(Photo Credit - Felix Mittermeier)
On Friday, Cronos Group Inc. (TSXV:MJN) (OTC:PRMCF) announced that one of its wholly-owned licensed producers, Peace Naturals Project Inc., has entered into a supply agreement with Cannamedical Pharma GmbH in Germany. Just a few days ago, it was announced that Peace Naturals had successfully exported cannabis oils to the Cayman Islands. With a population of roughly 60,000 people, the market opportunity in the Cayman Islands pales in comparison to that of Germany.
Related: Peace Naturals Begins Exports to the Cayman Islands
With 82 million people, Germany is the largest federally legal medical marijuana market in the world. Cannamedical Pharma has been actively selling cannabis products throughout 2017, but this new deal with Peace Naturals will help with the ongoing German medical marijuana shortage. "Presently there is insufficient supply to meet the demand, and we are pleased to be able to provide German patients with the quality medication that they so desperately need," said David Henn, CEO of Cannamedical.
Related: German Drug Czar Attack U.S. Cannabis Lobby
Next month Cannamedical Pharma expects Peace Naturals to export one of the single largest shipments of medicinal cannabis in the European Union's history. Cannamedical Pharma is a pharmaceutical and narcotics wholesaler that is federally licensed to import narcotics, and as of September 2017, Cannamedical is the fastest growing cannabis retailer in Europe with a network of 781 pharmacies and expectation to reach 2,500 by the end of the year.
Related: Get to Know Germany's Medical Marijuana Laws
Cronos Group is a geographically diversified and vertically integrated cannabis company that operates two wholly-owned Licensed Producers regulated within Health Canada's Access to Cannabis for Medical Purposes Regulations and holds a portfolio of minority investments in other Licensed Producers. The company's flagship LPs include Peace Naturals Project and In The Zone Produce.
Related: Peace Naturals Breaks Ground for New Cultivation Facility
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