Cronos Stock Slumps Because Earnings Were the Least of Its Concerns

因发展战略调整,加拿大大麻生产和经销商Cronos股价下跌

2019-03-27 10:56:00 Barrons.com

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You have to read 27 paragraphs into Cronos Group announcement of its December results before they talk about their sales. To save you the work, they amounted to $4 million for the quarter. The Canadian cannabis company’s announcement didn’t even bother to mention its quarterly loss, which was $9 million, according to its securities filings. Everyone knows that the Toronto-based Cronos (ticker: CRON) is far smaller than Canada’s top producers, including Aurora Cannabis (ACB) and Canopy Growth (CGC). But what Cronos lacks in real operations, it makes up with big deals—and this morning’s announcement reviewed the last year’s deals. Just last week, Cronos closed the $1.8 billion investment by tobacco giant Altria (MO), which now owns 45% of the little cannabis firm. In the last several months, Cronos cut international deals in Israel, Colombia, Poland and Germany. It began researching biotech methods to produce marijuana’s active ingredients from genetically-engineered yeast, instead of cultivated pot plants. Cronos’s big dreams—and Altria’s big bet—have lifted its stock to nearly $20 (it was trading off 3.7% at $19.77 before the market open) on the December news. That’s a $3.7 billion market cap for less than $12 million in 2018 sales—a valuation that doesn’t square with its operations, but must reflect things like strategy and vision. “The growth opportunities in the cannabis industry are vast,” said chief executive Mike Gorenstein on this morning’s conference call, “Cronos Group is well positioned to realize these opportunities.” He told callers that investors shouldn’t focus on production of bulk dry flower, but on the volume of cannabinoid active ingredients. Emulating the pharmaceutical or consumer packaged goods industries, Gorenstein wants to make pre-roll smokes and not just raw material. “Our business model is not to be the farmer,” he said. “Our focus will be on making the cheese, instead of raising and milking the cow.” The company’s biotech venture will seek to use existing fermentation facilities to produce eight of the active ingredient cannabinoids, otherwise found in the plant. The best known cannabinoids are THC, the stuff that makes you high, and CBD, which soothes and relaxes you. Few analysts seem to share that vision, with the majority of Cronos stock ratings at a Hold or Sell.
你必须阅读27段 Cronos 集团 12月业绩公布之前,他们谈到了他们的销售。为了节省你的工作,他们在本季度达400万美元。根据加拿大大麻公司的证券备案文件,该公司的公告甚至没有提及其季度亏损(900万美元)。 每个人都知道,总部位于多伦多的 Cronos (股票代码: CRON )比加拿大的顶级生产商要小得多,包括 奥罗拉(Aurora) Cannabis ( ACB )及 大麻生长 ( CGC )。但 Cronos 在实际运营中缺乏的东西,弥补了大笔交易——今天上午的声明回顾了去年的交易。就在上周, Cronos 完成了烟草巨头18亿美元的投资 奥驰亚 该公司目前拥有大麻公司45%的股份。在过去的几个月里,克罗诺斯削减了在以色列、哥伦比亚、波兰和德国的国际交易。它开始研究生物技术方法,从基因工程酵母生产大麻的活性成分,而不是种植大麻植物。 克罗诺斯的远大梦想,以及奥驰亚的巨额赌注,使其股价在12月的新闻中上涨到了近20美元(在股市开盘前下跌了3.7%,至19.77美元)。这是一个37亿美元的市场上限,2018年的销售额不到1200万美元——这个估值与其运营情况不符,但必须反映出战略和愿景等情况。 “大麻行业的增长机遇是巨大的,”首席执行官 Mike Gorenstein 在今早的电话会议上表示,“ Cronos Group 很有能力实现这些机遇。” 他告诉来电者,投资者不应只关注大块干花的产量,而应关注大麻素活性成分的产量。为了刺激医药或消费包装产品行业, Gorenstein 希望制造预卷烟熏,而不仅仅是原料。 “我们的商业模式不是农民,”他说。“我们的重点将是制作奶酪,而不是饲养奶牛。” 该公司的生物技术合资企业将寻求利用现有的发酵设施生产8种有效成分大麻素,否则会在该工厂发现。最有名的大麻素是 THC 和 CBD ,它能让你舒缓和放松。 很少有分析师认同这一观点,大多数克罗诺斯公司的股票评级为“持有”或“卖出”。

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