Ms. Anna Shlimak reports
CRONOS GROUP ISSUES STATEMENT ON SEPARATELY ANNOUNCED IPO OF CRONOS AUSTRALIA
Cronos Group Inc. has noted the separately announced $20-million (Australian) initial public offering of Cronos Australia Ltd. Under the offering, Cronos Australia is expected to issue 40 million new shares at an offering price of 50 Australian cents per share ahead of its planned listing on the Australian Securities Exchange in November, 2019.
Established in February, 2018, Cronos Australia is a 50/50 joint venture between Cronos Group and NewSouthern Capital Pty. Ltd., and is led by Rodney Cocks and Peter Righetti. The launch marked a significant milestone in Cronos Group's commitment to advancing cannabis research, and producing and distributing products and brands at a global scale.
Mike Gorenstein, Cronos Group's chairman, president and chief executive officer, said, "We are excited by this offering, which enables Cronos Group to unlock value for our stakeholders while also continuing to participate in Cronos Australia's growth as they work to become the market leader for medicinal cannabis in the Asia-Pacific region."
Upon completion of the Cronos Australia IPO, Cronos Group is expected to hold approximately 31 per cent of the issued capital of Cronos Australia and Cronos Australia is expected to have an initial market capitalization of approximately $64.4-million (Australian).
About Cronos Group Inc.
Cronos Group is an innovative global cannabinoid company with international production and distribution across five continents. Cronos Group is committed to building disruptive intellectual property by advancing cannabis research, technology and product development.
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