CRON - Cronos rises 11% on Q1 revenue beat as cannabis sales increase in Israel Canada

Cronos Group (NASDAQ:CRON +11.1%) stock is trading higher after the company posted better-than-expected Q1 revenue, helped by rise in demand for its cannabis flower and cannabis extracts in the Israeli medical market and the Canadian adult-use market. Net revenue from rest of the world was $22.7M in the quarter increased by $12.5M Y/Y. The company's total revenue increased 98.5% Y/Y to $25.03M, which beat analysts estimate by $1.24M. Net revenue from U.S. was $2.3M during the quarter, decreased by $0.1M Y/Y. The decrease was primarily driven by a reduction in volume as a result of a decrease in promotional spend as the company works through its review of the U.S. business as part of the Realignment. Adjusted EBITDA of $(18.9) million in Q1 improved by $17.7 million Y/Y,  due to improvement in gross profit and a decrease in sales and marketing and research and development expenses.

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Cronos rises 11% on Q1 revenue beat as cannabis sales increase in Israel, Canada