Increased Sales 428% Year-over-Year
Signed 5 Year Exclusive Distribution Agreement
for Poland
Launched Premium Recreational Brand
COVE™
Added 70,000 KG of Additional Capacity through
Cronos GrowCo JV
Signed 5 Year Take-or-Pay Supply Agreement for
100,000 KG
TORONTO, Aug. 14, 2018 /PRNewswire/ - Cronos Group Inc.
(NASDAQ: CRON) (TSX: CRON) ("Cronos Group" or
the "Company"), today announced financial results for the
second quarter ended June 30,
2018.
"This year and subsequently, this quarter is about setting the
stage and establishing Cronos Group's strategy for future growth,"
said Mike Gorenstein, CEO of Cronos
Group. "Cronos Group delivered encouraging results across the
Company in the second quarter with sales growing among all of our
products and channels, impressive improvements in cultivation
yields since the start of the year, and continued business
development success in penetrating new markets and establishing new
partnerships for expansion."
"We pushed the business forward while achieving great milestones
for the Company and this is only the beginning. Cronos Group is
prepared for the domestic recreational market with the launch of
our first premium-focused brand COVE™ and is applying a thoughtful
approach to our supply and inventory build. Simultaneously, we are
working to advance the operations within our current global
footprint and bring new partnerships and distribution relationships
to the table. We are excited by the progress we are making to
execute against our strategy," concluded Mike Gorenstein.
Second Quarter 2018 Business Highlights
- Construction of Building 4, Cronos Group's 286,000 sq. ft.
purpose-built indoor production facility located in Stayner, Ontario remains on schedule. Building
4 is ready to commence cultivation upon receipt of the Health
Canada license which the Company expects imminently. The
state-of-the-art facility is built to GMP standards and has the
latest in cutting-edge automation technology.
- Cronos Australia was granted a medicinal cannabis Manufacture
License by the Australian Office of Drug Control in June 2018. This license permits manufacturing of
cannabinoid based products in Australia and is required for all forms of
extraction, refining, concentration and transformation of the
cannabis plant. This license rounds out the licenses for domestic
production, which includes the medicinal cannabis cultivation
license and research license and brings Cronos Group one step
closer to full scale operations in Australia.
- In June 2018, Cronos entered into
a strategic distribution partnership with Delfarma Sp. Zo.o
("Delfarma"). Delfarma is a pharmaceutical wholesaler with a
distribution network of over 5,000 pharmacies and more than 200
hospitals that collectively reaches approximately 40% of the Polish
domestic market. Under the five-year exclusive distribution
agreement, Cronos will supply PEACE NATURALS™ branded cannabis
products to Delfarma for distribution within Poland.
- Cronos Group previewed its premium recreational brand COVE™ at
the May 2018 LIFT Conference. COVE™
was born in the Okanagan Valley in British Columbia, which is known for producing
some of the world's finest cannabis. COVE™ products are
non-irradiated and hand-trimmed using only the best result of each
harvest. By avoiding shortcuts like harsh refining processes, COVE™
is able to maintain the natural balance of the plant across all of
the brand's terpene rich cannabis extracts and brings the highest
quality products to its consumers.
- On May 23, 2018 the trading of
Cronos Group's common shares in Canada were up-listed from the TSX Venture
Exchange to the Toronto Stock Exchange ("TSX"). Cronos
Group's common shares are listed under the symbol "CRON" on both
the NASDAQ Global Market and the TSX.
- In May 2018, the board of
directors approved the appointment of KPMG LLP as independent
auditor of the Company, which was subsequently approved by a
majority of votes cast by shareholders at the Company's Annual and
Special Meeting of Shareholders on June 28,
2018.
- Cronos Group bolstered its board of directors with the
appointment of Michael Coates. Mr.
Coates was elected to the board of directors by a majority of votes
cast by shareholders at the Company's Annual and Special Meeting of
Shareholders. Michael Coates was
President and Chief Executive Officer, Americas Region of
Hill+Knowlton Strategies ("H+K"), a global public relations
and integrated communications agency, from 2014 to 2016 and retired
as Global Vice Chairman of H+K in 2017. In June 2018, Michael served as a member of the
Premier of Ontario's transition
team.
