Cronos to exit US CBD market by end of Q2 as cash saving measure [Seeking Alpha]
Tilray Brands, Inc. (TLRY)
Last tilray brands, inc. earnings: 3/2 04:05 pm
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Source: Seeking Alpha
Cronos to exit US CBD market by end of Q2 as cash saving measureMay 31, 2023 6:26 PM ETCronos Group Inc. (CRON)CRON:CABy:Val KennedySA Editorollo/E+ via Getty ImagesCanadian cannabis company Cronos (NASDAQ:Cronos said the move is aimed at improving itsnear-term cash flow and will help position the company for entry into the US THC cannabis market when certain regulatory changes are made.The company also said that it was raising its operating expense savings target for 2023 to $20M to $25M from $10M to $20M. It added that it will incur expenses of up to $1.8M in Q2 related to the US operations wind-down.As of March 31, Cronos had $836M in cash and short-term investments with no debt. Cronos has said it is striving to generate positive cash flow in 2024,according to the company.The company added that it intends to launch its Lord Jones CBD brand in Canada in Q4.More on the cannabis sector:CNBS: Cannabis Companies Continue To Face An Uphill BattleMJ: A Bet On Cannabis LegalizationNot Ne
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