By Robb M. Stewart
Cronos's earnings more than doubled in the first quarter as the Canadian cannabis company increased sales volumes and saw a shift in activity toward Israel and other countries, that carry no excise taxes.
Cronos recorded net income of $13.8 million, or 4 cents a share, for the first three months of the year, against $6.1 million, or 2 cents, a year earlier.
Adjusted earnings before interest, taxes, depreciation and amortization rose to $5.1 million from last year's $2.3 million.
Revenue for the Toronto-based company, whose brand portfolio includes Spinach, Peace Naturals and Lord Jones's, increased 40% for the three months to $45.2 million, topping the $42.2 million mean forecast of three analysts polled by FactSet.
The growth came thanks to higher cannabis flower sales in Israel and other countries, which carry no excise taxes, and increased cannabis extract and flower sales in the Canadian market, Cronos said.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
May 11, 2026 08:10 ET (12:10 GMT)
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