Cronos Group Inc. (NASDAQ: CRON) spotted trading -39.08% off 52-week high price. On the other end, the stock has been noted 172.55% away from the low price over the last 52-weeks. The stock changed -1.55% to recent value of $15.29. The stock transacted 2005253 shares during most recent day however it has an average volume of 5190.88K shares. The company has 142.65M of outstanding shares .
Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) reported that it has entered into an agreement to acquire an 84,000 square foot GMP compliant fermentation and manufacturing facility in Winnipeg, Canada from Apotex Fermentation Inc. (“AFI”). The state-of-the-art facility, which will operate as “Cronos Fermentation”, includes fully equipped laboratories covering microbiology, organic and analytical chemistry, quality control and method development as well as two large scale microbial fermentation production areas with combined production capacity of 102,000L, three downstream processing plants, and bulk product and packaging capabilities.
As previously announced, Cronos Group has entered into a partnership with Ginkgo Bioworks, Inc. (“Ginkgo”) to produce cultured cannabinoids. Research and development under this partnership is progressing, and as associated milestones are hit, this new facility is expected to provide Cronos Group with the ability to produce cultured cannabinoids at commercial scale with high-quality and high-purity.
Mike Gorenstein, CEO of Cronos Group said “This acquisition will provide the fermentation and manufacturing capabilities we need to capitalize on the work underway with Ginkgo once the milestones under that partnership are achieved,”. “Together with Ginkgo, we are bringing innovation and the power of biological manufacturing to the cannabis industry, aiming to allow for cannabinoid production at large scale and with greater efficiency than is currently possible with traditional cultivation and extraction. We continue to be very excited about the opportunities ahead.”
The acquisition is expected to close in the third quarter of 2019, subject to customary closing conditions. AFI is currently overseeing a wind-down of the facility, which is expected to continue through Fall 2019. During this time, Cronos Group will also begin aligning specifications for the equipment and manufacturing required for the production and downstream processing of cannabinoids. To support this work, Cronos Group expects a team of engineers, scientists, production and quality assurance personnel currently working at the facility to join Cronos Group.
The price moved ahead of -3.85% from the mean of 20 days, -2.51% from mean of 50 days SMA and performed 3.87% from mean of 200 days price. Company’s performance for the week was -1.42%, -12.08% for month and YTD performance remained 47.16%.
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