Canada’s Cronos Group has expanded cannabis flower distribution into the Australian market with its first shipment to Vitura Health Limited. The two companies were well acquainted prior to this deal.
Vitura Health was once known as Cronos Australia Limited, with Cronos Group having a significant stake in its Australian namesake at the time. But early last year the local firm finalised a re-brand following its merger with CDA Health Pty Ltd. Adoption of the new name Vitura Health Limited was to reflect the vision, values and aspirations of the merged entity.
Cronos Group still owns approximately 10% of the common shares of Vitura today.
Regarding this deal, Cronos says:
“Cronos intends to help Vitura grow market share and help establish Vitura as a leading cannabis brand in Australia by leveraging the Company’s success in flower within the Canadian, Israeli, and German markets.”
The firm says it will provide high-quality premium genetics, tailor-made for Vitura patients.
“Supplying the Australian market, which has grown significantly in the past three years, is a great milestone for Cronos as we aim to enter and expand within international markets,” said Mike Gorenstein, Cronos Group Chairman, President, and CEO.
In other relatively recent Vitura Health related news, last month the company announced the 2 millionth unit of medicinal cannabis had been shipped through its CanView platform. 280+ product lines are listed on CanView from more than 39 domestic and international brands.
Launched in June 2020, it took 2.5 years to sell the first 1 million units and only 1 year to sell the second million. Vitura Health CEO and Executive Director Rodney Cocks said the company anticipates the 3 millionth unit should be sold through the platform during the 2024 calendar year.
“This success demonstrates the clear positive network effects on the platform and the scalability of the CanView business model which we believe will continue to deliver growth and further shareholder value,” said Mr. Cocks. “Importantly, with Vitura Health’s focus on the care of our patients and access to medicinal cannabis, we look forward to continuing to serve our patients, prescribers, pharmacists and suppliers.”