Cronos Group falls as it discontinues providing revenue forecast

Cronos

08/08/2023 15:24

** Shares of cannabis research firm Cronos Group  CRON.TO 
down 7.7% to C$1.69
    ** Co to discontinue providing net revenue forecast and
withdraws previously announced revenue target of $100 mln-$110
mln for 2023
    ** Says discontinuing net revenue forecast reflects
turbulent market conditions beyond previous expectations 
    ** Co says increasing political unrest and stagnant patient
growth in Israel, exiting U.S. business and competitive activity
in Canada, influenced decision
    ** Including sessions move, shares have fallen 33.8% YTD

 (Reporting by Tanay Dhumal in Bengaluru)
 ((Tanay.Dhumal@thomsonreuters.com; 
Twitter: https://twitter.com/TanayDhumal))