Canadian cannabis firm in takeover speaks with Marlboro tobacco business

Canadian cannabis firm in takeover speaks with Marlboro tobacco business

Altria Group Inc, the ongoing business which makes Marlboro cigarettes, is with in speaks with Canadian cannabis producer Cronos Group regarding a potential takeover.

The tobacco business is apparently seeking to shore up sales that are stagnant acquiring Cronos.

A lift in stocks

Cronos Group’s stocks surged by 25% on Monday after Reuters stated thatthe cannabis producer may be considered a buyout target for Altria.

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Cronos stocks listed on the Nasdaq closed trading on Monday by having an 11 % boost at $10.17. This provides Cronos a market value of about $1.8 billion.

Meanwhile, Altria shares ended trading at $55.73, up 1.64 per cent, on Monday regarding the Nyc Stock Market.

Altria’s shares have plunged a lot more than 20 per cent within the as smoking year tobacco continues to decrease within the U.S. Continue reading “Canadian cannabis firm in takeover speaks with Marlboro tobacco business”