Marlboro Maker Altria Takes 45% Stake In Cronos (NASDAQ:CRON)(NYSE:MO)

Marlboro Maker Altria Takes 45% Stake In Cronos (NASDAQ:CRON)(NYSE:MO)

"We believe that Cronos Group's excellent management team has built capabilities necessary to compete globally, and we look forward to helping Cronos Group realize its significant growth potential", he said in a statement. As a term of the investment, Altria will name four directors to Cronos' board, which will expand from five to seven members. Aphria gained as much as 17 percent, retracing some of its losses this week, although the stock is still poised to end the week at its lowest price since November 2017. Aurora Cannabis Inc.'s stock rose 7.8 per cent to close at $7.60 after it announced a new supply deal to Mexico.

Cronos has benefited in recent months from Canada's legalization of recreational marijuana as well as more states jumping on the recreational and medical pot bandwagon last month through voter initiatives.

Also, the Canadian subsidiary of Molson Coors has a joint venture with The Hydropothecary Corporation for the production of "cannabis-infused drinks" in Canada.

"It's really become a place where numerous leading companies that want to compete for leadership throughout the world in the cannabis business have been locating", Willard said of Canada.

The biggest companies have avoided investing in USA cannabis businesses, which are legal in a handful of states, because of the federal prohibition on the drug.

Trump claims Comey 'set a record' for lying to Congress
Republicans focused on whether the dossier was verified before the Page warrant was obtained. Trey Gowdy, the chairman of the oversight panel, are also retiring at the end of the year.

Hello, Delly: Dellavedova returns to Cavs in 3-team trade
The move comes a little over a week after the Cavaliers traded Kyle Korver to the Utah Jazz for guard Alec Burks and two second-round picks.

Trump Said China Has Agreed To Cut Tax On US Made Cars
The White House said President Donald Trump would also meet briefly with the executives - something that had not initially been on the schedule.

The parent company of Corona beer acquired a $4 billion stake in Canada-based pot producer Canopy Growth last August, upping its ownership of the company to 38 percent from about 10 percent. Cronos announced earlier this week that Altria could make a possible investment after Reuters reported the tobacco giant was in talks to acquire Cronos. Canopy Growth (CGC) was up 2.6%.

Altria's huge investment lighted up shares of cannabis companies that have begun to set up shop in Canada, where recreational use was legalized this year.

Cronos said it will use the capital to accelerate its global growth and expansion, as well as research and development.

With the Cronos deal, Altria will get a new opportunity to boost revenue as cigarette smoking continues to decline in the United States.

Related Articles