- Cronos Australia (CAU) has received its first shipment of Peace Naturals branded cannabis oils
- Peace Naturals will be sold by Sigma, through its retail pharmacies
- Cronos is up 13.16 per cent on the market this morning, trading at 22¢ per share
Cronos Australia (CAU) has received its first shipment of Peace Naturals branded cannabis oils.
The products were supplied by Peace Naturals Project, a subsidiary of the company’s major shareholder Cronos Group.
Peace Naturals was the first group to be licensed to sell medicinal cannabis oils. Currently, the oils are sold to patients in Canada and Germany.
Cronos Australia was formed to take advantage of opportunities relating to the emerging cannabis industry both domestically and internationally.
Last year, the company signed a distribution agreement with Sigma to sell its products in Australia.
Under the agreement, Peace Naturals will be prescribed to patients under the SAS-B Scheme, or by an Authorised Prescriber, which are expected to be distributed by Sigma through its significant nationwide network of retail pharmacies.
CEO Rodney Cocks is pleased with the first shipment.
“The receipt of the first shipment of Peace Naturals medicinal cannabis oils by Cronos Australia is an important step to making quality cannabinoid products available to Australian patients,” he said.
“This marks an important milestone in the company’s Australian medicinal cannabis operations,” he added.
Recently, the company formed a joint venture with A&S Branding. The two companies will develop products using cannabidiol skincare and other products.
Cronos is up 13.16 per cent on the market this morning, trading at 22¢ per share at 10:31 am AEDT.