Cronos Group Announces Supply Agreement with Cannamedical Pharma in Germany
01 Sep, 2017, 14:19 ET
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.
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.
For further information: Michael Krestell, Investor & Media Relations, TEL: 647-274-3655, E-mail: [email protected]
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