Business Highlights Subsequent to Second Quarter 2018
- In July 2018, Cronos Group
announced a 50/50 strategic joint venture with a group of investors
led by Bert Mucci, a leading
Canadian large-scale greenhouse operator. The entity created by
this new partnership, Cronos Growing Company Inc. ("Cronos
GrowCo"), expects to construct an 850,000 square foot,
purpose-built, GMP certified greenhouse for cannabis production on
approximately 100 acres of land owned by Cronos GrowCo in
Kingsville, Ontario. Once fully
operational, the greenhouse is expected to produce up to 70,000
kilograms of cannabis annually.
- Cronos Group entered into a supply agreement with one of the
largest cannabis companies in the world by revenues in the first
quarter of 2018, Cura Cannabis Solutions ("Cura"). Cura
signed a five year take-or-pay supply agreement to purchase a
minimum of 20,000 kilograms of cannabis per annum from Cronos
GrowCo starting from the date Cura receives its production and
sales licenses from Health Canada. Cura also expects to build its
proprietary, state-of-the-art extraction facility on a parcel of
land owned by Cronos Group in the heart of Okanagan Valley,
British Columbia.
Second Quarter 2018 Financial Results
- Cronos strengthened liquidity by raising $100.0 million of gross proceeds through a bought
deal offering of common shares in April
2018. As of June 30, 2018,
total liquidity was $118.0 million,
which provides Cronos Group significant runway to execute on its
strategic priorities.
- Second quarter 2018 revenues totaled $3.4 million, as compared to $0.6 million for the second quarter 2017,
representing an increase of $2.8
million, or 428%. The main drivers associated with the
increase in revenues are an expansion in patient onboarding, an
increase in average sales price and the continued strong growth in
our cannabis oil offering.
- Second quarter 2018 cannabis oil sales accounted for 40% of
domestic medical sales.
- Finished goods inventory and biological assets increased by 46%
quarter-over-quarter to 2,451 kilograms as the Company focuses on
building inventory for the adult-use market.
Conference Call
The Company will host a conference
call and live audio webcast on Tuesday,
August 14, 2018 at 8:30 a.m.
EST to discuss second quarter 2018 results. The call will
last approximately one hour. Instructions for the conference call
are provided below:
Live Audio Webcast:
https://thecronosgroup.com/investor-relations
Toll-free dial-in number: (888) 231-8191
International dial-in number: (647) 427-7450
Conference ID: 9963107
Additionally, an audio replay of the conference call will be
available two hours after the call's completion and until
11:59 p.m. EST on August 28, 2018. Instructions for the audio
replay are provided below:
Toll-free dial-in number: (855) 859-2056
Passcode: 9963107
About Cronos Group
Cronos Group is a globally
diversified and vertically integrated cannabis company with a
presence across four continents. The Company operates two
wholly-owned Canadian licensed producers regulated under Health
Canada's Access to Cannabis for Medical Purposes
Regulations: Peace Naturals Project Inc., which was the first
non-incumbent medical cannabis license granted by Health Canada,
and Original BC Ltd., which is based in the Okanagan Valley,
British Columbia. The Company has
multiple international production and distribution platforms
including in Germany, Poland, Israel and Australia. The Company intends to continue to
rapidly expand its global footprint as it focuses on building an
international iconic brand portfolio and developing disruptive
intellectual property. Cronos Group is committed to building
industry leading companies that transform the perception of
cannabis and responsibly elevate the consumer experience.
Forward-looking statements
This news release contains
"forward-looking information" and "forward-looking statements"
within the meaning of applicable securities laws (collectively,
"forward-looking statements"). All statements contained herein that
are not clearly historical in nature may constitute forward-looking
statements. In some cases, forward-looking statements can be
identified by words or phrases such as "may", "will", "expect",
"likely", "should", "would", "plan", "anticipate", "intend",
"potential", "proposed", "estimate", "believe" or the negative of
these terms, or other similar words, expressions and grammatical
variations thereof, or statements that certain events or conditions
"may" or "will" happen, or by discussions of strategy.
Forward-looking statements include estimates, plans, expectations,
opinions, forecasts, projections, targets, guidance or other
statements that are not statements of historical fact.
