TORONTO — The potential entry of one of the world’s largest tobacco companies into the marijuana business is sending the shares of a Canadian cannabis company higher before the opening bell.
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.
Canada legalized recreational marijuana use this year and in the U.S., the trend is moving in that direction on the state level.
Tilray Inc., a medical marijuana company in British Columbia, became the first cannabis business to begin trading publicly this year on a major U.S. stock exchange.
Shares of Cronos Group Inc., based in Toronto, rose 10 per cent in premarket trading Tuesday.
By The Associated Press