Cronos Signs Supply Agreement with Cura

Cronos Group (NASDAQ:CRON; TSX:CRON) announced a supply agreement with Cura Select Canada, a provider of cannabis oil and hemp oil to the legal US and international markets.

As quoted in the press release:

The Company has signed a five-year take-or-pay supply agreement to purchase a minimum of 20,000 kilograms of cannabis per annum from Cronos Growing Company Inc. (“Cronos GrowCo“). Cura expects to build its proprietary, state-of-the-art extraction facility on a parcel of land owned by Original BC (“OGBC“) in the heart of Okanagan Valley, British Columbia. Given the commitment that both companies have to providing consumers with the best product quality, Cronos will be selecting and cultivating ideal strains for Cura’s extraction methodology. The new facility is intended to serve as Cura’s hub for the Canadian and international market.

“We are thrilled to be partnering with one of the cannabis industry leaders in extraction technology and value added products,” said Mike Gorenstein, CEO of Cronos Group. “This supply agreement is the start to a synergistic collaboration for our newly created entity Cronos GrowCo and through the structure with Cura, is the type of creative and forward thinking partnership that is at the core of industry leading infrastructure that Cronos seeks to establish.”

Click here to read the full press release.