• 'An investment of this magnitude provides overall legitimacy to the sector': Here's why Wall Street is bullish about the largest tie-up yet between the tobacco and pot sectors

    9 days ago - By Business Insider

    Altria, the tobacco-maker behind popular brands like Marlboro, announced on Friday it intends to invest $1.8 billion for a 45% stake in marijuana cultivator Cronos Group.
    Wall Street reacted favorably to the news, as both companies' stocks were trading higher on Friday.
    "We believe an investment of this magnitude provides overall legitimacy to the industry as a whole and should represent a positive catalyst for the sector," Canaccord Genuity analysts wrote in a note to clients.
    Tobacco is going to pot.
    Altria, the tobacco behemoth behind Marlboro, announced on Friday it intends to invest...
    Read more ...

     

  • Altria invests $1.8 bln in Cronos

    Altria invests $1.8 bln in Cronos

    9 days ago - By Reuters

    Marlboro cigarette maker, Altria Group, bought a 55-percent stake in Canadian cannabis producer Cronos for $1.8 billion. Fred Katayama reports.
    Read more ...

     

  • Marijuana stocks rally after Altria $1.8B investment in Cronos Group

    Marijuana stocks rally after Altria $1.8B investment in Cronos Group

    9 days ago - By ETF Daily News

    From Ciara Linnane : Shares of Canada's Cronos Corp. rocketed more than 24% Friday, after Altria Group Inc. agreed to take a major stake in the company and become its exclusive partner in the cannabis sector as new markets for medical and recreational weed open around the world.
    The news sparked a rally in the broader sector, which has been expecting moves by big tobacco, given the overlap of growing and harvesting with the burgeoning weed industry. Cronos CRON, +22.52% CRON, +20.89% had disclosed early talks with Altria MO, +1.62% and analysts were expecting the owner of Philip Morris PM...
    Read more ...