6.6	9.1
P/EBIT TTM	-50.4	-13.0	-10.0
P/E TTM	34.2	18.8	-10.8
Sector Ratios
P/S TTM (Sector)	4.1	3.5	3.9
P/EBIT TTM (Sector)	-1.6	-1.3	-1.6
P/E TTM (Sector)	-1.8	-1.5	-1.5

	CRON	S&P 500
REVENUE GROWTH	GOOD
Rev LTM ($ Bil)	0.1
Rev Chg Q	6.1%	7.3%
Rev Chg LTM	19.0%	6.0%
Rev Chg 3Y Avg	17.4%	5.5%
PROFITABILITY	POOR
Op Inc LTM ($ Bil)	-0.0
CFO LTM ($ Bil)	0.0
Net Inc LTM ($ Bil)	0.0
Op Mgn LTM	-18.5%	18.8%
CFO/Rev LTM	16.4%	20.4%
Net Inc Mgn	27.3%	13.1%
VALUATION	VERY HIGH
P/S	9.3	3.2
P/CFO	56.7	16.0
P/FCF	-214.9	20.9
P/E	34.2	23.5
STABILITY	VERY GOOD
Debt/Equity	0.00	0.20
Cash/Assets	0.70	0.07

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Metric	Value	Date	Source
Spinach® brand market share in Canada (all formats)	4.7%	6302025	Link
Spinach® brand ranking in Canada (all formats)	#2	9302025	Link
PEACE NATURALS® brand market share in Israel (flower)	over 20%	6302025	Link
PEACE NATURALS® brand ranking in Israel	#1	9302025	Link
Lord Jones® brand market share in hash-infused pre-roll segment (Canada)	28.5%	6302025	Link
Spinach® gummies market share in Canada	19.9%	6302025	Link
Spinach® brand ranking in Canada (flower)	#3	6302025	Link
Spinach® vape cartridges ranking in Canada	#2	6302025	Link

Upcoming
2/26/2026	Earnings Release	Rev: - EPS: -

CRON Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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1. Q3 2025 Financial Performance Exceeds EPS Forecasts

Cronos Group reported strong third-quarter 2025 financial results on November 6, 2025, delivering an earnings per share (EPS) of $0.07, significantly surpassing the analyst forecast of $0.02, representing a 250% surprise. Despite a slight revenue miss at $36.3 million against an anticipated $37.3 million, the company achieved record levels for consolidated net revenue, gross profit of $18.3 million, and adjusted EBITDA of $5.7 million. This improved profitability was primarily driven by higher cannabis flower sales in Israel and increased cannabis extract sales in the Canadian market. The positive earnings announcement led to a premarket stock rise of 4.08%. 2. Strategic Acquisition of CanAdelaar B.V. in Europe

On December 9, 2025, Cronos Group announced a definitive agreement to acquire CanAdelaar B.V., a leading cannabis company operating in the Netherlands' adult-use cannabis pilot program, for an upfront cash payment of €57.5 million (US$67 million). This acquisition is set to establish Cronos's strategic footprint in Europe's regulated adult-use cannabis market and is expected to close in early 2026. News of the acquisition significantly boosted Cronos's stock, with shares rising 9% following the announcement. 3. Robust International Sales Growth

Cronos Group continued to experience strong growth in its international operations, particularly in the Israeli market, which contributed significantly to its overall revenue increase and improved margins in Q3 2025. The demand for the company's Peace Naturals® brand expanded in Israel, a market characterized by higher average selling prices and more favorable margin structures compared to Canada, thereby driving top-line growth. 4. Strong Financial Position and Liquidity

The company maintained a solid financial foundation with a substantial cash balance of $824 million as of September 2025 and no outstanding debt. This robust liquidity provided Cronos with the flexibility to pursue strategic investments and acquisitions, such as the CanAdelaar deal, without significant financial strain, positioning it for future growth. 5. Continued Strong Brand Performance and Market Share

In the third quarter of 2025, Cronos Group demonstrated continued market leadership and consumer loyalty across its key brands. The Spinach® flower ranked as the fourth most popular flower brand, capturing a 4.9% market share. Furthermore, Spinach® maintained its leading position in the edibles category with a 19.7% market share, primarily driven by the strong performance of its SOURZ by Spinach® gummies, with four of its gummy products ranking among the top 10 edible products nationally.

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Stock Movement Drivers

Fundamental Drivers

The 10.5% change in CRON stock from 9/11/2025 to 12/11/2025 was primarily driven by a 92.2% change in the company's Net Income Margin (%).

	9112025	12112025	Change
Stock Price ($)	2.58	2.85	10.47%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	130.28	132.36	1.59%
Net Income Margin (%)	14.19%	27.27%	92.18%
P/E Multiple	53.77	30.25	-43.75%
Shares Outstanding (Mil)	385.31	383.09	0.58%
Cumulative Contribution			10.46%

LTM = Last Twelve Months as of date shown

Market Drivers

9/11/2025 to 12/11/2025

	Return	Correlation
CRON	10.5%
Market (SPY)	4.8%	38.9%
Sector (XLV)	9.9%	2.0%

Fundamental Drivers

The 43.2% change in CRON stock from 6/12/2025 to 12/11/2025 was primarily driven by a 96.2% change in the company's P/E Multiple.

	6122025	12112025	Change
Stock Price ($)	1.99	2.85	43.22%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	124.59	132.36	6.23%
Net Income Margin (%)	39.68%	27.27%	-31.28%
P/E Multiple	15.41	30.25	96.23%
Shares Outstanding (Mil)	382.96	383.09	-0.03%
Cumulative Contribution			43.22%

LTM = Last Twelve Months as of date shown

Market Drivers

6/12/2025 to 12/11/2025

	Return	Correlation
CRON	43.2%
Market (SPY)	14.5%	27.0%
Sector (XLV)	12.8%	-2.5%

Fundamental Drivers

The 46.2% change in CRON stock from 12/11/2024 to 12/11/2025 was primarily driven by a 23.1% change in the company's P/S Multiple.

