Marijuana News Today
Good news is ringing out from the rooftops in the marijuana news today; Altria Group Inc (NYSE:MO) has officially made its play in the marijuana industry with its huge acquisition of Cronos Group Inc (NASDAQ:CRON), raising marijuana stock prices across the board.
The deal was first reported at the start of this week and—as I predicted—when it finally landed this morning, marijuana stocks were sent soaring through the roof.
The deal is valued at $1.8 billion and will see Altria (maker of Marlboro cigarettes) take a 45% stake in Cronos, with the option to increase its ownership to 55%.
“Investing in Cronos Group as our exclusive partner in the emerging global cannabis category represents an exciting new growth opportunity for…