other material
confidence high
sentiment positive
materiality 0.70
Cronos Group to exit U.S. hemp CBD ops, raise savings target to $20-25M
Cronos Group Inc.
- Will wind down U.S. hemp-derived CBD operations by end of Q2 2023; expects up to $1.8M in exit costs.
- Increases 2023 operating expense savings target to $20-$25M from prior $10-$20M.
- Plans to launch Lord Jones brand in Canadian adult-use market in Q4 2023.
- Held $836M cash and short-term investments with zero debt as of March 31, 2023.
- Will report as one consolidated segment starting Q2 2023, discontinuing U.S. and Rest of World segments.