Forward-looking statements are provided for the purposes of
assisting the reader in understanding our financial performance,
financial position and cash flows as at and for periods ended on
certain dates and to present information about management's current
expectations and plans relating to the future and the reader is
cautioned that such information may not be appropriate for any
other purpose. Some of the forward-looking statements contained in
this press release, include, but are not limited to, statements
with respect to: our business and operations, our strategy for
future growth, growing our global footprint, establishing
partnerships and distribution relationships, the expansion of the
Company's growing and production capacities, the construction of
our facilities and our intention to build an international iconic
brand portfolio and develop disruptive intellectual
property. Forward-looking statements are based upon certain
material assumptions that were applied in drawing a conclusion or
making a forecast or projection, including management's perceptions
of historical trends, current conditions and expected future
developments, as well as other considerations that are believed to
be appropriate in the circumstances. While we consider these
assumptions to be reasonable based on information currently
available to management, there is no assurance that such
expectations will prove to be correct. By their nature,
forward-looking statements are subject to inherent risks and
uncertainties that may be general or specific and which give rise
to the possibility that expectations, forecasts, predictions,
projections or conclusions will not prove to be accurate, that
assumptions may not be correct and that objectives, strategic goals
and priorities will not be achieved. A variety of factors,
including known and unknown risks, many of which are beyond our
control, could cause actual results to differ materially from the
forward-looking statements in this press release. Such factors
include, without limitation, those discussed in the Company's
current MD&A and Annual Information Form, both of which have
been filed on SEDAR and can be accessed at www.sedar.com.
Readers are cautioned to consider these and other factors,
uncertainties and potential events carefully and not to put undue
reliance on forward-looking statements. Forward-looking
statements contained herein are made as of the date of this press
release and are based on the beliefs, estimates, expectations and
opinions of management on the date such forward-looking statements
are made. The Company undertakes no obligation to update or revise
any forward-looking statements, whether as a result of new
information, estimates or opinions, future events or results or
otherwise or to explain any material difference between subsequent
actual events and such forward-looking statements, except as
required by applicable law.
Cronos Group
Inc.
Unaudited
Condensed Interim Consolidated Statements of Financial
Position
As at
June 30, 2018 and
December 31, 2017
(in thousands of
CDN $)
|
|
|
|
|
|
|
|
|
|
|
Notes
|
|
As
at
June 30,
2018
|
|
|
As
at
December 31,
2017
|
Assets
|
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
