Medicinal Mondays – Tobacco on the way out?

Could these signs lead to a healthier future?  Tobacco on the way out, Marlboro is moving away from Cigarettes. 

Altria takes C$2.4bn stake in Canadian pot group Cronos.

The Financial Times wrote that Marlboro cigarette manufacturer Altria has struck a deal to have a stake in Canadian  Cronos to acquire a  C$2.4bn ($1.86bn) shareholding, as a portion of the tobacco giant’s attempts to diversify its business away from conventional smokers.

Altria will own a 45 percent share in Cronos at C$16.25 per share, a 33 percent premium to the stock’s closing price of C$12.20 on November 30, the day before reports of Altria’s interest became public.

Altria will even have the choice to acquire an extra 10 percent of the business at C$19, giving it a controlling stake of 55 percent. Included in this deal, Altria has to nominate four directors, including one independent director, to work on Cronos’ board.

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Cronos will consequently become Altria’s “exclusive partner for pursuing cannabis opportunities throughout the world”.

FULL ARTICLE AND SOURCE:  https://on.ft.com/2zNFDik

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