The U.S.-listed shares of Cronos Group Inc. CRONCA:CRON climbed 2.5% in premarket trading Monday, after the Toronto-based cannabis company said it launched its Peace Naturals medical brand in Germany. The company has signed a distribution agreement with Cansativa Group, which has a network of about 2,000 pharmacies in Germany. Cronos said it expects the recently announced regulatory changes in Germany, in which cannabis is no longer labeled a narcotic, to “unlock significant growth” in Germany. “Re-entering the German market, which has about 83 million people, is a significant milestone for Cronos and we look forward to expanding our reach and brand awareness in Germany with the help of Cansativa,” said Cronos Chief Executive Mike Gorenstein. The stock has soared 39.8% over the past three months through Friday, while the AdvisorShares Pure US Cannabis ETF MSOS has jumped 65.5% and the S&P 500 SPX has gained 0.9%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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