CA (ON): Cronos Group's 2018 Q4 and full year results

Cronos Group has released the 2018 Q4 and Full Year 2018 results. Apart from sharing financial results, the company published some updates regarding the construction of growing facilities in Canada, Israel and Latin America. 

"The company’s wholly-owned licensed producer, Peace Naturals Project Inc., yielded its first harvest in December 2018 in the newly completed Building 4 at the Peace Naturals campus. B4 is Cronos Group’s 286,000 sq. ft. purpose-built indoor production facility, which was built to Good Manufacturing Practice (“GMP”) standards. In 2018, the company not only constructed B4 but also completed construction of the Peace Naturals greenhouse."  

Additionally, the Company announced a venture with a group of investors led by Bert Mucci, a Canadian large-scale greenhouse operator. "The entity created by this new partnership, Cronos Growing Company Inc., expects to construct an 850,000 square foot, purpose-built, greenhouse on approximately 100 acres of land, owned by Cronos GrowCo in Kingsville, Ontario."

The company adds that "Cronos Group’s joint venture, Cronos Israel, with the Israeli agricultural collective settlement Kibbutz Gan Shmuel for the production, manufacture and distribution of medical cannabis, is currently under construction. The Company anticipates that construction of the 45,000 sq. ft. greenhouse will be complete in the first half of 2019 and construction of the manufacturing facility will be complete in the second half of 2019."

Internationally, Cronos Group announced a joint venture with an affiliate of Agroidea SAS, a Colombian agricultural services provider with over 30 years of research, development and production operations and expertise managing industrial scale horticultural operations in Colombia.

"This partnership establishes a newly formed entity, NatuEra S.à r.l., in Colombia that will develop, cultivate, manufacture and export cannabis-based medical and consumer products for the Latin American and global markets. NatuEra is the cannabis industry’s first Contract Manufacturing Organization (CMO) in Latin America, with plans to allow the growing number of cannabis brands to outsource cultivation and manufacturing. NatuEra plans to develop its initial cultivation and manufacturing operations with a purpose-built, GMP-standard facility located in Cundinamarca, Colombia", the company explains.

"NatuEra was granted a license to cultivate non-psychoactive cannabis plants to produce seeds for planting and the manufacture of derivative products. Commencement of operations at the facility will be subject to obtaining the remaining appropriate licenses under applicable law."

Finally, the company also announced a joint venture in Australia at the start of 2018 for the research, production, manufacture and distribution of medical cannabis. "The company owns a 50% equity interest in Cronos Australia and believes that Cronos Australia will serve as its hub for Australia, New Zealand and South East Asia, bolstering the Company’s supply capabilities and distribution network in the Australasia region."

Click here to read the full report

For more information:
Cronos Group
76 Stafford Street, Suite 302
Toronto, Ontario M6J 2S1
(416) 504-0004     

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