Canadian cannabis producer Cronos Group lost $78.9 million in its fourth quarter ended Dec. 31, bringing the company’s net loss for the year to $168.7 million.
The Toronto-based company on Tuesday reported that its net revenue grew 23% year-over-year to $91.9 million in 2022.
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Cronos’ revenue in the United States fell 48% in the same time period, to $5.2 million in 2022.
That was offset by sales growth in Canada and Israel.
The company’s net revenue in Canada grew 12% in 2022 over 2021 to $56.2 million.
In Israel, net revenue increased 128% over 2021 to $30.5 million in 2022.
Cronos said net revenue increased primarily because of higher cannabis extract sales in the Canadian adult-use market and higher flower sales in the Israeli medical marijuana market.
In the October-December quarter, Cronos saw its consolidated net revenue fall to $22.9 million, down 11% over the
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