	12112024	12112025	Change
Stock Price ($)	1.95	2.85	46.15%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	111.23	132.36	19.00%
P/S Multiple	6.70	8.25	23.08%
Shares Outstanding (Mil)	382.29	383.09	-0.21%
Cumulative Contribution			46.15%

LTM = Last Twelve Months as of date shown

Market Drivers

12/11/2024 to 12/11/2025

	Return	Correlation
CRON	46.2%
Market (SPY)	14.5%	33.2%
Sector (XLV)	9.5%	16.8%

Fundamental Drivers

The -1.4% change in CRON stock from 12/12/2022 to 12/11/2025 was primarily driven by a -37.4% change in the company's P/S Multiple.

	12122022	12112025	Change
Stock Price ($)	2.89	2.85	-1.38%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	82.97	132.36	59.53%
P/S Multiple	13.17	8.25	-37.37%
Shares Outstanding (Mil)	378.11	383.09	-1.32%
Cumulative Contribution			-1.40%

LTM = Last Twelve Months as of date shown

Market Drivers

12/12/2023 to 12/11/2025

	Return	Correlation
CRON	50.0%
Market (SPY)	51.9%	26.4%
Sector (XLV)	18.4%	19.5%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
CRON Return	-10%	-44%	-35%	-18%	-3%	38%	-64%
Peers Return	-47%	-4%	-55%	-57%	-13%	-18%	-93%
S&P 500 Return	16%	27%	-19%	24%	23%	17%	114%
Monthly Win Rates [3]
CRON Win Rate	42%	25%	25%	33%	33%	58%
Peers Win Rate	37%	25%	27%	40%	35%	35%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
CRON Max Drawdown	-41%	-45%	-36%	-34%	-11%	-20%
Peers Max Drawdown	-76%	-20%	-57%	-66%	-31%	-52%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: CGC, TLRY, SNDL, ACB, OGI.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/11/2025 (YTD)

How Low Can It Go

Unique Key	Event	CRON	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-89.3%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	831.1%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-47.1%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	89.2%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	263 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-74.1%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	286.0%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	Not Fully Recovered days	120 days

Compare to LHI, LLY, JNJ, MRK, PFE

In The Past

Cronos's stock fell -89.3% during the 2022 Inflation Shock from a high on 2/10/2021. A -89.3% loss requires a 831.1% gain to breakeven.

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About Cronos (CRON)

Cronos Group Inc. operates as a cannabinoid company. It manufactures, markets, and distributes hemp-derived supplements and cosmetic products through e-commerce, retail, and hospitality partner channels under the Lord Jones and Happy Dance brands in the United States. The company is also involved in the cultivation, manufacture, and marketing of cannabis and cannabis-derived products for the medical and adult-use markets. It sells cannabis and cannabis products, including dried cannabis, pre-rolls, edibles, concentrates, and cannabis extracts through wholesale and direct-to-client channels under its wellness platform, PEACE NATURALS; and operates under adult-use brands, Spinach. It also exports dried cannabis and cannabis oils to Germany, Israel, and Australia. Cronos Group Inc. was founded in 2012 and is based in Toronto, Canada.

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Here are 1-3 brief analogies for Cronos (CRON):

Altria for cannabis: CRON is a cannabis company that has received significant strategic investment and backing from tobacco giant Altria (MO), positioning it as a major player in the emerging, regulated cannabis market with established industry support.
Procter & Gamble of cannabis brands: CRON aims to build and manage a diversified portfolio of consumer-facing cannabis brands across various product categories, much like Procter & Gamble (PG) does with household and personal care brands.

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Cannabis Flower: Dried cannabis buds cultivated for smoking or vaporization.
Pre-rolls: Ready-to-use cannabis joints, typically made from ground cannabis flower.
Vape Products: Vaporizable cannabis extracts in cartridges or disposable vape pens.
Edibles: Food and beverage products infused with cannabis cannabinoids.
Concentrates: Highly potent cannabis extracts like oils, shatter, and wax.
Topicals: Cannabis-infused creams, balms, and lotions designed for external application.
CBD Products: A range of non-psychoactive cannabidiol (CBD) products, including oils, capsules, and topicals.

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Cronos Group (CRON) - Major Customers

Cronos Group primarily operates in a business-to-business (B2B) model, selling its cannabis and cannabis-derived products to other companies rather than directly to individual consumers. Its major customers are governmental provincial cannabis boards and distributors in Canada, which then supply licensed retailers and/or operate their own retail channels.

According to their financial filings, a significant portion of Cronos Group's consolidated net revenue comes from a limited number of these governmental provincial cannabis boards/distributors in Canada. These entities are not publicly traded companies and therefore do not have stock symbols.

Major Customers (Examples of Provincial Cannabis Boards/Distributors in Canada):

Ontario Cannabis Store (OCS): The sole wholesale distributor of recreational cannabis to private retailers in Ontario, and the only legal online retailer for recreational cannabis in the province.
Société québécoise du cannabis (SQDC): The exclusive legal retailer of recreational cannabis in Quebec, operating both retail stores and an online platform, and also serving as the distributor within the province.
BC Liquor Distribution Branch (BCLDB - Cannabis Operations): Responsible for the wholesale distribution of cannabis to licensed retailers and for operating government-run cannabis stores and online sales in British Columbia.
Alberta Gaming, Liquor & Cannabis (AGLC): Oversees the private retail model for cannabis in Alberta, acting as the sole wholesaler for cannabis products in the province.

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Ginkgo Bioworks Holdings, Inc. (DNA)

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Mike Gorenstein, Chairman, President and Chief Executive Officer

Mike Gorenstein is the Chairman, President, and Chief Executive Officer of Cronos Group, a position he has held since March 2022, having previously served in the role until September 2020. He is also a Co-Founder and passive Member of Gotham Green Partners. Before joining Cronos, he was the Vice President and General Counsel at Alphabet Partners, LP, a New York City-based multi-strategy investment management firm. Prior to Alphabet Partners, LP, he worked as a corporate attorney at Sullivan & Cromwell LLP, where he focused on mergers and acquisitions and capital markets transactions.

