0001656472-23-000067 | 10-Q | XBRL Viewer

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Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2023	May 05, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-38403
Entity Registrant Name	CRONOS GROUP INC.
Entity Incorporation, State or Country Code	Z4
Entity Address, Address Line One	111 Peter St. Suite 300
Entity Address, City or Town	Toronto
Entity Address, State or Province	ON
Entity Address, Postal Zip Code	M5V 2H1
City Area Code	416
Local Phone Number	504-0004
Title of 12(b) Security	Common Shares, no par value
Trading Symbol	CRON
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		380,815,921
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001656472
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 413,667	$ 764,644
Short-term investments	422,763	113,077
Accounts receivable, net	14,855	23,113
Other receivables	7,049	5,767
Current portion of loans receivable, net	5,570	8,890
Inventory, net	44,268	37,559
Prepaids and other current assets	7,967	7,106
Total current assets	916,139	960,156
Equity method investments, net	18,313	18,755
Other investments	62,833	70,993
Non-current portion of loans receivable, net	72,051	72,345
Property, plant and equipment, net	59,785	60,557
Right-of-use assets	2,038	2,273
Goodwill	1,036	1,033
Intangible assets, net	25,897	26,704
Other	1,483	193
Total assets	1,159,575	1,213,009
Current liabilities
Accounts payable	12,842	11,163
Income taxes payable	266	32,956
Accrued liabilities	14,332	22,268
Current portion of lease obligation	1,236	1,330
Derivative liabilities	80	15
Current portion due to non-controlling interests	375	384
Total current liabilities	29,131	68,116
Non-current portion due to non-controlling interests	1,370	1,383
Non-current portion of lease obligation	2,296	2,546
Deferred income tax liability	378	0
Total liabilities	33,175	72,045
Shareholders’ equity
Share capital (authorized for issue as of March 31, 2023 and December 31, 2022: unlimited; shares outstanding as of March 31, 2023 and December 31, 2022: 380,815,921 and 380,575,403, respectively)	612,235	611,318
Additional paid-in capital	44,044	42,682
Retained earnings	471,513	490,682
Accumulated other comprehensive income (loss)	1,537	(797)
Total equity attributable to shareholders of Cronos Group	1,129,329	1,143,885
Non-controlling interests	(2,929)	(2,921)
Total shareholders’ equity	1,126,400	1,140,964
Total liabilities and shareholders’ equity	$ 1,159,575	$ 1,213,009

Condensed Consolidated Balance Sheets (Parenthetical) - shares	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, shares issued (in shares)	380,815,921	380,575,403
Common stock, shares outstanding (in shares)	380,815,921	380,575,403

Condensed Consolidated Statements of Net Loss and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Net revenue, before excise taxes	$ 27,203	$ 29,406
Excise taxes	(7,059)	(4,373)
Net revenue	20,144	25,033
Cost of sales	17,764	18,107
Gross profit	2,380	6,926
Operating expenses
Sales and marketing	5,872	5,012
Research and development	2,041	4,039
General and administrative	12,379	22,368
Restructuring costs	0	3,084
Share-based compensation	2,551	3,686
Depreciation and amortization	1,533	1,293
Impairment loss on long-lived assets	0	3,493
Total operating expenses	24,376	42,975
Operating loss	(21,996)	(36,049)
Other income
Interest income, net	11,180	2,046
Gain (loss) on revaluation of derivative liabilities	(65)	10,419
Share of loss from equity method investments	(496)	0
Gain (loss) on revaluation of financial instruments	(7,758)	4,268
Impairment loss on other investments	0	(11,238)
Foreign currency transaction loss	(1,643)	(1,872)
Other, net	85	135
Total other income	1,303	3,758
Loss before income taxes	(20,693)	(32,291)
Income tax expense (benefit)	(1,436)	362
Net loss	(19,257)	(32,653)
Net loss attributable to non-controlling interest	(88)	(15)
Net loss attributable to Cronos Group	(19,169)	(32,638)
Comprehensive loss
Net loss	(19,257)	(32,653)
Other comprehensive income
Foreign exchange gain on translation	2,414	15,977
Comprehensive loss	(16,843)	(16,676)
Comprehensive loss attributable to non-controlling interests	(8)	(261)
Comprehensive loss attributable to Cronos Group	$ (16,835)	$ (16,415)
Net loss from continuing operations per share
Basic - continuing operations (in dollars per share)	$ (0.05)	$ (0.09)
Diluted - continuing operations (in dollars per share)	$ (0.05)	$ (0.09)

Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Share capital	Additional paid-in capital	Retained earnings	Accumulated other comprehensive income (loss)	Non-controlling interests
Beginning balance (in shares) at Dec. 31, 2021		374,952,693
Beginning balance at Dec. 31, 2021	$ 1,334,276	$ 595,497	$ 32,465	$ 659,416	$ 49,865	$ (2,967)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Activities relating to share-based compensation (in shares)		347,287
Activities relating to share-based compensation	3,771	$ 871	2,900
Net loss	(32,653)			(32,638)		(15)
Foreign exchange gain on translation	15,977				16,223	(246)
Ending balance (in shares) at Mar. 31, 2022		375,299,980
Ending balance at Mar. 31, 2022	$ 1,321,371	$ 596,368	35,365	626,778	66,088	(3,228)
Beginning balance (in shares) at Dec. 31, 2022	380,575,403	380,575,403
Beginning balance at Dec. 31, 2022	$ 1,140,964	$ 611,318	42,682	490,682	(797)	(2,921)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Activities relating to share-based compensation (in shares)		240,518
Activities relating to share-based compensation	2,279	$ 917	1,362
Net loss	(19,257)			(19,169)		(88)
Foreign exchange gain on translation	$ 2,414				2,334	80
Ending balance (in shares) at Mar. 31, 2023	380,815,921	380,815,921
Ending balance at Mar. 31, 2023	$ 1,126,400	$ 612,235	$ 44,044	$ 471,513	$ 1,537	$ (2,929)

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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-Paragraph 2
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/extlink&oid=128097895&loc=SL121327923-165333

+ Details

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating activities
Net loss	$ (19,257)	$ (32,653)
Adjustments to reconcile net loss to cash used in operating activities:
Share-based compensation	2,551	3,686
Depreciation and amortization	2,405	2,824
Impairment loss on long-lived assets	0	3,493
Impairment loss on other investments	0	11,238
Loss (gain) from investments	8,419	(4,196)
Loss (gain) on revaluation of derivative liabilities	65	(10,419)
Changes in expected credit losses on long-term financial assets	(764)	0
Foreign currency transaction loss	1,643	1,872
Other non-cash operating activities, net	(2,850)	(271)
Changes in operating assets and liabilities:
Accounts receivable, net	8,201	(3,530)
Other receivables	(1,282)	2,435
Prepaids and other current assets	(848)	(1,195)
Inventory	(6,824)	(3,867)
Accounts payable	1,555	(178)
Income taxes payable	(32,813)	0
Accrued liabilities	(7,894)	(3,150)
Cash flows used in operating activities	(47,693)	(33,911)
Investing activities
Purchase of short-term investments	(422,612)	0
Proceeds from short-term investments	113,355	0
Proceeds from repayment on loan receivables	6,249	790
Purchase of property, plant and equipment	(804)	(711)
Purchase of intangible assets	0	(23)
Other investing activities	0	44
Cash flows provided by (used in) investing activities	(303,812)	100
Financing activities
Withholding taxes paid on share-based awards	(743)	(534)
Other financing activities, net	0	70
Cash flows used in financing activities	(743)	(464)
Effect of foreign currency translation on cash and cash equivalents	1,271	8,837
Net change in cash and cash equivalents	(350,977)	(25,438)
Cash and cash equivalents, beginning of period	764,644	886,973
Cash and cash equivalents, end of period	413,667	861,535
Supplemental cash flow information
Interest paid	0	0
Interest received	7,558	822
Income taxes paid	$ 32,932	$ 66

Background, Basis of Presentation, and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Background, Basis of Presentation, and Summary of Significant Accounting Policies	Background, Basis of Presentation, and Summary of Significant Accounting Policies (a)Background Cronos Group Inc. (“Cronos” or the “Company”) is incorporated in the province of British Columbia and under the Business Corporations Act (British Columbia) with principal executive offices at 111 Peter St., Suite 300, Toronto, Ontario, M5V 2H1. The Company’s common shares are currently listed on the Toronto Stock Exchange (“TSX”) and Nasdaq Global Market (“Nasdaq”) under the ticker symbol “CRON.” Cronos is an innovative global cannabinoid company committed to building disruptive intellectual property by advancing cannabis research, technology and product development. With a passion to responsibly elevate the consumer experience, Cronos is building an iconic brand portfolio. Cronos’ diverse international brand portfolio includes Spinach®, PEACE NATURALS® and Lord Jones®. (b)Basis of presentation These condensed consolidated interim financial statements of Cronos Group are unaudited. They have been prepared in accordance with Generally Accepted Accounting Principles in the United States (“U.S. GAAP”) for interim financial information and with applicable rules and regulations of the U.S. Securities and Exchange Commission relating to interim financial statements. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2023 are not necessarily indicative of the results that may be expected for any other reporting period. These condensed consolidated interim financial statements should be read in conjunction with the Company’s audited consolidated financial statements and related notes included in its Annual Report on Form 10-K for the year ended December 31, 2022 (the “Annual Report”). Certain prior period amounts have been reclassified to conform to the current year presentation of our condensed consolidated interim financial statements. These reclassifications had no effect on the reported results of operations and ending shareholders’ equity. (c)Segment information Segment reporting is prepared on the same basis that the Company’s chief operating decision maker (the “CODM”) manages the business, makes operating decisions and assesses the Company’s performance. The Company determined that it has the following two reportable segments: U.S. (the “U.S. segment”) and ROW (the “ROW segment”). The U.S. operating segment consists of the manufacture and distribution of U.S. hemp-derived cannabinoid infused products. The ROW operating segment, which is predominantly composed of operations in Canada and Israel, is involved in the cultivation, manufacture, and marketing of cannabis and cannabis-derived products for the medical and adult-use markets. These two segments represent the geographic regions in which the Company operates and the different product offerings within each geographic region. The results of each segment are regularly reviewed by the CODM to assess the performance of the segment and make decisions regarding the allocation of resources using Adjusted EBITDA (as defined below) as the measure of segment profit or loss. Adjusted EBITDA is defined as earnings before interest, tax, depreciation, non-cash items and items that do not reflect management’s assessment of ongoing business performance. (d)Concentration of risk Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Company is exposed to credit risk from its operating activities, primarily accounts receivable and other receivables, and its investing activities, including cash held with banks and financial institutions, short-term investments and loans receivable. The Company’s maximum exposure to this risk is equal to the carrying amount of these financial assets, which amounted to $935,955 and $987,442 as of March 31, 2023 and December 31, 2022, respectively. An impairment analysis is performed at each reporting date using a provision matrix to measure expected credit losses. The provision rates are based on the days past due for groupings of various customer segments with similar loss patterns. The calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic conditions. Accounts receivable are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan and a failure to make contractual payments for a period of greater than 120 days past due. As of March 31, 2023 and December 31, 2022, the Company had $4 and $2, respectively, in expected credit losses that have been recognized on receivables from contracts with customers in the ROW segment. As of March 31, 2023 and December 31, 2022, the Company had $237 and $217, respectively, in expected credit losses that have been recognized on receivables from contracts with customers in the U.S. segment. As of March 31, 2023, the Company assessed that there is a concentration of credit risk, as 43% of the Company’s accounts receivable were due from two customers with an established credit history with the Company. As of December 31, 2022, 55% of the Company’s accounts receivable were due from three customers with an established credit history with the Company. The Company sells products to a limited number of major customers. Major customers are defined as customers that each individually accounted for greater than 10% of the Company’s revenue. During the three months ended March 31, 2023, the Company earned a total net revenue before excise taxes of $15,168 from two major customers in the ROW segment, together accounting for 56% of the Company’s total net revenues before excise taxes. During the three months ended March 31, 2022, the ROW segment earned a total net revenue before excise taxes of $9,833 from two major customers, together accounting for 33% of the Company’s total net revenues before excise taxes. During the three months ended March 31, 2023 and 2022, the U.S. segment had no major customers. (e)Adoption of new accounting pronouncements On January 1, 2023, the Company adopted ASU 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures (“ASU No. 2022-02”). ASU No. 2022-02 eliminates the existing troubled debt restructuring recognition and measurement guidance, and instead aligns the accounting treatment to that of other loan modifications. The amendments enhance existing disclosure requirements and introduce new requirements related to certain modifications of receivables made to borrowers experiencing financial difficulty. ASU No. 2022-02 also requires that entities disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases. The adoption of ASU No. 2022-02 did not have a material impact on the Company’s condensed consolidated interim financial statements. (f)New accounting pronouncements not yet adopted In June 2022, the Financial Accounting Standards Board (“FASB”) issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU No. 2022-03”). ASU No. 2022-03 clarifies that a contractual restriction on the sale of an equity security is not considered in measuring fair value. The amendments also require additional disclosures for equity securities subject to contractual sale restrictions. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years, and we expect to adopt ASU 2022-03 prospectively. The Company does not expect the adoption of ASU No. 2022-03 to have a material impact on its condensed consolidated interim financial statements.

