olivLaw · US equity research
Cronos Group Inc. CRON
Medicinal Chemicals & Botanical Products · SIC 2833 · Vertical: Medicinal Chemicals & Botanical Products (SIC 2833)
Cronos Group is a Canadian cannabinoid company building a portfolio of consumer brands, with operations in Canada and Israel and distribution in several medical markets. In the second quarter of 2026 it reported record revenue from Israel and from outside Canada and Israel, while revenue for fiscal 2025 was 146.6 million USD.
At the close of 04 Nov 2026, Cronos Group Inc. (CRON) stock was 3.51 USD (+3.85% on the day), with market capitalisation 1.3 bn USD, P/E 18.0 on diluted EPS of 0.20 USD over the last 12 months, beta 0.69, 52-week range 2.30–3.55 USD. Latest reported quarter (Q2 2026): revenue of 53.0 m USD (+58.4% YoY), net income of 32.1 m USD, diluted EPS 0.09 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 64.4
- strong (55–70)
- Bollinger (20, 2)
- 3.12 – 3.49
- above the upper band · %B 1.07 · band width 11.0%
- SMA 50 / 200
- 3.30 / 2.86
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.04 / 0.02
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +8.0% | −1.1% | +9.1 pp | — |
| 3 months | +29.0% | −0.5% | +29.5 pp | — |
| 6 months | +34.0% | +4.4% | +29.6 pp | — |
| Year to date | +33.5% | +12.3% | +21.1 pp | — |
| 1 year | +43.3% | +13.5% | +29.7 pp | −39.5% |
| 3 years | +88.7% | +76.4% | +12.3 pp | −45.3% |
| 5 years | −34.3% | +63.7% | −97.9 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 34.3 m | 30.3 m | 32.3 m | 33.5 m | 36.3 m | 44.5 m | 45.2 m | 53.0 m |
| Gross profit | 3.6 m | 10.8 m | 13.7 m | 14.5 m | 18.3 m | 16.2 m | 19.2 m | 28.5 m |
| Research & development | 1.2 m | 1.0 m | 793.0 k | 929.0 k | 1.3 m | 1.4 m | 1.4 m | 1.2 m |
| Operating income | -33.7 m | -11.4 m | -4.1 m | -5.3 m | -503.0 k | -7.5 m | -1.8 m | 7.4 m |
| Depreciation & amortisation | 1.1 m | 2.5 m | 2.8 m | 867.0 k | 354.0 k | 3.7 m | 3.7 m | 379.0 k |
| Pre-tax income | 4.6 m | 45.9 m | 7.3 m | -39.0 m | 27.0 m | -12.4 m | 18.1 m | 35.7 m |
| Income tax | -2.7 m | 2.0 m | -455.0 k | -525.0 k | -1.3 m | -11.9 m | 2.4 m | 51.0 k |
| Net income | 8.3 m | 43.7 m | 6.1 m | -39.7 m | 26.0 m | -1.8 m | 13.8 m | 32.1 m |
| Diluted EPS | 0.02 | 0.11 ≈ | 0.02 | -0.10 | 0.07 | -0.00 ≈ | 0.04 | 0.09 |
| Operating cash flow | 11.6 m ≈ | 7.7 m | -2.1 m | 2.8 m ≈ | 13.3 m ≈ | 11.8 m | 10.9 m | 24.0 m ≈ |
| Capex | 6.4 m ≈ | 3.5 m | 15.3 m | 3.8 m ≈ | 4.5 m ≈ | 2.1 m | 1.9 m | 1.7 m ≈ |
| Share repurchases | 0 ≈ | 0 | 0 | 3.6 m ≈ | 1.9 m ≈ | 4.3 m | 16.7 m | 16.1 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 46 percentile of its own 13-quarter history (min 2.6, median 20.1, max 477.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | ⚠ 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 12.1 m | 23.8 m | 46.7 m | 64.6 m | 86.7 m | 87.2 m | 117.6 m | 146.6 m |
| Revenue YoY | +285.2% | +95.9% | +96.7% | — | +34.4% | +0.6% | +34.8% | +24.6% |
| Net income | -21.6 m | 1.2 bn | -73.1 m | -396.1 m | -168.7 m | -74.0 m | 41.1 m | -9.4 m |
| Net income YoY | unavailable | unavailable | −106.3% | — | unavailable | unavailable | unavailable | −123.0% |
| Diluted EPS | -0.12 | 3.33 | -0.21 | -1.07 | -0.45 | -0.19 | 0.11 | -0.02 |
| Diluted EPS YoY | unavailable | unavailable | −106.3% | — | unavailable | unavailable | unavailable | −118.2% |
| net % | -178.5% | 4,911.6% | -156.5% | -613.5% | -194.5% | -84.8% | 34.9% | -6.4% |
| Free cash flow | -95.8 m | -169.9 m | -176.3 m | -164.8 m | -92.4 m | -45.3 m | 6.4 m | 149.0 k |
The series breaks before 2021: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 791.8 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 1.1 bn USD
- Total assets
- 1.2 bn USD
- Debt / equity
- unavailable
- Current ratio
- 19.59x
- ROE
- -0.8%
- ROA
- -0.8%
- FCF margin
