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Cronos Group posts narrower loss but misses revenue target

Cronos Group Inc. shares fell 8% in premarket trades Tuesday after the cannabis company posted a narrower-than-expected loss, although its revenue fell short of estimates. Cronos Group said it lost $44.6 million, or 5 cents a share in its second quarter, compared with a loss of $165.49 million, or 48 cents a share, in the year-ago period. Net revenue climbed to $23.06 million from $15.62 million. Analysts expected Cronos Group to lose 6 cents a share on revenue of $28 million, according to a survey by FactSet. Prior to Tuesday’s trades, shares of Cronos Group are down 8.7%, compared to a drop of 51.7% by the Cannabis ETF and a 19.2% drop by the Nasdaq .

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