Toronto, Canada. – 08 March 2019.
The 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 The Cronos Group. Mike Gorenstein, The 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 The Cronos Group will enhance our financial resources, and allow us to expand our product development and commercialization capabilities, and regulatory expertise to better position The Cronos Group to compete, scale and lead the rapidly growing global cannabis industry” .