Cronos Group Inc. (NASDAQ:CRON) Q2 2020 Earnings Conference Call - Final Transcript

Aug 06, 2020 • 08:30 am ET


Cronos Group Inc. (NASDAQ:CRON) Q2 2020 Earnings Conference Call - Final Transcript


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Good morning. My name is Lashana and I will be your conference operator today. I would like to welcome everyone to Cronos Group's Second Quarter 2020 Earnings Conference Call. Today's call is being recorded.

At this time, I would like to turn the call over to Shayne Laidlaw, Investor Relations. Please go ahead.

Shayne Laidlaw

Thank you, Lashana, and thank you for joining us today to review Cronos Group's second quarter 2020 financial and business performance. Today, I'm joined by our Chairman, President and CEO Mike Gorenstein, our CFO Jerry Barbato, and our EVP of Legal and Regulatory Affairs Xiuming Shum. Cronos Group issued a news release announcing our financial results this morning, which are filed on our EDGAR and SEDAR profile. This information, as well as the prepared remarks, will also be posted on our website under Investor Relations.

Before I turn the call over to Mike, I would like to remind you that our discussion during this conference call will include forward-looking statements that are based on assumptions that are subject to risks and uncertainties that could cause actual results to differ materially from those projected in the forward-looking statements, including as a result of the factors described in the cautionary statement and risk factors included in the Company's earnings release and regulatory filings, including the Company's most recent annual report on Form 10-K/A and quarterly report on Form 10-Q, by which any forward-looking statements made during this call are qualified in their entirety.

In addition, during this call, certain financial measures may be discussed that are not recognized under the U.S. generally accepted accounting principles referred to by the Securities and Exchange Commission as non-GAAP measures. We believe these non-GAAP measures assist management in planning, forecasting and evaluating business and financial performance, including allocating resources.

Reconciliation of these non-GAAP measures to their closest reported GAAP measures are included in our earnings press release furnished to the SEC, which is available in the Press Room section of our website, the These non-GAAP measures may not be comparable to measures used by other issuers.

I'd also like to note that we are conducting our call today from our respective remote locations. As such, there may be brief delays, crosstalk or minor technical issues during this call. We thank you in advance for your patience and understanding. We will now make prepared remarks, and then we'll move to a question-and-answer session.

With that, I'll pass it over to Cronos Group CEO, Mike Gorenstein.

Mike Gorenstein

Thank you, Shayne, and good morning everyone. To start the conversation, I'd like to speak about two issues affecting everyone around the world today. First, I want to address the topic of racism, and specifically how we at Cronos are dedicated to making a difference.

As a leader in the cannabis industry, we are committed to using our voice to lead our industry forward responsibly. We cannot do that without recognizing the historical injustice specifically tied to cannabis prohibition that continues to this day. As we continue to grow