Cronos Group Files Q1 2017 Financial Results

About this update from Cronos Group Inc

[{"type":"text","content":"\n\n\n\nCronos Group Files Q1 2017 Financial Results\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, May 30, 2017\n\n\n\nTORONTO, May 30, 2017 /CNW/ - Cronos Group Inc. (TSX VENTURE: MJN) (\"Cronos\" or the \"Company\") is pleased to report the financial results and accompanying management discussion and analysis for the quarter ending March 31, 2017; copies are available on the Company's website (www.thecronosgroup.com) and have been filed with SEDAR (www.sedar.com). \n\n\n \n \n\n \nIn Q1, Cronos remained focused on the Company's transformation by optimizing operations and building capacity, which resulted in the following highlights from the quarter:\n\n\nThe Company's wholly-owned subsidiary, In the Zone Produce Inc. (\"ITZ\"), received a sales license to supplement ITZ's previous cultivation license. The asset's location in the Okanagan Valley, British Columbia makes ITZ uniquely positioned to take advantage of the forthcoming recreational legalization in Canada. \nCronos completed a $17MM bought deal, the net proceeds of which went towards expanding production capacity at both Peace Naturals Project Inc. (\"Peace\") and ITZ, purchasing extraction equipment, making investments in certain of its investees, and for general working capital purposes. \nThe Company deployed approximately $2MM in capital expenditures related to the improvement and construction of Peace production facilities, with existing structures undergoing significant upgrades. \nCronos re-invested in Whistler Medical Marijuana Corp. (\"WMMC\") to help fund WMMC's announced 65,000 sq. ft. expansion in Pemberton, British Columbia. The additional $1,085,000 investment (at a $75MM pre-money valuation) maintained Cronos' 21.5% equity position in the asset. \nThe Company was recognized as the top performer in the 2017 TSX Venture 50 by delivering the highest stock price appreciation in the Diversified Industries sector.\n\nThe positive momentum realized in Q1 continued into Q2 with Peace Naturals receiving Good Manufacturing Practice (\"GMP\") certification a...

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