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Cronos Re-Invests in Whistler as Part of Transformative Expansion
Cronos Re-Invests in Whistler as Part of Transformative Expansion Canada NewsWire ...
About this update from Cronos Group Inc
[{"type":"text","content":"\n\n\n\n\nCronos Re-Invests in Whistler as Part of Transformative Expansion\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, March 9, 2017\n\n\n\nTORONTO, March 9, 2017 /CNW/ - Cronos Group Inc. (TSXV:MJN) (\"Cronos Group\" or the \"Company\") owns a 21.5% stake in Whistler Medical Marijuana Corp. (\"WMMC\" or \"Whistler\") and is pleased to announce that WMMC has been granted an affirmation letter from Health Canada regarding the company's announced 65,000 square foot expansion in Pemberton, British Columbia.  Cronos continues to be impressed with the capital efficiencies, brand equity, premium organic product and the unique culture, vision and leadership at Whistler.  Accordingly, the Company has decided to maintain its 21.5% equity position through an additional $1,085,000 investment (at a $75MM pre-money valuation) to help support WMMC's next phase of growth. \n\n\n \n \n\n \nWhistler was among the very first licensed producers in Canada and is the only actively selling LP whose entire product line is 100% certified organic. In response to significant growth in sales and increases in demand for WMMC products, Whistler is preparing to break ground on a new purpose-built expansion facility in Pemberton, located just 20 minutes from the company's flagship facility.  It is anticipated that Phase I of the expansion will be completed in the second quarter of 2018.  In addition, Whistler plans to build another 80,000 square foot indoor cultivation facility with its Phase II expansion and possesses an option to expand on a neighbouring 160 acre land parcel in the future.\n\n\"Whistler is more than just an iconic cannabis brand that produces top quality organic product; it embodies an aspirational lifestyle and culture that extends beyond cannabis. I have always admired Whistler for placing emphasis on perfecting its craft and for putting product quality above all else.  We are excited to increase our strategic investment in Whistler and look forward to continuing to collaborate and share in the future success of our emergin...