VIT 5.56% 19.0¢ vitura health limited

CRONOS Journey

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    The CRONOS Journey begins........

    Waiting for confirmation of my allocation.
    80Million escrowed for 24months so just ~48Million at play from Day 1, 7th November.


    https://hotcopper.com.au/data/attachments/1773/1773892-24161ecd53b8d4028ee2ad3b0a04963d.jpg

    Another medical cannabis company is looking to list on the ASX, joining about 20 other companies in the sector.

    Cronos Australia launched a $20 million IPO on Wednesday, underwritten by Bell Potter, with the goal of debuting on the ASX on November 11 as a $64.4 million company.

    The company was established as a joint venture between NASDAQ and Toronto Stock Exchange-listed Cronos Group and Melbourne-based private equity firm NewSouthern Capital, and Cronos Group will own 31 per cent of the Australia business post-IPO.

    Chief executive Rodney Cocks said Cronos Australia is different from other ASX-listed companies in that it has an asset-light branded strategy.

    Unlike other companies that own their own greenhouses, Cronos will import Cronos Group's "peace naturals" cannabis dry flower and oils produced in Canada.

    "We intend to establish a beachhead in Australia, and then exports premium quality cannabis into the Asian Pacific markets as they evolve," Mr Cocks said.

    The prospectus mentions New Zealand as a first foreign target market, with the company set to explore exporting to Asia countries after 2021.

    The company said it has all the licences needed to import, export, cultivate, manufacture and research cannabis.

    As of September 30, the Therapeutic Goods Administration has approved nearly 17,300 permits for Australians to access medical cannabis under a special scheme set up in 2016.

    Cronos Australia declared a $2.9 million loss in fiscal 2019.

    Its board includes former federal speaker Anna Burke and former Superloop chief executive Daniel Abrahams.

    "We're very proud of our board and our management team," Mr Cocks said.
    ------------------------------------------------------------------------------------------------------------------

    Cronos Australia, a medicinal cannabis company, launches AUD$20m IPO

    PR NewswireOctober 16, 2019

    Highlights

    • Cronos Australia is offering 40 million shares at AUD$0.50 per share with expectations to list on the ASX in November 2019
    • Indicative market capitalisation of AUD$64.4m upon completion of Offer
    • Cronos Australia aims to generate early revenue by importing and distributing the in-market PEACE NATURALS™ medicinal cannabis brand whilst also developing its own branded products
    • Cronos Australia was established as a 50:50 joint venture with NASDAQ-listed global cannabinoid company Cronos Group Inc. ("Cronos Group") and NewSouthern Capital
    • Subject to the terms of an IP license agreement between Cronos Group and Cronos Australia, Cronos Australia has access to certain elements of Cronos Group's intellectual property

    MELBOURNE, Australia, Oct. 16, 2019 /PRNewswire/ -- Medicinal cannabis company Cronos Australia Limited ("Cronos Australia" or "the Company") has launched a AUD$20 million initial public offer (IPO) of shares ahead of a planned listing on the Australian Securities Exchange in November 2019. Cronos Australia intends to become a leading supplier of cannabis products in Australia's emerging medicinal cannabis industry and, as regulations change and markets open, a supplier and exporter to the Asia-Pacific region.

    Cronos Australia intends to offer approximately 40 million new shares at AUD$0.50 per share (the "Offer"). The Offer comprises the Broker Firm Offer, which is open to Australian resident investors who have received an allocation from their broker; the Chairman's List Offer, which is open to investors in Australia nominated by Cronos Australia; and the Institutional Offer, which is open to institutional investors. No general public offer of the shares will be made under the Offer. Upon completion of the Offer, Cronos Australia expects to have a market capitalisation of AUD$64.4 million.

    Cronos Australia has secured all of the licences necessary to import, export, cultivate, manufacture and research cannabis.

    "This offering provides an opportunity to become a shareholder in a medicinal cannabis company that has all the licences needed to operate, has strong links with a leading global cannabinoid company, Cronos Group, and has a focus on the increasingly growing Asia-Pacific market," Cronos Australia Chairman Shane Tanner said.

    Cronos Australia Chief Executive Officer Rodney Cocks said, "This offering is an exciting step for Cronos Australia as we work to develop Australian cannabis products and brands to respond to both the domestic and international demand as the local and regional markets continue to evolve."

    Cronos Australia was established as a 50:50 joint venture between Cronos Group Inc. of Canada and Melbourne-based NewSouthern Capital Pty Ltd. Cronos Group is dual-listed on the NASDAQ and Toronto Stock Exchange. At completion of the Offer, Cronos Group is expected to own approximately 31 percent of the issued capital of Cronos Australia.

    Two Directors of Cronos Group sit on the Board of Cronos Australia, including Jason Adler and Cronos Group Chairman, President and CEO Mike Gorenstein. The Cronos Australia Board also includes former Federal Parliamentary Speaker Anna Burke AO and former Superloop (SLC.AX) CEO Daniel Abrahams.

    "Cronos Australia's Board and management team are experienced and commercially focused to deliver on Cronos Australia's phased growth strategy," Mr. Tanner said.

    Under the terms of an IP license agreement between Cronos Group and Cronos Australia, Cronos Australia has access to certain elements of Cronos Group's intellectual property via sole territorial licences granted by Cronos Group.

    Cronos Australia intends to import and sell Cronos Group's PEACE NATURALS™ medicinal cannabis products, which are sold in Canada and Germany.

    The Company is pursuing an asset-light business model under which the cultivation of medicinal cannabis and the manufacturing of medicinal cannabis products are intended to be outsourced to other companies both domestically and overseas.

    "Our asset-light model gives us the flexibility and agility to respond to a rapidly evolving market and allows the Company to focus on the development of a range of medicinal brands and products," Mr. Cocks said.

    The Australian market for medicinal cannabis is still in its early stages, reflecting complex legislation and regulation. However, patient access is growing as legislation evolves and markets open.

    The Offer is scheduled to open on 16 October 2019 and close on 25 October 2019.

 
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