Anna Shlimak, Chief Financial Officer

Anna Shlimak was appointed Chief Financial Officer of Cronos Group in March 2025. She has been an integral part of Cronos' leadership team for seven years, previously serving as Chief Strategy Officer. In her prior role, she was responsible for managing the company's corporate strategy, investor relations, communications, government affairs, and information systems departments, and has been credited with leading strategic initiatives including cost optimization and revenue growth. Before joining Cronos, Shlimak served as the Head of Investor Relations at Quest Partners LLC, a research-driven alternative investment firm, and held various positions at the New York Stock Exchange.

Jeff Jacobson, Chief Growth Officer

Jeff Jacobson was appointed Chief Growth Officer of Cronos Group in October 2022. He has been with Cronos since December 2016, previously holding roles as Senior Vice President, Head of Growth (North America), and General Manager of Canada and Europe. Mr. Jacobson co-founded Peace Naturals, and his expertise includes licensing and compliance, new business development, project management, and resource management. Before his time at Cronos, he founded a marketing agency in Toronto and successfully launched and licensed several software products in the mobile industry.

Shannon Buggy, Senior Vice President and Global Head of People

Shannon Buggy serves as the Senior Vice President and Global Head of People at Cronos Group. She is a key member of the leadership team, responsible for people management within the company.

Terry Doucet, General Counsel and Corporate Secretary

Terry Doucet is Cronos Group's General Counsel and Corporate Secretary, managing all legal and regulatory affairs for the company. Prior to joining Cronos, he was a corporate lawyer at Davies Ward Phillips & Vineberg LLP in Toronto, where he focused primarily on mergers and acquisitions, securities, corporate finance, and lending transactions. He also completed a secondment to RBC Capital Markets.

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The accelerated consolidation and market entrenchment of U.S. multi-state operators (MSOs) while federal cannabis prohibition persists represents a clear emerging threat to Cronos. These MSOs are rapidly expanding their cultivation, processing, and retail footprints across state-legal markets, building strong regional brands and consumer loyalty, and establishing vertically integrated supply chains. This trend is creating formidable competitive barriers. When federal legalization eventually occurs, Cronos, a Canadian-based company largely restricted from direct U.S. THC market participation due to current federal laws, will likely face a deeply entrenched, well-capitalized, and experienced domestic industry that has already captured significant market share. This could severely impede Cronos's ability to effectively enter and compete in the crucial U.S. market, despite its strategic partnership with Altria, effectively limiting its most significant growth opportunity.

AI Generated Analysis | Feedback

The Cronos Group (CRON) operates as a global cannabinoid company, focusing on the research, technology, and development of a diverse portfolio of cannabis products. Their main products include dried flowers, cannabis seeds, cannabis plants, cannabis extracts, cannabis topicals, and cannabis edibles, catering to both adult-use and medical consumers.

The company primarily operates in Canada and Israel, with a distribution agreement in Germany. While Cronos has wound down its direct U.S. operations, it continues to focus on global opportunities and prepares for the potential opening of the U.S. THC market in the future.

The addressable markets for Cronos Group's main products and services are sizable across various regions:

Global Cannabis Market: The global legal cannabis market was estimated at USD 69.78 billion in 2024 and is projected to reach USD 216.76 billion by 2033, growing at a compound annual growth rate (CAGR) of 13.49% from 2025 to 2033. Another estimate placed the global cannabis market size at USD 41.95 billion in 2024, projected to grow to USD 290.73 billion by 2033, with a CAGR of 24% from 2025-2033. A separate report valued the global cannabis market at USD 43.72 billion in 2022, with projections to grow to USD 444.34 billion by 2030, exhibiting a CAGR of 34.03%.
North America Legal Cannabis Market: This market was valued at approximately USD 44.83 billion in 2024 and is estimated to reach USD 354.82 billion by 2033, with a CAGR of 24.55% from 2025-2033. Other sources indicate a North America legal cannabis market size of USD 36.70 billion in 2023, with projections to grow to USD 82.18 billion by 2030 at a CAGR of 11.9%. North America held the largest market share in the global cannabis market in 2024, accounting for 71.69% of the revenue.
U.S. Cannabis Market: The U.S. cannabis market size was estimated at USD 38.50 billion in 2024 and is expected to reach USD 76.39 billion by 2030, growing at a CAGR of 11.51% from 2025 to 2030. Retail sales in the U.S. cannabis industry are projected to exceed USD 32 billion in 2024 and could grow to USD 55 billion by 2030. Another estimate for the U.S. cannabis market revenue is USD 40.7 billion in 2024, with an expectation to reach USD 74.6 billion by 2032 at a CAGR of 6.8% from 2025.
Canada Legal Cannabis Market: The legal cannabis market in Canada was valued at USD 3.25 billion in 2024 and is projected to grow at a CAGR of 12.0% from 2025 to 2030, reaching USD 5.79 billion. Recreational cannabis sales in Canada surpassed CA$5 billion (approximately USD 3.8 billion) in 2023. The total cannabis market in Canada is estimated to generate up to $7 billion in sales. The cannabis production industry in Canada is valued at $13.0 billion in 2025.

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Cronos Group (CRON) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market dynamics:

Increased Flower Production Capacity from GrowCo Expansion: The completion of the Phase 2 expansion at Cronos GrowCo is a significant driver, with an anticipated 70% increase in flower production capacity. This expansion is expected to resolve supply constraints and significantly boost flower sales in 2026.
Expansion and Strong Performance in International Markets: Cronos is focused on global expansion, having already expanded its distribution network to seven countries. The company has demonstrated strong performance in Israel, where its PEACE NATURALS® brand leads the medical cannabis market and patient count is growing. Traction with proprietary genetics in markets like Germany and the UK is also contributing to international growth.
New Product Launches and Brand Strength in the Canadian Market: The Spinach® brand remains a strong performer in Canada, consistently ranking as a top brand for flower, vapes, and edibles. New product introductions, such as liquid diamond-infused gummies and limited-edition seasonal flavors, are expected to fuel continued revenue growth within the existing Canadian market.
Strategic Investment in Innovation and High-Growth Opportunities: Management has highlighted a commitment to investing in innovation and global expansion, particularly in high-growth markets. This strategic focus aims to leverage the company's strong balance sheet to pursue opportunities that enhance its market position and product offerings.

