Cronos stock climbs after launching Peace Naturals Medical Cannabis brand in Germany
The US-listed shares of Cronos Group Inc climbed 2.5% in premarket trading Monday, after the Toronto-based cannabis company said it launched its Peace Naturals medical brand in Germany.
The company has signed a distribution agreement with Cansativa Group, which has a network of about 2,000 pharmacies in Germany. Cronos said it expects the recently announced regulatory changes in Germany, in which cannabis is no longer labeled a narcotic, to “unlock significant growth” in Germany. “Re-entering the German market, which has about 83 million people, is a significant milestone for Cronos and we look forward to expanding our reach and brand awareness in Germany with the help of Cansativa,” said Cronos Chief Executive Mike Gorenstein. The stock has soared 39.8% over the past three months through Friday, while the AdvisorShares Pure US Cannabis ETF has jumped 65.5% and the S&P 500 has gained 0.9%.