Cannabis stocks were mostly higher early Friday morning in reaction to a nearly $2 billion
investment from cigarette maker Altria Group Inc (NYSE: MO) in the space.
The Deal
Altria agreed to pay C$2.4 billion ($1.8 billion) to Canada-based Cronos Group Inc (NASDAQ: 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 (NYSE: APHA): up 9.93
percent.
-
Aurora Cannabis Inc (NYSE: ACB): up 9.4
percent
-
Canopy Growth Corp (NYSE: CGC): up 6.1
percent.
-
Pyxus International Inc (NYSE: PYX): up
5.7 percent.
-
Tilray Inc (NASDAQ: TLRY): up 5.3
percent.
-
New Age Beverages Corp (NASDAQ: NBEV):
up 4.8 percent.
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