Inventory, net

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

Inventory, net

Inventory, net is comprised of the following items:


	As of March 31, 2023		As of December 31, 2022
Raw materials	$	8,540	$	7,421
Work-in-progress	15,263		15,646
Finished goods	19,719		13,503
Supplies and consumables	746		989
Total	$	44,268	$	37,559

Investments

3 Months Ended

Mar. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Investments

(a)Equity method investments, net

A reconciliation of the carrying amount of the investments in equity method investees, net is as follows:


	Ownership interest	As of March 31, 2023		As of December 31, 2022

Cronos Growing Company Inc. (“Cronos GrowCo”)	50%	$	18,313	$	18,755

		$	18,313	$	18,755

The following is a summary of the Company’s share of net loss from equity method investments:


	For the three months ended March 31,
		2023		2022
Cronos GrowCo		$	(496)	$	—

		$	(496)	$	—

(b)Other investments

Other investments consist of investments in common shares and options of two companies in the cannabis industry.

PharmaCann, Inc.

In 2021, the Company purchased an option (the “PharmaCann Option”) to acquire 473,787 shares of Class A Common Stock of PharmaCann, Inc. (“PharmaCann”), a vertically integrated cannabis company in the United States, which represented an ownership interest of approximately 10.5% as of the purchase date of the PharmaCann Option, for an aggregate purchase price of approximately $110,392. The PharmaCann Option is classified as an equity security without a readily determinable fair value. The Company has elected to measure the fair value of the PharmaCann Option at cost less impairment, if any, and subsequently adjusted for observable price changes in orderly transactions for the identical or a similar investment of the same issuer. As of March 31, 2023, the Company’s proforma ownership percentage in PharmaCann on a fully-diluted basis was approximately 6.3%. The decrease in the Company’s ownership percentage since acquisition does not materially affect the Company’s rights under the PharmaCann Option.

Vitura Health Limited (formerly known as Cronos Australia)

The Company owns approximately 10% of the outstanding common shares of Vitura Health Limited (“Vitura”). The investment is considered an equity security with a readily determinable fair value. Changes in the fair value of the investment are recorded as gain (loss) on revaluation of financial instruments on the condensed consolidated statements of net loss and comprehensive loss.

The following table summarizes the Company’s other investments activity:


	As of January 1, 2023		Unrealized loss		Impairment charges		Foreign exchange effect		As of March 31, 2023
PharmaCann	$	49,000	$	—	$	—	$	—	$	49,000
Vitura	21,993		(7,923)		—		(237)		13,833
	$	70,993	$	(7,923)	$	—	$	(237)	$	62,833


	As of January 1, 2022		Unrealized gain		Impairment charges		Foreign exchange effect		As of March 31, 2022
PharmaCann	$	110,392	$	—	$	(11,238)	$	—	$	99,154
Vitura	8,000		4,196		—		411		12,607
	$	118,392	$	4,196	$	(11,238)	$	411	$	111,761

During the three months ended March 31, 2022, the Company identified adverse forecast changes in the financial performance of PharmaCann as indicators of impairment related to the PharmaCann Option and conducted analyses comparing the PharmaCann Option’s carrying amount to its estimated fair value. The fair value was estimated using a combination of the market and income approaches. Under the income approach, significant inputs used in the discounted cash flow method were the discount rate, growth rates, cash flow projections, and the timing of federal legalization of cannabis in the U.S. Under the market valuation approach, the key assumptions that require judgment under the Guideline Public Companies method are cash flow projections, selected multiples and the discount for lack of marketability. As a result of this analysis, the Company recorded a non-cash impairment charge of $11,238 during the three months ended March 31, 2022, as the difference between the carrying amount of the PharmaCann Option and its estimated fair value in the condensed consolidated statements of net loss and comprehensive loss.

Loans Receivable, net

3 Months Ended

Mar. 31, 2023

Receivables [Abstract]

Loans Receivable, net

Loans receivable, net consists of the following:


	As of March 31, 2023		As of December 31, 2022

GrowCo Credit Facility	$	4,933	$	4,427
Add: Current portion of accrued interest	637		4,463
Total current portion of loans receivable	5,570		8,890
GrowCo Credit Facility	56,594		56,898
Mucci Promissory Note	13,474		13,438
Cannasoul Collaboration Loan	1,793		1,837
Add: Long-term portion of accrued interest	190		172
Total long-term portion of loans receivable	72,051		72,345
Total loans receivable, net	$	77,621	$	81,235

Cronos GrowCo Credit Facility

On August 23, 2019, the Company, as lender, and Cronos GrowCo, as borrower, entered into a senior secured credit agreement for an aggregate principal amount of C$100,000 (the “GrowCo Credit Facility”). In August 2021, the GrowCo Credit Facility was amended to increase the aggregate principal amount available to C$105,000. As of March 31, 2023 and December 31, 2022, Cronos GrowCo had drawn C$104,000 ($76,946) and C$104,000 ($76,730), respectively, from the GrowCo Credit Facility. The interest rate on the outstanding borrowings is the Canadian Prime Rate plus 1.25%, with interest payments due on December 2021, December 2022, and quarterly thereafter. Principal payments of C$1,000 commenced in March 2022 and are due quarterly thereafter. As of March 31, 2023, Cronos GrowCo had repaid C$5,000 ($3,699) and C$14,465 ($10,702) in principal and interest, respectively, under the terms of the GrowCo Credit Facility.

Mucci Promissory Note

On June 28, 2019, the Company entered into a promissory note receivable agreement (the “Mucci Promissory Note”) for C$16,350 (approximately $12,097) with the Cronos GrowCo joint venture partner (“Mucci”). The Mucci Promissory Note is secured by a general security agreement covering all the assets of Mucci. On September 30, 2022, the Mucci Promissory Note was amended and restated to increase the interest rate from 3.95% to the Canadian Prime Rate plus 1.25%, change the interest payments from quarterly to annual, and defer Mucci’s initial cash interest payment from September 30, 2022 to July 1, 2023.

Prior to July 1, 2022, interest accrued on the Mucci Promissory Note was capitalized as part of the principal balance. As of July 1, 2023, interest is to be paid in cash.

Cannasoul Collaboration Loan

As of both March 31, 2023 and December 31, 2022, Cannasoul Lab Services Ltd. has received ILS 8,297 (approximately $2,307 and $2,359, respectively), from the Cannasoul Collaboration Loan.

Expected credit loss allowances on the Company’s long-term financial assets for the three ended March 31, 2023 and 2022 were comprised of the following items:


	As of January 1, 2023		Increase (decrease)(i)		Foreign exchange effect		As of March 31, 2023
GrowCo Credit Facility	$	12,455	$	(770)	$	34	$	11,719

Mucci Promissory Note	89		2		—		91
Cannasoul Collaboration Loan	522		4		(12)		514
	$	13,066	$	(764)	$	22	$	12,324


	As of January 1, 2022		Increase (decrease)		Foreign exchange effect		As of March 31, 2022
GrowCo Credit Facility	$	14,089	$	(4)	$	269	$	14,354

Mucci Promissory Note	90		1		2		93
Cannasoul Collaboration Loan	415		3		(9)		409
	$	14,594	$	—	$	262	$	14,856

(i)During the three months ended March 31, 2023, $764 was recorded as a decrease to general and administrative expenses on the condensed consolidated statements of net loss and comprehensive loss as a result of principal and interest payments made by Cronos GrowCo reducing our expected credit losses on loans receivable.

Derivative Liabilities

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Liabilities

Pursuant to the investor rights agreement (the “Investor Rights Agreement”) between the Company and Altria Group Inc. (“Altria”), the Company granted Altria certain rights, among others, summarized in this note.

The summaries below are qualified entirely by the terms and conditions fully set out in the Investor Rights Agreement.

a.The Company granted to Altria, subject to certain qualifications and limitations, upon the occurrence of certain issuances of common shares of the Company executed by the Company (including issuances pursuant to the research and development (“R&D”) partnership with Ginkgo Bioworks Holdings, Inc. (“Ginkgo”), the right to purchase up to such number of common shares of the Company in order to maintain their ownership percentage of issued and outstanding common shares of the Company immediately preceding any issuance of shares by the Company (“Pre-emptive Rights”), at the same price per common share of the Company at which the common shares are sold in the relevant issuance; provided that if the consideration paid in connection with any such issuance is non-cash, the price per common share of the Company that would have been received had such common shares been issued for cash consideration will be determined by an independent committee (acting reasonably and in good faith); provided further that the price per common share of the Company to be paid by Altria pursuant to its exercise of its Pre-emptive Rights related to the Ginkgo Collaboration Agreement will be C$16.25 per common share. These rights may not be exercised if Altria’s ownership percentage of the issued and outstanding shares of the Company falls below 20%.

b.In addition to (and without duplication of) the Pre-emptive Rights, the Company granted to Altria, subject to certain qualifications and limitations, the right to subscribe for common shares of the Company issuable in connection with the exercise, conversion or exchange of convertible securities of the Company issued prior to March 8, 2019 or thereafter (excluding any convertible securities of the Company owned by Altria or any of its subsidiaries), a share incentive plan of the Company, the exercise of any right granted by the Company pro rata to all shareholders of the Company to purchase additional common shares and/or securities of the Company, bona fide bank debt, equipment financing or non-equity interim financing transactions that contemplate an equity component or bona fide acquisitions (including acquisitions of assets or rights under a license or otherwise), mergers or similar business combination transactions or joint ventures involving the Company in order to maintain their ownership percentage of issued and outstanding common shares of the Company immediately preceding any such transactions (“Top-up Rights”).