- 0.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 46.7 m | 64.6 m | 86.7 m | 87.2 m | 117.6 m | 146.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Gross profit | -25.8 m | -17.6 m | 15.4 m | 11.9 m | 25.2 m | 62.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Research & development | 20.4 m | 21.8 m | 13.1 m | 5.8 m | 4.2 m | 4.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Operating income | -219.4 m | -292.0 m | -111.4 m | -84.8 m | -76.5 m | -17.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Depreciation & amortisation | 7.0 m | 15.4 m | 13.1 m | 8.1 m | 9.3 m | 14.2 m | SEC (XBRL)· 26 Feb 2026verified |
| EBITDA | -212.3 m ≈ | -276.6 m ≈ | -98.3 m ≈ | -76.7 m ≈ | -67.2 m ≈ | -3.2 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Interest expense | 186.0 k | 27.0 k | 13.0 k | — | — | — | SEC (XBRL)· 28 Feb 2023verified |
| Pre-tax income | -73.3 m | -128.5 m | -121.0 m | -73.7 m | 36.6 m | -17.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | 1.3 m | -431.0 k | 34.2 m | -3.2 m | -3.4 m | -14.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Net income | -73.1 m | -396.1 m | -168.7 m | -74.0 m | 41.1 m | -9.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | -0.21 | -1.07 | -0.45 | -0.19 | 0.11 | -0.02 | SEC (XBRL)· 26 Feb 2026verified |
| Weighted average diluted shares | 351.6 m | 370.4 m | 377.0 m | 381.0 m | 385.6 m | 383.5 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.1 bn | 887.0 m | 764.6 m | 669.3 m | 858.8 m | 791.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Receivables | 8.9 m | 22.1 m | 23.1 m | 14.0 m | 15.5 m | 34.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Inventories | 44.0 m | 32.8 m | 37.6 m | 30.5 m | 33.1 m | 46.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Current assets | 1.4 bn | 1.1 bn | 960.2 m | 933.3 m | 936.1 m | 944.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | 187.6 m | 74.1 m | 60.6 m | 59.5 m | 133.2 m | 145.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Goodwill | 179.5 m | 1.1 m | 1.0 m | 1.1 m | 63.5 m | 66.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Intangibles (excl. goodwill) | 69.7 m | 18.1 m | 26.7 m | 21.1 m | 11.3 m | 8.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Total assets | 1.9 bn | 1.4 bn | 1.2 bn | 1.1 bn | 1.2 bn | 1.2 bn | SEC (XBRL)· 26 Feb 2026verified |
| Accounts payable | 19.3 m | 11.1 m | 11.2 m | 12.1 m | 17.0 m | 11.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Current liabilities | 206.8 m | 54.4 m | 68.1 m | 41.4 m | 49.7 m | 48.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Total liabilities | 217.5 m | 63.5 m | 72.0 m | 44.1 m | 55.3 m | 54.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Equity | 1.7 bn | 1.3 bn | 1.1 bn | 1.1 bn | 1.1 bn | 1.1 bn | SEC (XBRL)· 26 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -144.9 m | -153.6 m | -88.9 m | -42.8 m | 18.8 m | 25.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Capex | 31.4 m | 11.1 m | 3.5 m | 2.5 m | 12.4 m | 25.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Free cash flow | -176.3 m ≈ | -164.8 m ≈ | -92.4 m ≈ | -45.3 m ≈ | 6.4 m ≈ | 149.0 k ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Investing cash flow | 20.2 m | -28.9 m | -1.8 m | -59.5 m | 175.1 m | -76.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | -3.1 m | -13.4 m | -2.9 m | -1.0 m | -1.2 m | -19.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Share repurchases | — | — | — | 0 | 0 | 9.7 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 50.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 1.3 bn USD
Key indicators
Coverage and freshness
Score by group
50% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 2.43 – 3.36 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E2.43 – 3.36 (Mid 2.56)3 companies used · median multiple 13.1x · quartiles 12.5x – 17.2xBTMD, FTLF, NAGE
