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Pay vs Performance Disclosure - USD ($)
3 Months Ended 12 Months Ended
Mar. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Pay vs Performance Disclosure            
Pay vs Performance Disclosure, Table  
PAY VERSUS PERFORMANCE
In accordance with rules adopted by the SEC, we provide the following disclosure regarding executive compensation for our principal executive officer (the “PEO”) and Non-PEO NEOs and Company performance for the fiscal years listed below. The Compensation Committee did not consider the pay versus performance disclosure below in making its pay decisions for any of the years shown. More information on the Company’s compensation program and decisions for the 2024 performance year can be found in the CD&A.
Michael GorensteinKurt SchmidtValue of Initial Fixed $100
Investment on 12/31/2019
based on:
Company Financial Measures
Summary Compensation Table (SCT) Total for PEO(1)
    
Compensation
Actually Paid
(CAP) to
PEO(1)(2)
SCT Total for Former PEO(1)
CAP to Former PEO(1)(2)
Average
SCT
Total for
Non-PEO
NEOs(3)
Average
CAP
to
Non-PEO
NEOs(2)(3)
Company
Total
Shareholder
Return(4)
Cronos Peer Group
Total
Shareholder
Return(4)(5)
Net
Income
(Loss)
(millions)
Adjusted EBITDA
(millions)(6)
2024$4,150,745$3,869,191N/AN/A$1,048,127$1,043,976$26.34$13.91$40.0$(34.9)
2023$3,709,925$2,041,016N/AN/A$1,014,350$925,937$27.25$19.06$(73.9)$(63.7)
2022$16,493,280$12,995,516$727,990$(1,573,160)$1,166,928$612,594$33.12$24.07$(168.7)$(80.6)
2021N/AN/A$2,495,028$(4,407,520)$1,378,673$676,983$51.11$74.25$(396.1)$(160.5)
2020$1,084,540$(1,768,145)$10,115,216$12,834,616$718,361$649,972$90.48$122.46$(73.1)$(147.3)
(1)
Kurt Schmidt was our PEO from September 9, 2020 until his retirement as our President and CEO on March 21, 2022. On March 21, 2022, the Company appointed Michael Gorenstein as President and CEO. Mr. Gorenstein previously served as our CEO for the portion of 2020 prior to Mr. Schmidt’s appointment.
(2)
“Compensation actually paid” reflects the Summary Compensation Table Total with certain exclusions and inclusions of certain amounts for the PEO and the Non-PEO NEOs in accordance with Item 402(v) of Regulation S-K as set forth below. In order to calculate the “compensation actually paid”, we have subtracted the following amounts from the value in the corresponding Summary Compensation Table totals, which reflect the grant date fair value for performance and time vesting Restricted Share Units granted in the indicated year, computed in accordance with FASB ASC Topic 718 and excluding any estimated forfeitures.
Michael GorensteinGrant Date Fair Value of Equity Awards Granted in Fiscal YearKurt SchmidtGrant Date Fair Value of Equity Awards Granted in Fiscal YearNon-PEO NEO AverageGrant Date Fair Value of Equity Awards Granted in Fiscal YearFair Value of Equity Awards Granted in Prior Fiscal Year and Forfeited in Current Fiscal Year
2024$(1,937,500)2024N/A2024$(370,076)
2023$(1,937,500)2023N/A2023$(445,916)
2022$(13,656,406)20222022$(402,953)$(116,810)
2021N/A2021$(1,300,000)2021$(968,680)
20202020$(9,725,600)2020$(259,331)
In order to calculate the “compensation actually paid”, we have added the following amounts, which reflect the change in fair value for performance and time vesting Restricted Share Units and Stock Options, as applicable, in each case computed in accordance with FASB ASC Topic 718.
