TORONTO, ON--(Marketwired - December 13, 2016) - PharmaCan Capital Corp., doing business as Cronos Group (TSX VENTURE: MJN) ("Cronos" or "the Company"), is pleased with and supportive of the recommendations provided in the report by the Task Force on Cannabis Legalization and Regulation, which outlined the potential framework for the legalization and regulation of cannabis in Canada. A copy of today's report has been posted and is available in the Health section of the Government of Canada's website (http://www.healthycanadians.gc.ca)
This morning the Honourable Anne McLellan, Chair of the Task Force on Cannabis Legalization and Regulation, and Dr. Mark Ware, Vice Chair, held a press conference speaking with the media for the first time regarding the results of their recent report to the Ministers of Justice, Health and Public Safety. The report outlined several suggested policies for the future of the recreational cannabis market and how these policies could be implemented. The task force recommendations were the result of engaging with municipal, provincial, territorial and Indigenous governments, as well as patients, experts, advocates, and employers across the industry.
"We are excited by the recommendations of the task force, which remove any doubt regarding the government's commitment to make Canada the first G7 country with a federally legalized recreational cannabis market. The announcements continue to showcase Canada's global leadership position in establishing the gold standard for cannabis regulation. With the report providing for expanded product lines, Cronos is committed to being at the forefront of innovation in the cannabis category," says Mike Gorenstein, CEO of Cronos.
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 and believes such information to be accurate but has not independently verified such information.
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For more information, please visit www.thecronosgroup.com.