PharmaCan Capital Corp., doing business as Cronos Group, announced the execution of an exclusive supply agreement with German-based Pedanios GmbH for the distribution of medical cannabis products in European markets.

Pursuant to the agreement, which has an initial term of three years, Cronos will be the exclusive North American supplier of cannabis products to Pedanios for distribution into the European Union and Switzerland. The scope of this agreement includes, but is not limited to, fresh and dried flower, cannabis extracts, and cannabis formulated products. Cronos has granted Pedanios an exclusive license to market, sell, commercialize, and distribute company products into selected and appropriately regulated European jurisdictions.

"Cronos' wholly-owned subsidiary, Peace Naturals, was chosen as a partner because of their reputation for exceptional quality medical cannabis," Patrick Hoffmann, executive partner of Pedanios, said. "The regulatory environment continues to develop rapidly across Europe, making it imperative for us establish reliable distribution partners as the market evolves. We look forward to building a long-term relationship with the Cronos Group as we continue to develop new markets together while providing patients with the best care available."

This agreement follows a co-branded supply agreement between Cronos' wholly-owned Peace Naturals Project and Pedanios GmbH. As part of the prior agreement, Peace Naturals successfully supplied and shipped non-gamma irradiated cannabis flower to Pedanios for distribution to German pharmacies in October 2016.

"This exclusive agreement supplements our previously announced international co-branded supply contract with Pedanios and extends the distribution platform into new jurisdictions beyond Germany," Michael Gorenstein, CEO of Cronos, said. "We are extremely excited to broaden the scope of our arrangement and to be selected as Pedanios' exclusive North American supplier. This distribution agreement validates our cannabis platform on an international scale and positions Cronos for incremental distribution opportunities."

Cronos Group is a vertically integrated cannabis company that operates two wholly-owned Licensed Producers regulated within Health Canada's Access to Cannabis for Medical Purposes Regulations. Pedanios GmbH is a German licensed pharmaceutical wholesaler and a licensed narcotics dealer. In addition, Pedanios is licensed to import medicines.

(Source: Marketwired)