Cronos Group Closes Previously Announced Transaction to More Than Double Acreage at in the Zone Produce's BC Production Campus
PharmaCan Capital, doing business as Cronos Group (TSXV: MJN) (“Cronos Group” or “the Company”), is pleased to announce the closing of its previously announced acquisition of approximately 17 acres of land adjacent to the existing campus of its wholly-owned subsidiary In the Zone Produce Ltd. (“ITZ”) in the Okanagan Valley, BC (the “Property”). An artesian well on the Property, with the capacity to pump 200+ gallons per minute, will provide a free source of on-site water for the production facility.
“We are pleased to be able to more than double our existing footprint at ITZ. This additional land ensures we have enough space for our upcoming expansion plans, which will be crucial to ensure that we are able to meet the coming recreational demand and execute our strategic vision for the ITZ platform,” said Mike Gorenstein, Chief Executive Officer of Cronos Group.
About Cronos Group
PharmaCan Capital Corp., known as the Cronos Group, is a holding company for licensed producers under Canada’s 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 Inc., a wholly-owned subsidiary of the Company, is licensed to produce up to 2,500 kg of medical marijuana per year and is located on 95-acres of land in Ontario. Peace’s current grow facilities of approximately 38,000 square feet.
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.
About In The Zone Produce Ltd.
The Company’s second wholly-owned subsidiary, In the Zone Produce Ltd., is a Licensed Producer of medical marihuana under Canada’s ACMPR program. ITZ is licensed to produce up to 100 kg of medical marijuana per year and is located on 31 acres of land in the Okanagan Valley, British Columbia.
For more information, please visit http://www.InTheZoneProduce.com.
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, the Company 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 the Company from third parties and believes such information to be accurate but has not independently verified such information.
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