PharmaCan Announces Corporate Rebranding to Become Cronos Group
TORONTO, ON–(Marketwired – October 06, 2016) –
PharmaCan Capital (TSXV: MJN) (“the Company”) today announced a corporate rebranding to Cronos Group. This rebranding reflects the new strategic vision of the Company as Canada’s first bi-coastal licensed cannabis producer with interests in five Licensed Producers (“LPs”) and three license applicants.
The rebranding was inspired by Greek mythology. As patron of the harvest, Cronos’ rule ushered in the ‘Golden Age’ and bountiful, healthy harvests. This new name allows us to emphasize our strategic vision of efficiently producing premium marijuana and distributing it across Canada and around the world.
Cronos Group’s CEO, Mike Gorenstein
The Company further announced two new additions to the Cronos Group. David Hsu has joined Cronos Group as Head of Operations. For over 10 years prior to joining Cronos Group, David successfully turned around and operated companies with revenues in excess of $500M. David’s expertise includes operational restructuring, lean manufacturing and growth creation. “David’s ability to efficiently manage capacity expansion and optimize large-scale production will accelerate Cronos Group’s emergence as a global leader in the cannabis industry,” said Gorenstein.
Cronos Group is also pleased to announce today that William Hilson has joined the company as Chief Financial Officer. Mr. Hilson is a Certified Public Accountant (CPA) and has spent over 15 years as regional CFO of two publicly listed multinational pharmaceutical companies — Merck KGaA and Serono S.A. His experience includes financial operations, strategy, performance management, sales & marketing, clinical trial management, international tax and debt & equity financing. Prior to joining Cronos Group, William was also involved in a number of mergers & acquisitions and licensing deals in the pharmaceutical sector.
“With our new team of seasoned industry experts and collection of diverse assets within a rapidly developing multi-billion-dollar industry, the Cronos Group is well positioned to realize optimal value for our shareholders in the impending ‘Golden Age’ of the cannabis industry,” said Jason Adler, a director of Cronus Group.
To realize new growth opportunities afforded by Canada’s changing regulatory environment, Cronus Group’s wholly owned subsidiary In the Zone Produce Inc., will focus on providing high-quality product to recreational users. Ensuring a broad value proposition, through its recent acquisition of The Peace Naturals Project, the Company will continue to provide Canadian patients with compassionate and personalized care with the highest-quality medicinal marijuana.
The ticker for Cronos Group’s common stock listed on the TSX Venture Exchange will continue to be “MJN”.
About Cronos Group
Cronos Group is a holding company for Licensed Producers under Canada’s Marihuana for Access to Cannabis for Medical Purposes Regulations (“ACMPR”). With interests in five licensed producers and three license applicants, Cronos Group is focused on building iconic brands providing patients with compassionate, personalized care.
The Peace Naturals Project, a wholly-owned subsidiary, mandated to produce product of the highest medicinal value, is licensed to produce up to 2,500 Kg per year and is located on 95-acres of land in Ontario, its current grow facilities are approximately 38,000 square feet. The Company’s other wholly-owned subsidiary, In the Zone Produce Inc., is licensed to produce up to 100 Kg per year and is located on 31 acres of land in the Okanagan Valley, BC, with plenty of space for expansion of current facilities.
The Company also has stakes in: Whistler Medical Marijuana Corporation, ABcann Medicinals Inc.,Hydropothecary, Evergreen, Vert Medical, and Cannmart.
For more information, please visit www.theCronosGroup.com.
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