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Share Repurchases

Cronos Group announced a share repurchase program of up to $50 million on May 8, 2025, authorized to repurchase up to 19,270,951 shares (5% of its issued shares) until May 13, 2026.
During the nine months ended September 30, 2025, the company repurchased 2,792,813 common shares for $5,471.
In Q3 2025, the company repurchased 917,862 common shares for $1,859.

Share Issuance

As of November 3, 2025, Cronos Group had 382,893,267 common shares issued and outstanding.
The number of outstanding shares increased from 0.35 billion at the end of 2020 to 0.38 billion at the end of 2025.

Inbound Investments

Altria Group Inc. made a significant strategic investment of approximately $1.8 billion (C$2.4 billion) for a 45% equity stake in Cronos Group in 2019, providing substantial capital for global expansion and R&D.
Cronos Group maintained a strong balance sheet with $824 million in cash equivalents and short-term investments as of Q3 2025, largely attributed to the initial investment by Altria.

Outbound Investments

In July 2025, Cronos Group invested $18.5 million (C$30 million) in High Tide Inc. through a five-year junior secured convertible loan.
In connection with the High Tide investment, Cronos also received a five-year common share purchase warrant exercisable for up to 3,840,000 common shares of High Tide.
On June 20, 2024, Cronos made an additional investment in Cronos Growing Company Inc. ("Cronos GrowCo") to fund the expansion of cultivation operations and gained majority control, consolidating GrowCo's results as of July 1, 2024.

Capital Expenditures

Cronos Group is expanding its Cronos GrowCo facilities to address flower supply constraints, with capital expenditures expected to remain elevated.
The Cronos GrowCo expansion is anticipated to increase flower production capacity by 70%, with sales from this expansion commencing in Fall 2025.
Capital expenditures for Q3 2025 amounted to $4.6 million.

Better Bets than Cronos (CRON)

	CRON	Better Performance than CRON
Metric	Value	INDUSTRY: Pharmaceuticals
Rev Chg LTM	19.0%	AVDL (79.9%), KNSA (56.2%), HROW (47.8%), LLY (36.8%), PAHC (33.7%)
Rev Chg 3Y Avg	17.4%	KNSA (96.3%), HROW (41.7%), ACAD (27.8%), CORT (23.6%), LLY (23.4%)
Op Mgn LTM	-18.5%	LLY (43.0%), MRK (34.9%), JNJ (26.2%), PFE (24.6%), BMY (23.8%)
CFO/Rev LTM	16.4%	BMY (34.6%), MRK (26.6%), JNJ (26.3%), PFE (20.8%), LLY (20.5%)
FCF/Rev LTM	-4.3%	BMY (31.9%), MRK (20.3%), JNJ (20.3%), PFE (16.5%), LLY (-0.1%)
Total Yield	3.4%	PFE (13.5%), MRK (13.0%), BMY (12.0%), JNJ (8.4%), ZTS (5.4%)
P/S	8.0	BMY (1.9), PFE (2.3), MRK (3.3), JNJ (4.8), ZTS (6.9)
P/Op Inc	-43.5

	CRON	Better Performance than CRON
Metric	Value	SECTOR: Health Care
Rev Chg LTM	19.0%	ALNY (53.2%), LLY (36.8%), ISRG (22.2%), BSX (21.6%), CI (20.9%)
Rev Chg 3Y Avg	17.4%	ALNY (51.4%), NTRA (40.2%), LLY (23.4%), INSM (22.8%), UTHR (19.0%)
Op Mgn LTM	-18.5%	LLY (43.0%), MRK (34.9%), JNJ (26.2%), ABBV (24.1%), UNH (6.1%)
CFO/Rev LTM	16.4%	ABBV (35.0%), MRK (26.6%), JNJ (26.3%), LLY (20.5%), TMO (17.5%)
FCF/Rev LTM	-4.3%	ABBV (33.0%), MRK (20.3%), JNJ (20.3%), UNH (4.0%), LLY (-0.1%)
Total Yield	3.4%	MRK (13.0%), JNJ (8.4%), UNH (8.1%), TMO (3.6%), ABBV (3.4%)
P/S	8.0	UNH (0.7), MRK (3.3), TMO (4.2), JNJ (4.8), ABBV (6.9)
P/Op Inc	-43.5

	CRON	Better Performance than CRON
Metric	Value	ALL OTHER SECTORS
Rev Chg LTM	19.0%	NVDA (65.2%), PLTR (47.2%), AMD (31.8%), AVGO (28.0%), META (21.3%)
Rev Chg 3Y Avg	17.4%	NVDA (91.6%), PLTR (29.3%), AVGO (24.0%), MU (20.3%), BRK-B (19.8%)
Op Mgn LTM	-18.5%	NVDA (58.8%), MSFT (46.3%), GOOGL (32.2%), AAPL (31.9%), AMZN (11.4%)
CFO/Rev LTM	16.4%	MSFT (50.0%), NVDA (44.4%), GOOGL (39.3%), AAPL (26.6%), AMZN (18.1%)
FCF/Rev LTM	-4.3%	NVDA (41.3%), MSFT (26.6%), AAPL (23.5%), GOOGL (19.1%), AMZN (2.0%)
Total Yield	3.4%	JPM (6.7%), BRK-B (6.2%), GOOGL (4.6%), WMT (3.7%), META (3.5%)
P/S	8.0	WMT (1.2), BRK-B (2.7), AMZN (3.5), JPM (4.9), GOOGL (7.6)
P/Op Inc	-43.5

		Best Bets In Health Care Sector
	CRON	RPRX	HALO	DOCS	UTHR	CPRX	HRMY	LGND	ISRG	GMED	MD
What You Pay
P/E	29.5	19.9	14.4	54.3	14.4	11.1	8.5	71.4	58.1	18.2	8.7
P/EBIT	-43.5	9.6	11.3	55.6	10.9	9.3	6.5	51.9	56.6	17.8	5.9
What You Get
Rev Chg Q	6.1%	7.9%	22.1%	23.2%	6.8%	15.3%	28.7%	122.8%	22.9%	22.9%	-3.6%
Rev Chg LTM	19.0%	3.7%	31.2%	20.2%	13.5%	25.6%	21.1%	64.8%	22.2%	11.7%	-4.2%
Rev Chg 3Y Avg	17.4%	1.5%	29.0%	17.4%	19.0%	46.5%	27.4%	16.0%	16.3%	45.6%	-0.5%
FCF/Rev 3Y Avg	-30.2%	115.2%	45.0%	42.7%	34.3%	34.2%	33.2%	23.9%	16.5%	14.3%	8.9%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 11%, alpha of 1.9%, and sharpe of 0.52

