Cronos Breaks Ground on World’s Largest Purpose-Built Indoor Cannabis Facility
TORONTO, May 23, 2017 /CNW/ – Cronos Group Inc. (TSXV: MJN) (OTC: PRMCF) (“Cronos” or the “Company”) is pleased to announce the Company’s wholly-owned licensed producer (“LP”), the Peace Naturals Project Inc. (“Peace”), breaks ground today on a 315,000 sq. ft. expansion. The expansion includes a state-of-the-art 286,000 sq. ft. production facility (the “New Facility”), a 28,000 sq. ft. greenhouse (the “Greenhouse”), and an additional 1,200 sq. ft. extraction laboratory (the “Extraction Lab”). Upon completion, the New Facility is expected to be the largest purpose-built indoor cannabis production facility in the world.
This expansion will establish the Peace production campus as Cronos’ global center of excellence. The New Facility is designed to Good Manufacturing Practice (“GMP”) certification standards and will include:
- Designated area for proprietary genetic breeding
- Pharmaceutical laboratory for cannabinoid and terpene extraction, identification, and formulation
- R&D space for analyzing metabolite enhancement and new lighting technologies
- Tissue culture laboratory
- Industrial-grade kitchen
- Processing infrastructure capable of supporting production output from other Cronos facilities
The superstructure is expected to be complete by November 2017, with the New Facility fully operational by summer 2018. This expansion will bring Peace’s total estimated production capacity to 40,000 KG on an annualized basis.
“Over the past six months, we’ve compiled research on numerous methodologies, ultimately culminating in a state-of-the-art facility that integrates lean manufacturing, production efficiencies, and commercial agricultural best practices. As an organization, we take a relentless approach to operational optimization,” said David Hsu.
The Company also breaks ground today on a 28,000 sq. ft. Greenhouse that will provide low-cost flower for extraction. The Greenhouse will be used to collect data and implement advanced cultivation techniques that can be replicated across Peace, ITZ and future international production campuses.
A 1,200 sq. ft. pharmaceutical-grade Extraction Lab will be connected to the Greenhouse, expanding Peace’s current extraction capacity. The Extraction Lab will augment capabilities in both purification and recombination of cannabinoid compounds to create innovative formulated products. Completion of both the Greenhouse and Extraction Lab are expected by the end of summer 2017.
The New Facility will serve as Cronos’ center of excellence, providing a platform for top plant scientists, chemists and pharmacologists to advance the science of cannabis. With the ability to build approximately 5,000,000 sq. ft. of facilities across our licensed domestic platforms, this is only the first phase of our expansion.
Mike Gorenstein, CEO of Cronos
We will continue to be aggressive, but disciplined, constantly evaluating new technologies and exploring international low-cost production sites before each phase of expansion. We’re excited to bring Peace to the world.
About Cronos Group
Cronos Group, is a geographically diversified and vertically integrated cannabis company that operates two wholly-owned Licensed Producers (“LPs”) regulated within Health Canada’s Access to Cannabis for Medical Purposes Regulations (the “ACMPR”) and holds a portfolio of minority investments in other Licensed Producers. The Company’s flagship LPs, Peace Naturals Project Inc. (Ontario), and In The Zone Produce Ltd. (British Columbia) are collectively situated on over 125 acres of agricultural land and are currently licensed to produce 2,600 kg of cannabis on an annual basis. Cronos Group is focused on building an international iconic brand portfolio, providing patients with compassionate and personalized care, and creating value for our shareholders.
Original press release: http://www.newswire.ca/news-releases/cronos-breaks-ground-on-worlds-largest-purpose-built-indoor-cannabis-facility-623819663.html
