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Cronos Group Inc. (NASDAQ: CRON) announced on August 29th that the company has agreed to a joint venture agreement that effectively creates a new entity. The new entity from Cronos and Agroidea SAS’s (AGI) affiliate is named, NatuEra S.à r.I., or NatuEra. Ownership of NatuEra is split evenly at 50/50 between Cronos and AGI.

NatuEra will have at its disposal land estimated at over 1,020 acres in Colombia. NatuEra’s home comes from a Dole Food’s division that cultivated flowers and not fruits or vegetables. The Dole facility will be remodeled and fitted to best fit NatuEra’s needs.