|
|
|
Cash
|
|
|
|
$
|
89,609
|
|
|
$
|
9,208
|
|
Accounts
receivable
|
|
22(i)
|
|
|
2,844
|
|
|
|
1,140
|
|
Sales taxes
receivable
|
|
|
|
|
6,952
|
|
|
|
3,114
|
|
Prepaids and other
receivables
|
|
|
|
|
4,112
|
|
|
|
790
|
|
Biological
assets
|
|
6
|
|
|
6,899
|
|
|
|
3,722
|
|
Inventory
|
|
6
|
|
|
12,334
|
|
|
|
8,416
|
|
Loan
receivable
|
|
7,22(i)
|
|
|
314
|
|
|
|
314
|
|
|
Total current
assets
|
|
|
|
|
123,064
|
|
|
|
26,704
|
Promissory note
receivable
|
|
8,22(i)
|
|
|
1,304
|
|
|
|
-
|
Investment in
Whistler
|
|
9
|
|
|
3,851
|
|
|
|
3,807
|
Other
investments
|
|
10
|
|
|
725
|
|
|
|
1,347
|
Property, plant and
equipment
|
|
11
|
|
|
93,657
|
|
|
|
56,172
|
Intangible
assets
|
|
12
|
|
|
11,043
|
|
|
|
11,207
|
Goodwill
|
|
13
|
|
|
1,792
|
|
|
|
1,792
|
|
Total
assets
|
|
|
|
$
|
235,436
|
|
|
$
|
101,029
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
|
|
|
Accounts payable and
other liabilities
|
|
22(ii)
|
|
$
|
2,333
|
|
|
$
|
7,878
|
|
|
Total current
liabilities
|
|
|
|
|
2,333
|
|
|
|
7,878
|
Construction loan
payable
|
|
14
|
|
|
5,565
|
|
|
|
5,367
|
Deferred income tax
liability
|
|
21
|
|
|
268
|
|
|
|
1,416
|
|
|
Total
liabilities
|
|
|
|
|
8,166
|
|
|
|
14,661
|
Shareholders'
equity
|
|
|
|
|
|
|
|
|
|
Share
capital
|
|
15(a)
|
|
|
224,742
|
|
|
|
83,559
|
Shares to be
issued
|
|
15(c)
|
|
|
17
|
|
|
|
-
|
Warrants
|
|
16(a)
|
|
|
1,868
|
|
|
|
3,364
|
Stock
options
|
|
16(b)
|
|
|
3,810
|
|
|
|
2,289
|
Accumulated
deficit
|
|
|
|
|
(4,051)
|
|
|
|
(3,724)
|
Accumulated other
comprehensive income
|
|
|
|
|
884
|
|
|
|
880
|
|
|
Total shareholders'
equity
|
|
|
|
|
227,270
|
|
|
|
86,368
|
|
Total liabilities
and shareholders' equity
|
|
|
|
$
|
235,436
|
|
|
$
|
101,029
|
Commitments and
contingencies
|
|
20
|
|
|
|
|
|
|
|
Subsequent
events
|
|
25
|
|
|
|
|
|
|
|
Cronos Group
Inc.
Unaudited
Condensed Interim Consolidated Statements of Operations and
Comprehensive Income (Loss)
For the three and
six months ended June 30, 2018 and
June 30, 2017
(in thousands of
CDN $, except share and per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
|
Six Months
Ended
June 30,
|
|
|
Notes
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
Revenue
|
|
17
|
|
$
|
3,394
|
|
|
$
|
643
|
|
|
$
|
6,339
|
|
|
$
|
1,157
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory expensed to
cost of sales, before fair value adjustments
|
|
5,6
|
|
|
1,254
|
|
|
|
215
|
|
|
|
2,821
|
|
|
|
413
|
Gross profit
before fair value adjustments
|
|
|
|
|
2,140
|
|
|
|
428
|
|
|
|
3,518
|
|
|
|
744
|
Fair value
adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized change in
fair value of biological assets
|
|
5,6
|
|
|
(6,831)
|
|
|
|
(1,122)
|
|
|
|
(9,575)
|
|
|
|
(2,701)
|
|
Realized fair value
adjustments on inventory sold in the period
|
|
5,6
|
|
|
2,625
|
|
|
|
429
|
|
|
|
4,819
|
|
|
|
1,288
|
|
|
Total fair value
adjustments
|
|
|
|
|
(4,206)
|
|
|
|
(693)
|
|
|
|
(4,756)
|
|
|
|
(1,413)
|
Gross
profit
|
|
|
|
|
6,346
|
|
|
|
1,121
|
|
|
|
8,274
|
|
|
|
2,157
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and
marketing
|
|
|
|
|
364
|
|
|
|
87
|
|
|
|
950
|
|
|
|
131
|
|
General and
administrative
|
