Toronto, Canada. – 08 March 2019.
Cronos Group announced that the C$2.4 billion equity investment in the Company by Altria Group, Inc. (NYSE: MO) (“Altria”) has closed. Altria’s investment represents an approximate 45% ownership interest in Cronos Group. Mike Gorenstein, Cronos Group’s Chairman, President and Chief Executive Officer, said that this transtaction and kick-off a relationship will lead to significant growth and value creation.
“Altria’s investment and the services they will provide to Cronos Group will enhance our financial resources, and allow us to expand our product development and commercialization capabilities, and regulatory expertise to better position Cronos Group to compete, scale and lead the rapidly growing global cannabis industry” .