Cronos Group Opens Cronos Device Labs, New Global R&D Center in Israel
07 May 2019 - 10:00PM
Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) (“
Cronos
Group” or the “
Company”) today announced
that it is expanding its global infrastructure network and
innovation capabilities with the opening of a cannabinoid device
R&D facility, based in Israel (“
Cronos Device
Labs”). The state-of-the-art facility supports Cronos
Group’s efforts to develop next-generation vaporizer products that
are designed specifically for cannabinoid applications.
Cronos Device Labs, which is equipped with an experienced team
of product development talent, advanced vaporizer technology and
analytical testing infrastructure, serves as the global center of
R&D for the Company’s vaporizer devices. The 23-member team at
Cronos Device Labs, which brings to Cronos Group over 80 years of
combined expertise in vaporizer development, is comprised of
product designers, mechanical, electrical and software engineers,
and analytical and formulation scientists. Cronos Device Labs
significantly enhances Cronos Group’s technology and development
capabilities and is expected to enable the Company to deliver
expanded product offerings to customers that are specially tailored
to cannabinoid use.
“The launch of Cronos Device Labs is an exciting next step on
our journey to become a leader in cannabinoid innovation,” said
Cronos Group's Mike Gorenstein, Chairman, President and Chief
Executive Officer. “Vapor is already one of the most popular forms
of cannabis consumption, and we see a clear opportunity for Cronos
Group to introduce the next-generation of vaporizer products
designed specifically for cannabinoid formulations. With a deep
bench of engineering, analytical, scientific and design talent
already in place, we are confident that Cronos Device Labs will
play an important role in positioning the Company for long-term
success by enabling us to build innovative vaporizer products that
resonate with our customers and generate shareholder value.”
“The vaporization space is rapidly evolving,” added Arye
Weigensberg, General Manager at Cronos Device Labs. “Now, more than
ever, consumers are migrating to this convenient consumption
method. At the same time, the category remains in its infancy with
few products that deliver full spectrum effects in a consistent and
controlled manner. Our mission at Cronos Device Labs is to develop
a line of vaporizers and formulations that truly bring cannabis
benefits into full expression.”
About Cronos Group
Cronos Group is an innovative global cannabinoid company
with international production and distribution across five
continents. Cronos Group is committed to building disruptive
intellectual property by advancing cannabis
research, technology and product development. With a
passion to responsibly elevate the consumer
experience, Cronos Group is building an iconic brand
portfolio. Cronos Group’s portfolio includes PEACE
NATURALS™, a global health and wellness
platform, and two adult-use brands, COVE™ and
Spinach™. To learn more about Cronos Group and its
brands, please
visit: www.thecronosgroup.com; www.peacenaturals.com; www.covecannabis.ca; www.spinachcannabis.com
Forward-looking statements
This news release contains “forward-looking information” and
“forward-looking statements” within the meaning of applicable
Canadian and U.S. securities laws. All information contained
herein that is not clearly historical in nature may constitute
forward-looking information. In some cases, forward-looking
statements can be identified by words or phrases such as “may”,
“will”, “expect”, “plan”, “anticipate”, “intend”, “potential”,
“estimate”, “believe” or the negative of these terms, or other
similar expressions intended to identify forward-looking
statements. Some of the forward-looking statements contained in
this press release include the Company’s ability to develop and
deliver expanded product offerings including vaporizer products,
the Company’s technology and development capabilities, the
Company’s intention to build an international iconic brand
portfolio and develop disruptive intellectual property.
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. A discussion of some of
the material risks applicable to the Company can be found in the
Company’s current Management’s Discussion and Analysis and Annual
Information Form, both of which have been filed on SEDAR and EDGAR
and can be accessed at www.sedar.com and www.sec.gov/edgar,
respectively. The forward-looking information included in this news
release is made as of the date of this news release and, 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.
Cronos Group ContactAnna Shlimak(416)
504-0004investor.relations@thecronosgroup.com
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