TORONTO, April 21, 2023 (GLOBE NEWSWIRE) — Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) (“Cronos” or the “Company”) today, in honor of Earth Day, released a Sustainability Study, which outlines the benefits of using fermentation manufacturing methods for cannabinoid production over the impact of traditional methods of cannabis extraction, which leverage indoor cultivation methods*.
The third-party reviewed results showed that the environmental footprint of growing plants indoors is high and using innovative fermentation processes is a solution that dramatically lowers the environmental impact of cannabinoid production. On average, the carbon footprint savings of using Cronos’ fermentation method is 99.8% when compared to traditional extraction methods.1
Cronos’ brand platform features rare cannabinoids in a wide range of product formats. The Company has launched CBC and CBG-focused adult products under its Spinach FEELZ™ brand platform, both products are made using Cronos’ proprietary sustainable fermentation methods. Each product is designed to deliver unique and enhanced experiences made possible through proprietary blends of rare cannabinoids alongside more common cannabinoids, like THC and CBD.
“While our industry is young, it’s never too early to lead and invest in technology that helps contribute to a greener future,” said Mike Gorenstein, President, Chairman, and Chief Executive Officer, Cronos. “By pioneering new technologies that produce rare cannabinoids using fermentation, we are not only creating a viable path to harnessing the full power of cannabinoids, but also, we are creating a sustainable process. We’re thrilled to be using this technology to create innovative products under our Spinach FEELZ™ brand, which brings exciting, differentiated, and sustainable cannabinoid products to consumers.”
- On average, the carbon footprint savings of using Cronos’ fermentation method is 99.8% when compared to traditional extraction methods.1
- Fermentation methods reduce up to 99% of environmental harm from conventional production across all metrics.1
- Cronos’ fermentation methods eliminate plant cannabis byproduct at the outset, which helps to dramatically reduce overall carbon and water usage.1
“With this study, we have clearly outlined how our techniques and innovations in production can lead the way for a more sustainable industry,” said Anna Shlimak, Senior Vice President, Corporate Affairs and Strategy, Cronos. “As the cannabis industry develops, the need for a more sustainable way to produce cannabinoids, including rare cannabinoids, is vital. We call upon our industry stakeholders to make room for these sustainable methods as we look to co-create regulations and protections for the emerging cannabis industry.”
1 Intertek Health Sciences Inc. (2022). CANNABINOID PRODUCTION PROCESSES: INNOVATIVE FERMENTATION METHOD AND CONVENTIONAL EXTRACTION. Intertek Sustainability.
About Cronos Group Inc.
Cronos is an innovative global cannabinoid company committed to building disruptive intellectual property by advancing cannabis research, technology and product development. With a passion to responsibly elevate the consumer experience, Cronos is building an iconic brand portfolio. Cronos’ diverse international brand portfolio includes Spinach®, PEACE NATURALS® and Lord Jones®. For more information about Cronos and its brands, please visit: thecronosgroup.com.
This press release may contain information that may constitute “forward-looking information” or “forward-looking statements” within the meaning of applicable Canadian and U.S. securities laws and court decisions (collectively, “Forward-looking Statements”). All information contained herein that is not clearly historical in nature may constitute Forward-looking Statements. In some cases, Forward-looking Statements can be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “plan”, “anticipate”, “intend”, “potential”, “estimate”, “believe” or the negative of these terms, or other similar expressions intended to identify Forward-looking Statements. Some of the Forward-looking Statements contained in this press release include statements about the sustainability of Cronos’ fermentation methods for the production of rare cannabinoids and the products in which such rare cannabinoids are included. Forward-looking Statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive risks, financial results, results, performance or achievements expressed or implied by those Forward-looking Statements and the Forward-looking Statements are not guarantees of future performance. A discussion of some of the material risks applicable to the Company can be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 which has been filed on SEDAR and EDGAR and can be accessed at www.sedar.com and www.sec.gov/edgar, respectively. Any Forward-looking Statement included in this press release is made as of the date of this press release and, except as required by law, Cronos disclaims any obligation to update or revise any Forward-looking Statement. Readers are cautioned not to put undue reliance on any Forward-looking Statement.
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