Cronos Group
Cronos reported fourth-quarter revenue of $30.3 million, marking a 26.7% increase year-over-year, driven largely by higher cannabis flower and extract sales in Canada and select international markets.
The company highlighted growth in the Canadian edibles segment, particularly with its SOURZ by Spinach brand, which continues to perform well.
Cronos also noted cost-optimization initiatives and a significant improvement in gross margin—rising from 8% to 36% in Q4, reflecting increased operational efficiency. Additionally, the company reported net income of $43.9 million in the fourth quarter, largely driven by a one-time gain rather than core operational performance. Management pointed to ongoing production and distribution enhancements as key to supporting long-term profitability.
Verano Holdings
Verano posted quarterly revenue of $218 million, reflecting an 8% decline year-over-year compared to $237 million in Q4 2023. Despite this, management noted that new dispensary openings helped offset price compression in certain markets.
Executives emphasized the company’s focus on adult-use market expansion, particularly in Ohio, Maryland and New Jersey, while maintaining a disciplined capital expenditure plan for 2025.
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For 2025, Verano plans a more disciplined capital expenditure program, with executives expecting pricing pressure to persist but remain manageable across core markets.
Trulieve
Trulieve’s fourth-quarter revenue came in at $301 million, surpassing analyst expectations. The company also posted adjusted earnings per share of $0.02, benefiting from retail strength in Florida, where it maintains a dominant medical cannabis market position.
CEO Kim Rivers described Trulieve as “an industry leader with a differentiated strategy”, highlighting a dispensary count of 229 nationwide and record cash flow from operations.
For 2025, the company plans targeted store renovations in Minnesota and Ohio and intends to expand automation initiatives to drive efficiency.
Green Thumb Industries
Green Thumb Industries posted $294 million in revenue for the fourth quarter, reflecting a 6% year-over-year increase. Though EPS of $0.04 fell slightly short of expectations, adjusted EBITDA of $98 million underscored strong operating leverage.
CEO Ben Kovler highlighted new store openings, including a RISE dispensary in Orlando, Florida, and the company’s first adult-use sales in Ohio as growth catalysts.
Kovler also commented on regulatory uncertainty, stating that federal cannabis reform remains frustratingly slow. However, consumer demand remains strong and the company is investing in brand development and operational efficiencies to drive future growth.
H/T: www.benzinga.com
