Toronto-based Cronos Group Inc. (TSXV: MJN) (OTC: PRMCF) announced that its wholly-owned subsidiary and licensed cannabis producer Peace Naturals Project Inc. has received a Dealer’s license. This allows Cronos to export medical cannabis extracts internationally.
The stock was up 12% to CAD $8.92 today. It traded below $5 for most of the last 6 months until last December when it jumped to its present range. It has a market cap of $1.3 billion and trades at 229 times sales and 23 times book value. It had $5 million in revenue the last 12 months and has $13 million in cash now.
“Cronos is focused on having a presence in all major international markets as the regulatory environment evolves. This Dealer’s License will enable us to expand the product offerings we export to these jurisdictions, which is instrumental to our global expansion strategy,” said Mike Gorenstein, CEO of Cronos.
Cronos Group is a geographically diversified and vertically integrated cannabis company that operates two wholly-owned Licensed Producers a portfolio of minority investments in other licensed producers.
The Company’s flagship subsidiaries, Peace Naturals Project Inc. (Ontario) and Original BC Ltd. (British Columbia), own over 125 acres of agricultural, licensed land. Cronos Group is building an international brand portfolio.