Assembling the team is Nasdaq darling Cronos Group Inc. (NASDAQ:CRON) (TSX-V:CRON) who announced on Monday a cross-border joint venture with Los Angeles based MedMen Inc. The partnership, called MedMen Canada Inc., will bring America’s largest retail weed brand up North to Canadian consumers. Combining Cronos’ Canadian connections and MedMen’s retail experience, the two pot stocks companies will develop new branded products and open stores across the country.
MedMed owns and operates factories and stores in California, Nevada, and New York and hopes to go public in Canada sometime later this year. Cronos operates Peace Naturals Project Inc. and Original BC Ltd., two wholly-owned Licensed Producers under Health Canada’s Access to Cannabis for Medical Purposes Regulations. The joint venture will be an equal 50/50 partnership between the two companies, with MedMen Canada focusing on brand development throughout the country.
“MedMen Canada will give us entry into an important emerging market for adult use and broaden our exposure worldwide,” remarked MedMen CEO and Co-founder Adam Bierman. “We always take a very disciplined and focused approach to our growth, and it was important that we find the right partner for our expansion into Canada. Cronos has been a leader in the Canadian medical cannabis space, and their international track record makes them the perfect partner. They have the right infrastructure and expertise to successfully execute this venture.”
Cronos Group shares jumped nearly 12 percent on news of the agreement on Monday, to close out the day at $8.75 per share.
I mean, you’re asking me to open my mind to the possible? What possibilities?! You want me to believe in the impossible… Finding Kamar-Taj is Horizons ETFs Management (Canada) Inc. who announced on Monday the quarterly rebalancing of their Horizons Marijuana Life Sciences Index ETF (“HMMJ”) constituent holdings. According to a statement,