Recent marijuana IPO Cronos Group (CRON) rallied after revealing big sales growth Monday.
Cronos Group reported Q4 sales of $1.6 million, up 274% year over year. Sales for the full year rocketed 636% to $4.1 million. The Toronto-based company did not release any earnings figures. There were no analyst estimates.
Cronos stock climbed 1.6% to 6.91 on the stock market today.
Constellation Brands (STZ) and GW Pharmaceuticals (GWPH), which have been trying to tap the rapidly growing but still-precarious marijuana industry, fell 0.5% and 2.1%, respectively. Scotts Miracle-Grow (SMG), whose hydroponics business will get a boost from legalized marijuana, fell 0.9%.
Cronos Group CEO Mike Gorenstein was bullish about his company’s prospects going forward following the big bump in earnings.
“We are building Cronos Group with a focus on the long-term and 2017 set the foundation for the explosive growth we have already started realizing in 2018,” Gorenstein said in a press release. “We are extremely proud of all that our team has accomplished and look forward to a year of rapid increases in sales, commencing distribution in new markets, further