Cronos Enters Australian Cannabis Market

TORONTO, Jan. 09, 2024 (GLOBE NEWSWIRE) -- Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) (“Cronos” or the “Company”) announced today that it is expanding distribution into the Australian market with its first shipment of cannabis flower to Vitura Health Limited (“Vitura”) (ASX: VIT). Cronos owns approximately 10% of the common shares of Vitura, formerly known as Cronos Australia, and will supply cannabis for Vitura.

“Supplying the Australian market, which has grown significantly in the past three years, is a great milestone for Cronos as we aim to enter and expand within international markets,” said Mike Gorenstein, Chairman, President, and CEO, Cronos. “We look forward to working closely with our partners at Vitura to provide patients with high-quality cannabis products and establish our presence in Australia as a trusted cannabis partner.”

According to data from Australia’s Therapeutic Goods Administration (TGA), the country’s medicine and therapeutic regulatory agency, medical cannabis approvals to new patients through an Authorized Prescriber (AP) have continued to grow impressively in 2023. From January to June 2023, the aggregate of all new patients reported was 307,846 compared to 137,111 new patients from January to June 2022 and 30,662 from the same period in 2021.¹

According to BDS Analytics, estimated total medical sales in the Australian medical market were $170 million in 2022 and will grow to $186 million in 2023.² Cronos intends to help Vitura grow market share and help establish Vitura as a leading cannabis brand in Australia by leveraging the Company’s success in flower within the Canadian, Israeli, and German markets. Cronos’ investment in R&D, tissue culture and its cannabis genetics breeding program will provide high-quality premium genetics, tailor-made for Vitura patients.

Vitura is focused on creating medicinal cannabis products and digital health solutions that connect and strengthen the ecosystem between patients, prescribers, pharmacists, and suppliers within the Australian medical cannabis market. Vitura’s operations include technology-enabled healthcare management, distribution and education, as well as quality medications that are delivered through a portfolio of brands.

About Cronos Group Inc. 
Cronos is an innovative global cannabinoid company committed to building disruptive intellectual property by advancing cannabis research, technology and product development. With a passion to responsibly elevate the consumer experience, Cronos is building an iconic brand portfolio. Cronos’ diverse international brand portfolio includes Spinach, PEACE NATURALS and Lord Jones. For more information about Cronos and its brands, please visit: thecronosgroup.com.