Marlboro owner Altria makes £1.4bn bet on cannabis
10 December, 2018, 01:31 | Author: Darnell Patrick
Michelle Wine Estates and Marlboro, has announced a $1.8 billion investment in Canadian cannabis company Cronos Group.
Altria's stock fell by almost 25 percent this year and revenue is expected to grow by only 1 percent this year and in 2019, CNN Business reported. The deal also includes warrants to acquire additional ownership interest in Cronos at a price of C$19 per share over the next four years, which could raise Altria's stake to 55 per cent.
"Altria brings scale, expertise and complimentary capabilities. that we believe will enable us to expand the scope and enhance the scale of our company", said Mike Gorenstein, chairman, president and chief executive officer of Cronos on a call with analysts Friday.
Marijuana, while still illegal on the federal level in the USA, is allowed in an increasing number of states. Pot producer Canopy Growth Corp's shares in Toronto rose 3.5 per cent to close at $41.75. Federal data from November showed cigarette smoking among US adults reached an estimated 14 per cent in 2017, the lowest level ever.
Cannabis companies are hot right now.
The parent company of Corona beer acquired a $4 billion stake in Canada-based pot producer Canopy Growth last August, upping its ownership of the company to 38 percent from about 10 percent.
Altria will buy 146.2 million of newly issued Cronos shares at C$16.25 per share for a 45-percent stake.
The Canadian subsidiary of Molson Coors (TAP) has a joint venture with The Hydropothecary Corporation to produce cannabis-infused drinks for the Canadian market.
Prior to Friday's announcement, Cronos had confirmed reports that it was in talks with Altria.
This fall, Canada became the second nation and by far the largest to legalize recreational marijuana use and has become the epicenter of large cannabis companies.
"Altria expects its investment to help Cronos Group accelerate its growth strategies and its R&D; and intellectual property development", according to the statement. Altria will make Cronos its exclusive partner for all world-wide cannabis-related investments, with some limited exceptions.
He began his career in Pittsburgh, then moved onto the San Fransisco Giants before ending with he Astros. Authorities later arrested four people who were allegedly found with the loot, the local governor said.
The Snapdragon Elite Gaming will be a software optimization, which will work according to the games or app that a user is playing. The best thing about this processor is that it should be the first one to support the 5G networks over the Snapdragon X50 modem .
The deal required Manafort to cooperate with investigators and barred him from engaging in criminal conduct. The White House has insisted that the guilty plea had absolutely nothing to do with President Trump.
Bollywood singer Mika Singh has been detained in Dubai after a Brazilian girl complained that he sent her obscene messages. Mika had recently travelled to the Arab nation to perform at a Bollywood event, which was reportedly the Masala Awards.
The Trump administration responded with more tariffs targeting Chinese goods, and China replied with more tariffs of its own. The truce between the US and China emerged after a highly anticipated dinner December 1 involving Messrs.
He told Germany's Bild newspaper he hoped the ships could be relocated "to assist Ukraine and provide security ". Poroshenko told Bild he also wanted North Atlantic Treaty Organisation to deploy warships to the Sea of Azov.
The Game Awards are here again, one of the most prestigious end-of-year awards ceremonies for the video game industry. The Game Awards site notes that proceedings will begin from 11:30 AM, although it doesn't denote what timezone.
Then, on Tuesday, Trump seemed to thumb his nose at that White House talking point by dubbing himself " Tariff Man ". The White House has now backpedaled, acknowledging there was no deal in place to roll back automotive tariffs.
The lander is created to explore under the surface, studying the geology of the planet and seeking signs of Martian earthquakes. The companies will bid to deliver science and technology payloads through NASA's Commercial Lunar Payload Services contracts.
Mueller also detailed alleged lies told by Manafort during interviews with prosecutors and the Federal Bureau of Investigation . The documents reveal a previously unreported contact from a Russian to Trump's inner circle during the campaign.
Despite speculation that the powerful crown prince ordered the hit, the kingdom has strongly denied he was involved. Both officials took the position that there was not enough evidence to tie the killing to the crown prince.
The Saudi royal sent the messages to Saud al-Qahtani, who is thought to have supervised the 15-man team that killed Khashoggi. The Saudi government has given contradictory explanations for the death and denied that Prince Mohammed knew of it.
Heisman Trophy history: three quarterbacks of color
Quarterback Angelo Bertelli was the first Heisman victor for the Fighting Irish and won the the trophy in 1943. Oklahoma's Baker Mayfield won the Davey O'Brien and Maxwell awards on his way to the 2017 Heisman Trophy.
Game of Thrones final season teaser trailer released
The new video checks in at about 38 seconds in length (with an additional 16 seconds to advertise HBO's YouTube page). Renfro wonders if the two converging is representative of what happens when a wight-dragon fights a regular dragon.
The G20 Summit: Key meetings and moments
The G20 summit in Buenos Aires will be the first major global event Prince Mohammed has attended since Mr Khashoggi's murder. However, Russia has suggested U.S. domestic politics may have been the real reason behind the cancellation.
Trump warns GM could lose subsidies over layoffs
In 2009, for instance, GM announced that it meant to close a huge assembly plant in Orion Township, Michigan, north of Detroit . Trump at the time of that announcement said the automaker was moving its plant from Mexico to MI , which wasn't quite the case.