Canadian cannabis company Cronos Group sells Peace Naturals campus for about $17M
Cronos Group Inc. (CA:CRON) (CRON) said Monday it agreed to sell its 90-acre Peace Naturals cannabis campus in Stayner, Ontario, for C$23 million ($16.87 million) as part of a sale leaseback transaction with Future Farmco Canada Inc., a vertical farming business. Cronos Group Chief Executive Mike Gorenstein said the transaction will improve Cronos Group's balance sheet by "lowering costs and increasing our agility." Cronos Group's stock fell 0.5% in premarket trading on Monday. The stock is down 19.3% so far in 2023, compared to a 50% drop in the Global X Cannabis ETF (POTX). Cronos Group is backed by Altria Group Inc. (MO)
-Steve Gelsi
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