Deals
Aphria Jumps After Globe & Mail Reports Altria Mulling Stake
- Canadian firm says ‘no agreement’ with investor at this time
- Would be first tie-up between big tobacco and marijuana
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Canadian cannabis grower Aphria Inc. surged after a report that it was in talks to sell a stake to Altria Group Inc. in what would be the first tie-up between big tobacco and big pot.
Aphria shares jumped 15 percent to C$20.06 following the Globe and Mail report, which cited unidentified sources who said Altria has expressed interest in acquiring a minority stake in the cannabis producer, although talks could still fall through. Altria shares slipped 0.3 percent to $62.91 at the close of trade in New York at 4 p.m.