Cronos Group Inc. (NASDAQ: CRON) has reported a wider net loss for the fourth quarter of 2021, despite a double-digit increase in revenues. The bottom line was impacted by a sharp increase in operating expenses.
The Canada-based cannabis producer reported a comprehensive net loss of $132.7 million or $0.36 per share for the fourth quarter, compared to a loss of $60.4 million or $0.31 per share last year.
On the other hand, net revenues increased 51% year-over-year to $25.7 million, supported by continued growth in the sales of adult-use cannabis outside the U.S., especially in Canada and Israel.
“Our fourth quarter 2021 results indicate positive momentum, which we will look to carry forward as we begin to implement our strategic and operational realignment initiatives. As we look to 2022, we will continue to realign Cronos Group’s organizational structure to match our strategy, with a primary focus on adult-use products and elevating our brands through rare cannabinoids,” said Kurt Schmidt, chief executive officer of Cronos Group.
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