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Cronos Group Inc. (NASDAQ:CRON) (TSX:CRON) announced on Tuesday that it is expanding distribution into the Australian market with its first shipment of cannabis flower to Vitura Health Limited.
The Toronto-based company owns roughly 10% of Vitura's common shares, 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, the company's chairman, president and CEO. "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."
In its press release, the company cited Australia's Therapeutic Goods Administration's data, highlighting that medical cannabis approvals to new patients through an Authorized Prescriber have continued to grow in 2023, with the aggregate of all new patients reported in the first six months amounting to 307,846 compared to 137,111 new patients over the same period in 2022.
According to a recent survey of 1,000 participants conducted by consumer insights company Antenna, around 8% of Australians are using medical marijuana either occasionally or regularly.
Meanwhile, a bill introduced this past November in the New South Wales Parliament would allow the cultivation of up to six cannabis plants for use and sharing them with friends and is supported by a majority of Australians.
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