Shearman And Sterling

News April 06, 2018

Cronos Group Inc.’s Bought Deal Offering

Shearman & Sterling represented GMP Securities L.P. and BMO Nesbitt Burns Inc. as lead underwriters and Cormark Securities Inc., Beacon Securities Limited and PI Financial Corp. as underwriters in connection with a cross-border bought deal offering of 10,420,000 common shares of Cronos Group Inc. at a price of C$9.60 per share, for gross proceeds of approximately C$100 million.

Cronos is a globally diversified and vertically integrated cannabis company with a presence across four continents and multiple international production and distribution platforms, including Germany, Israel and Australia. Cronos operates two wholly owned Canadian licensed producers of cannabis, regulated under Health Canada’s Access to Cannabis for Medical Purposes Regulations. Cronos is the first cannabis company to trade on a major U.S. exchange, with its common shares listed on the NASDAQ Stock Market and the TSX Venture Exchange. The offering was the first U.S. registered equity offering by a cannabis company made pursuant to the Multijurisdictional Disclosure System.

The Team