(Photo Credit - Pixabay)
Cronos Group Inc. (TSXV:MJN) (OTC:PRMCF) operates two wholly-owned Licensed Producers regulated within Health Canada's Access to Cannabis for Medical Purposes Regulations and also holds a portfolio of minority investments in other Licensed Producers. Cronos Group's flagship LPs include Peace Naturals Project, and In The Zone Produce. Today, Cronos announced that Peace Naturals Project Inc. has successfully completed the company's first shipment of medical cannabis oil to the Cayman Islands.
While this marks the first time Cronos has exported an extract based product, they're not the first LP we track to export to the Cayman Islands. Back in May, CanniMed Therapeutics (TSX:CMED) successfully exported cannabis extract to the Cayman Islands.
The purchaser of the extracts is Caribbean Medical Distributors Ltd. who are working with Professional Pharmacy Services Ltd., located in the CTMH Doctors Hospital, in George Town, Cayman Islands. CTMH Doctors Hospital (formerly the Chrissie Tomlinson Memorial Hospital) is a private, for-profit hospital in the Cayman Islands dedicated to providing exceptional health care to the Cayman Islands.
Peace recently completed a state-of-the-art commercial oil production lab that is expected to be fully operational following final approval from Health Canada in September. Peace is also nearing completion of its new 28,000 sq. ft. greenhouse, which will provide low-cost cannabis for extraction, and an additional 1,200 sq. ft. pharmaceutical-grade extraction lab.
"As additional capacity comes online, we will continue to strategically allocate our supply to establish new international distribution channels. Our expansion in the Caymans reflects that strategy and coincides with the ramp up of Peace's commercial oil program," said Mike Gorenstein, CEO of Cronos.
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