TORONTO, Aug. 21, 2018 /CNW/ – Cronos Group Inc. (NASDAQ:
CRON) (TSX: CRON) ("Cronos Group" or the
"Company"), a geographically diversified and vertically
integrated cannabis group, is proud to announce its initial supply
agreements for retail distribution, both government-operated and
private, across Canada for the
upcoming launch of the recreational market in October 2018.
Cronos Group has secured listings and signed binding master
supply agreements with both the Ontario Cannabis Retail Corporation
and the BC Liquor Distribution Branch. In combination, these
provinces encompass over 50% of the Canadian population and hence
the potential customer base which the Company is prepared to
serve.
The Company has also secured listings and has accepted supplier
terms with the Nova Scotia Liquor Corporation and Prince Edward
Island Liquor Corporation. Cronos Group will be offering Dried
Flower, Pre-Rolls and its highly rated Oils through both
government-operated retail stores and online platforms across its
three recreational brands.
Cronos Group plans to serve the Canadian recreational market
through its bi-coastal production platform which includes
facilities in British Columbia and
Ontario. In combination, these
facilities are expected to comprise 355,500 square feet of premium
growing space. With access to over 1.2 million square feet of
domestic capacity that is both actively licensed and committed
facilities with production and sales licenses expected in the near
future, Cronos Group is prepared to ensure premium quality product
supply across the Canadian market.
"Cronos is excited to provide our premium quality products to
Canadian consumers for the upcoming legalization and launch of the
recreational market," said Mike
Gorenstein, CEO of Cronos Group. "Day one we are ready to
build and establish our brand through our premium products and we
are committed to building strong relationships with the provinces
and our customers."
About Cronos Group
Cronos Group is a globally diversified and vertically integrated
cannabis company with a presence across four continents. The
Company operates two wholly-owned Canadian licensed producers
regulated under Health Canada's Access to Cannabis for Medical
Purposes Regulations: Peace Naturals Project Inc., which
was the first non-incumbent medical cannabis license granted by
Health Canada, and Original BC Ltd., which is based in the Okanagan
Valley, British Columbia.
The Company has multiple international production and
distribution platforms including in Germany, Poland, Israel and Australia. The Company intends to
continue to rapidly expand its global footprint as it focuses on
building an international iconic brand portfolio and develop
disruptive intellectual property. Cronos Group is committed
to building industry leading companies that transform the
perception of cannabis and responsibly elevate the consumer
experience.
Forward-looking statements
This news release contains "forward-looking information" and
"forward-looking statements" within the meaning of applicable
Canadian and U.S. securities laws. All information contained
herein that is not clearly historical in nature may constitute
forward-looking information. In some cases, forward-looking
statements can be identified by words or phrases such as "may",
"will", "expect", "plan", "anticipate", "intend", "potential",
"estimate", "believe" or the negative of these terms, or other
similar expressions intended to identify forward-looking
statements. Some of the forward-looking statements contained in
this press release, include the Company's ability to obtain
locations and required licenses and permits to operate private
retail stores in Canadian provinces, the development, construction
of production facilities, anticipated size and capacity of the
production facilities, the receipt of necessary funding, building
permits and other approvals, including applicable production and
sales licenses for the construction and operation of the production
facilities, the Company's ability to supply the Canadian
recreational market, its intention to continue to rapidly expand
its global footprint, build an international iconic brand portfolio
and develop disruptive intellectual property. 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. A discussion of some of the material
risks applicable to the Company can be found in the Company's
current MD&A and Annual Information Form, both of which have
been filed on SEDAR and can be accessed at www.sedar.com. The
forward-looking information included in this news release is made
as of the date of this news release and, 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.
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SOURCE Cronos Group Inc.