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Cronos Group announced a new agreement with MedMen Enterprises, a US cannabis company to develop a new Canadian venture.
Cronos Group (NASDAQ:CRON; TSXV:CRON) announced a new agreement with MedMen Enterprises, a US cannabis company to develop a new Canadian venture.
As quoted in the press release:
The joint venture, called MedMen Canada Inc. (“MedMen Canada”), will develop branded products and open stores across Canada, leveraging Cronos’ Canadian reach and expertise, as well as MedMen’s class-defining retail expertise. MedMen is the largest cannabis retail chain in California, which welcomed adult use sales this year. The company owns and operates factories and stores in three states and anticipates going public in Canada in the second quarter of this year. Cronos operates two wholly-owned Canadian Licensed Producers under Health Canada’s Access to Cannabis for Medical Purposes Regulations: Peace Naturals Project Inc. and Original BC Ltd.
“MedMen Canada will give us entry into an important emerging market for adult use and broaden our exposure worldwide,” said MedMen CEO and Co-founder Adam Bierman. “We always take a very disciplined and focused approach to our growth, and it was important that we find the right partner for our expansion into Canada. Cronos has been a leader in the Canadian medical cannabis space, and their international track record makes them the perfect partner. They have the right infrastructure and expertise to successfully execute this venture.”
Click here to read the full press release.
Source: www.newswire.ca
