Medical Marijuana Stock News; Cronos Group
(TSX VENTURE: $MJN) Provides Update on Minority Investments
TORONTO, ON - April 24, 2017 (Investorideas.com Newswire) Cronos
Group Inc. (formerly PharmaCan Capital Corp.) (TSX VENTURE: MJN)
("Cronos", or the "Company") is providing an update on its
investments in Whistler Medical Marijuana Corporation ("Whistler"),
The Hydropothecary Corporation ("Hydropothecary"), ABcann Medicinals
Inc. ("ABcann"), Evergreen Medicinal Supply Inc.
("Evergreen"), and CannMart Inc. ("CannMart").
Whistler
As previously announced, Cronos recently completed its
additional equity investment in Whistler and maintained the Company's 21.5%
equity position. This additional capital will assist Whistler with their
announced 65,000 square foot expansion in Pemberton, British Columbia. This
expansion is expected to be completed by spring of 2018 in advance of
recreational legalization in Canada.
Hydropothecary
Cronos holds a minority equity position in Hydropothecary, which
recently started trading on the Toronto Venture Exchange on March 21st, 2017
under the symbol "THCX". Hydropothecary is the only licensed producer
in Quebec and is currently operating and expanding on its 80 acres of land near
Gatineau, QC.
ABcann
ABcann recently announced a reverse takeover with Panda Capital
Inc., which shall constitute ABcann's qualifying transaction. ABcann is
licensed to produce up to 625 kg per year at their flagship Vanluven facility
situated near Napanee, ON. Abcann recently supplemented its executive and
advisory teams and undertook significant expansion initiatives at both their
existing licensed facility as well as their expansion property.
Evergreen
Cronos completed its subscription for a second tranche of shares
of Evergreen for $100,000 and exercised its option to acquire an additional 5%
of the equity for $500,000, for a total additional investment of $600,000.
Cronos satisfied this obligation in part by directing that debt owed by
Evergreen be applied as payment for the equity and delivered the remainder of
the payment in cash. However, Evergreen claims that Cronos is not entitled to
any interest in Evergreen and has rejected Cronos' payment.
Cronos filed a statement of claim in the Supreme Court of
British Columbia and intends to vigorously pursue the enforcement of its rights
to acquire equity in Evergreen in addition to Evergreen's repayment of the
debt. While there can be no assurance that Cronos will acquire its equity in
Evergreen, management believes that Cronos is entitled to the relief sought in
its statement of claim.
CannMart
Cronos no longer intends to retain an investment in CannMart and
CannMart has agreed to return the $25,000 previously paid by Cronos in respect
of its proposed equity investment in CannMart.
About
Cronos Group
Cronos Group, is a geographically diversified and vertically
integrated cannabis company that operates two wholly-owned Licensed Producers
("LPs") regulated within Health Canada's Access to Cannabis for
Medical Purposes Regulations (the "ACMPR") and holds a portfolio of
minority investments in other Licensed Producers. The company's flagship LPs,
Peace Naturals Project Inc. (Ontario), and In The Zone Produce Ltd. (British
Columbia) are collectively situated on over 125 acres of agricultural land and
are currently licensed to produce 2,600 kg of cannabis on an annual basis. The
Company also holds minority equity positions in Licensed Producers Whistler
Medical Marijuana, Hydropothecary, and Abcann. Cronos Group is focused on
building an iconic brand portfolio, providing patients with compassionate and
personalized care, and creating value for our shareholders.
Forward-looking statements
This news release may contain "forward-looking
information" and "forward-looking statements" within the meaning
of applicable Canadian securities legislation. All information contained herein
that is not clearly historical in nature may constitute forward-looking
information. 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,
uncertainties and contingencies that may cause actual financial results,
performance or achievements to be materially different from the estimated
future results, performance or achievements expressed or implied by those
forward-looking statements and the forward-looking statements are not
guarantees of future performance. Except as required by law, Cronos Group
disclaims any obligation to update or revise any forward-looking statements.
Readers are cautioned not to put undue reliance on these forward-looking
statements. This news release contains information obtained by Cronos Group
from third parties. Cronos Group believes such information to be accurate but
has not independently verified such information.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
For more information, please visit www.thecronosgroup.com.
Contact:
Michael Krestell
Investor & Media Relations
TEL: 647-274-3655
E-mail: michael@thecronosgroup.com
Investor & Media Relations
TEL: 647-274-3655
E-mail: michael@thecronosgroup.com
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