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 50.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 39.1% | 100 (vs peers) | 13% |
| FCF conversion · Quality | 71.2% | 59 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | 19.1% | 100 (on a fixed band) | 17% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 16.2x | 100 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 18.0x | 55 (on a fixed band) | 21% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 3.9% | 48 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 3.0% | 43 (on a fixed band) | 13% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality79/100 · 2/3 factors with a value
- Returns· partial43/100 · 1/2 factors with a value
- Valuation52/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
CRONOS GROUP INC. (CRON). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 146.6 m USD in 2025; YoY growth 24.6%; net margin 39.1%; ROE 6.5%.
The estimated value range is 2.43–3.36 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 2.56 USD, the price of 3.51 USD leaves a potential of -27.0% (value / price − 1) and a margin of safety of -37.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 50.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 39.1%
- Revenue CAGR 3Y: 19.1%
- Current ratio: 16.2x
What contradicts it
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Medicinal Chemicals & Botanical Products (SIC 2833) · same industry (4-digit SIC) · compared with 15 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| TRLVTrulieve Cannabis Corp. | 2.2 bn | — | -48.2% | -41.8% | −0.4% | +115% / +109% |
| TLRYTilray Brands, Inc. | 437.5 m | — | -10.4% | -17.1% | +11.5% | −63% / −84% |
| USNAUsana Health Sciences, Inc. | 264.8 m | — | -4.2% | -2.4% | unavailable | −28% / −70% |
| NAGENiagen Bioscience, Inc. | 199.6 m | 21.3 | 13.3% | 8.4% | +29.9% | −63% / +81% |
| MDWDMediwound Ltd. | 182.3 m | — | -63.9% | -140.8% | −16.1% | −21% / +59% |
| FTLFFitlife Brands, Inc. | 76.8 m | 13.1 | 14.1% | 6.2% | +26.4% | −56% / −15% |
| BTMDbiote Corp. | 71.6 m | 11.8 | — | 3.2% | −2.5% | −55% / −75% |
| NAIINatural Alternatives International, Inc. | 24.3 m | — | -35.0% | -14.5% | +9.7% | −70% / −81% |
| MTEXMannatech Inc | 16.7 m | — | -1,490.1% | -6.9% | −8.3% | −8% / −3% |
| BONBon Natural Life Limited | 4.4 m | — | -3.9% | -10.7% | −21.7% | −39% / −99% |
| CRONCronos Group Inc. | — | — | 6.5% | 39.1% | +24.6% | +43% / +89% |
| CGCCanopy Growth Corp | — | — | -39.9% | -79.2% | +5.8% | −36% / −87% |
| ACBAurora Cannabis Inc | — | — | 0.3% | 0.5% | +27.3% | +14% / +14% |
| GLASGlass House Brands Inc. | — | — | -31.2% | -16.3% | −9.4% | −57% / −45% |
| SNDLSNDL Inc. | — | — | -1.4% | -1.7% | +2.8% | −20% / −1% |
| IMCCIM Cannabis Corp. | — | — | -1,496.2% | -20.7% | +1.3% | −99% / −99% |
1- and 3-year price returns: for CRON from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 2.23 Total return -36% · Per year -36% | 3.93 Total return 12% · Per year 12% | 5.89 Total return 68% · Per year 68% |
| 3 years | 2.65 Total return -25% · Per year -9% | 5.19 Total return 48% · Per year 14% | 8.48 Total return 142% · Per year 34% |
| 5 years | 3.14 Total return -11% · Per year -2% | 6.87 Total return 96% · Per year 14% | 12.21 Total return 248% · Per year 28% |
- Exit P/E± 1.30
- Net margin± 0.91
- Annual revenue growth± 0.68
- Annual dilution± 0.08
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Cronos Group is a Canadian cannabinoid company building a portfolio of consumer brands, with operations in Canada and Israel and distribution in several medical markets. In the second quarter of 2026 it reported record revenue from Israel and from outside Canada and Israel, while revenue for fiscal 2025 was 146.6 million USD 13.
