Two directors on both boards initially.
Australian Law Firm Acts For Medical Cannabis Company, Cronos Australia
https://cannabislaw.report/australi...nnabis-company-cronos-australia-in-asx-float/
Cronos Australia also plans to list on the Australian Securities Exchange. It expects to have a market value of 64.4 million Australian dollars when the offering is completed.
Cronos Group, based in Canada, is expected to have a roughly 31% stake of Cronos Australia’s issued capital when the offering is completed.
When Cronos formed the joint venture last year, with NewSouthern Capital, it owned 50% of the joint venture, with equal board representation. Cronos Group said it hoped the joint venture would serve as a supply hub for Australia, New Zealand and Southeast Asia, as those markets opened up.
Cronos Group CEO Mike Gorenstein, in a statement Wednesday, said the offering enabled Cronos Group to “unlock value for our stakeholders while also continuing to participate in Cronos Australia’s growth.”
Gorenstein and Jason Adler, who is on Cronos Group’s board of directors, hold board seats on Cronos Australia, which is led by Rodney Cocks, a onetime consultant at the Boston Consulting Group, and Peter Righetti, who has a background in real estate.
Cocks and Righetti co-founded NewSouthern Capital.
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