Cronos Group, the Canadian cannabis company, announced Thursday a plan to acquire a manufacturing and fermentation facility in Winnipeg, Canada.
Shares climbed more than 2% in early trading on the news.
The announcement comes just a day after Cronos Group announced it had hired a Mondelez veteran to be its chief innovation officer.
Watch shares of Cronos Group trade live.
Partnerships and acquisitions are the name of the game for large cannabis companies looking to grow quickly.
Shares of Cronos Group, a Canadian cannabis company, jumped more than 2% in early trading on Thursday after the company announced an agreement to purchase a state-of-the-art fermentation and manufacturing facility from Apotex Fermentation.
The facility is in Winnipeg, Canada and comes with fully equipped laboratories that cover microbiology, chemistry, quality control, and method development. It also has two large fermentation production areas, which will increase Cronos’ ability to produce “cultured cannabinoids at commercial scale with high-quality and high-purity.”
The new plant will be called Cronos Fermentation. It will help Cronos Group’s partnership with Ginkgo Bioworks by providing the fermentation and manufacturing needed to capitalize on the agreement.
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Source:: Businessinsider – Finance