TORONTO, Sept. 1, 2017 /CNW/ - Cronos Group Inc. (TSXV:
MJN) (OTC: PRMCF) ("Cronos" or the "Company") is pleased to
announce that one of its wholly-owned licensed producers, Peace
Naturals Project Inc. ("Peace"), has entered into a supply
agreement with Cannamedical Pharma GmbH ("Cannamedical").
With 82 million people, Germany
is the largest federally legal medical cannabis market in the
world. Cannamedical has been actively selling cannabis products
throughout 2017, but this arrangement with Peace will help with the
ongoing German medical cannabis shortage. Next month Cannamedical
expects Peace to export one of the single largest shipments of
medicinal cannabis in the European Union's history. Peace products
will also be formally introduced at the Expopharm exhibition in
Dusseldorf from 13th to 15th
September.
"Both companies share the same beliefs regarding the importance
of product quality, and Peace is proud to continue to set the
standard for medical cannabis in Germany," said Mike
Gorenstein, CEO of Cronos.
"We are looking forward to working with Peace Naturals, the
first non-incumbent licensed producer in Canada, and bringing their products to the
German market. Presently there is insufficient supply to meet
the demand, and we are pleased to be able to provide German
patients with the quality medication that they so desperately
need," said David Henn, CEO of
Cannamedical.
About Cannamedical Pharma GmbH
Cannamedical Pharma GmbH is a pharmaceutical and narcotics
wholesaler that is federally licensed for narcotics import.
As of September 2017, Cannamedical is
the fastest growing cannabis retailer in Europe with a network of 781 pharmacies and
expectation to reach 2,500 by the end of the year.
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 In The Zone Produce 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 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, 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.