TORONTO, June 21, 2024 (GLOBE NEWSWIRE) -- Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) ("Cronos" or the "Company") announces that at its Annual Meeting of Shareholders held yesterday, June 20, 2024 (the "Meeting"), shareholders holding a total of 274,097,252 common shares of the Company voted in person or by proxy, representing 71.75% of the total number of common shares of the Company outstanding.

Each of the directors listed as a nominee in the Company's definitive proxy statement dated April 26, 2024 was elected as a director of the Company, with each director receiving in excess of 93.4% of the votes cast in favor of his or her election. The detailed results of the vote for the election of directors are as follows:

Shareholders also approved an advisory (non-binding) resolution on the compensation of the Company's named executive officers, with 96.19% of votes cast in favor of such resolution, and approved the adjournment of the Meeting to a later date to permit the Company to complete the search for a successor independent auditor.

At the time of the Meeting, the Company had not completed its process to identify, and make a recommendation with respect to the appointment by the shareholders of, a successor independent auditor. Accordingly, Proposal No. 3 regarding the appointment of an independent registered public accounting firm to serve as the Company's independent auditor for the fiscal year ending December 31, 2024 and to authorize the Board of Directors of the Company (the "Board") to fix the independent auditor's remuneration was not presented to shareholders and, with the approval of the shareholders, the Meeting was adjourned to permit the Company to complete the search for a successor auditor. At the reconvened Meeting, shareholders will be asked to vote on the appointment of the successor independent auditor and the authorization of the Board to fix the successor independent auditor's remuneration. Once a successor auditor is identified, the Company will disseminate to shareholders information regarding the identity of the proposed independent registered public accounting firm to serve as the Company's independent auditor and to audit the consolidated financial statements of the Company of and for the fiscal year ending December 31, 2024, together with information regarding the reconvened Meeting.

For complete results on all matters voted on at the Meeting, please see the Report of Voting Results filed on the Company's SEDAR+ profile at www.sedarplus.com and the Company's Form 8-K filed on EDGAR at www.sec.gov/edgar.

About Cronos

Cronos is an innovative global cannabinoid company committed to building disruptive intellectual property by advancing cannabis research, technology and product development. 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 and Lord Jones. For more information about Cronos and its brands, please visit: thecronosgroup.com.

Forward-Looking Statements

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. Some of the Forward-looking Statements contained in this press release include statements about Cronos' intention to build an iconic brand portfolio and develop disruptive intellectual property, identify and recommend the appointment by the shareholders of a successor independent auditor and reconvene the Meeting. 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, 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, 2023, and quarterly report on Form 10-Q for the quarter ended March 31, 2024, which have been filed on SEDAR+ and EDGAR and can be accessed at www.sedarplus.com 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:
Shayne Laidlaw
Investor Relations
Tel: (416) 504-0004
investor.relations@thecronosgroup.com