Cannabis company Cronos Group Inc. reported a profit in its third quarter, boosted by a large gain in derivative liabilities, as revenue grew to $12.7 million.
The company says its net profit amounted to $788 million or 53 cents per diluted share for the quarter ended Sept. 30. That compared with a loss of $7.3 million or four cents per share in the same quarter last year.
Cronos says its adjusted earnings before interest, taxes, depreciation and amoritization amounted to a loss of $23.9 million in its most recent quarter compared with a loss of $3.2 million a year ago.
Revenue was up from $3.8 million in the same quarter last year and up from $10.2 million in the second quarter of 2019.
Analysts had expected Cronos to report $14.1 million in revenue for its third quarter, according to financial markets data firm Refinitiv.
Cronos says it sold 3,142 kilograms of cannabis in Canada in the quarter, up from 514 kilograms in the third quarter last year and 1,584 kilograms in the second quarter of 2019.