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Marijuana

Cronos Group Inc (NASDAQ:CRON) Speaks Out On The Latest Public Offering

Cronos Group Inc (NASDAQ:CRON) has today unveiled details about an AUD$20 million initial public offering linked to Cronos Australia Limited. In line with this deal, Cronos Australia will be issuing out a total of 40 million new shares. If all plays out according to plan, each share will be sold at a rate of AUD$0.50 per share.

A close outlook

This news comes at a time when Cronos Australia is looking forward to getting listed on the Australian Securities Exchange. This might be taking place on November 2019.

Cronos Australia happens to be a joint venture between the NewSouthern Capital Pty Ltd and Cronos Group. Peter Righetti and Rodney Cocks are its top leaders and are quite happy with the launch. They view it as a major milestone on the part of Cronos Group. The business is undoubtedly very much dedicated to pushing cannabis research, production, and distribution to the next level. This group’s target is to see to it that soon it can export its products to serve customers on a global scale.

The Chief Executive Officer of Cronos Group Mike Gorenstein, has spoken about the recent move. He says that he is quite pleased by the offering because it will see Cronos Group succeed in its quest to deliver value to the stakeholders.

Planning for the future

The other thing will be for Cronos Group to continue being one of the major forces supporting Cronos Australia’s growth. This company says that it will continue directing its efforts to activities that will help it expand to become a market leader. The medicinal cannabis segment is quite dynamic, especially in the Asia-Pacific region. However, Cronos Australia asserts that nothing will stand on its way to taking lead in the competitive markets.

Activities are still ongoing in line with the completion of the Cronos Australia IPO. In the end, Cronos Group will be expected to take up almost 31 percent of the issued capital of Cronos Australia. On the other hand, Cronos Australia will close with an initial market capitalization adding up to AUD$64.4 million. All in all, anything that happens will be subject to the guiding terms and conditions.

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Marijuana

Medipharm Labs Corp (OTCMKTS:MEDIF) Clinches A Deal To Supply High Quality Cannabis To Cronos Group Inc (NASDAQ:CRON)

Medipharm Labs Corp (OTCMKTS:MEDIF) has entered a supply accord with Cronos Group Inc (NASDAQ:CRON) to supply high quality cannabis under the private label. The deal is worth $30 million and valid for 18 months. The contract could be extended to 24 months making the deal value to $60 million.

Cronos subsidiary – Peace Naturals Projects Inc will source high quality cannabis concentrates under the bulk resin supply accord from Medipharms Labs Inc., a wholly subsidiary of Medipharms.

As per the terms of the agreement signed on May 13, 2019, Medipharm Labs will receive dried cannabis in large quantities for processing at its specialized facility for a fee. Medipharm Labs will convert the dried cannabis into premium cannabis oil and bulk resin and sell back to Cronos.

A separate arrangement

Cronos has also inked a separate pact to use the Barrie, Ontario based extraction facility of Medipharm for some processing requirements.

Chief Executive Officer of Medipharm, Patrick McCutcheon said the company is pleased to associate with Cronos in its quest to introduce innovative products in the evolving cannabis industry of Canada. He further said the company is excited to bag the order for good quality concentrates under the private label. Medipharms will play a vital role in supporting Cronos with its expertise and modern extraction facilities to promote growth.

Chief Executive Officer of Cronos said the company looks to work with companies such as Medipharms for their high quality inputs and services for its products as the cannabis industry matures and develops. The company along with Medipharms will strive to introduce new products as it expects the launch of derivates this fall in Canada.

Cannabis manufacturing license

Medipharm Labs Australia Pty. Ltd., a subsidiary of Medipharms, has announced the receipt of a production license from AODC (Australian Office of Drug Control). The license allows the company to establish its footprint in the nation and capitalize on the growing demand for cannabis as an early mover.

Managing Director of Medipharm Labs Australia, Warren Everitt said the company is pleased to receive the manufacturing license under the Narcotic Drugs Act 1967. The license, which is granted on May 21, 2019, allows the company to play a lead role in the production of cannabis in Asia-Pacific and in Australia.

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Marijuana

Cronos Group Inc (NASDAQ:CRON) Inaugurates Cronos Device Labs In Israel To Develop Innovative Vaporizer Devices

Cronos Group Inc (NASDAQ:CRON) steps up efforts to offer cannabis experience to the users in the form of vapor. The company opened an R&D Center – Cronos Device Labs in Israel to develop new vaporizer devices and offer enhanced cannabis experience to the needy.

Experienced Staff

The new R&D center expands the footprint of Cronos and puts in a leadership position on the world stage in the production of next generation vaporizer devices. A team of 23 members comprising electrical, mechanical, and software engineers and product designers and formulation/ analytical scientists are posted at this advanced R&D Center. The new product offerings help to deliver tailored cannabinoid vapor experience to the users.

Vapor gained popularity among the population. It makes Cronos a clear winner in the cannabis vapor technology. CEO, President and Chairman of Cronos, Mike Gorenstein said the inauguration of new R&D Center in Israel is a vital step in the innovation of cannabinoids. It drives the long-term success for the company and improves shareholder value while helping to deliver a quality experience to the users.

General Manager of Cronos Labs, Arye Weigensberg said the vaporization space is growing at a fast pace. Consumers are looking at this innovative method to enhance cannabinoid experience. However, few options are available for the consumers in this space and it is still in the infant stage. The company’s strategy is to develop innovative formulations and vaporizers and provide full-blown experience of cannabinoid to the consumers.

120% increase in revenues in Q1

Cronos has posted robust revenues of $6.5 million in Q1 2019, an increase of 120% from Q1 2018. The adult use cannabis mainly cannabis oil has contributed to the considerable increase in revenues. The sales of adult use cannabis have increased from 501 kilograms in Q1 2018 to 1,111 kilograms in Q1 2019.

Altria Group Invests $2.4 billion in Cronos

Altria Group Inc. has invested $2.4 billion in Cronos in March 2019. It has got voting interest of 45% in Cronos for the investment. The company also received warrants that allow acquiring additional 10% stake in Cronos in the next 4 years. Cronos will use the funds for commercialization and product development efforts.

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