TORONTO and GAN SHMUEL, Israel, Oct. 05, 2020 (GLOBE NEWSWIRE) -- Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) (“Cronos Group” or the “Company”) a global cannabinoid company, is pleased to announce the launch of its leading medical brand PEACE NATURALS™, in pharmacies throughout Israel through Cronos Israel.
Cronos Israel’s operations include the cultivation and production of PEACE NATURALS™ branded products at the company’s facilities, located in Kibbutz Gan Shmuel, in Israel. Currently, Cronos Israel sells dried flower in the medical market and expects to launch cannabis oils and pre-rolls in the near future. As one of the first medicinal cannabis brands in Canada, established in 2013, PEACE NATURALS™ has always stood for high-quality products and a whole health approach to patient care. To maintain consistency, Cronos Israel has imported both dried flower and cannabis plant cuttings from Canada. The Cronos Israel facility now operates independent crop cycles which conform to the characteristics of the products the Company sells in Canada and Germany, and which products are sold in Australia by the Company’s investee, Cronos Australia Limited.
Since it was founded in 2018, Cronos Israel has established its cultivation and production facilities, which have received the IMC-GAP, IMC-GMP and IMC-GDP certifications required for the cultivation, production and marketing of dried flowers, pre-rolls and oil drops in Israel. The facilities were built to the same high standards as Cronos Group’s facilities globally, at times voluntarily implementing standards that exceed the Israeli Medical Cannabis Agency (IMCA) requirements for the purpose of providing patients with market-leading cannabinoid products.
“We are very excited to be launching in the Israeli market and bringing high-quality medical products to patients. Israel has done a tremendous job creating a viable and successful cannabis market. There is a focus on improving and expediting the patient access process for medical cannabis. The cannabis usage rate in Israel is among the highest in the world, and the medical patient count in Israel is expected to increase rapidly, which represents an excellent opportunity for our business to grow in this market,” said Mike Gorenstein, Executive Chairman, Cronos Group.
“The intensive work that went into building our cultivation facility and production line resulted in our ability to grow and produce a high-quality product, based on the unique genetics that have been popular with patients in other parts of the world,” said Rani Gorelik, General Manager, Cronos Israel. “Canada’s innovation and professional expertise, alongside our wonderful team here, have helped us create a product that we are proud of. We are excited to take part in revolutionizing the medical cannabis sector in Israel."
About Cronos Group
Cronos Group is an innovative global cannabinoid company with international production and distribution across five continents. Cronos Group is committed to building disruptive intellectual property by advancing cannabis research, technology and product development. With a passion to responsibly elevate the consumer experience, Cronos Group is building an iconic brand portfolio. Cronos Group’s portfolio includes PEACE NATURALS™, a global wellness platform, two adult-use brands, COVE™ and Spinach™, and two hemp-derived CBD brands, Lord Jones™ and PEACE+™. For more information about Cronos Group and its brands, please visit: www.thecronosgroup.com.
This press release may contain information that may constitute “forward-looking information” or “forward-looking statements” within the meaning of applicable Canadian and U.S. securities laws (collectively, “Forward-looking Statements”). All information contained herein that is not clearly historical in nature may constitute Forward-looking Statements. In some cases, Forward-looking Statements can be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “plan”, “anticipate”, “intend”, “potential”, “estimate”, “believe” or the negative of these terms, or other similar expressions intended to identify Forward-looking Statements. Some of the Forward-looking Statements contained in this press release include the Company's intention to build an international iconic brand portfolio and develop disruptive intellectual property, the expected launch of new product lines in Israel and the expected growth of the medical cannabis market in Israel. 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, financial results, results, performance or achievements expressed or implied by those Forward-looking Statements and the Forward-looking Statements are not guarantees of future performance. A discussion of some of the material risks applicable to the Company can be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 (as amended) and the Company's Quarterly Report on Form 10-Q for the period ended June 30, 2020, each of which has been filed on SEDAR and EDGAR and can be accessed at www.sedar.com and www.sec.gov/edgar, respectively. Any Forward-looking Statement included in this press release is made as of the date of this press release and, except as required by law, Cronos Group disclaims any obligation to update or revise any Forward-looking Statement. Readers are cautioned not to put undue reliance on any Forward-looking Statement.
For further information, please contact:
Rony Katz Amichay
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Source: Cronos Group Inc.