Cronos Group Posts Record Third Quarter as Revenue Jumps 75%, Lifting Its Standing in the PRISM Cannabis Index

Cronos Group Inc. (NASDAQ: CRON), the global cannabis company behind the Spinach® and PEACE NATURALS® brands, reported record third-quarter 2026 results on November 5, 2026. Net revenue climbed 75% year over year to $63.5 million, and adjusted EBITDA roughly tripled to $17.1 million. It was the company’s second straight quarter of record net revenue, gross profit and adjusted EBITDA, and Cronos is one of the largest constituents of the PRISM Cannabis Index.

Key Points

• Q3 net revenue rose 75% to $63.5 million (73% on an organic, constant-currency basis). Gross profit increased 76% to $32.3 million at a 50.9% gross margin.
• Adjusted EBITDA jumped 201% to $17.1 million. Net income came in at $17.8 million versus $28.3 million a year earlier.
• International sales outside Israel surged 614%, led by flower demand in Germany. Israel delivered its eleventh consecutive record quarter.
• Spinach® held the #1 spot in Canadian edibles and vapes. Canadian retail sales of the brand rose 41%, against 1% growth for the national market.
• Cronos closed its CanAdelaar acquisition on October 15, entering the Dutch adult-use market. It has repurchased 15.5 million shares for $42.3 million so far in 2026.

Cronos Group (CRON) Sets Records Across the Income Statement

Cronos Group (CRON) grew net revenue by $27.1 million from the prior-year quarter. The company said most of the increase came from higher cannabis flower sales in Israel and Germany, which carry no excise taxes, along with stronger flower and extract sales in Canada. A firmer Israeli shekel against the U.S. dollar also added to reported revenue.

Gross profit rose to $32.3 million from $18.3 million. Cronos credited higher average selling prices as the sales mix shifted toward excise-free markets. Higher volumes also spread fixed overhead across more product. As a result, operating income swung to $9.0 million from a loss of $0.5 million a year earlier.

Net income, however, declined to $17.8 million from $28.3 million. The company pointed to three causes: lower other income, higher operating expenses, and an income tax provision this year where the prior-year period had a tax benefit. Together these more than offset the stronger gross profit.

For the first nine months of 2026, net revenue reached $161.7 million, up 58%, and operating activities generated $69.2 million in cash.

Chairman, President and CEO Mike Gorenstein said the strategy of developing market-leading products that sell across borders continues to pay off. He added that management still views share repurchases as an attractive use of capital.

Spinach® Extends Its Lead in Canada for Cronos Group (CRON)

In Canada, Cronos Group (CRON) posted record net revenue. Spinach® remained the country’s #2 overall cannabis brand, and its national market share expanded to 6.3%. Canadian retail sales of Spinach® products rose 41% year over year, compared with 1% growth for the overall market.

The brand gained ground in every category:

• Edibles: #1 for the ninth consecutive quarter, with market share rising to 21.8%. Four SOURZ by Spinach® gummies ranked among the top seven edibles nationally.
• Vapes: #1 for the third consecutive quarter, with share across all formats rising to 11.4%. Six of the eight best-selling vape SKUs in Canada were Spinach® products.
• Flower: #3, with share expanding to 6.1%.
• Pre-rolls: climbed to #5, with share increasing to 3.3%, as a refreshed assortment gained traction.

Cronos also kept new products coming. It launched the first 100% live resin SOURZ gummy in September and added seasonal limited-edition flavors in October.

Germany and Israel Power International Growth at Cronos Group (CRON)

Outside Canada, Cronos Group (CRON) delivered its eleventh consecutive quarter of record net revenue in Israel. Sales there grew 33% (19% in constant currency), and PEACE NATURALS® remains the country’s leading cannabis brand.

The rest of the international business grew even faster. Net revenue outside Israel rose 614% year over year, led by strong demand for Cronos flower in Germany. The company tied that growth to its genetic breeding program and cultivation capabilities, which it highlighted at its September 24 Investor Day.

Germany has quickly become a key battleground for Canadian producers. PRISM MarketView reported in October that Aurora Cannabis was doubling its German flower output. Tilray also recently gained approval for in-house cannabis testing in Portugal, which speeds its product releases into Europe.

CanAdelaar Gives Cronos Group (CRON) a Foothold in the Netherlands

After the quarter ended, Cronos Group (CRON) completed its acquisition of CanAdelaar B.V. on October 15, 2026. CanAdelaar is the leading operator in the Wietexperiment, the Netherlands’ adult-use cannabis pilot program. Cronos said the deal gives it a leadership position in Europe’s largest adult-use market. Christopher Martens, CanAdelaar’s co-founder and former CEO, now serves as General Manager of Cronos Netherlands. Integration is underway, including the transfer of Cronos IP.

Balance Sheet Funds Buybacks and Deal Flow at Cronos Group (CRON)

Cronos Group (CRON) ended September with $840.6 million in cash and cash equivalents, restricted cash and interest-bearing deposits. The company continued to return capital to shareholders. It repurchased 3.2 million shares for $9.4 million during the third quarter and 15.5 million shares for $42.3 million year to date. Shares outstanding fell to about 367.5 million from 381.6 million at the end of 2025.

Cronos also said its cash position leaves room to pursue more acquisitions as opportunities arise.

What the Quarter Means for the PRISM Cannabis Index

The report arrives during a busy stretch for the PRISM Cannabis Index. On November 3, Organigram agreed to acquire Aurora Cannabis for C$7.80 per share, topping Curaleaf’s hostile bid. A day earlier, Trulieve received its first DEA registrations under the federal medical marijuana framework.

Against that backdrop, Cronos Group (CRON) stands out as one of the index’s larger and stronger performers. As of this morning, PRISM MarketView data showed CRON with a market capitalization of roughly $1.29 billion. CRON is up about 66% since the index’s January 2, 2024 inception, compared with roughly 3% for the index overall.

Cronos also noted that it is monitoring the April 2026 order moving certain medical marijuana products to Schedule III, as well as pending broader rescheduling proceedings. Both matter as it weighs any future return to the U.S. market.

Cronos hosts its earnings conference call and webcast today at 8:30 a.m. ET. Follow CRON and the full PRISM Cannabis Index on PRISM MarketView for continuing coverage.