Cronos Group Inc. and PharmaCann Inc. (“PharmaCann”), one of the largest vertically integrated cannabis companies in the United States, today announced that they have entered into an agreement under which a wholly-owned subsidiary of Cronos Group has purchased an option to acquire an approximately 10.5% ownership stake in PharmaCann on a fully-diluted basis. The Option exercise will be based upon various factors, including the status of U.S. federal cannabis legalization, as well as regulatory approvals, including in the states where PharmaCann operates that may be required upon exercise. PharmaCann has a broad geographic footprint in the U.S. and has built an efficient, effective, and scalable operating model, including six production facilities and 23 dispensaries operating under the Verilife™ brand across six limited license states New York, Illinois, Ohio, Maryland, Pennsylvania, and Massachusetts.

Published Ncv Newswire, New Cannabis Ventures, 06/14/2021 07:57:00

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