Cronos Group confirms talks with Altria Group regarding possible investment
TORONTO - Marijuana producer Cronos Group Inc. says it is in talks regarding a potential investment by U.S. tobacco company Altria Group Inc.
Cronos Group cautioned that no agreement has been reached and there could be no assurance the talks will lead to a deal.
Shares in Cronos Group gained $1.31 to close at $13.51 on the Toronto Stock Exchange on Monday amid reports of the talks before the company confirmed the discussions after the close of markets.
Altria, maker of Marlboro cigarettes, is one of the biggest tobacco companies in the world.
It also owns Ste. Michelle Wine Estates and holds a significant investment in Anheuser-Busch InBev.
Cronos Group operates two Canadian licensed marijuana producers: Peace Naturals Project Inc. and Original BC Ltd.
Companies in this story: (TSX:CRON)