Cronos Announces Extension of Share Repurchase Program to the Toronto Stock Exchange
TORONTO, June 16, 2026 (GLOBE NEWSWIRE) -- Cronos Group Inc. ("Cronos" or the "Company") (NASDAQ:CRON) (TSX:CRON), an innovative global cannabis company, announced today that it has filed with the Toronto Stock Exchange (the "TSX"), and the TSX has accepted, the Company's notice of intention to make a normal course issuer bid (the "TSX NCIB").
As previously announced by Cronos, the Company's Board approved a share repurchase program on May 8, 2026, which commenced on May 14, 2026 and is expected to terminate on May 13, 2027, unless earlier terminated (the "Share Repurchase Program"). Pursuant to the TSX NCIB, repurchases under the Share Repurchase Program may now also be made from time to time pursuant to the facilities of the TSX and other alternative Canadian trading systems, in addition to being made through open market purchases at then-prevailing market prices through the facilities of the Nasdaq Global Market or other U.S. published markets, privately negotiated transactions or otherwise, as previously announced. Pursuant to the Share Purchase Agreement entered into on May 14, 2026, Celadon Financial Group, LLC has been appointed as the Company's agent to repurchase shares on its behalf. Any such repurchases will be executed through Virtu Canada Corp. when made over the facilities of the TSX or other alternative Canadian trading systems
Pursuant to the Share Repurchase Program (including the TSX NCIB), Cronos intends to purchase for cancellation up to US$50 million of common shares in the capital of the Company (the "Common Shares") (in any case subject to a maximum of 18,712,918 Common Shares, representing approximately 5.02% of Cronos' 373 million issued and outstanding Common Shares as at June 1, 2026).
Under the TSX NCIB, Cronos may purchase up to 53,968 of its Common Shares on the TSX during any trading day, which represents 25% of the average daily trading volume of 215,873 Common Shares on the TSX for the 6 months ended May 31, 2026, other than block purchase exemptions. Purchases under the TSX NCIB may commence on June 19, 2026 and continue until the date on which the Share Repurchase Program terminates as noted above.
The TSX NCIB will be conducted in accordance with TSX rules and policies through the facilities of the TSX. The price that Cronos will pay for any Common Shares will be the market price prevailing at the time of purchase or such other price as may be permitted.
Additionally, on June 15, 2026, Cronos obtained an exemption order (the "NCIB Exemption") from the Ontario Securities Commission, permitting Cronos to make repurchases under the Share Repurchase Program through the facilities of the NASDAQ and other United States-based trading systems in excess of the maximum that would otherwise be allowable under applicable Canadian securities laws absent an exemption. The NCIB Exemption allows Cronos to repurchase on such U.S. marketplaces up to the greater of 5 percent of Cronos's outstanding shares and 10 percent of Cronos' public float, provided that Cronos' aggregate repurchases on all marketplaces do not exceed this amount over the approximately 11-month period of the TSX NCIB, which is consistent with the maximum number of shares Cronos is able to purchase under the TSX NCIB. The other conditions to the NCIB Exemption will be outlined in Cronos' quarterly report on Form 10-Q for the quarter ended June 30, 2026 filed on EDGAR and SEDAR+.
About Cronos
Cronos is a global cannabis company focused on scaling leading consumer goods products through research and development and innovation. With a passion to responsibly elevate the consumer experience, Cronos is building an iconic brand portfolio. Cronos' diverse international brand portfolio includes Spinach®, PEACE NATURALS®, LIT™ and Lord Jones®. For more information about Cronos and its brands, please visit: thecronosgroup.com.
Forward-Looking Information
This press release may contain information that may constitute "forward-looking information" or "forward-looking statements" within the meaning of applicable Canadian and U.S. securities laws and court decisions (collectively, "Forward-looking Statements"). All information contained herein that is not clearly historical in nature may constitute Forward-looking Statements. In some cases, Forward-looking Statements can be identified by the use of forward-looking terminology such as "may", "will", "expect", "plan", "anticipate", "intend", "potential", "estimate", "believe" or the negative of these terms, or other similar expressions intended to identify Forward-looking Statements. The forward-looking information in this news release includes, but is not limited to, statements related to the Company's intention to commence the TSX NCIB and the timing and quantity of any purchases of Common Shares under the TSX NCIB and the Share Repurchase Program. Forward-looking Statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive risks. Financial results, performance or achievements expressed or implied by those Forward-looking Statements and the Forward-looking Statements are not guarantees of future performance. A discussion of some of the material risks applicable to the Company can be found in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 and the Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, each of which has been filed on SEDAR+ and EDGAR and can be accessed at www.sedarplus.ca and www.sec.gov/edgar, respectively. Any Forward-looking Statement included in this press release is made as of the date of this press release and, except as required by law, Cronos disclaims any obligation to update or revise any Forward-looking Statement. Readers are cautioned not to put undue reliance on any Forward-looking Statement.
For further information, please contact:
Harrison Aaron
Investor Relations
Tel: (416) 504-0004
investor.relations@thecronosgroup.com
