Cronos Group (TSX:CRON) (NASDAQ:CRON) shares are seeing quite the positive movement in January, so far. This morning on the TSX, CRON stock is trending green. Year-to-date, CRON is seeing a 40% gain on the Canadian exchange and almost a 40% gain on NASDAQ.
Today, we’ll take a closer look at Cronos Group and why its shares are trending so high in 2019. Will the company’s shares continue to climb? Let’s find out!
The recent climb in CRON stock may be due to the company’s latest announcement.
Cronos Group Set to Expand on Altria Investment
Three days ago, Cronos announced that its annual shareholder’s meeting will be held on February 21st, 2019. The cannabis company previously mailed out the materials for this meeting.
On the discussion board for the meeting is Cronos’s biggest announcement of 2018. On December 7th, 2018, Altria Group, Inc. (NYSE:MO) announced it would be investing $2.4 billion CAD into Cronos.
“Investing in Cronos Group as our exclusive partner in the emerging global cannabis category represents an exciting new growth opportunity for Altria,” said Howard Willard, Altria’s Chairman and Chief Executive Officer. “We believe that Cronos Group’s excellent management team has built capabilities necessary to compete globally, and we look forward to helping Cronos Group realize its significant growth potential.”
As details are released about the pair’s latest partnership, CRON stock will likely continue to rise.
Cronos Group Stock Movement
According to Yahoo Finance, CRON stock is trading at $20.46 a share on the TSX, up +$0.73 (+3.70%).
Cronos Group is a principal investment firm that invests in Canadian-based licensed medical cannabis companies. Cronos typically acts as an equity investor but may also advance debt as appropriate.
Cronos was formerly known as PharmaCan Capital but switched its efforts into cannabis when the market began to boom. The investment firm is headquartered in Toronto, Ontario.
Do you think Altria’s investment in Cronos will help CRON to grow?
Featured image: Cronos Group