- Analysts call the listing a milestone for both Cronos Group and the entire cannabis industry
- Michael Gorenstein, CEO of Cronos Group, said that the company is the only ‘pure play’ marijuana company to be traded on a U.S. exchange
- Company has holdings or is involved in joint ventures in Canada, Germany, Israel and Australia
Cronos Group Inc. (NASDAQ: CRON) (TSX.V: MJN), a Toronto-based medical marijuana company, recently began trading on the Nasdaq, uplisting from the Nasdaq International Designation program as an OTC stock to the Nasdaq Global Market and becoming the first Canadian cannabis producer stock to be listed on a major U.S. exchange. Michael Gorenstein, CEO and president of Cronos Group, told CNN, “We’re the only pure play marijuana company,” to be traded on a U.S. exchange (http://ibn.fm/hHWLp).
CNN added that the listing was a milestone for both Cronos Group and the entire cannabis industry. Gorenstein said that the company is already exporting marijuana to Germany. It is also building facilities to grow cannabis in Australia and Israel.
Cronos Group holds several wholly-owned subsidiaries. These include 100 percent of Peace Naturals, a company licensed to produce and sell medical marijuana by the Access to Cannabis for Medical Purposes Regulations (“ACMPR”) in Canada. It owns 95 acres of land in Ontario, Canada. Another 100 percent-owned subsidiary is Original BC (“OGBC”), also licensed by ACMPR. It maintains 35 acres of land in British Columbia.
Cronos also owns 21.5 percent of Whistler Medical Marijuana Company (“WMMC”), also licensed by ACMPR to produce and sell medical marijuana and to cultivate cannabis oil.
Additionally, Cronos Group is a partner in a 50-50 joint venture based in Melbourne, Australia. It is also in a strategic joint venture with Kibbutz Gan Shmuel in Israel, which exports medical cannabis to 35 countries throughout Europe and Asia. Plus, it maintains an exclusive supply agreement with Pohl-Boskam, a German pharmaceutical products and medical devices company that distributes products to more than 12,000 German pharmacies.
For more information, visit the company’s website at www.TheCronosGroup.com
