Tobacco giant Altria Group will invest $ 2,4 billion in Canadian cannabis producer Cronos, in exchange for a 45% stake, as the global legal marijuana market continues to grow.
ALTRIA FOCUSES ON A NEW OPPORTUNITY FOR GROWTH!
The tobacco giant Altria Group will invest $ 2,4 billion in Canadian cannabis producer Cronos, in exchange for a 45% stake, as the global legal marijuana market continues to grow.
« Altria brings complementary scale, expertise and capabilities […] which we believe will allow us to broaden the reach of our company Said the Chairman of the Board and Chief Executive Officer of Cronos, Mike Gorenstein.
Under this agreement, Altria will have the right to appoint four directors to the board of directors of Cronos, which will thus increase from five to seven members. For the President and CEO of Altria, Howard Willard : " Investing in the Cronos Group as an exclusive partner in the emerging cannabis category represents another exciting growth opportunity for Altria. »
Shares of Cronos climbed to $ 18,56 on the Toronto Stock Exchange on Friday, eventually closing at $ 17,06, up $ 3,11, or 22,3%. Canada became the second country in the world to legalize recreational cannabis on October 17.
Source : Ici.radio-canada.ca/
