Cannabis Watch: Cronos shares weigh on cannabis sector after soft earnings fail to impress

Cronos Group Inc. shares fell Tuesday, after the company’s quarterly earnings failed to light a spark with investors, who were also awaiting a key congressional committee vote on a cannabis banking bill.

Cronos CRON, -3.80% posted a net loss of C$11.8 million ($8.8 million), or 6 cents a share, for the fourth quarter, after earnings of C$667,000, or a penny a share, in the year-earlier period. Revenue came to C$5.6 million, up from C$1.6 million. The two analysts that provided estimates to FactSet were expecting a loss of 1 cent and revenue of C$10.4 million.

On the company’s earnings call, Chief Executive Mike Gorenstein said the company’s priorities after receiving a C$2.4 billion investment from tobacco giant Altria Inc.

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