The price per common share to be paid by Altria pursuant to the exercise of its Top-up Rights will be, subject to certain limited exceptions, the 10-day volume-weighted average price of the common shares of the Company on the TSX for the 10 full days

preceding such exercise by Altria; provided that the price per common share of the Company to be paid by Altria pursuant to the exercise of its Top-up Rights in connection with the issuance of common shares of the Company pursuant to the exercise of options or warrants that were outstanding as of March 8, 2019 will be C$16.25 per common share without any set off, counterclaim, deduction, or withholding. These rights may not be exercised if Altria’s ownership percentage of the issued and outstanding shares of the Company falls below 20%. The Pre-emptive Rights, and fixed price Top-up Rights have been classified as derivative liabilities on the Company’s consolidated balance sheet.

As of March 31, 2023, Altria beneficially held 156,573,537 of the Company’s common shares, an approximate 41% ownership interest in the Company (calculated on a non-diluted basis).

Reconciliation of the Company’s derivative liabilities activity are as follows:


	As of January 1, 2023		Revaluation (gain) loss		Foreign exchange effect		As of March 31, 2023

Pre-emptive Rights	$	—	$	79	$	—	$	79
Top-up Rights	15		(14)		—		1
	$	15	$	65	$	—	$	80


	As of January 1, 2022		Revaluation gain		Foreign exchange effect		As of March 31, 2022
Altria Warrant	$	13,720	$	(10,011)	$	136	$	3,845
Pre-emptive Rights	180		(115)		2		67
Top-up Rights	475		(293)		5		187
	$	14,375	$	(10,419)	$	143	$	4,099

Fluctuations in the expected life of the derivative instruments and the Company’s share price are primary drivers for the changes in the derivative valuations during each reporting period. As the period of time that the derivative liability is expected to be outstanding decreases and the share price decreases, the fair value typically decreases for each related derivative instrument. Weighted-average expected life and share price are two of the significant observable inputs used in the fair value measurement of each of the Company’s derivative instruments.

The fair values of the derivative liabilities were determined using the Black-Scholes pricing model using the following inputs:


	As of March 31, 2023
	Pre-emptive Rights	Top-up Rights
Share price at valuation date (per share in C$)	$2.60	$2.60
Subscription price (per share in C$)	$16.25	$16.25
Weighted-average risk-free interest rate(i)	3.81%	4.18%
Weighted-average expected life (in years)(ii)	1.75	0.46
Expected annualized volatility(iii)	60%	50%
Expected dividend yield	—%	—%


	As of December 31, 2022
	Pre-emptive Rights	Top-up Rights
Share price at valuation date (per share in C$)	$3.44	$3.44
Subscription price (per share in C$)	$16.25	$16.25
Weighted-average risk-free interest rate(i)	4.14%	4.28%
Weighted-average expected life (in years)(ii)	0.25	0.59
Expected annualized volatility(iii)	73%	73%
Expected dividend yield	—%	—%

(i)The risk-free interest rate was based on Bank of Canada government treasury bills and bonds with a remaining term equal to the expected life of the derivative liabilities. As of March 31, 2023 and December 31, 2022, the risk-free interest rate uses a range of approximately 3.56% to 4.21% and 3.81% to 4.37%, respectively, for the Pre-emptive Rights and Top-up Rights.

(ii)The expected life represents the period of time, in years, that the derivative liabilities are expected to be outstanding. The expected life of the Pre-emptive Rights and Top-up Rights is determined based on the expected term of the underlying options, warrants, and shares, to which the Pre-emptive Rights and Top-up Rights are linked. As of March 31, 2023 and December 31, 2022, the expected life uses a range of approximately 0.25 years to 2.50 years and 0.25 years to 2.75 years, respectively, for the Pre-emptive Rights and Top-up Rights.

(iii)Volatility was based on an equally weighted blended historical and implied volatility level of the underlying equity securities of the Company.

Restructuring

3 Months Ended

Mar. 31, 2023

Restructuring and Related Activities [Abstract]

Restructuring

In the first quarter of 2022, the Company initiated a strategic plan to realign the business around its brands, centralize functions and evaluate the Company’s supply chain (the “Realignment”). As part of the Realignment, on February 28, 2022, the Board approved plans to leverage the Company’s strategic partnerships to improve supply chain efficiencies and reduce manufacturing overhead by exiting its production facility in Stayner, Ontario, Canada (the “Peace Naturals Campus”). On February 27, 2023, the Board approved revisions to the Realignment, which are expected to result in the Company maintaining select components of its operations at the Peace Naturals Campus, namely distribution warehousing, certain research and development activities and manufacturing of certain of the Company’s products, while seeking to sell and lease back all or some of the Peace Naturals Campus or to lease certain portions of the Peace Naturals Campus to third parties. The Realignment initiatives were intended to position the Company to drive profitable and sustainable growth over time.

During the three months ended March 31, 2022, the Company recognized $3,084 of restructuring costs in connection with the Realignment, including the change in the nature of operations at the Peace Naturals Campus. Charges related thereto include employee-related costs such as severance, relocation and other termination benefits, as well as contract termination and other related costs. The Company incurred no restructuring costs during the three months ended March 31, 2023.

The Company incurred the following restructuring costs by reportable segment:


	Three ended March 31,
	2023		2022
Rest of World	$	—	$	2,031
United States	—		1,053
Total	$	—	$	3,084

The following table summarizes the Company’s restructuring activity for the three months ended March 31, 2023:


	As of January 1, 2023		Expenses		Payments/Write-offs		As of March 31, 2023
Employee termination benefits	$	403	$	—	$	(295)	$	108

Other restructuring costs	21		—		(21)		—
Total	$	424	$	—	$	(316)	$	108

The following table summarizes the Company’s restructuring activity for the three months ended March 31, 2022:


	As of January 1, 2022		Expenses		Payments/Write-offs		As of March 31, 2022
Employee termination benefits	$	—	$	2,503	$	(1,249)	$	1,254

Other restructuring costs	—		581		(437)		144
Total	$	—	$	3,084	$	(1,686)	$	1,398

Share-based Compensation

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Share-based Compensation

(a)Share-based award plans

The Company has granted stock options, restricted share units (“RSUs”) and deferred share units (“DSUs”) to employees and non-employee directors under the Stock Option Plan dated May 26, 2015 (the “2015 Stock Option Plan”), the 2018 Stock Option Plan dated June 28, 2018 (the “2018 Stock Option Plan” and, together with the 2015 Stock Option Plan, the “Prior Option Plans”), the Employment Inducement Award Plan #1 (the “Employment Inducement Award Plan”), the 2020 Omnibus Equity Incentive Plan dated March 29, 2020 (the “2020 Omnibus Plan”) and the DSU Plan dated August 10, 2019 (the “DSU Plan”). The Company can no longer make grants under the Prior Option Plans or the Employment Inducement Award Plan.

The following table summarizes the total share-based compensation expense associated with the Company’s stock options, RSUs and liability-classified awards for the three months ended March 31, 2023 and 2022:


	Three months ended March 31,
	2023		2022
Stock options	$	734	$	1,729
RSUs	1,817		1,957

Total share-based compensation	$	2,551	$	3,686

(b)Stock options

Vesting conditions for grants of options are determined by the Compensation Committee. The typical vesting for stock option grants made under the 2020 Omnibus Plan is annual vesting over three to five years with a maximum term of ten years. The typical vesting for stock option grants made under the Prior Option Plans is quarterly vesting over three to five years with a maximum term of seven years. The Prior Option Plans did not, and the 2020 Omnibus Plan does not, authorize grants of options with an exercise price below fair market value.

The following is a summary of the changes in stock options for the three months ended March 31, 2023 and 2022:


	Weighted-average exercise price (C$) (i)		Number of options	Weighted-average remaining contractual term (years)
Balance as of January 1, 2023	$	10.57	5,350,600	0.73
Issuance of options	2.96		188,317

Cancellation, forfeiture and expiry of options	9.05		(335,091)
Balance as of March 31, 2023	$	10.40	5,203,826	0.75
Exercisable as of March 31, 2023	$	11.88	3,624,498	0.48


	Weighted-average exercise price (C$) (i)		Number of options	Weighted-average remaining contractual term (years)
Balance as of January 1, 2022	$	7.75	8,939,330	2.70

Exercise of options	3.14		(1,356,875)
Cancellation, forfeiture and expiry of options	12.46		(55,791)
Balance as of March 31, 2022	$	8.55	7,526,664	1.72
Exercisable as of March 31, 2022	$	7.96	4,654,574	1.14

(i)The weighted-average exercise price reflects the conversion of foreign currency-denominated stock options translated into C$ using the average foreign exchange rate as of the date of issuance.

For the three months ended March 31, 2023, the weighted-average fair value per option at grant date was C$2.07. The fair value of the options issued during the period was determined using the Black-Scholes option pricing model, using the following inputs:


			2023
Share price at grant date (per share)			C$2.96
Exercise price (per option)			C$2.96
Risk-free interest rate			3.22%
Expected life of options (in years)			7
Expected annualized volatility			72.68%
Expected dividend yield			—
Weighted average Black-Scholes value at grant date (per option)			C$2.07
Forfeiture rate			—

The following table summarizes stock options outstanding:


	As of March 31, 2023	As of December 31, 2022
2020 Omnibus Plan	2,977,264	2,788,947
2018 Stock Option Plan	1,400,937	1,422,069
2015 Stock Option Plan	825,625	1,139,584
Total stock options outstanding	5,203,826	5,350,600

(c)Restricted share units

The following is a summary of the changes in RSUs for the three months ended March 31, 2023 and 2022:


	Weighted-average grant date fair value (C$)(ii)		Number of RSUs
Balance as of January 1, 2023	$	4.63	5,725,470
Granted(i)	2.74		1,927,487
Vested and issued	4.98		(345,433)
Cancellation and forfeitures	4.19		(70,108)
Balance as of March 31, 2023	$	4.11	7,237,416


	Weighted-average grant date fair value (C$)(ii)		Number of RSUs
Balance as of January 1, 2022	$	9.22	1,225,870
Granted(i)	3.52		3,950,334
Vested and issued	10.81		(78,631)
Cancellation and forfeitures	7.92		(55,479)
Balance as of March 31, 2022	$	4.74	5,042,094

(i)RSUs granted in the period vest annually in equal installments over a three-year period from either the grant date or after a three or five year “cliff-period.” All RSUs are subject to such holder’s continued employment through each vesting date. The vesting of such RSUs is not subject to the achievement of any performance criteria.

(ii)The weighted-average grant date fair value reflects the conversion of foreign currency-denominated RSUs translated into C$ using the foreign exchange rate as of the date of issuance.

(d)Deferred share units

The following is a summary of the changes in DSUs for the three months ended March 31, 2023 and 2022:


	Financial liability		Number of DSUs
Balance as of January 1, 2023	$	674	265,732


Gain on revaluation	(163)		—
Balance as of March 31, 2023	$	511	265,732


	Financial liability		Number of DSUs
Balance as of January 1, 2022	$	408	104,442


Gain on revaluation	(66)		—
Balance as of March 31, 2022	$	342	104,442

Loss Per Share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Loss Per Share

Basic and diluted earnings (loss) per share from continuing and discontinued operations are calculated as follows (in thousands, except share and per share amounts):


	Three months ended March 31,
		2023		2022
Basic and diluted loss per share computation
Net loss from continuing operations attributable to the shareholders of Cronos Group		$	(19,169)	$	(32,638)
Weighted-average number of common shares outstanding for computation for basic and diluted loss per share(i)		380,634,208		375,022,724
Basic loss from continuing operations per share		$	(0.05)	$	(0.09)


















Diluted loss from continuing operations per share		$	(0.05)	$	(0.09)

(i)In computing diluted loss per share, incremental common shares are not considered in periods in which a net loss is reported as the inclusion of the common share equivalents would be anti-dilutive.

