Spinach® Becomes the Number One Edible Brand in January¹

Rhea-AI Summary

Cronos Group Inc. has announced that its Spinach^® gummies have achieved the status of the top-selling edible brand in Canada, commanding a 15.8% market share of the total edibles category as of January 2023. Launched in 2021, Spinach^® includes SOURZ by Spinach™ and Spinach FEELZ™, both recognized for their unique flavors and proprietary technology. Cronos expects this success to bolster its market presence and support future product innovations. This achievement is seen as a validation of Cronos' innovation and marketing strategies as it aims to expand its product lineup globally.

Positive

• Spinach^® gummies achieved a top-selling position in Canada with a 15.8% market share in January 2023.
• The gummies portfolio is recognized for its unique flavors and proprietary flavor-masking technology.
• Cronos plans to leverage this success for further product development and market expansion.

Negative

• None.

Spinach^® gummies, known for incredible flavors and quality, are winning with adult consumers in the Canadian market

TORONTO, Feb. 08, 2023 (GLOBE NEWSWIRE) -- Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) (“Cronos”), an innovative global cannabinoid company, today announced that its award-winning gummies portfolio under the Spinach^® brand has become the top-selling edible brand in Canada, capturing 15.8%¹ market share of the total edibles category in January 2023.

Since launching in 2021, Spinach’s^® portfolio of edibles under both SOURZ by Spinach™ and Spinach FEELZ™ have quickly risen to become the most popular edibles in Canada. These cannabis edibles deliver bold fruit flavor in a distinctive “S” shaped gummy with a sour and sweet flavor profile, featuring proprietary flavor-masking technology.

“Spinach^® gummies were designed to enhance the experiences people share with their friends and they’ve changed the game in the edibles category,” said Jeff Jacobson, Chief Growth Officer, Cronos. “We are thrilled that our gummies have become favored by so many adult consumers, and we thank them for showing brand loyalty and enthusiasm for our products. We remain committed to quality, R&D, and breakthrough product development, and look forward to bringing more innovative and differentiated products to the market under the Spinach^® brand.”

“Our strategy has always been to develop a best-in-class portfolio of disruptive branded products that we can launch in new markets as cannabis regulations open globally,” said Mike Gorenstein, Chairman, President and CEO, Cronos. “Our Spinach^® gummies achieving #1 market share in Canada in January¹ is validation of our innovation and marketing capabilities and encourages us as we prepare to further expand our portfolio of borderless products.” 

SOURZ by Spinach™ cannabis edibles are available in a variety of flavors and cannabinoid ratios: 

• Peach Orange (1:1 THC:CBD)
  • 10mg THC & 10mg CBD per package
• Blue Raspberry Watermelon (Indica)
  • 10mg THC per package
• Strawberry Mango (Sativa)
  • 10mg THC per package
• Cherry Lime (Hybrid)
  • 10mg THC per package
• Tropical Triple Berry (Hybrid, 1:2 THC:CBD)
  • 10mg THC & 20mg CBD per package

Spinach’s^® gummy portfolio also includes rare cannabinoids under the Spinach FEELZ™ brand in the following flavors and cannabinoid ratios:

• CHILL BLISS Pineapple Starfruit (2:1 THC:CBG)
  • 10mg THC & 5mg CBG per package
• DEEP DREAMZ Blueberry Pomegranate (2:1 THC:CBN)
  • 10mg THC & 5mg CBN per package
• DAY TRIP Mango Lime (1:3 THC:CBC)
  • 10mg THC & 30mg CBC per package

The Spinach^® gummies are imaginative and delicious edibles made to delight the senses – perfect for sharing with friends. For more information and availability, please visit: https://spinachcannabis.com.

¹ HiFyre Retail Analytics – National Edibles Retail Dollar Sales by Brand in Canada - January 1, 2023 to January 31, 2023.

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^® and Lord Jones^®. 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

 

FAQ

What is the market share of Cronos Group's Spinach® gummies in January 2023?

Spinach® gummies captured a 15.8% market share of the total edibles category in Canada as of January 2023.

When did Cronos Group launch its Spinach® gummies?

Cronos Group launched its Spinach® gummies in 2021.

What product lines are included in the Spinach® gummies portfolio?

The Spinach® gummies portfolio includes SOURZ by Spinach™ and Spinach FEELZ™.

How does Cronos Group plan to expand its product offerings?

Cronos Group aims to develop a disruptive portfolio of branded products for global markets as cannabis regulations open.

What flavor innovation does Spinach® gummies offer?

Spinach® gummies feature bold fruit flavors and a distinctive 'S' shaped gummy using proprietary flavor-masking technology.