TORONTO, March 9, 2017 /CNW/ - Cronos Group Inc.
(TSXV:MJN) ("Cronos Group" or the "Company") owns a 21.5% stake in
Whistler Medical Marijuana Corp. ("WMMC" or "Whistler") and is
pleased to announce that WMMC has been granted an affirmation
letter from Health Canada regarding the company's announced 65,000
square foot expansion in Pemberton,
British Columbia. Cronos continues to be impressed
with the capital efficiencies, brand equity, premium organic
product and the unique culture, vision and leadership at
Whistler. Accordingly, the Company has decided to maintain
its 21.5% equity position through an additional $1,085,000 investment (at a $75MM pre-money
valuation) to help support WMMC's next phase of growth.
Whistler was among the very first licensed producers in
Canada and is the only actively
selling LP whose entire product line is 100% certified organic. In
response to significant growth in sales and increases in demand for
WMMC products, Whistler is preparing to break ground on a new
purpose-built expansion facility in Pemberton, located just 20 minutes from the
company's flagship facility. It is anticipated that Phase I
of the expansion will be completed in the second quarter of 2018.
In addition, Whistler plans to build another 80,000 square
foot indoor cultivation facility with its Phase II expansion and
possesses an option to expand on a neighbouring 160 acre land
parcel in the future.
"Whistler is more than just an iconic cannabis brand that
produces top quality organic product; it embodies an aspirational
lifestyle and culture that extends beyond cannabis. I have always
admired Whistler for placing emphasis on perfecting its craft and
for putting product quality above all else. We are excited to
increase our strategic investment in Whistler and look forward to
continuing to collaborate and share in the future success of our
emerging companies and brands," said Mike
Gorenstein, Chief Executive Officer of Cronos.
About The 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 and
ACMPR applicants. 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 Licensed Producers Whistler Medical Marijuana,
Hydropothecary, and Abcann Medicinals. With interest in five
Licensed Producers and two LP applicants, Cronos Group is focused
on building an iconic brand portfolio, providing patients with
compassionate and personalized care, and creating value for our
shareholders.
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. 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, 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. This news release contains information
obtained by the Company from third parties and 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.