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	How Low Can Cronos Stock Really Go?	Return
2	CRON Dip Buy Analysis
3	Cronos Stock Shares Rally 8.9% In A Day, Now Is Not The Time To Buy The Stock	Buy or Fear
4	Cronos (CRON) Valuation Ratios Comparison	Financials
5	Cronos Total Shareholder Return (TSR): -3.3% in 2024 and -19.8% 3-yr compounded annual returns (below peer average)

	Title
0	ARTICLES

Trade Ideas

Select past ideas related to CRON. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CRL_11142025_Dip_Buyer_FCFYield	11142025	CRL	Charles River Laboratories International	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	16.1%	16.1%	-3.7%
GDRX_11142025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11142025	GDRX	GoodRx	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	-6.1%	-6.1%	-11.8%
ASTH_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	ASTH	Astrana Health	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	-1.7%	-1.7%	-5.5%
SGRY_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	SGRY	Surgery Partners	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	8.2%	8.2%	-1.4%
TFX_11072025_Dip_Buyer_FCFYield	11072025	TFX	Teleflex	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	19.3%	19.3%	-5.1%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CRL_11142025_Dip_Buyer_FCFYield	11142025	CRL	Charles River Laboratories International	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	16.1%	16.1%	-3.7%
GDRX_11142025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11142025	GDRX	GoodRx	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	-6.1%	-6.1%	-11.8%
ASTH_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	ASTH	Astrana Health	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	-1.7%	-1.7%	-5.5%
SGRY_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	SGRY	Surgery Partners	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	8.2%	8.2%	-1.4%
TFX_11072025_Dip_Buyer_FCFYield	11072025	TFX	Teleflex	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	19.3%	19.3%	-5.1%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PL	Planet Labs PBC	5.3	35.0%	332.4%
NRGV	Energy Vault	0.9	16.3%	137.7%
PPTA	Perpetua Resources	2.2	13.4%	173.2%
HL	Hecla Mining	12.9	12.6%	295.0%
RYTM	Rhythm Pharmaceuticals	7.8	12.3%	110.1%
USAR	USA Rare Earth	1.9	12.1%	62886.6%
ENVA	Enova International	3.9	11.7%	64.7%
SHLS	Shoals Technologies	1.6	11.5%	73.4%
USAS	Americas Gold And Silver	1.5	11.4%	514.0%
CTEV	Claritev	0.6	11.3%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
RZLT	Rezolute	0.1	-87.2%	-71.4%
FBYD	Falcons Beyond Global	0.5	-21.6%	66.0%
OXM	Oxford Industries	0.5	-21.2%	-57.1%
WVE	WAVE Life Sciences	2.7	-17.2%	35.4%
NKTR	Nektar Therapeutics	0.7	-11.5%	266.5%
ORCL	Oracle	562.0	-10.8%	20.5%
HOOD	Robinhood Markets	109.7	-9.1%	231.1%
PACB	Pacific Biosciences of California	0.7	-8.4%	18.6%
FULC	Fulcrum Therapeutics	0.8	-7.2%	172.3%
GTN-A	Gray Media	0.8	-7.1%	16.7%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
WVE	WAVE Life Sciences	2.7	119.8%	35.4%
TERN	Terns Pharmaceuticals	4.3	73.6%	750.0%
PLAB	Photronics	2.3	65.2%	68.4%
WRBY	Warby Parker	3.7	64.1%	24.9%
DBRG	DigitalBridge	2.7	56.8%	35.5%
FULC	Fulcrum Therapeutics	0.8	46.1%	172.3%
NXDR	Nextdoor	1.1	41.3%
PRAX	Praxis Precision Medicines	5.9	40.7%	247.3%
SATS	EchoStar	30.1	40.1%	355.9%
ALMS	Alumis	0.9	39.9%	47.7%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
RZLT	Rezolute	0.1	-85.6%	-71.4%
FBYD	Falcons Beyond Global	0.5	-32.5%	66.0%
PSN	Parsons	7.0	-22.0%	-28.6%
PHR	Phreesia	1.0	-21.9%	-36.2%
OXM	Oxford Industries	0.5	-19.9%	-57.1%
CRK	Comstock Resources	6.3	-19.9%	18.0%
GOGO	Gogo	0.8	-19.6%	-30.2%
HPK	HighPeak Energy	0.7	-15.9%	-63.4%
ORIC	ORIC Pharmaceuticals	0.8	-14.9%	20.1%
CRDO	Credo Technology	26.6	-14.6%	129.8%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
OLMA	Olema Pharmaceuticals	2.7	285.6%	441.7%
WVE	WAVE Life Sciences	2.7	130.7%	35.4%
TERN	Terns Pharmaceuticals	4.3	128.8%	750.0%
ALMS	Alumis	0.9	119.1%	47.7%
CDTX	Cidara Therapeutics	5.9	103.5%	719.2%
SGML	Sigma Lithium	1.3	99.7%	4.3%
PLAB	Photronics	2.3	80.5%	68.4%
WRBY	Warby Parker	3.7	73.9%	24.9%
ARWR	Arrowhead Pharmaceuticals	9.8	70.7%	276.7%
ANNX	Annexon	0.7	69.7%	-1.8%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.1	-86.1%	-71.4%
JANX	Janux Therapeutics	1.0	-46.8%	-71.3%
ARDT	Ardent Health	1.2	-37.9%	-48.9%
AGIO	Agios Pharmaceuticals	1.6	-37.4%	-16.4%
QURE	uniQure	1.1	-36.0%	11.8%
UP	Wheels Up Experience	0.6	-35.0%	-51.2%
TLRY	Tilray Brands	8.9	-34.7%	-36.6%
KOS	Kosmos Energy	0.5	-34.6%	-70.8%
LB	LandBridge	1.4	-33.8%	-12.0%
CTEV	Claritev	0.6	-31.9%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PL	Planet Labs PBC	5.3	35.0%	332.4%
NRGV	Energy Vault	0.9	16.3%	137.7%
PPTA	Perpetua Resources	2.2	13.4%	173.2%
HL	Hecla Mining	12.9	12.6%	295.0%
RYTM	Rhythm Pharmaceuticals	7.8	12.3%	110.1%
USAR	USA Rare Earth	1.9	12.1%	62886.6%
ENVA	Enova International	3.9	11.7%	64.7%
SHLS	Shoals Technologies	1.6	11.5%	73.4%
USAS	Americas Gold And Silver	1.5	11.4%	514.0%
CTEV	Claritev	0.6	11.3%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
RZLT	Rezolute	0.1	-87.2%	-71.4%
FBYD	Falcons Beyond Global	0.5	-21.6%	66.0%
OXM	Oxford Industries	0.5	-21.2%	-57.1%
WVE	WAVE Life Sciences	2.7	-17.2%	35.4%
NKTR	Nektar Therapeutics	0.7	-11.5%	266.5%
ORCL	Oracle	562.0	-10.8%	20.5%
HOOD	Robinhood Markets	109.7	-9.1%	231.1%
PACB	Pacific Biosciences of California	0.7	-8.4%	18.6%
FULC	Fulcrum Therapeutics	0.8	-7.2%	172.3%
GTN-A	Gray Media	0.8	-7.1%	16.7%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
WVE	WAVE Life Sciences	2.7	119.8%	35.4%
TERN	Terns Pharmaceuticals	4.3	73.6%	750.0%
PLAB	Photronics	2.3	65.2%	68.4%
WRBY	Warby Parker	3.7	64.1%	24.9%
DBRG	DigitalBridge	2.7	56.8%	35.5%
FULC	Fulcrum Therapeutics	0.8	46.1%	172.3%
NXDR	Nextdoor	1.1	41.3%
PRAX	Praxis Precision Medicines	5.9	40.7%	247.3%
SATS	EchoStar	30.1	40.1%	355.9%
ALMS	Alumis	0.9	39.9%	47.7%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
RZLT	Rezolute	0.1	-85.6%	-71.4%
FBYD	Falcons Beyond Global	0.5	-32.5%	66.0%
PSN	Parsons	7.0	-22.0%	-28.6%
PHR	Phreesia	1.0	-21.9%	-36.2%
OXM	Oxford Industries	0.5	-19.9%	-57.1%
CRK	Comstock Resources	6.3	-19.9%	18.0%
GOGO	Gogo	0.8	-19.6%	-30.2%
HPK	HighPeak Energy	0.7	-15.9%	-63.4%
ORIC	ORIC Pharmaceuticals	0.8	-14.9%	20.1%
CRDO	Credo Technology	26.6	-14.6%	129.8%

