Deals
Altria Growth Quest Intensifies With Cronos Weed Talks
- Deal would give tobacco giant access to growing pot market
- Altria still said to be talking with e-cigarette maker Juul
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Altria Group Inc., eager to find a way to grow as tobacco smoking rates decline, appears poised to enter the market for cannabis.
The seller of Marlboros in the U.S. is in early talks with Canadian marijuana producer Cronos Group Inc. about a possible investment, according to a statement from Cronos late Monday. Shares of the Canadian company climbed as much as 9.2 percent in late trading after the announcement. The stock soared as much as 30 percent in regular trading after Reuters reported the companies were in talks, while Altria gained as much as 2.4 percent.