The Cronos Group is a vertically integrated cannabis company with unique value and distinctions over its peers. With 100% stakes in two of Canada’s licensed producers, as well as interests in other operations, Cronos is emerging as an industry leader in both cultivation and brand development. The company’s recently reported Q3 financial results are astounding and included a 962% increase in Q3 2017 revenue over the comparable prior year period, strengthened liquidity position by $72.3 million since the start of Q3 2017, and positive cash flow from operations in the quarter ended September 30, 2017.
CFN Media sat down with Michael Gorenstein, CEO, Chairman, and President of The Cronos Group, at the recent MJ Biz Con in Las Vegas to learn more about the company’s impressive growth and its dedication to setting the standard for cultivation practices around the world.
Rachelle Gordon: What is the history of The Cronos Group and how did the company grow to where it is today?
Michael Gorenstein: Cronos used to be a public investment vehicle. They had taken pieces of a bunch of different licensed producers in Canada and subsequently underperformed. The company quickly dropped in terms of stock price, close to insolvency. We saw an opportunity to change it from an investment model and to build it into an actual operating company with a global platform for cannabis. I made an investment, joined the board a few years ago, and about six to nine months later I took over as CEO and started changing the strategy.
RG: What are the two licensed producers you have 100% ownership of?
MG: Peace Naturals was the first LP granted under the Canadian Marihuana for Medical Purposes Regulations (MMPR), now called the Access to Cannabis for Medical Purposes Regulations (ACMPR). We focused Peace Naturals on the global medicinal market. Continue Reading