Early Tuesday, Cronos, which is the cannabis producer, was experiencing a rise as it was up by more than 10 percent.
This was in the wake of the confirmation which was given by the company that it has held talks with the producer of Marlboro cigarettes, Altria about the maker of Marlboro cigarettes investing in Cronos.
In the press release by Cronos which was held on Tuesday, the company stated that no agreement as such has been reached by the talks and there is no surety that the discussions will lead to any investment as well as transaction which will be involving both the companies.
On Monday, the shares of Cronos witnessed an increase of 29 percent after the reporting by the Reuters that the maker of Marlboro cigarettes, Altria was interested in taking a stake in the company.
On the closure at the Monday session, the stock prices had increased by 11 percent reaching the worth of $10.17 per share.
It will not be the first of its kind deal where a cigarette maker will be moving in for the cannabis stuff if the deal reaches the stage of fruition.
Imperal Brands’ venture arm has also made an investment in Oxford Cannabinoid Technologies in June.
Oxford Cannabinoid Technologies is basically a biotech based company which has been researching about all the active compounds which are found in the cannabis plant and are known as cannabinoids.
Despite the not so good name of this sector because of the reasons that are more than obvious the sector has been witnessing major profits and thereby has been an attraction for many.
Now on whether the deal is striked by the two and whether an investment is made by Altria is the talk of the future.
Source: BusinessInsider, TheWorldNews
