Cronos Group CRON on Tuesday announced the appointment of Dr. Todd Abraham as the company's Chief Innovation Officer.
Abraham "will be responsible for advancing Cronos Group’s research and development initiatives in cannabinoids with a focus on identifying new disruptive technologies and adopting best practices and innovations from adjacent consumer goods industries."
His 17-year tenure at Mondelēz International MDLZ saw successful coordination of divisions such as R&D, IP strategy and technology development.
Never miss a news story in the cannabis world. Click here to check out Benzinga Cannabis for more
Why It's Important
Abraham’s hiring, as a result of his past successes in consumer-packaged goods, is a strong indicator of Cronos prioritizing the consumer experience.
"The work Cronos Group has underway with Ginkgo Bioworks and Cronos Device Labs is just the beginning," he said in the press release. "I look forward to leveraging my consumer products experience, technical expertise, and scientific background to help drive Cronos Group’s cannabinoid technology and product development across categories."
Given Abraham’s experience in global strategy, this hiring may indicate ambitions from Cronos Group to expand their international footprint further. While already operating grows in Australia and Israel, Cronos Group’s international presence is significantly smaller than competitors such as Canopy Growth.
"I am confident his strategic business experience coupled with his skills in product development, nutritional science, R&D strategy, and organizational development will benefit our own growth as a global leader in cannabinoid innovation," said Cronos Group CEO Mike Gorenstein.
Cronos Group's stock traded higher by 1.2% at $15.29 per share.
Never miss a news story in the cannabis world. Click here to check out Benzinga Cannabis for more
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
The Benzinga Cannabis Capital Conference is coming to Florida
The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.
Get your tickets now on bzcannabis.com – Prices will increase very soon!