Michael GorensteinFair Value of Awards Granted in Year and Unvested at End of YearFair Value at Vesting of Awards Granted in Year that Vested During the YearKurt SchmidtFair Value of Awards Granted in Year and Unvested at End of YearFair Value at Vesting of Awards Granted in Year that Vested During the YearNon-PEO NEO AverageFair Value of Awards Granted in Year and Unvested at End of YearFair Value at Vesting of Awards Granted in Year that Vested During the Year
2024$1,986,6742024N/AN/A2024$379,468
2023$2,034,8622023N/AN/A2023$412,001
2022$9,605,990$550,65220222022$190,426$19,520
2021N/AN/A2021$487,6522021$334,932$38,850
20202020$12,445,0002020$315,558
Michael GorensteinChange in Fair Value of Awards Granted in Prior Year through End of Year or Vesting DateChange in Fair Value at Vesting of Awards Granted in Prior Year that Vested During Current YearKurt SchmidtChange in Fair Value of Awards Granted in Prior Year through End of Year or Vesting DateChange in Fair Value at Vesting of Awards Granted in Prior Year that Vested During Current YearNon-PEO NEO AverageChange in Fair Value of Awards Granted in Prior Year through End of Year or Vesting DateChange in Fair Value at Vesting of Awards Granted in Prior Year that Vested During Current Year
2024$(269,296)$(61,433)2024N/AN/A2024$(9,753)$(3,791)
2023$(1,556,377)$(208,643)2023N/AN/A2023$(23,848)$(27,186)
20222022$(22,665)$(2,278,485)2022$(18,642)$(225,875)
2021N/AN/A2021$(5,695,000)$(395,200)2021$(113,363)$6,844
2020$(1,924,493)$(928,192)20202020$(73,337)$(51,279)
(3)
The NEOs included for purposes of determining the average compensation for our Non-PEO NEOs each year are as follows:
NEOs
2024James Holm, Anna Shlimak, Jeffrey Jacobson, and Shannon Buggy
2023James Holm, Anna Shlimak, Jeffrey Jacobson, and Ran Gorelik
2022James Holm, Robert Madore, Anna Shlimak, Jeffrey Jacobson, and Ran Gorelik
2021Robert Madore, Jerry Barbato, Xiuming Shum, Anna Shlimak, Shannon Buggy, and Ran Gorelik
2020Jerry Barbato, Xiuming Shum, Todd Abraham, and Anna Shlimak
(4)
The peer group includes Aurora Cannabis Inc., Canopy Growth Corporation, Green Thumb Industries, Inc., Organigram Holdings Inc., Tilray Inc., and Trulieve Cannabis Corp., which is the peer group used for purposes of our performance graph disclosure in our Annual Report on Form 10-K for the year ended December 31, 2024. The comparison assumes $100 was invested for the period starting December 31, 2019, through the end of the listed year for the Company and for the peer group, respectively. Historical stock performance is not necessarily indicative of future stock performance.
(5)
Due to an administrative error, the Peer Group total shareholder return figures disclosed in the proxy statements filed on April 26, 2024 and April 28, 2023 were incorrectly reported and have been corrected here.
(6)
We determined Adjusted EBITDA to be the most important financial performance measure used to link Company performance to “compensation actually paid” to our CEOs and Non-CEO NEOs in 2024, as required pursuant to Item 402(v) of Regulation S-K. This performance measure may not have been the most important financial performance measure for prior years and we may determine a different financial performance measure to be the most important financial performance measure in future years. Adjusted EBITDA is a non-GAAP financial measure. A reconciliation of Adjusted EBITDA to Net income (loss) is included in Appendix B.
       