SWOT
Strengths
- The company owns brands with recognition in Canada, especially Spinach, which has held top positions in vapes and edibles 3.
- Israeli operations have posted consecutive quarters of record revenue, supported by the PEACE NATURALS brand 3.
- A strong balance sheet and positive operating cash flow allow investment in growth and a share repurchase programme 3.
Weaknesses
- The company reported net losses in recent periods and negative operating cash flow in several of the last years 1.
- Revenue is concentrated in a few large Canadian customers that can renegotiate prices or end relationships 1.
- The company has had past restatements and material weaknesses in internal control, which have raised questions about reporting quality 1.
Opportunities
Risks
- Dependence on Israel and importshigh
A significant part of growth depends on imports from Canada into Israel, and a duty or other restriction could directly affect revenue 12.
- Concentrated government customershigh
Two provincial authorities have accounted for a large share of revenue, and their contracts can be renegotiated or terminated at their election 1.
- Completion of the CanAdelaar acquisitionmedium
The deal depends on Dutch regulatory approvals and other conditions, and integration could cost more than expected 12.
- Middle East conflictmedium
The regional conflict could disrupt Israeli operations, supply and medical demand 12.
- Internal control historylow
Past restatements and material weaknesses in internal control could repeat if reporting processes do not strengthen 1.
Investment thesis
What would need to be true (bull case)
- If record quarters in Israel and outside Canada continue, higher gross margins and adjusted profitability could strengthen the company's results 3.
- Spinach's leadership in growing categories such as vapes and edibles could support its market share in Canada 3.
- A strong balance sheet and share repurchases could support shareholder value while the company invests in growth 3.
What would break the thesis
- If the anti-dumping investigation leads to restrictions, a significant part of Israeli sales could fall quickly 2.
- Customer concentration and dependence on a few markets could make revenue volatile if conditions change 1.
- A history of losses and internal control problems could limit investor confidence in the consistency of results 1.
What to watch
- Outcome of the new Israeli anti-dumping investigation and any measures imposed2026-2027
- Completion of the CanAdelaar acquisition and Dutch regulatory approvalsecond half 2026
- Revenue trends in Israel and Germany and gross marginQ3 2026
- Progress of US cannabis rescheduling and any plans to re-enter the US marketnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Cronos is a global cannabinoid company seeking to build a portfolio of iconic brands including Spinach, PEACE NATURALS, LIT and Lord Jones 1. The company reports through one consolidated segment covering operations in Canada, through Peace Naturals and its 50% stake in Cronos GrowCo, and in Israel, through its joint venture with Kibbutz Gan Shmuel 1. Its strategy rests on four priorities: brands, distribution, supply chain and intellectual property 1.
In Canada, the company sells adult-use cannabis to provincial control authorities and medical cannabis through third-party distributors, with Spinach as its main consumer brand 1. In Israel, products are sold through pharmacies, and the Lord Jones brand launched there in 2026 12. For fiscal 2025, two provincial authorities together accounted for a significant share of revenue, which makes the company sensitive to these customer relationships 1.
The company expanded capacity through Cronos GrowCo, whose expansion began sales in fall 2025, and announced the acquisition of CanAdelaar in the Netherlands, which was still pending at the latest report 12. It also sold its Winnipeg fermentation facility and ended its collaboration with Ginkgo Bioworks 1.
Segments
Consumer brands
Spinach is a mainstream adult-use brand that held a top position in vapes and edibles in Canada, including in the second quarter of 2026 13. PEACE NATURALS is the global medical brand, present in seven medical markets by mid-2025 1. Lord Jones covers the premium segment and LIT is a value-driven medical brand 1.
Israel operations
Cronos Israel, held through a joint venture with Kibbutz Gan Shmuel, holds the certifications required for medical cannabis cultivation and distribution, and the company describes PEACE NATURALS as the leading brand in that market 13. Israeli revenue grew in recent quarters, but the market depends on imports from Canada, which are subject to dumping investigations 2.
