TORONTO, ON--(Marketwired - January 11, 2017) -
NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH UNITED STATES NEWSWIRE
PharmaCan Capital Corp., doing business as Cronos Group (TSX VENTURE: MJN) ("Cronos" or the "Company"), is pleased announce that the Company's wholly-owned subsidiary, In the Zone Produce Inc. ("ITZ"), has been approved by Health Canada to sell medicinal cannabis pursuant to the Access to Cannabis for Medical Purposes Regulations ("ACMPR"). The new ITZ sales license supplements the prior cultivation license and validates the operational quality assurance undertakings of the Company. ITZ may immediately begin selling cannabis directly to medical patients throughout Canada, and this sets the stage for the development of new ITZ branded platforms. ITZ is now Cronos' second wholly-owned Licensed Producer to receive a sales license.
This issuance is an instrumental milestone for the recently announced Indigenous Roots joint venture. As previously stated, Indigenous Roots plans to build a flagship location on a subsection of ITZ's licensed 31-acre property, which will not have any material impact on ITZ's recreational expansion plans. The Indigenous Roots facility will be fully funded by Cronos' First Nation joint venture partners, and construction is expected to begin in the spring of 2017. Additional details related to the launch, the site design, and a First Nations logo and branding contest will be announced in the coming weeks.
"Obtaining the sales license at ITZ positions Cronos as the only company with Licensed Producers in multiple provinces. It expedites the development timeline of our production and branding initiatives on the property, including our JV with Indigenous Roots. We remain committed to leading the cannabis industry forward by leveraging Cronos' extensive portfolio and aggressively developing incremental global distribution channels in the process of creating substantial value for our shareholders," says Mike Gorenstein, Chief Executive Officer 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.
For more information, please visit The Cronos Group.
About In The Zone Produce Ltd.
The Company's second wholly-owned subsidiary, In the Zone Produce Ltd., is a Licensed Producer of medical marihuana under Canada's ACMPR program. ITZ is licensed to produce and sell up to 100 kg of medical marijuana per year and is located on 31 acres of land in the Okanagan Valley, British Columbia.
For more information, please visit In The Zone.
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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