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Why Cronos Group Is Plummeting Today

·1-min read

Shares of marijuana producer Cronos Group (NASDAQ: CRON) are plunging 13% as of 10:42 a.m. ET on Tuesday after it reported earnings that beat Wall Street projections on bottom-line losses but missed analyst revenue estimates. Cronos sells marijuana in Canada, Australia, Germany, and Israel but has focused particularly on the latter in more recent periods as it continues to see strong growth in the market. Revenue from Israel more than tripled over the past year, reaching $7.2 million, or 31% of Cronos' total revenue.