Canadian cannabis producer Cronos Group cut its loss in half in 2023, reporting a deficit of $74.5 million (101 million Canadian dollars).
Consolidated net revenue inched higher in the 2023 fiscal year ended Dec. 31, rising to $87.2 million from $86.7 million in the previous year, according to the company’s full-year business results released last week.
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In its disclosure, Cronos said the year-over-year increase in sales primarily stemmed from higher cannabis flower and extract revenue in Canada and the initiation of sales in Germany and Australia.
The company said in a news release that the increase was partially offset by lower cannabis flower sales in Israel, which it said was partly driven by pricing pressure as a result of the competitive market and
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