Cronos Group Inc (NASDAQ:CRON) posted a growth of 49.5% YoY to $12.611 million in Q1 2021. Its revenues are impacted by the changing market dynamics in Canada because of the ongoing COVID-19 pandemic and stay at home instructions.
The company reported higher growth in Q1 2021 because of improved sales of medical cannabis in Israel and growth in recreational cannabis sales. It also derived improved growth through the sale of hemp-based CBD in the US.
Cronos is recognized as one of the most innovative companies by Fast Company for its JV with Ginkgo Bioworks to manufacture CBD using biosynthesis.
Health Canada grants the license
CEO of Cronos, Kurt Schmidt, said the association with Ginkgo is essential to realize its vision of transforming through innovation of cannabinoids. Cronos Fermentation already received the processing license from Health Canada in April 2021 to commercialize fermented cannabinoids.
Unveils a brand campaign in April 2021
The Lord Jones brand of Cronos unveiled a brand campaign called “A Higher Order” in April 2021. Its features include creative assets and a blend of market activations like TV spots and out of home advertising in selected markets of the US for testing. The campaign shows the commitment of Cronos to deliver high-quality hemp-based cannabidiol products to adult consumers in the US.
Expects to introduce edibles
Cronos will soon introduce edibles under the Spinach (an adult-use brand) in the adult-use market of Canada. The company developed this product in coordination with various teams like sales, marketing, consumer insights and R&D teams. Cronos adult-use edibles will offer an elevated experience to the customers.
Launches CBD Bump & Smooth Body Serum
Cronos also introduced CBD Bump & Smooth Body Serum under the Lord Jones brand in April 2021. The new product will ensure brighter and smoother skin by reducing the bumpiness through non-abrasive chemical exfoliation. CBD Bump & Smooth Body Serum is offered online at the website of Lord Jones. The company will soon offer this innovative product on the Sephora website besides rolling out to the retailers soon.
Exports THC cannabis derivatives
Cronos exported THC cannabis derivatives for R&D purpose in the US from its Natuera, a Latin America based JV, in Q1 2021.