TORONTO, ON--(Marketwired - October 06, 2016) -
NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH UNITED STATES NEWSWIRE SERVICES
PharmaCan Capital (TSX VENTURE: MJN) ("the Company") today announced a corporate rebranding to Cronos Group. This rebranding reflects the new strategic vision of the Company as Canada's first bi-coastal licensed cannabis producer with interests in five Licensed Producers ("LPs") and three license applicants.
"The rebranding was inspired by Greek mythology. As patron of the harvest, Cronos' rule ushered in the 'Golden Age' and bountiful, healthy harvests. This new name allows us to emphasize our strategic vision of efficiently producing premium marijuana and distributing it across Canada and around the world," said Cronos Group's CEO, Mike Gorenstein.
The Company further announced two new additions to the Cronos Group. David Hsu has joined Cronos Group as Head of Operations. For over 10 years prior to joining Cronos Group, David successfully turned around and operated companies with revenues in excess of $500M. David's expertise includes operational restructuring, lean manufacturing and growth creation. "David's ability to efficiently manage capacity expansion and optimize large-scale production will accelerate Cronos Group's emergence as a global leader in the cannabis industry," said Gorenstein.
Cronos Group is also pleased to announce today that William Hilson has joined the company as Chief Financial Officer. Mr. Hilson is a Certified Public Accountant (CPA) and has spent over 15 years as regional CFO of two publicly listed multinational pharmaceutical companies -- Merck KGaA and Serono S.A. His experience includes financial operations, strategy, performance management, sales & marketing, clinical trial management, international tax and debt & equity financing. Prior to joining Cronos Group, William was also involved in a number of mergers & acquisitions and licensing deals in the pharmaceutical sector.
"With our new team of seasoned industry experts and collection of diverse assets within a rapidly developing multi-billion-dollar industry, the Cronos Group is well positioned to realize optimal value for our shareholders in the impending 'Golden Age' of the cannabis industry," said Jason Adler, a director of Cronus Group.
To realize new growth opportunities afforded by Canada's changing regulatory environment, Cronus Group's wholly owned subsidiary In the Zone Produce Inc., will focus on providing high-quality product to recreational users. Ensuring a broad value proposition, through its recent acquisition of The Peace Naturals Project, the Company will continue to provide Canadian patients with compassionate and personalized care with the highest-quality medicinal marijuana.
The ticker for Cronos Group's common stock listed on the TSX Venture Exchange will continue to be "MJN".
About Cronos Group
Cronos Group is a holding company for Licensed Producers under Canada's Marihuana for Access to Cannabis for Medical Purposes Regulations ("ACMPR"). With interests in five licensed producers and three license applicants, Cronos Group is focused on building iconic brands providing patients with compassionate, personalized care.
The Peace Naturals Project, a wholly-owned subsidiary, mandated to produce product of the highest medicinal value, is licensed to produce up to 2,500 Kg per year and is located on 95-acres of land in Ontario, its current grow facilities are 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 per year and is located on 31 acres of land in the Okanagan Valley, BC, with plenty of space for expansion of current facilities.
The Company also has stakes in: Whistler Medical Marijuana Corporation, ABcann Medicinals Inc., Hydropothecary, Evergreen, Vert Medical, 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. Generally, such forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information includes, but is not limited to, statements about the potential production capacity of Peace and the growth of Peace. Forward-looking information includes, but is not limited to, statements about the potential production capacity of Peace and the growth of Peace. 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 uncertainties and contingencies. Forward-looking statements involve known and unknown risks, uncertainties and other factors 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. All forward-looking information contained in this news release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. Except as required by law, PharmaCan disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise. 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, including but not limited to market data. The Company believes such information to be accurate but has not independently verified such information. To the extent such information was obtained from third party sources, there is a risk that the assumptions made and conclusions drawn by the Company based on such representations are not accurate.
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