TORONTO, June 19, 2018 /CNW/ - Cronos Group Inc. (NASDAQ:
CRON) (TSX: CRON) ("Cronos Group" or the
"Company"), is pleased to announce that Cronos Australia Pty
Ltd. ("Cronos Australia") has been granted a medicinal
cannabis Manufacture License by the Australian Office of Drug
Control. This license permits manufacturing of cannabinoid based
products in Australia and is
required for all forms of extraction, refining, concentration and
transformation of the cannabis plant.
"We are thrilled that Cronos Australia was granted the
Manufacture License, circling out the licenses for domestic
production which include the medicinal cannabis Cultivation License
and Research License," said Mike
Gorenstein, CEO of Cronos Group. "This is a key step for
expanding our research and product development while also allowing
us to produce the full scope of cannabis products for the
region."
"The granting of the Manufacture License is a significant
milestone for the company and a progressive step towards providing
Australian patients with premium quality medicinal cannabis
products and being a leader in the export market," said
Rodney Cocks, CEO of Cronos
Australia. "With the Australian Federal Government's ambition to
build a robust domestic production and export industry, we believe
Cronos Australia will be well positioned to service both Australian
patients and export opportunities to New
Zealand and Southeast
Asia," he said.
Cronos Australia, a joint-venture between Cronos Group and
Australian-based NewSouthern Capital, serves as the Company's hub
for Australia, New Zealand and Southeast Asia. Cronos Australia will soon
begin construction of its first purpose-built facility located on a
120-acre production campus in regional Victoria. During the construction period of
the production facility, Cronos Australia has applied for import
permits to provide interim supply of premium-quality medicinal
cannabis products from Cronos Group's Canadian operations for
Australian patients.
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., which was the
first non-incumbent medical cannabis license granted by Health
Canada, and Original BC Ltd., which is based in the Okanagan
Valley, British Columbia.
The Company has multiple international production and
distribution platforms including in Germany, Israel and Australia. The Company intends to
continue to rapidly expand its global footprint as it focuses on
building an international iconic brand portfolio and develop
disruptive intellectual property. Cronos Group is committed
to building industry leading companies that transform the
perception of cannabis and responsibly elevate the consumer
experience.
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
plans of operations in Australia,
New Zealand and Southeast Asia, intention to continue to
rapidly expand its global footprint, 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 MD&A and Annual Information Form, both of
which have been filed on SEDAR and can be accessed at
www.sedar.com. 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.
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SOURCE Cronos Group Inc.