Jeff Jacobson
About Jeff Jacobson
Jeff Jacobson, 39, is Chief Growth Officer at Cronos Group (CRON) and has served in this role since October 2022, leading Marketing, Innovation, Operations and Sales in North America and global Consumer Insights; he previously was Cronos’ General Manager of Canada and Europe, co-founded Peace Naturals Project Inc., and founded a Toronto-based marketing agency where he launched and licensed several mobile software products . In 2024, Cronos delivered Cronos Net Revenue of $111.9 million against a $98.8 million target (Business Performance rating 138.2%) and company TSR of 26.34, while Adjusted EBITDA (non-GAAP) was -$34.9 million; Jacobson’s specific 2024 contributions included leading PEACE NATURALS’ UK entry and advising on the Cronos GrowCo expansion, joining its board in July 2024 . He highlighted category leadership with SOURZ by Spinach gummies (~20% Canada edible share, #1 edible since September 2024) in an October 2025 release, indicating execution momentum in brand strategy and innovation .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Cronos Group | General Manager, Canada and Europe | Not disclosed | Led regions prior to CGO role; experience leveraged to execute Cronos’ vision and brand strategy globally . |
| Peace Naturals Project Inc. | Co-founder | Not disclosed | Licensing/compliance and new business development expertise underpin Cronos’ leadership across markets . |
| Toronto-based marketing agency | Founder | Not disclosed | Launched/licensed innovative mobile software products informing data-driven marketing and growth . |
External Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Cronos Growing Company Inc. (Cronos GrowCo) | Director | Appointed July 2024 | Governance for cultivation expansion to boost supply and support international growth; complements Cronos’ Canada/Israel/UK/Germany strategy . |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base salary (USD) | $311,262 | $323,064 (increased effective Oct 24, 2024) |
| Target short-term incentive (% of base) | 115% | 115% |
| Target short-term incentive ($) | — | $359,533 |
| Actual short-term incentive paid ($) | $306,998 | $444,814 |
| One-time cash retention bonus ($) | — | $53,671 (granted Mar 5, 2024; paid Mar 22, 2024; clawback until Mar 22, 2025) |
| Perquisites | — | Company provided no perquisites to NEOs in 2024 |
| Pension/Deferred comp | — | No defined benefit pension; no nonqualified deferred compensation paid in 2024 |
Performance Compensation
2024 Annual Bonus – Structure and Outcomes
- Weighting: 60% Business Performance (Cronos Net Revenue and Cronos Adjusted EBITDA, equally weighted), 40% Individual Performance; maximum payout 142% of target .
- 2024 Business Performance results: Net Revenue $111.9m vs $98.8m target (126.4% rating); Adjusted EBITDA -$38.7m vs -$54.0m target (150% rating); combined Business Performance Rating 138.2% .
- Jacobson Individual Performance Rating: 102% (achievements include UK medical market entry, portfolio development, and GrowCo advisory/board role) .
| Component | Threshold | Target | Maximum | 2024 Actual | Rating |
|---|---|---|---|---|---|
| Cronos Net Revenue ($mm) | $74.1 | $98.8 | $123.6 | $111.9 | 126.4% |
| Cronos Adjusted EBITDA ($mm) | $(67.5) | $(54.0) | $(40.5) | $(38.7) | 150.0% |
| Business Performance Rating | — | — | — | — | 138.2% |
| Individual Performance Rating (Jacobson) | — | — | — | — | 102% |
| 2024 Actual Bonus Paid (Jacobson) | — | — | — | — | $444,814 |
Long-Term Incentives (Equity)
| Grant date | Type | Units/Options | Grant date fair value ($) | Vesting | Strike | Expiration |
|---|---|---|---|---|---|---|
| Mar 8, 2024 | RSU | 181,627 | $357,806 | Ratable annually over 3 years (Mar 8, 2025/2026/2027) | — | — |
| Mar 1, 2023 | Stock Options | 188,317 (82,388 exercisable; 105,929 unexercisable at 12/31/24) | — | Vest quarterly over 4 years from grant | C$2.96 | Mar 1, 2030 |
Equity Ownership & Alignment
Ownership Snapshot (as of Mar 31, 2025 unless noted)
| Item | Detail |
|---|---|
| Beneficial ownership | 467,017 shares; <1% of class |
| Shares outstanding reference | 385,406,395 shares outstanding |
| Options exercisable within 60 days | 94,159 |
| Unvested RSUs at 12/31/2024 (and Dec 31, 2024 market value at $2.02) | 31,767 ($64,167) ; 118,382 ($239,132) ; 181,627 ($366,887) |
| Upcoming RSU vesting dates | Mar 15, 2025/2026 (118,382 ratably) and Mar 8, 2025/2026/2027 (181,627 ratably); plus Mar 15, 2025 (31,767) |
| Ownership guidelines | 2x base salary for executive officers; 5-year compliance window; all execs within window |
| Hedging/pledging | Hedging and pledging of company stock prohibited under Insider Trading Policy (case-by-case pledging exemption possible) |
Note: Option intrinsic value depends on USD/CAD and share price vs C$2.96 strike; the company’s termination table values accelerated options at intrinsic value vs $2.02 year-end price and assumed zero for out-of-the-money options .
