TORONTO, Aug. 9, 2018 /PRNewswire/ - Cronos Group
Inc. (NASDAQ: CRON) (TSX: CRON) ("Cronos Group"
or the "Company"), is pleased to announce that it has
entered into a supply agreement with one of the largest cannabis
companies in the world by revenue in the first quarter of 2018,
Cura Select Canada, Ltd. ("Cura"). Cura is on a mission to
be the leading provider of premium cannabis oil and hemp oil to the
legal U.S. and international markets, and will enter the Canadian
market to supply domestic and international channels through this
agreement.
![Cronos Group (CNW Group/Cronos Group Inc.) Cronos Group (CNW Group/Cronos Group Inc.)](https://mma.prnewswire.com/media/728672/Cronos_Group_Inc__Cura_Goes_International_with_Cronos_Group_Inc_.jpg)
Cura is widely respected in the industry for the methodology and
innovation of its extraction techniques and its focus on setting
standards for quality products across the industry. Cura has
pioneered a highly refined system that fulfills a scalability and
quality need unique to a company of this size, with an ability to
produce one million grams of oil per month at each of its
facilities. The company is known for its Select Oil and Select CBD
brands and offers a variety of white label products with emerging
regionally-based and celebrity brands. Cura believes that the
ongoing legalization of cannabis embodies an emerging world where
everything is possible, and attributes much of its success to its
world-class team of experts. It has expanded from a small group of
loyal employees in 2015, to a team of more than 350 across four
U.S. states and now Canada. The
company's growth continues along with its brand Select, which has
held its place as the best-selling cannabis brand on the West Coast
since October 2017 (WA/OR/CA,
according to BDS Analytics).
The Company has signed a five-year take-or-pay supply agreement
to purchase a minimum of 20,000 kilograms of cannabis per annum
from Cronos Growing Company Inc. ("Cronos GrowCo"). Cura
expects to build its proprietary, state-of-the-art extraction
facility on a parcel of land owned by Original BC ("OGBC")
in the heart of Okanagan Valley, British
Columbia. Given the commitment that both companies have to
providing consumers with the best product quality, Cronos will be
selecting and cultivating ideal strains for Cura's extraction
methodology. The new facility is intended to serve as Cura's hub
for the Canadian and international market.
"We are thrilled to be partnering with one of the cannabis
industry leaders in extraction technology and value added
products," said Mike Gorenstein, CEO
of Cronos Group. "This supply agreement is the start to a
synergistic collaboration for our newly created entity Cronos
GrowCo and through the structure with Cura, is the type of creative
and forward thinking partnership that is at the core of industry
leading infrastructure that Cronos seeks to establish."
"Cura's partnership with Cronos marks a significant step in our
mission to be the leading provider of cannabis oil to legal U.S.
and international markets," remarked Cameron Forni, founder, president and chief
executive officer at Cura. "We're thrilled to work with Cronos to
continue our focus on delivering quality-assured, pesticide-free
cannabis oil and manufacturing innovative, safe consumer products
for the Canadian market and beyond."
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, 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.
About Cura Select Canada, Ltd.
Cura brings its
expertise in people, innovation, potency and purity to Canadian and
international markets with Cura Select Canada, Ltd. Partnering
with Canadian organizations including Cannabis Compliance, Inc. and
Cronos Group, Cura's Canadian branch brings along with it a belief
in a world where everything is possible. Cura Select Canada Ltd. is
an expression of our continued commitment to our mission to being
the leading provider of cannabis oil globally.
About Cura
Cura is one of the largest cannabis brands
in America, on a mission to be the leading provider of cannabis oil
in legal U.S. and international markets. Our goal is to provide
patients and customers with the cleanest, most flavorful
high-quality cannabis oils, with the safest delivery methods
available. Makers of the Select Oil and Select CBD brands, Cura was
established in Portland, Oregon in
2015 and in 2018, we were named as one of the Top 100 Companies to
Work For in Oregon by Oregon
Business Magazine. In addition to our home state of Oregon, we are proud to have a large presence
in Nevada, California, Arizona and soon additional states and
locations across North America and
around the world. Learn more at: www.curacan.com
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 development, construction and
operation of the Facility, the nature of the Facility and its
operations, including that its operations will be in an energy
efficient manner, anticipated size and capacity of the Facility,
the receipt of necessary funding, building permits and other
approvals, including applicable production and sales licenses, for
the construction and operation of the Facility, the expectation
that construction of the Facility will be funded with debt and the
partnership with create capacity and operating leverage in a
capital efficient manner, the Company's ability to supply
international markets, the Company's 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.
View original content with
multimedia:http://www.prnewswire.com/news-releases/cura-goes-international-with-cronos-group-inc-300694736.html
SOURCE Cronos Group Inc.