TORONTO, ON --(Marketwired - December 28, 2016) - PharmaCan Capital Corp., doing business as Cronos Group (TSX VENTURE: MJN) ("Cronos" or "the Company"), is pleased to announce the execution of an exclusive supply agreement with German-based Pedanios GmbH ("Pedanios") for the distribution of medical cannabis products in European markets.
Pursuant to the agreement, which has an initial term of three years, Cronos will be the exclusive North American supplier of cannabis products to Pedanios for distribution into the European Union and Switzerland. The scope of this agreement includes, but is not limited to, fresh and dried flower, cannabis extracts, and cannabis formulated products. Cronos has granted Pedanios an exclusive license to market, sell, commercialize, and distribute Company products into selected and appropriately regulated European jurisdictions.
"Cronos' wholly owned subsidiary, Peace Naturals, was chosen as a partner because of their reputation for exceptional quality medical cannabis. The regulatory environment continues to develop rapidly across Europe, making it imperative for us establish reliable distribution partners as the market evolves. We look forward to building a long-term relationship with the Cronos Group as we continue to develop new markets together while providing patients with the best care available," says Patrick Hoffmann, Executive Partner of Pedanios.
This agreement follows a co-branded supply agreement between Cronos' wholly owned Peace Naturals Project ("Peace Naturals") and Pedanios GmbH. As part of the prior agreement, Peace Naturals successfully supplied and shipped non-gamma irradiated cannabis flower to Pedanios for distribution to German pharmacies in October 2016.
"This exclusive agreement supplements our previously announced international co-branded supply contract with Pedanios and extends the distribution platform into new jurisdictions beyond Germany. We are extremely excited to broaden the scope of our arrangement and to be selected as Pedanios' exclusive North American supplier. This distribution agreement validates our cannabis platform on an international scale and positions Cronos for incremental distribution opportunities," says Michael 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.
About Pedanios GmbH
Pedanios GmbH is a German licensed pharmaceutical wholesaler within §52a of the Medicines Act and a licensed narcotics dealer within §3 of the Narcotics Legislation. In addition, Pedanios GmbH is licensed to import medicines under §72 of the Medicines Act. Pedanios maintains the welfare of patients as the central theme of the organization. For successful therapy in the fight against various diseases, Pedanios focuses attention on high quality drugs and works to minimize the expense for patients and cost of pharmacies.
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.