Cronos Unveils its New CBC Product: Spinach FEELZ™ Day Trip Gummies With THC+CBC

Rhea-AI Summary

Cronos Group has launched its innovative Spinach FEELZ™ THC+CBC Day Trip Mango Lime gummies, marking the first CBC gummy product in Canada.

Featuring a unique 3:1 ratio of CBC to THC, these gummies are available in Alberta and British Columbia, with plans for wider distribution.

The product contains 10mg of THC and 30mg of CBC per pack, targeting adults seeking enhanced experiences. Cronos is set to issue approximately 489,000 common shares to Ginkgo Bioworks for the commercialization of CBC, reflecting a strategic partnership for cannabinoid development.

Positive

• First CBC gummy product in Canada enhances product portfolio.
• Unique 3:1 CBC to THC ratio offers differentiated consumer experience.
• Increased market share through innovative product launch.
• Strategic partnership with Ginkgo Bioworks for cannabinoid development.

Negative

• None.

TORONTO, Dec. 07, 2022 (GLOBE NEWSWIRE) -- Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) (“Cronos”), an innovative global cannabinoid company, today announced the launch of a CBC-focused product, the Spinach FEELZ™ THC+CBC Day Trip Mango Lime gummies, utilizing Ginkgo Bioworks’ platform for organism design and development.

The Spinach FEELZ™ Day Trip gummies are the first CBC gummy product in Canada and the first of its kind to feature a 3:1 ratio of CBC to THC. The product is currently available in Alberta and British Columbia and will be rolled out to additional provinces over the coming weeks:

• SPINACH FEELZ™ THC+CBC DAY TRIP GUMMIES: Grab your bag, your friends and get going! A new day’s adventure awaits with Spinach FEELZ™ Day Trip gummies. From sun-up to sun-down, feel at ease and in tune with all the scents, sights, and sounds this glorious world has to offer. These one-of-a-kind THC+CBC gummies are packed with delicious mango-lime flavors and are sure to make for good times with friends. Five sour-then-sweet gummies with 10mg of THC and 30mg of CBC per pack.
  

“We’re incredibly excited about the potential of CBC, and the Spinach FEELZ™ Day Trip gummies have the perfect combination of THC and CBC, which offers a unique and differentiated experience,” said Mike Gorenstein, Chairman, President, and CEO, Cronos. “Our patent pending formulation is its own special vibe. It’s the perfect product to energize your high and lead you on an uplifting adventure or to an impromptu dance party – let it take you on a trip and enjoy wherever you might end up.”

Spinach FEELZ™ is Cronos’ brand committed to bringing a full line of products featuring rare cannabinoids to consumers in a wide range of product formats. Each product is designed to deliver unique and enhanced experiences made possible through proprietary blends of rare cannabinoids alongside more common cannabinoids, like THC and CBD. Each product is formulated to help adult consumers, “Feelz. The Way You Want.”

Spinach FEELZ™ products have helped Cronos gain market share since their launch in 2021, including helping bolster the gummy and vape product offerings under Cronos’ Spinach^® brand. The Spinach FEELZ™ brand was the first brand to launch a cannabis edible in Canada to feature THC and cultured CBG made using proprietary fermentation methods.

For more information and availability, please visit https://spinachcannabis.com/feelz/

As a result of the commercialization of CBC, Cronos will issue Ginkgo approximately 489,000 common shares, representing one-third of the total expected issuance of common shares associated with CBC.

About Cronos

Cronos 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 is building an iconic brand portfolio. Cronos’ diverse international brand portfolio includes Spinach^®, PEACE NATURALS^®, Lord Jones^®, Happy Dance^® and PEACE+^®. For more information about Cronos and its brands, please visit: thecronosgroup.com.

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 and court decisions (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 statements about the launch of new products continuing to help increase Cronos’ market share. 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 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 and Quarterly Report on Form 10-Q for the period ended September 30, 2022, both have which 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 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:

Media Relations Contact:
Emily Whalen
Communications
Tel: (416) 504-0004
media.relations@thecronosgroup.com

Investor Relations Contact:
Shayne Laidlaw
Investor Relations
Tel: (416) 504-0004
investor.relations@thecronosgroup.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/89284594-81bd-497b-b1cc-55ed91694213

FAQ

What are Spinach FEELZ™ THC+CBC Day Trip gummies?

They are a new cannabinoid product launched by Cronos Group, featuring a 3:1 ratio of CBC to THC.

When were the Spinach FEELZ™ gummies launched?

The gummies were launched on December 7, 2022.

Where can I buy the Spinach FEELZ™ gummies?

They are currently available in Alberta and British Columbia, with plans to expand to other provinces.

How many common shares will Cronos issue to Ginkgo Bioworks?

Cronos will issue approximately 489,000 common shares to Ginkgo Bioworks as part of their partnership.

What is the THC and CBC content in the gummies?

Each pack contains 10mg of THC and 30mg of CBC.