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Cronos Group Inc. (NASDAQ:CRON) (TSX:CRON) announced that the board of directors has appointed Mike Gorenstein as chairman, president, and CEO, effective March 21, 2022, in connection with Kurt Schmidt's retirement.
Gorenstein’s immediate areas of focus include:
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- 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.
- Positioning Cronos to win in the U.S. cannabis market.
About Gorenstein
Gorenstein previously served as chairman, president and CEO of Cronos until September 2020, when he transitioned to the executive chairman role. In addition, Mike is a co-founder and passive member of Gotham Green Partners.
Before joining Cronos, he was the vice president and general counsel at Alphabet Partners, LP, a New York City based multi-strategy investment management firm, focused on identifying mispriced assets across various industries, asset classes and geographies. Prior to Alphabet Partners, LP, he was a corporate attorney at Sullivan & Cromwell LLP, where he focused on mergers and acquisitions and capital markets transactions.
Management Commentary
“Mike is a visionary leader who knows Cronos better than anyone,” Jim Rudyk, lead independent director of Cronos, said. “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.”
Photo: Courtesy of Hunters Race on Unsplash
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.