The Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) has announced this morning that the company has entered into a joint venture partnership with a collective group of investors to develop a 850,000 sq. ft. greenhouse for cannabis cultivation in Ontario, Canada.
The two parties will join to create a newly founded entity, Cronos Growing Company Inc., which the revenue generated by the company will be split 50/50 between The Cronos Group and the investor group.
The collection of investors is being led by Bert Mucci, the owner of Mucci Farms, who is an industry leader in the construction and operation of greenhouse cultivation. Bert Mucci and his family are award winning leaders in the greenhouse grow industry and currently produces tomato, peppers, cucumber, eggplant, lettuce, and strawberries on 700 acres of greenhouse space across the North American continent.
Cronos Growing Company expects that the facility will be capable of producing 70,000 kg annually to meet the expected demand for recreational cannabis in Canada. The Cronos Group is going to assist in obtaining the proper licenses to allow the facility to become fully operational as soon as construction is complete.
Bert Mucci gave this statement in the press release, “I am very excited to be personally investing in this initiative. I am confident that Cronos GrowCo has put together a unique and talented management team of experts with over 50 years of combined experience to execute our vision. This management team shares my passion and is dedicated to making an impact on health and wellness in the 21st century.”