The U.S.-listed shares of Cronos Group Inc. climbed 2.5% in premarket trading Monday, following their announcement that they have launched their medical brand Peace Naturals in Germany.
Expansion into Germany
Cronos has entered into a distribution agreement with Cansativa Group, a company with a network of about 2,000 pharmacies in Germany. With the recent regulatory changes in Germany, which no longer labels cannabis as a narcotic, Cronos expects this move to "unlock significant growth" in the country.
A Milestone for Cronos
Re-entering the German market, which boasts a population of approximately 83 million people, is considered a significant milestone for Cronos. The company's CEO, Mike Gorenstein, expressed excitement about expanding their reach and brand awareness in Germany with the support of Cansativa.
Impressive Stock Performance
Over the past three months, Cronos' stock has soared 39.8%, reinforcing its position as a key player in the cannabis industry. In comparison, the AdvisorShares Pure US Cannabis ETF saw a 65.5% increase, while the S&P 500 experienced a more modest gain of 0.9%.
Stay tuned for more updates on Cronos Group's expansion and the evolving cannabis market in Germany.
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