TORONTO, ONTARIO--(Marketwired - March 2, 2017) - Cronos Group Inc. (formerly PharmaCan Capital Corp.) (TSX VENTURE:MJN) ("Cronos Group" or the "Company") announces that it has re-filed Management's Discussion and Analysis of financial results for the three and nine months ended September 30, 2016 (the "MD&A") pursuant to a review by staff of the Ontario Securities Commission.
The MD&A has been re-filed to include with respect to the Company:
- an analysis of year-to-date results including a comparison of financial performance and cash flows to the corresponding period in the previous year;
- an analysis of the year-to-date (and comparative to corresponding period in the previous year) material components of (a) exploration and evaluation assets or expenditures; (b) expensed research and development costs; (c) intangible assets arising from development; (d) general and administration expenses; and (e) any material costs, whether expensed or recognized as assets, not referred to in (a) through (d).
The MD&A, prior to re-filing, only included a discussion concerning the above matters, for the 3 month period ending September 30, 2016. For greater certainty and clarification, no adjustments or revisions were required in respect of the financial statements for the 3 month period ending September 30, 2016 and the corresponding notes.
In connection with the re-filing of the MD&A, Cronos has filed the CEO and CFO certificates ("Certificates") as required under National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings.
The re-filed MD&A and the Certificates are available under the Company's profile on www.sedar.com.
About 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.
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. The Company 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.