For the three months ended March 31, 2023 and 2022, total securities of 30,086,428 and 118,224,080, respectively, were not included in the computation of diluted shares outstanding, because the effect would be anti-dilutive.

Segment Information

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Segment Information

The tables below set forth our condensed consolidated results of operations by segment. The Company’s condensed consolidated financial results for these periods are not necessarily indicative of the consolidated financial results that the Company will achieve in future periods. Segment data was as follows for the three months ended March 31, 2023 and 2022:


	Three months ended March 31, 2023
	United States		Rest of World		Corporate		Total
Cannabis flower	$	—	$	13,128	$	—	$	13,128
Cannabis extracts	649		6,301		—		6,950
Other	—		66		—		66
Net revenue	$	649	$	19,495	$	—	$	20,144

Share of loss from equity method investments	$	—	$	(496)	$	—	$	(496)

Total assets	$	267,513	$	276,094	$	615,968	$	1,159,575
Depreciation and amortization	78		1,455		—		1,533



Adjusted EBITDA	(2,857)		(10,028)		(3,879)		(16,764)


	Three Months Ended March 31, 2022
	United States		Rest of World		Corporate		Total
Cannabis flower	$	—	$	18,625	$	—	$	18,625
Cannabis extracts	2,328		3,988		—		6,316
Other	—		92		—		92
Net revenue	$	2,328	$	22,705	$	—	$	25,033

Share of loss from equity method investments	$	—	$	—	$	—	$	—

Total assets	$	441,064	$	283,182	$	646,755	$	1,371,001
Depreciation and amortization	96		1,197		—		1,293



Adjusted EBITDA	(7,086)		(3,425)		(8,389)		(18,900)

The following tables set forth a reconciliation of net income (loss) as determined in accordance with U.S. GAAP to Adjusted EBITDA for the periods indicated:


	Three months ended March 31, 2023
	United States		Rest of World		Corporate		Total
Net income (loss)	$	337	$	(15,439)	$	(4,155)	$	(19,257)
Interest income, net	(3,399)		(7,781)		—		(11,180)
Income tax benefit	—		(1,436)		—		(1,436)
Depreciation and amortization	200		2,205		—		2,405
EBITDA	(2,862)		(22,451)		(4,155)		(29,468)
Share of loss from equity method investments	—		496		—		496


Loss on revaluation of derivative liabilities(ii)	—		65		—		65

Loss on revaluation of financial instruments(iii)	—		7,758		—		7,758

Foreign currency transaction loss	—		1,643		—		1,643
Other, net(v)	—		(85)		—		(85)


Share-based compensation(vii)	5		2,546		—		2,551
Financial statement review costs(viii)	—		—		276		276
Adjusted EBITDA	$	(2,857)	$	(10,028)	$	(3,879)	$	(16,764)


	Three Months Ended March 31, 2022
	United States		Rest of World		Corporate		Total
Net income (loss)	$	(22,216)	$	2,014	$	(12,451)	$	(32,653)
Interest income, net	(29)		(2,017)		—		(2,046)
Income tax expense	—		362		—		362
Depreciation and amortization	432		2,392		—		2,824
EBITDA	(21,813)		2,751		(12,451)		(31,513)


Impairment loss on long-lived assets(i)	—		3,493		—		3,493
Gain on revaluation of derivative liabilities(ii)	—		(10,419)		—		(10,419)


Gain on revaluation of financial instruments(iii)	—		(4,268)		—		(4,268)
Impairment loss on other investments(iv)	11,238		—		—		11,238
Foreign currency transaction loss	—		1,872		—		1,872
Other, net(v)	—		(135)		—		(135)
Restructuring costs(vi)	1,053		2,031		—		3,084

Share-based compensation(vii)	2,436		1,250		—		3,686
Financial statement review costs(viii)	—		—		4,062		4,062
Adjusted EBITDA	$	(7,086)	$	(3,425)	$	(8,389)	$	(18,900)

(i)For the three months ended March 31, 2022, impairment loss on long-lived assets related to the Company’s decision to seek a sublease for leased office space in Toronto, Ontario, Canada during the first quarter of 2022. See Note 12 “Impairment Loss on Long-lived Assets.”

(ii)For the three months ended March 31, 2023 and 2022, gain (loss) on revaluation of derivative liabilities represents the fair value changes on the derivative liabilities. See Note 5 “Derivative Liabilities.”

(iii)For the three months ended March 31, 2023 and 2022, gain (loss) on revaluation of financial instruments related primarily to the Company’s equity securities in Vitura. See Note 3 “Investments.”

(iv)For the three months ended March 31, 2022, impairment loss on other investments related to the PharmaCann Option for the difference between its fair value and carrying amount. See Note 3 “Investments.”

(v)For the three months ended March 31, 2023 and 2022, other, net related to gain on disposal of assets.

(vi)For the three months ended March 31, 2022, restructuring costs related to the employee-related severance costs and other restructuring costs associated with the Realignment, including the change in the nature of operations at the Peace Naturals Campus.

(vii)For the three months ended March 31, 2023 and 2022, share-based compensation related to the vesting expenses of share-based compensation awarded to employees under the Company’s share-based award plans as described in Note 7 “Share-based Compensation.”

(viii)For the three months ended March 31, 2023 and 2022, financial statement review costs include costs and reserves taken related to the restatements of the Company’s 2019 and second quarter 2021 interim financial statements, costs related to the Company’s responses to requests for information from various regulatory authorities relating to such restatements and legal costs defending shareholder class action complaints brought against the Company as a result of the 2019 restatement.

Net revenue attributed to a geographic region based on the location of the customer were as follows:


	Three months ended March 31,
	2023		2022
Canada	$	14,434	$	13,576
Israel	5,061		9,128
United States	649		2,329

Net revenue	$	20,144	$	25,033

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 21
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

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-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI https://asc.fasb.org/topic&trid=2134510

+ Details

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2023
Loss Contingency [Abstract]
Commitments and Contingencies	Commitments and Contingencies (a)Commitments There have been no material changes in the information regarding commitments as disclosed in the Company’s Annual Report. (b)Contingencies The Company is subject to various legal proceedings in the ordinary course of its business and in connection with its marketing, distribution and sale of its products. Many of these legal proceedings are in the early stages of litigation and seek damages that are unspecified or not quantified. Although the outcome of these matters cannot be predicted with certainty, the Company does not believe these legal proceedings, individually or in the aggregate, will have a material adverse effect on its financial condition but could be material to its results of operations for a quarterly period depending, in part, on its results for that quarter. (i)Class action complaints relating to restatement of 2019 interim financial statements On March 11 and 12, 2020, two alleged shareholders of the Company separately filed two putative class action complaints in the U.S. District Court for the Eastern District of New York against the Company and its Chief Executive Officer and now former Chief Financial Officer. The court has consolidated the cases, and the consolidated amended complaint alleges violations of Section 10(b) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder against all defendants, and Section 20(a) of the Exchange Act against the individual defendants. The consolidated amended complaint generally alleges that certain of the Company’s prior public statements about revenues and internal control were incorrect based on the Company’s disclosures relating to the Audit Committee of the Board’s review of the appropriateness of revenue recognized in connection with certain bulk resin purchases and sales of products through the wholesale channel. The consolidated amended complaint does not quantify a damage request. Defendants moved to dismiss on February 8, 2021. On June 3, 2020, an alleged shareholder filed a Statement of Claim, as amended on August 12, 2020, in the Ontario Superior Court of Justice in Toronto, Ontario, Canada, seeking, among other things, an order certifying the action as a class action on behalf of a putative class of shareholders and damages of an unspecified amount. The Amended Statement of Claim names (i) the Company, (ii) its Chief Executive Officer, (iii) now former Chief Financial Officer, (iv) former Chief Financial Officer and Chief Commercial Officer, and (v) current and former members of the Board as defendants and alleges breaches of the Ontario Securities Act, oppression under the Ontario Business Corporations Act and common law misrepresentation. The Amended Statement of Claim generally alleges that certain of the Company’s prior public statements about revenues and internal control were misrepresentations based on the Company’s March 2, 2020 disclosure that the Audit Committee of the Board was conducting a review of the appropriateness of revenue recognized in connection with certain bulk resin purchases and sales of products through the wholesale channel, and the Company’s subsequent restatement. The Amended Statement of Claim does not quantify a damage request. On June 28, 2021, the Court dismissed motions brought by the plaintiff for leave to commence a claim for misrepresentation under the Ontario Securities Act and for certification of the action as a class action. The plaintiff appealed the Court’s dismissal of the motions only with respect to the Company, the Chief Executive Officer, and the now former Chief Financial Officer; the remaining defendants were dismissed from the matter with prejudice, and the Company and all individual defendants agreed not to seek costs from plaintiff in connection with the dismissal of the motions. On September 26, 2022, the Court of Appeal for Ontario reversed the Superior Court’s dismissal of the leave and certification motions, granted the plaintiff leave to proceed to bring a claim for misrepresentation under the Ontario Securities Act, and remitted the certification motion back to the Superior Court. (ii)Regulatory reviews relating to restatements The Company has been responding to requests for information from various regulatory authorities relating to its previously disclosed restatement of its financial statements for the first three quarters of 2019 as well as the previously disclosed restatement of the second quarter of 2021 interim financial statements (collectively, the “Restatements”). The Company has been responding to all such requests for information and cooperating with all regulatory authorities. SEC Settlement On October 24, 2022, the SEC issued an Order Instituting Cease-and-Desist Proceedings Pursuant to Section 8(a) of the Securities Act of 1933 (the “Securities Act”) and Section 21(c) of the Exchange Act, Making Findings, and Imposing a Cease-and-Desist Order (the “Settlement Order”) resolving the Restatements. The Company has agreed to settle with the SEC, without admitting or denying the allegations described in the Settlement Order. The Settlement Order fully and finally disposes of the investigation of the Company by the SEC into the Restatements without the payment of any civil penalty or other amount. The Settlement Order required the Company to cease and desist from committing or causing any violations and any future violations of Section 17(a) of the Securities Act, Sections 10(b), 13(a), 13(b)(2)(B) of the Exchange Act and Rules 10b-5, 13a-13, 13a-15(a), 13a-16 and 12b-20 thereunder. Additionally, the Company agreed to certain undertakings, which include, among other things, retaining a qualified independent consultant (the “Consultant”) to engage in a review of, and make recommendations with respect to, certain of the Company’s internal accounting controls and internal control over financing reporting. As a result of the Settlement Order, the Company (i) lost its status as a well-known seasoned issuer for a period of three years, (ii) is unable to rely on the private offering exemptions provided by Regulations A and D under the Securities Act for a period of five years and (iii) is unable to rely on the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 for a period of three years. OSC Settlement On October 24, 2022, the Ontario Capital Markets Tribunal approved a settlement agreement (the “Settlement Agreement”) between the Company and the staff of the OSC, resolving the Restatements. Pursuant to the terms of the Settlement Agreement, which fully and finally disposed the investigation of the Company by the OSC, Cronos agreed to pay a total of C$1.34 million to fully settle the matter, and acknowledged that it had failed to comply with the requirement under Section 77 of the Securities Act (Ontario) to file interim financial reports in the manner set out therein and had acted in a manner contrary to the public interest. Additionally, the Company agreed to retain the Consultant to engage in a review of, and make recommendations with respect to, certain of the Company’s internal accounting controls and internal control over financing reporting, on substantially the same terms as were required by the SEC pursuant the Settlement Agreement. (iii)Litigation relating to marketing, distribution and sale of products On April 17, 2023, a group of plaintiffs led by the Green Leaf (Ale Yarok) political party filed a Statement of Claim and Request for Approval of a Class Action on behalf of a purported class of Israeli cannabis consumers in the District Court of Tel Aviv, Israel against 26 cannabis-related parties, including three Cronos Israel entities. The Statement of Claim alleges that the defendants violated certain laws relating to the marketing of medical cannabis products, including marketing to unlicensed cannabis consumers. The lawsuit seeks a total of ILS 420 million.

