Cronos Group Founder Mike Gorenstein Returns as CEO
March 21 2022 - 7:30AM
Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) (“Cronos” or the
“Company”), an innovative global cannabinoid company, today
announced that the Board of Directors has appointed Mike Gorenstein
as Chairman, President, and Chief Executive Officer, effective
March 21, 2022, in connection with Kurt Schmidt’s retirement.
“Mike is a visionary leader who knows Cronos better than
anyone,” said Jim Rudyk, Lead Independent Director of Cronos. “He
is uniquely positioned to oversee the implementation of our
strategic and operational realignment initiatives as we create a
highly differentiated branded cannabinoid platform to drive
long-term success. A key element of our plan is being ready for
entry into the U.S. cannabis market once federally permitted – with
Mike leading that charge every step of the way.”
Mr. Rudyk continued, “On behalf of the Board of Directors, I
would like to thank Kurt for his stewardship through the challenges
of the pandemic and broader industry headwinds. We are grateful for
his contributions to Cronos and wish him all the best in his
retirement.”
“I am excited to return as CEO and accelerate progress by
leveraging the innovative and daring approach that Cronos was built
on,” said Mike Gorenstein, Chairman, President and Chief Executive
Officer. “We positioned Cronos to have the best tools to succeed in
this market with our evolving asset-light supply chain, an
organically growing brand in Canada, differentiated IP with a focus
on rare cannabinoids, and one of the strongest balance sheets in
the industry. Now it is time to use those tools to deliver
meaningful shareholder value.”
Mike Gorenstein’s immediate areas of focus include:
- Delivering margin accretive growth
focusing on adult-use product formats;
- Continuing to drive rare cannabinoid
development and commercialization strategy;
- Cutting costs and focusing
investments to the highest ROI opportunities, specifically
“borderless” investments that can create incremental revenue as new
markets come online;
- Leading a successful transition from
Peace Naturals Campus to a more agile supply chain; and
- Positioning Cronos to win in the U.S. cannabis market.
About Mike GorensteinMike Gorenstein previously
served as Chairman, President and Chief Executive Officer of Cronos
until September 2020, when he transitioned to the Executive
Chairman role. In addition, Mike is a Co-Founder and passive Member
of Gotham Green Partners.
Before joining Cronos, Mike was the Vice President and General
Counsel at Alphabet Partners, LP, a New York City based
multi-strategy investment management firm, focused on identifying
mispriced assets across various industries, asset classes and
geographies. Prior to Alphabet Partners, LP, he was a corporate
attorney at Sullivan & Cromwell LLP, where he focused on
mergers and acquisitions and capital markets transactions.
Mike graduated from the University of Pennsylvania Law School
with a Juris Doctor, the Wharton School at University of
Pennsylvania with a certificate in Business Economics and Public
Policy and the Kelley School of Business at Indiana University with
a Bachelor of Science of Business in Finance.
About Cronos Group Inc.Cronos Group 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 Group is building an iconic
brand portfolio. Cronos Group’s diverse international brand
portfolio includes Spinach®, PEACE NATURALS®, Lord Jones®, Happy
Dance® and PEACE+™. For more information about Cronos Group and its
brands, please visit: thecronosgroup.com.
Forward-looking StatementsThis 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 (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 successful transition of
Mr. Gorenstein to the role of Chief Executive Officer, our ability
to deliver margin accretive growth and to drive the rare
cannabinoid development and commercialization, our proposed supply
chain transition and cost-cutting initiatives, and our intention to
build an iconic international brand portfolio and develop
disruptive intellectual property. 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, 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, 2021, of 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 Group disclaims any obligation to update or revise any
Forward-looking Statement. Readers are cautioned not to put undue
reliance on any Forward-looking Statement.
Cronos Group ContactShayne LaidlawInvestor
RelationsTel: (416)
504-0004investor.relations@thecronosgroup.com
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