Cronos Group Inc (NASDAQ:CRON) Commences Sale Of Dried Cannabis Products Under Peace Naturals Brand In Israel: Posts $9.9 Million In Revenues In Q2 2020

Cronos Group Inc (NASDAQ:CRON) reported revenues of $9.9 million in Q2 2020. It posted a growth of $2.2 million compared to Q2 2019, mainly on the backdrop of improved adult-use cannabis sales. The company unveiled cannabis vaporizers in Canada for D2C and adult use.

Begins sale of dried flower products

CEO of Cronos, Mike Gorenstein, said the company continued to achieve progress in Q2 2020 despite the challenges posed by the ongoing coronavirus crisis. The company began the sales of dried flower products under the trademark Peace Naturals targeting medical patients in Israel. Mike said it marks its strategy to establish a footprint worldwide.

Satisfies global demand

The employees at Cronos are working relentlessly following the COVID-19 guidelines to enhance production and unveiling products. Cronos is established to improve the lives of people by using cannabis. Mike said the company is at the forefront in satisfying the demand from medical patients and other customers for high-quality products worldwide.

Highlights

Cronos expanded cannabis vaporizer devices distribution for adult use under the trademarks – Spinach and Cove in the Canadian market. It also distributed vaporizer devices under the Peace Naturals Brand directly to the consumers in Canada.

Cronos introduced Pride hemp-derived cannabidiol gumdrops, a Lord Jones Limited edition, in the US in June 2020. It also unveiled special edition gumdrops as a mark of respect to the LGBTQ community. It donates a portion of the sales to LA-Pride, a group based in West Hollywood. Lord Jones, the luxury CBD brand, also introduced an innovative product size for its CBD Body Lotion, the bestselling brand, in a bigger 100 ml bottle.

On achieving success in exporting bulk dried flower to Cronos Israel from Cronos Group in April 2020, Cronos Israel began the sales of branded cannabis products in Israel for medical use. It will continue the distribution of dried flower in Israel. The company awaits a license to sell pre-rolls and oils.

After Q2 2020

Cronos Group implemented an ERP system for its business in Canada. It also commenced the work to expand ERP’s reach to its US business and expect to live in H1 2021.