- Definition

The entire disclosure for loss and gain contingencies. Describes any existing condition, situation, or set of circumstances involving uncertainty as of the balance sheet date (or prior to issuance of the financial statements) as to a probable or reasonably possible loss incurred by an entity that will ultimately be resolved when one or more future events occur or fail to occur, and typically discloses the amount of loss recorded or a range of possible loss, or an assertion that no reasonable estimate can be made.

+ References + Details

Fair Value Measurements

3 Months Ended

Mar. 31, 2023

Risks and Uncertainties [Abstract]

Fair Value Measurements

The Company complies with ASC 820 Fair Value Measurements for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period, and non-financial assets and liabilities that are re-measured and reported at fair value at least annually. In general, fair values are determined by:

•Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities.

•Level 2 inputs utilize data points that are observable such as quoted prices, interest rates and yield curves.

•Level 3 inputs are unobservable data points for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability.

The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis:


	March 31, 2023
	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	413,667	$	—	$	—	$	413,667
Short-term investments	422,763		—		—		422,763
Other investments(i)	13,833		—		—		13,833
Derivative liabilities	—		—		80		80


	December 31, 2022
	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	764,644	$	—	$	—	$	764,644
Short-term investments	113,077		—		—		113,077
Other investments(i)	21,993		—		—		21,993
Derivative liabilities	—		—		15		15

(i)As of March 31, 2023 and December 31, 2022, the Company’s influence on Vitura is deemed non-significant and the investment is considered an equity security with a readily determinable fair value. See Note 3 “Investments” for additional information.

There were no transfers between fair value categories during the periods presented.

Impairment Loss on Long-lived Assets	3 Months Ended
Impairment Loss on Long-lived Assets	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment Loss on Long-lived Assets	Impairment Loss on Long-lived Assets (a)Right-of-use assets and property, plant, and equipment, net During the three months ended March 31, 2022, the Company recognized an impairment charge of $1,986 related to the right-of-use lease asset associated with the Company’s corporate headquarters, encompassing approximately 29,000 square feet, in Toronto, Ontario, Canada, for which the Company determined it would seek a sublease. In addition, the Company recognized an impairment charge of $1,507 during the three months ended March 31, 2022 related to leasehold improvements and other office equipment that it plans to include in any potential sublease agreement. The determination to seek a sublease of the property and include leasehold improvements and other office equipment in any potential sublease agreement triggered the impairment charges. Both of the impairment charges are recognized as impairment loss on long-lived assets on the condensed consolidated statements of net loss and comprehensive loss.

Related Party Transactions

3 Months Ended

Mar. 31, 2023

Related Party Transactions

(a)Cronos GrowCo

The Company holds a variable interest in Cronos GrowCo through its ownership of 50% of Cronos GrowCo’s common shares and senior secured debt in Cronos GrowCo. See Note 3 “Investments” for additional information.

The Company made the following purchases of cannabis products from Cronos GrowCo:


	Three months ended March 31,
	2023		2022
Cronos GrowCo - purchases	$	7,466	$	3,218

As of March 31, 2023, and December 31, 2022, the Company had payables outstanding to Cronos GrowCo of $3,087 and $2,519, respectively.

Additionally, on August 23, 2019, the Company, as lender, and Cronos GrowCo, as borrower, entered into the GrowCo Facility. See Note 4 “Loans Receivable, net” for additional information.

(b)Vendor Agreement

In November 2022, the Company entered into an agreement with an external vendor whereby the vendor would provide certain manufacturing services to the Company. The vendor then subcontracted out a portion of those services to another company whose chief executive officer is an immediate family member of an executive of the Company. The Company has no direct contractual relationship with the related party.

During the three months ended March 31, 2023, the Company purchased $833 of products and services under this agreement and had outstanding accounts payable related to the agreement of $437 and $nil as of March 31, 2023 and December 31, 2022, respectively.

Background, Basis of Presentation, and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of presentation	Basis of presentation These condensed consolidated interim financial statements of Cronos Group are unaudited. They have been prepared in accordance with Generally Accepted Accounting Principles in the United States (“U.S. GAAP”) for interim financial information and with applicable rules and regulations of the U.S. Securities and Exchange Commission relating to interim financial statements. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2023 are not necessarily indicative of the results that may be expected for any other reporting period. These condensed consolidated interim financial statements should be read in conjunction with the Company’s audited consolidated financial statements and related notes included in its Annual Report on Form 10-K for the year ended December 31, 2022 (the “Annual Report”). Certain prior period amounts have been reclassified to conform to the current year presentation of our condensed consolidated interim financial statements. These reclassifications had no effect on the reported results of operations and ending shareholders’ equity.
Segment information	Segment informationSegment reporting is prepared on the same basis that the Company’s chief operating decision maker (the “CODM”) manages the business, makes operating decisions and assesses the Company’s performance. The Company determined that it has the following two reportable segments: U.S. (the “U.S. segment”) and ROW (the “ROW segment”). The U.S. operating segment consists of the manufacture and distribution of U.S. hemp-derived cannabinoid infused products. The ROW operating segment, which is predominantly composed of operations in Canada and Israel, is involved in the cultivation, manufacture, and marketing of cannabis and cannabis-derived products for the medical and adult-use markets. These two segments represent the geographic regions in which the Company operates and the different product offerings within each geographic region. The results of each segment are regularly reviewed by the CODM to assess the performance of the segment and make decisions regarding the allocation of resources using Adjusted EBITDA (as defined below) as the measure of segment profit or loss. Adjusted EBITDA is defined as earnings before interest, tax, depreciation, non-cash items and items that do not reflect management’s assessment of ongoing business performance.
Concentration of risk	Concentration of riskCredit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Company is exposed to credit risk from its operating activities, primarily accounts receivable and other receivables, and its investing activities, including cash held with banks and financial institutions, short-term investments and loans receivable. The Company’s maximum exposure to this risk is equal to the carrying amount of these financial assets, which amounted to $935,955 and $987,442 as of March 31, 2023 and December 31, 2022, respectively.An impairment analysis is performed at each reporting date using a provision matrix to measure expected credit losses. The provision rates are based on the days past due for groupings of various customer segments with similar loss patterns. The calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic conditions. Accounts receivable are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan and a failure to make contractual payments for a period of greater than 120 days past due.
Adoption of new accounting pronouncements and New accounting pronouncements not yet adopted	Adoption of new accounting pronouncements On January 1, 2023, the Company adopted ASU 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures (“ASU No. 2022-02”). ASU No. 2022-02 eliminates the existing troubled debt restructuring recognition and measurement guidance, and instead aligns the accounting treatment to that of other loan modifications. The amendments enhance existing disclosure requirements and introduce new requirements related to certain modifications of receivables made to borrowers experiencing financial difficulty. ASU No. 2022-02 also requires that entities disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases. The adoption of ASU No. 2022-02 did not have a material impact on the Company’s condensed consolidated interim financial statements. (f)New accounting pronouncements not yet adopted In June 2022, the Financial Accounting Standards Board (“FASB”) issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU No. 2022-03”). ASU No. 2022-03 clarifies that a contractual restriction on the sale of an equity security is not considered in measuring fair value. The amendments also require additional disclosures for equity securities subject to contractual sale restrictions. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years, and we expect to adopt ASU 2022-03 prospectively. The Company does not expect the adoption of ASU No. 2022-03 to have a material impact on its condensed consolidated interim financial statements.

Inventory, net (Tables)

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

Schedule of Inventory, net

Inventory, net is comprised of the following items:


	As of March 31, 2023		As of December 31, 2022
Raw materials	$	8,540	$	7,421
Work-in-progress	15,263		15,646
Finished goods	19,719		13,503
Supplies and consumables	746		989
Total	$	44,268	$	37,559

Investments (Tables)

3 Months Ended

Mar. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Investments in Associates and Joint Ventures

A reconciliation of the carrying amount of the investments in equity method investees, net is as follows:


	Ownership interest	As of March 31, 2023		As of December 31, 2022

Cronos Growing Company Inc. (“Cronos GrowCo”)	50%	$	18,313	$	18,755

		$	18,313	$	18,755

The following is a summary of the Company’s share of net loss from equity method investments:


	For the three months ended March 31,
		2023		2022
Cronos GrowCo		$	(496)	$	—

		$	(496)	$	—

Summary of Gain on Revaluation of Other Investments

The following table summarizes the Company’s other investments activity:


	As of January 1, 2023		Unrealized loss		Impairment charges		Foreign exchange effect		As of March 31, 2023
PharmaCann	$	49,000	$	—	$	—	$	—	$	49,000
Vitura	21,993		(7,923)		—		(237)		13,833
	$	70,993	$	(7,923)	$	—	$	(237)	$	62,833


	As of January 1, 2022		Unrealized gain		Impairment charges		Foreign exchange effect		As of March 31, 2022
PharmaCann	$	110,392	$	—	$	(11,238)	$	—	$	99,154
Vitura	8,000		4,196		—		411		12,607
	$	118,392	$	4,196	$	(11,238)	$	411	$	111,761

Loans Receivable, net (Tables)

3 Months Ended

Mar. 31, 2023

Receivables [Abstract]

Schedule of Loans Receivable

Loans receivable, net consists of the following:


	As of March 31, 2023		As of December 31, 2022

GrowCo Credit Facility	$	4,933	$	4,427
Add: Current portion of accrued interest	637		4,463
Total current portion of loans receivable	5,570		8,890
GrowCo Credit Facility	56,594		56,898
Mucci Promissory Note	13,474		13,438
Cannasoul Collaboration Loan	1,793		1,837
Add: Long-term portion of accrued interest	190		172
Total long-term portion of loans receivable	72,051		72,345
Total loans receivable, net	$	77,621	$	81,235

Schedule of Expected Credit Loss Allowances

Expected credit loss allowances on the Company’s long-term financial assets for the three ended March 31, 2023 and 2022 were comprised of the following items:


	As of January 1, 2023		Increase (decrease)(i)		Foreign exchange effect		As of March 31, 2023
GrowCo Credit Facility	$	12,455	$	(770)	$	34	$	11,719

Mucci Promissory Note	89		2		—		91
Cannasoul Collaboration Loan	522		4		(12)		514
	$	13,066	$	(764)	$	22	$	12,324


	As of January 1, 2022		Increase (decrease)		Foreign exchange effect		As of March 31, 2022
GrowCo Credit Facility	$	14,089	$	(4)	$	269	$	14,354

Mucci Promissory Note	90		1		2		93
Cannasoul Collaboration Loan	415		3		(9)		409
	$	14,594	$	—	$	262	$	14,856

Derivative Liabilities (Tables)

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Reconciliation of Derivative Liabilities Activity

