Tuesday, 18 December, 2018

Marlboro Maker Investing $2.4 Billion In Marijuana Market

A Pack of Marlboro cigarettes A Pack of Marlboro cigarettes
Rhonda Young | 08 December, 2018, 16:58

"As a company that operates predominantly in the highly-regulated tobacco industry, we believe Altria has valuable regulatory and compliance experience that could end up being a key competitive advantage for Cronos, as it competes with other licensed producers for what seems to be a growing set of global opportunities", Canaccord Genuity analysts wrote in a research note.

Altria's ability to handle regulatory pressures could help the company navigate complex legal issues such as product registration and taxation as more cannabis markets open up around the world, Cronos said.

- There are a handful of companies listed on the Toronto Stock Exchange devoted exclusively to cannabis, either for medicinal or recreational use, or both: Canopy Growth Corp., Aurora Cannabis Inc. and Cronos Group Inc.

Howard Willard, Altria's Chairman and Chief Executive Officer, said in a statement released by the firm: "Investing in Cronos Group as our exclusive partner in the emerging global cannabis category represents an exciting new growth opportunity for Altria".

6 dead, dozens hurt in club stampede in Italy
Italian Interior Minister Matteo Salvini said there possibly was a "stink" that could have been ammonia or another substance. A teenage survivor told ANSA that when he tried to flee, he discovered that at least one of the emergency exits was locked.

Canadian marijuana company, Canopy Growth, for example, has received a multibillion dollar investment from Corona owner Constellation Brands, CNN reported.

"When we were strategically planning how we would enter cannabis years ago, one of the companies that we looked at and had a lot of respect and admiration for was Altria", he said.

"We believe an investment of this magnitude provides overall legitimacy to the industry as a whole and should represent a positive catalyst for the sector, with the news likely to drive valuations higher", said Canaccord Genuity analyst Matt Bottomley, who has a 12-month price target of $9 on Cronos's stock and a "hold" rating.

Altria is also in talks to take a minority stake of between 20 percent and 40 percent in Juul, sources told Reuters last month. It also plans to focus on more reduced-risk tobacco products.

Haley: U.S. would have 'totally' gone to war with NK
She has been chief spokeswoman for the State Department since April previous year , having been poached from Fox. It was filled temporarily at one point by Trump's current national security adviser John Bolton.

As part of the agreement, Altria will have the right to nominate four directors to the Cronos board, which will be expanded to seven members from five. Altria shares that vision, Mr. Gorenstein said. "It's worth noting that Altria does not grow their own tobacco". Aurora Cannabis Inc.'s stock rose 7.8 per cent to close at $7.60 after it announced a new supply deal to Mexico. "We think that that model of growing your own plants is very hard to scale and execute well".

Canada voted earlier this year to legalise weed. Several U.S. states have legalized cannabis for medical or recreational use, but pot remains illegal under federal law. Left, making the big Canadian producers "more valuable for that reason".

Available now: Cannabis Professional, the authoritative e-mail newsletter tailored specifically for professionals in the rapidly evolving cannabis industry.

Milwaukee Bucks trade Matthew Dellavedova to Cleveland Cavaliers for George Hill
The deal came together Friday in time for teams to be able to re-package players in other trades before February's trade deadline. The trade is the second of it's kind for the struggling Cavaliers this season, who continue to unload veterans for future assets.

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