|Bid||53.3600 x 800|
|Ask||53.3900 x 900|
|Day's Range||52.92 - 54.48|
|52 Week Range||52.90 - 74.38|
|Beta (3Y Monthly)||-0.14|
|PE Ratio (TTM)||9.40|
|Earnings Date||Jan 30, 2019 - Feb 4, 2019|
|Forward Dividend & Yield||3.20 (5.91%)|
|1y Target Est||65.71|
Altria Group Inc., the U.S. maker of Marlboro cigarettes, made a $1.8 billion investment in Cronos Group Inc. on Friday amid pressure to find new growth avenues as U.S. smoking rates decline. The partnership, which includes the option for Altria to take majority control in the future, may see the firm’s U.S. tobacco suppliers switch to cannabis if the drug is legalized, said Mike Gorenstein, chief executive officer of Toronto-based Cronos. “It’s certainly helpful that Altria already has a relationship with local contract farmers,” Gorenstein said in a phone interview Friday.
Wall Street's top marijuana analyst likes Marlboro maker Altria's $1.8 billion investment in Canadian pot company Cronos Group, telling clients the move represents a "unique entry into cannabis."
Shares of Canada’s Cronos Corp. rocketed more than 24% Friday, after Altria Group Inc. agreed to take a major stake in the company and become its exclusive partner in the cannabis sector as new markets for medical and recreational weed open around the world.
Marijuana companies and legacy businesses are playing a proverbial game of speed dating right now, according to a top cannabis executive who managed to land an attractive partner.
NEW YORK, Dec. 10, 2018 -- In new independent research reports released early this morning, Fundamental Markets released its latest key findings for all current investors,.
NEW YORK, NY / ACCESSWIRE / December 10, 2018 / Although Moderna sank in its first day of trading, the stock was still the biggest IPO in the biotech arena ever last week. Shares of Altria Group also hit red territory despite announcing it would take a whopping stake in Canadian marijuana company Cronos Group. Moderna, Inc. shares were down a little over 19% on Friday with nearly 13 million shares traded.
Tobacco giant Altria Group Inc (NYSE:MO) has made its move in the cannabis industry. The Marlboro cigarettes maker has confirmed an investment deal of $2.4 billion with Canadian cannabis company Cronos Group Inc (NASDAQ:CRON). The deal will give Altria a 45% ownership stake with an additional option of another 55% over the next five years. Speaking […] The post Tobacco Giant Altria Grabs Share Of Cannabis Market With $2.4 Billion Investment In Cronos appeared first on Market Exclusive.
Reputable billionaire investors such as Nelson Peltz and David Tepper generate exorbitant profits for their wealthy accredited investors (a minimum of $1 million in investable assets would be required to invest in a hedge fund and most successful hedge funds won’t accept your savings unless you commit at least $5 million) by pinpointing winning small-cap […]
Take "Operation Barbarossa" for example. Not to mention that I drove past the firm's plant in Richmond, Virginia the other day and that I like chewing tobacco, though not the powdery snuff sold through Altria's brands. Then a friend who I think of as a gifted trader, we'll call her Laura, mentioned in passing that she had taken down a long position in Altria.
lit up Friday after the company announced that Altria Group Inc. , the maker of Marlboro cigarettes, made a $1.8 billion investment in the Canadian cannabis company in exchange for a 45% stake. Altria also has options that if fully exercised would result in an additional $1.05 billion in proceeds for Cronos in exchange for an extra 10% stake for Altria.
A top and bottom line earnings beat and in-line outlook weren’t enough to boost Lululemon Athletica (NASDAQ:LULU). Ulta Beauty (NYSE:ULTA) has a similar story, with shares down more than 11% post-earnings. Twitter (NYSE:TWTR) was one of the few bright spots on the day.
An announcement from Cronos (NASDAQ:CRON) confirms that Altria is planning to make a C$2.40 billion equity investment into the marijuana company. This money will have MO buying up shares of Cronos stock for C$16.25 each. The deal will have Altria owning 45% of Cronos stock once it is complete.
Lerner turned the fund, which she started with her husband in 1991, into a family office to manage her own wealth. Lerner’s Chescapmanager LLC had been Cronos’s biggest investor with roughly 9 million shares at the end of the third quarter, after acquiring them for an estimated $4.15 apiece.
Earlier this week, Cronos (NASDAQ:CRON) put out a press release confirming that tobacco company Altria Group (NYSE:MO) was considering an investment in the company, but that no decision was finalized. Altria announced a massive move into the tobacco space. It decided to make a C$2.4 billion ($1.8 billion) strategic investment into Cronos, confirming the earlier rumors.
One of the world’s biggest tobacco companies is bullish on bud. Altria, parent company of New York-based Philip Morris (NYSE: PM) and maker of Marlboro cigarettes, invested $2.4 billion into a Toronto medical and recreational marijuana company.
Big tobacco has been sniffing around cannabis for years. Representatives from tobacco companies have been at the big cannabis conferences for a long time, but they always stayed on the sidelines. Cronos Group announced that it had received a $1.8 billion (C$2.4 billion) investment from Altria, the owner of Marlboro cigarette marker Phillip Morris USA.
One of the world's biggest tobacco companies is diving into the cannabis market with a $1.8 billion buy-in. Marlboro maker Altria Group Inc. is taking a 45 percent stake in Cronos Group, the Canadian medical and recreational marijuana provider said Friday. The agreement includes a warrant to acquire additional shares over the next four years that could give the Altria, which is based in Richmond, Virginia, a 55 percent ownership stake in the Toronto company.
A tale of two pot stocks, in a wild week for cannabis. With CNBC's Melissa Lee and the Fast Money traders, Tim Seymour, Steve Grasso, Karen Finerman and Dan Nathan.
CNBC's "Power Lunch" team discusses Altria's investment in cannabis company Cronos with Christopher Growe, an analyst at Stifel.