Peer Comparisons for Cronos

Peers to compare with:

Financials

	CRON	CGC	TLRY	SNDL	ACB	OGI	Median
Name	Cronos	Canopy G.	Tilray B.	SNDL	Aurora C.	Organigr.
Mkt Price	2.85	1.13	8.43	1.77	4.55	1.64	2.31
Mkt Cap	1.1	0.3	0.9	0.5	0.3	0.2	0.4
Rev LTM	132	279	831	952	367	224	323
Op Inc LTM	-24	-56	-89	-11	-29	-17	-27
FCF LTM	-6	-96	-96	58	-18	-17	-18
FCF 3Y Avg	-25	-261	-54	27	-77	-43	-49
CFO LTM	22	-88	-61	70	2	3	2
CFO 3Y Avg	-11	-253	-24	37	-58	-17	-20

Growth & Margins

	CRON	CGC	TLRY	SNDL	ACB	OGI	Median
Name	Cronos	Canopy G.	Tilray B.	SNDL	Aurora C.	Organigr.
Rev Chg LTM	19.0%	-0.7%	2.3%	4.4%	23.9%	51.3%	11.7%
Rev Chg 3Y Avg	17.4%	-10.8%	11.0%	29.3%	18.5%	31.7%	17.9%
Rev Chg Q	6.1%	5.9%	4.7%	3.1%	11.4%	72.4%	6.0%
QoQ Delta Rev Chg LTM	1.6%	1.3%	1.2%	0.8%	2.6%	15.3%	1.5%
Op Mgn LTM	-18.5%	-20.3%	-10.7%	-1.2%	-7.9%	-7.6%	-9.3%
Op Mgn 3Y Avg	-60.7%	-50.2%	-17.2%	-6.5%	-24.5%	-22.0%	-23.2%
QoQ Delta Op Mgn LTM	11.2%	2.6%	2.4%	-0.0%	-4.5%	2.5%	2.4%
CFO/Rev LTM	16.4%	-31.7%	-7.3%	7.3%	0.6%	1.2%	0.9%
CFO/Rev 3Y Avg	-19.0%	-86.6%	-2.5%	4.0%	-22.6%	-10.4%	-14.7%
FCF/Rev LTM	-4.3%	-34.5%	-11.6%	6.1%	-5.0%	-7.6%	-6.3%
FCF/Rev 3Y Avg	-30.2%	-89.3%	-6.4%	2.8%	-28.7%	-25.6%	-27.2%

Valuation

	CRON	CGC	TLRY	SNDL	ACB	OGI	Median
Name	Cronos	Canopy G.	Tilray B.	SNDL	Aurora C.	Organigr.
Mkt Cap	1.1	0.3	0.9	0.5	0.3	0.2	0.4
P/S	8.0	1.4	1.1	0.8	0.9	0.8	1.0
P/EBIT	-43.5	-1.2	-0.1	-7.8	-7.4	-10.6	-7.6
P/E	29.5	-1.0	-0.4	-7.7	-5.6	23.3	-0.7
P/CFO	49.0	-4.5	-14.7	10.2	150.0	65.6	29.6
Total Yield	3.4%	-96.4%	-240.3%	-12.9%	-17.7%	4.3%	-15.3%
Dividend Yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
FCF Yield 3Y Avg	-3.3%	-52.2%	-32.0%	3.9%	-30.5%	-32.4%	-31.3%
D/E	0.0	0.6	1.8	0.2	0.3	0.1	0.3
Net D/E	-0.8	-0.1	0.3	-0.1	0.0	-0.2	-0.1

