Cronos Organic Revenue Growth Accelerates to 73%

The Tip Desk · November 11, 2026 · 3 min read

Third-quarter net revenue reached $63.5 million, up 75% from a year earlier, as Adjusted EBITDA more than tripled.

Cronos Group Inc. (CRON) reported third-quarter net revenue of $63.5 million, up 75% from $36.3 million a year earlier, after a 51% organic constant-currency increase in the second quarter. The global cannabis company said organic, constant-currency net revenue rose 73% year over year.

Gross profit was $32.3 million, and gross margin was 50.9%. Adjusted EBITDA was $17.1 million, up 201% from $5.7 million a year earlier. The company said the revenue increase was primarily due to higher cannabis flower sales in Israel and other countries, specifically Germany, which carry no excise taxes, and higher cannabis flower and extract sales in Canada. It also said net revenue benefited from a stronger New Israeli shekel versus the U.S. dollar.

Net income was $17.8 million, down 37% from $28.3 million a year earlier. The company said the lower net income was primarily due to lower other income, higher operating expenses, and an income tax provision compared with a benefit in the prior year, partially offset by higher gross profit. Diluted earnings attributable to Cronos Group were $0.04 a share.

Cronos Israel delivered its eleventh consecutive quarter of record net revenue, with net revenue growing 33% year over year, or 19% on a constant-currency basis. PEACE NATURALS remained the leading cannabis brand in Israel, the company said. International business excluding Israel delivered record net revenue, increasing 614% year over year, led by flower demand in Germany.

In Canada, Spinach remained the No. 2 overall cannabis brand, with national market share of 6.3%. Canadian retail sales of Spinach products increased 41% year over year, versus 1% nationwide retail sales growth. Spinach remained No. 1 in Canadian edibles for the ninth consecutive quarter, with market share of 21.8%, and No. 1 in vapes for the third consecutive quarter, with total vape market share of 11.4%. In flower, Spinach remained No. 3, with market share of 6.1%. In pre-rolls, the brand rose to No. 5, with market share of 3.3%.

Gross profit rose on higher average sales prices, largely from a mix shift to Israel and other countries with no excise taxes, and on higher volumes, the company said. Adjusted EBITDA improved on higher gross profit, partially offset by higher sales and marketing and general and administrative costs.

Cash and cash equivalents, restricted cash and interest-bearing deposits were $840.6 million at September 30, 2026. Cash and cash equivalents were $411.2 million, with short-term investments of $330.0 million and non-current interest-bearing deposits of $95.6 million. For the nine months ended September 30, 2026, net cash provided by operating activities was $69.2 million. The company said positive operating cash flow for the first nine months of 2026, coupled with its balance sheet, enables it to invest in growth, return capital, and remain active under its share repurchase program.

During the third quarter, Cronos repurchased 3.2 million shares for $9.4 million. In the first nine months of 2026, it repurchased 15.5 million shares for $42.3 million. Shares outstanding were 367.5 million at September 30, 2026, versus 381.6 million at December 31, 2025.

After quarter-end, the company completed the acquisition of CanAdelaar B.V. on October 15, 2026. Chairman, President and CEO Mike Gorenstein said the closing established a leadership position in Europe’s largest adult-use cannabis market and that integration, including IP transfer, is well underway. Christopher Martens, former CEO of CanAdelaar, was appointed General Manager of Cronos Netherlands.