Related-Party Consideration (Governance)
- Since 2022, Cronos purchased approximately $1,746,000 of products and services in 2024 from a vendor whose CEO is an immediate family member of Mr. Jacobson; $149,000 remained payable at year-end 2024; transactions were approved by the Audit Committee under the Related Party Transactions Policy .
Employment Terms
| Term | Detail |
|---|---|
| Agreements | Employment Agreement (Jun 21, 2019) amended Nov 7, 2022; Amended & Restated Executive Employment Agreement (Feb 28, 2024) in connection with U.S. relocation; letter agreement Nov 8, 2024 set base salary to $323,064 effective Oct 24, 2024 . |
| Role | Chief Growth Officer (since Oct 2022) . |
| Base salary / bonus targets | Base salary $323,064; target annual bonus 115% of base; target LTI 115% of base (target percentages unchanged by restated agreements) . |
| Severance (without Just Cause or Good Reason resignation within 24 months post-CoC) | One month of base salary per completed year of service (max 12 months) and continuation of group insured benefits at active rates for one year or until alternate coverage . |
| Equity on separation/change-in-control | RSUs: generally double-trigger acceleration on qualifying termination within one year after a Change of Control; Options: Jacobson 2023 Option Award vests fully on qualifying termination within 24 months after certain CoCs; otherwise continues per plan rules . |
| Restrictive covenants | Confidentiality (indefinite); non-competition and customer non-solicitation (1 year post-termination); employee non-solicitation (2 years post-termination) . |
| Clawback | Company maintains clawback covering annual and long-term cash and equity (including time-based equity) for current/former executives; separate SEC 10D-1 restatement recovery policy adopted in 2023 . |
| Hedging/Pledging | Hedging and pledging prohibited per policy (case-by-case pledging exemption possible) . |
| Tax gross-ups | No excise tax gross-ups or reimbursement on severance for CoC . |
Performance Compensation – Program Design Signals
| Feature | Company stance / 2024 practice |
|---|---|
| Pay-for-performance weighting | Majority of NEO pay delivered as variable incentives; annual cash tied to revenue and (Adjusted) EBITDA; LTI via multi-year RSUs; shares required under ownership guidelines . |
| Option repricing/backdating | Prohibited; exercise prices not set below prior day close . |
| Say-on-Pay outcome | ~96% approval at 2024 AGM, indicating investor support of program design . |
| Grant timing | Annual grants in March after earnings; no coordination with MNPI releases . |
Investment Implications
- Alignment and retention: Jacobson’s compensation is heavily at-risk with 115% target bonus and three-year RSU vesting, subject to company-level clawbacks and anti-hedging/pledging policies, and he is subject to share ownership guidelines (2x salary, five-year window), supporting alignment but allowing time to reach guideline levels .
- Vesting and potential selling pressure: Multiple RSU tranches vest in March 2025/2026/2027 (31,767; 118,382 ratable across 2025/2026; 181,627 ratable across 2025–2027), creating periodic liquidity windows that could add incremental selling pressure depending on tax/portfolio needs .
- Change-in-control economics: Double-trigger acceleration for RSUs and option acceleration upon certain qualifying terminations post-CoC provide protection but are not single-trigger, moderating windfall risk; severance capped at 12 months base with benefits continuation, a mid-range retention structure .
- Execution record and role scope: 2024 achievements in international expansion (UK) and portfolio leadership (SOURZ share leadership) complement company-level overachievement on revenue and EBITDA targets used for bonuses, suggesting credible operating execution within his remit .
- Governance watch item: Ongoing related-party purchasing from a vendor led by an immediate family member (reviewed and approved by the Audit Committee) warrants continued monitoring for pricing/terms independence and potential reputational risk .
Overall, Jacobson’s incentive structure ties cash to near-term revenue/Adjusted EBITDA and equity to multi-year value creation, with double-trigger protections and strong anti-hedging/pledging/clawback governance; upcoming March vesting cadence and the disclosed related-party vendor are the key watch items for potential trading flow and governance risk, respectively .