Cronos Group Inc. Closes Redwood Holding Group Acquisition
September 05 2019 - 8:30AM
Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) (“
Cronos
Group” or the “
Company”) today announced
that it has closed its previously announced acquisition of four
Redwood Holding Group, LLC operating subsidiaries. The transaction
provides Cronos Group with a leading U.S. hemp-based products
platform, including hemp-derived cannabidiol (CBD) infused skincare
and other consumer products that are sold online and through retail
and hospitality partner channels in the United States under the
brand, Lord Jones™.
Mike Gorenstein, Cronos Group’s Chairman, President and Chief
Executive Officer, said, “this acquisition is one of a number of
new growth opportunities that is differentiating our company and
our strategic direction. We are pleased to have completed this
acquisition and look forward to working closely with Rob and Cindy
to further build on their record of innovation and fully capitalize
on the platform they have created.”
About Cronos Group Inc.Cronos Group is an
innovative global cannabinoid company with international production
and distribution across five continents. Cronos Group is
committed to building disruptive intellectual property by
advancing cannabis research, technology and product
development. With a passion to responsibly elevate the
consumer experience, Cronos Group is building an iconic brand
portfolio. Cronos Group’s portfolio includes PEACE
NATURALS™, a global health and wellness
platform, and two adult-use brands, COVE™ and
Spinach™. To learn more about Cronos Group and its brands,
please visit: www.thecronosgroup.com; www.peacenaturals.com;
www.covecannabis.ca; www.spinachcannabis.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 anticipated benefits of the acquisition, the ability of the
Company to continue, consistent with applicable law, to develop,
manufacture, distribute and sell hemp‐based products in the United
States and internationally, the Company’s intention to 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 (including the application of State and federal law
to CBD products and the scope of any regulations by the FDA over
CBD products) 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
Management’s Discussion and Analysis and Annual Information Form,
both of which have been filed on SEDAR and EDGAR and can be
accessed at www.sedar.com and www.sec.gov/edgar,
respectively. 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.
Cronos Group ContactAnna Shlimak Tel: (416)
504-0004 investor.relations@thecronosgroup.com
Media Contact: Barrett Golden, Adam Pollack or
Mahmoud SiddigJoele Frank, Wilkinson Brimmer KatcherTel: (212)
355-4449
Cronos (TSX:CRON)
Historical Stock Chart
From Jun 2024 to Jul 2024
Cronos (TSX:CRON)
Historical Stock Chart
From Jul 2023 to Jul 2024