Potential Big Tobacco Acquisition Causes Cannabis Company’s Stock to Soar
Stagnant cigarette sales have forced Altria Group Inc.’s Philip Morris USA to consider acquiring cannabis companies. 2003 file photo: Nell Redmond/Bloomberg NewsBLOOMBERG NEWS
Smart Approaches to Marijuana (SAM)’s legalization opponent Kevin Sabetmay be right: like it or not Big Tobacco is invading cannabis. Altria, the company that invited unwitting consumers for decades to come to where the cancer is —Marlboro Country— may be looking to shore up stagnant cigarette sales by purchasing Canadian cannabis company Cronos Group.
Cronos Group’s stock surged by 25% yesterday after Reuters reported the company might be an acquisition target for Altria.
Cronos confirmed in a statement that it was discussing a potential investment by Altria, but Cronos said an agreement has not yet been reached between both companies, nor does Cronos admit to agreeing to be acquired. However, acquisition talks between the two companies are expected
For complete article go to Who Will Pay the Price for WEED?