TORONTO | Shares of Canadian pot company higher on Altria interest
TORONTO— Curiosity from one the world’s largest tobacco companies about the marijuana business sent shares of a Canadian cannabis company higher at the opening bell Tuesday.
Cronos Group confirmed talks late Monday with Marlboro maker Altria about a possible investment. Altria Group Inc., based in Richmond, Virginia, owns Philip Morris USA, the largest cigarette maker in the United States.
It is not the first major U.S. company to explore the field, and may be among the best positioned as far as infrastructure goes to become directly involved in sales if the shift toward legalization continues.