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.
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]