Reconciliation of the Company’s derivative liabilities activity are as follows:


	As of January 1, 2023		Revaluation (gain) loss		Foreign exchange effect		As of March 31, 2023

Pre-emptive Rights	$	—	$	79	$	—	$	79
Top-up Rights	15		(14)		—		1
	$	15	$	65	$	—	$	80


	As of January 1, 2022		Revaluation gain		Foreign exchange effect		As of March 31, 2022
Altria Warrant	$	13,720	$	(10,011)	$	136	$	3,845
Pre-emptive Rights	180		(115)		2		67
Top-up Rights	475		(293)		5		187
	$	14,375	$	(10,419)	$	143	$	4,099

Schedule of Fair Values of Derivative Liabilities

The fair values of the derivative liabilities were determined using the Black-Scholes pricing model using the following inputs:


	As of March 31, 2023
	Pre-emptive Rights	Top-up Rights
Share price at valuation date (per share in C$)	$2.60	$2.60
Subscription price (per share in C$)	$16.25	$16.25
Weighted-average risk-free interest rate(i)	3.81%	4.18%
Weighted-average expected life (in years)(ii)	1.75	0.46
Expected annualized volatility(iii)	60%	50%
Expected dividend yield	—%	—%


	As of December 31, 2022
	Pre-emptive Rights	Top-up Rights
Share price at valuation date (per share in C$)	$3.44	$3.44
Subscription price (per share in C$)	$16.25	$16.25
Weighted-average risk-free interest rate(i)	4.14%	4.28%
Weighted-average expected life (in years)(ii)	0.25	0.59
Expected annualized volatility(iii)	73%	73%
Expected dividend yield	—%	—%

(iii)Volatility was based on an equally weighted blended historical and implied volatility level of the underlying equity securities of the Company.

Restructuring (Tables)

3 Months Ended

Mar. 31, 2023

Restructuring and Related Activities [Abstract]

Schedule of Plan Information and Restructuring-Related Costs

The Company incurred the following restructuring costs by reportable segment:


	Three ended March 31,
	2023		2022
Rest of World	$	—	$	2,031
United States	—		1,053
Total	$	—	$	3,084

The following table summarizes the Company’s restructuring activity for the three months ended March 31, 2023:


	As of January 1, 2023		Expenses		Payments/Write-offs		As of March 31, 2023
Employee termination benefits	$	403	$	—	$	(295)	$	108

Other restructuring costs	21		—		(21)		—
Total	$	424	$	—	$	(316)	$	108

The following table summarizes the Company’s restructuring activity for the three months ended March 31, 2022:


	As of January 1, 2022		Expenses		Payments/Write-offs		As of March 31, 2022
Employee termination benefits	$	—	$	2,503	$	(1,249)	$	1,254

Other restructuring costs	—		581		(437)		144
Total	$	—	$	3,084	$	(1,686)	$	1,398

Share-based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Stock-based Compensation Expense


	Three months ended March 31,
	2023		2022
Stock options	$	734	$	1,729
RSUs	1,817		1,957

Total share-based compensation	$	2,551	$	3,686

Summary of the Changes in Options and Options Outstanding

The following is a summary of the changes in stock options for the three months ended March 31, 2023 and 2022:


	Weighted-average exercise price (C$) (i)		Number of options	Weighted-average remaining contractual term (years)
Balance as of January 1, 2023	$	10.57	5,350,600	0.73
Issuance of options	2.96		188,317

Cancellation, forfeiture and expiry of options	9.05		(335,091)
Balance as of March 31, 2023	$	10.40	5,203,826	0.75
Exercisable as of March 31, 2023	$	11.88	3,624,498	0.48


	Weighted-average exercise price (C$) (i)		Number of options	Weighted-average remaining contractual term (years)
Balance as of January 1, 2022	$	7.75	8,939,330	2.70

Exercise of options	3.14		(1,356,875)
Cancellation, forfeiture and expiry of options	12.46		(55,791)
Balance as of March 31, 2022	$	8.55	7,526,664	1.72
Exercisable as of March 31, 2022	$	7.96	4,654,574	1.14

(i)The weighted-average exercise price reflects the conversion of foreign currency-denominated stock options translated into C$ using the average foreign exchange rate as of the date of issuance.

The following table summarizes stock options outstanding:


	As of March 31, 2023	As of December 31, 2022
2020 Omnibus Plan	2,977,264	2,788,947
2018 Stock Option Plan	1,400,937	1,422,069
2015 Stock Option Plan	825,625	1,139,584
Total stock options outstanding	5,203,826	5,350,600

Summary of Fair Value of Options Issued

The fair value of the options issued during the period was determined using the Black-Scholes option pricing model, using the following inputs:


			2023
Share price at grant date (per share)			C$2.96
Exercise price (per option)			C$2.96
Risk-free interest rate			3.22%
Expected life of options (in years)			7
Expected annualized volatility			72.68%
Expected dividend yield			—
Weighted average Black-Scholes value at grant date (per option)			C$2.07
Forfeiture rate			—

Summary of Changes in RSUs

The following is a summary of the changes in RSUs for the three months ended March 31, 2023 and 2022:


	Weighted-average grant date fair value (C$)(ii)		Number of RSUs
Balance as of January 1, 2023	$	4.63	5,725,470
Granted(i)	2.74		1,927,487
Vested and issued	4.98		(345,433)
Cancellation and forfeitures	4.19		(70,108)
Balance as of March 31, 2023	$	4.11	7,237,416


	Weighted-average grant date fair value (C$)(ii)		Number of RSUs
Balance as of January 1, 2022	$	9.22	1,225,870
Granted(i)	3.52		3,950,334
Vested and issued	10.81		(78,631)
Cancellation and forfeitures	7.92		(55,479)
Balance as of March 31, 2022	$	4.74	5,042,094

(ii)The weighted-average grant date fair value reflects the conversion of foreign currency-denominated RSUs translated into C$ using the foreign exchange rate as of the date of issuance.

Summary of Changes in DSUs and Warrants

The following is a summary of the changes in DSUs for the three months ended March 31, 2023 and 2022:


	Financial liability		Number of DSUs
Balance as of January 1, 2023	$	674	265,732


Gain on revaluation	(163)		—
Balance as of March 31, 2023	$	511	265,732


	Financial liability		Number of DSUs
Balance as of January 1, 2022	$	408	104,442


Gain on revaluation	(66)		—
Balance as of March 31, 2022	$	342	104,442

Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Schedule of Earnings (Loss) Per Share

Basic and diluted earnings (loss) per share from continuing and discontinued operations are calculated as follows (in thousands, except share and per share amounts):


	Three months ended March 31,
		2023		2022
Basic and diluted loss per share computation
Net loss from continuing operations attributable to the shareholders of Cronos Group		$	(19,169)	$	(32,638)
Weighted-average number of common shares outstanding for computation for basic and diluted loss per share(i)		380,634,208		375,022,724
Basic loss from continuing operations per share		$	(0.05)	$	(0.09)


















Diluted loss from continuing operations per share		$	(0.05)	$	(0.09)

Segment Information (Tables)

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Schedule of Segment Data and Adjusted EBITDA

Segment data was as follows for the three months ended March 31, 2023 and 2022:


	Three months ended March 31, 2023
	United States		Rest of World		Corporate		Total
Cannabis flower	$	—	$	13,128	$	—	$	13,128
Cannabis extracts	649		6,301		—		6,950
Other	—		66		—		66
Net revenue	$	649	$	19,495	$	—	$	20,144

Share of loss from equity method investments	$	—	$	(496)	$	—	$	(496)

Total assets	$	267,513	$	276,094	$	615,968	$	1,159,575
Depreciation and amortization	78		1,455		—		1,533



Adjusted EBITDA	(2,857)		(10,028)		(3,879)		(16,764)


	Three Months Ended March 31, 2022
	United States		Rest of World		Corporate		Total
Cannabis flower	$	—	$	18,625	$	—	$	18,625
Cannabis extracts	2,328		3,988		—		6,316
Other	—		92		—		92
Net revenue	$	2,328	$	22,705	$	—	$	25,033

Share of loss from equity method investments	$	—	$	—	$	—	$	—

Total assets	$	441,064	$	283,182	$	646,755	$	1,371,001
Depreciation and amortization	96		1,197		—		1,293



Adjusted EBITDA	(7,086)		(3,425)		(8,389)		(18,900)

The following tables set forth a reconciliation of net income (loss) as determined in accordance with U.S. GAAP to Adjusted EBITDA for the periods indicated:


	Three months ended March 31, 2023
	United States		Rest of World		Corporate		Total
Net income (loss)	$	337	$	(15,439)	$	(4,155)	$	(19,257)
Interest income, net	(3,399)		(7,781)		—		(11,180)
Income tax benefit	—		(1,436)		—		(1,436)
Depreciation and amortization	200		2,205		—		2,405
EBITDA	(2,862)		(22,451)		(4,155)		(29,468)
Share of loss from equity method investments	—		496		—		496


Loss on revaluation of derivative liabilities(ii)	—		65		—		65

Loss on revaluation of financial instruments(iii)	—		7,758		—		7,758

Foreign currency transaction loss	—		1,643		—		1,643
Other, net(v)	—		(85)		—		(85)


Share-based compensation(vii)	5		2,546		—		2,551
Financial statement review costs(viii)	—		—		276		276
Adjusted EBITDA	$	(2,857)	$	(10,028)	$	(3,879)	$	(16,764)


	Three Months Ended March 31, 2022
	United States		Rest of World		Corporate		Total
Net income (loss)	$	(22,216)	$	2,014	$	(12,451)	$	(32,653)
Interest income, net	(29)		(2,017)		—		(2,046)
Income tax expense	—		362		—		362
Depreciation and amortization	432		2,392		—		2,824
EBITDA	(21,813)		2,751		(12,451)		(31,513)


Impairment loss on long-lived assets(i)	—		3,493		—		3,493
Gain on revaluation of derivative liabilities(ii)	—		(10,419)		—		(10,419)


Gain on revaluation of financial instruments(iii)	—		(4,268)		—		(4,268)
Impairment loss on other investments(iv)	11,238		—		—		11,238
Foreign currency transaction loss	—		1,872		—		1,872
Other, net(v)	—		(135)		—		(135)
Restructuring costs(vi)	1,053		2,031		—		3,084

Share-based compensation(vii)	2,436		1,250		—		3,686
Financial statement review costs(viii)	—		—		4,062		4,062
Adjusted EBITDA	$	(7,086)	$	(3,425)	$	(8,389)	$	(18,900)

(v)For the three months ended March 31, 2023 and 2022, other, net related to gain on disposal of assets.

