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NEW YORK, NY / ACCESSWIRE / November 14, 2018 / Cronos Group shares were in the red despite announcing a revenue jump in the third quarter yesterday. Shares of Aurora Cannabis were also in the red after reporting earlier in the week that earnings grew by 2,800% in the first quarter.

RDI Initiates Coverage on:

Cronos Group Inc.

Aurora Cannabis Inc.

Cronos Group Inc. shares were down 1.66% on Tuesday on a little under 8.5 million shares traded. The loss was despite the company reporting a revenue jump in its third quarter financial report. Cronos said it sold 514 kilograms of cannabis, a growth of 213% yoy. Revenue hit $3.8 million, up from $1.3 million a year ago. The company reported a loss of 4 cents in the quarter compared to a profit of a 1 cent last year. “The recent legalization of cannabis sales for adult recreational use in Canada was a watershed moment for our industry and our company. We are energized by the opportunities this creates for Cronos Group in Canada and look forward to leading the industry forward responsibly,” said Cronos CEO Mike Gorenstein. He also said, “As we all know, less than one month ago, Canada became the first G-7 country to legalize cannabis sales for adult use, and Cronos Group is a major participant in that market. The regulatory structure and legal framework that the Canadian government has created is part of the reason I left my wife in New York and convinced members of our management team to leave their careers and move to Canada. But we understood two and a half years ago when we set out on this journey was the value of operating a fully legal environment that would allow us to learn, build and create a company that has the potential to be a global industry leader. That is our opportunity in Canada today. It is to research and develop new innovative products that we can pilot into a large, diverse consumer market and collect consumer insights and continue to refine our product offering, and then to create turnkey solution, that we can roll out into our expanding global platform as regulations evolve.”

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Aurora Cannabis Inc. shares closed down 3.74% on nearly 12.3 million shares traded yesterday after announcing first quarter financial results. Aurora saw its earnings grow by 2,800% after it produced 11,000 pounds of pot in only 3 months. The company’s net earnings for the quarter jumped to C$105.5 million from C$3.6 million a year ago, and from C$79.9 million in the previous quarter. The jump in bottom line is only non-cash. Total revenue saw a jump of 260% from a year ago and 55% from the previous quarter to C$29.7 million. Cannabis revenue soared 236% from last year and 65% from last quarter to C$24.6 million. Active registered patients also saw an increase of 250% to 67,484. “The commencement of adult consumer use sales in Canada has been very successful for Aurora, with strong performance across all product categories and brands,” said Chief Executive Terry Booth. “Given the strong unmet consumer demand evident across Canada, we are confident that our rapidly increasing production capacity will result in continued acceleration of revenue growth.”

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Our Actionable Research on Cronos Group Inc. (NASDAQ: CRON ) and Aurora Cannabis Inc. (NYSE: ACB ) can be downloaded free of charge at Research Driven Investing.

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