Cronos Group Jumps On Rumor Of Acquisition Talks With Curaleaf

Cronos Group (TSX: CRON) jumped as much as 20% in mid-day trading today following the release of a rumor by Reuters that the Altria Group (NYSE: MO) backed cannabis producer might be exploring a sale.

The exploration of a sale is said to follow the attraction of acquisition interest from peers in the industry, including Curaleaf Holdings (CSE: CURA). The company is said to be working with a financial advisor to examine the interest received from the multistate operator.

Both cannabis operators reportedly refused to comment on the rumor, while the source of the rumor requested anonymity due to the confidential nature of the discussions.

READ: Canopy Growth Gets Hit With Multiple $0.00 Price Targets

Whether an offer ultimately surfaces remains to be seen, with no mention being made of the price to be paid. At last count, Cronos had a market value of approximately C$972 million, although that has fluctuated since the report initially came out.

Cronos Group last traded at $2.70 on the TSX.


Information for this briefing was found via Reuters. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Fortune Bay: The Potential Billion Dollar Project

Japan Gold Enters New Chapter as Barrick Alliance Concludes – John Proust

Barrick Mining’s “Company Defining [Gold] Discovery”

Recommended

Nord Precious Metals Produces High Grade Silver Concentrate From Tailings

ESGold Secures $9 Million In Non-Dilutive Funding From Ocean Partners

Related News

Canaccord Lowers Curaleaf’s Price Target After Soft Q3 Results

On November 8th, Curaleaf Holdings (CSE: CURA) reported its third-quarter financial results. The firm reported...

Saturday, November 13, 2021, 10:15:00 AM

Are Big Liquor And Tobacco Bankrolling Cannabis, Or Killing It?

Markets have been unkind to cannabis investors, and made certain fundamentals-based business bloggers, who were...

Saturday, June 6, 2020, 12:13:26 PM

Curaleaf: Cormark Upgrades To Buy Rating, Canaccord, Haywood Raise Price Targets

After Curaleaf’s (CSE: CURA) record-breaking second-quarter numbers, analysts have upgraded their twelve-month price targets. Curaleaf...

Wednesday, August 19, 2020, 11:29:55 AM

Curaleaf: Analysts Expect Q2 Revenue To Meet Low End Of Guidance

Curaleaf Holdings (CSE: CURA) announced that they will be reporting their second quarter financials after...

Saturday, August 7, 2021, 05:21:00 PM

Curaleaf Amends Terms of Grassroots Acquisition

Nearly a year after the initial announcement, Curaleaf Holdings (CSE: CURA) this morning announced that...

Monday, June 22, 2020, 12:13:11 PM