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How Cronos Group Inc (OTCMKTS:PRMCF) Fared In Q3 2017?

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Cronos Group Inc (OTCMKTS:PRMCF) issued financial report for the third quarter closed September 30, 2017. Mike Gorenstein, the CEO, expressed that they have successfully transformed the firm over the last couple of years. They are now focused on deploying their plan to generate accelerated revenue increase and enhance long term shareholder value.

The details

Cronos recorded revenue of $1.3 million during the quarter closed September 30, 2017, a jump of 104% QoQ and an increase of 962% YoY. In September 2017, the firm reported a joint venture with “Gan Shmuel” to produce and supply medical cannabis in Israel. As it is known, Israel has a perfect cultivation climate for cannabis with adequate sunlight to support greenhouse cultivation year-round without the requirement for supplemental lighting.

Cronos Israel projects producing premium quality cannabis at considerably lower production costs as compared to production costs in Canada following Israel’s favorable cultivation climate and Gan Shmuel’s trained labor force, current manufacturing infrastructure, and adequate on-site water access. Additionally, Gan Shmuel is situated on more than 4,900 acres of mixed-use industrial/agricultural land, which enables Cronos Israel to notably expand production capacity over the Phase 1 facility.

Cronos is constructing increased capacity at Peace Naturals Project, Inc. through a 286,000 square feet production facility and a 28,000 square feet greenhouse. Construction of Building 4 is going on as per plan. The steel superstructure is done, and the firm is now working on the interiors of the facility. As per the update, production from Building 4 is projected to start in 2H2018. The greenhouse of Peace Naturals is anticipated to be operational in Q4 2017 while it will become fully-operational for production in 1H2018.

In the last trading session, the stock price of Cronos gained more than 1% to close the day at $3.32. The gains came at a share volume of 209,972 compared to average share volume of 149,727.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of MMJReporter.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure

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