Cronos Group (TSX:MJN) (OTC: PRMCF) a Toronto-based vertically-integrated cannabis company with operations in Ontario and British Columbia, announced plans to raise $10 million in common shares through 4,444,444 common shares at a price of $2.25 per share.
Cronos shares rose 5% on the news, ending the day at $2.15. They are up 17% for the month, and over 300% for the year. The offering will close on or about September 22. The new shares will be subject to an initial 4-month holding period.
Cronos’ flagship LPs include Peace Naturals Project Inc. in Ontario, and In The Zone Produce in British Columbia. Together they hold over 125 acres of licensed agricultural land. Cronos plans to build an international portfolio of brands.
Cronos market cap is $292.72m, with 136.15m shares outstanding.