Tobacco giant Altria (MO) is jumping on the cannab
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Posted On: 12/07/2018 8:17:04 AM
Tobacco giant Altria (MO) is jumping on the cannabis bandwagon.
The company announced a $1.8 billion (C$2.4 billion) investment in cannabis company Cronos Group (CRON). Altria has agreed to buy 146.2 million shares at closing at a price of C$16.25 per share. This investment by Altria would represent a 45% equity stake in Cronos with warrant to increase ownership to 55% over the next four years.
The company announced a $1.8 billion (C$2.4 billion) investment in cannabis company Cronos Group (CRON). Altria has agreed to buy 146.2 million shares at closing at a price of C$16.25 per share. This investment by Altria would represent a 45% equity stake in Cronos with warrant to increase ownership to 55% over the next four years.
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