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Cronos Group announces launch of Cronos Australia

Cronos Group announces launch of Cronos AustraliaToronto-based cannabis investor and producer Cronos Group (TSX-V: MJN) (OTC: PRMCF) announced the launch of Cronos Australia and the grant of medicinal cannabis cultivation and research licenses there.

Cronos Australia is a 50/50 joint venture between Cronos Group and New Southern Capital Pty Ltd.  Cronos Australia will serve as Cronos’s hub for Australia, New Zealand, and South East Asia.

Rodney Cocks, the Chief Executive Officer of Cronos Australia, was a consultant with The Boston Consulting Group, then had senior role at an Australian multinational, before finally co-founding New Southern Capital.  He holds an MBA from Wharton, an MPA from Harvard, and was also named the Victorian Australian of the Year in 2005.

Cronos Australia’s first production campus will be located on 120 acres and it will begin construction of the first phase with a 20,000 sf facility with annual production capacity of 2,000 kg.  In the interim, Cronos Group will supply it with Peace Naturals’ medicinal cannabis to support its Australian patient access, subject to obtaining its import license.

Cronos is a geographically diversified and vertically integrated cannabis company that operates through two wholly-owned licensed producers Peace Naturals Project Inc. (Ontario) and Original BC Ltd. (British Columbia). These collectively hold over 125 acres of agricultural, licensed land.

Cronos also owns Cronos Israel. It also has access to over 12,000 pharmacies in Germany through an exclusive distribution agreement.

Source Cronos press release

Cronos Group announces launch of Cronos Australia