Returns

	CRON	CGC	TLRY	SNDL	ACB	OGI	Median
Name	Cronos	Canopy G.	Tilray B.	SNDL	Aurora C.	Organigr.
1M Rtn	13.1%	-5.8%	-34.7%	-4.3%	0.0%	0.0%	-2.2%
3M Rtn	10.5%	-18.7%	-20.5%	-25.9%	-7.7%	-1.2%	-13.2%
6M Rtn	43.2%	-26.1%	102.5%	31.1%	-25.3%	11.6%	21.3%
12M Rtn	46.2%	-65.5%	-33.1%	-3.3%	4.8%	7.9%	0.8%
3Y Rtn	-1.4%	-96.2%	-91.8%	-31.7%	-59.7%	-56.2%	-58.0%
1M Excs Rtn	12.3%	-6.6%	-35.4%	-5.1%	-0.8%	-0.8%	-3.0%
3M Excs Rtn	7.8%	-22.3%	-29.5%	-31.4%	-11.4%	-6.0%	-16.9%
6M Excs Rtn	29.1%	-40.3%	88.3%	17.0%	-39.4%	-2.6%	7.2%
12M Excs Rtn	27.1%	-83.1%	-49.7%	-20.4%	-12.9%	-10.2%	-16.6%
3Y Excs Rtn	-81.0%	-172.0%	-166.9%	-112.4%	-137.5%	-134.5%	-136.0%

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/6/2025	2/27/2025	2/29/2024	2/28/2023	3/1/2022	2/26/2021	3/1/2022
Key Financials
Total Revenue	132	118	87	87	65	47	24
EBITDA	-11	-50	-72	-91	-150	-66	1,171
Operating Income	-24	-60	-80	-104	-166	-179	-148
Net Income	36	41	-74	-169	-396	-73	1,167
EPS	0.11	0.11	-0.19	-0.45	-1.07	-0.21	3.76
Growth Rates
Total Revenue Growth	19.0%	34.8%	0.6%	34.4%	38.2%	96.7%	95.9%
EBITDA Growth	80.5%	30.1%	21.3%	39.2%	-127.3%	-105.6%	6315.6%
Operating Income Growth	63.1%	25.5%	23.5%	36.9%	7.7%	-21.2%	-623.8%
Net Income Growth	176.1%	155.5%	56.2%	57.4%	-441.6%	-106.3%	5491.5%
Margins
EBITDA Margin	-8.6%	-42.7%	-82.3%	-105.2%	-232.5%	-141.4%	4932.4%
Operating Income Margin	-18.5%	-50.6%	-91.6%	-120.3%	-256.4%	-384.0%	-623.1%
Net Income Margin	27.3%	34.9%	-84.8%	-194.5%	-613.5%	-156.5%	4911.6%
Cash & Debt
Total Cash	824	859	862	878	1,005	1,290	1,506
Total Debt	2	2	3	4	10	10	7
Net Debt / (Cash)	-822	-857	-859	-874	-995	-1,280	-1,499
Cash Flows
Net Cash from Operations	22	19	-43	-89	-154	-145	-131
Free Cash from Operations	-6	6	-46	-94	-166	-180	-170
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	2	-0	-0	-0	-0	-0	-0

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/6/2025	8/7/2025	5/8/2025	2/27/2025	11/12/2024	8/8/2024	5/9/2024	2/29/2024	11/8/2023	8/8/2023	5/9/2023	2/28/2023
Key Financials Quarterly
Total Revenue	36	33	32	30	34	28	25	24	25	19	19	22
Ebitda	-1	-0	-1	-9	-16	-14	-12	-17	-18	-18	-18	-24
Operating Income	-5	-5	-4	-11	-19	-15	-14	-18	-20	-21	-21	-27
Net Income	26	-40	6	44	8	-9	-2	-45	-2	-8	-19	-79
EPS	0.07	-0.10	0.02	0.12	0.02	-0.02	-0.01	-0.11	-0.00	-0.02	-0.05	-0.21
Key Financials TTM
Total Revenue TTM	132	130	125	118	111	102	93	87	85	81	84	89
Ebitda TTM	-11	-26	-39	-50	-58	-61	-66	-72	-79	-84	-86	-95
Operating Income TTM	-24	-39	-49	-60	-66	-67	-73	-80	-89	-95	-99	-108
Net Income TTM	36	18	49	41	-47	-57	-57	-74	-108	-143	-155	-169
Growth Rates Quarterly
Total Revenue Growth	6.1%	20.5%	27.6%	26.7%	38.1%	46.0%	29.7%	8.5%	21.6%	-11.9%	-22.1%	38.4%
EBITDA Growth	90.5%	97.4%	94.4%	48.0%	13.7%	26.0%	33.8%	30.0%	22.5%	9.2%	31.1%	-2682.1%
Operating Income Growth	73.9%	69.7%	74.7%	37.4%	5.3%	27.2%	33.1%	32.4%	24.5%	15.2%	29.5%	-265.1%
Net Income Growth	210.9%	-353.5%	373.2%	197.6%	607.8%	-4.7%	88.3%	43.2%	95.6%	58.7%	41.3%	41.0%
Margins Quarterly
EBITDA Margin	-4.1%	-1.1%	-2.1%	-29.2%	-45.9%	-48.6%	-48.1%	-71.1%	-73.4%	-95.9%	-94.2%	-110.1%
Operating Income Margin	-13.8%	-13.6%	-10.9%	-37.5%	-56.3%	-54.1%	-54.9%	-76.0%	-82.0%	-108.4%	-106.5%	-122.0%
Net Income Margin	71.4%	-118.7%	19.0%	144.3%	24.4%	-31.5%	-8.9%	-187.3%	-6.6%	-44.0%	-98.3%	-358.0%
Cash & Debt
Total Cash	824	834	838	859	862	848	855	862	840	841	836	878
Total Debt	2	2	2	2	2	2	2	3	3	3	4	4
Net Debt / (Cash)	-822	-832	-836	-857	-860	-846	-853	-859	-837	-838	-833	-874
Cash Flows Quarterly
FCF from Operations	13	3	-2	8	12	2	-2	17	-0	-12	-48	-24
Cash Flows TTM
FCF from Operations TTM	22	20	19	19	28	16	3	-43	-84	-97	-103	-89
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	2	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-	-	-	-	-	-	-	-	-	-	-	-
Return on Invested Capital (ROIC) TTM
ROIC TTM	-	-	-	-	-	-	-	-	-	-	-	-

