TORONTO, Feb. 5, 2018 /CNW/ - Cronos Group Inc. (TSX-V:
MJN) (OTC Nasdaq Int'l Designation: PRMCF) (the "Group" or
the "Company") is pleased to announce the launch of Cronos
Australia Pty Ltd. ("Cronos Australia") and the grant of
medicinal cannabis cultivation and research licenses.
"The launch of Cronos Australia as our newest international hub
marks an important milestone for the Company. Cronos is
focused on providing pharmaceutical grade medicine to patients in
need, and we are excited that our Australian team shares this
vision and commitment," says Mike
Gorenstein, CEO of Cronos Group.
Cronos Australia is a 50/50 joint venture between the Group and
NewSouthern Capital Pty Ltd, led by Mr. Rodney Cocks and Mr. Peter Righetti. Cronos Australia will
serve as the Group's hub for Australia, New
Zealand, and South East
Asia, bolstering the Group's import/export supply
capabilities and distribution network. Cronos Australia will
leverage the Group's intellectual property and iconic brands to
deliver premium cannabinoid based products to Australasia.
Rodney Cocks, Chief
Executive Officer & Director
Before founding Cronos Australia, Rodney was a
consultant with The Boston Consulting Group, later taking up a
senior role at an Australian multinational before co-founding
NewSouthern Capital. He heads up the capital raising and
portfolio company teams at NewSouthern, and sits on the investment,
audit and risk committee for the company. As a graduate of
the Royal Military College,
Duntroon, Rodney commenced his
career as an Australian Army infantry officer and was also a senior
member of the UK Government's Counter Narcotics team at The British
Embassy in Kabul, which was
responsible for targeting the massive opium and cannabis
cultivation and trafficking issue in Afghanistan. Rodney
holds a Bachelor of Commerce, Bachelor of Laws, MBA
(Wharton, University of Pennsylvania), and
an MPA (Harvard University).
He is an admitted lawyer to the Supreme Court of New South Wales, a Graduate of the Australian
Institute of Company Directors, and an Authorised Representative
under an Australian Financial Services License. Rodney was
also named the Victorian Australian of the Year in 2005.
"We are extremely pleased to announce that Cronos Australia has
secured both a medicinal cannabis license and a cannabis research
license, paving the way for us to research, cultivate, and produce
premium cannabinoid-based products for Australian patients," says
Mr. Cocks.
Peter Righetti, Chief
Operating Officer & Director
Prior to establishing Cronos Australia, Peter worked for more
than 20 years in residential and commercial property, providing
strategic-level expertise in the fields of development acquisition,
planning, construction/project management, project financing, and
marketing. Peter heads up the investment and property teams
at NewSouthern Capital and sits on the risk, audit, and investment
committees for NewSouthern. In line with NewSouthern's
commitment to the creation, protection, and growth of investor
wealth, Peter will assume a pivotal role in the establishment and
ongoing operations of Cronos Australia. Peter is a graduate
of Royal Military College, Duntroon, and served as an Army Officer in the
Royal Australian Corps of Engineers. He has held senior
leadership and executive positions in private and publicly listed
Australian companies. Peter holds a Bachelor of Commerce and
a Bachelor of Laws. He is admitted as a barrister and solicitor of
the Supreme Court of Victoria.
"Cronos Australia will continue to leverage the Group's
intellectual property to ensure that we deliver the highest quality
medicinal cannabis products to the Australasia region," says Mr.
Righetti.
Cronos Australia's first production campus will be located on
120 acres and will commence construction on the initial phase of
its production platform with a 20,000 sq. ft. purpose-built
facility (the "Initial Facility"), with an expected annual
production capacity of 2,000KG. Cronos Australia is currently
working with the Group on designing a significant capacity
expansion beyond the Initial Facility. In the interim, the
Group intends to make available supply of Peace Naturals' premium
medicinal cannabis to support Australian patient access, subject to
obtaining its import license. The Initial Facility has been
designed to meet the Group's best-in-class quality standards,
including Good Production Practices and Good Manufacturing
Practices (GMP). The Group's expertise operating under these
guidelines is expected to ensure that all quality controls across
the Group's international platforms are consistent with the highest
manufacturing standards.
The operations of Cronos Australia are subject to approval of
the TSX Venture Exchange.
Conference Call
A conference call to discuss Cronos Australia will be held at
8:45 am (EST) on Monday, February 5,
2018. The call will be open to the public and instructions
for the conference call are provided below:
Conference ID: 6999547
Topic: Launch of Cronos Australia
Toll-free dial-in number: (888)
231-8191
International dial-in number: (647) 427-7450
Additionally, an audio replay of the conference call will be
available two hours after the call's completion. Instructions for
the audio replay are provided below:
Toll-free dial-in number: (855)
859-2056
Passcode: 6999547
About Cronos Group
Cronos Group is a globally diversified and vertically integrated
cannabis company with a presence across four continents. The
Company operates two wholly-owned Canadian Licensed Producers
regulated under Health Canada's Access to Cannabis for Medical
Purposes Regulations: Peace Naturals Project Inc. (Ontario), which was the first non-incumbent
medical cannabis license granted by Health Canada, and Original BC
Ltd. (British Columbia), which is
based in the Okanagan Valley. The Company has multiple
international production and distribution platforms: Cronos Israel
and Cronos Australia. Through an exclusive distribution
agreement, Cronos also has access to over 12,000 pharmacies in
Germany as the Company focuses on
building an international iconic brand portfolio and developing
disruptive intellectual property.
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 and includes, but is not limited to,
information relating to the future growth and prospects of the
Company. 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. Accordingly,
readers should not place undue reliance on any forward-looking
statements or information. A discussion of certain of the material
risks applicable to the Company can be found in the Company's most
recent MD&A and Annual Information Form, which can be accessed
at www.sedar.com. Except as required by law, the Company
disclaims any obligation to update or revise any forward-looking
statements. Readers are cautioned not to put undue reliance
on these forward-looking statements.
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.
SOURCE Cronos Group Inc.