TORONTO, Aug. 29, 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 successfully completed the
Company's first shipment of medical cannabis oil to the
Cayman Islands. This marks the
first time Cronos has exported an extract based product.
The purchaser is Caribbean Medical Distributors Ltd. who are
working with Professional Pharmacy Services Ltd., located in the
CTMH Doctors Hospital, in George Town, Cayman Islands. CTMH
Doctors Hospital (formerly the Chrissie
Tomlinson Memorial Hospital) is a private, for-profit
hospital in the Cayman Islands
dedicated to providing exceptional health care to the Cayman Islands.
Peace recently completed a state-of-the-art commercial oil
production lab that is expected to be fully operational following
final approval from Health Canada in September. Peace is also
nearing completion of its new 28,000 sq. ft. greenhouse, which will
provide low-cost cannabis for extraction, and an additional 1,200
sq. ft. pharmaceutical-grade extraction lab.
"As additional capacity comes online, we will continue to
strategically allocate our supply to establish new international
distribution channels. Our expansion in the Caymans reflects
that strategy and coincides with the ramp up of Peace's commercial
oil program," said Mike Gorenstein,
CEO of Cronos.
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.