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Sunday, September 24, 2023

Cronos pulls the plug on its US hemp and CBD operations

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Cronos Group is the Canadian cannabis company Withdrawal from the US CBD market derived from the hemp plant.


The Toronto-based company said the cooling is intended to “improve its cash flow in the near term and position itself to enter directly into the US THC market upon necessary changes in US regulatory conditions.”

Cronos acquired its cannabis assets in 2019 from Redwood Holding Group in A deal worth $300 million.

The Lord Jones brand acquired as part of that deal will be relaunched in the Canadian adult cannabis market.

Kronos said the move would result in inventory write-downs, termination costs and impairment charges of up to $1.8 million during the current second quarter.

The company is also boosting its goal for operating expense savings in 2023 to $20 million-$25 million, up from $10 million to $20 million previously.

“We believe that one day, the United States will be one of the

Read the full article at Marijuana Business Daily

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