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CRON

Cronos Group

$14.27

-1.12 (-7.28%)

07:13
05/14/19
05/14
07:13
05/14/19
07:13

Cronos Group enters multi-year supply agreement with MediPharm Labs

Cronos Group announced that it has entered into a multi-year supply agreement with MediPharm Labs. MediPharm Labs will supply Cronos Group with approximately $30M of high-quality private label cannabis concentrate over 18-months, and, subject to certain renewal and purchase options, potentially up to $60M over 24-months. In addition, Cronos Group and MediPharm Labs have entered into a multi-year tolling agreement, where Cronos Group will supply bulk cannabis to MediPharm Labs' extraction facility in Barrie, Ontario, to fulfill certain additional processing needs of the company. Under the terms of the bulk resin supply agreement, Peace Naturals, a wholly-owned subsidiary of Cronos Group, will purchase a minimum of approximately $30M of cannabis concentrate from MediPharm Labs Inc., a wholly-owned subsidiary of MediPharm Labs, over the course of 18-months. Peace Naturals will also have a right of first offer to purchase an additional approximately $18M of cannabis concentrate over the same period, subject to the availability of such supply from MediPharm. The agreement includes an option for a mutual extension where, if extended, Peace Naturals would additionally purchase a minimum of approximately $6M over 6 months, and would have a right of first offer to purchase an additional approximately $6M over the same period, subject to the availability of such supply from MediPharm, bringing the total potential aggregate value of the agreement to over $60M to the end of April 2021. Under the terms of the cannabis concentrate program agreement, Peace Naturals will supply bulk quantities of dried cannabis to MediPharm for processing on a fee for service basis into bulk resin or other premium cannabis oil derivative products. The tolling agreement has a two-year term.

  • 06

    Jun

CRON Cronos Group
$14.27

-1.12 (-7.28%)

04/02/19
GHSC
04/02/19
NO CHANGE
GHSC
Neutral
Canopy estimates lowered at Seaport Global following peer reports
Seaport Global analyst Brett Hundley lowered his near-term revenue and EBITDA estimates for Canopy Growth (CGC) after recent earnings reports from HEXO Corp. (HEXO) and Cronos (CRON) highlighted broader Canadian industry inventory build and "marketplace inefficiency." He thinks it is prudent to be somewhat conservative related to store rollouts this spring along with the development of the nationwide edibles/beverages market later this year. Hundley keeps a Neutral rating on Canopy shares.
04/08/19
COWN
04/08/19
NO CHANGE
COWN
Cowen moderates near-term expectations for cannabis group on supply constraints
After hosting investor meetings with the management of Tilray (TLRY), Cowen analyst Vivien Azer said that Canada clearly remains supply constrained and that Tilray, with its asset-light approach, is overexposed to this supply tightness. Independent of commentary from the meetings with Tilray, Azer lowered her revenue estimates throughout her Canadian cannabis coverage as her current read suggests that Q1 growth will likely be modest. Despite her moderation of her near-term expectations, Azer keeps Outperform ratings on Aurora Cannabis (ACB), Canopy Growth (CGC) and Tilray (TLRY) and maintains a Market Perform rating on Cronos (CRON).
04/17/19
BOFA
04/17/19
INITIATION
Target $13
BOFA
Underperform
Cronos Group initiated with an Underperform at BofA/Merrill
BofA/Merrill analyst Christopher Carey initiated Cronos Group with an Underperform and $13 price target saying he not "comfortable" with valuation and screens the most expensive in his universe.
04/17/19
04/17/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Organogenesis (ORGO) initiated with an Outperform at Oppenheimer. 2. Teladoc (TDOC) initiated with an Overweight at Stephens. 3. Solar Capital (SLRC) initiated with an Outperform at Raymond James. 4. Principia Biopharma (PRNB) initiated with a Buy at Stifel. 5. Aurora Cannabis (ACB), HEXO Corp (HEXO), Canopy Growth (CGC), and Performance Food Group (PFGC) initiated with a Buy at BofA/Merrill while Cronos Group (CRON) was initiated with an Underperform at BofA/Merrill. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

MYL

Mylan

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PSTG

Pure Storage

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0.6 (3.00%)

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EXPR

Express

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0.08 (2.37%)

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OOMA

Ooma

$14.49

-0.45 (-3.01%)

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AVP

Avon Products

$3.20

0.06 (1.91%)

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VIX

Volatility Index S&P 500 Options

$0.00

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Closing CBOE SPX and VIX Index summary for May 21st »

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RRBI

Red River Bancshares

$49.95

(0.00%)

16:19
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TRNS

Transcat

$24.25

0.13 (0.54%)

16:17
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  • 22

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AYR

Aircastle

$20.03

0.275 (1.39%)

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OOMA

Ooma

$14.49

-0.45 (-3.01%)

16:17
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$NSD

NASDAQ Market Internals

$0.00

(0.00%)

16:17
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TRNS

Transcat

$24.25

0.13 (0.54%)

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RDNT

RadNet

$13.62

0.37 (2.79%)

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PRSP

Perspecta

$22.33

0.36 (1.64%)

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LIQT

LiqTech

$9.29

-0.21 (-2.21%)

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Syndicate
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LIQT

LiqTech

$9.29

-0.21 (-2.21%)

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Syndicate
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OOMA

Ooma

$14.49

-0.45 (-3.01%)

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$NYE

NYSE Market Internals

$0.00

(0.00%)

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LFUS

Littelfuse

$170.78

1.7 (1.01%)

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LUV

Southwest

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URBN

Urban Outfitters

$27.01

0.05 (0.19%)

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SMTC

Semtech

$44.66

0.28 (0.63%)

16:12
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