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.
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