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Cannabis flower	62	64	55	28	15
Cannabis extracts	25	23	19	18	9
Other	1	1	1	1	0
Total	87	87	74	47	24

Price Behavior

Price Behavior

Market Price	$2.85
Market Cap ($ Bil)	1.1
First Trading Date	02/27/2018
Distance from 52W High	-4.0%
	50 Days	200 Days
DMA Price	$2.51	$2.20
DMA Trend	up	down
Distance from DMA	13.5%	29.6%
	3M	1YR
Volatility	48.4%	44.4%
Downside Capture	89.77	59.45
Upside Capture	118.16	89.04
Correlation (SPY)	39.4%	32.9%

CRON Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	1.50	1.65	1.61	1.23	0.74	0.96
Up Beta	2.17	1.99	1.48	1.21	0.73	0.81
Down Beta	1.17	2.10	2.16	2.57	0.79	0.84
Up Capture	155%	80%	104%	86%	67%	89%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	11	21	30	59	110	323
Down Capture	128%	171%	159%	54%	77%	106%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	7	19	30	57	122	383

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of CRON With Other Asset Classes (Last 1Y)
	CRON	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	39.7%	7.9%	14.4%	61.9%	5.5%	-3.5%	-10.8%
Annualized Volatility	44.3%	17.4%	19.7%	19.4%	15.9%	17.7%	35.7%
Sharpe Ratio	0.87	0.28	0.56	2.36	0.15	-0.35	-0.12
Correlation With Other Assets		17.3%	32.9%	3.0%	11.9%	25.5%	26.4%

ETFs used for asset classes: Sector ETF = XLV, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of CRON With Other Asset Classes (Last 5Y)
	CRON	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-20.2%	8.3%	15.0%	17.9%	11.8%	4.8%	35.9%
Annualized Volatility	57.5%	14.5%	17.1%	15.5%	18.9%	18.9%	48.9%
Sharpe Ratio	-0.17	0.39	0.71	0.93	0.51	0.17	0.63
Correlation With Other Assets		23.4%	35.3%	4.6%	9.1%	25.8%	20.7%

Based On 10-Year Data

		Comparison of CRON With Other Asset Classes (Last 10Y)
	CRON	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-11.9%	10.0%	14.7%	14.5%	5.9%	5.5%	73.7%
Annualized Volatility	68.0%	16.7%	18.0%	14.8%	17.7%	20.8%	55.9%
Sharpe Ratio	0.11	0.49	0.71	0.81	0.26	0.23	0.93
Correlation With Other Assets		25.9%	33.5%	4.2%	11.7%	24.6%	16.2%

Short Interest

Short Interest: As Of Date	11282025
Short Interest: Shares Quantity	3,551,864
Short Interest: % Change Since 11152025	7.6%
Average Daily Volume	1,175,335
Days-to-Cover Short Interest	3.02
Basic Shares Quantity	383,086,739
Short % of Basic Shares	0.9%

Returns Analyses

	Title
0	How Low Can Cronos Stock Really Go?

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
11/6/2025	0.8%	3.7%	0.8%
8/7/2025	8.1%	24.8%	19.0%
5/8/2025	8.1%	11.4%	7.0%
2/27/2025	8.1%	9.7%	-1.1%
11/12/2024	14.7%	3.6%	-1.0%
8/8/2024	4.5%	5.9%	-3.6%
5/9/2024	10.5%	12.4%	-5.8%
2/29/2024	-8.0%	-13.3%	15.5%
...
SUMMARY STATS
# Positive	12	10	9
# Negative	10	12	13
Median Positive	8.1%	10.5%	10.1%
Median Negative	-6.7%	-7.4%	-5.8%
Max Positive	16.7%	28.5%	55.8%
Max Negative	-15.9%	-17.0%	-22.8%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	11062025	10-Q 9/30/2025
6302025	8072025	10-Q 6/30/2025
3312025	5082025	10-Q 3/31/2025
12312024	2272025	10-K 12/31/2024
9302024	11122024	10-Q 9/30/2024
6302024	8082024	10-Q 6/30/2024
3312024	5092024	10-Q 3/31/2024
12312023	2292024	10-K 12/31/2023
9302023	11082023	10-Q 9/30/2023
6302023	8082023	10-Q 6/30/2023
3312023	5092023	10-Q 3/31/2023
12312022	2282023	10-K 12/31/2022
9302022	11072022	10-Q 9/30/2022
6302022	8092022	10-Q 6/30/2022
3312022	5102022	10-Q 3/31/2022
12312021	3012022	10-K 12/31/2021

Industry Resources

Health Care Resources

U.S. National Library of Medicine

Health Data Management

FDA Tracker

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Cronos (CRON)

Market Price (12/12/2025): $3.3 | Market Cap: $1.3 BilSector: Health Care | Industry: Pharmaceuticals

Cronos (CRON)

Market Price (12/12/2025): $3.3Market Cap: $1.3 BilSector: Health CareIndustry: Pharmaceuticals

Valuation, Metrics & Events

CRON Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

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Market Drivers

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Price Returns Compared

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In The Past

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About Cronos (CRON)

Cronos Group (CRON) - Major Customers

Major Customers (Examples of Provincial Cannabis Boards/Distributors in Canada):

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Based On 1-Year Data

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Based On 10-Year Data

Short Interest

Returns Analyses

Earnings Returns History

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Market Price (12/12/2025): $3.3 | Market Cap: $1.3 Bil
Sector: Health Care | Industry: Pharmaceuticals

Market Price (12/12/2025): $3.3
Market Cap: $1.3 Bil
Sector: Health Care
Industry: Pharmaceuticals