Toronto’s Cronos Group Inc. (TSX: CRON) (NASDAQ: CRON) has established a footprint in the Australian cannabis sector amid a steady increase in market growth within the country.
The cannabis company, first to ever list on the Nasdaq exchange, announced sending a shipment of flower to Vitura Health Limited (ASX: VIT) on Tuesday. Vitura was previously known as Cronos Australia before a rebrand in late 2022. The Cronos Group holds a 10 per cent stake in the company.
The Canadian operator says its decision to enter Australia’s market was partly inspired by a vast increase in medical cannabis patients. The number of them increased by almost 125 per cent to over 307,000 last year. The cannabis data company BDS Analytics says the Australian medical pot sales total for 2023 is expected to rise by C$16 million year-over-year once calculations are completed.
“Supplying the Australian market, which has grown significantly in the past…
