Malboro Maker Invests $2.4 Billion into Cannabis Company-T.CRON-P.CANNABIS
01:35, Dec 10, 2018
Copyright 2015 All rights reserved. This material can't be published, transferred, copied or redistributed.
"Investing in Cronos Group as our exclusive partner in the emerging global cannabis category represents an exciting new growth opportunity for Altria", Howard Willard, Altria's chairman and chief executive officer said in a statement.
Similarly Cronos might be reluctant to agree to a deal, as this could preclude other potential partnerships with pharmaceutical, food or beverage companies.
Philip Morris International CEO Andre' Calantzopoulos discusses why his company is keeping clear of the cannabis industry. It comes after Canada legalized the recreational use of marijuana this year, and several other jurisdictions, including some states in the United States, follow suit.
Altria also will receive warrants, which, if exercised, would increase its ownership to 55% and provide an additional CA$1.4 billion in proceeds for the integrated marijuana company. As a term of the investment, Altria will name four directors to Cronos' board, which will expand from five to seven members.
Cronos has benefited in recent months from Canada's legalization of recreational marijuana as well as more states jumping on the recreational and medical pot bandwagon last month through voter initiatives.
Cronos surpassed Aphria's market value for the first time this week and is now more than C$1 billion larger than its competitor.
Also, the Canadian subsidiary of Molson Coors has a joint venture with The Hydropothecary Corporation for the production of "cannabis-infused drinks" in Canada. Federal data from November showed cigarette smoking among USA adults reached an estimated 14 per cent in 2017, the lowest level ever.
Canadian marijuana company, Canopy Growth, for example, has received a multibillion dollar investment from Corona owner Constellation Brands, CNN reported. Aurora Cannabis Inc. rose as much as 11 percent, Canopy Growth Corp. climbed 7.3 percent and Tilray Inc. gained 5.5 percent.
With smoking rates in the U.S. falling fast, Altria is under pressure to find new sources of revenue. It.
Altria agreed to acquire 146.2 million newly issued shares for C$16.25 each - a 16% premium from yesterday's close.
The Palace released a rare statement quashing the rumor of the Kate Middleton and Meghan Markle feud according to The Sun . A source said that Kate felt that Meghan was "downright rude" and a "ghastly row" ensued between the women.
As per reports that are doing the rounds, Shruti's wedding will be a two-day affair with sangeet and mehendi functions. Nick's brother Joe Jonas and his fiance Sophie Turner were also seen at the venue wearing traditional Indian outfits.
Some senators had accused the White House of barring Haspel's participation in last week's briefing with Pompeo and Mattis. Saudi Arabia maintains the crown prince did not know anything about the murder, which it claims was an accident.
The warning runs from 9am tomorrow to 3pm on Thursday but things are expected to take a turn for the worse from this afternoon. Storm Diana , named by the IPMA Portuguese weather service, threatened the Azores archipelago in the Atlantic Ocean on Monday.
The first flight could be next year with 2019 marking the 50th anniversary of the first manned moon landing. He said future bases would be worldwide , and that he hoped the United States would lead the plans.
Negotiations between OPEC members are fraught, as some feel that Saudi Arabia wields too much clout in setting policy. The uncertainty over possible production cuts caused oil prices to dip on Wednesday as investors wait on a decision.
The company received billions of dollars in support from the Canadian and Ontario governments after the financial crisis. Co. reported a US$991 million profit during its third quarter, but said tariffs cost the company about US$1 billion.
Qualcomm Announces Snapdragon 855 With 3x AI Performance
The first smartphone with the Snapdragon 855 and a 5G modem should be from Samsung and will be released in the first half of 2019. Qualcomm's Snapdragon platform now powers most high-end Android smartphones, including Samsung's flagship phones .
US, China agree not to raise tariffs on Chinese goods
Chinese state media on Monday cautiously welcomed the trade war truce on Monday, without mentioning the US January 1 deadline. Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc .
Police track down couple who lost engagement ring in Times Square
Drennan told the newspaper they had planned to keep the lost ring a secret, but a friend forwarded him the police Twitter message. The police force said that it wanted to return the ring "to the happy couple" and asked the public to help find the unlucky pair.
England women fly into Sevens quarter finals
They meet France at 11:44am before wrapping up their Pool "B" outing against former Series champions Fiji at 6:06pm. Australia also went through the mill in their semi-final and felt heartbreak at the death.
Paul Scholes rips into 'awful' players after Young Boys win
The combative Portuguese coach also confirmed that United should have no problem when it comes to getting to this home game. I want the team to go immediately and it is a bit frustrating". 'I hope the manager has given them a good rollicking.
Google Pixel 3 Lite poses for the camera - Android
Google appears to have added the same textured glass finish at the back of the Pixel 3 Lite , as we saw on the Pixel 3 duo. We recently reported that there might be another Pixel 3 device that Google skipped during their launch event.
Warriors point guard Steph Curry involved in car accident
Authorities say Curry was driving a black Porsche on Friday when the driver of a Lexus lost control and struck his vehicle . Despite the crash, no one suffered any injuries and no one appeared to be under the influence of anything, the CHP said.