|
|
|
|
4,219
|
|
|
|
1,872
|
|
|
|
6,680
|
|
|
|
3,208
|
|
Share-based
payments
|
|
16(b),19
|
|
|
950
|
|
|
|
439
|
|
|
|
1,724
|
|
|
|
631
|
|
Depreciation and
amortization
|
|
11,12
|
|
|
323
|
|
|
|
228
|
|
|
|
608
|
|
|
|
429
|
|
|
Total operating
expenses
|
|
|
|
|
5,856
|
|
|
|
2,626
|
|
|
|
9,962
|
|
|
|
4,399
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
|
|
|
490
|
|
|
|
(1,505)
|
|
|
|
(1,688)
|
|
|
|
(2,242)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
(expense)
|
|
|
|
|
(37)
|
|
|
|
13
|
|
|
|
(59)
|
|
|
|
(137)
|
|
Share of income from
Whistler investment
|
|
9
|
|
|
3
|
|
|
|
313
|
|
|
|
44
|
|
|
|
416
|
|
Gain on other
investments
|
|
10
|
|
|
-
|
|
|
|
1,330
|
|
|
|
221
|
|
|
|
1,271
|
|
|
Total other income
(expense)
|
|
|
|
|
(34)
|
|
|
|
1,656
|
|
|
|
206
|
|
|
|
1,550
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
|
|
|
|
456
|
|
|
|
151
|
|
|
|
(1,482)
|
|
|
|
(692)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
recovery
|
|
21
|
|
|
(267)
|
|
|
|
(23)
|
|
|
|
(1,155)
|
|
|
|
(22)
|
|
Net income
(loss)
|
|
|
|
$
|
723
|
|
|
$
|
174
|
|
|
$
|
(327)
|
|
|
$
|
(670)
|
Other
comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on revaluation
and disposal of other investments, net of tax
|
|
10,21
|
|
|
39
|
|
|
|
11
|
|
|
|
4
|
|
|
|
694
|
Comprehensive
income (loss)
|
|
|
|
$
|
762
|
|
|
$
|
185
|
|
|
$
|
(323)
|
|
|
$
|
24
|
Net income (loss)
per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
18
|
|
$
|
0.00
|
|
|
$
|
0.00
|
|
|
$
|
(0.00)
|
|
|
$
|
(0.01)
|
Weighted average
number of outstanding shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
18
|
|
|
175,529,196
|
|
|
|
132,647,546
|
|
|
|
166,343,078
|
|
|
|
128,824,503
|
|
Diluted
|
|
18
|
|
|
211,524,230
|
|
|
|
167,787,028
|
|
|
|
166,343,078
|
|
|
|
128,824,503
|
Cronos Group
Inc.
Unaudited
Condensed Interim Consolidated Statements of Cash
Flows
For the three and
six months ended June 30, 2018 and
June 30, 2017
(in thousands of
CDN $)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
|
Six Months
Ended
June 30,
|
|
|
Notes
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
Operating
activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
|
|
$
|
723
|
|
|
$
|
174
|
|
|
$
|
(327)
|
|
|
$
|
(670)
|
Items not affecting
cash:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized change in
fair value of biological assets
|
|
5,6
|
|
|
(6,831)
|
|
|
|
(1,122)
|
|
|
|
(9,575)
|
|
|
|
(2,701)
|
|
Realized fair value
adjustments on inventory sold in the period
|
|
5,6
|
|
|
2,625
|
|
|
|
429
|
|
|
|
4,819
|
|
|
|
1,288
|
|
Share-based
payments
|
|
16(b),19
|
|
|
950
|
|
|
|
439
|
|
|
|
1,724
|
|
|
|
631
|
|
Depreciation and
amortization
|
|
11,12
|
|
|
575
|
|
|
|
228
|
|
|
|
1,115
|
|
|
|
429
|
|
Share of income from
Whistler investment
|
|
9
|
|
|
(3)
|
|
|
|
(313)
|
|
|
|
(44)
|
|
|
|
(416)
|
|
Gain on other
investments
|
|
10
|
|
|
-
|
|
|
|
(1,330)
|
|
|
|
(221)
|
|
|
|
(1,271)
|
|
Deferred income tax
recovery
|
|
21
|
|
|
(267)
|
|
|
|
(23)
|
|
|
|
(1,155)
|
|
|
|
(22)
|
|
Foreign exchange loss
(gain)
|
|
|
|
|
4
|
|
|
|
-
|
|
|
|
(12)
|
|
|
|
-
|
|
|
|
|
|
(2,224)
|
|
|
|
(1,518)
|
|
|
|
(3,676)
|
|
|
|
(2,732)
|
