Canadian hashish firm Cronos Group Inc. is in discussions to promote the corporate, Reuters experiences. The corporate is backed by cigarette maker Altria Group Inc., which owns Philip Morris USA, U.S. Smokeless Tobacco Firm, and different manufacturers.
In an announcement to Reuters, Cronos mentioned it “is within the preliminary levels of reviewing these indications of curiosity.”
The discussions stay confidential, and no transaction is for certain, the report says.
For the primary quarter of the yr, Cronos posted a internet lack of $19.3 million, in contrast with a $32.7 million loss a yr in the past, whereas the corporate’s internet income declined 20% to $20.1 million. Cronos has whole money, together with short-term investments, of about $836.43 million, in line with its first-quarter report outlined by Reuters.
Altria holds a 41% stake in Cronos and first invested $1.8 billion within the firm in 2019.
In accordance with the report, U.S.-based hashish firm Curaleaf Holdings has expressed curiosity within the firm however has not commented on whether or not these rumors are correct.
Cronos is publicly traded and its inventory worth fell 4.08% by the tip of buying and selling on Thursday. Its worth was up in pre-market buying and selling by .53%.
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