TORONTO, Sept. 18, 2023 (GLOBE NEWSWIRE) -- Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) (“Cronos” or the “Company”) announced today that it shipped its first order of bulk cannabis, which will be sold under the PEACE NATURALS® brand in Germany. In July, Cronos signed a distribution agreement with Cansativa Group (“Cansativa”), one of the leading distributors of medical cannabis in Germany. Cansativa is a market leader in the medical cannabis market and is a driving force in the German cannabis industry. Cansativa has a network of approximately 2,000 pharmacies domestically; they currently supply around 300,000 patients in Germany's medical market.
“Re-entering the German market, which has about 83 million people, is a significant milestone for Cronos and we look forward to expanding our reach and brand awareness in Germany with the help of Cansativa,” said Mike Gorenstein, Chairman, President, and CEO, Cronos. “We intend to establish our PEACE NATURALS® brand as a top medical brand, similar to the brand’s reputation in Israel. We will continue to push forward on new market growth opportunities and expand our portfolio of borderless products.”
The recently announced regulatory changes in Germany, to reschedule cannabis and no longer label cannabis as a narcotic, are expected to unlock significant growth in the market. Cansativa’s wide distribution network of pharmacies provides Cronos access to patients in Germany, including those with insurance coverage for medical cannabis. Additionally, in August 2023, a bill was introduced in the German parliament to legalize adult-use cannabis. Re-establishing Cronos and its PEACE NATURALS® brand in the German market will position the Company to capitalize on this growing market, fueled by potential future legislative changes.
About Cronos Group Inc.
Cronos is an innovative global cannabinoid company committed to building disruptive intellectual property by advancing cannabis research, technology and product development. With a passion to responsibly elevate the consumer experience, Cronos is building an iconic brand portfolio. Cronos’ diverse international brand portfolio includes Spinach®, PEACE NATURALS® and Lord Jones®. For more information about Cronos and its brands, please visit: 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 and court decisions (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 statements about the Company’s plans to re-enter the German market and grow its PEACE NATURALS® brand in that market, its expectations about the legal and regulatory changes in the German market with respect to cannabis and the effect such changes could have on the growth of the market and the Company’s sales, the positioning of the PEACE NATURALS® brand relative to competing brands, and its plans with respect to new market growth opportunities and its product portfolio. 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, 2022, and the Company’s Quarterly Reports on Form 10-Q for the quarters ended March 31, 2023 and June 30, 2023, 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 disclaims any obligation to update or revise any Forward-looking Statement. Readers are cautioned not to put undue reliance on any Forward-looking Statement.
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