Companies Altria: Legalise Cannabis and Parent Company

companies altria: Canada becomes second country to legalise Cannabis Read more Cronos said no agreement about a transaction had been reached, adding there could be no assurance such discussions would lead to an investment or any other transaction involving the companies, according to The Guardian. Altria, which is also the parent company of Philip Morris USA, did not respond to a request for comment. Cronos shares were up more than 6% in early trading on Tuesday on New York's Nasdaq exchange, pushing its market value to nearly 2bn 1.6bn . Canadalegalised recreational use of marijuana this year, and the country is seen as a testing ground for marijuana companies hoping to expand globally as other countries follow suit. A deal would mark one of the largest combinations between mainstream tobacco and the booming but volatile marijuana sector, which has attracted interest from a variety of large consumer companies that are monitoring the industry for disruptive threats and faster-growing product possibilities. Constellation Brands announced a 3.8bn investment in Canopy Growth in August, while Coca-Cola said in September it was watching the space for alliances that could potentially help it develop products containing cannabinoid oil. In June, the London-based tobacco company Imperial Brands took an undisclosed stake in the closely held Oxford Cannabinoid. (news.financializer.com). As reported in the news.