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Cronos Group ropes in Mondelez executive to drive innovation in product development
Global cannabinoid firm, Cronos Group (NASDAQ: CRON) on Tuesday announced the appointment of Dr. Todd Abraham as its Chief Innovation Officer. He has over 17 years of experience with Mondelēz International (NASDAQ: MDLZ), where he last served as the Senior Vice President, Research and Nutrition.
Abraham will be tasked with bringing technological innovations into Cronos’ research and development initiatives from the adjacent consumer goods industries, where he has vast experience.
He will be reporting directly to CEO Mike Gorenstein.
Cronos shares were trading slightly in red during pre-market trading on Tuesday. Though the stock is up on a year-to-date basis, it is down 36% from an all-time high achieved in March this year.
Speaking about the appointment, Gorenstein said, “Dr. Abraham emerged as a perfect choice for our Chief Innovation Officer given his outstanding record of transferring consumer needs from development to the marketplace. am confident his strategic business experience coupled with his skills in product development, nutritional science, R&D strategy, and organizational development will benefit our own growth as a global leader in cannabinoid innovation.”
READ: The question every pot investor asks himself – Aurora Cannabis or Hexo?
Conference call date
In a separate release, the Toronto, Canada-based cannabis company said it would announce its second quarter financial results and hold the post-earnings conference call on Thursday, August 8, 2019, at 8:30 am EDT.
In the first quarter of 2019, Cronos Group more-than-doubled its revenues to C$6.5 million, primarily driven by the launch of the adult-use market in Canada, as well as the increased sales in CBD oil. The top line missed the analysts’ estimate by a narrow margin.
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