Company Selected Measure Name   Adjusted EBITDA(millions)(6)        
Named Executive Officers, Footnote   The NEOs included for purposes of determining the average compensation for our Non-PEO NEOs each year are as follows:NEOs2024James Holm, Anna Shlimak, Jeffrey Jacobson, and Shannon Buggy2023James Holm, Anna Shlimak, Jeffrey Jacobson, and Ran Gorelik2022James Holm, Robert Madore, Anna Shlimak, Jeffrey Jacobson, and Ran Gorelik2021Robert Madore, Jerry Barbato, Xiuming Shum, Anna Shlimak, Shannon Buggy, and Ran Gorelik2020Jerry Barbato, Xiuming Shum, Todd Abraham, and Anna Shlimak        
Peer Group Issuers, Footnote  
The peer group includes Aurora Cannabis Inc., Canopy Growth Corporation, Green Thumb Industries, Inc., Organigram Holdings Inc., Tilray Inc., and Trulieve Cannabis Corp., which is the peer group used for purposes of our performance graph disclosure in our Annual Report on Form 10-K for the year ended December 31, 2024. The comparison assumes $100 was invested for the period starting December 31, 2019, through the end of the listed year for the Company and for the peer group, respectively. Historical stock performance is not necessarily indicative of future stock performance.
       
Adjustment To PEO Compensation, Footnote   Michael GorensteinGrant Date Fair Value of Equity Awards Granted in Fiscal YearKurt SchmidtGrant Date Fair Value of Equity Awards Granted in Fiscal YearNon-PEO NEO AverageGrant Date Fair Value of Equity Awards Granted in Fiscal YearFair Value of Equity Awards Granted in Prior Fiscal Year and Forfeited in Current Fiscal Year202420242024202320232023202220222022202120212021202020202020Michael GorensteinFair Value of Awards Granted in Year and Unvested at End of YearFair Value at Vesting of Awards Granted in Year that Vested During the YearKurt SchmidtFair Value of Awards Granted in Year and Unvested at End of YearFair Value at Vesting of Awards Granted in Year that Vested During the YearNon-PEO NEO AverageFair Value of Awards Granted in Year and Unvested at End of YearFair Value at Vesting of Awards Granted in Year that Vested During the Year202420242024202320232023202220222022202120212021202020202020Michael GorensteinChange in Fair Value of Awards Granted in Prior Year through End of Year or Vesting DateChange in Fair Value at Vesting of Awards Granted in Prior Year that Vested During Current YearKurt SchmidtChange in Fair Value of Awards Granted in Prior Year through End of Year or Vesting DateChange in Fair Value at Vesting of Awards Granted in Prior Year that Vested During Current YearNon-PEO NEO AverageChange in Fair Value of Awards Granted in Prior Year through End of Year or Vesting DateChange in Fair Value at Vesting of Awards Granted in Prior Year that Vested During Current Year202420242024202320232023202220222022202120212021202020202020        
Non-PEO NEO Average Total Compensation Amount   $ 1,048,127 $ 1,014,350 $ 1,166,928 $ 1,378,673 $ 718,361
Non-PEO NEO Average Compensation Actually Paid Amount   $ 1,043,976 925,937 612,594 676,983 649,972
Compensation Actually Paid vs. Total Shareholder Return  
Description of Relationship Between PEO and Non-PEO NEO Compensation Actually Paid and Company and Cronos Peer Group Total Shareholder Return (“TSR”)
The following chart sets forth the relationship between “compensation actually paid” to our PEOs, the average of “compensation actually paid” to our Non-PEO NEOs, and the Company’s cumulative TSR and the Cronos Peer Group’s cumulative TSR over the five most recently completed fiscal years.
1274
       
Compensation Actually Paid vs. Net Income  
Description of Relationship Between PEO and Non-PEO NEO Compensation Actually Paid and Net Income (Loss)
The following chart sets forth the relationship between “compensation actually paid” to our PEOs, the average of “compensation actually paid” to our Non-PEO NEOs, and our net income (loss) during the five most recently completed fiscal years.
1624
       
Compensation Actually Paid vs. Company Selected Measure  
Description of Relationship Between PEO and Non-PEO NEO Compensation Actually Paid and Adjusted EBITDA
The following chart sets forth the relationship between “compensation actually paid” to our PEOs, the average of “compensation actually paid” to our Non-PEO NEOs, and Adjusted EBITDA over the five most recently completed fiscal years. Adjusted EBITDA is a non-GAAP financial measure. A reconciliation of Adjusted EBITDA to Net income (loss) is included in Appendix B.
2046
       
