Cronos reported net revenue of USD$30.3 million for the three months ended December 31, 2024 (Q4 2024), a 27% increase from Q4 2023, and net income of USD$43.9 million, a 197% year-over-year increase.

Before excise taxes, net revenue for the year ended December 31, 2024, was $161.8 million, up from $120.3 in 2023 and $109.3 in 2022. Cronos incurred $44.2 million in excise taxes in 2024. Net income for the company in all of 2024 was $41.1 million, up from a $74 million loss in the previous year. 

The comprehensive loss attributable to Cronos Group in 2024 was $43.1 million.

Crono’s revenue in Q4 2024 increased by 27% year-over-year, while net revenue in fiscal year 2024 increased by 35% year-over-year to $117.6 million.

“We set ambitious goals to deliver robust growth, improve margins, and achieve operational excellence,” said Mike Gorenstein, chairman, president and CEO of Cronos. “Today, I am proud to say that Cronos has not only met but exceeded these objectives, as evidenced by our strong 2024 results. Our unwavering commitment to innovation, quality, and disciplined cost management has solidified our leadership in the global cannabis industry.” 

Cronos GrowCo is licensed to sell certain cannabis products to other license holders in the wholesale channel, as well as to provincial cannabis control authorities. It is also licensed to export dried flower to the Israeli medical cannabis market.

The bulk of the company’s sales were cannabis flower ($87.9 million), while cannabis extracts accounted for $29.1 million in sales. Most of the company’s sales were in Canada ($82.4 million), another $28.4 million was in the Israeli market, and $6.8 million came from other international markets. 

In 2024, Cronos expanded into the United Kingdom cannabis market. The company also sells its Peace Naturals brand through Cansativa GmbH, its distribution partner in the German medical cannabis market, and in Australia through its Vitura Health Limited partner. 

In response to ongoing trade challenges in Israel due to concerns about Canadian companies “dumping” products into the local market, a group of cannabis cultivators filed an administrative petition in the District Court of Jerusalem, Israel, on July 5, 2024, against the Trade Levies Commissioner and certain Israeli and Canadian businesses. On February 6, 2025, the court dismissed the administrative petition.

The Israeli government had proposed a levy on Canadian cannabis products, which could be as high as 369% on Cronos products. In its most recent quarterly report, Cronos says that on November 10, 2024, Israel’s Trade Levies Commissioner published final findings under which Cronos would be subject to a proposed duty of 175%, pending a ruling from an advisory committee. 

The report says Cronos Israel was the largest importer from Canada among all importers in 2023. 

Cronos incurred $44.2 million in cannabis excise taxes in 2024 from $78.6 in total net revenue, a rate of 56%. 

Cronos sells under the Spinach, Peace Naturals and Lord Jones brands. In March 2019, Altria (previously known as Philip Morris Companies, Inc.) invested $1.8 billion for a 45% Stake in Cronos Group Common Equity.

Health Canada approved amendments to the company’s Ontario Cronos GrowCo site perimeter in Q4 2024. Cronos GrowCo expects to finish construction of the expanded cultivation and processing facilities in Q2 2025, and the first harvests and sales from the area will commence in the second half of 2025.

In the first quarter of 2024, the Company ceased operations at the Cronos Fermentation Facility in Manitoba, for which it has been seeking a buyer. In the third quarter of 2024, the company adjusted its sales strategy for the facility assets to market them to a broader buyer pool. This resulted in the recognition of a loss on held-for-sale assets of $10,422 on the consolidated statements of net income and comprehensive income for the year ended December 31, 2024.

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