TORONTO, May 2, 2017 /CNW/ - Cronos Group Inc. (TSXV:MJN) ("Cronos" or the "Company") is pleased to announce that following a comprehensive audit, the Company's wholly owned licensed producer ("LP"), the Peace Naturals Project Inc. ("Peace"), has been issued a Good Manufacturing Practice ("GMP") certification in accordance with the rules governing medicinal products in the European Union. This GMP certification enables Peace to distribute medical cannabis across the European Union as additional markets come on-line.
The comprehensive GMP review was conducted by German regulators and health inspectors from the European Union and included the additional certification of Peace's newest purpose-built production infrastructure. The European GMP certification is one of the highest standards a pharmaceutical manufacturer can meet for medicinal products, and indicates an adherence to detailed guidelines that extend well beyond the current Health Canada requirements for ACMPR licensed producers.
"This is an incredible milestone that further differentiates Peace as an industry leader focused on setting the international gold standard. As a GMP certified LP, Peace is uniquely situated to capitalize on our first mover advantage and reaffirm our position as a leader in the space by extending our global distribution network. Two continents down, four to go," said Mike Gorenstein, Chief Executive Officer 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 land and are currently licensed to produce 2,600 kg of cannabis on an annual basis. The Company also holds minority equity positions in Whistler Medical Marijuana and other Licensed Producers. 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]; Stefania Yarhi, Sr. Account Manager, Narrative, TEL: 416 930 0056, E-mail: [email protected]