Schedule of Revenue from External Customers by Geographic Areas

Net revenue attributed to a geographic region based on the location of the customer were as follows:


	Three months ended March 31,
	2023		2022
Canada	$	14,434	$	13,576
Israel	5,061		9,128
United States	649		2,329

Net revenue	$	20,144	$	25,033

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

Risks and Uncertainties [Abstract]

Schedule of Fair Value of Assets Measured on Recurring Basis

The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis:


	March 31, 2023
	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	413,667	$	—	$	—	$	413,667
Short-term investments	422,763		—		—		422,763
Other investments(i)	13,833		—		—		13,833
Derivative liabilities	—		—		80		80


	December 31, 2022
	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	764,644	$	—	$	—	$	764,644
Short-term investments	113,077		—		—		113,077
Other investments(i)	21,993		—		—		21,993
Derivative liabilities	—		—		15		15

Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2023

Schedule of Related Party Transactions

The Company made the following purchases of cannabis products from Cronos GrowCo:


	Three months ended March 31,
	2023		2022
Cronos GrowCo - purchases	$	7,466	$	3,218

Background, Basis of Presentation, and Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Concentration Risk [Line Items]
Maximum exposure to credit risk	$ 935,955		$ 987,442
Net revenue, before excise taxes	$ 27,203	$ 29,406
Accounts Receivable \| Two Customers \| Credit Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	43.00%
Accounts Receivable \| Three Customers \| Credit Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage			55.00%
Rest of World
Concentration Risk [Line Items]
Current expected credit loss allowance on accounts receivable	$ 4		$ 2
Rest of World \| Two Major Customers
Concentration Risk [Line Items]
Net revenue, before excise taxes	$ 15,168
Rest of World \| Revenue Benchmark \| Two Major Customers \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	56.00%	33.00%
Net revenue, before excise taxes		$ 9,833
United States
Concentration Risk [Line Items]
Current expected credit loss allowance on accounts receivable	$ 237		$ 217

Inventory, net (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 8,540	$ 7,421
Work-in-progress	15,263	15,646
Finished goods	19,719	13,503
Supplies and consumables	746	989
Inventory, net	$ 44,268	$ 37,559

Investments - Schedule of Investments in Associates and Joint Ventures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Equity method investments, net	$ 18,313		$ 18,755
Share of loss from equity method investments	$ (496)	$ 0
Cronos GrowCo
Schedule of Equity Method Investments [Line Items]
Ownership interest	50.00%
Equity method investments, net	$ 18,313		$ 18,755
Share of loss from equity method investments	$ (496)	$ 0

Investments - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
Investments - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Purchase of other investments			$ 110,392
Impairment loss on other investments	$ 0	$ 11,238
PharmaCann
Variable Interest Entity [Line Items]
Impairment loss on other investments	$ 0	$ 11,238
PharmaCann
Variable Interest Entity [Line Items]
Ownership interest	6.30%		10.50%
Vitura
Variable Interest Entity [Line Items]
Ownership interest	10.00%
PharmaCann
Variable Interest Entity [Line Items]
Sale of stock, number of shares issued in transaction (in shares)			473,787

Investments - Revaluation of Other Investments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Other Investments [Roll Forward]
Other investments, beginning balance	$ 70,993	$ 118,392
Unrealized gain (loss)	(7,923)	4,196
Impairment charges	0	(11,238)
Foreign exchange effect	(237)	411
Other investments, ending balance	62,833	111,761
PharmaCann
Other Investments [Roll Forward]
Other investments, beginning balance	49,000	110,392
Unrealized gain (loss)	0	0
Impairment charges	0	(11,238)
Foreign exchange effect	0	0
Other investments, ending balance	49,000	99,154
Vitura
Other Investments [Roll Forward]
Other investments, beginning balance	21,993	8,000
Unrealized gain (loss)	(7,923)	4,196
Impairment charges	0	0
Foreign exchange effect	(237)	411
Other investments, ending balance	$ 13,833	$ 12,607

Loans Receivable, net - Schedule of Loan Receivable (Details) ₪ in Thousands, $ in Thousands	3 Months Ended			12 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2023 CAD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CAD ($)	Mar. 31, 2023 ILS (₪)	Dec. 31, 2022 ILS (₪)	Sep. 30, 2022	Aug. 31, 2021 CAD ($)	Aug. 23, 2019 CAD ($)	Jun. 28, 2019 USD ($)	Jun. 28, 2019 CAD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total current portion of loans receivable	$ 5,570			$ 8,890
Total long-term portion of loans receivable	72,051			72,345
Total loans receivable, net	77,621			81,235
Proceeds from repayment on loan receivables	6,249		$ 790
Loans Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Add: Current portion of accrued interest	637			4,463
Add: Long-term portion of accrued interest	190			172
GrowCo Credit Facility \| Loans Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current portion of loans receivable, before accrued interest	4,933			4,427
Long term portion of loans receivable, before accrued interest	56,594			56,898
Face amount									$ 105,000,000	$ 100,000,000
Draw downs	76,946	$ 104,000		76,730	$ 104,000,000
Principal payments	1,000
Proceeds from repayment on loan receivables	3,699	5,000,000
Proceeds from interest on loan receivables	$ 10,702	$ 14,465,000
GrowCo Credit Facility \| Loans Receivable \| Canadian Prime Rate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Basis spread on interest rate	1.25%					1.25%
Mucci Promissory Note \| Loans Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Long term portion of loans receivable, before accrued interest	$ 13,474			13,438
Face amount											$ 12,097	$ 16,350,000
Stated interest rate											3.95%	3.95%
Mucci Promissory Note \| Loans Receivable \| Canadian Prime Rate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Basis spread on interest rate								1.25%
Cannasoul Collaboration Loan \| Loans Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Long term portion of loans receivable, before accrued interest	1,793			1,837
Cannasoul Collaboration Loan \| Loans Receivable \| Establishment of a Commercial Cannabis Analytical Testing Laboratory \| Cannasoul \| Variable Interest Entity, Not Primary Beneficiary
Accounts, Notes, Loans and Financing Receivable [Line Items]
Collaborative arrangement, installment received	$ 2,307			$ 2,359		₪ 8,297	₪ 8,297

Loans Receivable, net - Schedule of Expected Credit Loss Allowances (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	$ 13,066	$ 14,594
Increase (decrease)	(764)	0
Foreign exchange effect	22	262
Ending balance	12,324	14,856
GrowCo Credit Facility \| Loans Receivable
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	12,455	14,089
Increase (decrease)	(770)	(4)
Foreign exchange effect	34	269
Ending balance	11,719	14,354
Mucci Promissory Note \| Loans Receivable
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	89	90
Increase (decrease)	2	1
Foreign exchange effect	0	2
Ending balance	91	93
Cannasoul Collaboration Loan \| Loans Receivable
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	522	415
Increase (decrease)	4	3
Foreign exchange effect	(12)	(9)
Ending balance	$ 514	$ 409

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

Derivative Liabilities - Narrative (Details) - $ / shares	Mar. 08, 2019	Mar. 31, 2023
Altria Group, Inc. \| Cronos Group, Inc.
Derivative [Line Items]
Balance held (in shares)		156,573,537
Ownership interest		41.00%
Pre-emptive Rights
Derivative [Line Items]
Exercise price (in dollars per share)	$ 16.25
Exercise rights, minimum ownership percentage	20.00%
Top-up Rights
Derivative [Line Items]
Exercise price (in dollars per share)	$ 16.25
Exercise rights, minimum ownership percentage	20.00%
Exercise price, volume-weighted average price, measurement period	10 days
Exercise price, volume-weighted average price, measurement period, days preceding exercise	10 days

Derivative Liabilities - Schedule of Reconciliation of Carrying Amounts (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative Instruments [Roll Forward]
Beginning balance	$ 15	$ 14,375
Revaluation (gain) loss	65	(10,419)
Foreign exchange effect	0	143
Ending balance	80	4,099
Altria Warrant
Derivative Instruments [Roll Forward]
Beginning balance		13,720
Revaluation (gain) loss		(10,011)
Foreign exchange effect		136
Ending balance		3,845
Pre-emptive Rights
Derivative Instruments [Roll Forward]
Beginning balance	0	180
Revaluation (gain) loss	79	(115)
Foreign exchange effect	0	2
Ending balance	79	67
Top-up Rights
Derivative Instruments [Roll Forward]
Beginning balance	15	475
Revaluation (gain) loss	(14)	(293)
Foreign exchange effect	0	5
Ending balance	$ 1	$ 187

Derivative Liabilities - Schedule of Fair Values of Derivative Liabilities (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2023 $ / shares	Dec. 31, 2022 $ / shares
Pre-emptive Rights \| Share price at valuation date
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability, measurement input	2.60	3.44
Pre-emptive Rights \| Subscription price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability, measurement input	16.25	16.25
Pre-emptive Rights \| Expected annualized volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability, measurement input	0.60	0.73
Pre-emptive Rights \| Expected dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability, measurement input	0	0
Pre-emptive Rights \| Weighted Average \| Weighted-average risk-free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability, measurement input	0.0381	0.0414
Pre-emptive Rights \| Weighted Average \| Weight-average expected life
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected life	1 year 9 months	3 months
Top-up Rights \| Share price at valuation date
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability, measurement input	2.60	3.44
Top-up Rights \| Subscription price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability, measurement input	16.25	16.25
Top-up Rights \| Expected annualized volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability, measurement input	0.50	0.73
Top-up Rights \| Expected dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability, measurement input	0	0
Top-up Rights \| Weighted Average \| Weighted-average risk-free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability, measurement input	0.0418	0.0428
Top-up Rights \| Weighted Average \| Weight-average expected life
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected life	5 months 15 days	7 months 2 days
Pre-emptive Rights and Top-up Rights \| Minimum \| Weighted-average risk-free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability, measurement input	0.0356	0.0381
Pre-emptive Rights and Top-up Rights \| Minimum \| Weight-average expected life
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected life	3 months	3 months
Pre-emptive Rights and Top-up Rights \| Maximum \| Weighted-average risk-free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability, measurement input	0.0421	0.0437
Pre-emptive Rights and Top-up Rights \| Maximum \| Weight-average expected life
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected life	2 years 6 months	2 years 9 months

Restructuring - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 0	$ 3,084
Realignment
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 0	$ 3,084

Restructuring - Costs by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 0	$ 3,084
Realignment
Restructuring Cost and Reserve [Line Items]
Restructuring costs	0	3,084
Rest of World \| Realignment
Restructuring Cost and Reserve [Line Items]
Restructuring costs	0	2,031
United States \| Realignment
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 0	$ 1,053

Restructuring - Restructuring Activity (Details) - Realignment - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Restructuring Reserve [Roll Forward]
Accrual, Beginning Balance	$ 424	$ 0
Expenses	0	3,084
Payments/Write-offs	(316)	(1,686)
Accrual, Ending Balance	108	1,398
Employee termination benefits
Restructuring Reserve [Roll Forward]
Accrual, Beginning Balance	403	0
Expenses	0	2,503
Payments/Write-offs	(295)	(1,249)
Accrual, Ending Balance	108	1,254
Other restructuring costs
Restructuring Reserve [Roll Forward]
Accrual, Beginning Balance	21	0
Expenses	0	581
Payments/Write-offs	(21)	(437)
Accrual, Ending Balance	$ 0	$ 144

Share-based Compensation - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation	$ 2,551	$ 3,686
Stock options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation	734	1,729
Restricted share units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation	$ 1,817	$ 1,957

Share-based Compensation - Stock Options Narrative (Details) - Stock options	3 Months Ended
	Mar. 31, 2023 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price at grant date (in dollars per share)	$ 2.96
2020 Omnibus Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	10 years
Prior Option Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	7 years
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	5 years
Weighted Average
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price at grant date (in dollars per share)	$ 2.07

Share-based Compensation - Summary of Fair Value of Options Issued (Details) - Stock options	3 Months Ended
	Mar. 31, 2023 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price at grant date (in dollars per share)	$ 2.96
Exercise price (per option) (in dollars per share)	$ 2.96
Risk-free interest rate	3.22%
Expected life of options (in years)	7 years
Expected annualized volatility	72.68%
Expected dividend yield	0.00%
Black-Scholes value at grant date (per option) (in dollars per share)	$ 2.07
Forfeiture rate	0.00%

