7 Best CBD Stocks To Invest In Right Now

3. Cronos Group Inc. (NASDAQ:CRON)

Number of Hedge Fund Holders: 13

Cronos Group Inc. (NASDAQ:CRON) is a Canada-based cannabinoid company engaged in the cultivation, manufacture, and marketing of cannabis and cannabis-derived products for both medical and adult-use markets. A noteworthy aspect of the company is its close association with Altria Group, a giant in the tobacco industry that maintains a significant stake in Cronos which it acquired in 2019 for $1.8 billion.

In a positive development, Cronos Group Inc. (NASDAQ:CRON) announced recently that its brand Spinach has become the best-selling cannabis brand in Canada, according to HiFyre Retail Analytics for August 2024. The company continues to build on this success and in Q3 2024, released new Spinach hits all-in-one vapes in Pink Lemonade and Rocket Icicle, as well as new flavors, mango and grape for a 1.2 gram base. Launched in November 2018, Spinach ranks first in both edibles and flower categories.

Cronos Group Inc. (NASDAQ:CRON) hasn’t been able to turn a net profit over the last 4 years, but its revenue has improved consistently. Keeping it up, the company’s revenue increased by a significant 38.8% to reach $34.4 million in Q3 2024. What’s more is that most of this growth came from the company’s increasing market share in Canada, reflecting its sustainable nature.  This comes after Cronos had already reported a notable 46% YoY increase in net revenue in Q2, highlighting its strong growth trajectory.

Cronos Group Inc. (NASDAQ:CRON) also remains focused on global expansion and already boasts a strong presence in countries like Israel, Germany, the UK, and Australia. To meet its growing flower demand in the international market, the company recently announced that it is investing heavily to support the expansion of its GrowCo state-of-the-art production facility.

Cronos Group Inc. (NASDAQ:CRON) maintains a strong balance sheet and ended Q3 2024 with an industry leading $862 million in cash and cash equivalents (significantly exceeding its current market capitalization), with zero debt obligations.