Cronos Achieves Record-Breaking Q2 2026 Performance Amid Geopolitical Uncertainty
Cronos has just reported its most impressive second quarter to date, with records achieved across net revenue, gross profit, and Adjusted EBITDA. The company's Chairman, President, and CEO, Mike Gorenstein, credits this success to Cronos' borderless product strategy, which continues to gain momentum in each region it operates in.
Gorenstein noted that the company has been working diligently to build strong infrastructure in Israel, investing over ILS 100 million in a greenhouse manufacturing facility and cannabinoid R&D lab. This investment has paid off, with Cronos Israel delivering its 10th consecutive quarter of record net revenue, growing an impressive 60% year-over-year or 32% growth on a constant currency basis.
The PEACE NATURALS brand continues to lead the pack in the Israeli medical cannabis market, with pharmacy data collected by Cronos showing that it has expanded its lead in this space. Lord Jones sales have also seen significant momentum in the premium flower space, marking its second quarter of sales in Israel.
In Canada, Cronos delivered record net revenue, with its brands generating 25% year-over-year retail sales growth relative to industry-wide sales growth of just 1%. The Spinach brand was a standout performer, with its product portfolio continuing to demonstrate the success of Cronos' innovation efforts through significant share gains.
The company's vape business also saw impressive growth, with Spinach holding its number 1 position in vapes for the second consecutive quarter and total vape market share expanding to 10.6%. Within the vape cartridge category specifically, Spinach remained number 1 for the third consecutive quarter, with market share expanding to 11.8%.
Notably, Cronos' success has not gone unnoticed by regulatory bodies. Yesterday, the Trade Levies Commissioner of the Israeli Ministry of Economy and Industry announced an investigation into alleged dumping of medical cannabis imports from Canada. However, Cronos disputes these allegations and is confident that the facts will support its position.
Cronos remains committed to operating in Israel despite these challenges, with a team of approximately 80 people consistently delivering record results. The company's resilience and commitment to innovation have paid off, making this one of the most impressive quarters in Cronos' history.