Net changes in
non-cash working capital:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
|
|
|
(318)
|
|
|
|
(55)
|
|
|
|
(1,704)
|
|
|
|
(191)
|
|
Sales taxes
receivable
|
|
|
|
|
(2,686)
|
|
|
|
-
|
|
|
|
(3,838)
|
|
|
|
-
|
|
Prepaids and other
receivables
|
|
|
|
|
544
|
|
|
|
(2,087)
|
|
|
|
(3,322)
|
|
|
|
(2,152)
|
|
Biological
assets
|
|
|
|
|
4,422
|
|
|
|
1,079
|
|
|
|
6,398
|
|
|
|
1,711
|
|
Inventory
|
|
|
|
|
(5,945)
|
|
|
|
(883)
|
|
|
|
(8,737)
|
|
|
|
(2,093)
|
|
Accrued interest on
loan receivable
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(5)
|
|
Accounts payable and
other liabilities
|
|
|
|
|
(659)
|
|
|
|
136
|
|
|
|
(5,750)
|
|
|
|
208
|
Cash flows used in
operating activities
|
|
|
|
|
(6,866)
|
|
|
|
(3,328)
|
|
|
|
(20,629)
|
|
|
|
(5,254)
|
Investing
activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repayment of purchase
price liability
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(1,299)
|
|
Investment in
Whistler
|
|
9
|
|
|
-
|
|
|
|
(1,076)
|
|
|
|
-
|
|
|
|
(1,076)
|
|
Investment in ABcann
Global Corporation
|
|
10
|
|
|
-
|
|
|
|
(1,016)
|
|
|
|
-
|
|
|
|
(1,016)
|
|
Proceeds from sale of
other investments
|
|
10
|
|
|
280
|
|
|
|
1,683
|
|
|
|
967
|
|
|
|
1,771
|
|
Payment to exercise
ABcann Global Corporation warrants
|
|
10
|
|
|
-
|
|
|
|
-
|
|
|
|
(113)
|
|
|
|
-
|
|
Advances of
promissory note receivable
|
|
8
|
|
|
(378)
|
|
|
|
-
|
|
|
|
(1,304)
|
|
|
|
-
|
|
Purchase of property,
plant and equipment
|
|
11
|
|
|
(30,025)
|
|
|
|
(3,494)
|
|
|
|
(37,667)
|
|
|
|
(5,529)
|
|
Purchase of
intangible assets
|
|
12
|
|
|
(38)
|
|
|
|
-
|
|
|
|
(169)
|
|
|
|
-
|
Cash flows used in
investing activities
|
|
|
|
|
(30,161)
|
|
|
|
(3,903)
|
|
|
|
(38,286)
|
|
|
|
(7,149)
|
Financing
activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from
exercise of warrants
|
|
15(b)
|
|
|
132
|
|
|
|
245
|
|
|
|
1,412
|
|
|
|
889
|
|
Proceeds received for
shares to be issued
|
|
15(c)
|
|
|
-
|
|
|
|
-
|
|
|
|
961
|
|
|
|
-
|
|
Proceeds from
exercise of options
|
|
16(b)
|
|
|
467
|
|
|
|
185
|
|
|
|
540
|
|
|
|
442
|
|
Proceeds from share
issuance
|
|
15(a)
|
|
|
100,032
|
|
|
|
-
|
|
|
|
146,032
|
|
|
|
17,336
|
|
Share issuance
costs
|
|
|
|
|
(6,363)
|
|
|
|
-
|
|
|
|
(9,444)
|
|
|
|
(1,322)
|
|
Payment of accrued
interest on construction loan
|
|
14
|
|
|
-
|
|
|
|
-
|
|
|
|
(185)
|
|
|
|
-
|
|
Repayment of mortgage
payable
|
|
|
|
|
-
|
|
|
|
(4,000)
|
|
|
|
-
|
|
|
|
(4,000)
|
Cash flows provided
by (used in) financing activities
|
|
|
|
|
94,268
|
|
|
|
(3,570)
|
|
|
|
139,316
|
|
|
|
13,345
|
Net change in
cash
|
|
|
|
|
57,241
|
|
|
|
(10,801)
|
|
|
|
80,401
|
|
|
|
942
|
Cash - beginning of
period
|
|
|
|
|
32,368
|
|
|
|
15,207
|
|
|
|
9,208
|
|
|
|
3,464
|
Cash - end of
period
|
|
|
|
$
|
89,609
|
|
|
$
|
4,406
|
|
|
$
|
89,609
|
|
|
$
|
4,406
|
Supplemental cash
flow information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
paid
|
|
|
|
$
|
189
|
|
|
$
|
80
|
|
|
$
|
496
|
|
|
$
|
200
|
|
|
|
|
|
|
|
|
|
|
View original content with
multimedia:http://www.prnewswire.com/news-releases/cronos-group-inc-announces-second-quarter-2018-results-300696650.html
SOURCE Cronos Group Inc.