Cronos Group is expanding distribution into the Australian market with its first shipment of cannabis flower to Vitura Health Limited. Cronos owns approximately 10% of the common shares of Vitura, formerly known as Cronos Australia, and will supply cannabis for Vitura.
“Supplying the Australian market, which has grown significantly in the past three years, is a great milestone for Cronos as we aim to enter and expand within international markets,” said Mike Gorenstein, Chairman, President, and CEO of Cronos. “We look forward to working closely with our partners at Vitura to provide patients with high-quality cannabis products and establish our presence in Australia as a trusted cannabis partner.”
According to data from Australia’s Therapeutic Goods Administration (TGA), the country’s medicine and therapeutic regulatory agency, medical cannabis approvals to new patients through an Authorized Prescriber (AP) have continued to grow impressively in 2023. From January to June 2023, the aggregate of all new patients reported was 307,846, compared to 137,111 new patients from January to June 2022 and 30,662 from the same period in 2021.
According to BDS Analytics, estimated total medical sales in the Australian medical market were $170 million in 2022 and will grow to $186 million in 2023. Cronos intends to help Vitura grow market share and help establish Vitura as a leading cannabis brand in Australia by leveraging the Company’s success in flower within the Canadian, Israeli, and German markets. Cronos’ investment in R&D, tissue culture, and its cannabis genetics breeding program will provide high-quality premium genetics tailor-made for Vitura patients.
For more information:
Cronos Group
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thecronosgroup.com