Full Press Release Details
TORONTO, Jan. 09, 2024 (GLOBE NEWSWIRE) -- Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) (“Cronos” or the “Company”) announced today that it is expanding distribution into the Australian market with its first shipment of cannabis flower to Vitura Health Limited (“Vitura”) (ASX: VIT). Cronos owns approximately 10% of the common shares of Vitura, formerly known as Cronos Australia, and will supply cannabis for Vitura.
“Supplying the Australian market, which has grown significantly in the past three years, is a great milestone for Cronos as we aim to enter and expand within international markets,” said Mike Gorenstein, Chairman, President, and CEO, Cronos. “We look forward to working closely with our partners at Vitura to provide patients with high-quality cannabis products and establish our presence in Australia as a trusted cannabis partner.”
According to data from Australia’s Therapeutic Goods Administration (TGA), the country’s medicine and therapeutic regulatory agency, medical cannabis approvals to new patients through an Authorized Prescriber (AP) have continued to grow impressively in 2023. From January to June 2023, the aggregate of all new patients reported was 307,846 compared to 137,111 new patients from January to June 2022 and 30,662 from the same period in 2021.1
According to BDS Analytics, estimated total medical sales in the Australian medical market were $170 million in 2022 and will grow to $186 million in 2023.2 Cronos intends to help Vitura grow market share and help establish Vitura as a leading cannabis brand in Australia by leveraging the Company’s success in flower within the Canadian, Israeli, and German markets. Cronos’ investment in R&D, tissue culture and its cannabis genetics breeding program will provide high-quality premium genetics, tailor-made for Vitura patients.
Vitura is focused on creating medicinal cannabis products and digital health solutions that connect and strengthen the ecosystem between patients, prescribers, pharmacists, and suppliers within the Australian medical cannabis market. Vitura’s operations include technology-enabled healthcare management, distribution and education, as well as quality medications that are delivered through a portfolio of brands.
About Cronos Group Inc.
Cronos is an innovative global cannabinoid company committed to building disruptive intellectual property by advancing cannabis research, technology and product development. With a passion to responsibly elevate the consumer experience, Cronos is building an iconic brand portfolio. Cronos’ diverse international brand portfolio includes Spinach®, PEACE NATURALS® and Lord Jones®. For more information about Cronos and its brands, please visit: thecronosgroup.com.
Forward-looking Statements
This press release may contain information that may constitute “forward-looking information” or “forward-looking statements” within the meaning of applicable Canadian and U.S. securities laws and court decisions (collectively, “Forward-looking Statements”). All information contained herein that is not clearly historical in nature may constitute Forward-looking Statements. In some cases, Forward-looking Statements can be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “plan”, “anticipate”, “intend”, “potential”, “estimate”, “believe” or the negative of these terms, or other similar expressions intended to identify Forward-looking Statements. Some of the Forward-looking Statements contained in this press release include statements about the Company’s plans to supply cannabis for Vitura, the Company’s plans with respect to international market entrance and expansion, the Company’s partnership with Vitura and impact of such partnership on Vitura’s products, market share and competitive positioning, anticipated growth in medical sales in the Australian market, the Company’s efforts to advance cannabis research, technology and product development, and the Cronos brand portfolio. 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, financial results, results, performance or achievements expressed or implied by those Forward-looking Statements and the Forward-looking Statements are not guarantees of future performance. A discussion of some of the material risks applicable to the Company can be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, and the Company’s Quarterly Reports on Form 10-Q for the quarters ended March 31, 2023, June 30, 2023, and September 30, 2023, each of which has been filed on SEDAR and EDGAR and can be accessed at www.sedar.com and www.sec.gov/edgar, respectively. Any Forward-looking Statement included in this press release is made as of the date of this press release and, except as required by law, Cronos disclaims any obligation to update or revise any Forward-looking Statement. Readers are cautioned not to put undue reliance on any Forward-looking Statement.
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2 BDSA: https://bdsa.com/