Remember back in December 2018 when big tobacco giant Altria Group, Inc. (NYSE:MO) announced that it would be investing $2.4 billion CAD, equivalent to approximately $1,795,399,272 USD at current exchange rates, for a 45% stake in international cannabis producer Cronos Group Inc. (NASDAQ:CRON) (TSX:CRON)?
Well…it looks like Altria has already doubled its money (on paper).
As of a 13D filed March 18th, 2019 with the U.S. Securities and Exchange Commission, Altria owns a whopping 223,821,847 shares of Cronos. Based on the March 21st, 2019 closing price of $20.54 USD per share of CRON on the NASDAQ, Altria’s position is worth an estimated $4,597,300,737.38 USD.
That’s over 2.5x what the company put in.
While the position is far too large to actually sell at that price, we can only imagine how much Altria will end up making off of its stake in Cronos. In the meantime, be sure to subscribe to updates here so you never miss an important development.
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