TORONTO, Oct. 4, 2017 /CNW/ - Cronos Group Inc. (TSX-V: MJN) (OTC – Nasdaq International Designation: PRMCF) ("Cronos Group" or the "Company") is pleased to announce the rebranding of In The Zone Ltd. ("ITZ") to Original BC Ltd. ("OGBC"). The name change reflects the Company's strategic vision in anticipation of the expected legalization of recreational cannabis throughout Canada in July of 2018. OGBC will serve as the platform that Cronos will leverage to launch new brands to serve the international recreational market. The name change is subject to the filing of certain applications and is expected to be effective on or about October 6, 2017.
OGBC is located on 31 acres of land in the Okanagan Valley in British Columbia and is focused on quality and integrity, committed to continuing BC's long history of producing some of the world's finest cannabis. Over the past year, manufacturing upgrades to the initial pilot facility and methodology refinements have resulted in substantial increases in both yields and quality. An on-site artesian well provides a free source of water (200+ gallon per minute capacity), and local climate and power costs provide advantages over other Canadian jurisdictions.
"We have always reiterated the need for a clear distinction between our medical and recreational platforms as they address different consumer targets. Each recreational brand we launch will be positioned to maximize incremental sales across the Cronos portfolio while maintaining an uncompromising approach to quality," 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 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]