TORONTO, ON--(Marketwired - November 01, 2016) -
NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH UNITED STATES NEWSWIRE SERVICES
PharmaCan Capital Corp., doing business as Cronos Group (TSX VENTURE: MJN) ("Cronos Group" or "the Company"), has divested its equity interest in Vert/Green Medical Inc. ("Vert"). Vert was acquired by Canopy Growth Corporation ("Canopy") in a share-for-share transaction that Canopy today announced has closed. As a result of the transaction, the Company today acquired, through its wholly-owned subsidiary Hortican Inc., 7,374 shares of Canopy and may acquire up to 29,498 additional shares of Canopy subject to escrow conditions relating to certain licensing milestones for Vert.
Canopy has announced that as part of the transaction it will immediately repay Vert's debt, which includes the $422,933.45 currently owed to Cronos Group.
"As we concentrate on optimizing and expanding our wholly-owned subsidiaries - Peace Naturals Project Inc. and In The Zone Produce Inc., we welcome the opportunity to monetize non-core assets," said Cronos Group CEO Mike Gorenstein. "This transaction allows us to secure non-dilutive capital to further develop our core assets."
About Cronos Group
PharmaCan Capital Corp., known as the Cronos Group, is a holding company for licensed producers under Canada's Access to Cannabis for Medical Purposes Regulations ("ACMPR"). With interests in five licensed producers and two license applicants, Cronos Group is focused on building iconic brands providing patients with compassionate, personalized care.
The Peace Naturals Project Inc., a wholly-owned subsidiary of the Company, is licensed to produce up to 2,500 kg of medical marijuana per year and is located on 95-acres of land in Ontario. Peace has current grow facilities of approximately 38,000 square feet.
The Company's other wholly-owned subsidiary, In the Zone Produce Inc., is licensed to produce up to 100 kg of medical marijuana per year and is located on 31 acres of land in the Okanagan Valley, BC.
The Company also has stakes in: Whistler Medical Marijuana Corporation, ABcann Medicinals Inc., Hydropothecary, Evergreen, and Cannmart.
For more information, please visit www.TheCronosGroup.com.
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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