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TORONTO - Cronos Group Inc. (NASDAQ:CRON) (TSX:CRON) announced Monday that shareholders approved all nominated directors at its Annual Meeting of Shareholders held on Friday.
The cannabis company reported that shareholders representing 71.87% of outstanding shares participated in the voting, with each director nominee receiving more than 92.3% approval. A total of 276,989,452 common shares were voted either in person or by proxy.
Michael Gorenstein received 92.38% of votes cast, while other directors including Jason Adler, Murray Garnick, Kamran Khan, Dominik Meier, Elizabeth Seegar, and James Rudyk each received between 94.60% and 96.94% support.
Shareholders also approved an advisory resolution on executive compensation with 94.13% support and ratified Davidson & Company LLP as the independent auditor for fiscal year 2025.
Cronos describes itself as an innovative global cannabinoid company focused on building intellectual property through cannabis research, technology and product development. The company’s brand portfolio includes Spinach, PEACE NATURALS and Lord Jones.
The voting results were disclosed in a press release statement issued by the company.
In other recent news, Cronos Group Inc. reported its first-quarter 2025 earnings, showcasing a notable performance with an earnings per share (EPS) of $0.02, doubling the forecasted $0.01. Despite this EPS success, the company fell short of revenue expectations, reporting $32.26 million against a projected $34.86 million. The company’s focus on operational efficiencies resulted in a significant improvement in gross margins, climbing to 43% from 18% in the same quarter last year. This improvement was attributed to enhanced cost management and strategic execution. On the international front, Cronos’ sales in Israel contributed significantly to its revenue, with a 40% year-over-year increase, despite facing potential tariff challenges. The company’s Groco facility expansion is anticipated to address current supply constraints and is expected to be neutral to accretive to gross margins once operational. Analysts from firms like Roth have inquired about product shortages, with Cronos emphasizing the importance of their Groco expansion to meet demand. Additionally, Cronos announced a $50 million share repurchase program, highlighting its strong balance sheet with no debt and substantial cash reserves.
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