Marijuana company Cronos Group Inc. (NASDAQ: CRON) on Thursday reported financial results for the third quarter of 2020. Revenues increased by 96%, while earnings declined.
Operating loss widened to $41.2 million from $30.7 million in the third quarter of 2019. Meanwhile, the Canada-based company posted a net income of $94.6 million or $0.19 per share, benefiting from one-off items and other income. It was lower than $591.7 million or $1.62 per share recorded last year.
Reflecting the improvement in the pandemic situation during the quarter, revenue nearly doubled to $11.36 million.
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Shares of Cronos gained modestly during Thursday’s pre-market trading, after closing the previous session lower. The stock has lost 17% since the beginning of the year.