Cronos Group, Inc. (OTCMKTS:PRMCF) reported that subsequent a comprehensive audit, the firm’s wholly owned licensed producer, the Peace Naturals Project Inc., has been released a Good Manufacturing Practice certification as per the rules governing medical products in the EU. This GMP certification allows Peace to distribute medicinal cannabis across the EU as additional markets are launched.
The comprehensive GMP assessment was performed by German health inspectors and regulators from the EU and comprised the additional certification of Peace’s latest purpose-built manufacturing infrastructure. This European GMP certification comes in the list of the highest standards a pharma producer can meet for medical products, and shows an adherence to comprehensive guidelines that extend beyond the existing Health Canada guidelines for ACMPR licensed manufacturers.
Mike Gorenstein, the CEO of Cronos, reported that it is an incredible achievement that further discerns Peace as an industry pioneer focused on establishing the global gold standard. As a GMP approved LP, Peace is positioned to capitalize on its first mover benefit and reaffirm their position as a pioneer in the space by expanding international distribution network.
During the year closed December 2016, Cronos moved the corporate strategy to a model focused on ramping up and optimizing production at its subsidiary firms, Peace Naturals Project Inc. and In the Zone Produce Ltd.
Eventually, Cronos also finalized a joint deal with First Nations last year to establish Indigenous Roots Inc. This association comprises the construction of a preliminary production facility on the ITZ’s approved asset in British Columbia and plans for a countrywide distribution platform.
The CEO added that the management remains focused on optimizing the company’s current manufacturing footprint, expanding overall production capacity, and setting a global distribution network in the course of establishing world-class brands. They remained disciplined in their approach and are sure that the best is still to come.
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