TORONTO, March 21, 2022 – PRESS RELEASE – Cronos Group Inc., an innovative global cannabinoid company, announced that its board of directors has appointed Mike Gorenstein as chairman, president, and CEO, effective March 21, 2022, in connection with Kurt Schmidt’s retirement.
“Mike is a visionary leader who knows Cronos better than anyone,” said Jim Rudyk, lead independent director of Cronos. “He is uniquely positioned to oversee the implementation of our strategic and operational realignment initiatives as we create a highly differentiated branded cannabinoid platform to drive long-term success. A key element of our plan is being ready for entry into the U.S. cannabis market once federally permitted—with Mike leading that charge every step of the way.”
Rudyk added, “On behalf of the board of directors, I would like to thank Kurt for his stewardship through the challenges of the pandemic and broader industry headwinds. We are grateful for his contributions to Cronos and wish him all the best in his retirement.”
Gorenstein previously served as chairman, president and CEO of Cronos until September 2020, when he transitioned to the executive chairman role. In addition, he is a co-founder and passive member of Gotham Green Partners.
“I am excited to return as CEO and accelerate progress by leveraging the innovative and daring approach that Cronos was built on,” Gorenstein said. “We positioned Cronos to have the best tools to succeed in this market with our evolving asset-light supply chain, an organically growing brand in Canada, differentiated IP with a focus on rare cannabinoids, and one of the strongest balance sheets in the industry. Now it is time to use those tools to deliver meaningful shareholder value.”
Gorenstein’s immediate areas of focus include:
Delivering margin accretive growth focusing on adult-use product formats;Continuing to drive rare cannabinoid development and commercialization strategy;Cutting costs and focusing investments to the highest ROI opportunities, specifically “borderless” investments that can create incremental revenue as new markets come online;Leading a successful transition from Peace Naturals Campus to a more agile supply chain; andPositioning Cronos to win in the U.S. cannabis market.]]>