Share-based Compensation - Summary of the Changes in Options (Details) - $ / shares	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Weighted average exercise price
Balance at beginning of period (in dollars per share)	$ 10.57	$ 7.75	$ 7.75
Issuance of options (in dollars per share)	2.96
Exercise of options (in dollars per share)		3.14
Cancellation, forfeiture and expiry of options (in dollars per share)	9.05	12.46
Balance at end of period (in dollars per share)	10.40	8.55	$ 10.57	$ 7.75
Weighted average exercise price of options exercisable (in dollars per share)	$ 11.88	$ 7.96
Number of options
Balance at beginning of period (in shares)	5,350,600	8,939,330	8,939,330
Issuance of options (in shares)	188,317
Exercise of options (in shares)		(1,356,875)
Cancellation, forfeiture and expiry of options (in shares)	(335,091)	(55,791)
Balance at end of period (in shares)	5,203,826	7,526,664	5,350,600	8,939,330
Exercisable (in shares)	3,624,498	4,654,574
Weighted-average remaining contractual term (years)
Outstanding	9 months	1 year 8 months 19 days	8 months 23 days	2 years 8 months 12 days
Exercisable	5 months 23 days	1 year 1 month 20 days

Share-based Compensation - Schedule of Stock Options Outstanding (Details) - shares	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options outstanding (in shares)	5,203,826	5,350,600	7,526,664	8,939,330
2020 Omnibus Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options outstanding (in shares)	2,977,264	2,788,947
2018 Stock Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options outstanding (in shares)	1,400,937	1,422,069
2015 Stock Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options outstanding (in shares)	825,625	1,139,584

Share-based Compensation - Summary of Changes in RSUs (Details) - Restricted share units - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Weighted-average grant date fair value
Balance at beginning of period (in dollars per share)	$ 4.63	$ 9.22
Granted (in dollars per share)	2.74	3.52
Vested and issued (in dollars per share)	4.98	10.81
Cancellation and forfeitures (in dollars per share)	4.19	7.92
Balance at end of period (in dollars per share)	$ 4.11	$ 4.74
Number of awards
Balance at beginning of period (in shares)	5,725,470	1,225,870
Granted (in shares)	1,927,487	3,950,334
Vested and issued (in shares)	(345,433)	(78,631)
Cancellation and forfeitures (in shares)	(70,108)	(55,479)
Balance at end of period (in shares)	7,237,416	5,042,094
Vesting period	3 years
Minimum
Number of awards
Cliff period	3 years
Maximum
Number of awards
Cliff period	5 years

Share-based Compensation - Summary of DSU Activity (Details) - Deferred Share Units (DSUs) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Financial liability
Balance at beginning of period	$ 674	$ 408
Gain on revaluation	(163)	(66)
Balance at end of period	$ 511	$ 342
Number of awards
Balance at beginning of period (in shares)	265,732	104,442
Balance at end of period (in shares)	265,732	104,442

Loss Per Share - Schedule of Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Basic and diluted loss per share computation
Net loss from continuing operations attributable to the shareholders of Cronos Group	$ (19,169)	$ (32,638)
Weighted-average number of common shares outstanding for computation for basic loss per share (in shares)	380,634,208	375,022,724
Weighted-average number of common shares outstanding for computation for diluted loss per share (in shares)	380,634,208	375,022,724
Basic loss from continuing operations per share (in dollars per share)	$ (0.05)	$ (0.09)
Diluted loss per share from continuing operations (in dollars per share)	$ (0.05)	$ (0.09)
Total anti-dilutive securities (in shares)	30,086,428	118,224,080

- Definition

The amount of net income (loss) from continuing operations per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) derived from continuing operations during the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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Segment Information - Schedule of Segment Data (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Net revenue	$ 20,144	$ 25,033
Share of loss from equity method investments	(496)	0
Total assets	1,159,575	1,371,001	$ 1,213,009
Depreciation and amortization	1,533	1,293
Adjusted EBITDA	(16,764)	(18,900)
Operating Segments \| United States
Segment Reporting Information [Line Items]
Net revenue	649	2,328
Share of loss from equity method investments	0	0
Total assets	267,513	441,064
Depreciation and amortization	78	96
Adjusted EBITDA	(2,857)	(7,086)
Operating Segments \| Rest of World
Segment Reporting Information [Line Items]
Net revenue	19,495	22,705
Share of loss from equity method investments	(496)	0
Total assets	276,094	283,182
Depreciation and amortization	1,455	1,197
Adjusted EBITDA	(10,028)	(3,425)
Corporate
Segment Reporting Information [Line Items]
Net revenue	0	0
Share of loss from equity method investments	0	0
Total assets	615,968	646,755
Depreciation and amortization	0	0
Adjusted EBITDA	(3,879)	(8,389)
Cannabis flower
Segment Reporting Information [Line Items]
Net revenue	13,128	18,625
Cannabis flower \| Operating Segments \| United States
Segment Reporting Information [Line Items]
Net revenue	0	0
Cannabis flower \| Operating Segments \| Rest of World
Segment Reporting Information [Line Items]
Net revenue	13,128	18,625
Cannabis flower \| Corporate
Segment Reporting Information [Line Items]
Net revenue	0	0
Cannabis extracts
Segment Reporting Information [Line Items]
Net revenue	6,950	6,316
Cannabis extracts \| Operating Segments \| United States
Segment Reporting Information [Line Items]
Net revenue	649	2,328
Cannabis extracts \| Operating Segments \| Rest of World
Segment Reporting Information [Line Items]
Net revenue	6,301	3,988
Cannabis extracts \| Corporate
Segment Reporting Information [Line Items]
Net revenue	0	0
Other
Segment Reporting Information [Line Items]
Net revenue	66	92
Other \| Operating Segments \| United States
Segment Reporting Information [Line Items]
Net revenue	0	0
Other \| Operating Segments \| Rest of World
Segment Reporting Information [Line Items]
Net revenue	66	92
Other \| Corporate
Segment Reporting Information [Line Items]
Net revenue	$ 0	$ 0

Segment Information - Schedule of Adjusted EBITDA (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Net income (loss)	$ (19,257)	$ (32,653)
Interest income, net	(11,180)	(2,046)
Income tax expense (benefit)	(1,436)	362
Depreciation and amortization	2,405	2,824
EBITDA	(29,468)	(31,513)
Share of loss from equity method investments	496	0
Impairment loss on long-lived assets	0	3,493
Loss (gain) on revaluation of derivative liabilities	65	(10,419)
Loss (gain) on revaluation of financial instruments	7,758	(4,268)
Impairment loss on other investments	0	11,238
Foreign currency transaction loss	1,643	1,872
Other, net	(85)	(135)
Restructuring costs	0	3,084
Share-based compensation	2,551	3,686
Financial statement review costs	276	4,062
Adjusted EBITDA	(16,764)	(18,900)
Operating Segments \| United States
Segment Reporting Information [Line Items]
Net income (loss)	337	(22,216)
Interest income, net	(3,399)	(29)
Income tax expense (benefit)	0	0
Depreciation and amortization	200	432
EBITDA	(2,862)	(21,813)
Share of loss from equity method investments	0	0
Impairment loss on long-lived assets		0
Loss (gain) on revaluation of derivative liabilities	0	0
Loss (gain) on revaluation of financial instruments	0	0
Impairment loss on other investments		11,238
Foreign currency transaction loss	0	0
Other, net	0	0
Restructuring costs		1,053
Share-based compensation	5	2,436
Financial statement review costs	0	0
Adjusted EBITDA	(2,857)	(7,086)
Operating Segments \| Rest of World
Segment Reporting Information [Line Items]
Net income (loss)	(15,439)	2,014
Interest income, net	(7,781)	(2,017)
Income tax expense (benefit)	(1,436)	362
Depreciation and amortization	2,205	2,392
EBITDA	(22,451)	2,751
Share of loss from equity method investments	496	0
Impairment loss on long-lived assets		3,493
Loss (gain) on revaluation of derivative liabilities	65	(10,419)
Loss (gain) on revaluation of financial instruments	7,758	(4,268)
Impairment loss on other investments		0
Foreign currency transaction loss	1,643	1,872
Other, net	(85)	(135)
Restructuring costs		2,031
Share-based compensation	2,546	1,250
Financial statement review costs	0	0
Adjusted EBITDA	(10,028)	(3,425)
Corporate
Segment Reporting Information [Line Items]
Net income (loss)	(4,155)	(12,451)
Interest income, net	0	0
Income tax expense (benefit)	0	0
Depreciation and amortization	0	0
EBITDA	(4,155)	(12,451)
Share of loss from equity method investments	0	0
Impairment loss on long-lived assets		0
Loss (gain) on revaluation of derivative liabilities	0	0
Loss (gain) on revaluation of financial instruments	0	0
Impairment loss on other investments		0
Foreign currency transaction loss	0	0
Other, net	0	0
Restructuring costs		0
Share-based compensation	0	0
Financial statement review costs	276	4,062
Adjusted EBITDA	$ (3,879)	$ (8,389)

Segment Information - Schedule of Revenue from External Customers by Geographic Areas (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenue	$ 20,144	$ 25,033
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenue	14,434	13,576
Israel
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenue	5,061	9,128
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenue	$ 649	$ 2,329

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Commitments and Contingencies (Details) $ in Thousands, ₪ in Millions	Apr. 17, 2023 ILS (₪) defendant	Oct. 24, 2022 CAD ($)	Mar. 12, 2020 shareholder complaint
U.S. District Court of Eastern District of New York Vs. Cronos \| Pending Litigation
Loss Contingencies [Line Items]
Number of alleged shareholders \| shareholder			2
Number of putative class action complaints \| complaint			2
OSC Settlement \| Settled Litigation
Loss Contingencies [Line Items]
Payments for legal settlements \| $		$ 1,340
Green Leaf Vs. Cronos \| Subsequent Event
Loss Contingencies [Line Items]
Number of defendants	26
Damages sought \| ₪	₪ 420
Green Leaf Vs. Cronos \| Subsequent Event \| Cronos Group, Inc.
Loss Contingencies [Line Items]
Number of defendants	3

Fair Value Measurements - Schedule of Fair Value of Assets Measured on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 413,667	$ 764,644
Short-term investments	422,763	113,077
Other investments	13,833	21,993
Derivative liabilities	80	15
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	413,667	764,644
Short-term investments	422,763	113,077
Other investments	13,833	21,993
Derivative liabilities	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Short-term investments	0	0
Other investments	0	0
Derivative liabilities	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Short-term investments	0	0
Other investments	0	0
Derivative liabilities	$ 80	$ 15

Impairment Loss on Long-lived Assets (Details) ft² in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) ft²	Mar. 31, 2022 USD ($)
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment charge related to right-of-use lease asset	$ 1,986
Lease impairment, area of land (in sq ft) \| ft²	29
Impairment loss on long-lived assets	$ 0	$ 3,493
Leasehold Improvements
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment loss on long-lived assets	$ 1,507

Related Party Transactions (Details) - USD ($)	3 Months Ended
Related Party Transactions (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Cannabis Purchases \| Cronos GrowCo
Related Party Transaction [Line Items]
Purchases	$ 7,466,000	$ 3,218,000
Amounts payable	3,087,000		$ 2,519,000
Manufacturing Services \| Vendor
Related Party Transaction [Line Items]
Amounts payable	437,000		$ 0
Expense	$ 833,000
Cronos GrowCo
Related Party Transaction [Line Items]
Ownership interest	50.00%