Cannabis maker Cronos Group Inc. on Oct. 16 said its joint venture company Cronos Australia Ltd. will offer 40,000,000 new shares in an IPO on the Australian Securities Exchange in November.
Cronos Australia is a 50-50 joint venture between the Canadian company and NewSouthern Capital Pty Ltd.
The venture will offer the shares at a price of 50 Australian cents apiece. Cronos Australia expects an initial market capitalization of approximately A$64.4 million.
Altria Group Inc.-backed Cronos Group will have an approximately 31% stake in Cronos Australia after the IPO.