TORONTO, ON--(Marketwired - December 06, 2016) -
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PharmaCan Capital Corp., doing business as Cronos Group (
Partnering with an existing licensed producer creates an expedited path for First Nations to invest, operate, and participate in the economic opportunities related to the emerging cannabis industry. Additionally, it creates the foundation for a national platform through which cannabis medication can be provided to millions of underserved patients living both on and off First Nations reserves across the country and abroad.
Indigenous Roots intends to consult and work cooperatively with First Nations that are interested in participating. The newly formed entity will commit to remaining a First Nations owned and operated company providing employment and economic opportunities to First Nations people. This partnership will commence with Cronos' joint venture partners constructing and financing the operation of the flagship Indigenous Roots facility located on Cronos' wholly owned ACMPR subsidiary, In The Zone Produce Ltd., in British Columbia.
Cronos has committed to providing the land, license, IP, and engineering expertise related to the new facility, as well as ongoing training for the First Nations staff in a Health Canada compliant environment. In exchange, Cronos will share in the operating profits on a 50/50 basis. The partnership will seek to source and license additional facilities on First Nations reserves, ultimately pursuing an international presence.
"Indigenous Roots sought a reputable partner that demonstrated a commitment to supporting First Nations and other indigenous peoples at a socially conscious level. Cronos was selected because they believe in the same core values and understand that our people need access to the best medical treatments available. We are committed to working with First Nations agencies in every region towards developing a solution that provides our patients access to insured cannabis medication," said Phil Fontaine, CEO of Indigenous Roots.
"We have a tremendous amount of respect for First Nations, and this relationship extends our vision of providing compassionate care. Indigenous Roots will contribute to a shared goal of bringing top quality medicine to patients in need," said Mike Gorenstein, Cronos' CEO.
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 and ACMPR applicants. 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 Medicinals. With interest in five Licensed Producers and two LP applicants, Cronos Group is focused on building an iconic brand portfolio, providing patients with compassionate and personalized care, and creating value for our shareholders.
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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For more information, please visit www.thecronosgroup.com.