Cannabis stocks were mostly higher early Friday morning in reaction to a nearly $2 billion investment from cigarette maker Altria Group Inc MO in the space.
The Deal
Altria agreed to pay C$2.4 billion ($1.8 billion) to Canada-based Cronos Group Inc CRON for a 45-percent equity stake with a warrant to buy incremental shares over the coming four years which will boost its stake to 55 percent.
Shares of Cronos were seen trading higher by more than 35 percent early Friday morning.
The Movers
Here is a summary of how other cannabis stocks were trading in reaction to the announcement:
- Aphria Inc APHA: up 9.93 percent.
- Aurora Cannabis Inc ACB: up 9.4 percent
- Canopy Growth Corp CGC: up 6.1 percent.
- Pyxus International Inc PYX: up 5.7 percent.
- Tilray Inc TLRY: up 5.3 percent.
- New Age Beverages Corp NBEV: up 4.8 percent.
Cannabis investors can't miss the Benzinga Cannabis Capital Conference, the No. 1 networking event for institutional capital and the leading cannabis companies. Secure your tickets before they run out here.
Related Links:
Better Late Than Never: How The Tobacco Industry Could Benefit From Pot
Aphria Fires Back Following Short Seller Allegations, Stock Continues Fall
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Click on the image for more info.
Cannabis rescheduling seems to be right around the corner
Want to understand what this means for the future of the industry?
Hear directly for top executives, investors and policymakers at the Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9.
Get your tickets now before prices surge by following this link.