The Cronos Group (OTC: PRMCF)(CVE: MJN) announced this morning (link to press release) that the company has acquired both a research and cultivation license to develop pharmaceutical grade cannabinoid based products for patients in Australia.
The company will be partnering with NewSouthern Capital, run by Rodney Cocksand and Peter Righetti, under a new company called Cronos Australia Pty Ltd. Both companies plan to create a major distribution network across the region of Australia, New Zealand, and South East Asia.
Cronos Australia will begin constructing a 20,000 sq. ft. operation facility with the expected annual output of 2,000kg. The new company plans to work quickly to expand its operations out of the first facility and also, looks to partner with local companies in Australia to help facilitate distribution.
About the Cronos Group CEO
Michael Gorenstein | President, CEO & Chairman
Before joining Cronos, Mr. Gorenstein was a partner at Alphabet Ventures LLC, a multi-strategy investment management firm located in New York City. Prior to Alphabet Management, Michael was the VP and General Counsel of Saiers Capital LLC and a corporate attorney at Sullivan & Cromwell where he focused on Mergers and Acquisitions and Capital Market transactions. Michael graduated from the University of Pennsylvania Law School with a JD, the Wharton School at University of Pennsylvania with a certificate in BEPP and the Kelley School of Business at Indiana University with a BSB in Finance.