CRON - Cronos shares slide 3% as Q1 top and bottom-line misses estimates

Cronos Group (CRON) down 3.4% premarket after announcing 2021 first quarter business results.The company reported Q1 net revenue of $12.6M, +49.6% Y/Y, below analyst expectations of $17.4M.The revenue increase was primarily driven by continued growth in the adult-use Canadian cannabis market, sales in the Israeli medical cannabis market, and an increase in sales in the U.S. segment driven by new U.S. hemp-derived CBD products introductions.U.S. sales rose 12% Y/Y to $2.44M. Gross margin was (23%) in Q1 2021 vs. (77%) in prior year.Cronos recorded net loss from continuing operations of $161.6M or ($0.44) per share compared to net incomeof $75.7M or $0.20 in Q1 2020. Consenus was EPS of ($0.09).Adjusted EBITDA loss of $37.1M, increased marginally from prior year."In the first quarter of 2021 our results in Canada were impacted by market dynamics due to the COVID-19 pandemic and ensuing stay-at-home orders and various other restrictions," said Kurt Schmidt, President and CEO.The

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Cronos shares slide 3% as Q1 top and bottom-line misses estimates