Market context
The Canadian adult-use and medical cannabis market is competitive, with new licence holders continuing to enter and competition from the illegal market, while demand for medical cannabis has grown in Israel and Germany 13. Revenue was 146.6 million USD in fiscal 2025 and rose 58% year-over-year in the second quarter of 2026 13.
The outlook for the US market remains uncertain: the December 2025 executive order and the April 2026 final order moved some medical products to Schedule III, but the company says it does not engage in Schedule I cannabis activities in the US 12.
Trends
- Growing international medical demandtailwind
Demand for medical products in Israel, Germany and other markets has supported revenue, especially for products that carry no excise taxes, and this could continue if supply stays stable 13.
- US federal reschedulingmixed
The executive order and the April 2026 decision on medical marijuana could open discussion of a possible return to the US market, although the company has not confirmed concrete plans 12.
- Israeli anti-dumping investigationsheadwind
A new investigation into Canadian cannabis imports was opened in August 2026, and its outcome could include anti-dumping duties or import restrictions that affect sales in Israel 2.
- Expansion of production capacitytailwind
The Cronos GrowCo expansion and the option to buy part of its output could support growth internationally and in Canada if the facility is optimised as planned 1.
Competitive position
In Canada the company competes with other licence holders on product quality, production cost, innovation and brand, while the illegal market offers products at lower cost 1. In Israeli and European medical markets, competition comes from local producers and importers, and pressure grows as supply expands 12.
The company has advantages in its capitalisation, its link to Altria and brand recognition for Spinach and Lord Jones, but competition remains intense and new entrants could reduce margins 1.
- Canadian licensed cannabis producers
Licensed producers in Canada competing in adult-use and medical markets on quality, price and brand 1.
- Illegal cannabis market
Unlicensed operators offering cheaper and more accessible products without complying with regulations 1.
- Licensed producers that fail to comply with regulations
Authorised competitors that breach rules on product development and sale, which can affect the market 1.
- Local suppliers and distributors in Israel and Europe
Local partners and competitors in the medical markets where the company sells, with influence on pricing 12.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Solistul trupei Venom, Conrad 'Cronos' Lant, a murit la vârsta de 63 de aniAgerpres · 03 Oct 2026 · RO
- Conrad „Cronos” Lant, solistul trupei heavy metal Veno, a murit la vârsta de 63 de aniDigi24 · 02 Oct 2026 · RO
- Solistul trupei heavy metal Venom, Conrad „Cronos” Lant, a murit la vârsta de 63 de aniG4Media · 02 Oct 2026 · RO
- Conrad ‘Cronos’ Lant, frontman of UK heavy metal band Venom, dies aged 63The Guardian World · 01 Oct 2026 · EN
- Cronos câștigă aproape 8% pe fondul unui momentum tehnic solid și al activității dezvoltatorilor - Traders UnionSurge — Google News · 29 Sept 2026 · RO
- Cronos Rebrands Trading App as Ult, CEO Ryan Wyatt Unveils New CRO StrategyYahoo Finance — News · 15 Sept 2026 · EN
- Cronos Group (CRON) Returns To Profit Amid A Renewed Trade ThreatYahoo Finance — News · 14 Sept 2026 · EN
- Cronos blockchain restarts after $74 million Tectonic exploitBleepingComputer · 31 Aug 2026 · EN
The latest news item in our archive is from 03 Oct 2026; the newest SEC filing is from 15 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report15 Oct 2026Material agreement · Acquisition or disposition of assets · Regulation FD disclosure · Financial statements and exhibits
- Current report11 Sept 2026Material agreement · Financial statements and exhibits
- Current report (amendment)07 Aug 2026Shareholder vote
- Quarterly report06 Aug 2026
- Current report06 Aug 2026Results of operations · Financial statements and exhibits
- Current report22 Jun 2026Shareholder vote
- Quarterly report11 May 2026
- Current report11 May 2026Material agreement · Results of operations · Other events · Financial statements and exhibits
- Proxy statement24 Apr 2026
- Annual report26 Feb 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Cronos Group Inc. · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Cronos Group Inc. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Cronos Group Inc. · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.