The sector was already shaky before COVID-19, but companies must now have the right mix of cash, pot and sales channels to make it to the other side Before the outbreak of COVID-19, cannabis stocks had plummeted from fattened valuations as they failed to find promised profit and seemed at risk of bankruptcy. The global […]
Cronos Group Inc.
Altria Becomes Largest Shareholder in Cronos Group, a Leading Global Cannabinoid Company
PRESS RELEASE Altria Invested USD $1.8 Billion for Approximately 45% Ownership Interest with Warrant to Increase Ownership over the Next Four Years RICHMOND, Va.–(BUSINESS WIRE)–Altria Group, Inc. (Altria) (NYSE:MO) announced today the completion of its approximately USD $1.8 billion (CAD $2.4 billion)1 investment in Cronos Group Inc. (Cronos Group) (TSX: CRON and NASDAQ: CRON), a […]
Marlboro maker places $2.4 billion bet on marijuana
NEW YORK (AP) — One of the world’s biggest tobacco companies is diving into the cannabis market with a $2.4 billion buy-in. Marlboro maker Altria Group Inc. is taking a 45 percent stake in Cronos Group, the Canadian medical and recreational marijuana provider said Friday. Altria will pay another $1.4 billion for warrants that if […]
Marlboro maker said to be in talks to buy Canadian marijuana producer
Marlboro cigarette maker Altria Group Inc. is in early stage talks to acquire Canadian cannabis producer Cronos Group Inc., as it seeks to diversify its business beyond traditional smokers, people familiar with the matter said on Monday. Canada this year legalized recreational use of marijuana and is seen as a testing ground for pot companies […]
Cronos Partners With Ginkgo to Develop Lab-Grown Cannabis
$122 million deal will genetically engineer cannabinoids, Approach is ‘going to wipe the floor with farming economics’ Why grow marijuana when you can create its most potent molecules in a lab? Cannabis producer Cronos Group Inc. is partnering with Ginkgo Bioworks Inc. in a $122 million deal to genetically engineer the active compounds in marijuana. Ginkgo, […]
Cannabis Giants Join Forces in Cross-Border Venture
PRESS RELEASE Los Angeles (March 19, 2018) – With Canada on track to legalize adult use of cannabis, two of the world’s largest cannabis companies announced a first-of-its-kind, cross-border joint venture today that could bring America’s most recognized cannabis brand to Canadian consumers by year’s end. MM Enterprises USA, LLC (“MedMen Enterprises”), a leading U.S. cannabis […]
