Why Cronos Group Stock Popped 9% Today
Cronos Group (NASDAQ: CRON) stock jumped 9.4% through 11:30 a.m. ET Tuesday after beating Wall Street forecasts for Q3 earnings this morning.
Heading into the report, analysts expected Cronos to do $24.8 million in sales in Q3, and to lose money -- $0.01 per share. Cronos delivered positive surprises on both the top and bottom lines, however, with sales approaching $34.3 million and a profit of $0.02 per share.
Sales surged 38% year over year at the Canadian cannabis company, and Cronos noted that its "Spinach" brand of marijuana is now the No. 1 recreational cannabis brand in Canada. In medical marijuana, Cronos' "Peace Naturals" brand tops the market for that product in Israel -- and CEO Mike Gorenstein predicts even more gains as international demand ... in markets like Germany, the U.K., and Australia ... continues to rise."
Source Fool.com
