TORONTO, March 9, 2017 /CNW/ - Cronos Group Inc. (TSXV:MJN) ("Cronos Group" or the "Company") owns a 21.5% stake in Whistler Medical Marijuana Corp. ("WMMC" or "Whistler") and is pleased to announce that WMMC has been granted an affirmation letter from Health Canada regarding the company's announced 65,000 square foot expansion in Pemberton, British Columbia.  Cronos continues to be impressed with the capital efficiencies, brand equity, premium organic product and the unique culture, vision and leadership at Whistler.  Accordingly, the Company has decided to maintain its 21.5% equity position through an additional $1,085,000 investment (at a $75MM pre-money valuation) to help support WMMC's next phase of growth.

Whistler was among the very first licensed producers in Canada and is the only actively selling LP whose entire product line is 100% certified organic. In response to significant growth in sales and increases in demand for WMMC products, Whistler is preparing to break ground on a new purpose-built expansion facility in Pemberton, located just 20 minutes from the company's flagship facility.  It is anticipated that Phase I of the expansion will be completed in the second quarter of 2018.  In addition, Whistler plans to build another 80,000 square foot indoor cultivation facility with its Phase II expansion and possesses an option to expand on a neighbouring 160 acre land parcel in the future.

"Whistler is more than just an iconic cannabis brand that produces top quality organic product; it embodies an aspirational lifestyle and culture that extends beyond cannabis. I have always admired Whistler for placing emphasis on perfecting its craft and for putting product quality above all else.  We are excited to increase our strategic investment in Whistler and look forward to continuing to collaborate and share in the future success of our emerging companies and brands," said Mike Gorenstein, Chief Executive Officer of Cronos.

About The Cronos Group
Cronos Group, is a geographically diversified and vertically integrated cannabis company that operates two wholly-owned Licensed Producers ("LPs") regulated within Health Canada's Access to Cannabis for Medical Purposes Regulations (the "ACMPR") and holds a portfolio of minority investments in other Licensed Producers and ACMPR applicants. The company's flagship LPs, Peace Naturals Project Inc. (Ontario), and In The Zone Produce Ltd. (British Columbia) are collectively situated on over 125 acres of agricultural land and are currently licensed to produce 2,600 kg of cannabis on an annual basis. The Company also holds minority equity positions in Licensed Producers Whistler Medical Marijuana, Hydropothecary, and Abcann Medicinals. With interest in five Licensed Producers and two LP applicants, Cronos Group is focused on building an iconic brand portfolio, providing patients with compassionate and personalized care, and creating value for our shareholders.

Forward-looking statements

This news release may contain "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities legislation. All information contained herein that is not clearly historical in nature may constitute forward-looking information. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive risks, uncertainties and contingencies that may cause actual financial results, performance or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. Except as required by law, the Company disclaims any obligation to update or revise any forward-looking statements. Readers are cautioned not to put undue reliance on these forward-looking statements. This news release contains information obtained by the Company from third parties and believes such information to be accurate but has not independently verified such information.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For more information, please visit www.thecronosgroup.com.

SOURCE Cronos Group Inc.

Copyright 2017 Canada NewsWire

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