Tabular List, Table  
Tabular List of Most Important Financial Performance Measures
The following table presents each of the financial performance measures that the Company used to link “compensation actually paid” to our PEOs and non-PEO NEOs for 2024 to Company performance. The measures in this table are not ranked.
Most Important Financial Performance Measures
Adjusted EBITDA
Cronos Net Revenue
Cronos Adjusted EBITDA
As described in the above CD&A section, the Compensation Committee believes that Adjusted EBITDA, Cronos Net Revenue and Cronos Adjusted EBITDA are the most important goals in its executive compensation program linking pay to performance. The Compensation Committee does not use any other financial performance metrics besides Adjusted EBITDA, Cronos Net Revenue and Cronos Adjusted EBITDA when assessing pay and performance.
       
Total Shareholder Return Amount   $ 26.34 27.25 33.12 51.11 90.48
Peer Group Total Shareholder Return Amount   13.91 19.06 24.07 74.25 122.46
Net Income (Loss)   $ 40,000,000.0 $ (73,900,000) $ (168,700,000) $ (396,100,000) $ (73,100,000)
Company Selected Measure Amount   (34,900,000) (63,700,000) (80,600,000) (160,500,000) (147,300,000)
PEO Name Kurt Schmidt Michael Gorenstein        
Measure:: 1            
Pay vs Performance Disclosure            
Name   Adjusted EBITDA        
Measure:: 2            
Pay vs Performance Disclosure            
Name   Cronos Net Revenue        
Measure:: 3            
Pay vs Performance Disclosure            
Name   Cronos Adjusted EBITDA        
Gorenstein [Member]            
Pay vs Performance Disclosure            
PEO Total Compensation Amount   $ 4,150,745 $ 3,709,925 $ 16,493,280   $ 1,084,540
PEO Actually Paid Compensation Amount   3,869,191 2,041,016 12,995,516   (1,768,145)
Schmidt [Member]            
Pay vs Performance Disclosure            
PEO Total Compensation Amount       727,990 $ 2,495,028 10,115,216
PEO Actually Paid Compensation Amount       (1,573,160) (4,407,520) 12,834,616
PEO | Gorenstein [Member] | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount   (1,937,500) (1,937,500) (13,656,406)   0
PEO | Gorenstein [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount   1,986,674 2,034,862 9,605,990   0
PEO | Gorenstein [Member] | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount   0 0 550,652   0
PEO | Gorenstein [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount   (61,433) (208,643) 0   (928,192)
PEO | Gorenstein [Member] | Change in Fair Value of Awards Granted in Prior Year through End of Year or Vesting Date [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount   (269,296) (1,556,377) 0   (1,924,493)
PEO | Schmidt [Member] | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount       0 (1,300,000) (9,725,600)
PEO | Schmidt [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount       0 487,652 12,445,000
PEO | Schmidt [Member] | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount       0 0 0
PEO | Schmidt [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount       (2,278,485) (395,200) 0
PEO | Schmidt [Member] | Change in Fair Value of Awards Granted in Prior Year through End of Year or Vesting Date [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount       (22,665) (5,695,000) 0
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount   (370,076) (445,916) (402,953) (968,680) (259,331)
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount   379,468 412,001 190,426 334,932 315,558
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount   0 0 19,520 38,850 0
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount   (3,791) (27,186) (225,875) 6,844 (51,279)
Non-PEO NEO | Fair Value of Equity Awards Granted in Prior Fiscal Year and Forfeited in Current Fiscal Year [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount   0 0 (116,810) 0 0
Non-PEO NEO | Change in Fair Value of Awards Granted in Prior Year through End of Year or Vesting Date [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount   $ (9,753) $ (23,848) $ (18,642) $ (113,363) $ (73,337)