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Cronos Group Inc. (NASDAQ:CRON) (TSX:CRON) announced on Tuesday that it's expanding its medical brand, PEACE NATURALS, into the United Kingdom with its first shipment of cannabis flower to GROW Pharma.
The Toronto-based cannabis company has partnered with a distributor of prescribed medicinal cannabis products in the UK after years of investing in research and development, tissue culture and its cannabis genetics breeding program.
The debut in the UK follows the company's expansion in Germany and Australia last year, after successfully expanding across Canada and Israel.
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Grow Pharma works with UK-based clinics as a wholesaler and pharmacy distributor as well as directly with patients by handling prescriptions and delivering products by mail.
The company focuses on the quality of the supply chain, the breadth of its portfolio and delivery of service to patients.
See also: Marijuana Company Cronos Reduces FY23 Net Loss As It Utilizes Global Expansion
Mike Gorenstein, chairman, president and CEO at Cronos, praised the move calling it "another milestone."
"We intend to establish PEACE NATURALS as a top brand in the UK, as we have done in Israel and Germany," Gorenstein said. "We will continue to push forward on new market growth opportunities and expand our portfolio of borderless products while growing our European footprint."
Pierre van Weperen, CEO of Grow Pharma also praised the new partnership. "We're proud and excited to partner with Cronos and to further expand our offering to UK patients with high-quality medical cannabis products," van Weperen said. "As demand continues to increase and the expectations for high-quality medical products are shifting upwards across the UK, we’re pleased about this new partnership and to be able to supply PEACE NATURALS medical cannabis products to patients."
Meanwhile, the Association for the Cannabinoid Industry (ACI) recently slammed the UK’s £690 million ($850 million) worth CBD market in a white paper.
According to ACI, the process for placing CBD products on the marketplace via the Food Standards Agency (FSA) has been “protracted, punctuated by U-turns and . . . undertaken without any discernible coordination between the responsible authorities.”
Now read: UK Medical Cannabis Market Gets Boost With Aurora And Script Assist Collaboration
Cronos' shares traded 1.51% higher at $2.69 per share during the pre-market session on Tuesday morning.
