Cronos Group Launches Marketing Code to Drive Responsibility Within the Cannabis Industry

Rhea-AI Summary

Cronos Group (NASDAQ: CRON) has unveiled a comprehensive Marketing Code aimed at promoting responsible marketing practices in the cannabis industry. This initiative emphasizes that marketing should not target individuals below the legal consumption age. The code will govern all Cronos marketing activities worldwide and is intended to engage both industry peers and policymakers. Key principles include adult-targeted advertising, responsible consumption messaging, and transparency in claims. Cronos Group's leadership believes this initiative is vital for fostering trust in the evolving cannabis market.

Positive

• Introduction of a Marketing Code aimed at responsible marketing in cannabis.
• Commitment to marketing principles that restrict targeting underage individuals.
• Engagement with industry peers and policymakers to elevate standards.

Negative

• None.

TORONTO and LOS ANGELES, May 10, 2021 (GLOBE NEWSWIRE) -- Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) (“Cronos Group” or the “Company”) today released a Marketing Code designed to responsibly move the emerging cannabis industry forward. Cronos Group believes that those below the legal age of consumption should not be targeted in an adult-use cannabis market. Cronos Group recognizes there is a clear need for standards. That’s why the Company proactively created its own and is sharing its principles publicly as a resource for the industry and policymakers.  

The principles in the Cronos Group Marketing Code apply to all marketing activities of all Cronos Group brands globally and will be communicated to all business partners in any work they do on the Company’s behalf. The Marketing Code represents Cronos Group’s commitment to responsible marketing standards. From the Company’s leadership team to the teams staffing its marketing events, Cronos Group expects all such individuals to understand and follow these principles. The Company is actively implementing the training and protocols necessary to uphold these commitments. Cronos Group intends to live these values through our advertising, imagery, websites, social media, and marketing events.

• Our advertising will be targeted to adults.
• We will highlight responsible cannabis consumption and any people depicted in any imagery will be adults.
• Our brand websites and social media will be designed for adults.
• Our marketing events will be targeted to adults and will promote responsible cannabis consumption.
• We will provide our customers with facts and substantiate our claims. 

“This Marketing Code is an important step toward elevating industry practices. We hope that others within the industry will embrace similar commitments,” said Kurt Schmidt, President and Chief Executive Officer, Cronos Group. “As policymakers consider how to best regulate a federally legal U.S. cannabis market, we believe these principles reflect the sort of policies necessary to support a trustworthy industry.”

“With this Marketing Code we have clear principles to guide our operations,” said Anna Shlimak, Senior Vice President Corporate Affairs, Cronos Group. “In the coming weeks and months, Cronos Group will be working with our industry peers in the U.S. to advance these important measures. We call on like-minded cannabis companies to join us. We will also be engaging with policymakers and regulators to share the expertise we’ve developed through operating in the strictly regulated Canadian market for close to a decade.”

To view the full Marketing Code, visit https://thecronosgroup.com/responsibility or download a PDF here.

About Cronos Group

Cronos Group is an innovative global cannabinoid company with international production and distribution across five continents. Cronos Group is 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 portfolio includes PEACE NATURALS™, a global wellness platform, two adult-use brands, COVE™ and Spinach™, and three U.S. hemp-derived CBD brands, Lord Jones™, Happy Dance™ and PEACE+™.

Forward-looking Statements

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 (collectively, “Forward-looking Statements”). All information contained herein that is not clearly historical in nature or that necessarily depends on future or subsequent events 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 words, expressions or phrases intended to identify Forward-looking Statements. Some of the Forward-looking Statements contained in this press release include the Company's intention to build an international iconic 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, results, performance or achievements expressed or implied by those Forward-looking Statements. Forward-looking Statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, including those discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, which has been filed on SEDAR and EDGAR and can be accessed at www.sedar.com and www.sec.gov/edgar, respectively, and subsequent reports on Form 10-Q. 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.

For further information, please contact:
Anna Shlimak
SVP, Corporate Affairs
anna.shlimak@thecronosgroup.com
Tel: (416) 504-0004

FAQ

What is the Marketing Code introduced by Cronos Group (CRON)?

The Marketing Code is a set of principles aimed at promoting responsible marketing practices in the cannabis industry.

When was the Cronos Group (CRON) Marketing Code released?

The Marketing Code was released on May 10, 2021.

How does Cronos Group (CRON) plan to implement the Marketing Code?

Cronos Group plans to implement training and protocols among marketing staff to uphold the Marketing Code's principles.

What are the key principles of Cronos Group's (CRON) Marketing Code?

Key principles include targeting adult audiences, promoting responsible cannabis use, and ensuring transparency in marketing claims.

Does the Marketing Code by Cronos Group (CRON) apply to all its brands?

Yes, the Marketing Code applies to all marketing activities of all Cronos Group brands globally.