TORONTO, Oct. 12, 2017
/CNW/ - Cronos Group Inc. (TSX-V: MJN) (OTC – Nasdaq Int'l
Designation: PRMCF) ("Cronos" or the "Company") is pleased to
announce that it has entered into a strategic distribution
partnership with G. Pohl-Boskamp GmbH & Co. KG
("Pohl-Boskamp"). Founded in 1835, Pohl-Boskamp is an international
pharmaceutical manufacturer and supplier, distributing its products
to over 12,000 pharmacies in Germany alone.
Under the five-year exclusive distribution agreement, Cronos'
global subsidiaries will supply Peace Naturals branded cannabis
products to Pohl-Boskamp for distribution within Germany. Leveraging Pohl-Boskamp's extensive
distribution network, this partnership provides Cronos with
unrivaled access to the German market. Cronos will begin shipping
product to Pohl this quarter and will terminate all other existing
German supply agreements following this announcement. With over 82
million people and federal insurance coverage for cannabis,
Germany is currently the largest
legal cannabis market in the world.
"We are ecstatic to partner with Pohl-Boskamp, an established
and reputable pharmaceutical leader. This partnership allows us to
leverage an existing industry leading pharmaceutical distribution
channel to immediately create the world's largest medical cannabis
distribution platform," said Mike
Gorenstein, CEO of Cronos.
"Pohl has been a reliable partner for pharmacies for many years.
Now we are excited to have Cronos as a partner and supplier of
cannabis for the German market. With our new partner we are
confident that we will provide reliable distribution of cannabis
for German patients," Marianne
Boskamp, CEO of Pohl-Boskamp.
Final Acceptance from TSX Venture Exchange for Non-Brokered
Private Placement
Cronos is also pleased to announce that it has received the TSX
Venture Exchange final acceptance for the non-brokered private
placement of 6,671,112 common shares at a price of $2.25 per share, for total gross proceeds of
$15,010,002, which closed on
September 25, 2017.
About Pohl-Boskamp
Pohl-Boskamp is a privately owned business that has been active
in the international pharmaceutical market for 182 years with
commercialized products in more than 45 countries. Through close
collaboration with its partners abroad, Pohl-Boskamp focuses on
developing and marketing products that positively impact patients'
quality of life. It operates in numerous healthcare sectors
including pneumology, urology, parasitology, cardiovascular
diseases, gastroenterology, sleep disorders and dermatology. For
more information visit http://www.pohl-boskamp.com/en/.
About 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. The
Company's flagship LPs, Peace Naturals Project Inc. (Ontario) and Original BC Ltd. (British Columbia), are collectively situated
on over 125 acres of agricultural, licensed land. Cronos Group is
focused on building an international iconic brand portfolio,
providing patients with 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, Cronos Group 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 Cronos Group from third parties. Cronos Group 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.