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 story : Canadian cannabis company Cronos purchases option to acquire 10.5% stake in PharmaCann for 0.4 million #FinanceUSA #StockMarketNEWS Cronos Group Inc. said Monday it has purchased an option to

@stockMarketNEWS Mon 14 Jun, 2021

Posted in: #FinanceUSA #StockMarketNEWS

Canadian cannabis company Cronos purchases option to acquire 10.5% stake in PharmaCann for 0.4 million #FinanceUSA #StockMarketNEWS
Cronos Group Inc. said Monday it has purchased an option to acquire a 10.5% stake in U.S. cannabis company PharmaCann in a deal valued at 0.4 million. Under the terms of the deal, the option can be exercised upon various factors, including the status of U.S. federal cannabis legalization, as well as regulatory approvals, including in states where PharmaCann operates. PharmaCann has six production facilities and 23 dispensaries operating under the Verilife brand in six states, namely New York, Illinois, Ohio, Maryland, Pennsylvania and Massachusetts. "Our U.S. growth strategy focuses on delivering long term shareholder value by assembling a best-in-class brand and intellectual property portfolio and positioning to deploy our products in the U.S. market through investments and opportunities with U.S. leaders who share our vision and commitment to responsibly distributing disruptive cannabinoid products that improve people's lives," said Cronos CEO Kurt Schmidt in a statement. Cronos' U.S.-listed shares were slightly lower premarket, but have gained 28% in the year to date, while the Cannabis ETF has gained 41% and the S&P 500 has gained 13%.


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