Part of cannabis and investment
Cronos Group, a Canadian cannabis producer, receives a $ 2.4 billion balance of investment from Altria Group, one of the largest tobacco companies in the world, a friendly asset on Friday.
Altria will be based in Virginia, a parent and company that will be in a position; Marlboro makes cigarettes, a 45 per cent stakeholder interest in Cronos based on Toronto under the first investment.
Altria can offer up to a further $ 1.4 billion within four years of its investment share in Cronos to 55 per cent, under settlement.
As part of the agreement, Altria will have the right to name four directors to the Cronos board, which will be extended to seven members from five.
"Altria is a good partner for Cronos Group, which provides the resources and knowledge we need to accelerate our strategic growth," said Mike Gorenstein, chairman, head chief executive and Cronos chief executive in statement.
He also said that Altria has "decades of knowledge in management, government, compliance, product development and brand management, which we expect to take forward, especially as new markets for open cannabis worldwide."
Canada is the second world in the world to allow for; give approval for recreation. A number of US states also use cannabis licensing but it is still illegal under American federal law.
"Cronos Group is investing as our exempt partner in the emerging global cannabis department represents a new chance of growth for Altria , "said Howard Willard, chairman of Nurse and senior executive, on Friday.
"We believe that the excellent management team of Cronos Group has built capacity that is essential for global competition, and we look forward to making & # 39; help Cronos Group that it is possible to grow enormously. "
Altria has agreed to pay $ 16.25 for its share to obtain 146.2 million sections of Cronos, which are over priced pro-stock for stock.
He also receives accreditation that allows Altria to buy more stock at $ 19 per department within four years.
The value of canada cannabis companies in public had grown up until October 17, when the sale of cannabis became legal under rules and rules established by Ottawa and its departments.
But, mostly, large stocks of pots are recovered from their upgrades in the past weeks in relation to reports of lack of provision and difficulties with their new sales process.
Cronos previously stated that he was in talks with Altria, who joins Molson Coors, Constellation Brands and other established companies that have been in the process of making the most of the issues. moving movements in a cannabis place.
His shares up to 35 per cent of premarket sales took place Friday after autumn, giving them a value of around $ 14 (up from US $ 10.45 at Thursday near Nasdaq and $ 13.98 on Exchange Stock Toronto.
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